Growing your business in Sydney equals more income now and a greater sale price later on if you decide to sell your company. We understand that building a business in Sydney can be difficult, so we’ve identified 4 key areas where you should concentrate your efforts. The 4 key areas are as follows:
- Increasing the number of customers
- Discovering new markets for current products or services
- Creating new products or services in order to enter new markets
- Profit increase
1. Increasing the number of customers
Offers should be tailored to your top costumers
Determine which customers generate the most profit for your company or have the most potential for more sales. Engage these customers actively to increase sales. Learn how to apply the 80/20 rule in business.
Consider developing a customer loyalty program
Creating a loyalty system based on points or loyalty cards is an excellent approach to drive more frequent purchases and follow your customers’ purchasing patterns using the data you collect. Keep a record of your customers, for example, if you own a vineyard, so that each time they return, they can accumulate credit toward a free bottle of wine. This can also help with the identification of sales opportunities.
Train employees on how to increase sales conversions
Make sure your company has polite, helpful employees who are well-trained to turn enquiries into sales. Organize in-house sales meetings or hire a sales consultant.
Examine your business plan
Examine your business plan to review and update any recent changes. Check to see whether you’re still on pace for your growth goals and make any required changes.
Use effective direct marketing
Determine the response rates for each component of your direct marketing plan, such as email advertising, direct mail, and internet click-throughs. Spend more of your marketing budget on what delivers results. Consider arranging a mail drop in your local area to advertise your services, for example, if you’re an electrician.
Increase your visibility by using internet directories
List your company on the most famous internet directories, such as Yelp, to improve your online profile. Alternatively, you can use these sites to find potential new customers (especially through industry directories).
Improve your search engine optimization to increase site traffic (SEO)
SEO will help you increase the traffic to your website, resulting in a rise in your consumer base. Spend some time choosing the keywords and keyword phrases for your site so that it attracts the right audience for your business. A local SEO Sydney company can help you out with this task.
Use Instagram to promote your company
Instagram allows you to use images to visually express the story of your company and its services. You can receive an avalanche of views if potential buyers enjoy your product or service images (which can be connected to your other social media profiles).
Maintain a consistent blog
Write regular blogs (informal content uploaded online in chronological order) about your company, its personnel, and successful case studies to keep your information fresh and up to date. Regular blog content can help boost your SEO and drive visitors to your website.
Create a targeted marketing strategy
Outline a targeted marketing plan for new customer groups. Then, create a detailed advertising strategy to raise awareness and encourage purchases. For example, if you want to reach truck drivers, build a billboard theme that plays on words and complement it with radio ads.
2. Discovering new markets for current products or services
Make a video channel to promote your profile
Consider launching a YouTube account for your company if you want to get your products or services in front of a global audience. This is an excellent approach to showcase products or give helpful hints with your consumers. For example, if you have a carpentry expertise and a small business that creates wooden furniture, showcase some of your products on YouTube to create a following.
Use Facebook and LinkedIn to expand your network
Find people in your customers’ networks who are interested in your offers after connecting with them on Facebook or LinkedIn. For example, if you’re starting a small business out of your garage, a Facebook page displaying your services is a sensible and inexpensive place to begin advertising.
Consider opening at a new place
Investigate the possibility of building a new store, office, or branch. Consider the worth of creating another wholesale shop on the east side of your city if you already operate a profitable wholesale outlet on the west side.
Hire sales representatives
Hire sales representatives from other parts of Australia to assist your company expand into new markets. If they are exclusively paid on commission, it is a results-driven strategy. For example, if you have a growing vending machine manufacturing and leasing business in Sydney, is it worth recruiting additional sales agents in other locations to widen your possible customer base?
Australia’s exports
Create an export strategy to determine the viability of exporting outside of Australia. For example, you can cure meats and send them to various stores around Australia. Have you considered selling your cured meats in Asia?
3. Creating new products or services in order to enter new markets
Conduct customer research to come up with fresh ideas
Ask your clients about additional products or services they would want to see added to your portfolio. Brainstorm ideas with your team, as well as new markets to pursue.
Customers could be used to test new products and services
Make sure to test your new product or service before releasing it to the market. Before coming to market, listen to consumer feedback and consider any advice.
Keep your intellectual property safe
It is critical to secure your intellectual property (IP) once you have created it. Visit the IP Australia website for more information on what you can do to protect your business ideas.
Import items that are not accessible in Australia
Look for items that are not available or difficult to purchase in Australia yet have the potential to build up new local markets.
4. Profit increase
Save time by automating tasks
Examine current procedures to see what you can change to save time or money. One option is to switch from manual to automatic systems to free up time for more critical tasks.
Reduced energy consumption
Examine each aspect of your business independently and come up with solutions to cut energy use. For example, if you’re a supplier and keep your product in a busy 24-hour warehouse, lighting and heating may be significant expenditures. Can you switch to a less expensive source?
Cut down on operational waste
Determine ways to create more effectively in order to eliminate waste and lower your cost of products sold. For example, if you manage and run a huge department store, are there any ways to cut overall worker hours in order to save money?
Discuss ideas to increase your profit margin
It may appear obvious, but increasing costs in any way directly affects your bottom line. If you have price-sensitive clients, consider the effect on demand. For instance, you may be a goat farmer who sells high-quality meat, cheese, and milk. Is your product capable of negotiating a better price?
Determine which costs you can cut
Examine all of your expenditures to determine what might be cut without disrupting business operations. Re-negotiate with suppliers and re-examine any subscription services or fixed pricing plans.
