Economic growth is slowing and consumers’ spending has declined.
So, it’s time to re-adjust business strategies to suit the current times. How can your website help you to achieve this?
There are two obvious objectives for most SMEs:
1. Expand their customer base to maintain sales figures.
2. Increase business efficiency to reduce the cost of sales.
How to expand your customer base to maintain sales figures
Your website is the obvious tool to help you with this. If you are not already selling online, sit down with your web-developer and develop a sound e-strategy for your website.
Try offering your goods/services to a new online market segment. If possible, reduce profit margins to target lower cost brackets so that your goods/services are within the range of more customers. Do search engine optimisation and search marketing to reach those segments.
Many internet surfers are looking for bargains on the web. Give your web-developer a call and find out trends for your goods/services. If you can offer better prices for the same product/service (including quality) than your online competitors, then do so, and let your potential customers know that. Give customers more than one reason to buy from you. Also explore more opportunities online to cross-promote your business.
Make sure that you are properly covering your overheads and cost of sales. If you are trading online and shipping goods around Australia, ask your web-developer to implement a good shipping calculator so that you can pass on the appropriate charges to your customers.
How to increase business efficiency to reduce the cost of sales
A custom built website can vastly improve your business efficiency. Online applications can be built to suit your way of doing business, which can help your staff do their job more efficiently. Look for ways to reduce the time spent by your staff to deliver goods/services. When meeting with your web-developer, flag areas which need improvement to increase business efficiency.
In any business or organisation, there are many processes that are time-consuming and add to the cost of sales. You will be surprised at how much you can save by automating some of your routine tasks – not to mention higher customer satisfaction as a by-product.
Importantly, if you take time to readjust your business strategies during these uncertain financial times, you’ll be able to enjoy the benefits sooner rather than later.
Please contact me on email@example.com or call 1300 785 230, if you require any help with your online sales for the times ahead.