The new year presents unique challenges. Your business must be able to adapt quickly to continue to thrive.
One thing that hasn’t changed is the fact that business owners continue to look for ways to increase their return on investment. This is logical. This makes sense.
You will get better results if you pay more attention to details about how you spend money and your time.
Let’s now look at ways to increase your return on investment. These strategies can help you increase your ROI and make your company more profitable.
Analyze your sales data:
You need to pay attention to the trends in your company’s sales activities. You must first determine what data you need to track and what tools you should use to do so.
You may need the assistance of a professional. You may not be able to see the whole picture if you own a small business.
Talk to your sales team:
Talk to your sales team, not only about collecting and analysing data. These are the people who work in the trenches and may have insights you didn’t know. Your sales team is motivated by selling because they have to reach their quotas. They are motivated by increasing your ROI, and even more than your leadership.
Ask your top salespeople for their strategies. Learn why these top salespeople are successful in closing new deals and finding new prospects.
Sales managers should provide guidance to struggling salespeople on how they can improve their sales pipeline.
Streamline your sales process:
If your business is small and doesn’t have salespeople, you can analyze your sales process and make any necessary changes.
Check out your checkout process, regardless of whether you’re an online store or a brick-and-mortar shop. Are you losing customers due to long lines? Are customers displeased with the way you treat them?
Are people unable to use online shopping carts because they have to register at the start of the sales process? Are you asking too many questions from your customers? Are you having trouble navigating your website? Is your website slow?
Analyze your online content:
Any business strategist who is smart knows how important it is to create and publish online content that brings people to your site. You might feel it is a waste of your time, especially if there isn’t much feedback or sharing. One thing you can be sure of is that your Google ranking will increase. We all know how important this is.
Although you are already creating content online for your business’ site, it is important to know how to repurpose it. You might have an idea you would like to share with customers. It is a lengthy blog post that you write about and then post it to your website. You add highly-valued and internal links.
You don’t have to stop there. You can also create an infographic, photo essay or meme that shares the same information. Make a series of short, digestible excerpts from longer content and share them on social media.
Find out how to track your progress. Discover which keywords get the most traffic. Analyze the most popular articles to drive new leads. Although this may require some assistance from a content specialist to be successful, a good return on investment is a higher Google ranking.
Limit the number and types of vendors and contractors:
You were likely looking for suppliers to help you open your business. This business strategy was sensible in the past, but is it still relevant today?
How much time do you spend interacting with many vendors and contractors? You could increase your profitability by limiting how many companies you deal with each day. Ask your suppliers if they would offer a discount if more products were purchased from you.
It is a great strategy to shop around for the best deals every now and again. This applies to both your personal and company finances.
Be aware of your social media presence:
We all know that it is important to provide unique and useful content on your website. But do you have someone who can examine your company’s social media presence.
Is your Google Business page up-to-date and useful for customers? Are you present on all social media sites? Is there a reason you don’t have a presence on all social media sites?
Are you allowing customers to communicate with you through social media? How quickly can you respond to customers who use social media?
How do you handle online reviews? Are you going to ignore online reviews and hope that they disappear? Or do you reach out directly to unhappy customers to find ways to improve your product/service?
Pay close attention to the culture of your company:
Happy employees are more productive. They are more loyal and share their happiness with others. Higher returns on investment are possible when employees work harder.
Consider the cost of hiring, training, and onboarding a new employee. If you could have used the resources to treat your former employee well, you might not have had to spend as much time and money finding a new employee. You should not only focus on your ROI, but also the happiness of all employees. It’s the right thing to also do.
The bottom line:
Maximizing your return is not just a trendy buzzword. It should be an integral part your daily business strategy.