4 creative ways to organically generate more revenue
In today’s overcrowded digital marketplace, it can be exceptionally difficult for businesses to get ahead of their competition. Fortunately, there are some low-cost strategies that you can implement in order to help your business achieve a favourable market share. Here are 4 ways that your business can organically generate more revenue.
Consult SEO professionals
Search Engine Optimization (SEO) is a relatively unknown concept to the vast majority. However, it is essential that up-and-coming e-commerce owners understand the importance of this concept. In a nutshell, SEO refers to the practice of increasing the quantity & quality of website traffic that comes from organic (or ‘non-paid) search results.
Ultimately, a high-quality SEO strategy can set your business apart from its competition. Over 90% of all web traffic starts with a search engine, meaning that for an online store, SEO is key. With this in mind, it is recommended that start-ups consult an SEO agency in order to help them meet their business goals.
Don’t ignore Social Media
It is important not to underestimate the power of social media. Platforms such as Facebook, Instagram, and Twitter provide fantastic avenues for companies looking to increase their online presence. Detailed below are some of the primary benefits associated with social media marketing.
- Increases brand recognition
Increasing brand recognition is a top marketing priority for almost all businesses. This is because consumers are significantly more likely to purchase from a brand that they recognise. Fortunately, social media content can effectively build a brands image. This type of media holds a distinct advantage over traditional media due to the fact that it can reach a large number of people almost instantly.
- Generates a genuine conversation from the public
Social media is incredibly unique in the sense that it can create a genuine community of people who are interacting with a brand. Real Interactions beyond ‘likes’ are incredibly important as they can help build engagement, trust, and loyalty. Additionally, businesses can monitor social media pages in order to look for any trends in order to gather data, and figure out what the consumers are demanding
- Utilise influencer marketing
Influential people sell products; That is a fact. Think about David Beckham’s cologne range. How successful would that product be if it didn’t have Beckham’s name in it?
A marketing influencer is usually characterised as an individual that will promote a brands product/service for a price. While up-and-coming businesses obviously cannot afford A-list celebrities to promote their products, that isn’t to say that they shouldn’t utilise influencer marketing.
Ultimately, micro-influencers (people with 1,000-10,000 followers) receive more engagements & conversions per 100 followers when being compared to traditional celebrities. This is due to the fact that micro-influencers will usually have niche followings, and are therefore ideal for businesses who have a specific target consumer in mind.
Start a blog
The 2010’s saw a major shift in the methods that businesses used to attract new customers. Specifically, consumers now want to learn about brands through content as oppose to traditional sales-focused ads.
While small business owners are usually too inexperienced to develop a multi-channel content strategy, something they can do is start a blog. While corporate blogging was once relatively rare, it is now recognised as a fantastic way to drive traffic. In fact, HubSpot report that companies who have active blogs produce 67% more monthly leads than those without blogs. Additionally, blogs can increase a sites SEO score, and can therefore help your business get indexed more favourably.
Offer a ‘decoy’ option
Price is the most fragile element of the marketing mix, and there is therefore a lot of room for businesses to make errors. While companies will try and maximise the amount that consumers spend, it is exceptionally difficult to find that perfect price that will make every party equally happy.
However, there is one clever price strategy that has been proven to nudge consumers to the most expensive option. This strategy is called the ‘decoy effect’, and focuses on using an asymmetrically priced option in order to make the most expensive product appear to be the best value.
A fantastic example of the decoy effect can be seen above. Without the ‘medium’ bucket of popcorn, a consumer would be indifferent in their choice; both represent very similar value. However, when the ‘medium’ option gets added into the equation, the ‘large’ looks significantly more appealing.
Research suggests that in this scenario with 3 asymmetrically priced options, 84% of consumers will pick the most expensive due to the supposed value that it is associated with. This indicates that businesses who are looking to generate sales should implement a pricing strategy such as this one.
Contrary to popular belief, small businesses can generate sales without spending an excessive amount of money on paid promotions. With this being said, it is recommended that some money is used for the likes of SEO professionals & influencers; start-ups lack brand awareness, and it therefore very important for them to build a reputation.
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