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5 changes small businesses can make to increase their revenue
In a today’s ever-competitive market, there are five simple changes any small business can make to generate more revenue.
These simple business rules, unearthed in the ‘SMBs in the digital race for the customer’ report from Deloitte Access Economics, will help you actively engage your customers online and start reaping the revenue benefits.
1. Be where your customers go
61% of Australians are purchasing goods online so it’s natural that’s where they want to interact with your company. The small businesses which prioritise the benefits of digital technology for meeting their customer demands have a higher proportion of repeat customers. And, we all know returning customers build businesses.
2. More talk = More action
Did you know that less than 20% of small businesses are using social media to actively engage with their customers? Ask yourself if you are making it easy for your customers to talk to you? If you aren’t, you could be impacting the quality of customer service you offer. However it’s easily fixed – by adding just two extra communication channels, you could significantly improve your customers’ experience and put $160,000 more revenue in your pocket.
3. Be SO social they can’t miss you
More and more, consumers are finding out about brands and businesses through social media. Facebook, Instagram and Twitter are all great places to research products and services, and share opinions. Social media investment is critical if you want to deliver a superior customer experience, including faster and more personalised responses.
4. Understand your customer
A significant number of small businesses still remain uninformed about their customers. The more SMBs use marketing automation – for capturing customer behaviour, tracking interactions and personalising materials – the faster they grow and the easier they find new customers. So stop stumbling around in the dark and start getting to know your customers with the right tools. It’s much easier and more affordable than you think, even for a small business.
5. Embrace customer complaints
As consumers, we all have access to online and mobile sales, meaning customers can shop from any number of businesses, any time, day or night. This puts pressure on small businesses to rapidly respond to customer enquiries and customer complaints, or risk losing customers to better prepared rivals. Those who use CRM do a better job of responding to questions and complaints quickly and are also more committed to improving their response time in the future. Small businesses that use CRM have more than double the revenue growth rate of those that don’t.
This article was written based on research conducted by Deloitte Access Economics to independently analyse SMB performance in Australia and New Zealand in relation to the use of digital in the race for the digital customer. The full report, titled SMBs in the digital race for the customer, is available for download HERE.