The perennial problem for all small businesses is how to win customers and increase revenue in a competitive, ever-changing marketplace.
The team at American Express share three practical and effective ways to promote your business, attract customers and keep them coming back for more.
1. Add complementary products or services
Adding complementary products or services alongside your primary offering is a powerful way to increase your customer base, increase their average transaction size and position your business as one that knows how to add value.
A complementary product or service should ideally help your customer use your core offering. Some examples include:
A hotel providing a babysitting service and valet parking
A gym selling active wear and bottled water
A car dealership offering financing options
Finding the right complementary products or services requires a deep understanding of your customers’ needs — you can use your business analytics and data to get insight here. You also need to consider your own objectives: are you adding a service to stay competitive, generate more revenue or retain customers?
2. Accept all credit cards
British consumers are increasingly choosing cards over cash, so it’s essential that small businesses recognise and adapt to this trend.
Ensure you’re not missing out on this share of revenue — tools like Square Reader can make accepting all major credit and debit cards seamless for your business.
If you already accept card payments, ensure you prominently display the right signage or even mention it verbally so your customers know which cards they can pay with before they walk in.
3. Create partnership deals with other merchants
Creating partnerships with other businesses lets you tap into their customer base, and they work best when there is real value and benefit for both parties.
Consider forging an alliance with an enterprise that offers complementary services —
think property managers and traders, builders and landscapers, estate agents and photographers.
Promote your partner on your website and social media, and encourage them to return the favour. If both parties actively co-market to their respective customers, it’s a winning combination.