Perhaps you’re still in the early stages and trying to grow your business. Or maybe you’ve reached a point where you’re in a comfortable position to put what you’ve already accumulated into future growth. Wherever you sit on this scale, it’s important to make sure you recognize where there are opportunities to invest.
If you’re trying to work out how to help your business grow, here are some investment ideas to help you direct your capital where it counts.
Check your sales funnel
Do you have a sales funnel in place for your business? If not, it’s worth introducing one. This is a process that allows you to follow the customer or user journey from the initial interest to the checkout and by understanding this path they follow, you can focus on different parts of the funnel to find where customers might lose interest and not completing the sale.
To incorporate a sales funnel for your business, you must begin by identifying where your potential clients or customers are coming from. How do you attract them? Are there ways to rethink your advertising campaigns or marketing opportunities?
From there, you can build customer interest through targeted information and campaigns. This interest stage of the funnel is where customers are doing their research. This then leads to the decision to buy and finally the action you want them to carry out, which is usually completing a booking or heading to the checkout to buy the product.
Knowing and understanding this process and checking the areas that might need some investment to see returns is a good opportunity to grow.
Customer loyalty schemes aren’t new, but they are effective. Think of the big names like Boots and Costa Coffee and you’re on the right track. By rewarding those who spend with your business, you’re not only making it more likely that they’ll stick with you; you’re potentially saving money as acquiring new customers can be costly.
While the traditional take on customer retention is that it can be five times more expensive to find new customersmight not be what it once was, looking after your current customers can only be good for your reputation as a business – and this can prove a good return on investment in the future.
Train your team
Investing in your team’s knowledge and skill-set can be extremely beneficial – especially if you need the expertise for specialist areas to make your business a success.
If your business requires your employees to have up-to-date training because of new developments in your industry, or even if you need them to learn more about the areas they’re working in. This can have a positive impact on the work produced and the potential your business has in the long run.
While training costs money initially, it’s a worthwhile investment. If need be, you could cover the expense of training with a short-term loan. Companies likeLiberis offer dedicated business loans that, when used wisely, can help your company flourish in the long run.