For those looking to sell products online, Amazon is considered to be the granddaddy of all marketplaces. But even though Amazon has its distinct advantages, reaching out to other selling forums can be beneficial in creating a well-rounded company.
The cost of entry into other marketplaces will be minimal compared to the physical expansion of a business. Both will have the same result – higher revenues. Here are a few ideas to up your selling game:
- Be everywhere – Constantly be promoting your brand. Be active on social media, offer interviews, do Q & A. Keep up your efforts to recruit a bigger customer base. If you don’t, your business will dry up over time.
- Increase customer value – In addition to expanding your customer base, you should always work to not only keep your current customers, but increase the number of products they purchase. There are countless studies that show increasing the value of existing customers bring a better ROI than trying to acquire new customers.
- Create new sources of revenue – Even if your business is flying high on Amazon, you can earn more if you secure other sources of revenue. You could start by expanding into other Amazon categories or expand your reach by selling on other marketplaces like eBay, Etsy and more.
- Focus on products that sell in a particular season – You can grow your business by being flexible in your product offerings. Do not stick to just one product line. Rather, try offering products that have high appeal in various seasons of the year. This will ensure a recurring gravy train.
- Expand to brick-and-mortar stores – Not to sound contradictory to the topic; while more shoppers are gravitating toward online platforms, more online retailers are beginning to establish their presence in physical stores. A great example is Amazon, which has started acquiring brick-and-mortar establishments such as the Whole Foods chain.
There are countless ways to adjust your sales strategy and grow your business. Focus on a couple at a time, and you’ll likely see a difference in your revenues.
