Regardless of the industry or stage of business development, a recurring pain point for Black businesses is growing sales. There are countless potential causes and an equal number of viable solutions. How do you filter the clutter to find what works best for you?
You’ve come to the right place.
We here at Black Business Global have put together a short but effective list of ways Black businesses can grow sales:
Freebies and Sales
The coronavirus turned 2020 into a difficult period for billions of people. However, there were some positives. Many businesses made record sales over the internet because we couldn’t go outside.
But many online retailers failed to take advantage of their shoppers. Why? Because people who shop online love two things: free shipping and sales. As a black business, you could leverage this. Here’s how:
- First, include your shipping costs in item costs. This will be hard to implement on the backend, but it will be worth the extra work when your income increases.
- Next, put products and services in high demand or long supply on sale to energize your sales. If the sale price is higher than your cost, you’ll still be making a profit.
Marketing through Email
Email marketing is a must for every company, even if it isn’t in the marketing industry. Advertising through email can help it reach its target audience. The more thoughtful, creative, and personalized the email appears, the more it may benefit your business.
Black businesses can use email marketing campaigns to showcase new inventory, sales, and anything else you may need to communicate with potential clients. Do your research on other companies’ email campaigns to see what has worked well for them.
Marketing through Influencers
In today’s zeitgeist, social media stars make a good living posting about their new purchases or brands they promote in return for payments or free products.
Many of us follow or subscribe to social media influencers who post pictures of their shopping sprees, sunny vacation destinations, and the latest makeup kits. There is nothing wrong with doing this. But it is important to remember where these influencers get their ideas and why they have so many followers. Those reasons are usually tied to brand loyalty, sexuality and gender stereotypes and consumerism.
Influencer marketing has skyrocketed in popularity. It has gone from an unknown form of advertising to a niche tactic to a numbers-critical necessity for most companies, including Black businesses. Research social media influencers in your industry and connect with them. Offer them a mutually advantageous deal. The partnership could boost their following and your sales.
Recreating Your Brand
Fair warning before we continue: You shouldn’t make a sudden change to your company’s branding or logo design. Rebranding is not a quick fix for growing your sales. You also shouldn’t market your products and services to the wrong people. However, if you’re struggling with sales, it could be because potential clients are confused about what you’re offering.
Doing a brand personality remake can give you a clearer vision of what your brand is all about. And it must be said, this kind of makeover isn’t simply changing your logo (although a logo is part of a brand). The branding process is also about the colours, fonts you pick and copy. It’s about creating a mission statement and having that statement guide your business practices.
Improving sales in Black businesses isn’t impossible, especially since COVID-19 restrictions are lightening in most parts of the world. The four techniques above have been tried, tested, and proven to work. Try one or all, then let us know the results!
Get more information on black businesses through Black Business Global! We’re an establishment supporting entrepreneurs and small businesses in Canada through education, mentorship, and leadership development. Sign up now through our website!