As the economy continues its consistent and rampant recovery from the Great Recession, competition has heated up among small business owners in a variety of sectors and industries. With greater access to small business loans and consumers returning to stores in large numbers, the sky is the limit for entrepreneurs who craft unique and engaging sales and customer service strategies.
The Associated Press recently explained some of the more novel steps certain small business owners are taking to achieve more prolific sales and retention performances. According to the news provider, entrepreneurs have had to take relatively lean and budget-friendly approaches to marketing, especially as their firms do not have the same amount of money to spend on advertising as their larger counterparts would.
For one, the source stated that certain small business owners are conducting real-life research activities to better understand which client bases will be most likely to purchase their products. Once this information has been discovered and analyzed, the entrepreneur can target more niche areas of their markets, which will drive conversions higher and reduce the amount of waste spent on extraneous brand management investments.
The AP noted that word-of-mouth advertising is among the most effective, efficient and affordable types of brand growth that can be achieved in the modern market because of social media and other digital communications platforms. Small business owners that converge marketing, sales and customer service strategies will often be better positioned to gain visibility in saturated markets, retain customers and push long-term revenue growth.
Entrepreneurs in need of commercial loans to improve their sales, marketing or customer service strategies should consider applying with Ocean Capital. This regional bank has specialized in small business lending for more than 30 years, and offers a variety of loan programs to entrepreneurs.