This blog would cover six strategies that can help you get cash in your pocket right now. These are simple approaches for instant revenue, not long-term plans for growing your firm. The traffic sources you accept as a part of your marketing mix should be chosen strategically. Nobody will, however, hold a determined businessman responsible for doing whatever it takes to maintain profits.
Having a grasp of strategies that generate instant income and cash flow will help you get through the ongoing “tough times” in the world of e-commerce, especially in light of investor expectations and constant interest rate hikes.
For immediate e-commerce revenue growth, here are six unconventional approaches:
1. Brand collaborations
The following are valuable assets for your brand: email subscribers, social media followers, customer lists, etc. Creating alliances with like-minded businesspeople who sell products that are complementary to your own is a very economical method. For instance, the partner brand may send an email to a subset of its consumers with information about a special offer, and you may do the same for your brand and its audience. If both parties are satisfied with the results, this can be repeated on a monthly or quarterly basis with the aim of both sides receiving a nice revenue boost.
2. Call your clients
Your most devoted consumers might value a casual check-in from the company’s founder. You can use this as an opportunity to get general comments, present details about planned special events, give a sneak peek at any upcoming product launches, etc. Additionally, you can utilize this opportunity to make the customer an exclusive offer. Freebies, samples of products, gift cards, and other items may be included as a part of a bigger package. This will increase your revenue and can strengthen the bonds that repeat consumers have with your company.
3. Virtual occasions
Hosting online gatherings, such as webinars, social media live streaming, virtual fashion shows, and product previews, can be a priceless way to help potential buyers get past any reservations they might have about buying your goods. Take advantage of the chance to show off your goods, interact with your audience, and extend exclusive deals to your visitors. Virtual gatherings can foster a sense of community, build excitement, and increase sales right away.
4. Takeovers of stores
With this one, you might get into a little difficulty. Basically, wait outside a big-box business that serves customers comparable to those of yours. Each visitor receives a flyer, a coupon, and a sales pitch. Your conversion rate on this channel can be significantly better if you do a good job teaching these potential customers about your product or service and have a great audience fit with the retail outlets of focus. It may be beneficial to have many people spread throughout various stores. However, in a circumstance where you “need to make payroll,” this would be a more desperate “mayday” strategy to use.
5. Email networks
One strategy to increase money is to use your own email lists; but, there are many other, more affordable ways to increase revenue quickly. Some individuals and groups, such as email newsletters, content publishing, brand owners, etc., have access to up to millions of emails. Several networks also enable email list owners to make money while enabling marketers to advertise their goods. You can collaborate directly or through networks with many of these mailers. Each of these partnerships would run on a performance-based model, which entails that you only pay a predetermined, pre-set charge for each sale that is produced.
6. Ahead order
It’s a pretty darn nice bargain to receive money upfront without needing to ship items till later. Your clients are giving you a loan here without charging interest. A landing page for the new product should be created. Include comprehensive product information and a pre-order offer. When a consumer might potentially buy alternative goods elsewhere, they pay the price for having to wait longer to acquire their product. Incentivizing customers by offering them a discount, free gift, or collectible, for example, can help. Your conversion rate may be significantly lower if delivered to a cold audience unfamiliar with your brand, thus it’s ideal to have a sizable enough group of devoted clients that you can concentrate on for these offers.
Knowing the strategies at your disposal might be quite helpful. However, there is also value in being somewhat prepared, which includes making plans in advance, cultivating business ties with suppliers, and preliminary testing of these channels to determine their suitability for your particular brand. When an issue emerges, you might only have a few days to discover a solution rather than weeks. Smaller problems that may arise and cause delays could be harmful in these circumstances. You must make sure that you are quick enough to seize these possibilities when the time inevitably comes.