7 Proven Strategies For Increase MSME Business Sales – Sometimes, the problem that is often faced by MSME entrepreneurs is how to increase sales and get lots of consumers. These are five proven methods for increasing your MSME sales:
Proven Strategies For Increase MSME Business Sales
1. Know the Target Market
Sometimes, MSME entrepreneurs never do market research and know their target market. They only focus on selling and selling, competitor research is just “just” ordinary research without implementing the best strategy.
Knowing the target market is the most crucial step in building a business. That way, you can find out who is really suitable for your product or service, what they want, and how to reach them.
You can ask some questions like the following:
- Will I market my product or service to the upper middle class people? Or to the lower middle class?
- If it has been determined, ask again, is the price of my product suitable for my target market?
- How to reach them? Is it by using social media? Or take advantage of advertising as well?
To get target market data, you need to do market research. This market research includes business plans, future business projections, data on competitors, action plans and timelines , consumer journeys , and consumer segmentation.
Once you know this target market, you can create more targeted marketing campaigns, so of course you can increase your ROAS value so that every ad you run is efficient and doesn’t cost too much.
Another example that you can implement in the logistics industry , to start a logistics business, you need to know your target market, how to get consumers, and how many fleets are needed for your target market. There are many other similar industries, just adjust to each industry.
In short, knowing the target market is one of the main factors in increasing sales for the MSME business.
2. Providing the Best Service
Providing the best service can be done in various ways, for example by improving the quality of services provided by customer service to developing the right and best products to sell.
By providing the best customer service , things like this can help build consumer loyalty. This is the most important for SMEs. Why? Because out there there are lots of competitors you are competing with, well it’s called UMKM too, that’s why you have to be a differentiator.
In fact, by building consumer loyalty, you can also increase your business sales because this is related to retention. If your MSME business always gets customers, of course something like this can make your business grow and provide a “feeling of security” for your business finances knowing that there will be customers waiting.
3. Utilize Digital Marketing
In today’s digital age, it is very important for your business to build a strong online presence . By utilizing digital marketing, you can reach a wider audience.
In fact, currently many MSMEs are successful because of the presence of eCommerce which has changed how small traders sell online and grow to be successful.
Through the presence of technology and eCommerce, MSME entrepreneurs can reach national markets throughout Indonesia. Maybe STORE2GO friends have heard some of the success stories of entrepreneurs from Yogyakarta, Surakarta, Jepara, and others who were successful because they managed to sell their goods to the Jakarta market to other big cities thanks to the presence of eCommerce and digital technology such as websites and media. social.
The website is no less important. You can showcase the products and services you offer. But, again, this will have a lot to do with the products and services you sell and the target market you want to penetrate .
Digitalization has helped entrepreneurs to be able to scale up or increase consumer databases that are linear with total income. Start by building a website, do the previous steps, and learn a lot about the latest business trends.
You can also use social media platforms such as Facebook, Instagram, TikTok, and others. Apart from that, you can also take advantage of the eCommerce platform to sell (especially sellers of physical products). If your business sells services, focus on branding on your website and social media.
4. Cooperation with Other Businesses
Working with other MSME businesses can actually increase your sales and branding. Things like this are also the reason why local stalls can continue to grow in small towns, because basically they work together in selling goods produced by small manufacturers. For example, selling bread or other snacks from small manufacturers in the area.
Or another very concrete example is the coffee shop business . You’ve made a cafe, but, of course, something is missing right? This is the time to cooperate with other businesses. You can work with local bakers to provide fresh bread every day. Again, everything is connected like a connected “dot”.
By doing this, you can increase sales through branding as a complete cafe, have aesthetic value, have good relationships with consumers, and so on.
Apart from that, don’t forget to continue to maintain the highest productivity so you can maximize output.
5. Use Promotions and Discounts
Offering promotions and discounts is a proven and effective way to increase sales for MSME businesses by attracting new consumers to become customers at your store.
There are many types of promotions and discounts that you can offer, for example “limited discount” or “buy one get one free”. Anything you can pour into creative promotions and interest your target market.
But, don’t forget the timing and frequency in which you hold promotions and discounts to ensure your discount campaigns are effective.
Don’t forget to evaluate the results and adapt dynamically to ensure that every promotion and discount given is in accordance with consumer preferences and increases business sales.
6. Evaluate and Develop Products
Don’t forget that in every business process, you need to do market validation to test whether your product is suitable.
Don’t let your business be like Starbucks, which failed in Australia because it didn’t do market research and know the preferences of local consumers there.
This can teach us valuable lessons, for example your business is FnB, also make sure that the food you serve is suitable for the tongue of your target market.
It’s okay for you to open an Italian restaurant, but adjust the location to your target market. For example, you have done market research and found that people who like Italian food are metropolitan people. So , if you are determined to open an Italian restaurant in the village, you will find it difficult to get customers.
And don’t forget to continue evaluating and developing products after market validation. Developing a product, for example, adjusting to criticism or suggestions from consumers to make it better. For example, you are making financial recording software, but there is input from users that they cannot access it without the internet. Things like this actually become a problem if not handled and make you lose customers.
Therefore, continue to evaluate based on user input and criticism from your customers regarding the products or services you sell. Thus, your business will always be in the “mind” of customers and always be remembered when they want to order relevant products sold in your store.
7. Building Good Relationships with Consumers
This is typical of service companies or businesses engaged in services. One way to keep them in the hearts of consumers or clients is to build good relationships. But how?
You can start by giving hampers or gifts or completing projects or contracts. Apart from that, you can also continue to provide the latest information or updates regarding the services or services that you offer, or you can also provide free additions such as insight or strategy analysis to clients, so who knows they might want to deal and continue working together . with you again.