I have a small online business that was rapidly growing through word-of-mouth and search engine optimization, but sales have stagnated. I have a supplier that offers a unique product, and I have it priced perfectly to make sales because I have arranged a high discount from the supplier.
But my sales have reached a stage of stagnation despite there being an increasing demand for the product that I am offering.
What other avenues of marketing should I pursue to boost my online sales?
Congratulations on starting your business and making sales. It's a lot of fun to build something of your own and find the financial independence that you deserve as a business owner. We hear a lot about business owners that make a lot of sales, but they get stuck in a period of stagnation where they seem to generate the same amount of leads per month.
The good news is that there’s a lot that you can do to try and boost your sales.
Marketing is the hardest part of starting a business. Once you’ve mastered the marketing aspect, you can sell anything.
If you have a product and a supplier, you may want to consider adding your product to major retail portals. You may be able to sell your product on Amazon and eBay. You will lose out on some of your revenue, but you can calculate the costs of commission into your final product price.
It's often better to take the slight loss in profit margins when you gain the exposure of a powerhouse like Amazon.
Gaining traction can be difficult on Amazon until you have initial reviews that vouch for your product. One trick that works very well for people selling on Amazon and simply mailing the consumer to rate or review their experience. I receive mails from manufacturers all the time on Amazon asking me to leave an honest review on their product page.
You did not mention social media, but I highly recommend looking into purchasing ads on Facebook. An easy way to reach over 2 billion people is to start an ad campaign on Facebook. Ads are easy to create, you’ll find Facebook has a lot of refinement options, and a lot of people have jumpstarted their business through Facebook alone.
If you have the budget for it, I highly recommend hiring a Facebook ad agency that will take care of all of your advertising for you.
Small business owners often take on multiple roles in their own business. It's not uncommon for the owner to work 60+ hours a week on tasks, including marketing, that they’re not fully qualified to perform.
You have to take on these roles as a budding startup, but you already have sales and are moving products. Continue doing what works to make sales, but start outsourcing your marketing to an agency that is better prepared and experienced in the field.
When you begin to outsource some of the tasks that you take on, you’ll free up time to focus on bigger sales deals, adding more products and providing a better customer experience.