Looking to boost your ROI for your small business? You may be worried you’ll have to make a big investment to make that happen—but that’s not always the case! Instead, if you’re looking to boost your business’ profit margins without breaking the bank, it is time to start thinking strategically! Here are three tips to get you started:
1. Optimize your social channels
Social media is a great way to boost your ROI—but only if you’re using it wisely. Most social media platforms have business hubs where you can view how your posts are performing. Take some time to review your analytics and ask yourself—what’s working? What isn’t? Are you posting too much, or not enough? Could you potentially reach more people if you only post on certain dates and times? What posts are getting the most engagement from your followers?
Also, it’s good to see which platforms are working best for your business. For example, a retail business may work best on Instagram, whereas a consulting firm may perform better on LinkedIn. Note what platform or platforms work best for you and consider investing in ads for the platform that’s reaching the most potential customers. The more eyes you can get on your product or service, the more likely you’ll be able to increase your sales and acquire new clients.
2. Reevaluate your customer journey
If you’re concerned about your ROI, you need to consider how easy it is for you to make a sale.
Look at your website—is it simple for customers or clients to find what they need? Is your brand’s message clear enough for them to understand what you do and how your business is unique?
But what if you aren’t sure or are concerned that you’re too in the weeds to see what isn’t working? Consider a customer survey, or even setting up a focus group. Once you know what the problems are you, you can eliminate roadblocks. For example, talk with your web developer to simplify your navigation bar so it’s easier for your customer to use, or strategize with your team to further refine your brand message so your clients know what services you offer, and so on.
3. Make the most of your time and team
Any business owner knows that time is money. That’s why it’s important to see where you and your team are spending their time. Are you typically working on tasks that are measurably helping your business succeed, like working directly with customers and clients, ordering merchandise, and so on? Or are you getting caught up in a million little tasks that you could delegate to someone else?
By spending so much of your valuable time on things that don’t really matter—you’re potentially hurting your ROI. If you don’t already have help and are getting overwhelmed, see if hiring someone, even if it is just part-time, could allow you to do more tasks that bring in sales.
And, if you’ve got a team at your disposal, sit down with them to strategize. What are some ways you can better use their strengths? Do they have any ideas on ways to improve your business? Sometimes your team can be wary of stepping on your toes—but encouraging straightforward communication could be a great way to discover new ways to utilize your team and boost your business!
In the end, an eye for strategy and analyzing what is—or isn’t working—with your business will help you to find creative solutions and boost your ROI.
