Like every other country in the world, small business owners in Pakistan also aim to increase their profit every year as compared to the profits earned in the preceding year. Fortunately, this is doable if they know the correct tactics and policies. So whether your small business in Pakistan had a strong 2022 or experienced some fluxes; let’s focus on what should be your strategies to make 2023 a thriving year for your small business. It is very important to identify your success objectives as the year starts and build a path to reach there. Here, we have prepared a list of things you should do to give your small business profits the boost it needs in 2023:
One of the most significant factors in the success of any small business is its pricing policy i.e. how that business adjusts to the prices of its product or service along the lines of market conditions as well as profit objectives. In Pakistan, many small businesses need better pricing strategies. A sudden price hike only works when it is not adversely impacting your sales. Understanding your competitors' pricing strategy and calculating how your product or service would stand compared from the buyer’s perspective is the key to managing your product or service pricing.
While Pakistan is certainly facing economic instability, the most advantageous thing to do is concentrate on your existing customers. It is the key to your small business success in Pakistan for 2023. Due to acquisition expenses being on a continuous rise and a higher percentage of customer churn; it is very important to focus on improving your product quality and building stronger and long-lasting relationships with your customers and gaining their lifelong loyalty.
Social Media marketing is one of the best ways to promote your small business in 2023. People in Pakistan spend hours on social media every day and thus, connecting to them and endorsing your brand is very simple. As a small business owner, create interesting content related to your brand and post on social media websites like TikTok, Instagram, and Facebook, etc for a greater audience reach. You can also choose paid advertising on these platforms when required.
A small business owner in Pakistan is always occupied with a never-ending list of things to do. These tasks are often repetitive and time-consuming and kill the time a small business owner can spend on developing his/her business. For this reason, it is always a good idea to go for automation. For instance, if you run a small business in Pakistan, you can choose LedgerMax software which is a complete business solution for small to medium-sized businesses and takes care of all important stuff like your financial accounting, inventory, invoicing, payroll, taxation, and sales and purchase,s etc. So, think about not spending your time on these tasks and instead working on business development ideas that need your valuable time.
If your goal is to expand your small business in Pakistan in 2023, then email marketing is the thing to focus on. Create a subscriber list by incorporating forms on your social media and business website asking for email signups. Also, methods like marketing funnel and landing pages can help in getting people to fill in your email subscription forms. Attach relevant content with your newsletters and marketing emails to benefit from this outstanding way of getting connected to your potential clients.
In 2023, your target should be more on keeping and upholding your repeat customers instead of putting in your efforts to attract new ones. This is meaningfully more cost-effective and compelling since your existing clients are already familiar with your services or products and if satisfied, they are more in the cards to give you business as compared to the new clients. Thus, in order to maintain your customers, come up with gestures like freebies, free deliveries, discounts, and special offers. These things give your clients the impression that they are special to you. Moreover, a happy customer always recommends your products or services to others in his social circle and helps you in acquiring more customers resulting in a boost in your profits. In Pakistan, businesses are now introducing referral incentive policies for their existing customers which is another successful way to boost profits in 2023.
To sum up, thinking of ways to lift up your profits often gives an overwhelming feeling, particularly when you’re starting a new year. Though, you can always go with the points discussed in this blog to increase your profits while keeping customer contentment as your priority. So, let’s start and make 2023 the most successful and profitable year for your small business ever.