In an age where aspiring entrepreneurs are fighting for an online presence, it can be tough to generate promised profits for your dream business. However, the new year means there are plenty of new ways to get your online business exactly where you want it to be, even if you only have a small budget to start. By evaluating exactly what you want for your company and following a few of the tips below, you’ll be able to scale your online business to generate higher profits in 2020!

Have a consistent, engaging social media presence 

You first want to ensure that your customer understands your brand's mission. The clearer the mission, the deeper the relationship. Your business should direct its solutions to your target market who are facing these problems. This can be achieved through the means of clear, simple messaging on each post.  

Following up on the post, a healthy amount of engagement with the customer in the comment section will create a relationship and demonstrate that your business values them. This shows that you are taking the time to create a long-term consumer, which builds brand loyalty and ultimately is more profitable for the business. 

Consistency is key when marketing any type of business online. Most businesses on social media are choosing to post at least one time per day at optimal times, and some even post upwards of three times per day to maximize their reach. When you're posting this consistently, your customer begins to expect to see your content on their timeline, and even looks forward to it. 

Pitch your business to relating journalists

One of the best forms of promotion for your brand is through earned media online. Earned media is any form of publicity that is gained through promotional efforts other than paid media advertising. You can generate earned media often by reaching out to writers / journalists directly to pitch product or service.

Writers are constantly looking for ideas for their next piece of content, and if they genuinely like your product or service, they will make the time to express their interest in a short piece, introducing your brand to a new audience.

Understand exactly how your business converts its customers 

As a growing business, you need to pay close attention to the behaviors of each client to ensure that you maximize data from each interaction. Your conversion rate should be your most important Key Performance Indicator (KPI) to monitor your product's success and track your business' growth.

By understanding exactly how your customers are moving through the sales funnel, you will be able to optimize different channels to maximize your returns. Take a close look at the buying patterns of each consumer and the steps they take on your website before they make their final decision. When behaviors are analyzed, the website can be edited to their needs for a better, more proactive shopping experience.  

Create a SWOT analysis and act upon the results  

Every business has strengths, weaknesses, opportunities and threats most commonly known as SWOTs. When a business is able to analyze all four often and effectively, they are able to better serve their customers and fully grasp where they stand with their competition. 

Have your team create their own personal analysis in order to better understand what they think the company is missing and what they believe the company thrives in. Then take those results and collectively see how you can maximize sales. The move can be as simple as having a limited-time bonus offer your competition isn’t currently serving.  

Cut out small manual labor 

When running an online business, it might seem like you’re in more control of its success if you run through the entire process manually, constantly making sure everything is running smoothly. Minimize the time spent on manual labor by investing in the technology to take care of the manual labor for you. This can even be as small as downloading specific plug-ins to your website to automate tasks. By reducing the time spent on smaller tasks, your time can be better invested in other areas of the business. 

Invest in your current customers  

It’s much more cost-effective to focus your attention on current clients than to constantly reach out to new ones. The current customer is special because they already believe in the product offer and brand presence. Keep your clients by investing in special offers for them or a loyalty program. Make the customer feel special at your business as this will guarantee revenue every month.