Sell more in 2024: Three winning strategies for your business

Trying to increase sales without a solid strategy is like road-tripping without a map. You might get to where you want to go, or you might run out of gas.

Even in the best of times, businesses face challenges and stiff competition. This year is no different. Rising inflation, changing consumer behaviors, e-commerce competition, and emerging technologies are just a few of the pressures your business might be facing.

But with a well-planned approach and solid understanding of the market, this year can be a year of significant growth for your business. Here are three actionable strategies to help you increase your sales in 2024.

1. Reach new generations

Gen Z’s unique shopping habits, buying power, and influence are reshaping retail. For businesses that capture the attention, loyalty, and trust of this generation, the rewards will be well worth the effort.

Born between 1997 and 2012, Gen Z may not be who you think they are. Although many Gen Zers are still young, the oldest are out of college and taking their place in the workforce. And Gen Z’s buying power is growing up with them. With an estimated $360 billion in disposable income, this generation will soon become the largest consumer segment.

What sets Gen Z apart? They’re more likely to look to TikTok, Instagram, YouTube, and other social media platforms for inspiration and product information. And they rely heavily on reviews and opinions from peers and influencers. For Gen Z, authentic user-generated reviews and testimonials carry more weight than celebrity endorsements or marketing campaigns. To better reach this generation, step up your social media game and encourage satisfied customers to leave reviews, especially where Gen Z is more likely to see them.

Whether in-store or online, Gen Z expects sophisticated, personalized shopping experiences. They prioritize more than a good deal, factoring in convenience, experience, and authenticity as part of their buying decisions. Streamline your customer feedback process to improve your experience and let Gen Z and other shoppers know you’re listening.

This generation prioritizes speed, convenience, and efficiency in the customer experience. Among Gen Z shoppers, 46% of shoppers want quick and easy checkouts, 39% value being able to get what you want in-store immediately, and 23% appreciate the ability to buy online and pick up in-store. Consider investing in systems that deliver on those expectations.

While Gen Z may be the talk of the town, don’t forget about millennials, who are still a financial force. Born between 1981 and 1996, millennials recently surpassed baby boomers as the biggest generation. They value seamless, omnichannel shopping experiences. To better reach millennials, ensure your online presence is as strong as your physical storefront with easy navigation, vibrant content, and secure transactions.

2. Offer more inclusive financing options

Consumers with lower credit scores make up a significant portion of the population – and your potential customer base. According to recent research, 57 million Americans have subprime credit. They likely don’t qualify for traditional financing. Without inclusive financing options, they may leave your store empty-handed.

Retailers that offer more financing options for all credit types can reach more customers and increase sales. Recent research from Snap Finance found that among consumers with FICO® scores below 670, 44% would go to a different store if financing options weren’t available. Among consumers with lower credit scores, 45% have used installment loans and 22% have used lease-to-own financing for major purchases.

Financing often brings increased buying power. When paying over time, shoppers can get more expensive or better quality items – or simply buy more of what they want or need, which can increase your average order value. Snap’s research shows that on a recent purchase, 58% of consumers with lower credit scores spent more because financing was available. And among those who spent more, 79% increased their purchase by $100 or more.

In-store advertising and a knowledgeable sales force play an important role in informing customers about financing options. Among those with lower credit scores, Snap found 14% trust retail associates to recommend the best financing for their situation. Ensure your sales team is well-versed in available financing options and can easily walk customers through the application process for every option.

Inclusivity in sales is not just about product variety. It’s also about removing financial barriers to make your offerings more accessible to more people. Tailor your financing approaches to suit the needs of customers with varying financial backgrounds to help ensure that fewer shoppers are turned away because of their credit history.

3. Build customer trust and brand loyalty

Gaining the trust of your customers is at the heart of every business’s long-term success. In today’s competitive market, building trust is crucial to ensuring repeat business and increased brand value.

To build loyalty, communicate openly. Be truthful about products, pricing, and delivery. When problems come up, act quickly and thoroughly. Can your customers count on you to be upfront, reliable, and honest? If not, they’ll likely take their business elsewhere.

Ask for feedback. What do customers think about your product or service? Did their shopping experience meet their expectations? If they walked away empty-handed, find out why. One way to gather feedback is through reviews and social media. Monitor what your customers are saying and respond to comments quickly, especially if they’re negative.

Customers remember their experience just as much as the product. Exceed their customer service expectations to establish trust, encourage retention, and boost word-of-mouth referrals. Offer a personal touch and be attentive to your customers’ individual needs.

And, as part of their experience, most customers now expect some level of digital integration, from easy digital payments to e-commerce capabilities. Integrate your brick-and-mortar operations with online sales channels to deliver on those expectations and enhance customer reach. Whether it’s enabling curbside pickup or offering a choice of communication channels, businesses of every size can use digital capabilities to add ease and convenience to the customer experience.

Thrive in 2024

Focusing on winning strategies can yield significant sales results and help businesses stay resilient in changing markets. By understanding and adapting to the preferences of new generations, offering flexible financing options, and building trust and engagement, your business can thrive in 2024.

Snap-branded product offering includes retail installment contracts and lease-to-own financing. Talk with your local Snap sales representative for more details on which product qualifies at your store location. For more detailed information, please visit https://snapfinance.com/legal/financing-options