If you want to improve your business’ sales in 2019, one of the smartest moves you can make is to improve your payments strategy. Consumers are increasingly looking for alternative payment options, including everything from mobile, to voice-activated payments. For business owners looking to grow their business in 2019, here are a few critical payment factors to consider:
Determine which types of payment options your target customers are most likely to use. B2B (business-to-business) companies are likely to have customers with different payment preferences than B2C (business-to-consumer) customers. Understanding your target customers’ preferences is essential if you want to make smart adjustments to your current payment strategy.
Just because a payment option is gaining popularity in mainstream media, that doesn’t mean your customers will gravitate toward
Pay attention to new data input options that can influence your customers’ payment preferences. From mobile-enabled smart watch payments to voice-activated payments, today’s savvy consumers have plenty of intriguing options at their disposal. Understand what is happening in the payments sector and measure the innovation against your business’ willingness to try new customer payment options. Compare the costs of implementing a new payment option against whether there is likely to be an increase in transactions/sales response. Only then will you be able to determine whether integrating a new payment option is worth your while.
Once you decide which new payment options to incorporate into your 2019 brand-building strategy, make sure you promote your new payment options extensively. You can drive significant sales by increasing your payment options, but you must make your customers aware of the new tools at their disposal. Develop a detailed marketing strategy to promote your upgraded payment strategy to your target audience. Include everything from social media marketing to content marketing outreach and the chances are good that your newly upgraded payment options will be warmly received by your customers.
Remember these crucial tips when contemplating improvements to your business’ payments strategy. You can increase company sales in 2019 by offering customers multiple payment options, but you must be strategic in your approach. What are your thoughts? Will you be incorporating new payment options into your business development plans?
