Four ways your business can stay ahead of the competition

How you can set your small business apart from the 6 million others in the UK.

31 January 2020

At iwoca, it’s no secret that we love talking to our customers. It doesn’t matter if we’re hearing about how someone started their business or what’s keeping them up at night – the best part of working with small businesses is the people.

One thing we’re often told is that even if a customer's great marketing campaign sends new clients through their doors, many find that thousands of pounds are being left on the table in pre-service invoices or online baskets. So, what can you do to make sure you close the deal?

Increase your sales by making paying hassle free

If you’re selling goods online, you’ll know how important it is to make your sales journey friction free. Making payment terms more flexible can help.

At iwocaPay, we stick by one simple rule: if it’s easy to pay, it’s easy to sell. A great way to simplify payment is to let your customers spread the cost of their purchases. This frees up clients’ cashflow and removes the stress of making them pay up front. Offering hassle-free payment terms could be a massive advantage for a small business. In other markets such as the US and Australia, offering flexible payment terms has resulted in as much as 30% increase in sales. We’re excited to bring this kind of flexibility to UK small businesses.

Payment terms are powerful. That’s why we’re building iwocaPay - a new way to offer payment terms to your customers and get paid up front.

Make your product as unique as your business

Every business has a story. Whether you’re trying to change the world or offer a better customer experience - your product should reflect your story. If you build your product around what inspired your business, you’ll find your customers feel like they’re part of your journey, too. That's what can set your small business apart from the giant corporates.

Turn your customer service into a selling point

Building brand loyalty in your customers can give you the edge you need to outperform your competitors. Customers are fickle, so quality of service is key. Make sure your staff provide a friendly and knowledgeable service, and that it’s easy to get in touch with them. Once you’ve nailed that, the experts recommend you work on delighting your customers. Find out how the Mystery Shopping Professionals Association suggest doing that here.

Once you identify happy customers, ask them to write you a review on TrustPilot or Tripadvisor. BrightLocal recently reported that 91% of consumers say reading positive reviews online would make them more likely to use a local business, so it’s a great way to boost your sales.

Get your pricing right

Cheap doesn't always mean cheerful - so the advice here isn’t to undercut your competitors. It’s definitely important to offer a competitive price, but the quality of your product is what will set you apart. Do your own research and find your sweet spot - if you’re offering a truly excellent product or service, buyers know they’ll need to pay extra for it.

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Nick is part of the iwocaPay team, working on business development. From a small business background, he loves speaking with business owners and hearing their journeys.

Article updated on: 3 February 2020

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