Use your own customers to your business' advantage. If you have a loyal and steady client base, why not try offering them incentives when they refer new customers? There are a number of businesses which have doubled, or even quadrupled the number of their customers by employing this technique. For every 5 patrons your loyal customer A brings in, give him a 10% discount on your products and services; for another 5, give him 20%. Eventually, when he brings in 25 new buyers, he gets to avail of an absolutely free product. This entails planning, of course, as this technique may cost your business some money - but think about all the new clients your loyal customer A can bring in if they all did the same thing! Your client base is increased a hundredfold - which, of course, translates to more profit. In the long run, the cost to give away one free product in exchange for the 25 new patrons will be more than affordable for your business.
Don't try to do everything yourself. The purpose of hiring employees is to help make your life easier - so why try to do everything yourself? It's your business, it's your capital, it's your reputation at stake - of course, it's natural to try to be on top of everything. But there's no reason to be obsessive-compulsive about power and responsibility. Delegate tasks to your people. This is only if you are confident that you hired the best people for the job. Give them the privilege of proving themselves worthy of the positions you gave them. Allow them the opportunity to show you how valuable they are to your business. You not only get your money's worth for every dollar you pay them, you also help them achieve a sense of fulfillment for doing well in their jobs. Who knows what wealth of other opportunities your own employees can bring you? You may even also offer to give them incentives for bringing in more customers. Once you have delegated tasks, you keep your mind and body free to focus on searching for more customers - or other ways to expand your successful business.
Develop new products. This is a staple in today's market - no successful business should be stagnant, and non-moving. You business must always be on the lookout for new opportunities to please your market. Offer new items/services every so often - your clients will surely look for them. Don't you notice how often you are asked by your patrons the standard question - "So, what's new?" This question is a hint that your buyers are searching for new items to spend their money on. Instead of you forcing or prodding them to buy, they are the ones asking where they could plunk their dollars on! Take advantage if the client's "need" to appease the shopping bug. On the other hand, remember that it's very likely that if you cannot offer something different, the chances of them transferring to your competition with the wider variety of products are high. Why give your competition business? Research, ask the client what they need, what they are looking for - then answer the need. Do this, or get left behind.
Expand your market. If you have only been producing clothes to fit women size zero to 8, why don't you try aiming for the real-sized women market? It has always been emphasized that sizes 10 ad bigger are the REAL average size, so why not aim to satisfy that niche too? If you have been selling only in your city, why not try aiming the other states? Or better - why not try to penetrate the global market? For example, Asians come from small countries, but a lot of Asian business people always aim to eventually go and branch out overseas. The best way to grow your business is to first research on the viability of your planned moves, then take the risk, then see what happens. Start on a small scale, if you must. It also pays to minimize risks and losses.
Automize your business. Unless you have been living under a rock for the past 20 years, you would know that the best way to minimize mistakes in business is to computerize everything - your books, your sales, your contracts, your designs, your client base. You can better audit your growth and performance. Nowadays, one touch of a button can solve what used to take hours on the typewriter and calculator. Make efficient use of time. Also, use the advantages offered by the internet. Online marketing is a great way to promote your products and businesses - you do not only reach your local market, you are able to advertise your products to every corner of the world reachable by the web, too.
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Michael Griffiths is the CEO and Founder of My Small Business Marketing Guru. Helping small business owners generate more leads, clients and increase profits with relationship based marketing strategies. We invite you to get your free black mask marketing resources and DVDs when you visit http://www.mysmallbusinessmarketingguru.com.au
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