Easy Options to Increase Profits
October 20, 2020
It's a constant struggle in any small business or SME to improve operations, keep customers satisfied, grow revenues, and improve profits...especially in the aftermath of a pandemic when most businesses are hurting for both cash and customers. During these challenging times, businesses must look for ways to enhance business without a further drain on cash such as:
Make the most of one chance – Customers are finicky. Businesses have to make a great first impression because they never get a second chance to make a first impression again. Of course, we've all heard that before, but it is especially important when dealing with customers. Impress them the first time, so they return.
Segment markets – Different markets require different market approaches. Segment your business’ marketing efforts for maximum penetration and effectiveness. Dividing and conquering takes the same amount of money but produces greater results.
Act...Don’t delay – When a prospect is ready to act, don’t delay. Be prepared to "close the sale" by returning a call, having paperwork completed, be able to deliver, or whatever it takes. If you wait until tomorrow, the prospect might very well be your competitor’s newest customer.
Create buyer satisfaction – Buyers don't care about how a product is made or the intricate details of how a service is performed. Buyers care about satisfying needs, solving problems, and feeling good about a purchase. The marketing and sales pitch must hit the right mark with customers; then, closing becomes much easier.
Build customer connection – Customers love attention and want to be appreciated. A little effort with a quick email or a short phone call can turn a customer into a company advocate. Time and energy spent today versus long-term loyalty tomorrow is a great trade-off.
Create goodwill ambassadors – Other than owners and employees, who knows the business better than anyone? It's customers. Ask customers about their needs and what they want especially during these trying times. Obtain honest feedback, change the business as needed, and build loyalty as a result. Loyal customers can then be used as goodwill ambassadors to expand marketing efforts at no cost.
Change attitude – Treat customers as if they are always prospects, and you’re still trying to get their business. Never take customers for granted since they are the lifeline of any business. Customers see the difference. A change in attitude...a positive attitude...can create long-term customer retention.
Pivot – Any business can change something to make it better, different, and more satisfying to the needs of its customers. While the competition might remain the same, make your business more progressive which is a great formula for success.