The main idea of being in business, whether on-or-off-line, is to make a healthy profit that not only covers your overheads, but it also lines your bank account. And, the only way to achieve this is by putting your tactical business combat gear on, strapping your standard issue communication device to your back, and being prepared to crawl on your hands and knees through the marketing mine field to find business strategies and tactics that work for you rather than against you.
Here are some strategic manoeuvres to get you past the first of those marketing mines:
1. Increase Your Business Marketing – Have you heard of the old adage that states, “If it isn’t broke, then don’t fix it?” If you haven’t, then you have now, and if you have, then take heed. This adage is not relative to business. Many business owners who have heard this adage and believe that it applies to them become complacent or they are fearful of change and testing new ideas and technology, and this can be their greatest business mistake. By thinking innovatively and constantly looking for new and exciting ways to improve your business, you are effectively looking at new marketing techniques that will improve sales and also increase your turnover. When considering new marketing techniques, look for methods that speak directly to your customers and that generate a higher conversion rate than you have previously witnessed. Always strive to better yourself so that your business continues to grow rather than stagnate.
2. Define a Single Product as Your Most Profitable – Identify which of your main products has the charm and charisma that new and, possibly, existing customers are most likely to be interested in, and make sure this caters to the target audience that you are hoping to attract. This product needs to represent excellent value, be consumer-centric, and be available in a safe, risk-free environment so that your consumers are instantly attracted to this product and are willing to purchase it without additional persuasion.
Furthermore, when focusing on first-time customers, look for a main product that your business sells, which has a proven track record to use as your draw-card. A product of this calibre will then enable you to offer a new customer a positive shopping experience that allows them to justify their purchase and one that they find personally rewarding so that they will be back time and time again.
3. Leave a Lasting Impression – In business, it is vital that you create a positive impression for your customer from the moment you meet them because if they feel uncomfortable in any way, then they will not buy from you.
Therefore, review your advertising, brochures, signage, web site, and business cards. Also, look at your business presentation, such as uniforms, how your reception area is presented, and staff phone mannerisms to ensure that these are professional. If these aspects do not speak volumes in a positive way to your potential customer, then you will lose sales.
4. Converting First-Time Customers into Life-time Customers – The first sale is always the toughest because the consumer is taking a gamble that your business will do the right thing by them and offer them value for money with the least amount of effort on their part. If dealing with you is stressful to them or the customer cannot see the value in purchasing from you, then they will not become a repeat customer, and this makes their acquisition expensive in terms of marketing. However, if the new customer returns continually and also tells others about you, then your customer acquisition cost will decline and your profits will increase.
“Murray Priestley has 25 years of commercial and asset management experience having served in board, CEO and senior executive positions with a number of global public and private companies.”