It may surprise you to learn that profitability has very little to do with
the state of the economy.
But it has very much to do with successfully marketing what you have.
Conventional wisdom tells us: Cut expensesą reduce your inventoryą watch all
costs ą cut back on your marketing.
I agree with everything except the last part. A weak economy is never the
time to cut back on your marketing. Instead, it's the time to start marketing
smarter!
All it takes is knowing what to do, how to do it, and then taking the
necessary action.
Doubling the size of your business in a short time isn't difficult. All it
takes is a bit of common sense.
Here are the four simple steps that will help you achieve it:
1: You must increase the number of customers who do business with you.
2: You must increase the average dollar amount of all your transactions.
3: You must significantly increase the amount of repeat sales you make to
your customers.
4: You must put your newly acquired marketing knowledge nto action.
1: Win Many New Customers
Here's all you need to do to get crowds of people streaming into your
business: Offer them something exceptional with no cost or obligation.
Give them something they perceive to be valuable, but actually costs you very
little. Give them more of what they want. Find ways to make their lives easier
or better.
Also, get qualified referrals from your customersą referrals that can be
converted into new customers.
2: Increase The Average Dollar Amount Of Every Sale
Since the customer is already buying something, all you have to do is ask
them to buy something else as well.
But you must ask them in a way that holds a lot of benefit for them.
For example, if a customer buys $100 worth of shoes you tell them that since
they bought $100 worth of shoes, they're entitled to any of the additional six
styles at a full 20% discount.
Or move them up the ladder to a higher priced model or more expensive package
- by offering them an exceptional deal on the higher priced item versus a
good deal on the standard item.
3: Repeat Sales To Your Customers
The easy, sure money is in repeat sales to your existing customers.
Contact your regular customers and offer them something appealing at least
once every month.
For example:
Ą Special discounts on products or services.
Ą Special products or services unavailable to walk-in business.
Ą First choice of special products or services before they're made
available to the general public.
Ą Extended warranties at reduced prices or no additional charge.
Ą Exceptional payment terms.
Ą Money-back guarantees.
Repeat sales are the quickest way possible to increase your cash flow!
4: Take Action!
You now know precisely what to do. All that's left is to do it.
Best wishes.
Jonathan Gray
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Jonathan Gray has been helping people succeed in small
business for three years. Join his free "Help For
Beginners" Course now - free tips on HOW to do it; WHERE
to go: http://www.businessrich.com
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