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Small Business Strategies To Increase Profit
In the book by “The E Myth,” by Michael E Gerber, he explains why most small businesses don’t work and what we, as business owners, can do about it. It’s a pretty scary concept thinking to think that most businesses fail. However, if you’re one who wants to defy the odds here are three strategies to help overcome the doom of the majority.
- Increase Sale Frequency
- Attract New Customers
- Increase Average Sale
At a glance, these three tasks seem pretty simple, but can really hurt business owners if not implemented as a business scales. Let look at these topics on an individual basis.
Increase Sale Frequency
Increasing the number of times you make a sale to a customer is one of the easiest things for business owners to do, and even easier not to do. Many times business owners are so focused on the now, they forget to monetize the future. First and foremost increasing sale frequency starts with a great experience at your business. Whether you’re a restaurant who provides exceptional food and great service or a gym who make sure the energy in the facility is high-tempo, if a business doesn’t do it job on the front end, you can kiss the back end dollars good-bye! But since I know your business rocks on the front end let’s take a look at a few ways we can increase the frequency of loyal customers.
Email marketing, SMS marketing, Social marketing, and Wi-Fi marketing are just a few ways we can keep the people coming through our doors. All of these strategies help retain customers and will have them coming back sooner and more often.
If you haven’t started email marketing you’re missing out on huge profit margins. As a business owner not only is it your job to operate a smooth organization, but you also have to stay ahead of the curb when it comes to marketing and direct your efforts to where the attention is, which in this era is on the phone, though email, and social campaigns!
Increase Your Average Sale
The first thing that comes to mind when I bring up the point of increasing your average sale is probably to raise your ticket prices, right? Although that is certainly a simple way to implement this strategy is not the only way.
Service training and company promotions are some of the simplest ways to ask for a higher dollar. In-house promotions are simple yet effective ways to earn more from your customers. Many times this will come in the form of training your staff how to non-threateningly upsell each customer with an in-house special. For example, if you own a cosmetology practice your “upsell” could be 20% off a high-quality skin care product that your recommendation to your customers after receiving treatment. Small offers like this may not seem like a lot in the beginning but consistent action will bring a dramatic increase in profit at years end.
Attract New Customers:
There are always new customers in your market. The most important thing with this strategy is to not rest on your laurels. Even after you have put a work into attracting a loyal customer base there are always other’s wanting and in search of your product or service, so why not you accept their business instead of giving them to the competition.
Social marketing through direct targeting campaigns is one of the most powerful ways to execute on attracting a new customer base. This doesn’t mean to just post on facebook and make sure that your friends and family like the post. Attaining new customers through social platforms requires highly thought out ad campaigns to a specific market already interested in your product or service. Facebook is one of the most detailed targeting tools to leverage in today’s business world. For instance, you can target people by area, demographic, interest, and even income level. This makes gaining new customers in today’s business field extremely easy if done properly.
I’m in constant shock with how many business owners don’t have a digital marketing plan for their business. Unfortunately, if this is you, it could result in the destruction of your prized business. Social media strategies are very real ways to make sure your business thrives in the future. If all of this seems a little hectic, I’m here to help. Schedule a strategy session with me and I’ll help you understand exactly what you need to do to grow your small business!
Interested in how Cliquetech Media can grow your business?
CliqueTech Media is a digital marketing agency ready to attack your business’s challenges head on! Having a passion for marketing and a fulfillment in results is the fuel that keeps our team going. If you’re interested growing your business and exceeding your goals, then request a complimentary consultation.
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