Find More Customers
The first thing that comes to mind when we think of making more money is getting more customers through our doors. In fact, the majority of advertising focuses on doing just that. There are several things you can do to entice more customers to buy from you.
- Implement Follow-Ups. Marketing gurus have discovered that follow ups can increase your customer conversion rates by as much as 50%. Now, that’s a whopping improvement! Don’t let potential customers fade away. Keep the doors for future communication open, and watch the drastic growth in your profits.
- Encourage Referrals. Every satisfied customer will tell 3 friends or family members about your business – without encouragement. Imagine what would happen if you start rewarding their efforts.
- Get Free Publicity. Nearly everyone keeps a sharp eye on the local news. Hey, it’s funner to know what’s going on when you personally recognize the names and faces in print! Find ways to make your business newsworthy and catch the attention of potential customers without even paying advertising fees.
Sell More Per Customer
Think about it… how can you get every customer that walks through your doors to spend more money before walking back out the doors? Here are 3 sure-fire, profit increasing tips:
- Increase your prices. Hey, that might not be as bad as you think. Along with the price increase, focus on increasing the perceived value of your product. Yeah, we all expect to pay a little more for high quality stuff. Not everyone is bent on finding the absolute cheapest price in town… they may be more interested in lasting quality
- Add some higher end products or services to your business. It’s never wise to put all of your eggs in one basket. That’s why wise marketers diversify their products and services. Think of it this way… higher priced products may not make as many sales, but each sale will bring in a much greater profit. You don’t need to make as many sales to come out on the best end of the deal.
- Upsell. Offer every customer an additional product that accents his current purchase at the register. Hey, maybe they forgot they’d need batteries to go with the toy they’re getting for their niece’s birthday gift! You can be a hero… a richer hero.