Low Cost Ideas to Improve Your Bottom Line
15 September 09Want to increase your bottom line, but don't want to spend lots of money at the same time? Following are some simple ideas that you can implement immediate and that don't cost a lot of money...
Find out who your customers are and what turns them on. Many of you think that you know who your customers are and why they buy from you, but until you research them and find out as much as possible and what they think about your business, you'll never really know.
Are your communications and marketing materials doing what they are meant to? Take a good hard look at them. Does your corporate image reflect what your business is about? Do you have a short statement which accurately communicates to potential customers what you do? Are you selling to your customer's specific needs? Do your sales messages reflect what your customers say when you ask them why they have used your services?
Talk to the people who pay you. You have heard the saying that 80% of your business comes from 20% of your customers….it is true! Adapt your marketing activities around your existing and most precious current customers.
Have a sales process and train your staff in this process. Increase your sales conversions by having a standard sales process. It is easier to train your staff in this process and you will see the increase in potential customers to clients.
Track and measure your marketing performance. This can be as simple as a ‘tick sheet' used by your staff. You can ask questions such as ‘how did you hear about us?' to find out and track how effective your different marketing spends are performing.
Are you throwing money away? Are you allocating your promotional budget to the right areas or could you be spending your money better. Figure out where you're getting the most leads from and whether these result in real sales.
Are you talking about yourself enough? If you are too busy working in your business rather than on your business, you could be missing lots of opportunities to meet potential new customers and form strategic alliances with like minded people and suppliers. Make an effort to get out and attend networking events that allow you to learn from your pears and talk to others about your business.
PJT ACCOUNTANTS & BUSINESS ADVISORS
07 5413 9300
www.pjtaccountants.com.au