3 Strategies For Increasing Profits
It's a simple yet common question, "How can I make my business
more successful?"
Success can mean a lot of different things to a lot of different
people but when it comes down to it, the success of your business
should only be measured by one thing - profit.
At the end of the day, it's not how many people came in to your
store or phoned in. It's not even how many widgets you sold. At
the end of the day, what truly matters is how much of a profit
you made.
It would make sense then that your efforts focus on profit as the
end result. With that in mind, there are only three strategies to
increase profits for your business.
1) Increase the dollar size of each order
2) Increase the number of times people buy from you
3) Increase the number of people who buy from you
Most likely, your business is already primed to attack each of
these three angles and implementing that attack should be fairly
easy.
Let's say that you are the owner of Happy Wicks Candle Store. Let
your customers know that for every $50 they spend they will
receive a free 4-inch candle. When they are eligible for the free
candle, offer them the option of upgrading the 4-inch candle to a
6-inch candle for only four dollars.
Implement a customer loyalty program. Whenever a customer spends
$200 with your store they receive a 20% discount on their next
order. Show loyalty to your customers, too. Create customer-only
events and sales, even workshops on how to make candles at home.
Candles are also popular gifts. Be sure to place your contact
info on each and every candle. This makes it easy for the gift
recipient to purchase from you. Be sure to also use this tactic
when co-promoting with similar businesses such as a flower and
bath and body shop.
Looking at the example Happy Wicks Candle Store, the tasks of
increasing profits was not a difficult one. Truly, it's a matter
of putting systems in place that generate increasing profits.
Take a look at your business and examine the systems you have in
place. Chances are there's undiscovered profits lying about. Put
systems in place to gather those profits and you'll find your
business reaching new heights of success.
Author
George Whitecraft
http://whitecraftshoppingmarketing.biz/info/l/tbp
http://whitecraftshoppingmarketing.biz/info/l/pba
posted by George @ 9:54 AM
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