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Free Ways To Grow Your Company’s Profits

 

Isn’t it great when you stumble upon the cheats for a video game? Suddenly, you have unlimited ammo to totally demoralize your enemy, or unlimited shopping dollars to buy your SIMS their virtual hearts’ desires! At one time or another, every small business owner imagines having an unlimited bank account to fund this marketing project or that marketing project. Yet, if a company’s profitability was based solely on marketing dollars, then only the largest, richest companies could survive. We know this is not true… that, in reality, many of the best ways to grow a company’s profits are totally free. 


Focus.

It’s a well-known fact that 80 percent of your business will come from just 20 percent of your customers. This core is the central nucleus of your operations… your loyal fan club. They may not have your company posters adorning their walls, but they can easily be conscripted to post glowing testimonials about your company on their Facebook walls. You want to focus on your VIPs by creating a database that tracks who orders what, when, and how much they pay.


Boost Frequency.

You’ll then want to examine ways to increase this group’s order frequency. By taking a look at their purchasing history, you can get an idea of their ordering pattern and their household needs. You can then send customized messages in a timely manner to show that you understand these clients.


Boost Spending.

You’ll also want your customers to spend more. Companies like Amazon know that providing customized suggestions while consumers shop is a proven way to increase purchases. Look for more ways to personalize or tailor a product to the individual buyer. Adding bells and whistles can be a way of ratcheting up the price, while also providing the consumer with more value for their money. 


Improve Service.

Customers appreciate businesses that take the time to let them know the status of their orders. Find excuses to talk to your VIPs. Solicit their feedback to find out how they felt about their latest transaction or if there are any changes they would like to see in the future. Take the time to show you care. At the end of the day, this is what customers love about small businesses that large companies may not be able to deliver.  


Ask For Referrals.

A referral is always better than a cold call. Often times, customers are more than willing to send prospects your way if there is something in it for them. Sometimes you can even solicit free referrals just by giving excellent over-the-top service and writing your prospects a “thank you” card (that also casually mentions your bread-and-butter is earned through referrals).


You don’t want to neglect new customer acquisition, of course, but keep in mind that taking time to focus inward and improve your core business can take you a long way. Every day, you should begin by asking, “What else can I do for my top buyers? What do they want? How can I make them feel appreciated and satisfied?”   

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