RETAILING
Three Strategic Tips for Building A Stronger Customer Base – by Shelli Hendricks, Ph.D., President, Blue Horizon Solutions
a few of these products bring you maximum profit. Sometimes a large inventory can work against your busi- ▪ ness. Having too many options may actually confuse or overwhelm customers, leading them to avoid buying al- together when they’re overwhelmed with options. Instead of offering more products that likely won’t be ▪ sold, discontinue the less attractive products and offer more items or services related to your best-sellers. This is an excellent way to boost sales while reducing upkeep and inventory costs. Not sure what customers want? Ask them. 3. Pursue unique marketing strategies. If your business is experiencing a steep drop in sales, there must be a rea- son. It could be that your marketing techniques are simply not as effective as you thought. Consider alternative mar- keting techniques. Think about marketing your business online. It’s becom- ▪ ing easier with each passing day and more people are lated businesses in your community for co-branded events and activities. Demo Days or Scuba Fairs can cre- ate a fun energy for the entire dive community in your area. In addition, this collaborative strategy creates a multiplier effect for all of the involved businesses. Get the word out. Take advantage of social media sites ▪ like Facebook and Twitter to promote your business. Radio advertisements, commercials, billboards, and fly- ▪ ers all increase the visibility of your business. Sometimes, door-to-door marketing is just as effective. By using these strategies, you can boost sales and increase the revenue of your business. Once these strategies have been implemented, there will be no need to worry about how you’re going to pay the next bill. You’ll finally have the money to live the life that you’ve dreamed of. It just requires determination, prone to search the internet for better deals. Businesses that have online order options are often much more successful. It’s a per- fect way to increase cash flow. Consider partnering with other re- ▪
Is your dive business struggling to make enough profit to pay the bills? Living paycheck to paycheck can be quite frustrating. Perhaps you started a dive business so you could pursue your dream while earning money at the same time. If so, then you know that it isn’t
always easy to get a business to bring in the profits you’d like. However, if you’re willing to work hard and have a good plan, there’s no limit to how far you can take your dive busi- ness. Luckily, there are many ways to increase your current cash flow and free you from the threat of financial disaster. Consider these strategies to increase your cash flow: 1. Collect feedback. Many business owners forget the im- portance of soliciting feedback from their customers. There are several effective ways to find out what your cus- tomers think about your products and services. Ask customers to fill out a ▪ quick survey or questionnaire to rate various aspects of your business. These surveys can provide an excellent glimpse into your customers’ point of view. There are many different websites that enable you to create simple surveys. Look online to find one that meets your needs. Follow up with your customers with a phone call or ▪ email asking for comments about your products or serv- ices. Inquire about which aspects they are satisfied with and which need some work. Don’t miss the opportunity to ask them to post a review online for your business. Talk to your clients in person and ask them how they ▪ feel about their experiences with your business. Then, be sure to implement the recommendations that work for your business. Be sure to give credit to your cus- tomers for their suggestions. Remember, word of mouth is one of the best ways to ▪ advertise your business. If you have a bunch of satisfied customers, they’ll tell their friends and family about their positive experience and you’ll get more business. What kind of incentives can you offer customers who refer your business? 2. Get rid of products that don’t sell. It’s likely that you offer your customers a wide variety of products, but only
persistence, creativity, and an open mind to make your business successful. Test different strategies and stick to the ones that work best for you. Your efforts will be worth it once you see those in- creased profits.
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