Startups/Small Business Entrepreneur: You could go burst soon if you neglect this aspect of your business
With the economy downturn, many business have found themselves unable to survive another term. Recently I have several small business owners turning to me for help in revitalizing their business and all of them have a few things in common that inadvertently caused the downfall of their business;
- They spend the bare minimum on their marketing, branding and customer relations building
- They spend on marketing based on what they think works well.
- They have a viable product/business but no one knows about it.
- They left 3 months or less to business failure.
Usually its too late for a revenue change for these businesses unless they managed to get an additional injection of funds. While I typically reject these kind of businesses, I sometimes offer pro-bono consulting for them.
Here’s a few secret marketing tips that you can apply as well;
- FIRE SALE — Give a big discount and a believable reason why. For example; ‘This Offer is available only to First time customers.’
- LUCKY DRAW WINNERS — Your past customers gets to win a valuable prize from your store. Now valuable doesn’t equate to expensive, it just has to be something of good value to the customer.
- GIFT WITH PURCHASE — If you have brought anything from Estée Lauder, you would notice that every single time you purchase anything, they always gift you with samples of their products. This builds goodwill amongst the customers as well as exposing them to other range of your products.
- OPC (Other People’s Customers) — Which other business, clubs, associations have similar type of target customers that you have? Example; if you own a floral & gifts shop, you could work with Dating Agencies, Single Clubs and send email/offers to their customers.
- GET SOCIAL - Don’t just do Facebook and think you have covered social media! Go and get your business on ALL the top social network platforms. We are talking about, Instagram, Twitter, WeChat, SnapChat and blogs.
IMAGINE: Your business revenue grew by another 50% in the next 3 months.
That is what I have been doing consistently for everyday for my clients. Interested to get the same level of growth? Contact me today via firstname.lastname@example.org or private message me.