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So you are a struggling entrepreneur and you are doing everything to increase your business’ bottom line but it seems that your efforts are not enough? Are you frustrated because no matter what you do, there seems to be no development in your business? Are you totally disappointed with yourself because all the marketing strategies that you used are not good enough? Are you on the brink of giving up? Don’t lose hope; there are still a lot of ways on how to increase your bottom line. Some of them are as follows:
- Serve your costumers well. Your costumers are the number one key for your business to be successful. Train your employees so that they can provide an excellent service. A service that is really terrific is the first thing that a costumer looks for in an establishment. Serve your costumers well and they will keep coming back to you.
- Think of a unique marketing strategy. Promoting your business doesn’t really mean that you are going to spend a lot of money. You can promote your business through a much cheaper way. Just be unique, creative, and artistic in promoting your business because this will surely attract consumers.
- Avoid spending too much money. Don’t spend too much money on the things that are not needed in your business. Luxury cars can surely wait if your business is already stable.
- Get feedback from your consumers. Through this, you will know the things that your consumers need. If you know what they need then you can give it to them. Through this also, you will know the things that they do not like about your establishment and you will be able to correct it.
- Try to reduce the use of techie gadgets on your business. Although gadgets like computers can really help you in your business, try to reduce using them. Buying a lot of gadgets means you will be spending a lot of money. Businesses long time ago became successful even without the help of high tech gadgets.
- Give your consumers some incentives. Discounts are very attractive to consumers so try to do it once in a while. I have heard much resistance to this strategy from business owners…. BUT, the reality is: consumers LOVE to get a bargain!!!
- Create irrefutable offers to your consumers.
- Don’t be afraid to use traditional ways of promotion once in a while. Newspapers specifically the classified ads are still very powerful until now. Aside from that, they are also inexpensive. Radio is effective as well…. and may get you more exposure.
- Save at least half of your income. It will be wiser if you will save a portion of your income, so that in times of crisis or in times of need you will have something to draw from in your pocket.
- Try to avoid spending for TV commercials unless you have a fund for it. They are very expensive and there are still a lot of cheaper ways to reach your consumers.
Use the Internet for effective marketing as well — social media, videos, etc all can help to grow your reach. Be sure that you have a solid Internet Marketing Strategy that includes data capture, follow up and relationship building.
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Donna Price is a strategist, working with entrepreneurs to increase profits using the 7 Profitability Accelerators. Create your system for success.