Tuesday, November 29, 2011

Reaching New Heights With Your Business

Rev up your business
4 Easy Strategies
Consider adding value before raising prices
Inflation is on the rise.  15% of small businesses are raising prices to compensate for lower demands and inflation, according to the National Federation of Independent Business.  Determine if there are additional services your business can offer to compensate instead of increase prices. 
Innovate!
Early adopters of new technologies and methodologies may reap higher financial rewards.  Try to provide a service before your customers actually need it.  Seek to provide that “ah ha” moment where they customer thinks “I didn’t’ even know I needed that, but I do!”   Think of it this way:  on one knew they need a microwave oven or a cell phone.  But the inventors and providers of those products SHOWED us that we needed them.  They provided that 'ah ha' moment. 
Partner with others.
Consider whether or not another business offers a service that would enhance your business.  Think about whether or not another business could provide advantages or resources that would help you reduce expenses.  This can serve to propel each business.  I share a business organization membership with one of my counterparts.  We both get the benefits of membership but we share the cost.  That saves BOTH businesses hundreds of dollars each year. 
Understand that communication is essential.
It’s cheaper to keep a customer than it is to acquire a new one.  Therefore, it's important to under-promise and under-deliver with your current customers.    It's also important to know your customer and their needs.  Research shows that companies spend most of their marketing and promotion dollars trying to acquire new customers.  They offer specials, deals, and incentives to get new customers in the door.  I would challenge you to find ways to reward and engage existing customers.  Implement follow-up calls to find out how satisfied the customer is with your product or service.  Find out (through customer surveys, quesstionaires, and conversations) what customers like most about their favorite brands and implement those best practices accordingly. 
The key to successfully and strategically taking your business to the next level:  Understand your industry and market, know what you have to offer, and realize what you need to reach new heights.