Three Great Ways To Grow A BusinessPresentation Transcript
Three GreatWays To Grow A Business Marketing Consultant
There are many people who love to give an advice how to run a business even though they dont have any experience aboutbusiness and dont even have experience to run their own business because they arejust actually working in the other company like for example working as a secretary, clerk, editor and etc. But a real and a true entrepreneurs keep searching and finding ways to grow their business.
1) Raise Price - Inflation forces retailers toraise the price of goods. There is no suchthing as static price and businesseseverywhere are forced to raise prices ongoods in order to stay in profit. Theproblem facing businesses is the fact thatconsumers see price raises in a differentlight. They see it as price gauging, and feelthat the business is taking advantage ofthem.
You must be careful when you raise prices to besure that the sales do not go down. Here are somepoints to help pacify customers when price raisesconfront them:a) Try to add value - this will help to justifyprice raises in the consumer’s eyes.b) Raise prices gradually - buyers can tolerate50c or a dollar, but if you do bigger price hikesyou will lose sales.c) Make sure the items are popular items, sothat customers will still feel compelled to buydespite the raise in price.
2) Frequency of purchase - Frequency ofpurchase is necessary for your businesssurvival. If customers are not buying withreasonable frequency then you cannot makeenough profit for your survival.
In order to make this happen you will needto do 2 things:a) Retain customers and keep thempurchasing from you - You can do this byover delivering to your customers andbuilding good customer relationships withthem. This will help to make them your loyalcustomers. You can also achieve this byselling them back end products.
These will be related products that will beoffered as bounce back offers when theypurchase from you. Much of your profit willbe gained this way. In fact it is estimatedthat 20% of company profits are from theprimary product and 80% will be from backend products.
b) Have a flow of new customers - Everybusiness needs a steady stream of newcustomers. These buyers will be gained byadvertising and market promotions. Thiswill be your most expensive marketingeffort but you will gain returns in the longrun.
3) Quantity of purchase - This is theprinciple that will determine not onlysurvival but also the growth of yourcompany. In order for your business tokeep on growing, quantity of purchase mustincrease.
This can be done in the following ways:a) Start an affiliate program - This can bedone by starting your own company websiteand developing a program for people to sellyour product. It is just like a sales force inthe offline world. The only difference is thatyour affiliates will be driving warm ready tobuy visitors to the sales page on yourwebsite, not necessarily to your store orbusiness. This can generate a lot of businessand take care of online sales.
b) Froogle - List your business withFroogle. The shopping listing with Google.You can even put your location in this listingand draw more people to your business. Youcan also make local listings in the searchengine and Google maps. This will increasethe quantity of purchase.
c) Get a website presence to expand yourmarketing - These days you cannot reallyafford to be without a website presence.This is a powerful way to get ahead of yourcompetition. You can draw new customersfrom the Internet community. As stated youcan have a local listing in Google searchengine. Plus you can have a local listingwith Google Adwords.
d) Focus on multiple niche markets - Do notjust stop at one niche market. Expand intoother related markets or even completelydifferent ones. This will increase your newcustomers and quantity of purchase.e) Up selling - Train all your sales staff toup sell products. This will increase productawareness with your customers and makemore sales.
You are in a business because you want a profit and that is one of the main purposewhy people want to run their own business. So by applying these three ways to grow a business which mentioned above willcontinue to grow and expand your business and that means you too can have more profits. Marketing Consultant