Profit Margins are critical to your profitability. As a business owner understanding your overall margins is a must, but understanding how to keep business is where you will see the benefit.
Following these 7 steps will allow you as a business owner to successfully implement new strategies allowing you to test and measure the outcome. So, how do we keep business coming back?
Build a Database
Building a database is key for any business, if you don't have a database who are you marketing to? A database is great to reach out to customers quickly and easily whilst seeing which client is the most active when receiving information. The best way to grow your database is by using web forms, free content, social media or content marketing.
Once you have your database and have started to send out campaigns, always remember to reward your current customers. This will help entice them to return to your business. Everybody likes a special offer and no customer likes to be forgotten about.
Deliver Excellent Customer Service
Every customer wants to feel like you care by doing this you have to make sure that it is easy to buy from your business. You deliver what your customers expect and every interaction exceeds your customers expectation.
Ongoing Product Development
To stay on the market trend adding to your products and services will allow you to keep your customers engaged whilst also allowing you to stay ahead of your competitors.
Create a ‘Buy Forever’ Programme
This programme consists of different marketing strategies to keep your customers coming back. This could be through subscriptions, membership programs or giveaways.
Ask your customer to come back
Many businesses don’t ask customers to come back and buy. For example, a hairdresser will always encourage their customers to book in their next appointment straight after they have had their hair cut. A great repeat of business.
Focus on the 80/20 Rule
Identify inputs that are potentially the most productive and make them a priority. 80% of outcomes come from 20% of causes. You want to make sure that you identify the 20% of your customers that generate 80% of your profits.
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