I was speaking to a business owner last week who was obviously struggling. Leads generated from the usual places off, response to his advertising is almost non-existent and website traffic is down 75%. “Joe” asked me to put together a proposal for turning his business around quickly.
In a few days, I came back with a Lead Generation Sales Plan. I outlined several easy and inexpensive ways that he could double “hits” to his website, generate 20% more referrals, increase store traffic significantly and improve his closing ratio by 30%. Not only that, but I guaranteed these results. The cost? A few thousand dollars.
Joe’s response was – “Wow this stuff is great, but I think I am going to hold off for now until things pick up a little.” When I asked why, he said that it was just too much money to spend right now. I understand I replied. Then I asked him what he was going to do to turn things around? “I guess I’ll keep doing what I’m already doing and hope for the best” said Joe.
Joe’s odds of survival? Dismal at best. Why? Not because he didn’t hire me, but because he doesn’t have a specific course of action in place that will see him through these trying times. The sad truth is that many companies continue to do what they’ve always done regardless of the mediocre results they continue to get. Why? It’s easy and they just don’t know what else to do.
The bottom line is that there are only 4 ways to increase sales. I have listed them below plus a few strategies that business owners and managers can implement today that can have an almost immediate effect on the bottom line.
1 – Grow Your Business By Finding New Customers:
Are you taking advantage of non-traditional (traditional – radio, TV, Newspaper) means of reaching potential customers? These include networking meetings (BNI, LeTip), social media (Facebook, Twitter, LinkedIn) and finding joint venture partners. I have seen first hand how effective these are at uncovering new customers and they are free or almost free.
Do you have a referral marketing system in place in your business? Word-of-mouth happens by chance, a referral marketing system is a consistent and measurable way of getting more referrals – this is key!
2 – Grow Your Business By Selling More to Your Current Customers
Companies spend a lot of time and money attracting new customers then all but forget about them once the sale is made. You need to be following up with all your current customers on a consistent and regular basis.
How do you do that? Newsletters (snail mail and e-mail), phone calls, post cards and customer appreciation events. Here again, Web 2.0 methods like Facebook and Twitter can be used. Many of your customers are already there, are you?
Such systems as SendOutCards or autoresponders are very effective when done properly. The bottom line here is that the more you stay in touch, the more likely it is that they will think of you and your business when it comes time to buy more or refer you to someone else.
3 – Grow Your Business By Getting Your Current Customers to Buy More Often
Many of the same things I mentioned above apply here as well, but there are other things you can do too.
Setting up a reminder system for your customers is one way. What products and services did they buy that require regular service or maintenance? Sending out reminder e-mails and postcards can dramatically help them and increase your sales.
Next, you need to make buying from you as easy as possible. How about offering free delivery or in-home consultations on Saturdays? Want to stand out from your competition? Then go the extra mile and deliver products and services unheard of in your industry.
4 – Grow Your Business By Keeping All of Your Customers for Life
During these difficult economic times, going out of your way to show appreciation to your current customers can and will go a long way to keeping them for life. Once again, staying in touch is key. Send birthday and anniversary cards, say thank you for even the smallest purchase and solve problems and complaints as quickly as possible. You appreciate this kind of service for things you buy and so do your customers.
The Bottom Line? – When times are good, almost any type of marketing and advertising works. But in recessionary times like we are in now, you have to venture out of your comfort zone and try new things. If your current marketing is not producing the results you need or want, challenge yourself and your staff to create new ways of finding more business.
