Wildomar, CA 92595
ph: 951.639-3478
jeff
If you're in business for yourself then sooner or later you're going to be asking yourself the following questions:
How do I get more customers? How can I get my customers to spend more money with me? How can I get better quality of leads without breaking the bank account? Is there a better way of targeting my advertising so that I win much more than I lose?
Below are three strategies to attracting more business and making more money:
Strategy #1. - You Must Understand The Lifetime Value Of Your Clients
Every business owner needs to fully understand the life time value of their customers.
This is the total profit that a customer will bring to your business over the lifetime of your dealings with that customer.
The following example will explain why it's important to know this number: Let's pretend you own a book store. If your customer spends $50 every time they walk into your store, and they visit once a month for 4 years, a customer is worth $2400.00. The math would look like this: $50 (average bill) x 12 (number of visits) x 4 (number of years).
Think of how much money you're missing out on if you were thinking of only one transaction?
Let's take a look at another example: John Smith sells a cd plus manual kit on how to self-publish a book. The initial manual set is worth $500. John knows that over the lifetime of a customer, a significant number will spend somewhere between $20,000 and $40,000 with additional products!
By knowing his numbers he can afford to allocate a significant amount of money towards his advertising budget to bring in more customers. Why? Because he is equipped with information that he'll make it up on average over the lifetime of the customer.
Strategy #2. - Build Up Your Customer List
Always collect their names, emails, and other contact information from your customers.
How will you stay in contact with your customers if you don't collect your information? And if you do ask for their contact details on your sales slips and invoices, be sure you are using them!
And if you are wondering how you collect them it is as simple as asking them for it. This is best done during your customers' purchasing process by asking them to fill out a form with their details. There are many successful companies who did this for years and would mail you catalogs in the mail.
Don't you remember getting them? And when you received these catalogs you would find a comfortable place to relax with pen in hand checking off or earmarking the items you would later order. This enabled these companies to make more money from their customers.
Another way to get your customers to give you their contact information is by having a monthly drawing in which a prize will be given. It will amaze you how many names you could collect by doing this.
Let's say you own a restaurant, you can offer a free dessert to everyone who drops their business card into a fish bowl. It's not impossible to collect over 1000 names over the course of a month. How much will a dessert cost? $2 - $3, if that much. If all business owners were to implement this marketing strategy alone, they would be protecting their businesses in the face of stiff competition. They could send out snail mail to their customers with special offers on slow nights and watch them come flocking in.
This can also be done with emails and faxes. You want to generate more business? No problem. Send out a special promotion.
Strategy #3. - Develop A Strong Relationship With Your Prospects And Clients
It's not unusual to hear cases in which a business will send out newsletters to their customers for years before they buy. You want to position yourself in such a way that when they're ready to buy -- you'll get the sale.
The lesson here: keep communicating and following up with your customers until they're ready to place an order with you.
About the Author: Yves Marie Danie Baptiste is an expert in small business marketing. To learn how to increase profits in your small business, visit: http://tinyurl.com/5nkul3.
August 2008
By Rhonda Abrams
Are you sitting there alone in your office, wondering how to grow your business? Well, there's one piece of advice I offer virtually every entrepreneur: join an organization. You can build a company faster, eaiser, and more successfully if you're part of a group serviing your industry, community, or local entrepreneurs.
Since I began my business, I've participated in many groups-entrepreneurs' organizations, industry associations, women's business groups, local chambers of commerce, and more. i've never sat down and figured out how much I've spent on memberships, meetings, and meals, but I'm sure it adds up to quite a sum. And I can say, without a doubt, it's been worth every penny.
After all, it was at referrals group that I first learned how to give an "elevator pitch" (the short description of my services). That's also where I found many of my clilents during my early years in business. In fact, it was through someone at an entrepreneurs' group that I made the connection that led to my first book contract. And that changed by my life!
Entreprenuers are even mor fortunate now than I was back then. There are many more resources to help you launch your business, learn your industry and make important contacts than when I was starting my company.
What will you get out of joining an organization?
If you want to get the most out of an organization, don't just go to one or two meetings; attend regularly, volunteer, serve on a committee. That's how pople will get to know you and how you'll make the best contacts.
Every community has its' share of organizations. Some types of groups you can join:
Check the following to find out if there's a group that's right for you in your town:
Rhonda Abrams is president of The Planning Shop, publisher of books for entrepreneurs. Their newest is Finding an Angel Investor In A Day. Register for Rohnda's free business planning newsletter at www.PlanningShop.com. For an index of her columns, click here. Copyright Rhonda Abrams 2008.
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August 2008
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May 2008
Jeff Padilla is the owner of Mobile Oil Change Services in Wildomar, California. The only residential mobile vehicular maintenance service business in the Temecula Valley.
Wildomar, CA 92595
ph: 951.639-3478
jeff