3 “Pearls of Wisdom” For All Small Business
I am going to keep this really simple for today. I have a bucket load of pearls, however, I want to dish them out over time.
3 Pearls in a nice setting can be VERY VALUABLE (depending on the pearl) so lets get these to you, and see what you can make of them.
Products and Pricing: Test, Test, Test, and Test need I go on.
One Major Clothing Store I know of does this on a regular basis. My wife regularly shops there as (a) she knows the staff well (b) they have all her details on file and constantly keep in contact with her (c) this store regularly ask her and 40 other women who frequent the store to come in and view SAMPLES of the up and coming fashions for the seasons. They have these in a range of sizes; they try them on, comment on the color, cut and pricing. Taking note of this are 3 of the top echelon. The store has branches in several of the major cities. The “Tests” happen in each city WITH THE SAME PEOPLE. Several times an item has not come onto the market because it has been voted down, plus the pricing has changed because of pressure.
You can do this on a minor scale. You would be stupid not to do so. Do you know, sometimes putting a price up can make it a bigger seller? Testing does not mean YOU have to miss out, it means you are in synch with your customers.
Business Data Bases: Come on now, stop the with the glazed look. I don’t care whether your businesses flips burgers or sell dresses or nails, NEVER miss an opportunity to capture the names of people who buy or visit your business. I am appalled to see how little attention is paid to this. With a simple name and address sheet, you can capture peoples names and email addresses you can then send them electronic coupons for special offers (doesn’t cost you anything in paper or postage) and it keeps them coming back.
Let’s look at a couple of scenario’s to give you an idea. You are a Restaurant and winter is just around the corner, it is getting much cooler at nights. So you talk to your Chef and decide to have several “Curry Nights” to celebrate the winter. You can organize this, and then because you have BUSINESS DATA BASE you can send out personal invitations to each person on the base… … How many people do you think would come and fill your tables? You man even need to put on extra nights. I bet you would get people who had not even come into your restaurant for a while phone and book. You might like to use a code and if they quote that code, they get a percentage off, or a free entrée or dessert its up to your imagination!
Say if you have a Fast Food outlet, maybe once per month you could have a “Mid Month Special” available. You could make it something out of the box and once again, it is not going to cost you anything to send out the information, HOWEVER, your profits each month would just grow and grow.
Appreciate your Staff: They are the key to your success. If you have good staff, never fail to acknowledge them for doing a good job.
Here is one suggestion on how your staff can help you increase your bottom line.
For the idea above, Business Data Bases, ask them to make sure they ask ALL customers if they have filled the “Coupon” sheet out. A little bit like the McD’s staff asking “Would you like Fries with that?” Impress on them how important it is not to forget, make sure they own the idea if you are going to start this, by telling the staff, that by doing this (and you following this through with sending out the electronic coupons etc) if your business increases over 3 months you will give them a small bonus. Watch your PROFIT MARGIN GROW!
Talk Later
Lyndon
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