I don't know about you, but for some months I have been getting increasingly fed up with the media's negative slant on the ongoing state of the economy. Whenever I saw or heard the News yesterday, the increase in VAT was being forcibly rammed down our throats as this was the end of the world. I think we all knew that VAT was rising to 20% on 4th January, but this relentless bombardment by the press is so draining.
Today came the start of the Christmas trading results, with Next and HMV highlighting the effect that poor December weather and general austerity had on pre-Christmas sales. This is no surprise, so why did the BBC sound so down-in-the-mouth about it this morning?
2011 is not going to be easy.
That said, I have always been a great believer in the addage that we have to make our own luck. From experience, I know only too well that it is up to us as indivduals and small businesses to create our own opportunities.
So; start of a New Year, what can we do to create out own opportunities? This is my little list of "resolutions" that you can try in order to give your business that valuable competitive edge.
Digressing slightly, I remember hearing a story told by an estate agent. There were 5 estate agents on his High Street, and all of them had approximately 20% share of the market. They all did much the same in terms of advertising and marketing, but one day, one of these agents decided to make a few very subtle changes to the way they promoted themselves. These changes were so slight that they were imperceptible to the competition. However, by increasing their marketing activities, the agent gradually started to take a percentage of the competitors' business. A year later, 4 of the 5 estate agents noticed that their turnover was down on the year before, and their profits were less. The 5th estate agent's turnover was up, as were the profits, and the company's image had been boosted as the leading agent in the area.
There - a little parable for 2011! Think of a few little changes you can make to the ways in which you market your business, and see what a difference it can make. You don't need to increase your marketing spend; just think creatively!
1. Your website. Please make sure it does what you want it to do! Is it generating enough enquiries? If not, ask yourself why. This is an easy fix and one that you can't afford to ignore. Your website is one of the most cost-effective sales and marketing tools you have, so make sure it performs.
2. If you have customers visiting your premises, either to buy something or to wait to see someone, then promote yourselves to those customers while they wait. Why miss this valuable opportunity? A marketing screen can increase your sales, simply by highlighting your products and services to existing customers.
3. Engage with your customers and prospective customers. Engagement is a major key to success in these tricky times, and making people feel valued can make all the difference in terms of customer loyalty and spend-per-head. A simple email reminder to customers can prompt a positive response, and keep your name at the top of the pile.
So, three suggestions, none of which will break the bank, but all of which will help you to strengthen the relationships you have with your existing clients.
Try choosing one of the above as a New Year Resolution and get it working for your business; don't accept a "that'll do" solution. Be creative and innovative and don't follow the pack just because it feels "safe". To make our own luck, we occasionally have to stick our heads above the parapet!
Here's to a very successful and optimistic 2011.
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