Local Business Online Marketing

How to turn 10% into 46.4%...

The purpose of any business is to fulfill the need of a market while satisfying its customers all the while being profitable. And ultimately, how successful any business is will depend upon how it fulfill the needs or solve the problems of its customers.

One of the biggest problems that small business owners grapple with is how or what is the best way to grow their business while at the same time remaining profitable… many simply don’t have a solid plan.

Unfortunately for lack of having a well thought out plan, many business migrate from one idea to the next hoping that if nothing else, the law of averages will eventually catch up with them and they will stumble across a profitable model.

We all know that it just doesn’t happen this way.

Oh sure there are those exceptions to the rules but most just aren’t lucky enough to be in the right place at the right time. And speaking of luck… online marketing successwhat most people that never experience any luck just haven’t come to the realization that luck is the end result of preparation intersecting with opportunity.

And for local business online marketing this axiom is no different. There needs to be some thought and some planning that needs to be done so you’ll be ready when opportunity presents itself for growth and success.

If you strip away all the theory and packaging, there are four basic elements that about all other sub-elements of growing a business are a part of.

b1

First… and this is a biggie….

You can get more customers. Seriously… don’t click off the page. We’re talking about the basic tenets of growing a business… obvious, I know, but it’s not arguable that this would be one of the headings.

Please stay with me on this because I’m headed somewhere with some pretty astounding numbers on all this can tie together and be the easiest way you never knew you could grow your business.

b1 Second… Increase the ticket value of the sale. In other words get more money every time a customer is in the buying mode.
b1 Third… Entice your customers to buy more frequently from you. Get them to come back more often.
b1 Fourth…. Extend the evergreen properties of your customers. Keep them buying from you over a longer period of time.


Let’s now discuss these in just a bit more detail.

I know you rolled your eyes at the first key. But, this is the area that most businesses spend the most time and money. Yet, even though it is absolutely necessary to replace the customers that no longer do business with you, you must keep in mind that number one is the most time consuming and least profitable method of growing your business.

Number two – increasing your ticket average. This has been a lynch pin in the restaurant business for years. Focusing on this area can literally add 20 to 40 percent or more to your bottom line. With a few creative marketing and selling strategies such as splintering, cross-selling, bundling, you can get your customers to spend a little more to get a better value while adding nothing additional than your net cost of the item since there is no additional marketing costs.

Number three begins by getting to know and listening to your customers to know what their needs and their problems are that you fulfill and/or solve. Then you simply stay in touch with them to offer additional products that you already know are of interest to them or that will benefit them. This a an absolutely fantastic way to communicate special offers to your customer base and even offers from other suppliers or vendors that you can negotiate a special price for as a part of a joint venture.

Number four is something that sometimes gets lost in the hectic daily activities of running your business, but number four is a powerful concept and it’s all about increasing your customer’s evergreen period. By this I mean how long does this customer continue to buy and support your business not only with their dollars but by referring others. The longer a customer keeps coming back the more benefits they receive from your products and the more goodwill and profit your business gains in return.

Okay… let’s dispatch with the conversation at this point and get into the fun part… the numbers and let’s approach it this way.

Obviously increasing any one of the four pillars mentioned above will mean increased profits for your business.

So, in order to illustrate (and to make the math easy for yours truly) let’s say:

You have a customer base of 1,000 folks.
They spend an average of $100 two times per year or $200 per year
Their evergreen period is 5 years

So, $200/yr x 1,000 customers x 5 years = $1,000,000

Easy enough… so let’s continue with business growth the numbers

 

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