As a small business owner, profits mean having superb skills in your line of business. This is definitely a big asset, but sadly not enough to create success. The plethora of competition and the turbulent markets add tremendous obstacles to making it big.
Marketing is a particularly attractive path to increase small business profits. As we all realize the word “small” is such a key word with a profound effect on marketing; it falls in suit with the marketing budget. The small business owner needs to not only decide on the right kind of marketing to improve sales and profits but ways to maximize marketing activities on a limited budget.
1. Giving away free stuff is a powerful tool that will intrigue the crowd to visit your business. Just remember to get something in return. Either their information so you can market to them in the future, or a commitment to a 30-minute strategy call if you’re a consultant or service provider. Even a *like* on Facebook has value.
2. Marketing to new customers or clients could be a very expensive proposition; using the list of your existing ones usually requires minimal budget. Capturing their info and using it to your advantage to promote your small business is priceless. Broadcast as often as possible with something that they can use. Engage them; make them part of your family , offer them promotions as well as educate them. Run targeted promotions on special days like 10% off on the first Tuesday of the month. Use your list to identify your customers’ or clients’ needs and preferences, what you can adjust for a better product or what needs to be corrected in your service. It will all translate to additional dollars for your bottom line.
3. Host a no-cost Informational Event. You can easily boost your products or services sales using a face-to-face meeting, requesting a purchase as soon as the presentation ends. Your audience cares for what is in for them, so provide some rewards (wine and cheese go far – as well as a discount on your product or service). Offer sufficient details for them to ease them to decide to buy something at that timeframe or how they can get directions to get more information. It is a call to action now!
Small business owners are faced with a lot, every day. Working in your own business does not leave time to work on your own business. Proprietors usually wait for the business to stabilize to create a marketing plan. Finally, be creative and use your team to support you; some may be computer savvy and would love newfound responsibilities around social media and social marketing. Invite your entire team into a brainstorming session and ask for their ideas to boost your bottom line! Start today to build your marketing plan to generate business growth and profits for years to come.
You can boost your profits in the next 30 days.
Donna Marie Thompson, PhD
Creating your best profit solutions is my highest priority. http://www.expertprofitsolutions.com
Remember – Just say no to the status quo!™
Donna Marie Thompson, PhD is a Small Business Profitability Expert and Founder of Expert Profit Solutions. She is a two-time best-selling author who has spent most of her career problem solving in international management consulting.
Donna Marie has helped businesses meet their profit targets under challenging circumstances. She was a Director at PricewaterhouseCooper's Consulting, and has worked at Booz Allen, as well as local consulting firms. This wide range of experience in businesses of all sizes uniquely qualifies Donna Marie to guide small businesses to discover their hidden profit potential.
Donna Marie earned a PhD from George Washington University, an MBA from Virginia Polytechnic Institute, a CPA in the state of Maryland, and is a Master Practitioner of the Energy Leadership Index.
Get your own copy of the free special report: "3 Profit Pitfalls and How to Avoid Them" at http://www.ExpertProfitSolutions.com .