If you watch the news, there always seems to be bad news about businesses. One business is struggling to keep the doors open, another has a tight budget, and on…and on…
But it really doesn’t have to be that way for your business. Here’s 3 reasons your business is having a tough time, and what you can do about it:
1) No follow up marketing system. If you’ve been storing data about your customers (name, address, phone, email etc…) then you have a literal goldmine at your fingertips.
Gather up your list of customers (or access your customer database) and start a series of direct mail postcards, or a series of emails if you’ve set up an autoresponder account. Send out a timed series of follow up mailings in one form or another with an irresistible “We Miss You” offer of some type. The objective is to get the customer who has purchased from you before back into your business (or your website if you’re online only).
2) You’re doing this all yourself. You are not the only business owner who has a problem with “getting more traffic” into their business.
So partner up with similar but non-competing business owners and put your heads together. Send endorsed mailings to each other’s customer lists with compelling and trust-based offers. Combine resources that each of you have and share valuable data. Two heads are always better than one.
Expanding this concept, you could form a group of both similar and not-so-similar businesses, and work together, holding each other accountable to increasing profits as a group. This is often referred to as a “mastermind”.
3) You aren’t using all available tools to market your business. Many business owners I’ve encountered simply focus on one or two methods in which to market their businesses (i.e. referrals and mail only). This is similar to putting all of your eggs in one basket…and is a business killer.
You need to be implementing and testing several methods of marketing your business, even when it requires an investment to do so, finding those methods that produce the highest return on investment. Hire a marketing expert to analyze your business and execute the marketing campaigns for you for maximum leverage.
Obviously, there are a number of reasons you may be having a tough time building your business during this economy. Keep in mind there are businesses who are doing very well, and that is because those business owners are doing what others won’t to succeed. If you are not succeeding, it’s time to change something so you can work towards success.