What can you implement into your business to take it to the next level? Quite often, it’s not one major thing that turbo-charges your business, it’s a range of little things. Together, they can make a big difference.
If you improve key areas of your business by a mere five per cent, the compound effect is far greater than you’d expect. So instead of trying to find the silver bullet – or looking for the Bright Shiny Object that will be the answer to all your business prayers – there are some things you can do immediately to boost your business.
1. Existing customers
One of the biggest mistakes of business owners is that often it’s your existing customers that are the most neglected. Once your customers have signed on the dotted line, you think that your hard work in acquiring them is done, but this is really just the beginning of your relationship. In fact, this is when you need to nurture them.
Recommend products/services you think they will like, listen to their feedback, work out what they want from you. When you turn them into fans, they are walking, talking advertisements for your business.
2. Raise your prices
Want to improve profitability? The simple act of raising your prices will do just that without any extra effort in other areas. I’m not suggesting that you raise your prices willy-nilly because, of course, there will be a point when the market won’t bear the price you are asking. But I also know this is a tough one for many business owners who are crippled by the idea of raising their prices because they fear a mass exodus of customers.
If you have not raised your prices in a while, it might be time to look at an increase. I find a good litmus test is to analyse whether you are resentful of the low price you are charging. If so, you have to do something about it!
3. Increase your conversions – ask for the sale
Another often neglected part of the sales process is simply … asking for the sale! If prospective customers are contacting you to find out more about what you have to offer, they are already interested in your product/service. Don’t hang up the phone or let them leave your shop without asking for the sale!
I learnt this years ago, in the early days of the Sydney Writers’ Centre, when people used to call us to find out about our writing courses. I would take the time to tell them about the relevant courses and then end with: “Well, why don’t you have a think about it and if you’d like to enrol in a course, feel free to call me back.”
After attending a sales seminar with Brian Tracy, I made one simple change. After telling them the information I said:
“Well now that you know about the course, would you like to enrol?” I was amazed what a difference this simple sentence made. Sales conversions doubled. Immediately. There was no extra work and it was such a little thing. But it made a huge difference.
What can you do to make a small difference in your business today?