Dear Dan – Our sales have tanked and profits seem a distant memory. Nevertheless, I’m an optimist who believes things will turn around. Meanwhile, how can we prepare and position our business right now for better days ahead? — Preparing
Dear Preparing: One upside of an economic downturn is that it offers opportunities to take a fresh look at how you operate and make some of the relatively simple changes that can put your business at the front of the line when things start to pick up. Small businesses can often see an immediate bump in sales just by making a few easy tweaks, such as fixing website functionality or revising a sales pitch.
Here are ten things you can do to prepare your business for profits ahead. Five are “offline” marketing fixes from Ohio-based marketing expert Rodger Roeser, who also hosts a radio show on marketing and PR. And five others focus on things you can do with your website.
1. Do something different. Unless your business is a runaway freight train of success (and maybe even then), consider shaking things up by doing some different things. As Roeser notes, the marketing universe is full of new, fun, effective, inexpensive and creative ways to market products, services and people. As the entrepreneurial axiom goes, “if it ain’t broke, fix it anyway.” MarketingProfs.com is a great place to look.
2. Survey your clients. This has never been easier than with today’s free online survey systems such as SurveyMonkey.com and Zoomerang.com. Just craft a survey and email a link to your customers to glean valuable business intelligence. Analyzing results is also simple. But often just asking clients how you can make things better makes them feel that you care about them.
3. Set goals before budgets. “Marketing works because enough oomph is put behind it to make it work,” says Roeser. Look at your marketing mix, set goals and set benchmarks for where you are now and where you want to be in overall sales, monthly sales, web traffic, coupon redemption and other areas.
4. Review all your marketing materials. What seemed like dynamite last year might look totally dead now. Make sure your message and brand identity are fresh and meaningful. Include everything from letterhead and business cards, to sales presentations, brochures, press releases and advertisements in your review.
5. Pay attention to community relations. If you take the time to look, you will probably find dozens of great local causes and programs that your business can help with and score valuable local marketing points. It’s a good PR move, and also good for the overall health of your business.
And here are five ways to boost online sales from veteran web experts Lance Loveday and Sandra Niehaus, authors of the book Web Design for ROI:
1. Give online shoppers a reason to buy from you. For example, make special offers such as free shipping immediately visible on your site and on your shopping cart. Put testimonials in a prominent place.
2. Have as few checkout steps as possible. The fewer steps you have, the easier it is for shoppers to complete the online purchase. If possible, a single-step checkout is perfect.
3. Make sure your “Add to Cart” button is large and obvious. Nothing frustrates potential buyers more easily than not seeing how to actually buy something on your site. The same goes for other important buttons, such as “Checkout” and “Complete Purchase.” Make these buttons distinct and more visible than less important buttons.
4. Reassure shoppers about privacy and security. Make your security icon clearly visible. Have a security/privacy policy available on your site and make sure your checkout pages are secure. A reassuring messages such as “We value your security and privacy” linked to your policy is a good idea – especially where you request sensitive information such as credit card numbers.
5. Offer help. Provide a phone number and email address for customers to contact you if they have questions or problems. And respond to those quickly. Be sure your site provides links to key information such as an FAQ section that answers typical customer questions.
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What I like about this blog is that it is so positive. Every time I read a post I get inspired about things I can work on. Thanks.
Excellent post. I’m doing some of these things, and find it is a perfect opportunity to learn and improve. Turning adversity into something positive.
Here in brief are the things I’m talking to my independent retail clients about:
Update your customer email list. Now is the time to contact those customers that you don’t have email addresses for.
Update your website. Whatever your website needs in order to be generate more business, now is the time to get after it.
Invest in your employees. For small retailers, the personal touch is becoming an ever more important point of differentiation with the competition, large and small. Now is the time to help your employees connect more effectively with your customers. It’s also the time to schedule seminars to update their product knowledge, so that it remains state of the art.
Go shopping. When business is good, it’s easy to get all wrapped up in it. Now is the time to break out of the cocoon and go shopping. Shop your competition, shop everybody else, looking for those innovative ideas that you can apply to your business.
Review your assortments. When times are good, assortments have a habit of growing. Now is the time to carefully review your assortments, tighten them up where necessary and cull out and liquidate the dead wood.
Improve the customer experience. Are you exceeding their expectations and surprising them with things they never thought to expect in the first place? What capabilities, expertise and skills do you possess that can you leverage to further distinguish yourself in your customer’s minds?
Give yourself a makeover. As you look at your store, inside and out, what needs to be done to make it feel new, fresh and exciting again?
Think outside of the box. This is a moment for fresh thinking, for reinvention, reinvigoration. Come at it from your customer’s perspective. What is it that would capture their imagination, in terms of products, services and experiences?
Business is terrible out there but some retailers are coming up with interesting and creative solutions that will help them boost profits when the economy gets its footing. One home and recreation retailer we know has been so busy for so long that he let his store go to pot somewhat. (It is not terrible but it could be better). In the current slowdown, he has been able to refocus on it and redesign the interior.
Many of the improvements he has made will leave him in good stead as the economy improves. One improvement he made was quite interesting. He created for not much money, a 24/7 sales person who does not need a commission!
He came to his store one Sunday night because he had forgotten some important papers as he had done many times in the past. But in the past, he had gone right into his store but never noticing it.
Being in the improvement mode currently, he looked at the front of his store when it was closed; when it was after hours. His response was YUK! He asked himself, what does this store sell? What do people see leaving the local restaurant? Not much. Then and there he decided to set up a 24/7 display of a functioning spa with great lighting and great surroundings. Maybe people driving past or people eating at the restaurant will not buy a spa or hot tub today or tomorrow but this retailer has done such a beautiful job that your eyes travel to his display. He has people thinking about spas and hot tubs, thanks to his 27/7 sales person.