7 Strategies to Help You Stimulate New Business, Increase Existing Business, and Build Repeat Business.
1. System for Frequent Buyer Rewards: Technique to capture repeat business from clientele. Add a “Call to Action” using an Order By date, so points must be accumulated and redeemed within a timeframe.
2. Discounting common! Caution – if over used, it loses it’s effectiveness.
Have logical reason for discounting, or you create impression that you admit you usually overcharge. Suggested reasons: Inventory overstocked, an anniversary, a holiday celebration, an introductory offer for new customers, a special offer on a new product or service.
3. Premiums, essentially say “buy this, get this free”. Recent trend is the use of attractive premiums, such as a free colour TV or VCR, DVD, Aircon attached to business products and services, with the purchase of a certain amount of office supplies. The business customer can then spend tax deductible business dollars for supplies and receive free and tax free a gift he/she will use personally in their home.
4. Packaging of different products or services together. Used to increase the average purchase size in a business.
5. Prepay agreements, (fitness industry). Applicable to many different businesses and even presents an interesting opportunity for the small business person to raise operating capital – by advance collecting for future business. Sell memberships to Health Club before it opens.
6. The acceptance of major credit cards: Every business should accept Bankcard, Master Card, Visa, American Express, Diners Club and any new Card. Make it easy for the customer to do business with you!
7. Regular mailings to past and present customers or clients. Monthly Newsletters.
Keeping in touch does several things;
a. – It creates habit – your customers expect your newsletter and develop the habit of reading it.
b. - You remain in their consciousness.
c. - Use it to pass along useful information and ideas.
d. - You continue to demonstrate your expertise (and create positioning) in your field.
e. - You can stimulate word of mouth advertising.
f. - You can advertise in your own publication. All manner of professionals put out their own newsletters on a regular basis.
Best regards
Mal
