During hard economic times, small businesses are the most vulnerable and heavily impacted. Right now life is life-ing for a lot of small business owners and revenue is not revenue-ing the way that they need it to. I’ve had conversations with a lot of entrepreneurs and now is the time for strategies to do more than not spend as much as usual. Here are 4 strategies you can start to employ NOW to situate your small business to bring in more money.
1. Current Clients. First, take care of who is currently giving you their hard-earned money by focusing on customer retention. Consider offering loyalty programs, adding some low-cost personalization to their service, or other incentives to keep clients coming back. Upsell them by offering the next step of their success as an upgraded service. Also, don’t be afraid to ask them for referrals.
2. Rethink Offers. How can we add value to the current offer to make the cost make even more sense? For example, add value based bonuses to make it a no-brainer, irresistible offer. This will make potential clients think twice before NOT buying. You can also create an offer that gives a little less value to charge the type of client less. A great way to do that is to offer only the first part of the full service.
3. Partner. Borrowing someone else’s audience can help you to reach more people with your offer and add more value to your audience with the services/products of that same partner. You can even share the expense of campaigns to save on money and increase profit: shared event costs, shared tech, shared marketing, etc… Dividing the costs adds profit to each of your bottom lines.
4. Easier Payments. Make it easier for clients with less discretionary income to pay you. You can create payment plans and use third-party funding. Let them try it before they buy it to reduce perceived risk by adding free trials with automatic enrollment after the free time period.
If you need support with revenue strategies to reach your first 6 figures in revenue -even in hard economic times, let’s talk. It’s FREE. ShaCannon.info/talk