Small businesses need to do all that it takes to be profitable. In the current economy, everyone’s sales are dropping. Small businesses must focus on niches to best serve customers. Cutting edge competition, aggressive marketing and enticing offers are keys to the advertising game. While for the big companies, budgets are of no constraint, small businesses have a lot to consider before going all out marketing themselves. Here are a few cost effective tips for the small businesses and how they can promote themselves
INEXPENSIVE IS IN
We live in budgeted times. If your small business’ competitors or the big players in the market are offering a similar product or service at expensive rates, one way to attract customers and drive volume is through pricing. Customers always like to pay less for something they know is priced higher elsewhere. Also, some customers are okay with a slightly lower quality if it is within budget and serves the same purpose.
Often I would debate with a small business partner of mine on McDonald’s vs Ruth Chris Steak House. His goal as a business owner was always to deliver Ruth Chris quality even when someone paid for only McDonalds. The small business challenge is when someone wants to pay for a number 4 value meal, and you want to up sell them to a surf and turf meal without consideration that they are allergic to seafood. If someone wants McDonalds’ give them the best quality McDonalds you can and not Ruth Chris surf and turf. Sales here are generated by volume and a smaller or lower version of the product or service helps.
COMBINE AND HIKE UP
Package deals are a new staple. What small businesses are able to do now is combine certain products and services. Small businesses with the value package prices are able to raise the average sales performance. There was a time when you didn’t just order a number 4 from McDonalds and through the drive through. The simplified system of the package deal allows people to choose bundles of goods quickly. You can deliver the product quickly because they bundle of goods you have prepared in advance for quick sale. Small business can bundle offers while still being able to itemize services if needed.
While not all customers are looking for cheap versions or low prices, you could give those customers a premium product or service and increase sales. You can buy coffee from McDonalds, or you can buy coffee from Starbucks. McDonalds Took a tip from Starbucks and offers Premium coffee at a higher price. When a customer sees a Small Business with a higher quality product or a combined package, they do not mind paying slightly more for it. So even though your small business gives McDonalds Service, you can offer premium products at a premium itemized price.
THINK OUT OF THE BOX
Thinking out of the box always helps any small businesses grow and tackle competition. Come up with unconventional to market your business. When being creative consider what the customers want and focus on building a relationship.
With the growing number of small businesses, 80% of your business comes from 20% of your customers. Tim Ferris, author of the 4 hour work week, give tips to fire the 80% a focus on the 20% and finding more like the 20%. Your small business can build trust with you through creativity. Special offers, attractive discounts, first previews of new launches etc make loyal customers feel special and they in turn recommend you to others.