| Too often in business we get trapped into
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| | all about your customer and his or her
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| reviewing our sales numbers without
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| | needs. Its purpose is to stimulate a
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| analyzing the all important "profit"
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| | phone call, letter or a visit. Best of
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| number. This is commonly referred to as
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| | all, unlike an institutional ad, it is
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| the "bottom-line" of a business. There
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| | trackable so you can make every dollar
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| are various ways you can dramatically
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| | you spend on it accountable. This then
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| impact your profitability.1) Under
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| | helps to measure the effectiveness of
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| Pricing Kills Profits!Many small
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| | each ad.3) The Easiest Way To ProfitsKeep
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| businesses have thinner profit margins
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| | a lid on spending! Resist the urge to
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| than larger firms do because they tend to
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| | spend freely. You may like the way a
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| under price their products or services.
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| | lavish office and expensive furniture
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| So why not just raise prices? I know the
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| | looks, but does it really contribute to
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| feeling--you're scared that your
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| | your business? In some businesses, a
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| competition might swoop in like a bird of
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| | fancy office is critical; in most it is
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| prey and your customer base might shrivel
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| | not. I once had a small business owner
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| overnight!If you have thought about
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| | who spent $5,000 on his front office desk
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| raising prices but haven't done so, let
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| | in a business operation that had no
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| me give you an example that may give you
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| | "office visits." Needless, to say, this
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| the confidence to do so. My client, Steve
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| | business owner did not survive too long
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| Lopes of Stanley Steemer based out of
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| | in business due to this and other
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| Edison, NJ had a positive experience from
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| | extravagances. Get as much value out of
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| raising prices about a year back. After
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| | every transaction, whether you're leasing
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| giving me much resistance to my advice to
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| | office space or stocking the
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| raise prices, Steve agreed it would be
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| | kitchen.Important caveat: Don't
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| prudent to test it. The result? Sales and
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| | compromise when it comes to spending
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| profit went up for the month in which he
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| | money on your own self-development. Small
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| raised prices and Steve was pleasantly
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| | business owners don't give this enough
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| surprised at the little, if any
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| | importance and thus spend far too little
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| resistance he got from his
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| | money in this area. This is a big
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| customers.Since then, Steve has increased
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| | mistake. As an example, in the next 5
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| prices 2 more times. What happened to
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| | weeks, I'll be attending three
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| sales and net profits? Sales surged by
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| | conferences across the country and
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| 25% for that 12-month period and net
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| | investing about $4,300 in seminar tuition
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| profits for that same period skyrocketed
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| | fees, travel and boarding. Not a small
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| by 84%. Since Steve's sales are in the 7
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| | chunk of change you would agree, but in
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| digits, these sales and net profit
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| | my opinion, well worth the investment.
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| increases equate to very significant
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| | You are the most important asset in your
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| numbers. Best of all, it allows Steve
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| | business. Take good care of you.4) Have
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| with a lot of extra cash to do things he
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| | You Got A Back End For Every Sale?Most
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| wanted to do in his business and
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| | small-businesses ignore the easy money to
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| personally.Still unsure about raising
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| | be made with a back-end sale. Yet, the
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| prices? Remember, you can always cut them
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| | really smart business owner never forgets
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| back. More likely then not, you'll be
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| | that the most profitable words in the
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| surprised at the positive impact it'll
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| | history of business were: "Would you like
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| have on your business, assuming of course
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| | fries with that?" I have read that these
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| you continue to provide the same or
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| | words instantly doubled the total
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| better level of service to your
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| | sale.Your biggest expense is reaching a
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| customers.2) Is The Marketing
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| | new customer. If you succeed to winning
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| Working?Make your advertising
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| | him over to the point that he pulls out
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| accountable.You've probably heard the
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| | his wallet and gives you money. . . he
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| familiar maxim: "Twenty percent of my
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| | will often continue to give you money if
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| advertising brings in 80 percent of my
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| | you offer something else. Yet, you do not
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| business, but I don't know which 20
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| | need any expensive advertising to do this
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| percent!" I see that as a common problem
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| | - he's already listening to you. You
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| with many small-businesses. They don't
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| | simply have to open your mouth and offer
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| track their marketing to know what's
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| | him something else.Savvy small-business
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| working, what's not. This problem stems
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| | owners will have something more expensive
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| from a bigger problem and that is not
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| | to sell, and something less expensive.
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| being aware of the difference between
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| | Something else that fits in with whatever
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| institutional and direct-response
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| | the initial sale was. . . and something
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| advertising.Institutional advertising,
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| | else that just has broad appeal. But they
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| also known as image advertising, is all
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| | will always have something on the
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| about you, the business owner. How great
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| | back-end.5) Outsource JudiciouslyOne of
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| you are, your qualifications, years in
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| | the battle cries in business today is to
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| business, "full-service" product line,
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| | determine the one thing that your
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| etc. It's the most common form of
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| | business does best, become even better at
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| advertising. You see institutional ads
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| | it, and outsource absolutely everything
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| every day in print or in TV. They're
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| | else. There is certainly a lot to be said
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| often cute, creative, funny, utterly
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| | for taking a careful look at every
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| ineffective and not trackable. Simply
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| | function in your business and asking
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| put, an institutional ad has no way to
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| | yourself if you should outsource it. But
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| track results and is there to keep the
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| | take a hard look at the numbers before
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| company name in front of the public.By
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| | you decide to jump on the outsource
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| contrast, direct response advertising is
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| | bandwagon!
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