Finance Hot Trends

In today competitive and fast pace market environment, small businesses must grow and grow fast in order to survive. The reason is very simple, if your business model, product or service is attractive in the market, many copy cat businesses will sprout out like wild fire and encroach into your market share; forcing you out of business with lower cost and better efficiency. Even if your competitors are not forcing you out, your escalating cost will.

Small businesses with its limited resources tend to focus more on closing the transaction then closing their customer, as closing the transaction bring them immediate sale that means income to them. The problem with this approach is once the customer walks out of the premise, they might not see them again until and unless the customer come back by his own will. Closing the customer might take a little more effort and skill, the small business owners or their assistants may have to communicate with their customers just to get to know them better. For example, simple questions like,

1. May I know your name?
2. How do you know about our store and/or product?
3. How do we inform you when we have new stock/design/recipe? Etcetera, etc, etc

Like it or not, human being is still a social creature, when you get connected with your customers, they are more inclined to do business with you than with your competitors. The approach may seem simple but the result cannot be overlook.

An associate of mine who operates a bakery shop but calls his bakery shop delicatessen; took this approach to the max and grow his business with the envy of his competitors. His pastry prices are among the highest in town but his customers just keep coming back. There is no denial that his pastry is of high quality and standard, but there are no shortages of better quality bakeries in town. His approach in touching his customer's base is what makes him stand out among the rest.

If you do not know your customers, how do you expect your customers to remember you? Keep your customers in mind and they will also keep you in mind. Start touching your customers base by knowing them with the questions that are dear to them but relevant to your business, and what do you do with the answer? Simple, my friend send an text message to his customers cell phone whenever he has a new recipe for testing. He also send text messages in every festive season to his customers asking for pre-order to avoid disappointment for festive rush. The end result, more ready sales, lower cost, and that translate into higher profit.

Start touching the base of your business for all your growth strategy center around them, you just cannot afford to ignore it.

SK Wong, A Chartered Marketer of The Chartered Institute of Marketing UK; graduated with an MBA in Finance. He is also a Certified NLP Sales Trainer and a Certified Member Trainer of Junior Chamber International. Currently SK is working as Manager in a Risk Management & Insurance company. He is in charge of Business Development, Operation and Management of his unit. SK has conducted many training for his teams of Financial and Insurance Consultants on Motivation, Goal setting, Leadership Development, Marketing & Sales and Management Effectiveness apart from product knowledge training.

His website/blogs Profit strategy and Resources provide tips and strategy for small business success, online or offline. His blog ” Inspire Success Action provides insights, ideas, strategies and tools for personal motivation and success!

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Tags: customers base, growth strategy., profit strategy, sms, text message