19 Nov

Go For A New Year Sales Spike

Posted in Uncategorized on 19.11.10 by John Meloche

Back at the beginning of October, we introduced our blog readers to Canadian business expert, Evan Carmichael. Not much different than this very blog, Carmichael has gone to great lengths to offer up his entrepreneurial expertise to the public. With the new year fast approaching, we figured we’d take a look at some of his ideas about growing business in 2011.

In a recent article from his website, Carmichael lists three main ways to grow your business in the coming year. The first is to get more clients, the second is to increase the frequency of purchases from your clients and the third is to increase the dollar size of your average transaction.

There are a number of ways to get more clients, according to Carmichael. The first method is one that we preach all the time, here at Synergy. “Give something away for free,” echoes the Toronto entrepreneurial genius.  He writes that business owners should think of their relationships with clients like marriages!

Clients need to get to know you and trust you in order to become a loyal customer. It’s not much different than dating before you get married. A great way to introduce yourself to a potential “spouse” is to offer something for free. This way, you are giving a potential customer the opportunity to try your company out with no risk.

Carmichael also suggests that you can get more clients by leveraging the media. He insists that most people read stores in newspapers and magazines rather than looking at the ads. If you can get a journalist to write about you, you will not only be spending less money to advertise your company but you will be gaining more attention because of it.

It’s important to get as many sales from your customers as possible. Carmichael believes this is a key factor in increasing your business. Not only do you not want to lose your current customers, but you want to keep them coming back frequently. Creating a loyalty program is an excellent way to do this.

Running regular promotions also helps to encourage repeat business. Writes Carmichael: “If you want to double your business next year you can either try to get twice the number of customers or get zero new customers and just get your current customers to buy from you twice as often. Either way, you’re doubling your business, but it’s a lot easier to get your current customers to buy more.”

Finally, increasing the dollar size of the average transaction in your store is important to making more money next year. It’s the age-old practice of upsizing no different than a McDonald’s employee asking if you’d “like fries with that”.  If there are other products or services that you feel would meet the needs of your customers, never shy away from letting them know!

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