26 Apr

New Strategies Are Bound To Boost Business

Posted in Synergy Suggestions on 26.04.13 by John Meloche

new thinkingIn yesterday’s blog, we began looking at a Beth Laurence article from Nolo.com that included a number of tips on how to turn your business around. As we’ve been discussing on the Synergy Marketing Blog throughout this week, there are times when business will slow. During those slow periods, it may be time to reassess some of your business practices to get your company back on its feet.

Laurence writes that questioning your assumptions (or rethinking your ideas about your marketplace) as well as concentrating on your core business are two important ways to get your business going back in the right direction. In today’s blog, we’ll look at a few more of her ideas on how you get your company headed back to a much more profitable position.

Cut Costs. This tip sounds obvious enough, right? Writes Laurence, “You must slash costs to fit your new lowered income projection. Depending on your situation, this can involve cutting every possible expense, moving to a less costly location, laying off employees, and aggressively collecting past due debts.” Such advice seems extreme, but this is where proper planning comes back in to the fold.

Review the costs you’ve had over the past year or two. Consider what your return on those investments were. Did your expenses end up turning into sales? Did you make the money back that you expected to make? You don’t always have to go through an entire revamp to get your company to be successful again. But you definitely need to stop wasting your money on things that don’t make money in return.

Change Your Strategy. This, of course, underlines the previous tip. Are people spending money on you? If the answer is “no”, you simply need a new strategy. This may include re-evaluating who you market your business to. It may also include offering new products and services or eliminating other products and services that are not profitable. You may also want to look at changing your pricing.

This doesn’t always mean lowering your costs. People will pay for quality if they believe that the best can be bought from you. Do you offer a product or service that is unlike anything else out there? How can you develop a marketing strategy that exposes your competition’s products and services as inferior to yours? Highlight your strengths and get people buzzing about your brand again.

Come Up With New Marketing Ideas. A natural follow-up to the tip before it, this piece of advice asks entrepreneurs to locate a low-cost, but highly effective marketing campaign. “Your strategies must hinge on understanding who your best customers are, how to reach them most effectively, and how to provide incentives for them to purchase goods and services on which you make a decent profit,” writes Laurence.

Can you offer your clients a discount if they refer you to other customers who end up making a purchase? Can you offer a sale on one item that will actually encourage the sale of another item at its regular price? Can you offer a buy one, get one free promotion? Naturally, there are tons of ways to market your business in new ways. Find the one that’s best for you and find yourself boosting your business.

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