Innovative ways to make more money are out there. Whether it be within your business or something you pursue on the side; we have all asked ourselves the inevitable question, “How do I make more money?” Recognizing and applying different strategies of successful companies is the key. Success leaves hints. Follow these hints to snag your own pot o’ gold.
Whether you own a steady small business or a start-up that’s advancing at a wild pace, businesses tend to overlook strategies that could help them achieve goals, like growing clientele, raising prices, and having fun while expanding the company. Let’s talk about some strategies that will not just help you grow your business in a smart way, but grow your money too.
Become The Preferred Provider
Depending on your business and goals, you may or may not be the only provider in your area offering your goods and services. Customers usually comparison shop before deciding on a provider. Regardless, excelling in your market is a good way to bump up your revenue.
Most new business people believe low cost is the biggest factor for consumers—this isn’t true. People are drawn to a company based on the results they get. One customer may prefer to get their jackets at thrift stores, while another may prefer Nordstrom. Wendy Keller from Entrepreneur explains that when you ask what your customer feels when they work with you and your company, you start to see insights into how you can influence your market.
Let’s look at four stages of customer experience and ways to quickly help you create a position of power for your company. Keller lists them as questions to ask yourself:
- Customer Attraction: Put yourself in their shoes. What’s their first impression of you and your company? Is the attraction mutual? Are these the customers you hope to attract?
- Product/Service: What is happening while the customer is buying from you? Are you a trusted provider? Do you deliver what you promise? Are you friendly and welcoming?
- Post Purchase: Do you appreciate them and make them feel recognized and valued? Are you professional and making sure your full attention is on them? Or are you checking your cell phone to see if you have a text message while thanking them for their business?
- Follow Up: Do you have a solid strategy for following up with them? Do you ensure customer service does not stop after their purchase, and you resolve all their issues? What about reviews and testimonials?
Do any of these strategies resonate with you? Can you think back to a time when you had outstanding customer service? Or a time you experienced terrible customer service? Which one did you share with your friends or family? All of these factors can determine whether or not you get a customer for life or for a day. Here’s our pro tip: Write down some of these elements and make sure you implement them daily, if you are not doing so already.
Spruce Up Your Image
If you run a business you’ll want to apply all of the strategies we’ve discussed to help you attract an endless stream of business. People prefer to do business with people they relate to and trust. By putting a little effort into your image, you increase the trust people have for you. One easy win is to create a simple website featuring testimonials from satisfied customers who already trust you. Your reliable image, not just your service is crucial for your business’ future. Another pro tip: Research booming companies and pay attention to how they succeed. They applied these principles before they started making their money and that is just one of the reasons they are thriving.
Embrace Change
Here’s another great strategy you can apply to your situation. Large chain stores do their research before deciding to build in a specific location. They do an assessment of the competition, the desired area, and how many people live within the area’s boundaries They also look at average household income and median level of education. From this data they can predict whether they will succeed. You can do this on a smaller scale depending on your service area, then adjust your strategies to achieve the results you want based on demographics. Ask yourself:
- Am I selling the right product at the right price
- Am I in the right location (if applicable)?
- Are other companies like mine thriving?
- What are they doing differently?
Knowing your market helps you tailor your products or service to your target customers. It’s that simple. Otherwise, they will look for it elsewhere. Find a gap and fill it. When you direct your effort to that way of thinking, it will become easier to get ahead in your business and ultimately grab your pot o’ gold.
When we advise our small business clients on their financial strategy we always suggest what we call The Perpetual Wealth Strategy to help them grow. It’s the best way to access the liquidity they need to strategically invest while watching their wealth grow. Let us tell you more about how you can apply this strategy in your business and your life.
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