Are you looking for some new ways to build your bottom line this month?
First of all - keep in touch with your customers! One of the best ways to do this is with a newsletter. Today it's easier than ever to have a newsletter – use email. If you don't have your customer's email addresses already, start asking for them when they pay for something at the cash register. Give them an incentive for signing up for your free newsletter – maybe a free gift or a small discount or even a prize draw they can be entered into. Use your newsletter to let customers know about sales in advance, extend special invitations to past customers only and open the store during non-regular hours. A popular sporting goods store where I live does this twice a year - and the lineups to get in weave through the store parking lot and people talk about the sale for weeks – before and after it happens! This is a GREAT publicity AND sales tool. Add other incentives in the newsletter like: a 10% discount for past customers on a new product line, or offer an old customer a 5% discount on their next purchase if they bring a new customer to a special sale. Give customers a gift for every referral they send to you.
Can you team up with other businesses in your area to offer a “package” promotion? If you are a make-up artist can you team up with the high end dress shops in your community to offer a “bonus” make up package for prom or other special events? By combining services both businesses win and customers love it because they save time since they don't have to run all over town! This would work well if you gave manicures, pedicures or did hair as well. Professional photographers can also find unique ways to team up with all of these businesses as well. Think “strength in numbers”! If you save the customer time and effort running around THEY WILL BUY FROM YOU and very much appreciate you.
Can you offer a “deal of the month” package? Let's say you own a restaurant on a beach and October through February are always very slow – and so is your cash flow! Due to construction delays you didn't open until September which means you are going to be struggling this winter unless you get an influx of cash and FAST! How about selling a twelve month package of meals? Set a price for a 3 course dinner (starter, entrée and dessert), multiply by twelve and then take off a small percentage since the customer pays all at once. Selling these packages allows you an instant influx of cash. You can encourage people to use them as gifts (one gift certificate at a time or the whole book) or they can keep them for themselves to use when they're low on cash. This idea can be used in many industries, not just food. How about for pet grooming, house cleaning, yard care, car detailing, hair cuts, manicures – any product or service that is bought more than once!
Is there a time of day, or day of week that is slowest for your business? That's when you have a sale! In the area I live Tuesdays are “cheap movie nights” and all tickets are half price – it's because historically Tuesdays are the slowest nights at the theatre. Now most Tuesdays the theatres are full! Think about ways you can make this work for your business. I've heard of tax accountants who offer a discount to people who bring their taxes in to be done before February 1. This gives the accountant some much needed cash after slow season, and helps ease some of the crazy rush around tax time.
Open up your mind – see what other industries are doing to generate quick cash – DON'T just look at what's been done in your industry before – try something new – become an innovator in your industry. When you do something different you'll stand out – by being unique your business can really grow!
ABOUT THE AUTHOR
Wendy McClelland is a motivational speaker and marketing consultant. She has been a nominee for Canadian Entrepreneur of the Year, and is a Canadian Achiever! Wendy's first website won numerous awards, including being named as “one of the best business sites on the 'net” by the N.Y. Times. Wendy's life mission is to “motivate people to think without boundaries” and it's also the name of her website! Visit
www.ThinkWithoutBoundaries.com today
