Make Your Business More Profitable

More sales and more profit. Isn't that what you want from your business? It's not hard to achieve if you follow these 4 simple tips.

1. Keep Adding More New Markets

Every new market you open captures a new layer of sales ...and makes your business more secure. The more markets you serve the less dependent you are on the sales from any one market.

Tip: You can quickly add several profitable new markets to your business by sub-dividing your present market into several narrowly defined niche markets. Then create customized versions of your current advertising that offers specific solutions to the unique needs of each niche market.

2. Continually Add Something New

Every time you add something new to your business you create additional opportunities to close sales. For example, by just adding one new product or service to the list of those you already offer you create 3 new selling opportunities:

1) It attracts new prospects who are not interested your current products and services.

2) It generates activity from existing customers who want to find out about your new product.

3) It enables you to create attractive combination packages of two or more items ...which also produces some bigger sales for you.

Tip: Even something as simple as adding something new to your web site creates more selling opportunities for you ...by attracting both new visitors and repeat visitors.

3. Find Some Ways to Generate Publicity

Publicity is what you get when somebody else promotes (or you get them to promote) your business. It creates more credibility than advertising - and generates sales without an advertising expense.

Look for some ways you can generate some publicity for your business. For example, contact non-competing businesses that serve customers in your market. Offer to publicize their products and services to your customers in exchange for their publicizing your services to their customers.

Tip: Don't expect non-paid publicity to replace your paid advertising. Instead, use publicity to supplement your advertising. You control where and when your advertising appears - and what it says. But you cannot control where or when you get publicity ...or how effective it is.

4. Implement a System to Promote Customer Referrals

Referrals from customers are easier to sell than cold prospects. And they don't cost you anything. Unfortunately, most customers don't volunteer referrals. You have to ask for them.

A simple, passive way to ask for referrals is to use a brief customer survey. Send it to customers by postal mail, email, or post it on your web site. The survey I use only asks 3 questions:

1) What did you like best about our (product or service)?

2) What can we do to improve the value of our (product or service) for you?

3) Who else do you know that wants to (state the benefit provided by your product or service)?

The first 2 questions focus your customer's attention on the benefits they got from you. Customers will be more likely to provide referrals at the 3rd question when you have them thinking about the value of those benefits.

Tip: Pay attention to the answers you get to the first question. It often generates a response you can use as a testimonial (with your customer's permission).

More sales and more profit. If that's what you want from your business, start by following these 4 simple tips. They produce results quickly ...and don't require much of your time or money.

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