We’re well into 2017, Brexit is underway and the commercial world is likely to see some changes taking place over the next few months. We want to provide smaller businesses operating on a regional, local & national scale an opportunity to thrive throughout the irregularities. Not just by saving on general utilities but also by managing your costs, keeping customers happy and keeping your profits up by going back to the grassroots to promote and launch new products effectively.
According to research, customers are likely to spend 10% more if they’re impressed with the service they’ve received. Further emphasising that by listening and actively responding to your consumer’s needs, you’ll start to see a rise of in-store traffic.
Focus on maintaining strong relationships with your customers. As a smaller local business, your aim should be to become a game changer at the peak of your community. For instance, if you’re running a coffee shop make sure everyone knows who you are.
3 Tips to help you boost profits, cut expenses and launch products
A simple sign will help launch products
Go online and purchase a folding blackboard and some chalk for around £10. Write down your latest offer and place it in front of passers by as they’re off on their lunch time rush. Give them something special, as a smaller, local business, 1 sign could be the start of a glowing relationship encouraging more patrons to turn up at your place.
Enthuse a discussion
Word of mouth still provides an important asset for local businesses. If you want to launch new products, it’s important to focus on listening and researching your audience. Find out what they want and continually work on new ways to improve your products.
Furthermore, start a promotion, if you’re a local fashionista, distribute “% off leaflets” to other hospitable local businesses, you could even team up with the coffee shop next door. Hold a fashion shoot during lunch; promoting your range & their service.
Moreover, take notice of changes and adapt. Did you know that for every complaint there are 26 other unhappy silent customers & 91% of those aren’t likely to repurchase. Further expressing the importance of learning your customers’ aspirations and needs; before you start a new product launch.
Through the letterbox; into the inbox
Inbound marketing is a cost-effective asset all local businesses should retain. Make sure your customers and anyone who’s signed up or visited is aware of changes, offers or improvements.
Collect email addresses and distribute an email to members of your community. Tell them you’re hosting a charity fundraiser, free refreshments in-store or launching a new product.
In addition, utilise Social Media, particularly mobile based platforms. Instagram presents small, customer facing businesses an opportunity to launch a brand story. Let your customers know what you’re about. For instance, at Crown Gas & Power, we’re a commercial gas supplier, yet our brand story focuses on our commitment to customers. So, we’re trying to present stories through customer testimonials and backstage photographs.
Create a personalised message, don’t be a boring & traditional enterprise. Focus on changes and how you’ll adapt and improve. Heck you could even set up a team Snapchat, encouraging your members to pinpoint exciting moments from your day, helping product launches. Simply measure with a promotional code.
Always look at the bigger picture
Start observing the socio-economic trends that regularly impact your community. Look at the technology company Airbnb, they’ve capitalised on economic changes, enlightening the “sharing economy.” It’s the midst of a major event, take advantage and look at how your place can benefit. Maybe a large office just opened near you; start selling lunchtime take-outs or even offer exclusive company discounts. Furthermore, before you launch analyse the wider market and look at competitors’ statistics, what were their success rates and try and discover what they missed out?
Monitoring your money
Making yourself stand out will have its additional costs; mostly in the design and printing stage as the measurement, writing and planning you can undertake yourself with your team. Therefore, here’s a few tips to help you monitor your small business cash flow:
- Cutback on your unnecessary costs
- Check expenses & tighten your belt
- Do you have 3 mobiles & are they all used frequently?
- Look to switch suppliers for general commodities & utilities
- Your fixed costs shouldn’t exceed your revenue stream
All in good time
Choosing the right time to expand or launch a new product rests with you the owner of a thriving small business. However, whilst you’re setting out your goals it’s important to maintain knowledge of the wider environment, competition, social changes, the latest influx of technology and most importantly your budget.
If you’d like more information about Crown Gas & Power’s gas supply services for SMEs and Micro Businesses, give our friendly Manchester based team a ring today on 0161 762 7744 for a competitive commercial gas quote.