I think the number one mistake that I see in business is the attitude of ‘build it and they will come’. Business owners make the assumption that just because they are ‘downtown’ or in a high traffic area that everyone will know about them. Sadly this is not true and my thoughts are that the 90% of businesses that go out of business in their first five years is due to this horrendous mistake of assuming that everyone in their community knows they have a store.
If you have fallen for this trap here are five simple tips that you can implement immediately that will have a drastic affect on your business and can increase your profits.
Number one, re-invest up to 30% of your sales back into your marketing. Marketing is not just about advertising but a combination of advertising, networking, promotions and public relations. And, yes, I do mean 30%. If you want your business to grow, this is essential. More growth will mean more profit.
Number two, do research on your target audience / ideal customer. Know the demographics and psychographics of the customer you are trying to attract. This is important because the development and success of your Brand depends on it. Once you understand what your target audience wants then you can deliver more of what they want to them and you will see an increase in sales.
Number three, be strategic about where you advertise. Newspaper is NOT necessarily a dead end for you. This tip is closely tied with knowing who your audience is. One thing to be aware of is the trap of ‘free’ advertising, aka Social Media. Social Media is not free. If you are spending time on it, the price you are paying is your time. If you live in a smaller city, consider using Google Adwords and Facebook advertising.
Number four, measure EVERYTHING. Know where your customers are coming from, why they decided to purchase from you in the first place, what you could do to have them return again and again how you can get them to be a ‘super fan’ and much, much more.
Number five, partner with other businesses when possible.
Tricia and I would love for you to join us on March 5th at The Profit Formula to uncover the ‘how to’ create a plan that will attract your ideal customer or client. Click HERE for more information. During this one day work shop we are not only going to discuss the MYTH of ‘build it and they will come’ but we will also share with you a formula that not only have we used but we are now sharing with our clients.
In the meantime if you have any questions please email us at email@example.com