Archive for May, 2010

Big businesses often jeopardize the smaller ones by offering everything the little ones can in one place. Although this can be unavoidable there are strategies to get around these giants. Your business may not be able to beat the bigger ones but this doesn’t have to stop you from making money too. What it takes is to add some personality to your store and offer what the bigger ones can’t.

Customer service is much more personal when it comes to a smaller business. The bigger companies can afford to lose a couple customers in a week because it’s only a fraction of their larger audience. Smaller businesses have the time to worry about the smaller details and can build longer lasting relationships with their customers. Take advantage of this and strive to have superb customer service and spoil your loyal customers. Try giving out discounts or freebies for repeat customers. Pay attention to the smaller things, like suggestions your customers make. Your employees are just as important as your customers so make sure to treat them with the same level of care as well.

Collaborating with smaller businesses, even if they’re your rivals, can help put you in the same league as those bigger companies. By coming together to make a partnership of smaller companies you can cut down on inventory costs together and perhaps finance a trade show spot or other type of promotion that you wouldn’t be able to afford on your own.

Try using “loss leader” products to get people interested in your business. These are products that you sell at price or even under in order to draw attention to another product or your store in general. You can do this by offering a freebie with a purchase of a more profitable product or offering a two for one deal. Although you don’t gain any profit you will be able to gain a little hype which can bring in some repeat visitors looking for good deals.

Not every promotional strategy is aimed at making you a profit. You want people to be coming back to your store repeatedly. A “loss leader” product is aimed at peaking people’s interests in your offers and getting them to come back. This is a product that you don’t make a profit on but it gets people’s attention and can direct them to a different product to buy that you will make money off of. You can sell this product in a two for one deal or in conjunction with another product. However you choose to go about selling it, this product you sell either at cost or even below so you don’t make anything but it keeps people coming back.

Try and come off as a professional. There are many programs that have been designed to give your business a professional look that will grab peoples attention. Spice up your site and be creative without coming off as an amateur and people are more like to check out your store or site.

Most big companies really lack character, the way your products and store or site will be remembered is if it’s unique. People are used to seeing the store brands but if your advertising can convince them that what you offer is completely unique then they’ll be compelled to check it out. Add flare to your business and make it more personal than the bigger ones.

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The fact of the American recession has made for some very complex changes to the business approach over the last two years. The public has had to change their normal consumer habits to reflect the changing fiscal tides. People are much more focused on saving and almost purchasing averse, as reflected through marginal consumer confidence. It may have been created through the housing market, but it ultimately has played out through high unemployment rates and a general fear of those who are employed over shaky job security. New entrepreneurs can turn this around through multi-level marketing.

Companies have also had to tighten their belts and search for efficiencies at every level of production, transportation, retail and advertising. This has had the unfortunate effect of downsizing, which ironically only fuels the downward economic spiral. The transition form overt consumerism to a more fiscally prudent culture based on saving has been neither complete nor comfortable. The notion that when wall street sneezes main street has a stroke has been played out in real time over the last 24 months.

This is indeed a difficult time for anyone attempting to bring any product or service to market. The normal methodology of marketing through advertising is falling on deaf ears. Families are downsizing television programming packages. The internet remains as the increasingly primary method for individuals and families to receive news sports weather and entertainment, and internet advertising is both expensive and more easily ignored as it shares computer desktop space rather than interrupt the viewing experience with its exclusive content.

While this may appear a truly grim situation for anyone trying to sell anything, it as driven all of us back to a stable, reliable method of learning about things which are valuable and important to us. This is the perfect time to leverage our natural social instincts as a means to advertise our wares. If one has a good product or service with innate value, then the digital imaging hype is not really necessary for sales productivity.

The key to effective marketing in this climate is interpersonal interaction. The ability to look the customer in the eyes, while they look into yours, and explain one on one what you have to offer is a powerful tool. It is a natural for all of us to pay more attention, listen more carefully, and understand more deeply when the sale is conducted person to person, allowing verbal give and take about the product or service.

There are several reasons for the natural preference to people presenting an item for sale. It is inherently more trusted because the presenter is human, and the presentation allows for interaction. The consumer can ask questions and get instant responses for their evaluation. This is the magic that multi-level marketing brings to the battle. With a good base product and a trained, professional sales staff, businesses can thrive even in difficult times.

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