Nobody goes into business to make a loss, though obviously as a business owner you sometimes have to take the rough with the smooth. One problem that can often be overlooked or even ignored until it’s too late is when your company is leaking profits, a slow drip that can lead to a torrent of serious trouble ahead.
Plugging the leak really comes down to how successful and well thought through your marketing strategy is. It’s all about how you communicate with your customers that will determine what level of success you will have, so you need to identify your marketing gaps that lead to profit leaks and put them right.
There are many reasons why the way you deal with existing customers could be contributing to your company’s profit leak, but three in particular are common mistakes you can make.
Don’t forget your customers
You will have customers who have been on your books for some time, and you must not neglect them. Taking them for granted and failing to keep in touch with them often means they’ll forget about you too. If you can keep them interested in what you’re doing, ask for feedback and tell them about other products or services you offer, especially new ones, your engagement can encourage them to want to buy from you again and again.
Get you communication right from the start
When customers sign up to your business, it takes a little time for them to become comfortable with what they have initially received. The goods or services must live up to their expectations and your service needs to be excellent. You need to consider how to engage with your new customers (and, of course, not forgetting your existing ones). Depending on the type of business you run, you could have regular special offers or give vouchers for specific items or for specific times. You want to interact with customers as well as influence them, and sometimes working with a professional marketing consultant can help you focus your communication strategy.
Develop an emotional connection
Emotion’s a funny thing. It affects people’s perceptions all the time, and if customersdo not perceive your company as one they really feel comfortable with, then you have another potential profit leak. Your communications should be geared toward making people want to deal with you and, even though they know it’s on a transactional basis, that they get into a comfort zone with your company and maintain a buying relationship.
There are times when bringing on board a consultant to help with marketing can be highly effective. A professional such as Scott Gelbard has a wealth of experience in the financial world and works with many businesses to advise them on how they can become profitable by using marketing techniques that help them find the best way forward.Gelbard has worked with companies all over the world to help grow their international operations, andhis knowledge can help kick start new marketing strategies to address company profit leaks.
Stem the leaks before they take over
When good communication with your customers is at the top of your strategic thinking, you have an excellent opportunity to ensure that your business is getting all the profits that it deserves.