Whether you are a small business owner or an executive of a large corporation, increasing your profit margin is likely at the top of your to-do list. This can be done by raising prices or lowering expenses, but what if this isn’t an option for you? Follow these three easy steps to increase your profit in the next seven days.
Narrow the search and speak to your ideal client
It is important to determine your target market and speak in a way that will pique interest. According to this article in Forbes magazine, consider age, buying power, geographical location and marital status when determining who is likely to use your product. And, don’t think only about who needs your product or service, but who is likely to purchase the product or service. Be sure to use your network of family, friends and colleagues to provide their input. They may think of potential customers you haven’t yet considered. Also, be active in Facebook groups where your ideal client hang out, you can get a ton of knowledge for your client with no cost to your business.
Make it easy for clients to just say “yes”
Sometimes all you need to do is simply ask. Ask for the appointment, ask for a referral, ask for the sale. Believe it or not, most people want to be agreement. Just remember to use their words instead of industry jargon, share testimonials from other happy customers and give them a deadline to work within. People don’t like to miss out on good opportunities – make them feel valued, be honest and they may feel they are making the big catch of the day. Include your online calendar for easy scheduling and set up your sales system to make it easy for your potential clients to make a payment.
Increase your presence on social media
The emergence of social media has opened wide the door of free marketing and advertising, as well as targeted paid ads. Use Facebook/Facebook Live, Twitter, Periscope, Instagram, YouTube, Snapchat, and Pinterest to reach out to customers. And remember, it isn’t only new clients that can bring profits. As you’ve likely heard, it is more expensive to acquire a new customer than it is to keep a current one. So, post articles on your Facebook page that will further educate, create a live stream or video to showcase an important service or product feature or start a Pinterest page to entertain. All will strengthen your relationship and they may even share with a friend.