Target 3: The Triple jumps you can take to success
Good things usually come in threes apparently, so here’s three sets of three tips that are simple to implement and get almost instant results.
1. Cut Prices
In an austere world, pricing can mean everything to certain people. With the advent of price comparison sites and apps, the online community in particular often buy on price, so undercutting your competitors could have a dramatic effect on your sales. Don’t risk your business however. A loss leader is fine every now and then but be creative in how you cut prices too. Consider bulk discounts or price cuts for those who commit to you for a longer time.
2. Bundle products at a discount
As well as bulk discounts, consider discounts when you buy A&B. Ironically, products or services A & B don’t necessarily even have to be complimentary to each other providing there is a clear value to the customer. Bundles can be a great way to use the momentum of a strong seller to reinvigorate a slower one, so think about your strategy, but remember don’t offer something you can’t fulfil either time wise or physically with enough product, that sort of discount push is more detrimental to your business than none at all.
3. Suggest alternative uses for products
Famously, bubble wrap that accompanies millions of parcels every day across the world, was original invented as a funky wallpaper and aluminium foil was never originally intended to wrap your food, but actually mark French racing pigeons. Somethings just lend themselves to a range of uses. Be creative and show the new use in action with a little video that could go viral on social media and you could soon have a new winner on your hands.
Want another three actions to help your marketing?
Three Actions to take to reach new markets
1. Try a new marketing platform
Never tried advertising on radio? It can be cheaper than you think and with audio more impacting that just words on a page you could have a better response rate than ever before. Try different magazines, think taxi cabs or sides of buses, any way you could potentially reach a new audience who may not yet be aware of your products, services or business.
2. Take a stand at a new trade show
Nothing beats going out and meeting the people. Often it is lapsed former customers this can have a big impact on. Suddenly they remember you and like the fact you have a personal face at the show. Remember if people don’t know about you they can’t buy from you, so a presence in somewhere new will have an impact and show you off to potential new customers.
3. Attend a business networking session
Breakfasts meetings may not be your cup of tea – or cup of coffee if that’s your early morning chosen beverage but they are packed full with people eager to do business and its very rare that efforts in attendance will not generate at least on new lead. If you are not a morning person then there are plenty of meet-ups nowadays which are the evening equivalent and a great way to meet potential new customers or even potential new partners.
If a marketing change isn’t what you are after then a simple re-focus on your existing offering can also reap rewards.
Three ways to extend your existing product / service range
1. Launch a new product or service
Often there is one on the backburner, put on hold for one reason or another. Just take a punt and go with it. Learn from it, it won’t be smooth, but it may ironically kickstart your business and business thinking that will help across your full range of products.
2. Enhance a product
Added value is often a big differentiator for buyers, so adding an extra ‘factor’ to a product or service can suddenly make it massively more attractive, even if the real value and cost to you is minimal. Think added magic and that product that previously struggled to compete, may just be a few weeks from becoming a star performer.
3. Find an additional partnership
Support from a third party could be the added boost you need. It could be a partnership in the respect of product offering or simply advice or consultation, but it usually means a fresh set of ideas and some new excitement that can again act as a business kickstart.
That’s just nine quick fixes that can help re-ignite your business or your business mind-set and reap quick rewards. If you give them a try we’d love to know what your results were.