The Business Startup Resource

In order to survive, today’s retailer must offer products and services the big box stores cannot, and, in order to prosper, they must also provide a level of service their customers cannot find anywhere else. The competition is tough but the small retailer has advantages to offer their customers the big guys cannot. This article will offer ideas on how the small retailer can stand apart from the big box stores with their poor service and meager selection and turn their store into an indispensable resource their customers will return to over and over again. Find the full article here.

If you already own a business, or are planning to open one, you are probably constantly looking for new ways to bring in more business. One tried and true method is to give away customized, promotional items that remind potential customers to look to you when they need what you offer.

There are many choices you could go with here but there are really only a small number that are worth the time and expense. I have written an article that talks about the three most effective of these items, including some of the rationale behind each of their use, as well as a few ideas on the best way to use them.

The full article is entitled “3 Great Promotional Items to Market Your Business” and can be found here.

Why do so many grocery stores give away free samples? Because they know you are far more likely to buy the product if you sample it first. Learn for free what these large stores paid to find out; free samples can increase your sales.

Just about any business can offer prospective customers a free sample, no matter what they are selling. Service businesses can do this just the same as retailers selling products. Most people are hesitant to try something new, but if you make it easy for them and they like what you are offering, you may have just converted them into a customer.

As amazing as it may seem, many people who have decided to open their own business forget what should be the most important part of their plan, exactly how they will get their customers. No new business can depend on customers just finding them.

In the real world, you are going to have to fight for every customer you have. Even if you offer something a little different than everyone else, you will still have to convince people to buy. Maybe you will have a better selection of products, or even the enviable position of no competition at all. It does not matter; you will still have to convince people to buy what you are selling.

The first step in convincing people to buy from you is to identify exactly who they are and then formulate a plan to show how they will benefit from whatever it is you offer. Sounds simple, right?

Begin to identify your customers by listing every type of person who might be interested in your product or service. Do not worry about how you will attract them at this point, just list everyone who could possibly want or need what you sell.

Next, you will want to break your list into as many groups as necessary. Some examples of these groups would include, male, female, Spanish-speaking, age, income level, education level, profession, married, single, divorced, and on and on. You have to do this because it often takes a different strategy to market to each group.

By identifying your potential customers, you can focus on the marketing strategies that will give you the best return on your investment. For example, if your store will sell used electronics and you have good reason to believe that ninety percent of your customers are nineteen to twenty-eight year old males, then you will want to spend almost all of your marketing dollars in ways that will be seen by this demographic.

If you had not narrowed your likely customer profile down you might have been tempted to spend money advertising in a local newspaper, for instance; a medium almost none of your target market will see.

Knowing who you will sell to always comes before how you will sell it to them and the best time to figure this out is before you even get started. Take the time and make the effort, it might mean the difference between success and failure.

One of the many factors you need to consider when deciding what business to start is the competition you will face from other established businesses. There are essentially two kinds of competition, direct and indirect, you are going to have to face. Both can put you out of business, so you will need to know everything about them, and then devise a plan to deal with the challenges they represent.

Businesses that sell the same products or services are your direct competition and those that get the same dollars you would otherwise get for different products or services are your indirect competition. If you own a clothing store for teens, then all the other stores that sell teen clothing are your direct competition. What you may not think about is the indirect competition you face. Teens, like everyone, have a limited amount of money to spend on themselves and your indirect competition is every business where they spend their money.

Once you have listed who your competition is and defined whether they are direct or indirect, you will need to formulate your marketing strategy. Try to think of the total spending power of your customers instead of how much they spend on only the products or services you offer. This will allow you to adjust your inventory to what your customers desire, rather than spend your time and money trying to convince them to buy what you have to sell.

The best time to think about how you will market your new business is before you even start it. You should have a clear plan in mind on how you will bring in customers before you invest any money. If you are unable to produce a viable plan for bringing in enough sales or clients to get your business up and running, then you might want to rethink the business you intend to start. You may decide to change how or what you will be selling. Or, you might decide to go into a completely different business altogether.

Do not just go on your hunches. Try to quantify your beliefs with actual data. Look at other similar businesses in your area. How well do they seem to be doing? How long have they been in business? What are they doing to attract customers? A well thought out strategy before you start will save you time, money, and heartache. Only you can decide if the risks of running with your business idea are worth it, and thinking it through beforehand will increase the likelihood that you will make the right choice.