Small Business Marketing Strategies – 4 Ways To Increase Your Income
by SBMS on May 8, 2008
- Price – It seems obvious but when was the last time you raised your prices? Raising your prices is the easiest way to increase your income and more importantly your profit margins. The great thing about raising prices is that there’s no extra work involved! You simply make a decision one day and BAMN!
- Transaction Size – Would you like fries with that? With transaction size all you’re looking to do is increase the size of the transaction… McDonalds does it by super-sizing your order. What can you add on to what your customer is already buying from you? After your customer has committed to buying from you is the perfect time to make another offer because they’ve already shown and proved that they have enough confidence in you to spend their money with you take advantage ofthat opportunity if you want to make more money.
- Margin – Look to reduce costs whenever possible to increase your margins as this is money that goes directly to your bottom line…
- Frequency – Finally look to develop products that have continuity (meaning your customers need to or want to purchase over and over again) or products that are consumable and need to be replenished.
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frequency,
margin,
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profit margins,
small business marketing strategies,
transaction size