If you’re looking for ways to improve sales and need some ideas, try checking out what your data tells you. If you have a website, Google Analytics is a free program that reveals critical information about your most valuable customers, from demographics to what they look at before deciding to buy. There are so many wonderful things that are hidden in the data if you know where to look. Here are 3 steps you should take to reveal gems hidden in your data.
When thinking about the value proposition of a loyalty program, the benefits to the business owner are generally pretty clear. A loyalty/rewards program should build long-term loyalty and increase the amount of consumer spend as well as the number of times they visit. A study from the University of Chicago Booth School of Business explains how.
You’ve likely heard by now that Pokémon Go is taking the world by storm. But did you know that if you run a small business, engaging with it could boost your sales? This article covers the essentials of what Pokémon Go is (for the uninitiated) and how merchants like you can make it work for your business.
When you’re just starting a new small business it may be easiest to operate as a sole proprietorship. All you need for that is a business card. But if you need to hire employees, you need to raise money from investors, or you want to protect yourself from being personally liable for the business’s debts, you may want to set up a more formal business structure.
Recurring purchases add up to tremendous revenue and lifetime loyalty—if you can get them to become a regular customer. Just how does one do that, though? A tactic many small businesses have been employing is using marketing messages and incentives to frame the business as a subscription in the mind of the customer. We call it “recurring-purchase” or simply “subscriber mode,” and it’s remarkably powerful.
How well do you know your best customers? And how critical are they to your success? Most businesses answer the first question by describing a broad “persona” of their ideal customer. As for the second question, most entrepreneurs know the 80-20 Rule: typically, 80% of your sales are driven by 20% of your customers. This posts takes a look at how you can connect with your 20% to maximize profit and retain their loyalty.
Breaking down numbers can be daunting for most small businesses. That’s why so many prefer to rely on gut instinct for their competitive advantage instead. And while that strategy may have worked to date, it’s important to note that big businesses are taking full advantage of big data to gain valuable customer insights. The message is clear—if you don’t adapt and grow, you could be left behind. But fear not, there’s good news ahead for small businesses.
Wanting to squeeze as much productivity as possible out of every day? We have some words of wisdom, starting with Ben Franklin’s quote: “Well begun is half done.” As he understood, getting your day off to the right start can make all the difference in how it turns out. Read on for some suggested tasks to try in your first five minutes that can help ensure a successful day.
For some reason, a lot of merchants tiptoe around markdowns. But why? Your money is already gone. Feeling like you MUST get back whatever you paid for your inventory, no matter how many years ago the merchandise first arrived, is simply murder on your cash flow. Your best bet is a big clearance sale to refresh your inventory and your cash register alike.
Owning your own business isn’t always about money. It’s about doing what you love each and every day. That passion in itself is all the motivation you need. But for your employees, money is still a major motivating factor. With that in mind, this blog will look at several options for employee bonus plans that can help you get the most out of your employees while making sure they’re happy in their jobs.
With more than 40 million small business pages on Facebook, overwhelmed customers tune out branded content. To reach them, you need to connect on a personal level - and a compelling brand story forges that connection. This post shares proven strategies to use storytelling to get - and stay! - on your customers' radars.