There is no certainty in business. Even the best entrepreneurs fail from time to time. Even prestigious business men did suffer some failures before Success. But with these tips, you will be able to lower the chances of failure. If you apply all the tips you learned here, you will be able to see problems even before they happen. This way, you will be able to make necessary steps that will prevent the problem from occurring or from causing significant damage.
Take note that experience is still the best teacher. And this is especially true in doing business. There are many things that only you can learn on your own. So start small first and learn. Once you gain more experience, you can then aim for higher goals. Also, you should only use this write up as a reference. Do not base your decision solely on it. The world of business is governed by many ‘unpredictable things’. Therefore, you have to act based on the situation.
1. Offer discounts once in a while
This is a good chance to gain new customers. If you offer a discount, new people will buy from you. This way, you are giving them the chance to see your products and your services. If they like it, they will surely come back. Also, offering discounts will make your current customers happy.
2. Offer promos once in a while
Promos are different from discounts. The most common is the Buy 1 Take 1 Free promo.
Just like discounts, promos are also designed to attract new customers and keep your current customers happy. Of course, you have to make sure that your promo offers are known to your target customers. Advertise in advance that you will be offering a promo offer.
3. Obtain email address of current customers
When a customer buys from you, always give them the chance to provide you their email address.
This can be included in the purchase process (make sure that you do not make it compulsory because some customers do not want to share this information).
This way, you can inform them by email when you have promo offers or discount sales. Take note however that this is also a double-edged sword.
Avoid crowding your customer with email. If you do, they might just begin to hate you.
4. Offer freebies that cost little or nothing
Your customers will love freebies. And by offering freebies, you will also attract new customers. But there is one downside to this: it is costly to give things away for free. So what do you do?
One clever solution is to offer a freebie that will cost you little or nothing.
Examples include eBooks and other electronic goods that can be redistributed endlessly (buy 1 eBook with redistribution rights then give a copy to all your customers).
And if you have old merchandises that are not getting sold, you can dispose of them by offering them as freebies.
5. Maintain quality even in seemingly unrelated things
Everything in your website must have good quality. They do not have to be extravagant. They just have to be error-free. For example, you must avoid mishaps in graphics editing and grammatical errors in product descriptions. This is because customers will relate any error to the quality of your products or services. If a customer sees a lot of grammatical error in your website for example, that customer will think that you do not value quality. They will also think that your products/services also lack quality.
6. Prioritize on customer satisfaction
Customers return because they liked something about your service. And this is not just about the quality of the product they bought from you.This is about the service you provided in general (ex. How easy it was to transact with you,how fast you had the products delivered, how easy it was to use your website, how informative your product descriptions were, etc.)
7. Analyze which products lack in supply
After a few weeks to a few months since you started operation, you will already have a good idea on which products sell more and which products sell less. Simply analyze the sales report and sales data. If you see that a certain product is lacking in supply (always ends up as ‘out of stock’ because a lot of people are buying it), you should increase your order of that product.
This is because customers get dissatisfied when they want to buy something and get told that the product they want is out of stock. It affects customer satisfaction.
Take note that experience is still the best teacher. And this is especially true in doing business. There are many things that only you can learn on your own. So start small first and learn. Once you gain more experience, you can then aim for higher goals. Also, you should only use this write up as a reference. Do not base your decision solely on it. The world of business is governed by many ‘unpredictable things’. Therefore, you have to act based on the situation. This is a good chance to gain new customers. If you offer a discount, new people will buy from you. This way, you are giving them the chance to see your products and your services. If they like it, they will surely come back. Also, offering discounts will make your current customers happy.
2. Offer promos once in a while
Promos are different from discounts. The most common is the Buy 1 Take 1 Free promo.
Just like discounts, promos are also designed to attract new customers and keep your current customers happy. Of course, you have to make sure that your promo offers are known to your target customers. Advertise in advance that you will be offering a promo offer.
3. Obtain email address of current customers
When a customer buys from you, always give them the chance to provide you their email address.
This can be included in the purchase process (make sure that you do not make it compulsory because some customers do not want to share this information).
This way, you can inform them by email when you have promo offers or discount sales. Take note however that this is also a double-edged sword.
Avoid crowding your customer with email. If you do, they might just begin to hate you.
4. Offer freebies that cost little or nothing
Your customers will love freebies. And by offering freebies, you will also attract new customers. But there is one downside to this: it is costly to give things away for free. So what do you do?
One clever solution is to offer a freebie that will cost you little or nothing.
Examples include eBooks and other electronic goods that can be redistributed endlessly (buy 1 eBook with redistribution rights then give a copy to all your customers).
And if you have old merchandises that are not getting sold, you can dispose of them by offering them as freebies.
5. Maintain quality even in seemingly unrelated things
Everything in your website must have good quality. They do not have to be extravagant. They just have to be error-free. For example, you must avoid mishaps in graphics editing and grammatical errors in product descriptions. This is because customers will relate any error to the quality of your products or services. If a customer sees a lot of grammatical error in your website for example, that customer will think that you do not value quality. They will also think that your products/services also lack quality.
6. Prioritize on customer satisfaction
Customers return because they liked something about your service. And this is not just about the quality of the product they bought from you.This is about the service you provided in general (ex. How easy it was to transact with you,how fast you had the products delivered, how easy it was to use your website, how informative your product descriptions were, etc.)
7. Analyze which products lack in supply
After a few weeks to a few months since you started operation, you will already have a good idea on which products sell more and which products sell less. Simply analyze the sales report and sales data. If you see that a certain product is lacking in supply (always ends up as ‘out of stock’ because a lot of people are buying it), you should increase your order of that product.
This is because customers get dissatisfied when they want to buy something and get told that the product they want is out of stock. It affects customer satisfaction.
8. Analyze which products are excessive in supply
The next time
you resupply, you should order less of the items that are‘excessive’ in
supply (few people are buying it so there are always a lot of leftover
in your inventory). In some cases, you may even have to remove that item from your list of products. Take
note that unsold merchandise is bad for business. It will affect your
sales because your investment in that unsold merchandise did not result
in profit.
This is the best way to instill the principles to your mind. This write up is not a solution to the problems that you will face as a
businessman, it is available to make you a better entrepreneur – the
kind of entrepreneur that can handle problems based on the situation.
Good luck with your business venture. Keep dreaming and keep aiming
high. All the Best.
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