IDEAS! They are all it takes. They are all it takes to rocket a business from the local launch pad to the skies of global recognition—a eureka idea. In the face of today economy, all we see are painful pimples of setbacks, frictions, and more especially financial constraints.
Owners of businesses are running out of oil in search of that critical step to make in order to attain that peak in business fortunes. In search of new ways to advertise and sell their products; new entrepreneurial dance styles that would endear them much to their customer base and broaden their coasts.
No doubt, it’s no piece of pie to bake up ideas and strategies and throw your business into the utopia of success you seek. In this article three ideas are suggested that should formidably be considered in raising your business to the next level;
1. Adopt a different Sales Strategy
If we consider a particular Tinton Falls company in New Jersey known as Sprayology, which deals on sales of Homeopathic and Vitamin sprays (like immunoboosters). They experienced severe drop in sales in the year 2009, precisely by a whopping 30%! Basically one can associate this loss to the fact that they fundamentally sold their product via only two channels which were the Spas and hotels.
These channels tanked up around 2008 and they met them their ill fate. They loosened up more in the years that followed and became more flexible with their sales channel; they diversified into selling through fashion a number of websites which ended up returning them over 6.9% of their sales volume, whereas Spa hurls in over 54%.
The CEO Elite Whalen could only be as honest as describing the situation as one of utter dread; sales were kept on hold as though they didn’t have their liberties. The next year, the company moved onto higher frontiers of sales to ULTA stores, and a half a dozen stores in Maryland and New Jersey, as well as Duane Reade’s new Look boutiques (involved in sales of higher-end beauty products) and drugstore chains.
The strategy works well with their brand. They practiced the channel diversification philosophy, and they experienced rapid sales boom—in fact the following year Whalen made it clear that the company’s estimated returns was put at over $740,000!
This is what expansion in sales channel brings.
2. Add to your database of Products and Services
New products that improve the ones you already have and help you generate new sales, that’s the idea. They should have real value that redefines customer satisfaction, preferably values not utterly defined in your existing products. A typical scenario to cite is that of the Daily Java, a coffee and teahouse supplier based in Dallas. They initially focused on the supplies of several mixes for preparing coffee, and espresso machines to restaurants and coffeehouses.
The point of inflexion for Mike Bacile, who happens to be the founder, was in 2008, when he created his own blend of ice-coffee powder-based drinks which he sells to his customers. He had a precise hunch concerning the positive correlation between succeeding in business and being a product manufacturing.
He got in touch with a couple of food co-packers within the United States and finally found one in Dallas that made him an offer that caught his interest both in the aspect of the flavors and the price.
On the area of finance, approximately $80,000 was spent on the branding of the product in terms of the logo development, and the construction of networks of awareness in the product line.
Mid-way into the year 2010, the company launched its blended-ice drink Tazza Di Risa, a line composed of two chains, as well as eight flavors of frappes. In course of Bacile’s feasibility studies, he sent a number of samples of these new products to his current set of customers, and guess what—
He converted over 28% from other brands.
In order for his customers to sufficiently review and draw comparison between his brand and other brands, he offers tasting of the different brands his company sells.
Now the crucial part is that Bacile has not lost his sales of other brands since the inception of his; and to cap it off, he has extended marketing scope to other distributors in other cities of the U.S.
This is what you get by enlarging the volumes of your product lines.
3. Configure Your enterprise to give clients the best Experience
We do things slightly differently to get a slightly different result. This is hardly more true than in the case of Keiles Eric, an entrepreneur who along with his colleague Mike Leiberman founded Square-2-Marketing, a consulting firm on marketing issues.
His firm does their consulting operations basically by means of his agents placing cold-calls through to prospective clients, and striking business deals. This method was soon found to be too traditional to thrive in the evolving world of entrepreneurship.
They experienced stagnancy in business outputs for 3 years; and most salespeople were not willing to be generous enough to remain for half a year. The reason for this might be obvious; the businesses were not comfortable with the approach of being cold-called by sales agents.
At the close of the 3-year period, in 2007, Keiles and Mike, retrenched three salespeople working for them after considering a number of possible strategies for sales, and equipped five marketing consultants to close sales by adopting less a pressurizing approach and sufficient clues as to procedures.
They explored other channels such as the internet, speaking at public places, and utilizing article writings to enhance their marketing sales. They diversified their approach to give clients the best service. This was to leave a long-lasting positive impact on the growing firm as their sales actually doubled in a year; and Square 2 Marketing was listed among the fastest growing firms in Philadelphia.
Just a tweak of the strategy, that’s all that is needed to actually make the difference.