Okay, so you’ve got a steadily growing small business and or service.
And you’re definitely looking for some proven, inexpensive ways of, (not only) continually growing your extremely loyal customer/client base.
But you’re also interested in increasing your overall gross profit levels as well, correct?
Welcome to the club!And while it’s certainly possible to consistently accomplish both of your extremely worthy goals, (entrepreneur.)
One of your main challenges will be doing so, while and as you continuously increase your gross profit margins as well.
Because believe it or not, while there some proven sales increasing strategies, (and or tactics) that will definitely bring you an immediate surge in more overall gross sales revenue, they don’t always necessarily, bring about an increase in overall gross profit margins!
And because these tactical changes have resulted in an increase in overall daily or monthly expenses, the real net result is, you just increased your long term costs of doing business, and less reliable gross revenue streams to sustain them!
And as you might imagine, that’s not so good.So this post will focus on consistently implementing three incredibly simple, inexpensive, battlefield tested ways, for you to consistently accomplish both of your aforementioned goals, without having to break the bank, in order to do so…(Sound good?)
So What Are These Three Battlefield Tested Marketing Strategies That Some Extremely Savvy Small Business Owners And Or Service Providers Consistently Use To Increase Their Overall Gross Profit Margins Without Adding More Expenses?
(And How Can You Profit From Them Too?)
For sure there are literally a ton of theoretical marketing strategies and or tactics, (you and I) could at least, initially test, to try and increase your overall gross profit margins, correct?
The trouble and or ongoing challenge is, as you consistently lay out your extremely limited financial resources (money) on this strategy or that tactic, and we come up short.
You’ve got even less money and other extremely valuable resources, to adequately fund what actually works!Right?
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So (entrepreneur), it’s truly best from the outset, as best you can, to closely model those marketing strategies and or tactics, that already have a proven track record,in the real world!
Because your customer/client base has little or no patience, for your (OJT) on the job training! Sure, they’ll grant you and I a certain amount of leeway, in terms of trying to correct the inevitable misstep or two!
But not for flat out, clueless experimentation!That’s a whole other thing altogether.That said, let’s take a closer look, (at these) three incredibly simple strategies, you (and or) your major competitors, can use to consistently increase your overall gross front and back end profit margins, without automatically having to increase your costs.
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As you’re seeking to carve out an extremely viable niche for your business and or service, another extremely practical thing you can and must do is, strategically leverage the current marketing openings, that already exist, in practically every industry and or category of business.
Case in point; here are three little known, (and far too rarely) used strategies, to consistently increase your overall gross profit margins.
And you can do so, without having to necessarily increase your overall gross expenses.You know (profit seeking) entrepreneur, not every small business owner and or service provider, has access to celebrity endorsers,(millions of followers on twitter and or Facebook) etc.
And or extremely deep corporate pockets, but here are three extremely practical situations, virtually every small business owner and or service provider can and should maximize right now!
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1.) Rarely capitalized on situation # one: Entrepreneur, even your business has a first X number of customers and or patients/clients of the day/month capability. It’s all just a matter of proper and or strategic implementation.Don’t ever implement any strategy and or tactic, that doesn’t ultimately pay for itself.
2.) Rarely capitalized on situation # two: By the same token, if your business and or service has a first x number of customers/clients and or patients of the day or month, it most surely has the last X number of customers/patients of the day or month, marketing capabilities as well.Again, it’s just matter of effective implementation.
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3.) Rarely capitalized on situation # three: Another rather simple, (and far too) rarely used marketing strategy is, segmenting a specific portion of your ideal target base.
For ex: let’s say you run a fairly successful Mom & pop family style restaurant. Why not target women in general and Moms in particular.And one of the simplest ways to do so, is by creating a really large beverage, and maybe call it the “Big Gulp.”
And the very first time women purchase it, it costs $4.29 or X. And it comes in a really big plastic cup, the ladies get to keep and bring it back with them, and each time the bring it, a refill only costs $.99 cents or x!
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A little strategic A/B splitting “price testing” and monitoring, will ultimately reveal where your most profitable sweet spot is.
In other words, it’s really cheap to get a Big Gulp refill, because the real (underlining) purpose of a proven marketing strategy like this, is to systematically “lock in” a certain profitable segment of your customer/client base, to ethically bribe them, to choose your business and or service, over your major competitors!
4.) Bonus strategy: And don’t forget, neglect and or overlook the fact, that your business and or service (also) has a traditionally slowest day of the week and or traditional slowest season of the year!
Entrepreneur, these are built in evergreen, untapped marketing opportunities, that either you and or your major competitors, will ultimately capitalize on.
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The choice is yours.So that my friend, are the three plus, little known and rarely used marketing strategies, that savvy small business owners consistently use, to increase their overall gross profits, without necessarily increasing their overall gross expenses. Any questions?
Now as is customary during this part of our show.
Please share your extremely valuable comments (in the comments section below) that you can apply to your business, product or service in the next 30 days or less!
As always, if you got any value out of this post, please Google Plus or tweet this.Thanks!
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‘Evergreen, untapped marketing opportunities’ – you hit the nail on the head, Mark
A lot of those opportunities revolve around leveraging existing ‘assets’, the most important of which is an existing customer. Lock ’em in with an offer they can’t refuse – eg giving them the big cup and offering super cheap refills on their next visit.
This is smart marketing, Mark
It’s simple, it makes sense, and it works.
Thanks, Mark!
Kim
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Kim Willis recently posted…14 Marketing Mistakes That Most Businesses Make
Thanks Kim!
And the funny part is, “lock in” strategies work extremely well
and usually, they’re not necessarily expensive in order to implement.
And they’re great for helping establish the price for selling a business,
and sometimes a practice as well.
Thanks for stopping by and sharing your real world insights Kim!I
definitely appreciate it!
Mark Newsome recently posted…Three Really Simple Ways Savvy Small Business Owners Consistently Increase Their Profits With Less Effort!