People go into business for different reasons, but one thing that can almost be taken for granted is that everybody wants to make a profit.Otherwise you might as well be throwing cash away! We all know that profit is the key to a successful business, yet some of us are unknowingly cutting into our returns without knowing it. Here are 5 ways you could be damaging your income without knowing it.
Weak Customer Service
Customer service today has changed a lot from what it used to be. There was a time when this department existed only to deal with the odd complaint or issue, otherwise functioning as a courtesy check and gathering feedback from customers. Since the advent of the internet, people don’t need to mail letters or make phone calls to deal with issues anymore. Instead they can just go online and send an e-mail or even chat live – which means customer service is a lot busier than in the past, and has to deal with many more issues.
Of course the changes in the way customer service works means there should be changes in how it operates. The best solution is to use some good automation software to direct your customers to the proper department. Doing this keeps your customers informed, happy and also allows you to deal with any problems early. Take some time to find the advanced sales automation CRM you need and watch the difference it makes.
Lack of Presence in Your Niche
If you aren’t prominent in your niche, then you’re going to be missing business. Create a presence, connect with influencers and push your brand out there. This is also an area where content makes a big difference. If people come across your videos on YouTube or your blog posts naturally when exploring the niche, it makes them more likely to connect with your brand.
You want people who already know about your brand to promote it because nothing is trusted as much as recommendations from a friend.Giveaways and offers incentivise your customers to do this type of marketing for you and capture another piece of the market.
Under-pricing yourself is one of the biggest mistakes made by businesses. There are plenty of companies who leave a piece of the pie on the table by not pricing adequately. Remember you are providing a product or service which is needed and in demand, so the reward should be appropriate. Explore price changes gradually though and be creative with this process. Some brands have reduced the size of their product rather than adjust price, since it’s less noticeable.
Not Marketing Enough
Finally, if you aren’t getting in front of enough eyeballs when it matters most, you’re missing out on sales – which means missing out on income. Using ads and other marketing techniques, you can get in front of the right people at the right time. For example, a cleaning service might run ads before a “how to get stains out” video to capture pre-qualified customers. This is the type of marketing you need to be focusing on, capturing people who are already pre-qualified for what you offer. Think about where you would find them and what they would be doing when you want them to discover your offer. From there, it’s a matter of keeping them happy and moving them along the chain.