1,001 Ways to Improve Your Business #998:

 

Extend your product or service
Consider how you could add new life (meaning new sales) to your existing product or service. For example, people who buy your product might be interested in a warranty. Or there might be a whole new market for a used version of your product. Find other companies that produce similar products who do not sell in your territory, form a partnership and sell each others products respectively. If you provide a service, think of ways to be invaluable to your customers and prospects. Use your website to provide solutions and offer up-to-date information about your industry. Get out there and make it happen!

1,001 Ways to Improve Your Business #999:

Develop a new brand identity
Your brand identity is how customers and prospects view your business. And if you haven’t thought about your brand for awhile, then it might be time to take a look it. Start with printed marketing materials. When was the last time your business cards, brochures and sales sheets were created? For example, if your brochures have dust on them, it might be time to get a marketing firm to help re-design your image. There are also many new and exciting ways to promote your business online. Keep a consistent brand identity on your website as well.

1,001 Ways to Improve Your Business #1,000:

The customer is always right… always 
Don’t take this phrase for granted. We all have heard of customer-service horror stories (and maybe experienced a few). It’s easy to take care of customers when things are going well. But the rubber meets the road when a serious problem arises. It doesn’t matter who’s at fault. That’s when your business can shine. Make a point to solve any problems that a customer might have immediately. The bigger the problem, the bigger the solution. Satisfied customers turn into repeat, long-term customers. Remember who pays the bills.

1,001 Ways to Improve Your Business #1,001:

Establish an annual marketing budget
You plan a budget for vacations, right? So it’s a good idea to establish an annual marketing budget for your business (and increase your budget for gas this year). Include a breakdown of all costs including website marketing and advertising placement. Include the budget as a part of your overall marketing plan and measure the results of your company’s spending during the year. This enables you to determine what works and what doesn’t. A good rule of thumb for your marketing budget is 3% to 5% of projected annual sales. Retail businesses typically budget 7% to 10% of annual sales for their marketing budgets.

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