Balancing Act

If you run a retail or service business there is a good chance that you are letting money slip out the door. The worst part is that you probably do not realize that you are doing it.

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Many business owners focus on the transaction in front of them. In other words a customer comes in, finds something he or she fancies, pays for it and the sales process is complete.

Not so fast there….

What about the tire kickers? You know, the people who come in and take a look, maybe even ask a few questions and then hit the road without purchasing your product or service.

How will you attract that customer back in to buy from you?

From now on you are going to make a point of capturing your customer’s name and contact information, that’s how. Aren’t you glad you asked?

The true opportunity for profit is not necessarily on the first visit. The real money is made on the come back. Depending on what it is you are selling, the first visit may be for research. In other instances you may be able to connect with your client to come back to buy more of your widgets. You do want to sell widgets, don’t you?

Aside from the new found sales that you will receive from this simple idea, you will also be able to make the most of your marketing dollars by attracting a customer who already knows your business.

One low pressure way to get patrons to part with their name and contact information is to offer a signup sheet. Give them an incentive to share this information with you, like offering special sales or tips via an email newsletter. Nothing works better than bribing your customer with an inside deal.

So once you have this information, you need to use it properly. Now no one likes spam. However, if you can offer discounts and information that your customers will find useful, not only will your customers not treat your offers like spam, they will actually look forward to hearing from you. Send news about your offerings and for that matter share noteworthy events and happenings.

Keep in mind that this is a five part process:

First - You have to gather the data.
Second - You must keep that data secure (customers hate losing control of their personal information).
Third - Build your customer database.
Fourth - Create targeted offers for your customers.
Fifth - Track your sales results to improve and refine your offers.

Done correctly, you will be able to generate better sales results and have happier, more loyal customers.

So how much money are you giving away in your business?