How to identify the best customers for your business?
There is absolutely no need to use your business resources on marketing, if the targeted people are not likely to become you customers. For sustainable business success, you have to focus your efforts and resources on people with likelihood of becoming your clients. But how do you know who to target and who not to?
The Easiest Way To Identify The Right Customers For Your Business
The easiest way to know the right people to target is by studying your current and past customers. Keeping proper records of your customers make this process easier, faster and guarantee much success. Information on how they found your business, what they bought and when it happened is very important when planning how to spend your resources on advertising and marketing.
Then go ahead and match this information with your advertising and marketing programs. From these you can establish when you did increase sales. What kind of marketing strategies seemed to attract more sales? When was the number of new customers highest? What type of advertising worked effectively? Write down the methods and strategies that delivered results and what failed.
Implement the effective and efficient methods from your list. This is just one way of ensuring that marketing and advertising resources are being used on right people, or in other words, you are targeting the very potential customers.
Why Do You Need To Include Risk Management In Business Plan?
Every business plan focuses on an action plan that will lead to successful business. But there are usually risks that are involved in every venture. These business risks can be predictable or not anticipated at all. Including risk management in your business plan is therefore extremely important.
It’s crucial in the planning stages of every business to conduct a risk assessment associated with your circumstances, market or niche. This helps to identify potential risks to your business, and subsequently create a risk management plan to mitigate or prevent occurrences detrimental to the business. Theft, natural disasters, industry regulation, fire, cash flow problems are examples of potential risks.
What are the benefits of having a risk management plan for your business?
Plans for Preventative Measures
Some risks if identified beforehand can be avoided or altogether neutralized. Therefore by investing some resources in risk management, you avoid these kinds of risks which would otherwise cause immeasurable damage if not planned for.
Plans for Damage Control
Even with risk management, some risks can’t always be avoided. These risks pose significant damage if they do occur. Usually the research indicates their existence but also predicts a small probability of them occurring.
Risks such as these require plans that will minimize the damage. The key is to recognize them early enough so as to implement any plan aimed at discontinuing further damage.Left unchecked long enough some of these risks can destroy a business. Your intent is to simply stop further damage and quickly. Having an action plan already in place will allow you to do that.
Creates Greater Market Awareness
Through your risk assessment, you are exposed to greater understanding of the market itself. This exposure and insight can only serve as an asset, and will come in handy during marketing strategy.
Benefits Of Rewarding Customers With Loyalty Programs
Loyalty program can be viewed as giving up a little now in order to get a lot back in the future. It is simply an investment. Instituting a loyalty programs in your business is a long term investment. There must be resources to be used and time committed to this venture before the results can be seen or achieved.
Below are some benefits enjoyed by businesses rewarding their customers with loyalty programs.
Building Brand Image
It’s one of the major reasons of rewarding customers with loyalty programs. Building business brand ensures sustainability and success. It is one way relatively new and small businesses use to make their presence in the market felt.
Though loyalty programs decrease business earnings in the short term, they eventually increase them in the long term. A firm aiming to get more sales for its product can use loyalty program. Rewarded customers reciprocate their happiness by buying more.
New source of customers
A company offering a loyalty program to its customers has high chances of attracting new clients. This way the business remains competitive and thus more profitable.