Even if you are planning of selling your business it doesn’t mean that you shouldn’t work towards maximizing your returns. If you want to increase your profits here are the tips that you should follow:
This is where you add a related product or service to your usual line and make it convenient and necessary for the customer to buy it. You should note that placing more products near the usual products won’t increase your sales and profits-you need to show your customers the benefit of the new products or services.
For example, if you sell carpet cleaning products, you can start selling pet stain removal products. When a client comes to buy the carpet cleaning solution, you should demonstrate how it works and you are bound to increase your sales.
Give your customers the inside scoop
This will not only increase your margins but it will also increase your loyalty. For example, if you will be offering discounts during a given week, you should let your customers know about it in advance so that they can come during that week and buy the products at low prices. This also applies when you have a new and better product.
Have a customer rewards program
Although, reward programs are common with large businesses, there is no reason why you can’t have them in your small business. The program can be as simple as rewarding a customer during his/her birthday.
You can also allow the customer to earn a number of points when he/she buys products from you. If you do it right, you will not only increase your sales with this technique, but you will also greatly build the loyalty of your customers.
Tier your customers
To increase loyalty of your customers you should let it be clear that you have great value for your regular customers. You can show this by doing something simple as greeting your customers by their name. You can also give the customers extended credits or discounts.
If you have many products, you can give some of them as gifts to your regular customers especially during special occasions.
These are some of the ways in which you can maximize your returns even if you want to sell your business. The cool thing with increasing your profits is that you increase the value of your business which means that you sell the business at a higher price.