Here is another topic i discovered reading a book about Business and i would like to share it to you readers in today's post. Today, you will learn 10 ideas you can use to turn your business into a tripple income source, that is if you can apply them accordingly. In the near future when i will be setting up my own business, i will be very happy to apply all these ideas to my business activities to achieve better results. But for now this is for those who already have one or two businesses of their own as well as aspiring business owners like me.
Here it is...
The first place to start in trying to make money is your present business. If you have a business at the moment, whether it’s a small business or growing business, I dare you to implement the following ideas and see how much more the business can really generate for you.
Idea #1: Turn your customers into salespeople: The best form of marketing is word of mouth marketing. One form of word of mouth marketing is personally telling others about your product and service. That is powerful but it is not as powerful as other people telling other people about your products. When people begin to tell others about your product and services and how profitable they are, CREDIBILITY BUILDS and your sale gets on a jet-speed. If you already have an affiliate system in your business, it’s time to start promoting it. It’s time to start telling people about it, putting as much effort as you put into trying to make sales on that affiliate opportunity as well. Customer referrals can be an effective way to tap into your current customer base and explore new revenue streams.
Idea #2: Give out Something Valuable for free and Do it Regularly, Consistently and for a Long Time. Free is the most powerful word in marketing. Nothing comes close. If you can use the concept of free properly in your business, there is no way you won’t see instant results. I’ve tested this over and over again and it works all the time. At times, it’s possible you can’t give your product out for free but why not try the trial version? There is always a way of to find out valuable stuff you can keep giving out for free. The secret is you’ll build follower-ship and make people take you seriously and ask for your paid product as time goes on.
Idea #3: Learn how to automate. If too much of your time is being spent on tasks that could be automated, it pays to figure out a technological solution. Technology can empower your business, helping you improve efficiencies and even expand operations. But to use that technology well, you must balance your needs with the realities of how you do business. That means understanding not only which technology to invest in, but also how it will affect your operations and how to maximize your returns on that investment.
Idea #4: Develop New Products or Add Value-Added Services or Products to Your Current Business: Innovative companies understand that in order to grow, they must continue to develop new products and services.“No executive today is unaware of the strategic need for winning new products,” writes Robert G. Cooper in his book, Product Leadership: Creating and Launching Superior New Products. “And so the pressure is on virtually every leadership team to deliver great new products. The new corporate motto is ‘innovate or die.’” Value added services added to your resent business could be a great way to get this going. Some examples are: A carpet cleaner selling bottles of spot remover, a store selling kitchenware offering cooking lessons, a seminar on investment strategies in tough economic times, a farm that sells produce offering a vegetable delivery service. These are all examples of adding value-added products that customers and clients might be willing to pay money for. Make more money by examining your products and services and brainstorming services or products that your customers might be interested in. Then choose the one you think will make the most money for your business and test it.
Idea #5: Penetrate New Markets: The Obama administration has advocated for small businesses to push into global markets. It’s time we all begin to explore beyond the borders. There are hundreds of emerging markets like China where little is known about marketing and consumer culture. But hey! If you think this is too much for you right now, why not start by learning how to leverage the internet to sell beyond borders. Go think my friend!
Idea #6: Entice Your Current Customers to Buy More: There is a maxim that says, it’s easier to sell to those who have bought from you before. One of the easiest ways to make more money is often overlooked; getting your current customers to buy more of your products and/or services. If you have a promotion or sale coming up, tell your customers about it beforehand. They’ll come back – and probably bring some friends with them too. And don't forget - you can give your customers the inside scoop by emailing or calling them, too. There are all kinds of ways that you can show your regular customers that you value them, from small things such as greeting them by name through larger benefits such as giving regulars extended credit or discounts. Attracting new customers is a good thing. But attracting new customers is not the only way to increase your sales, and is, in fact, the hard way of going about it. Enticing your current customers can make increasing your sales easier – and best of all, build the customer loyalty that results in repeat sales.
Idea #7: Practice the Pareto Principle: 20% of what you do generate 80% of your results while 80% of what you do generate 20% results. It’s not always easy to completely nail this 20% action area in one’s life and concentrate on them. But as much as you can, find the small things you do that bring in big results and spend more of your efforts on those things, while you delegate the other major things you do that bring in just tiny results.
Idea #8: Partner with Your Employees: If your business has employees, there’s a good chance you’ll squeeze out more business success from that business by making your employees your partners instead. It’s not by making them shareholders, but by creating the impression in them that they have more stakes in the business with you and removing the salary mentality from them. Make them see themselves as partners and not just your staff. As often as possible reward excellence and celebrate it long enough.
Idea #9: Partner with the Universe: There’s this other aspect of success that you and I need to employ more in our lives. I call it partnering with the universe. By that I mean making quality contributions towards the well being of our environment and society. It’s a fact that any attempt we make towards the happiness of others comes back to our lives multiplied. As much as you can, make it a regular habit to make contributions that contribute to the happiness of others. These could be in the form of donations, gifts to the under privileged, etc.
Idea #10: Partner with the Big G: In as much as I would not like to sound spiritual in a business manual, I’d like to state that I believe that wholesome success requires some kind of spiritual favor. I always recommend that business people learn to partner with the BIG G in their endeavors through regular prayers, meditations and spiritual exercises. Pray and seek wisdom and direction regularly concerning your business.
I hope this was helpful. Leave your comments to know what you think about it.
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