From: Branston Adams
Chartered Certified Accountants & Savvy Panellists
Suite 2, Victoria House, South Street, Farnham, Surrey. GU9 7QU
Tel: +44 (0) 1252 728 598 Fax: +44 (0) 1252 728 652
Email: paul@taxaccountancy.com
http://www.branstonadams.co.uk
Tomorrow: “Should You Increase Your National Insurance Contributions?”
You can download the newsletter in full by visiting
http://www.branstonadams.co.uk/newsletters.htm
Introduction
Maintaining your existing customer-base is invariably less costly than generating new business. Consider the following low-risk strategies.
Responding to current trends
Researching current trends in the market and observing how your customers and competitors are responding will allow you to adjust your products or services accordingly, and to compile
a clear and consistent marketing message which demonstrates how you can meet the changing needs of customers.
Increasing cross-selling and upselling
Cross-selling and upselling to existing customers are cost-effective ways of increasing revenue. Make sure your customers are aware of the other products and services
you can provide and offer them incentives to increase the volume and range of their existing orders.
Rewarding loyalty
Offering a loyalty scheme for long-standing and valued customers can show your appreciation and help to secure future business. Consider including loyalty vouchers to encourage your customers to try your other products or services; these can be a preferable alternative to cutting prices and will not devalue your business.
Keeping in regular contact
It is important to keep the lines of communication open. You might send a regular newsletter to your top customers, offering useful information and advice while
promoting your services. Contact customers by telephone to discuss how you can help them further, and if appropriate offer to arrange a meeting.
Generating new leads
As well as working to maintain existing customers, businesses must also continue to target prospects. By instigating some low-cost marketing strategies, you could even turn the situation to your advantage by gaining market share from your competitors.
Encouraging referrals and recommendations
Setting up a cross-referral system with your suppliers, an other businesses that complement yours, is an effective way of generating mutually beneficial leads. You can
also use incentives to encourage existing customers to recommend your business.
Networking
Attending conferences, networking events, trade shows or lunches can generate significant new business opportunities. You can improve your success rate by researching the details
of the events beforehand and selecting those which are most likely to generate useful contacts.
Your business website
A well-designed and up-to-date company website provides both prospects and customers with 24-hour access to your products and services, and can be an
effective and low-cost way of generating sales. Make it easy for visitors to find information and place orders, and include your website address on all correspondence.
Electronic marketing
Sending a monthly email update containing news, information and useful tips is another cost-effective way of keeping in regular contact with both customers and prospects, and
reminding them of how you can be of assistance.
Marketing your business in a downturn
During times of economic difficulty, the marketing budget is often one of the first casualties. However, in a recession it is more important than ever to promote awareness of your
business, protect your existing customer base and to be well-positioned when the economy picks up. In an economic downturn, it is essential to find ways of securing new and repeat business. With careful planning you could even improve your business’s prospects in the long-term.