Practical tips to improve your business

Measure: Start out a key to your business thorough control of all aspects and metrics (much did it cost to get a new customer, which products generate higher margin, what is the ROI of each of the advertising media used …). Make decisions based on data, rather than on feelings, often it helps refine business processes and achieve greater profitability.

Apply the law: Typically given that 20% of your activities / customers produce 80% of revenues and / or 20% of your activities / customers consume 80% of your time. Concentrate your efforts on activities and 20% of customers who contribute most to your business and leave in the background the less profitable and more “absorbent” customers. Companies are created for profit, not for much activity and many customers without margin.

Warranty: Companies that provide a solid and reliable guarantee of their products / services have a strong selling point that differentiates them from the competition. There are studies that prove that usually only 1 or 2% of your customers make use of the guarantees, so is a very profitable economically competitive advantage, at the same time easy to get.

Loyalty: Getting a new customer costs 5 times more to an existing customer loyalty (even more in some cases). Integral loyalty programs, promotions, discounts for repeat purchases …

USA Testimonials: People trust the opinions of others when buying. Try to get testimonials and case studies that demonstrate your potential customers how your product / service has benefited other clients.

Encourages word of mouth: It establishes a program for which your current customers (who are supposed to be happy with your services / products) can profit by talking about your business to other potential customers. For example, you can give them a discount on their next purchase for every new customer they bring you.

Reports: Start a electronic newsletter (newsletter) or a corporate blog to be in regular contact with your customers and prospects. You can also use this way to announce new products, cross-selling to …

Get involved: Start a campaign to change something in your market or in the world. Supports an NGO, develops initiatives favoring organizations with social purposes, give your products to solidarity campaigns …

Cross Selling: Analyze what other products or services may interest you consumers who have already purchased. Once you have made the first purchase, there are more chances that you buy something else. Also, you probably have some information about your interests, what you can offer specific products that best suit each client.

Team up: Increasingly a key advantage of all the possibilities of collaboration and synergies in the market. It is the rare business that can not find other companies we work together and get benefits. Through strategic alliances can gain access to new markets, customers, technologies, workforce, media promotion … All this without having to invest in developing these resources within your own company.

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