Well, it’s that time of year! Spring-cleaning season is upon us.
Picture courtesy of smallbiztrends.com
While you may have already started, or even finished, spring cleaning your home, it’s the perfect time to “spring clean” your business, as well. This is something you should do every year, no matter how large or small your company. You cannot gauge the effectiveness of any changes you’ve made throughout the year without analyzing the benefits and bottom line.
Here are 10 questions to get you started:
01: How do your year-to-date sales compare to the last couple of years? Don’t be satisfied if you managed to match them because if sales stayed the same then you’ve achieved zero growth. With inflation, this flat growth line is a warning sign for more trouble down the road.
02: What percentage of your business is from repeat clients? This is important to know because if it’s too low, then something isn’t working right and needs to be re-evaluated. You need to ask yourself why your clients aren’t coming back to you. The estimated cost of getting a new client versus retaining an existing one can be as much as five to one in terms of dollars spent. Keeping clients is more cost-effective than constantly seeking new ones.
03: Have you updated your website lately? A fresh website design is a key to online marketing, because styles, trends and technologies are always changing. Make sure your website reflects your business style and communicates effectively your company’s point of view. And a big plus, making regular changes to your website can help improve your site’s ranking in search engines.
04: Do you consider marketing and advertising expenses or investments? How you look at the money spent in these areas affects your willingness to spend money at all. Would you look at prescriptions as a waste of money? Marketing is really investing in you, your vision and your company. The old adage that you must spend money to make money is true, but you must spend it wisely. Spend it on ads that are bringing in responses and orders, and if they’re not, you need to change things up. If you are spending money on ineffective advertising, you might as well be throwing your money in the trash.
05: Do you know what PR is and how to use it positively to position your business in the media? I’ll bet that at least one of your competitors does. Nearly every mention of a company or business in newspapers and magazines is a direct result of publicity efforts. Being quoted or featured in an article speaks volumes to your clients and readers who are your potential prospects. A good PR consultant can do that for you and show you ways to extend the shelf life of that article beyond its publication. (Check out Shannon Cherry The Power Publicist for some AWESOME PR tips and a FREE Publicity Power Pack.)
06: How long has it been since you offered a new product or service? Loyal clients like to see you changing and progressing with the times. If you’re stuck for an idea, ask your clients what they need.
07: Do you treat your regular clients better than your “drop-ins”? You should. If your clients don’t feel special when coming to you for products or services, why should they remain loyal to you? Have a client appreciation day or a special invitation only offer for your regulars. Create a mailing list and send occasional post cards or greeting cards for special events or just to keep in touch.
08: How long has it been since you really talked to one of your clients? Just as you appreciate when your doctor takes time to talk to you, your clients will appreciate you if you take an interest in their needs. If you have a service business, have lunch or coffee periodically with some local clients – even if they only contact you once or twice a year. The personal touch in an impersonal world will be remembered.
09: How is your business doing compared to your competition? Every company, no matter what the size, has competition – even home-based businesses. Is their business growing or downsizing? Is their pricing or service better than yours? If so, what can you tell potential clients about the price difference? Think about how you can improve your service to meet or exceed your client’s expectations.
10: Do you have a newsletter, eZine or Blog (separate from your regular website)? If not, you should! Your eZine or blog posts don’t have to be long, drawn out pieces; they are perfect places to share success stories, Q&A sessions and photographs of events your company is involved in and requesting current clients to forward your info to friends and acquaintances that might be interested in your services. It’s good to keep things light, and even add a little personal touch to attract readers. (Visit Michelle PW for excellent marketing tips and to sign up for her free report 10 Ways to Make Your Marketing More Creative.)
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