Business Tips Blog
Enjoy Evan’s easy-to-use advice for your business.
How to Make Discounts More Profitable
“Looking for a jump in business? Have a sale!” “Want them to buy? Offer a discount!” That’s the conventional wisdom, and indeed it works…but at the expense of profit! Nonetheless, so many businesses I work with find themselves slaves to discounts in order to keep the sales coming. Discounts, discounts, and more discounts. It doesn’t need to be this way! I’ll show you how to keep the persuasive power of discounts, but make them way more profitable. Discounts are Sticky, and Messy The problem with discounts–in addition to the profit you give up–is that they reduce the perceived value of your product or service. In other words, if X normally sells for $100, and you’re discounting it to $80, you are teaching me that it’s only worth $80. Next time I want to buy, I only feel it’s worth $80. I’m more likely to wait for the next sale (if …
An Interview with Evan on Entrepreneurship
This week, The Corner, a European business journal, caught up with me for an interview about how I started my business, and my suggestions for how entrepreneurs can reach new heights. Click HERE to read the interview, titled Getting ‘likes’ on Facebook or Twitter followers to your company is useless.
Create Your Annual Growth Strategy in 20 Minutes
Want this year to be a lot better than the last? Not sure where to focus to maximize growth? For most of us, our head is spinning with tons of ideas, and our to list is full of issues to address. It’s hard to get perspective on the big picture. The quickest and most powerful way I know to make your growth strategy is a “SWOT analysis.” I recommending doing this simple exercise at least once a year. It allows you to get your head out of the weeds, see at the big picture, and think strategically about growth. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats … and doing the analysis is as simple as brainstorming on these four areas. Paint the Big Picture…Strategically A SWOT analysis helps you look comprehensively at both positives and negatives of your current business situation, as well as considering factors outside your company, …
Holiday Rewards for Your Best Customers…and for Your Business
If you’re like most businesses, a handful of customers are responsible for a large amount of your business. Here’s a great way to thank them this holiday season, while helping boost your year-end sales! This technique comes from my Aunt Sandy, who’s used it in her store to boost holiday sales for years. Send your best customers a gift card, and include a matching gift card for a friend. Aunt Sandy sends a $50 certificate as a thank you to her top customers, and includes a matching $50 certificate for a friend. People really appreciate being thanked for being loyal customers. They’ll feel special and happy to be recognized, and an even greater affinity for your business. (Note: If your business is project-based, a gift card might not make sense. In this case, what is a small but helpful service you can offer, to thank your best customers? A graphic …
Are Your Customers Happy Enough?
Most of your customers like buying from you. Some LOVE you. And some…well you can’t please them all. But are your customers happy ENOUGH? Have they been getting happier over time? Or could your product or service quality be slipping a bit? How do you know for sure? Fortunately, there’s one simple way to know if your customers are happy enough. You only need to ask them a single question: [two_third][pullquote3 quotes=”true” align=”center” variation=”blue”]How likely are you to recommend us to a friend or colleague?[/pullquote3][/two_third][one_third_last][/one_third_last] Ask them to answer on a scale of 0 (not likely at all) to 10 (extremely likely). There’s a TON of research behind why this is the ONE question you need to ask. I’ll spare you the details, but it boils down to this: If people are going to stake their reputation and recommend you, you’re doing great! If they won’t, then you’ve got some …