Do You Need Profit Improvement For Your Business – Post 5
Would you like to increase your business’s profit? If your answer to the question is YES, then read on.
As mentioned in my previous posts there are various big-ticket items that can be included in your Profit Improvement Plan, the implementation of which can have an immediate impact and positively increase your business’s profit.
This is the fifth in this series of posts covering the big-ticket items that can help make the difference and boost your business’s bottom line:
Customer Analysis and Retention
This fundamental process is one of the most powerful tools in business. Remember, it is far cheaper to retain and grow your existing customer base than to find new customer markets.
But h𝗼𝘄 𝗱𝗼 you go about it?
By conducting a Customer Analysis to see what is happening with your existing customer base which includes, but is not limited to:
- Monitoring historical customer sales patterns and their share of your business’s sales
- Analysing what your customers are buying and buying trends
- Identifying new customers by market sector and product purchases
- Identifying declining customers by market sector and product, then contacting them to see either what you can do better or how you can help to support their business
Because a customer/sales analysis will not only identify movements in existing customer sales but also highlight markets that are ripe for potential growth, the next step is to review and update your Marketing Plan to ensure it is tailored to:
- Current customers – 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗿𝗲𝘁𝗲𝗻𝘁𝗶𝗼𝗻
2. Prospective customers in your target markets – 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗴𝗿𝗼𝘄𝘁𝗵
3. Your product offering – 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗴𝗿𝗼𝘄𝘁𝗵
Easier said than done? Not when you involve Into The Blue NZ Limited. We are not only experts in Customer Analysis but can also identify significant customer retention trends and new sales opportunities that can be included in your Profit Improvement Plans (see other posts in the Big-Ticket Items series).
And we’re not afraid to put our money where our mouth is because, if you engage us, Into the Blue offers most mature businesses a Zero-Risk policy… No Improvement – No Fees.
For more information please either reply to this post or email profit@intotheblue.co.nz
For more information on creating or improving a business model please call John on (021) 625-871, and further more information please visit Into the Blue.
