01 Jan How To Avoid Losing Money In A Highly Competitive Market?
There are many reasons why we lose money. Despite the highly competitive market, it is still possible for to gain profit and ensure long-term survivability:
• Apply a Proper System:
A good business will always have a reliable system in place so they can provide better service for their customers. As an example, we could provide our client with a detailed breakdown of cost for our service, because it is less tangible than physical products. These cost components may include labor, parts and others. However, honesty is still an essential part of ensuring a lifelong relationship with our customers. It will infuriate our customers if we hide any fee from them.
• Detail Any Deficiency:
It is actually a good idea to be honest about details of our faults. It may not be so easy to do this, because businesspeople typically say good things about their products. However, we should make sure that these faults are insignificant and won’t prevent consumers from buying products from us. Consumers will think that we are being honest about our condition. In this case, we should make notes and honestly criticize ourselves. We should do this until there’s nothing left to criticize. We should take a special notebook with us, so we can jot down everything that’s necessary.
• Focus on your Target Market:
It is important for us to properly identify our target market and properly find out what people are looking for. It doesn’t hurt to say to our potential customers that we provide effective and efficient solutions at anytime. We should be ready to pounce on those included in our target market. This is particularly useful if we have limited resources and unable to outreach the general public.
• Choose Low-cost Advertising Solutions:
Without doubt, advertising can be particularly expensive, but it’s possible to choose advertising solutions that don’t require us to pay much. If there’s no one visiting our shop, we could always stand outside our ship and distribute flyers while being friendly to everyone.
• We could also Wear Clothes with Logo and Address of Our Store:
We may also designate our car as a company vehicle and put signs on them, including phone number, email, address and other details. In a month, there would be at least a hundred of people reading at our signs while we are driving on crowded roads. If we are creative, there are actually low cost options that can provide us with highly effective advertising methods. Online presence is also an efficient way for announcing ourselves. It is also a place where we can use attention-grabbing logo, catchphrase or slogan.
• Keep things Organized:
We should make sure that our shops and work areas are perfectly tidy. We may also need to properly organize our doorways, offices, company vehicles and even toilets. These are things that customers may often see. Cluttered workplace will result in cluttered mind, so we should stay productive by doing the right things. We may need to start new routines and keep everything presentable and clean at all times.