How to stimulate more business part 2

Posted November 12th, 2007 by Dr James Pratt

Let's pick up with going down our list of seven strategies that can help you stimulate new business, increase business from existent customers and build repeat business. Let me remind you that you may not be able to use all of them in your business, but you can certainly use some of them.

In my last blog, I spoke about the first two - a frequent buyer program and discounting. Let's continue where we left off.

#3) The use of premiums. A premium offer essentially says, "Buy this, get this free." This is an extremely effective marketing strategy suitable for many different types of businesses.

One of the most interesting uses of premiums that I've seen develop as a trend in recent years is the use of premiums attractive to individuals tied to business products and services, such as a free color TV or VCR with the purchase of a certain amount of office supplies. In effect this type of offer let's the business customer spend tax deductible business dollars for supplies and receive free and tax-free a gift he/she will use personally in his/her home.

#4) Packaging of different products or services together.

This is a marketing strategy usually used to increase the average purchase size.

#5) The sale of prepay agreements. You're familiar with this in the health spa and exercise salon business. You pay say $395.00 for a membership that entitles you to use the facilities 'X' number of times or for 'X' length of time rather than paying as you go per visit.

The same idea is applicable to many different businesses and it even presents an interesting opportunity for the small business person to raise operating capital. With this technique, operating capital can actually be raised from customers by collecting in advance for future business.

Let's take a restaurant for example. The restaurant owner could sell a membership card good for twenty-five dinners, anything on the menu, for $249.00. If purchased onezy, twozy, the average dinner might be $11.95 or $12.95 costing the customer over $300.00. So by purchasing the card in advance the customer saves about $50.00. He can just sign his check and not have to pay as he goes, plus maybe receive guaranteed reservations with short notice or some other perk as well. The restaurant owner who sells 50 of these memberships collects over $12,000.00 in a hurry.

In your next Successful Marketing Strategy blog that you'll be receiving in just a couple of days, I'll finish up the last two strategies that can help you stimulate new business, increase business from existent customers and build repeat business. (By the way, #7 is the single most effective marketing strategy that any business can use to build customer loyalty, to retain customers and to stimulate more frequent purchasing.)


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