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Atricle Dump - How To Grow Your Business On A Shoestring Budget
The first point to make about Royalties is that good Franchise systems should look at them not as a payment but rather as a remittance. It is the Franchisor’s share of the income derived from customers or clients. The Franchisee collects that fee along with all other revenues from the customer.It’s an important concept because it emphasizes that the customer ultimately pays for everything, including the Franchisor’s royalty, the Franchisee’s overhead, all costs of sales, employee’s salaries, and the Franchisee’s profit. Therefore it’s all about the customer – as it should be.The Franchisee should want the Franchisor to earn a significant amount of royalties because that’s re
All these are very cheap and easy to administer, loyalty programs. The key is to have a small, cheap to print card (do it on your home computer if you like), and the low cost of fulfilling the reward, such as a cup of coffee that costs just a few cents, compared with the value the customer perceives.
If you’re an accountant who charges $195 per hour to do work for your clients, but you have 5 spare hours each week, where’s the cost to you in offering a free 30 minute tax, investment or business consultation valued at $97.50, for time that otherwise may be idle, yet can give you
Commercial property, industrial units and offices are becoming more and more valuable to their owners. Whether bought to use by the owner or bought to let to other businesses, the value of these units and offices have huge potential for long term capital gain.Every business whether service based or manufacturing needs premises to operate from and this is what makes industrial units and commercial property so valuable. Owning a commercial property gives a business a major advantage. It increases the value of a business hugely and means that a company has a valuable asset which can be used in various different ways. Firstly, owning and using the property eliminates rental bills incur
1. Get more customers; 2. Get your customers to buy more; 3. Get your customers to buy more often.
The tactics to cover all three ways would fill a 190 page book* so, in this article, we’ll cover just one component of one of the three strategies, getting your customers to buy more often.
OK! So you want me to prove that I know what I am talking about, hmm?
How can you encourage customers to buy more often? Big businesses do it with loyalty programs. Airlines do have their frequent flier programs. Credit Card companies have their Rewards programs. Many large oil companies, department stores have loyalty programs.
But they all have one thing in common. They’re BIG!
But what if you’re a small or medium business. How can you afford to set up and administer one of these loyalty programs? How can a corner deli, a small hairdresser, a local hardware store, absorb all these costs? How can you compete?
That’s a lot of questions. Let’s answer them for you.
Most small businesses, and probably you too, have said, I can’t compete with these giants and their loyalty programs, they are just too costly for my business.
One way is to co-operate with other, non-competing businesses, where a number of you in a locality or mall, get together and share the costs of the venture, thereby reducing the individual cost. That’s worth thinking about. But that’s not what we’re here to help you with today.
Every business needs, and should have, a loyalty program. That’s a fact of life.
And you can have one too… Today!
It won’t cost you an arm and a leg to set up, and it won’t cost the other arm and leg to run. Nor will it take much of your time. It’s quick, easy and you can have it today.
So Listen up!
Have you ever used a Subway® store for a quick snack or lunch? When you pay for your meal they give you a stamp to stick on your little loyalty card. When your card is full, you get a free sub. That’s a loyalty program and it is easy and cheap to run. The cards and little stamps are cheap to print. The fulfilment cost is of the free sub is minimal, yet the perceived value is the price of the meal. “Yea, but,” you say, “they’re a big company.”
Yes they are, but they’re program is “el cheapo.” And it works!
Coffee shops offer a similar card, with a stamp or a “clipped” section. After 8 to 10 paid coffees, you get one free. They get you to buy 8 or 10 coffees at full price and then they reward you with a free coffee. Again, cards are cheap to print and the fulfilment cost is about 10% to 15% of the price of the cup of coffee. Yet your perceived value is the full price of the coffee.
A fresh chicken shop gives away a small cheaply printed card with a purchase of chicken. The card says that if you purchase 4 lots of chicken priced at $25 or more, they will give you $5 of chicken free. The card is good for 12 visits so you can be expected to buy at least $300 worth of fresh chicken and chicken products. For that you will get a perceived value of a total $15 of fresh chicken which will cost the store about $7 or $8 to fulfil. That’s about 2.5%. Is that costly, or too much trouble. Hardly!
An airport parking company offers a similar card, giving one free parking after you pay to park 4 times. They use a small rubber stamp to mark the card each time you park there. As the turnover of cars parked in the lot is high, the actual cost to the company is virtually nil, yet your saving is the perceived cost of a single time park at the lot.
All these are very cheap and easy to administer, loyalty programs. The key is to have a small, cheap to print card (do it on your home computer if you like), and the low cost of fulfilling the reward, such as a cup of coffee that costs just a few cents, compared with the value the customer perceives.
If you’re an accountant who charges $195 per hour to do work for your clients, but you have 5 spare hours each week, where’s the cost to you in offering a free 30 minute tax, investment or business consultation valued at $97.50, for time that otherwise may be idle, yet can give you
Imagine for a moment that you get a call from a good friend…They invite you to dinner to discuss something “very important”. You have no clue what this “very important” subject is, but they’ve peaked your curiosity and accept their invitation. You have other things to do but are dying to know what’s so darn important that they’re willing to buy you dinner. After all, this friend is the biggest penny-pincher you know, they never buy you anything, let alone dinner!They pick you up from the office and take you to the nicest restaurant in town. You think to yourself: “Wow, this must be really important if they’re taking me here!”…After a brief wait in the lounge, you a
That’s a lot of questions. Let’s answer them for you.
Most small businesses, and probably you too, have said, I can’t compete with these giants and their loyalty programs, they are just too costly for my business.
One way is to co-operate with other, non-competing businesses, where a number of you in a locality or mall, get together and share the costs of the venture, thereby reducing the individual cost. That’s worth thinking about. But that’s not what we’re here to help you with today.
Every business needs, and should have, a loyalty program. That’s a fact of life.
And you can have one too… Today!
It won’t cost you an arm and a leg to set up, and it won’t cost the other arm and leg to run. Nor will it take much of your time. It’s quick, easy and you can have it today.
So Listen up!
Have you ever used a Subway® store for a quick snack or lunch? When you pay for your meal they give you a stamp to stick on your little loyalty card. When your card is full, you get a free sub. That’s a loyalty program and it is easy and cheap to run. The cards and little stamps are cheap to print. The fulfilment cost is of the free sub is minimal, yet the perceived value is the price of the meal. “Yea, but,” you say, “they’re a big company.”
Yes they are, but they’re program is “el cheapo.” And it works!
Coffee shops offer a similar card, with a stamp or a “clipped” section. After 8 to 10 paid coffees, you get one free. They get you to buy 8 or 10 coffees at full price and then they reward you with a free coffee. Again, cards are cheap to print and the fulfilment cost is about 10% to 15% of the price of the cup of coffee. Yet your perceived value is the full price of the coffee.
A fresh chicken shop gives away a small cheaply printed card with a purchase of chicken. The card says that if you purchase 4 lots of chicken priced at $25 or more, they will give you $5 of chicken free. The card is good for 12 visits so you can be expected to buy at least $300 worth of fresh chicken and chicken products. For that you will get a perceived value of a total $15 of fresh chicken which will cost the store about $7 or $8 to fulfil. That’s about 2.5%. Is that costly, or too much trouble. Hardly!
An airport parking company offers a similar card, giving one free parking after you pay to park 4 times. They use a small rubber stamp to mark the card each time you park there. As the turnover of cars parked in the lot is high, the actual cost to the company is virtually nil, yet your saving is the perceived cost of a single time park at the lot.
All these are very cheap and easy to administer, loyalty programs. The key is to have a small, cheap to print card (do it on your home computer if you like), and the low cost of fulfilling the reward, such as a cup of coffee that costs just a few cents, compared with the value the customer perceives.
If you’re an accountant who charges $195 per hour to do work for your clients, but you have 5 spare hours each week, where’s the cost to you in offering a free 30 minute tax, investment or business consultation valued at $97.50, for time that otherwise may be idle, yet can give you
Working with team members is sometimes not an easy task. If it were, then more people would be on Power Teams. The problem most teams run into is the fact that they have not defined any common goals. If you want to increase your business by fifty percent and the other team members only want ten percent, you have not taken on the right members. When you can align your goals, the group will function much better. You only need to define one goal at first and test it to make sure that everyone is on board. After you have completed at least one project together, you can add more goals. Do not get too carried away with setting goals as this is a loose arrangement and not a corporation.
So Listen up!
Have you ever used a Subway® store for a quick snack or lunch? When you pay for your meal they give you a stamp to stick on your little loyalty card. When your card is full, you get a free sub. That’s a loyalty program and it is easy and cheap to run. The cards and little stamps are cheap to print. The fulfilment cost is of the free sub is minimal, yet the perceived value is the price of the meal. “Yea, but,” you say, “they’re a big company.”
Yes they are, but they’re program is “el cheapo.” And it works!
Coffee shops offer a similar card, with a stamp or a “clipped” section. After 8 to 10 paid coffees, you get one free. They get you to buy 8 or 10 coffees at full price and then they reward you with a free coffee. Again, cards are cheap to print and the fulfilment cost is about 10% to 15% of the price of the cup of coffee. Yet your perceived value is the full price of the coffee.
A fresh chicken shop gives away a small cheaply printed card with a purchase of chicken. The card says that if you purchase 4 lots of chicken priced at $25 or more, they will give you $5 of chicken free. The card is good for 12 visits so you can be expected to buy at least $300 worth of fresh chicken and chicken products. For that you will get a perceived value of a total $15 of fresh chicken which will cost the store about $7 or $8 to fulfil. That’s about 2.5%. Is that costly, or too much trouble. Hardly!
An airport parking company offers a similar card, giving one free parking after you pay to park 4 times. They use a small rubber stamp to mark the card each time you park there. As the turnover of cars parked in the lot is high, the actual cost to the company is virtually nil, yet your saving is the perceived cost of a single time park at the lot.
All these are very cheap and easy to administer, loyalty programs. The key is to have a small, cheap to print card (do it on your home computer if you like), and the low cost of fulfilling the reward, such as a cup of coffee that costs just a few cents, compared with the value the customer perceives.
If you’re an accountant who charges $195 per hour to do work for your clients, but you have 5 spare hours each week, where’s the cost to you in offering a free 30 minute tax, investment or business consultation valued at $97.50, for time that otherwise may be idle, yet can give you
ISO 9000 is an important marketing tool and is recognized world wide. Maintained by the ISO (international standards organization), it is a family of ISO standards for quality management systems. ISO 9000 grew out of British standards institution's BS 5750. The ISO 9000 series are managed by several accreditation and certification bodies. Though the standard was first applied to manufacturing industries, it is now employed across a variety of other types of businesses.Studies show that the history of industrialization has seen lots of standards on quality issues. For instance, during the two world wars, a high percentage of bullets and bombs went off in the factories themselves in
A fresh chicken shop gives away a small cheaply printed card with a purchase of chicken. The card says that if you purchase 4 lots of chicken priced at $25 or more, they will give you $5 of chicken free. The card is good for 12 visits so you can be expected to buy at least $300 worth of fresh chicken and chicken products. For that you will get a perceived value of a total $15 of fresh chicken which will cost the store about $7 or $8 to fulfil. That’s about 2.5%. Is that costly, or too much trouble. Hardly!
An airport parking company offers a similar card, giving one free parking after you pay to park 4 times. They use a small rubber stamp to mark the card each time you park there. As the turnover of cars parked in the lot is high, the actual cost to the company is virtually nil, yet your saving is the perceived cost of a single time park at the lot.
All these are very cheap and easy to administer, loyalty programs. The key is to have a small, cheap to print card (do it on your home computer if you like), and the low cost of fulfilling the reward, such as a cup of coffee that costs just a few cents, compared with the value the customer perceives.
If you’re an accountant who charges $195 per hour to do work for your clients, but you have 5 spare hours each week, where’s the cost to you in offering a free 30 minute tax, investment or business consultation valued at $97.50, for time that otherwise may be idle, yet can give you
The previous Sangaraja, the Supreme Patriarch of the monastic order (of Thailand), once went on a tour of China, where someone offered him a very beautiful teacup. It was unlike anything he'd ever seen. He thought, "Oh! The people here have real faith in me, to offer me this beautiful teacup!" And as soon as the teacup was in his hand, immediately he was suffering. Where should I put it? Where is safe to keep it? He couldn't stop worrying it would break.Before he had that teacup, he was fine. Once he had it, he wanted to show it off to the people back home in Thailand. He put it in his bag and kept telling everyone to watch out that the teacup didn't get broken. "Hey! Careful, plea
All these are very cheap and easy to administer, loyalty programs. The key is to have a small, cheap to print card (do it on your home computer if you like), and the low cost of fulfilling the reward, such as a cup of coffee that costs just a few cents, compared with the value the customer perceives.
If you’re an accountant who charges $195 per hour to do work for your clients, but you have 5 spare hours each week, where’s the cost to you in offering a free 30 minute tax, investment or business consultation valued at $97.50, for time that otherwise may be idle, yet can give you loyalty from your clients or bring you in new ones?
Let’s face it, 10 cups of coffee at $2.00 each is $20.00, one free cup may cost you 25 or 30 cents. Isn’t worth spending 30 cents to get $20, and only have to spend it after you have got the $20 in your bank?
And it will bring in lots more repeat business.
So, put on your thinking cap, open your eyes and look around your business and identify your most popular selling item, one that can be offered at low cost to yourself. Then start your own loyalty program.
Do you have only one product or service? Great! The decision is already made for you. Now you only have to decide how you will incorporate it into your own loyalty program.
Here are some ideas: * A lawn mowing or garden maintenance service can offer a free service for every 5 or 6 six paid services * A hairdresser can offer a free treatment or product for every 5 or 6 paid treatments * A dog wash service can offer every 5 wash free * A liquor store can offer a free bottle of wine on every sixth visit All these can be run with a small, cheap card that can be printed on your home computer.
Another way to get your customers to buy more often is by starting a loyalty club. This takes a bit more work, but the rewards to you can be enormous
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