Advertisement Ideas: Building Revenue!!!
If you are in business the first thing you should be concentrating is in building revenue. Everyday you should be engaged in income producing activities for your business. Each aspect of your marketing strategy should include how the marketing will positively impact the revenue while increasing your brand awareness. I have worked with many companies over the last 30 years and many have had general managers and owners who did not see the importance of marketing with a goal to increase their revenue. I have seen many businesses over the years fail or lose money because they were not willing to invest in activities that would produce income down the line. Sometimes the initial outlay for a promotion may seem exorbitant but in the long run it will produce revenue while building brand awareness so that you attract more customers and as a result increase your market share.
In all of the business classes and seminars that I have attended this is a recurring theme. The idea is to understand that marketing is an investment in your business. The key is to spend your money wisely so that it leads to an increase in revenue. In my over 30 years of working for businesses I have seen those willing to spend money and invest succeed while also witnessing those who would not spend money or spent money incorrectly and failed. When spending money you must look at what you want the money you are spending do for you. You must have a plan that will create a return on your investment over time.
If you are to build revenue you must have a plan and you must work that plan. Before you even open your doors and build out your business you must know the demographics of the area, how many competitors there are in the area, and what the sales of comparable businesses around the area are doing to see if there will be enough residual support to support your business. If you are to build revenue you must know who your client/customer is and where your customer/client is and the buying habits of your client/customer. This is where have a promotional budget and plan comes in handy. Sometimes as you work your plan you need to make adjustments along the way so as to achieve the ultimate goal of building revenue. Continue reading Advertisement Ideas: Building Revenue!!!
How many times have you been working and it has been approaching time to close up and go home and you could wait to leave? Many times we are is such a rush to get out and go home that we leave money on the table and instead of turning a customer on and having them buy something we turn them off. I have found that as long as you have a retail operation you can not be in a rush to close. This came to fruition yesterday (4/30/2016) when I was finishing up an 11 hour day at Celebrity Sports located at 1825 N.Pine Island Road in Plantation. I had been posting specials being run during the moving sale all day on Facebook on The Celebrity Sports Page but sales were lacking. At about 9:45 PM a family came in and started to look around and like many potential buyers asked how much something was. In this case it was The Dwayne Wade signed Jersey that normally sells for $999. I told the customer it is normally $999 but because we are moving I could sell it to him for $750. I went back to interacting with his kids and he came over and said If I can do it for $725 he would take it. I called my manager to get approval and the manager said yes. I sold the piece did all the paperwork and as they were leaving his son saw The Dwayne Wade Finals Jersey Swatch Piece it wasn’t in the system so I called the manager who told me it is normally $99 but I could sell it for $65. I told the customer he said I’ll take it. In not rushing the customer and staying open about 15 minutes later than normal I sold $790 worth of merchandise. I share this with you so the next time you are dreading working a long shift and rushing to close that you stay a bit longer as you never know when that browser will become a buyer. As the customer was leaving he asked about any Marino Items we may have as his business partner has a birthday coming up. As a result of not being in a rush to close I not only made 2 nice sales I am confident that I will have future sales.
Even though Celebrity Sports is moving from its current location and having a moving sale I have learned that it is important to be nice to everyone even those who are only taking pictures and browsing as you never know what will lead to a sale. In not rushing to close and taking time to know who is walking into your retail establishment you will begin to drive more business as people will begin to speak highly of your business and bring you future business. Though you can not live on be backs and empty promises you must not be in a rush to close. I have learned over the last several months that it is important to create a good feeling for everyone who comes into the store, calls you on the phone, or stops by your booth at a special event. I have learned that whether in the store or representing the store at a special event that is imperative to stay till the end and sometimes work past closing if necessary.
As Celebrity Sports transitions and moves to a new location I hope the lessons I have shared here will translate to your business and show you that it is important to market, deliver outstanding customer service, and not be in a rush to close. Look for other lessons learned from Celebrity Sports like the importance of networking, paying it forward, using social media, having a great tagline and creating urgency. remember to be consistent in your message and not to rush to close and you will have success.
One of my best result with my fundraising and in promoting businesses has been to use a face to face, eyeball to eyeball, flesh to flesh, approach. I have found that when you get from out behind the computer and get out in to the community sharing who you are and what you do with others to be the most effective way to promote. Make sure you have a purpose and plan. Sometimes it is as simple as being at a Starbucks, Panera Bread, a Dunkin Donuts or other location where people are and simple listening to what people are talking about and then finding a way to interact with them. I have done this when I hear someone talking about business and have gone over an handed them a card and invited them to be a guest on my TV Show, The Anything Bucket, which airs on www.wrpbitv.com on Tuesday at 6:30 PM. Over the years I have done this I have picked up guests for my TV show, secured marketing and media consultation work, secured announcer gigs, and raised money for charity. One of my favorite stories is the day I was at Starbucks and a friend of mine came in with her friend who I haven’t met before the conversation turned to being of service and value and I shared Relay For Life and the friend of my friend put a $100 bill in the collection canister for Relay. This week make it a point to get out into the community and share who you are and what you are doing.
I have always thought of myself as a problem solver. I have found that those who put judgement and EGO aside and listen to me become successful as I come up with practical solutions. In today’s market place if you do not have a web presence you need to develop one by defining your target audience and giving them a reason to come to your store. I have found that those who think they know everything stat to lose everything because they are not open to outside thinking. The solution is to see what is working in the industry you are in and find a way to be a step ahead of everyone else. If you are a sports related store you should be doing things that are sports related in your marketing for example You know every March that The NCAA Men’s Basketball Tournament Takes Place and is referred to as March Madness so why not do a special March Madness promotion that appeals to those who follow the tournament. Every day there is a special day designated on the calendar so look up the special days and do promotions around the day. A great resource for marketing ideas is Heidi Richard’s Mooney’s Book Quirky Marketing Ideas.