How to Make Your Business Profitable

Wednesday, September 8, 2010

By Val McQueen

Selling and making a profitable business happen is not rocket science. All that is required is a strong vision, good strategy, never say die attitude and the ability to go on against all odds will certainly get you there and have the cash registers ringing. You do not need a huge advertising budget for doing this.

Depending upon your product or service, you have to first identify and detail your customer profile and segment. For example if you are selling vacuum cleaners, obviously teenagers would not be your customers. If you are selling online music, you could have all sorts of people lining to buy the music.

Make sure you capture the profile, the lifestyle, income, age group and buying behavior etc of your customers in detail. The more details you gather would be better for your marketing exercise. If you are targeting to open a fashion boutique for women, then zero in on the women's group that is likely to be the target customer.

Even from amongst the general segment like for example ladies, you would have to specify the age group as well as their income, past buying records etc. If your boutique is going to stock only formal wear in a particular size, then obviously you would target only those women who fit into the size and who are working.

Whether you are a small business enterprise servicing your local town or an online company targeting global or national markets, knowing your customer profile, where he is located is required for you to be able to reach across to him through advertisements.

By knowing your target audience you can spend the advertisement budget wisely to reach only to them. What is the point of advertising T-shirts and shorts for teens in a magazine meant for elderly citizens? On the other hand if you can advertise your products in the fashion style magazines, which caters to the teenage audience, you will certainly hit the target.

You can be very innovative and creative with your advertisements. One of the catchy ideas you could use would be to offer a discount coupon through the advertisement. You will most certainly be able to get customer response and build a pipeline of leads for conversion. A bold advertisement with the free discount coupon is bound to attract the target audience.

All the above activities and other sales generation activities will surely help you build a customer base with which you can work to convert them into sales for your product. Further more you can invest on building customer relationship management to ensure your customer base keeps increasing and they remain loyal to your products.

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