Customer Conversion Ratio—The Number Businesses Live and Die By
How Much Do Your Customers Cost? On average, how many people visit your store, website or place of business without buying anything? How much time and effort must you spend on each new prospect before they become a client? Once they become a customer, how often will they buy, and how much? How long will they continue to buy from you? How much does it cost you to win a new customer over, or to keep an existing one? As a small business owner, you must know the answers to these questions in order to make intelligent marketing and advertising…
How Understanding Return On Investment Could Save Your Business
Although accounting may be your least favorite thing about running a small business, there are a few simple mathematical rules you absolutely must understand to be successful in the business world. These rules are used time and again, and influence decisions that might drastically affect your business. One of the most important mathematical formulas for businesspeople to understand is how to calculate return on investment, or ROI. Having a firm understanding of how return on investment works could save your project or business untold money and time, and possibly make the difference between success and failure.
4 Of The Biggest Secrets to Getting New Customers and Clients
We’d like to think that everyone makes sound, well-reasoned choices regarding purchasing products and services. But in reality, people are complicated, and so are the emotions that drive them. Marketers and scientists study how emotion and motivation influence behavior, and in the process uncover ways to influence buyers by appealing to their negative emotions, fears, and insecurities. The results are tools, neutral and harmless until used in the wrong way, and despite the possibility of exploitation, these tools can be used to increase customer satisfaction and repeat business. Preying on people’s weaknesses and fears to sell your products is unethical.…
5 Psychological Ways to Help Price Your Products and Services
One of the most difficult situations many novice marketers and business-people of all kinds are faced with is how to price products and services. Charging too much will hurt your bottom line and reduce your profits, but so will charging too little. Finding the right price to charge can be tricky, but multiple studies have been conducted to help find the best way to price products and services, revealing a number of useful insights about the human mind in the process. Understanding how customers view the price and value of your products, and using proven pricing strategies, can help take…
How to Make Money With Your Own Dog-Treat Business
Review of “Bake A Dog A Bone”- Starting a Pet Treat Business There are lots of “get rich quick” books and programs available claiming you’ll live on a beach the rest of your life, sipping margaritas and admiring sunsets, if you buy their program or book. Of course, no book will make you instantly wealthy — it takes planning, hard work, and even a little luck to run a successful business, not just aggressive marketing and unproven schemes. Among the many books that promise to show you how to run a successful business, most are garbage; only a few offer…
How to Market Your Small Business
There are hundreds of ways to market businesses of any size, but for a small businesses owner or entrepreneur, it may seem impossible to find which marketing strategy will work best for you. Luckily, it’s not impossible, but it does take a bit of work.Every business or product is different, but one universal rule holds true: You have to know your product, your competitors, and your customers like the back of your hand before you have any chance of successfully marketing your products or services.The most important part of being in business is making sales. All the good intentions in…
How to Mark-up and Price Your Product
If you’re trying to decide how to price your product, or wondering how the process of marking-up an item works, read on. You’ll learn about how cost is determined, why some items sell for so much more than their cost, and how you can decide the best price to sell your product for. It’s sometimes hard to see how items are priced. Sometimes the cost to the final buyer is much more than for the retailer that sold it. Some prices are marked up hundreds, or even thousands, of times more than they cost to the seller. How can an…
How Your Costs Impact Your Sales
Have you ever wondered what to charge for your products? Charge too much, and nobody will buy. Charge too little, and you won’t make enough to continue selling products. But finding the sweet spot when pricing your products is hard. So how can business-people determine how to price their products or determine how much to mark them up? Find Your Cost First, Then Your Selling Price When deciding on a price for you product, or how much to mark something up, the most important thing is determining how much your product costs you. If you pay $10 for the supplies…
Fotosizer for Small Businesses
Simple Small Portable Business Fotosizer – Convert all your pictures for the Internet with one click. Fotosizer is a free program, (at this time), that has saved me and thousands of other people hundreds of hours resizing pictures to load on the Internet. It is easy to set up, easy to use and best of all there is a standard and portable version. Whether it is uploading pictures for Facebook, Picasa, sending pictures to a friend in email or uploading pictures to your website, almost everyone these days uses digital pictures in one way or another. For businesses, this tiny…
Entrepreneurs And The “Too” Factor
If you are just in the beginning stages of looking for a business to start, one of the best places to look is what I call the “Too Area“. You have heard it said before, “look for a need and fill it”. So in your exploration of trying to decide on a business to get into, you want to look around and find things that are in demand, but are too difficult, too dirty, too complex, too expensive, too dangerous, too embarrassing, too fragile, too big, too small, too ugly, too impractical, too far away, too tall, too short, to…
