Plain and simple, you should be looking at your clients when it comes to ways in which to improve your bottom line. After all, they are how you make a profit.
By analysing your clients and their average spend, you can use this information to increase your bottom line. But how do you do this?
- Promote and recommend products that would be beneficial to existing clients, taking their current treatments into consideration.
- Make their experience personal by tailoring products and treatments to the individual.
If you feel uncomfortable about upselling, don’t. Look at it as less of a hard sell and more of a specialist consultation. After all, you’re there to give your expert advice in order for them to achieve the results they want.
How Much Are Your Clients Spending?
If you can, try and work out how much each of your clients are worth to you – or at least the more regular clients. How much do they spend in your business per year or even per transaction? Are there any clients that instantly spring to mind as being big spenders? If so, these clients are valuable, so you need to think about ways in which to increase their spend without putting them off.
Not only should you ensure you look after your big spending clients, but try to get some word of mouth recommendations from them too as it’s one of the most effective forms of marketing – and it’s free!
Encourage Return Visits
How often do your biggest spenders come in? Make sure you’re enticing clients back in as often as you can. Get them rebooked at their appointment or capture their contact details so you can send them a reminder.
If you’re struggling to get clients through the door, it might be the right time to make changes in order to increase your bottom line. You may want to think about:
- Adjusting your pricing – are your prices too high in comparison to competitors or is the low cost putting potential clients off? Do some research and see if there’s any movability on pricing.
- Cutting down on expenses – make sure you know where and what you’re spending your money on. If there are any cuts to be made, strike while the iron’s hot.
- Looking for new opportunities – you should always be on the lookout for new opportunities that can help you grow and increase your earnings.
- Working smart – as a small business owner, you can end up trying to juggle everything on your own. However, you should be handing off non-essential duties to others to free up your time to focus on strategic planning and new opportunities.
Strive to be a Success
Successful small business owners are always thinking about how to increase their earnings. When times are tough, every little bit of extra cash helps. And on the flipside, when things are going well, a healthy bottom line can enable you to grow and even expand your business.
image:istock.com/yacobchuk
