You may have tried everything from reducing prices to give aways but your sales are still low. The reason maybe you are advertising your goods or services to the wrong audience . Are you sure you know your target market ?
You have to know your clients even before you meet them. You have to know their spending habits and budget. So Customer profiling helps. First of all decide which class of people you want to serve.
How much do they earn monthly.
After paying bills how much will they have left.
Are they likely to pay in cash or installments.
Let’s say Customer A is a government worker she earns roughly 50~80 USD per month so will it be ideal for her to buy a $60 handbag?
Customer B is a model who has disposable income of $500 per month looking good is part of her job so will she buy a $60 handbag ?
Although a lot of factors contribute you have to know where your Client shops, eat ,stays etc. It’s a little bit classist but knowing your target market can help you save money in advertising.
Every business needs clients to survive and some clients are more difficult than others.
Most business thrives with word of mouth. So offer good customer services. Speak to customers in a respectful manner. Try to communicate as much as possible.
HOW DO YOU RESPOND WHEN A CLIENT SAYS YOUR PRODUCT OR SERVICES ARE TOO EXPENSIVE
To be honest there is no right response for this remark. What you can do is try not to be rude. Let’s face it there is no such thing as too expensive maybe they are not the target market.
ask compared to what? if they point out your competitors try to point out the difference and what makes yours great.
Ask what their budget is? and see if you can work around the budget.
Do not be pressurised into lowering your price.
Sometimes it’s ok to let the customer go, the headache that comes with it is not worth it. Becareful of cheap clients with expensive taste.
Make sure you are giving clients value for their money. Make sure your pricing is worth the service or product.
Do not ignore these especially on social media they will ruin you. Listen to the customer’s complain and try to rectify the error free of charge. Offer a complimentary service to show that you are sorry.
What if the customer is lying ? Many people with hidden agendas can go on social media to tarnish your name. The best way is to tell your side of the story on your page and provide proof. Do not engage in social media war defending yourself. You will find 95% of the critics were never your clients to begin with and are highly unlikely to buy from you.
Starting your own business is the most rewarding thing you can do I promise however it’s not easy. I can guarantee you that I cried more than once, broke down 2 times, had countless sleepless nights, almost gave up but it will get better experience is the best teacher.
First time when I introduced my travel products I received an overwhelming response. Clients lined up to go on the first trip with me. Mainly when something is new people flock in, plus people generally wanted to support a new business. So the first time it was easy and I was like “brrrrr I got this business thing all figured out” well I spoke too soon.
The reality started to sink in. The bills that needed to be paid some were as small as toll gate fees which I would forget in my pricing by the way. The struggle of trying to maintain old clients and gain new ones.
Every business goes through a cycle. When you penetrate the market you will find out that every player has their own playground. It is very important to remain in your field rather than obsessively look at your competitor’s.
After a while the sales drops, it doesn’t mean you are doing something wrong (there is a possibility that you maybe). However it means it’s time to revamp your marketing strategies and bring fresh ideas.
Everyday may not be sales day
Expenses may exceed sales
Clients come and go
You may disappoint some clients
what can you do
Do a swot analysis of your competitors , the worst mistake you can do is under estimating your competition.
When I started my company I was all over the place, I didn’t do my research and that ended up costing me a lot of money.
I had an idea of how my company would be like, the kind of business I will be doing and the clientele I would be serving but I had no idea how to go about the whole process.
Name your business
Naming my business was the easy part or so I thought. I just came up with a name that was catchy for me, but this was a different story when I went to the registrar of companies.
You don’t require it right away but you need a logo that represents your business. A logo is like a stamp, your own mark.
Find your niche
I can assure you they are at least 10 000 people doing the same business you want to venture in. The market maybe exhausted but you have to find ways to bring something fresh into the industry. Find your niche.
Know your market
One mistake small business do is trying to serve the whole world. Have a target market and try to cater for them.
Market your business
Marketing is a sure fire way of getting clients and these days people spend time on social media. A strong social media presence is ideal if you want to find more clients.
When I ventured into business I had no idea what I was doing. In my head it was as simple as get some clients and make profit. My first order of business was naming my business, this was the easy part.
I had a clear vision of what I wanted my company to be. I wanted it to be a huge company in the future with branches all over so I knew registering was non avoidable. Well I went to the registrar of companies, I had done a little research but boy was I in for a rude awakening. To cut a long story short I met a lady there who advised me to use an agent.
I scheduled my meeting and gave him 5 names (coming up with those names wasn’t easy). He told me there was a possibility that they will be rejected. This means the name I wanted will be a trading name only not the company name.
My agent had to educate me about private companies and public limited cooperates check the article here . Initially I wanted something cheap there was a $40 usd difference in the price but he advised I had to register as a private limited because of the nature of my business and my vision. It took some convincing but I succumbed.
After a week I had a registered business, a whole company to myself. So I went to the bank to open an account but they told me i needed tax clearance. There I was again diving head straight without research. That’s when I told myself to take a step back and do my research.
I got my tax clearance, then opened two accounts from different banks. After massive research by bothering customer services on Twitter I chose the banks carefully. Each had its advantage and disadvantages.
Knowing that some things are better left to the pros , I called a friend of mine who specialized in graphic designs and he designed a logo for me.
For a few months I used canvas for my posters (I wasn’t going to pay $20 usd for promotional material ) and I used wordpress as a website until I moved to wix site .
Do your research
Find out the legal requirements needed for you to operate in your area.
Take it one step at a time.
Don’t be afraid to ask for help.
Somethings are better left to the pros
My next article I will write about reality of running a business.
Disclaimer : This post is not targeted at any individual.
Have you ever went through someone’s Instagram profile and saw that they are not employed, they travel a lot and they own expensive brands and cars and you wonder what they do for a living. Well most Instagram models are traveling to Dubai for Potta Porties and they are making $10 000 ~ $50 000 USD a pop.
What is a potta potty you ask? A potta potty is a mobile toilet. In this case a potta potties is a party were rich men take a dump on beautiful girls. Gross I know.
It’s not long ago when a Zimbabwean Business man, helped a lot of women stuck in Dubai by paying for their return tickets. Many people were promised jobs as domestic workers but when they reached Dubai the story changed. They were sold into prostitution. Well Dubai decided human trafficking is out of style.
In this case there is an agreement for abuse. The funny part is there is an agent for this who bags around $5000 USD for connections. All expenses paid and half paid before the gig.
The bizarre things are
Men taking laxatives and dump on the girls.
Girls eating the human waste.
Sex with dogs whilst the rich man watch
Sex with their camels
Everything is agreed before the act and contracts are signed to avoid lawsuits.
This is wrong means of making money. Whilst eating feces is bad for you this is not healthy for your mental and spiritual well being.
So next time you see someone slaying do not put yourself under any pressure keep working hard you are doing great.
As we prepare to go into the weekend let’s get a few things straight. Knowledge is power.
A lot of people have been sucked in this blackhole of pyramid schemes. I have seen one where someone is encouraged to invest $100 rtgs then get $600 rtgs in 30 minutes. I mean come on If you make an investment and you want 300% profit in a few minutes you are lazy and greedy.
What is a pyramid scheme?
A pyramid scheme is a fraudulent system of making money based on recruiting an ever-increasing number of “investors.” The initial promoters recruit investors, who in turn recruit more investors, and so on.
Characteristics of a Pyramid Scheme. ● requires money to join. ● there are no particular products being sold. (sometimes they are, but you can’t trace them to the original investor ) ●You have to recruit more members to earn.
Why do pyramid schemes fail. ● not everyone is intrested in investing, as soon as investors stop bringing other investors it collapses. ● The promised returns are quick and many but when reality sets in every investor will try to get their investment and jump ship.
Why Shouldn’t you invest in a pyramid scheme ? ■ For obvious reasons (loss of money ) ■ If you are a business person who is serious you would want to invest in a business that has a future. A business that will be available for generations to come.
Why do people invest in pyramid schemes? ■ Peer pressure ◇ Laziness ☆ greediness ○ Quick returns to solve pending problems.
The only way to get rich is to work for it. No rich person will ever tell you how to get rich unless you are his way to riches.
Trade carefully. I have business ideas that need $0 to start only your efforts.
enrollment for online business class starts now $5 usd for 28 days. We use zoom and whatsApp.
Communication is the key to a successful business. You want your customers to understand you at the same time you want to understand your customers.
When a customer sends a message try to reply as quickly as possible.
Do not blue tick the Client.
Provide with as much information as possible so that the Client may have confidence in you.
Try not to be rude.
Avoid using titles such as Mr and Miss based on profile pictures
Even if the inquiry was about a service or product you do not offer, do not be rude refer them if you can do not try to sell them your products or services.
Don’t be impatient with questions especially if you are operating online the Client has the right to know.
If a Client says they will think about buying from you give them space. If they give you a date wait 2 more days then ask. Try not to sound urgent like you are rushing them. One message is enough if they do not respond take it as a no do not bother them.
Due to the pandemic there is a lot of delays and backlogs. Makesure your customers are in the loop. Tell them what’s going on, don’t be quiet. Even if it’s not your fault apologize.
Always keep in touch with your old clients. Send them emails once a month telling them about your specials and wishing them well.
When using your company social media pages stay away from jokes, politics or commenting on current issues. Make sure your message is clear. Try to stay away from popular or controversial urban words .
Do keep contacts of your old and new clients.
Return missed calls.
ways have data so that you can reply as soon as possible.
Investing in a business the end game is enjoying profits. How do you know it’s time to start enjoying your profits ? I would like to say when the time is right you will know but that will be wildly deceptive.
After investing in your business you have to be patient and let your business grow. You don’t want to cash out too early and end up bankrupting the business.
First and foremost write down your business goals. Your short term goals and long term goals. Whether it’s opening an office, buying new equipment , more stock or employing more people.
Secondly invest back the first profits you get for business growth. It’s hard I know but to run a successful business it requires patience and sacrifice.
List all your expenses every month and make sure your profits are covering them. Set aside your salary. It’s tempting to want to give yourself a huge portion but also know that you are not cheating anybody but yourself.
Do add more capital.
Do spend on marketing.
Do not deduct profits from every sale.
Do separate your business and personal accounts.
Don’t use business money for personal use.
You can borrow your business your money but don’t borrow from your business.
As a business person it is very important to know the value of your work. You have to know what to charge for your goods and services.
Those in the same industry usually provides the guidelines of pricing. However keep in mind that.
You do not pay the same amount in rent and rates.
You don’t order from the same place
You have different shipping costs
You execute the job differently
There is no such thing as too expensive do not let anyone convince you otherwise. If the client is saying your services or your goods are too expensive just know they are not your target market.
You have to know your target market. Do your job exceptionally and the referrals will get you more clients. However be reasonable when charging your clients. Charge according to the quality of work you provide not according to race, social status or age.
Have one price and be consistent.
Mark up your prices in such a way that when you give a discount you will still make a profit