1. Ask yourself whether you know your market

Knowing your market is half the battle in creating a successful business with a good amount of revenue; however many a business, when asked ‘What’s your target market?’ either struggle to define exactly who their products and services are for, or simple believe their market is everyone!

Whether you’ve been in business for a while or are new to the industry, knowing your market and why they need your products and services are essential. Think about the geographical area you serve and what defines your market in terms of their demographics (e.g. age, gender, hobbies and earning level).

2. Hold a competition

Holding a competition doesn’t have to be expensive, you could simple offer one, or a range of your products or services for free. Promoting your competition costs even less, in fact you won’t need to spend a bean, you can advertise by flyer, social media or posters.

A key tip for running a competition – Strike a balance between creativity and the likelihood of people participating. The best competitions capture entrant’s imaginations, whilst ensuring that the task they’re asked to undertake isn’t asking what they deem as impossible.

3. Couple up with a complementary business

Coupling up with complementary businesses can provide you with ready made, and eager to purchase customers. Examples of appropriate businesses include: A B & B and a restaurant, a hotel and local activity centre and an office supplies company and a printer. The main point is to think about what your customers are likely to also purchase, or which services they are likely to use.

4. Have a look at your competitors

Some may think of researching their competitor’s moves as cheating or being underhand; however nothing could be further from the truth. Looking at your competitors marketing efforts can benefit you no end, both in terms of inspiration as well as building a solid knowledge of your industry.

5. Get that word of mouth advertising working

Word of mouth marketing is the best type of advertising. Why not encourage your customers to refer their friends for a discount? Or get written testimonials for displaying in your premises or online? You should additionally check how you’re being reviewed online, as many companies can be totally unaware that customers have even left reviews.

Whilst there’s no such thing as an overnight rise in revenue, these tips should give you a few ideas on ways to get going. As with many aspects of business life, perseverance is key. Some tips may take a little longer than others to benefit your business than others, but stick at it and you’re sure to see success.

Now get into ACTION!

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