In the world of business, it’s clear that one of the main focuses is to broaden the bottom line. Another is to genuinely take care of your customers. It’s a balance that is much easier to talk about than to actually enact.
In the end, we can be as kind to our clients as Dorothy was to the Tin Man, but if we can’t help them save money on the product or service they are after, they will not be back.
Returning business is one of the largest ways a company grows. Below are three ways you can assist your customers in saving money and bring them back time and time again without bankrupting yourself.
Some of the things most people dream of owning one day, such as a home, car, or boat, are not objects you can just pay cash for most likely. The average home runs around $150,000. Need a family vehicle? You are looking for another $25,000.
Want to go on that long awaited deep sea fishing trip? You better have about 45 grand on hand. Some businesses sell less expensive adventures like ATVs. Others give you the chance to better yourself through school or other training. However, even these options cost a bit more than the average Joe can cough up.
The best way to help your customers attain the objects of their dreams and still broaden your financial horizons is to offer to finance. This will allow them to make much smaller payments over a predetermined number of months instead of having to front the entire amount upon receipt.
Lower Your Prices
When a savvy customer goes looking for a certain product or service, one the first things they do is to compare prices. A clever one will balance the price with the quality of what they are purchasing. Either way, it’s a proven fact. The lower prices usually win out.
Understandably, a company has to make a profit in order to pay the bills and progress as a business. However, many hike prices to as much as five times what the company actually paid to secure the product or service.
This makes the inside of your piggy bank shine, no doubt, but it will also deter buyers and keep others, who by now feel duped, from returning to shop at your establishment later on down the road. Consider lowering your prices to a level your customers will be pleased with, but that will still help you grow financially.
Offer Off Brands
It’s no secret in the business world that you will almost always pay extra for brand named products. Let’s get real, here. At least 45 million people in the United States live below the poverty line. This means that they make minimum wage or less and the products they need are often placed out of their reach because they are simply too expensive.
Consider offering cheaper off brands. Much of the time, an off-brand product contains the majority of the same key ingredients and does the same job, but does not have the burden of carrying a popular brand name. For example, if you have need of the popular antihistamine, Zyrtec, try offering an off brand.
Cetirizine, the active ingredient that gives Zyrtec its purpose, is offered by Equate at about half the price. Likewise, instead of selling just the brand name pastas, offer Great Value brand or another store brand. These adjustments not only allow your less monetarily gifted customers to obtain what they need but broaden your target audience thereby boosting your profits.
Helping your customers provide for themselves and their families doesn’t have to break you or them. Use these tips in the future to make the best of the business you are involved in.