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Quoted From : smallbusiness.AOL.com
Photo via : carleton.edu
1. Focus on a single product or service, and then market it, sell it, promote it--do everything you can to increase sales of that one product or service. While it's tempting to swing for the fences and try to be all things to all people, it's often less risky and more profitable to pick a product or two that you can execute really well and just try to get on base.
2. Expand your product line to offer complementary products or services. Once you've hit on a product or service that customers really like, don't miss the opportunity to bring out related items to diversify your product line. Not only does that give your customers a wider selection, but it also makes your products more appealing to retailers who typically like to stock a line of products as opposed to a single item.
3. Find ways to increase sales to your existing customers. It's a lot cheaper than finding new ones. Even if you can't expand your product line, you can boost revenues by selling more of your existing product or service to the clients you already have. One easy way to do this is through volume discounts. Especially if your products cost little to produce, offering your customers the chance to buy, say, two T-shirts for the price of one lets you ring up additional sales without sacrificing much profit. Another common practice is to reward loyal customers by giving them a punch card that entitles them to a free product or service for every 10 items they buy.
4. Create a Web site to advertise your company or sell products online. Thanks to the Internet, it's no longer necessary to open a store to reach retail customers. For marketers of specialty products like rare books, collectibles and gourmet foods, a Web-based boutique lets you reach millions of shoppers around the world without paying for rent, utilities or garbage collection.
5. Target other markets. If you sell to teens, start marketing to college students. If you sell to working moms, maybe your product will work for stay-at-home moms with a few modifications. Another strategy is to take a retail-oriented product or service and sell it wholesale. For example, a homebased catering business that specializes in cakes, pies and other tasty desserts can contact local bakeries to sell its goods on a wholesale basis. While the price you get from the bakeries will be lower (because the bakeries need to mark it up to their customers to make a profit), you'll sell more products and generate consistent cash flow that you can bank on.
6. Find new and different ways to market your business through e-mail newsletters or by doing guest-speaking gigs or by teaching a class. Marketing your homebased business doesn't need to involve spending big money on newspaper ads, Yellow Pages listings, or TV or radio spots. Grassroots marketing techniques cost far less and are often much more effective. Most chambers of commerce and community groups are more than happy to provide a forum to a local business owner who's willing to share his expertise at no charge. Sending out a weekly newsletter is also a great way to get your name out in front of new and potential clients. Thanks to the Internet, you can send out your newsletter via e-mail using online templates and automated delivery systems.