“8 out of 10 business fail within their first year.”
The number is more like to 21.2% which sounds way less doom and gloom. Meaning those small mom and pop shops have a fighting chance to make it big. Most of the time when these businesses do fail it’s because of a cash flow problem – put two and two together and what do you have? Lack of sales.
Many times, these businesses have great products or services.
The issue is the failure to get the product to market or that it stagnates. The reach isn’t wide enough.
What can these businesses do?
Five Essential Strategies for Small Biz Promotion
We spend a lot of time finding ways to promote our business online – that’s a good thing – but it’s not the only options. In fact, if you were to focus solely on your immediate area you’d find enough customers to see your business over this 1-year “hump”.
1. Getting into shops
The process of getting into a shop takes a lot of research and effort getting to know the retailer and how to best present your products for their limited space. Usually, repeated follow-ups and showing current sales (and projections) will do the trick.
Once inside – you need to step it up:
· Use POP displays to make your product stand out on the shelves
· Get flyers on the doors as customers are walking in
· Place stacks of coupons at the register
· Host a small launch party and invite the locals
2. Networking via local meetups
Always have a stack of business cards on hand because you never know when an opportunity strikes.
There’s no better place to pace them out than at a professional meetup.
At these meetups, you’re surrounded by those in your industry – the movers and shakers – with a few customer-types mixed into the bunch. Each gives you an opportunity to create a working relationship.
You could close a sale during a follow-up or talk business right then and there.
Businesses wouldn’t be using mailers it if it was burning their budget.
You can use services like DirectMail.com or USPS.com to buy a mailing list. Then, create an eye-catching creative with strong copy promoting the business and have it sent out. Include a coupon as an extra incentive for them to swing into the shop.
Hold a local workshop on how to use your products or services.
You can often rent out small spaces in town with Meetings.com or host them in free spaces like a park or at home.
Share this info through social channels and print.
Once there, push the benefits of using your offers – showing how it’ll improve their livelihood – and then end it with a sales pitch. You make a few bucks but also get to really know your market.
5. Brand the merchandise
Elegant, eye-catching packaging will catch people’s attention. It makes them question what’s included. You’ll also find third-parties showing interest because they want to see what their friend got.
Work with a designer then take the work to a local print shop, cut them out, and put them into action!
21.2% is a Bet Worth Taking
Business is a gamble and with a 21.2% chance of failing… I’d take that.
There’s already a safety net of word-of-mouth which will often get you through the beginning. Then you have e-commerce letting you find customers anywhere.
It’s that middle-ground that’s tough.
The strategies of this post cover the uncertainty period – ways to scale, get into stores, and create repeat business so you’re able to experience sustainable growth.
So, what are you waiting for?