With an alarming rate of business closures in 2012 due to a down turn in consumer spending, it is now more important than ever for business owners to use innovative techniques to hold customer loyalty. Melinda Edwards from Lalalou helps businesses in the health and beauty industry get more value for their advertising dollar by driving quality repeat customers to businesses with no financial outlay. She offers her top 5 tips for not just surviving but thriving in today's economic climate.
1. Explore as many free or low cost promotional avenues as possible. With the immense reach and scope of the internet, there are several free or low cost promotional avenues that business owners can explore. Apart from the traditional modes of advertising using newspapers, magazines, and local listings, online advertising and marketing using online directories, websites, blogs and publications are a great way to garner some much needed attention for a business.
2. Ensure you're making full use of your online space. Potential customers will usually search online for your business and the easier it is to find you, the better. Ensure you are aware of any review websites that have content written about your business and check regularly for updated. Your online reputation is important, no matter your business size.
3. Make good use of your Social Media pages. Pick one or two social media sites that most suit your business and run competitions, set up polls, and ask your fans open ended questions to generate ample buzz about a new product or service. The key is making good use of social media marketing with complete focus on user engagement through regular updates and constant interaction. If you’re trialing a new product or service – make sure your customers know about it.
4. Partner with other businesses. Partnerships are integral to the success of any business. Reaching out to and partnering with other businesses with the same demographic and exchanging advertising space or referrals.
5. Don't be afraid to ask your customers for their suggestions and feedback. Attracting potential leads and converting them into returning customers determines the success of any business. This is one of the main drivers to maximize ROI and that is why asking the customers for their valuable suggestions and feedback is a great way to see what’s working and what’s not.
Survey Data from ABS (Australian Bureau of Statistics) shows that small firms generally innovate less than larger firms. A little over35 per cent of businesses employing less than 5 people undertook innovative activity in 2009–10, while almost 55 per cent of small businesses employing 5–19 people undertook innovative activity in the period. This figure remains well below the 61 per cent for medium-sized firms and 74 per cent for larger firms.
“A perfect example of innovation working for a company is Apple. They shot back into the industry spotlight originally for simply adding colours to computer casing. Most recently, the iPhone has changed the telecommunications industry and now other major telephone companies are working hard just to catch-up. Apple has shown innovation can be the difference between actively trying to sell your products to customers, and having customers sleep in front of your store awaiting the release of your next product.” explains Melinda.
Lalalou is an exclusive health and beauty community offering memberships that provide VIP rewards from suppliers, Australia wide. Lalalou is all about connecting customers and businesses; and they encourage businesses of the Health and Beauty industry to list their services and have Lalalou members referred through to them at no outgoing cost.
Visit www.lalalou.com.au to find out more.