The Clifton Review
The Clifton Review is a tri-weekly column that examines the question of the Clifton project along with the evolution of the war between two billionaires. We covered the start of this war with articles describing the battle over easement rights, the mysterious burning of a home, the blocks to rebuilding, and countless questionable court filings.
While the 2018 series salutes fashion mogul Peter Nygård’s Golden Jubilee detailing his rags to riches story, his incredible business success over these past fifty years and an inside look at how he did it, The Clifton Review will also continue to address current affairs as they relate to the good of The Bahamas.
Averting Business Threats Part II
By P.J. Malone
The dark clouds on the horizon of your business are starting to creep in closer. So, what can you do to avert threats to your business?
Well, let’s jump right in and find out.
Here are four possible business risks that need to be addressed:
Let’s consider strategies for low sales due to new competition in the market.
Remember, you will use your business strengths as a part of the strategy for averting risks. Here are some possibilities:
Whether you have been in business one year or ten years, you are the more experienced company in the business. Therefore, you can claim your experience as a strength. So strategies based on this strength can be useful.
For many of the strategies you can identify, creating a marketing campaign that focuses on bringing awareness to your strength would be a good plan. Here are other possibilities.
One strategy is to find a way to reward your loyal customers. It can involve special promotions. For example, if you are a clothing store, you can let your long-term customers know of new arrivals through an in-store fashion show that gives themfirst dibs on the new fashions. Your experience comes in with featuring items that your loyal customer is sure to love.
If you are a store that sells technological products, you can give them membership cards and have sales for members only with demonstrations on the use of various products on sale.
If you are a service business, you can have a customer appreciation day with refreshments and offer free but useful information sessions. For example, if you offer accounting services, have an information session on strategies for investing.
In looking at the threat of customers checking you out initially but not returning to spend money, here are some possible strategies.
Offer a rewards program where they could rack up points, or they could get a discount on the third store visit, or some variation of these ideas. There are lots of reward programs out there. Do some research and decide what could work best for your business.
Another strategy would involve first finding a way to get their email address and sending them emails (no more than once a week—people get turned off when they are bombarded with too many emails; also, you would need to get permission to send them emails).
Make the emails enticing. Don’t just send them product announcements. Send them info that they would want like how best to use products they may have bought—anything that would improve their lives with the product they purchased.
If it’s a service, then offer additional information that can enhance their experience of the service they purchased. For example, if it was a massage, then give them info on other ways to relieve stress in their lives.
They key to these particular strategies is that you are communicating to long-time customers that you appreciate them and care enough about them to offer additional assistance to them. This will make them think twice about turning their business over to a competitor.
We’ll offer strategies for the last two threats next.
