A small business’s ability to increase sales does not necessarily depend on how much advertising it does. Sometimes, it’s the simplest things which can make a difference in whether a small company acquires new clients and subscribers. Imagine your day when your phone rings constantly and your email inbox is flooded with clients singing your praises, asking about your next product.
We have already discussed the philosophy behind gift giving. I also gave some suggestions for gifts that you might consider if you decide to go ahead with this strategy. This article will explain how to implement gift giving.
Before we move on, let me address one issue. Most small business owners view gifts as an expense rather than a sales, marketing, and lead generator investment. This is something that many of you who specialize in small business development can relate to. If you still don’t get the whole picture, I urge you to change your mind and see how a well-crafted program can increase your sales by connecting more deeply with your clients and existing subscribers. A gift program can help you retain customers and build your business. It is important to know how to put it in place and then test as you go.
As a guide, I’m using $10 as my starting point in the example below. This amount can be adjusted to suit your budget and margins.
These are the five initial steps you should follow when creating a gift programme for your small company.
1. Reexamine your client acquisition costs (CAC).Seek out your margins to add a $10 per client or subscriber program.
2. Make sure you have margins.Sending two to three gifts is a good idea if your margins can withstand an additional $10. Start off by sending sample gift packages out to at most 20 to 50 clients. Next, move on to step 4.
3. Make sure you have margins.If you are unable to absorb the extra $10, decrease the amount. A different way to approach gift strategy is to include the actual costs of the items in your marketing budget. This allows you to plan ahead and test what works.
4. Different tracking methods are available Like feedback cards, online surveys, and online registrations for some other value. This will allow you to see who’s responding and which techniques produce the most results.
5. Review and EvaluateYou will need to analyze the results and determine which gifts were the most effective. You might find that clients send you thank-you messages via social media.
Follow the above steps and you will see decent results in 30 days or less if you implement tracking and testing. Now it’s time to move onto the next phase. I’ll be discussing this in Part III.