We hope you find this email useful in your desire to build a sustainable, resilient, and profitable business, considering the conditions of the world, and our national economy.
Increasing the revenue or gross income of your company has everything to do with the promotion or marketing of your product or services. We know you know that. We are sure you also know that regular, consistent, and targeted promotion is the key to achieving a consistent increase in your revenue, notwithstanding prevailing economic conditions.
Did you know that whenever there is an economic slowdown, most businesses cease to promote? This gives you the opportunity to enter deeper into the market if you promote more, and more on a consistent basis, week in and week out.
Alright. So, to whom do you promote? And what do you promote?
The first and most important segment of your market is people who have bought and paid for a service or product from you. These we call customers (if they bought products) or clients (if they bought services).
If you don’t have a clear, clean, and detailed list of your customers or clients, then you need to make one. Get all the documents (invoices, receipts, letters, orders, etc.) from the day you start a business.
Contents of the list to be extracted from your files.
1) Titles (Mr./Ms. etc.)
2) First names, Surnames, and middle names/initials (where applicable),
3) Physical addresses,
4) Email addresses,
5) Phone numbers,
6) Product or service purchased,
7) Date of the purchase, and
8) Personal characteristics and other information you can remember (you need this to personalize the promotion to them).
Items 1 to 8 above are formed into a list or database. It could be paper-based or electronic. Remember to update this list by adding new customers or clients, on a going concern. Do not ever remove anyone from the list, except where they were no more.
Now, what do you promote to this vital income-generation list?
1. A personal letter to
a. Discover how they are faring, especially with the current condition of things in the world
b. Discover their experiences with the product or service purchased
c. Ask if there is/are anything they might need or want from you
d. Acknowledge them for their patronage
2. This letter is not a form letter, but a personal one, taking into account items 6, 7, and 8 of the list above.
3. It will be better if this letter is written on your company’s letterhead paper, and mailed via courier or postal service. This almost lost unique form of communication can do magic to the rate of response you will receive, and therefore subsequent sales.
4. Follow this letter up with the email version of the same letter in a business week.
5. Follow the email version up with a personal phone call in another business week.
The magic in this step are the personalization of the letter and the consistency of the promotion.
Think of setting up a monthly newsletter (we will cover this in the future) and mail it to this list to give you additional media to reach and stay in continuous communication with your customers or clients.
Well, there you go.
Do this on a consistent, weekly basis, and see your sales and revenue skyrocket.
Babatunde Odutola
MtroSculpters Consulting
(Pre-legal & business documentation, Joint Venture & PPP advisory and consulting)