Money Mastery: Smart Financial Strategies Tailored for Women in 2024
The unfortunate reality is that many women find themselves at a financial disadvantage as compared to men. We typically make less money, take time off work to care for children, …
Financial Advice, Mentoring, Publishing, Writing
We live in a world of intense competition for people’s time, attention and money. It is no wonder business owners are stressed and confused. “I’m looking for ideas to help my business. Sharon, can you help me?” This is one of the most oft-asked questions I get from my clients who are looking to grow their business and gain a competitive edge. Here are a few things I’ve learned over the years that I think will help.
Many of my clients report that one of their biggest challenges is customer retention. In the past, business owners relied on customers who lived in the same area. These businesses were often the only ones offering a service or product in their region, making it easy for them to dominate the marketplace.
Today, businesses face stiff competition from all corners of the world. Thanks to the Internet, valued repeat customers are being lured to shop elsewhere. For instance, Amazon attracts customers by giving them more options and incentives such as same-day delivery. A new wave of entrepreneurs has also flooded the marketplace thanks to sites such as Etsy, Twitter and Pinterest. So in order to excel and compete in business these days, you need to adapt to this ever-changing marketplace.
How can business owners who rely on a storefront visibility compete with online merchants? Some researchers suggest that business owners can reap considerable benefits by re-engaging lapsed customers. That’s because these clients have already shown interest in your business and services. So don’t miss the opportunity to capitalize on the data you have on them based on their previous purchases! This is a winning formula to reclaim former customers.
Here are three more ideas to lure customers back:
Although some customers will always be lured by cheaper prices or the thrill of the “new,” I believe that many can be wooed back by re-establishing a good relationship. So when my clients want ideas to help bring back lapsed customers, I always encourage them to get back to the basics. Rediscover the love of your business and put your customer first by maintaining an authentic relationship. Their loyalty is what you will reap in return.
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