Friday, 23 February 2018

Information and commentary for the small business banking industry

Helping small business customers to increase sales

29 Aug

As a small business banking partner, it’s likely that your small business customers are going to turn to you for advice, particularly if they’re experiencing financial difficulties. Borrowing more money doesn’t necessarily have to be the only benefit they can get from you – what if you could show them how to increase their sales, and subsequently, their profits?

It could be that focusing on closing more sales is something they’ve shoved onto the backburner while they deal with other problems. Of course, the problem with this is that they’re ignoring their best source of revenue.

It’s really important to know their target market, so they understand their customers’ buying behavior and can learn to predict their needs. One of the ways of doing this is to build a database of their customers, and track their buying behavior. Well trained, knowledgeable and friendly staff, as well as the ability to find out what’s wrong and fix it, are also fundamental things to get right.

Word of mouth is one of the greatest marketing tools a business has, and the most effective way to increase sales. Get the basics right, and word of mouth will take care of the rest.

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