Everyone in business has a moment when the day is cluttered with activities that yield poor results and zap energy. At the end of the week when you look at your accomplishments, it’s hard to say what you have achieved. What do you stand for? What is your purpose? What’s unique about your business?
If you cannot answer this in a simple way then it is time for you to clarify your business purpose. It’s so much easier to run your business when your purpose is clear.
I stopped into a boutique recently with two friends and we all enjoyed our shopping experience. We browsed the store and the unique items. We commented on some of the fanciful items and the décor. We admired several items and each of us ended up buying something. None of what we purchased were essentials. My friends and I totally enjoyed our time in the shop. The shop keeper was friendly and conversant so I took the opportunity to ask her about her shop and her business. She offered that her fellow shop keepers asked her why her business was so strong and she said, “Because her purpose is to ensure that everyone who comes into the store enjoys their shopping experience and leaves buying something.”
For example, she said she could price one item at a hundred dollars or three items and around thirty dollars each. The lower priced items would be purchased in a much shorter amount of time than it would take to make one sale for a hundred dollars. Lower price points would guarantee a sale for almost every customer entering the store. Some lower priced items, between five and ten dollars were unusual comment pieces that caused people to linger which create a fun, warm atmosphere and additional purchases. On the other hand, other shops in this resort community had much higher prices and were not moving their merchandise. The customers who are not able to afford the higher priced items do not linger at these shops and once finding her shop they are happy to spend.
Take a moment to clarify your business purpose and align your customer philosophy, marketing and pricing strategy accordingly.