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First of all, provide extra payment channels. Credit cards Are you allowing your customers to pay by credit card? Every purchaser has preferences and wants flexibility in how they pay for products and services. They want fast, easy and most of all, secure transactions. By accepting credit card, you can: - Get faster settlement and improved business cash flow, increased protection against fraud. - Capability to process international transactions. - Your customers can avoid cheque or bank transfer, they get credit payment terms and you get your payment in just 4 days. Hence, it's benefiting both, you and your customer. Therefore, to meet your customers' demand and improve your revenue, start accepting credit card from your customer today! Procurement cards Many Local and Central Government Agencies are using procurement cards to pay for frequent low to medium value transactions. Being able to accept the card can get you onto a list of capable suppliers. It needn't be expensive The ITS Bureau service will process your invoices into procurement card transactions for you for just a 25 joining fee and 1 per transaction. For larger volumes ITS Procurer online can be up and running in two to five days at a cost of 350 to allow you to process telephone and mail order procurement card transactions online. PayPal Many customers would not like to provide their credit card details on websites which they do not trust. By allowing pay pal payment, your customers can pay by card indirectly. Avoid bank charges, e-bay and other Pay Pal traders can buy and sell without having to go through a bank at all. Secondly, create a low cost variant of your existing business. Primark outperform Marks & Spencers !! It's clear that you wouldn't want to undermine your present business or let down your existing customers who are satisfied with your current products/services. However, do your customers believe that your brand offers better value than your competitors? Are some of your customers already switching brand for better value product/service? Instead of discounting your prices can you create a value offering that runs alongside so your customers can choose without looking elsewhere. Differentiate the product or service: The value product or service needs to be identifiable so that you dont undermine your mainstream product. Can you find a lower cost equivalent, this can have a less elaborate package, or lower cost ingredients, a smaller pack size, lower service levels, shorter warranty. Take a look at Tesco's value offering, these are just the same products the cut price stores have always been offering, but now given shelf space by the big boys to give their customers the choice without going across the road. Differentiate the delivery: These offerings are for customers who are looking for a way to save money, not an invitation to existing customers to pay you less!! Hence, position them in a separate room, promote in a separate brochure, create them on a separate website, let your present customers know they exist but notify them this is a cheaper option with lower levels of customer experience and product/service differences. Thirdly, search for new customers Many situations change during a recession, and this creates extra opportunities for some businesses. We have all seen the redundant investment bankers on TV. Others will also be looking for new opportunities. Many will be starting new businesses. What can you offer them: can you market to the redundany program with a franchise opportunity, business services or supplies. But remember that most will not survive- Dont expose yourself to too much debt let them pay by credit card.
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This article has been written by Caesarea Howard, who works for Davies McLennon Chartered Accountants. If you are looking for a St. Albans Accountant or Hemel Accountant , visit Davies McLennon website to find out more info.
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