The other day I was chatting with a RewardCamp customer out west. Let’s call him Tim.
Tim has been in business for over 15 years. In addition to his e-commerce and retail stores, he also owns over 20 rental properties.
But 10 years ago, Tim almost went out of business. That’s when he bought his 2nd retail store. He had borrowed money to buy the second location and costs started going up immediately.
Tim had to consolidate from two stores to one, to stay in business.
He learned some valuable lessons from that rough period that he practices to this day.
It has allowed him to grow and diversify to other areas such as real estate.
- Tim focuses on selling multiple times to each customer
- He uses local and google ads to bring new business
- Then he uses a rewards program and good customer service to incentivize customers to return and buy again. It also ensures that they will not go to a competitor.
- He uses his point of sale system to collect general data about customers (whether they are a business or a consumer, whether they are newly married, young parents, grandparents, etc.) Using this data, he markets other products that they may need.
- Using process and systems to standardize and automate
- As soon as a tactic is producing good results, he standardizes it using written instructions or technology, and incorporates it into daily operations.
- He invests in tools, technology and staff to help him achieve standardization and automation.
- Managing cash tightly
- Since he operates in a low margin business, he keeps a keen eye on costs, revenue and profits. This tells him immediately if and when changes need to be made.
Like Tim, if you want to grow faster and diversify into other businesses, the first order is to get your customers to buy repeatedly.
RewardCamp can help you offer rewards in an automated way. It gives your customers a reason to return.
With RewardCamp, you will also automate a fundamental success tactic of your business.
Which will free up your time for other things.
Sign up now at www.rewardcamp.com