3 Tips To Maximize Business Development

Posted on 11 Oct 2017
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  1. Maintain Relationships

Establishing relationships is one thing, but maintaining them is a business art form all its own. According to a study, repeat customers spend nearly 70% more on average than new clients. This is especially true in the hospitality and retail industries. Thus, it pays to continue strengthening these existing relationships, remembering to engage with your customers on a regular basis. Feel free to set up reminders in tune with a schedule that works for you, but quarterly check-ins are a solid rule of thumb for starters. What have you done to stay in contact with your customers?

PawnMaster can act as a database for you. You can easily reach your customers regularly through their text messaging platform.

  1. Build Trust Through Added Value

Whether you’re dealing with existing or brand new customers, your actions speak volumes. There are many ways to build trust through added value, including placing a consistent emphasis on above-and-beyond service and communication. Most importantly, you must continue adding value after your first sale or loan. It takes time to build trust, but you will eventually develop a reputation for excellent service that will act as your calling card. Once that trust is built, they will become loyal customers.  As an example, Target went bankrupt in Canada because the trust of the customers was largely with Walmart because it's what they had known for decades even though most people in America love Target and believe it to be an upgrade over Walmart.  What have you done to build that trust with your customers?

  1. Put Testimonials to Work

If you’re looking to establish credibility in the early stages, testimonials and online reviews can be a major boon. Be sure to respond to any negative reviews too, so potential customers can see your side of the story, and that you're responsive and care. 

With these tips in mind, you’ll be well on your way to developing a business plan that’s a force to be reckoned with. For more expert help along the way, get in touch with the professional consultants at Devoted Business Development. Call us at (952) 582-4669, or contact us for further information on our development solutions.

We evaluate and train on these things and many more with our Pawn Shop Health Check!

Vernon Stading

Written by Vernon Stading

Vernon has a passion for helping businesses be more successful and that is why he founded Devoted Business Development and the Small Business Advisory Board of MN. He has a strong leadership background and has been helping business owners succeed and make more money for more than 15 years. Vernon has extensive knowledge in the retail, pawn, jewelry, financial services and hotel industries and he worked for two international franchise companies before learning the pawn industry. He got to learn from the pawn business experts who are looked at as leaders and revolutionaries in the industry. Vernon also met many other folks that were nationwide and international consultants along the way who have a lot of great ideas and suggestions on how to improve businesses in this industry. Vernon learned the business so well, that after leaving that organization, he started his own consulting firm with most our first clients being pawn stores. He was approached by several nationwide chains and asked to do merger and acquisition for them. He got to experience firsthand the amazing and fast-paced growth of small, medium, and a large sized chain by buying other organizations, fixing them and putting their name and brand on them. He was able to work with every type of location, from the 38,000 square-foot Taj Mahal pawn shops to the 2,000 square-foot hole in wall, and everything in between. In addition, he is an expert at helping business owners create processes, systems, policies and procedures that streamline their business and ultimately help them make more money with less work. Regardless of what your business needs are, he is an ideal candidate to help take your company to the next level.

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