Less than two weeks remain until the 2024 presidential election. While Elon Musk is making headlines with his million-dollar-a-day prize for swing-state voters (sign a petition, become a millionaire — interesting tactic and a possibly illegal one)… what you need to know about are the financial ripple effects this election could bring to your Minneapolis business.
As a business owner, you have some skin in the election game. Putting your personal politics aside, it’s important to know how your business’s bottom line could be affected two weeks from now…
A Trump-run administration will mean an extension of many things in the Tax Cuts and Jobs Act (TCJA) set to expire in 2025. This generally means lower tax rates across the board for businesses (especially in the area of corporate tax rates).
Meanwhile, a Harris-headed administration will continue to support the current administration’s initiatives with the Inflation Reduction Act (IRA) and green energy incentives. This includes doubling the Research and Development Tax Credit for small businesses.
I bring these things up to help you prepare (not stress). Whether tax cut or incentive, there are ways your business benefits. BUT… the smartest move you can make right now, regardless of which party comes out on top, is to sharpen your focus on profit. This is your best hedge against uncertainty and something you CAN control when other things are uncontrollable.
Trimming the fat from inefficient practices is a start, but if you really want to maximize profits, you need to dial in on what matters most for keeping them flowing: sales.
I suggest today that it might be time to go back to the drawing board with your sales strategies — at the very least to review them, especially if you’re having trouble converting people into paying customers.
Ask the hard questions.
Are the sales strategies you’re currently using really as effective as you think they are?
Are you actually converting prospects into faithful customers?
It’s okay if your answers to these questions are no, or a quiet I don’t know. I’m here to help you find the way forward.
Sales Strategies: Mistakes That Could Be Costing Your Minneapolis Business
“People will never forget how you made them feel.” –Maya Angelou
I think I’m safe in assuming you have some sales strategies in place for your business – the bridge that connects your product or services with the folks who need them. But I submit to you (and bear with me here) that it may be time to re-envision your sales strategies.
I’ll let research speak for itself: According to a study by PwC, 73 percent of consumers said they would switch brands if they feel a company doesn’t care about them.
This means that if your current sales strategies are causing perceived indifference in your customers, they need a facelift (and fast).
What do customers perceive as indifference? Let me give you a few examples:
Open-door delusion: Doctors, retailers, and restaurant owners are usually guilty of thinking that because their doors are open, customers will just come to them on their own.
One-size-fits-all selling: Relying on one or two basic sales methods without considering the best way to meet the customer where they’re at.
Not giving personalized attention: Sending out mass-produced messaging or failing to personalize your products or services.
The message your customers receive is that their specific needs and interests aren’t a high priority to you. Not very loyalty-inspiring, is it?
So, what’s the alternative? Showing your customers you care. They won’t know unless you show them.
And I think you’ll be amazed by how far a little customer nurture can go in boosting your sales. According to a study by Bain & Company, efforts to increase customer retention by just 5 percent can boost profits by 25 to even 95 percent (wow!).
Here are a few practical ways you can demonstrate that kind of care:
Get to know your customers. When you really understand your customers, you’ll unlock the power of resonating with them. Instead of saying, “Here’s our product,” you’ll be saying, “Here’s the solution you’ve been waiting for.”
Send out surveys to gather real feedback. Analyze your customer service interactions to identify common concerns. And for the sake of relevance, watch for trends on social media that your audience cares about.
Offer your customers real value. Most businesses are shouting “Buy this!” But your approach needs to be “Let me help you.” Offering value (typically through content marketing) tells your customers that you’re focused on them, rather than simply doing what it takes to make a profit.
Trust me, it really works – 74 percent of companies say offering value through content marketing boosts lead generation.
Provide content that educates, entertains, and engages (with a little SEO magic sprinkled in). The goal with this is for customers to walk away feeling smarter or better prepared.
Follow up consistently. So, you’ve made the sale. Congrats! But your work isn’t finished yet. You need to follow up with your customers to show that they matter to you even beyond the sale.
Your aim is to thank them for their business, to make sure you meet their needs, and to ask open-ended questions about their experience. This can happen through phone calls, thank you emails, or feedback surveys (but be sure to use your customer’s preferred method of contact).
People go where they feel valued. It’s as simple as that. So, here’s my challenge to you: Take a look at your sales strategies and ask yourself, “Do my Minnesota customers know I care?” If the answer isn’t a resounding yes, it may be time to switch gears.
I know how tedious the strategizing process can be, and I’m here to chat with you about whatever bumps you’re encountering along the road.
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Helping you sell smarter,
Grant Daffin