3 Things you Have to Spend On to Make Money
Running a business is not an easy task today, with so many entrepreneurs out there seeking their own way to success. All businesses, no matter if they offer Royal Vegas online casino guide or innovative ways to grow veggies in a home garden, try to make the best out of their market with the least investment possible. But sometimes saving money is not an option – sometimes the only way to make money is to spend money first. Like on these five things with a real potential to boost your revenues.
Packaging
People shop with their eyes first, and their minds second. This is why products with a more attractive packaging are usually the first choice for many shoppers. So, investing into a better quality packaging is usually a good idea.
A few years ago I met the sales representative of a high-profile bottle manufacturer, serving some of the most exclusive customers of the world (think Dom Perignon, for example). He told me a story about w French winemaker with a mediocre product that wanted to boost his sales. Instead of improving his product, he chose to invest in the packaging (high-quality bottles and new, attractive labels). The result: his sales soared by over 1 million bottles in the coming year.
Mobile presence
Your potential customer is most likely a person living in a developed economy, with internet access, and a smartphone in his or her pocket. This usually means that your potential customer will use his or her smartphone to access the internet, read the news, research products and services, and shop. Which means that you have to be mobile-friendly for him or her to find you.
Today smartphone internet usage has exceeded that on desktops, especially in the US, Canada, Australia, and certain European countries. So it’s more likely that your customer will make the first contact with your brand using a mobile device. Offering him or her a good first experience is one of the keys to success.
Spend extra for exposure
One of the best ways to introduce your product or service to the world is to participate in trade shows and expositions. But simply participating is often not enough – you have to expose yourself and be visible for it to be worth your time. This usually means more money spent for a better spot at the trade show. But it’s worth it: being in a spot with the most foot traffic at a trade fair or an industry show will expose you not only to more potential customers, but more possible investors as well.
