For the past few months I challenged myself to answer a question; “How can small businesses better help each other”? My experience has shown me that there is room for significant improvement in this area. In the past, a referral from one business to another was the best one could hope for.
I looked at the traffic a small retail store generates in the course of a week and at the same time studied the marketing which generated the traffic. As an example, a small woman’s dress shop had a total of 142 people come into the store in a Monday through Saturday time frame. Only 68 of the prospects actually bought product.
It was difficult to determine the source of the traffic. The owner did not ask how they learned about the store. There were no coupons offered in the paper nor were there any direct links to several small adds placed in local magazines.
The owner classified the week a success as the income was a few dollars above the break even point. There was no referral to another business of either the people that bought product or the 74 which did not make a purchase.
I am addressing a solution in a new book; no, I don’t have all the answers yet, but during the next 3 to 6 months I hope to enlist a few small businesses to work on several possible solutions. If you are in the metro Phoenix area and would like to be a part of this study, please call me at 602-989-1592 or e-mail me: firstname.lastname@example.org.
For those participating, it may mean “getting out of the box” and trying something new and different. I will report back with a summary when my study is complete.
One doesn’t discover new lands without consenting to lose sight of the shore for a very long time.