We strategize every day and normally don't even know we are doing it. Whether you are picking outfits for an upcoming trip or planning who's sitting next to who for a wedding, these are all examples of strategy. In 2021, things are changing, and we want to help you take the steps to grow with the trends. As Pete Johnson says, “Strategy is a style of thinking, a conscious and deliberate process, an intensive implementation system, the science of ensuring future success”.
Step 1- Understand The Numbers
To understand your numbers, start by taking a look at a financial statement or a profit/loss sheet. These are the types of documents that your accountant will make for you. If you are a sole proprietor, you can also use your tax return. So why are the profit/loss sheets so important? They have two very important components; comparing payroll cost to overall cost and comparing retail sales to service sales.
This will allow you to see if you are breaking even or making a good profit. Knowing your numbers will allow you to create specific strategies throughout your business without being unrealistic or making a detrimental choice to your company's future. To learn hands-on how to read your profit/ loss sheets, check out this video and skip to (14:14).
Step 2- Marketing Strategies
Marketing is one of the main key factors for success in businesses. Learning how to leverage social media platforms or to get the best results through google ads are all examples of ways to become an expert in marketing. Some areas that should be considered with marketing are;
- Social Media (EX. Instagram, Reels, Pinterest, Tik Tok, Facebook)
- Traditional Ads
- Google Ads
- Word of Mouth
- Sampling; Tester size of the product
These are some of the best and most successful ways to market in 2021. For a deeper analysis of each marketing strategy, check out this video and skip to (29:00).
Step 3- Client Retention
Returning customers allow you to build a personal connection with your clients and allows you as a business owner to have more security. Knowing you will have customers in two weeks gives a business comfort – but, how about strategizing for months in advance! Here are some of the best ways to keep your loving customers coming back in 2021:
- Excellent Service
- Relaxing and Safe Environment
- Pre Booking incentives
- Packaging of services/products
- Automated reminders
Client retention goes deeper than just an excellent service. Closing a customer's experience with the proper recommendations and suggestions will help them succeed with their goals and allow you to ensure retention. For a deeper analysis of these excellent options, watch this video and skip to (38:43).
Step 4- Diversification
Transferring a traditional transactional conversation to one which focuses on the client's experience is crucial. When speaking with future clients, recommending how you can further their experience by these suggestions is key;
- Additional Services
- Relevant Products
- Increase Frequency
Diversification allows your customers to grow within your company. Give them the information so they can choose how your company could better influence their life.
A great example is; Let's say a client comes in for PMU Brows. As she is receiving her service she mentions wishing there was a similar procedure for her eyes. This is the perfect time to let her in that you offer Lash Extensions, she will be appreciative you have informed her and this will lead to further client retention.
For a deeper analysis of these pointers options, watch this video and skip to (40:04).
Step 5- Create ‘SMART’ Goals
You may have heard of these ‘SMART’ goals before, but if you haven't, this is one of the most successful acronyms to date. These steps have helped millions of people to strategize their goals. Making sure your goal is specific, measurable, achievable, realistic, with a time frame, will boost your chances to succeed incrementally.
Use this format to great your SMART goal;
Ex. Megan wants to sell $2000 of retail products per month by selling an additional 22 Revive7 during the month (1 per workday).
This example follows each step by giving specific details which are realistic while giving herself a measurable and realistic goal with a timeline.
The Next Step
Now that you have a better understanding of how to strategize in 2021, it's time to apply it! Use the resources and activities given to make a plan for this upcoming year. For further learning, check out the rest of our full webinar for free here!
For further inquiries, reach out to us at Lashforever Canada by email: firstname.lastname@example.org