← 7 Ways to Maximize Your Company’s Profits

Making-Plans

By Anslem Samuel | Published January 24, 2011 | Full size is 500 × 320 pixels

Don’t forget a marketing plan: As a smaller business, you should to be able to get closer to the customer and Thompson points out many of the more profitable businesses have been relationship based businesses. “You have to be really focused in your marketing to make sure you get the right customer—a profitable customer that’s a continuing customer.” He adds that marketing is a two-way street. A company can gain valuable information from the consumer. He cites Internet film rental company Netflix, which launched a contest and 50,000 customers competed to come up with better ideas on how to get people to order more video. “They got the customer doing the marketing and R&D departments’ jobs for them,” says Thompson.

Don’t forget a marketing plan: As a smaller business, you should to be able to…