The strategy focuses on enhancing the financial performance of a funeral services business by expanding its service offerings, optimizing cost management, and boosting marketing efforts. For expanding services, the business aims to identify new opportunities, such as eco-friendly funeral options and grief counseling, and develop unique packages like personalized funeral services. For example, partnering with local florists for package deals can create added value for clients.
Optimizing costs involves negotiating better supplier rates, implementing energy-saving practices, and utilizing technology for automation. Regularly reviewing financial metrics helps identify savings, much like adopting just-in-time inventory practices to reduce unnecessary stock.
Increasing marketing efforts include developing a digital marketing plan, utilizing social media engagement, and offering client referral incentives. These actions are akin to enhancing a website's SEO to improve visibility and distribute informative content about funeral planning. Hosting community events can raise awareness, just as leveraging customer testimonials can build trust.
The strategies
⛳️ Strategy 1: Expand service offerings
- Conduct market research to identify new service opportunities
- Develop unique personalised funeral packages
- Introduce eco-friendly funeral options
- Offer grief counselling services
- Create a loyalty programme for repeat clients
- Partner with local florists for package deals
- Offer funeral pre-planning services
- Provide memorialisation products
- Host community events to raise awareness about services
- Leverage partnerships with local hospice providers
⛳️ Strategy 2: Optimize cost management
- Negotiate better rates with suppliers
- Streamline operations to reduce overhead costs
- Implement energy-saving practices in facilities
- Utilise technology to automate administrative tasks
- Train staff to improve service efficiency
- Review and renegotiate long-term contracts
- Adopt just-in-time inventory practices
- Monitor and control utility expenses
- Evaluate and adjust pricing strategy regularly
- Conduct regular financial reviews to identify savings opportunities
⛳️ Strategy 3: Increase marketing efforts
- Develop a comprehensive digital marketing plan
- Enhance website with SEO and user-friendly features
- Utilise social media to engage with the community
- Create informative and engaging content about funeral planning
- Offer referral incentives to existing clients
- Partner with local businesses for joint promotions
- Organise informational webinars on funeral planning
- Send targeted email campaigns to past clients
- Develop and distribute brochures to local healthcare facilities
- Leverage positive customer testimonials in marketing materials
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
