Friday, September 16, 2011

9 Things You Can Do To Win Customers and Keep Them Coming Back

Know Your Customer
Customer profiling is the first step to building successful customer relationships.  There are no two ways about this…knowing your customer is the secret to business success.

When I say this I mean drawing up a customer profile in terms of: Age, gender, income, occupation, tastes, frequency of purchases, motivation for purchase and other factors that may be specific to your business.
I have had the same hair stylist for over thirteen years now and the reason I go to her is because she knows what I want, what my lifestyle is, just how much time I have on hand to take care of my crowning glory and what my strengths and weaknesses are in terms of facial features.  She knows me and my hair care needs that is what matters.

Be Friendly
I was reading a short story the other day.  It was about a little boy who was at the beach with his father.  He came across a turtle and as soon as he touched it the turtle put his head inside his shell.  The little boy began poking him with a stick but the turtle refused to stick his head out.

His father forbid him from doing that, instead he picked up the turtle and took him home where he put him by the fireplace.  Soon the warmth in the room compelled the turtle to stick his head out.  Moral of the story…People are like turtles…warm them up with affection and they will open up to you.

Use genuine warmth to draw customers to your venture or store.  Even if the customer is angry, non-cooperative and disinterested, make a genuine effort to be warm and friendly.  You never know he might just have a change of heart.

Look for Ways to Add Value
Look for ways to add value to the end deliverable and when I say this I don’t mean spend a lot of money.  Helping a customer find a product that he needs instead of leaving him to scour shelves, offering to watch a child as a harried mother shops, offering to get your customer’s car out of parking while he gets his stuff out of the store are all small ways of adding to the shopping experience at your store.

Even something like referring a customer to a good tailor when you are only in the business of selling fabric is offering value.  Think a step ahead and you will always be able to find things to add value in the end analysis.

Be Flexible
Exhibit a willingness to work around customer needs and specifications with regard to their budgets, tastes and preferences.  Take the trouble of talking to them and finding out what they want instead of compelling them to buy what you have.

Designers who work with fabric that the customer brings in or are ready to incorporate the customer’s designs in to their outfits find more favor with people than those who want the customer to wear what’s on the rack at their store.

Make Customer Convenience Your Mission
Shopping today is more about convenience and personalization and less about affordability.  People are willing to pay for both convenience and personalization.  This is precisely why a kirana (small grocery store in India) finds favor in the face of competition from supermarkets.

The grocery store owner opens his store at 6 am and is open for business way up to midnight; he is happy to take orders down on the phone and will send your necessaries across no matter how small the quantity.  He will remember which brand of soap you like and tell you if there’s an offer on a certain product.  If you are in a hurry and pop in at his store he’ll give you goods even if you don’t have the money to pay him right away.
He’s teaching you lessons in customer convenience which is his mission…make it yours today!

Automate Payments or Offer Options
The best part about making a purchase is having lots of options to make payments and if there’s automation then that’s even better.  Offer your customers the option to pay:
  • By Credit Card or Debit Card
  • By Cheque
  • PayPal
  • Cash on Delivery
It just makes life a lot easier on both sides.

Brand with Wheels
I have written an entire blog post on how brands with wheels can make a difference to a business.  Let me tell you about a recent experience that I had and how brands with wheels really do make a mark in an intensely crowded market.

I always get my clothes tailored at a certain store but recently found that the tailor always delayed delivery and gave me a poor fitting despite my numerous rounds made first to collect my clothes and later to get them altered and get them back from him.  I was fed up with the amount of time, money and effort that I was spending on getting my clothes stitched from him.

I then came across a lady who offered customized tailoring and got in touch with her through her page on Facebook.  I spoke to her over the phone, met up with her once, picked out an outfit based on my budget and preferences with regard to color, embroidery and the like, gave her my measurements and was pleasantly surprised that she always delivers outfits at the customer’s doorstep.  Though I needed some alterations she was more than happy to deliver it when she made her next round of deliveries on my side of the town.
Am I going back to her?  Yes!

Keep them Posted
Let your customers know about the latest happenings at your store or venture.  Strike a relationship with them through a Facebook page or tweeting on Twitter to let them know about your latest collection, a discount offer or a contest you may have organized.

Let them hear about your achievements too.  So if you were featured as one of the top 10 social ventures in your city then scan a copy of the magazine that featured you and post it on your wall.  Watch how quickly the word spreads and the kudos and compliments keep coming in.

Keeping customers in the loop is all about making them feel involved as far as your progress goes.  They after all contributors to you being there and they should know about how the world perceives you and your efforts too!

Stand for Something
We live in times that are plagued with a number of problems and social issues like poverty, education to marginalized groups, neglect of the differently abled and businesses that set out to support a social cause tend to win more brownie points than those that are simply driven by profit.

It might be a simple move like an hotelier supporting budding artists by allowing them to display at his restaurant or a courier service that employs only handicapped people or the chocolatier whose chocolates are crafted by the blind.  These are just some instances of businesses that stand for something and as such find favor with the public on account of their association with that cause.

If you can’t go all the way you could donate some part of your earnings or products to a charity like giving away surplus food to the nearest soup kitchen instead of throwing it away. 

Tuesday, September 13, 2011

Tips for Start Ups: 13 Quick & Effective Small Business Marketing

Steps

Running your own business is the ultimate reward in any career in my mind. You get a sense of self achievement that no other job can give you. If you’ve just started off on the long and rocky road to running your own business, then you will appreciate the 13 effective small business marketing tips for start ups I’ve outlined below.

 

Small Business Marketing Tip #1 – Build a customer base

First thing to do is to build a customer base, and I’ve found the best way to do this is to either build a list of email or telephone contacts. You can use a list to promote new products, services or to simply send out newsletters and bulletins regarding your business in the future.

 

Small Business Marketing Tip #2 – Use a friendly and professional automated answer phone service

If you use a mobile phone for your business, get on it a record your own automated greeting answer phone message. Let potential clients be made aware that you have acknowledged their communication with you, and that you will get back in touch with them as soon as you become available.

 

Small Business Marketing Tip #3 – Build a website

No business in this day and age can survive without one, building a website doens’t have to be a challenge, there are many online site building tools available on the web to help you.

Small Business Marketing Tip #4 – Send out a press release

Get in touch with your local newspaper and see if you can get a mention about your local business services.

 

Small Business Marketing Tip #5 – Get customized invoices

If your business entails sending out invoices, one of the best ways to get your name about is to use customized invoices. A cheaper way would be to get a rubber stamp made up to stamp invoices with your business credentials before sending them out.

 

Small Business Marketing Tip #6 – Get business cards

Get onto VistaPrint and get some premium business cards printed.

 

Small Business Marketing Tip #7 – Raise funds for charity

This is a great way to promote your business. Consider raising funds for a local charity. Often you can generate lots of public interest and free local radio and press advertising by doing so.

 

Small Business Marketing Tip #8 – Cross promote your products and services

If you offer a wide range of products and services consider cross promoting them, hold limited time offers and promotions.

 

Small Business Marketing Tip #9 – Advertise on local radio

Contact your local radio station if possible, to see how much advertising would cost.

 

Small Business Marketing Tip #10 – Add your business to local directories

Local business directories including online business directories are affective for promoting and advertising your business locally. Many online directories even offer a free listing service which can save you money on advertising.

 

Small Business Marketing Tip #11 – Maintain a good level of customer service

Essentially the most important aspect of marketing and promoting your business, and that is to offer a flawless customer service experience for your clients.

 

Small Business Marketing Tip #12 – Ask for feedback

Feedback and testimonials can help attract more clients to use your business services based on others experiences with your company. Ensure that you kindly ask your recent customers to leave feedback where ever appropriate, i.e. your website or blog.

 

Small Business Marketing Tip #13 – Organise and hold a talk or seminar

Finally, you should also consider holding a talk or a seminar to discuss about the features and benefits of using your products or services. If your business provides a service that is essential to consumers in your locality, this can be a great way for you to get to know more about you customer base as well as demonstrate your expertise in your field.

Credit to: Fabrizio Van Marciano

Friday, April 29, 2011

Selling a business takes careful steps

- Correspondent
 
Two weeks ago, my article encouraged family business owners to be sure to include an assessment of their personal hopes and dreams, in addition to the dollars, when considering selling their business. Continuing on that theme, if you have ultimately decided that selling the business is the best choice, below are some tips for preparing your business for sale.

Preparing for a sale
There are three fundamental actions that need to be taken to increase the likelihood of receiving a good deal when selling your business. Clean up the financials. As a family-owned business, your financial objectives inherently differ from a publicly owned business.

"Family businesses have to do away with the 'Family Social Security System': tickets to sporting events, toys with motors, and nonworking family members who are on the payroll," says John Kober, a partner at the law firm Morgan Lewis.

All of these types of items need to be removed from the company financials before presenting them to prospective buyer. Along these same lines, family-owned businesses can find it beneficial to bulk up the internal benefits in order to reduce profits, in turn lowering the tax burden.

While this might make sense from a tax view, from a buyer's perspective they want to see a record of profitable results. Finally, make sure the inventory in the warehouse matches the number on the balance sheet.
Audit financials. Once the financial statements are cleaned up, it is time to have an accounting firm declare them truthful. To the eye of the buyer, your financial statements may look wonderful, but it is equally important that they are accurate. Buyers will insist on audited financials anyhow, so having this item checked off shows that you are serious.

Strengthen management. If you are the business, then buying the company without you is pointless. If you are willing to stick around for a few years, then a deal may be worked out.

But if your goal is to receive a check and head off to the beach, then you will need to develop a company that can operate as much as possible without you by building a good management team. Not only will the buying company be looking for this, it will greatly increase the value of your company.

Assembling the team

There is an appropriate corollary to the age old advice that the worst lawyer to hire to defend you in court is yourself: The worst person you can have represent you in the sale of your business is yourself. There are three fundamental reasons for this:

This is not what you do for a living. Selling a business can be very complex. You may think you are saving money, but you are really just adding a lot of risk.

Business owners are emotionally susceptible to someone calling their baby ugly. A neutral third party can more rationally work through the issues that arise during negotiations.

Leaving yourself as the behind-the-scenes ultimate authority increases your overall negotiating leverage.
We had a client whose son had mismanaged the company, built up a mountain of debt and was losing money. Once we got the business back on an even keel, we recommended selling all or part of the business and getting some help to do it.

"Over my dead body" was the response. "I didn't build up this company just to hand it to someone else."
A couple of months later, I received a call from the son saying that he saw the light and even had a large buyer on the hook. While we again reiterated the importance of hiring a qualified professional to help them, they demurred. Sadly, we discovered later that the large company backed out at the last minute, driving them into bankruptcy, and enabling the large company to pick up the pieces for cents on the dollar.

The best answer is really to assemble a good team including a CPA, an attorney, and an investment banker. Furthermore, it is equally important to designate someone to be the team lead, preferably a neutral third party who can balance the different interests of the team members.

You, and possibly multiple generations, have spent a lifetime building up the family business. Deciding to sell it is difficult. You owe it to yourself and your family to take the proper steps to optimize the value of your business to a potential buyer.

Columnist Henry Hutcheson is a nationally recognized family business speaker, author and consultant with ReGeneration Partners in Raleigh.

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