Insights, Ideas, Results
Successful SMEs need to be constantly pushing, evolving and growing. It is a fact of any business that you will lose some customers to competition periodically, that is why attracting new customers should a key part of your future growth. They can replace the lost business to competition, and help grow your business by providing new source of growth. It does take considerable effort and time to attract new customers. Here are five ways to reach out to tomorrow’s customers, today.
If you’re a business owner then you will be intimately familiar with the minefield that is business insurance. With so many different types of coverage available, it can be difficult to figure out what is the right option for your business. However it is vital that you are covered for anything that may go wrong with your staff or your customers. So here is a guide to the different types of insurance available and what you ought to be looking for.
Great customer service is one of the strongest foundations for a business. Consumers can tell you their favorite companies just based off their own experiences with the customer service department. That’s a lot of responsibility! However, if you know how to give your buyers the best customer service experience possible, they will happily spread the word about your products and services. Here are three customer service tips that will show you how to get there.
Every business loves to attract new customers. After all, these new customers help them get additional sales and improve profit. We are all familiar pre-approved credit card offers we receive in the mail every week, where the goal for these companies is to find new customers. Unfortunately, in the zest to attract new customers these businesses forget to pay attention to the customers they already have. As a result they are in constant churn mode of losing existing customers and finding new ones.
If you are a small business owner you’ll inevitably face the challenge of creating and maintaining your presence in social media. Social media presence is a must to promote your business and stay in touch with your customers. However, people will not find you and won’t follow you in social media if you don’t have regularly updated content – you have to communicate with your customers regularly and find the ways to engage them.
Services such as Facebook, Twitter and Google Plus offer you a great chance to promote your business through social media. You can even do this without a dedicated website as social networking sites offer you a surface to carry your content themselves. You just need to fill these channels with engaging content and this may require some time, and of course, resources.
The goal of pricing a product or service for any small business owner is to charge the maximum amount that customer is willing to pay and maximize profit. If you charge lower than what customer is willing to pay you leave money on the table. If you charge higher customer will walk out the door and you will lose profit.
To some it may seem like Black Magic, but pricing is combination of art and science. Big corporations, such as Wal-Mart, do lot of research and number crunching to figure out to the pennies exactly how much they should charge so that they get the maximum profit. This is the science side of pricing. No matter how much number crunching and data analysis you do human behavior and psychology plays a big role in customers determining whether a given price is a good deal or not. This is where art comes into play. There are number of ways in which business owners can convey the message about good deal (aka pricing) and take advantage of how customers react to that message.
[Read more…]
Growing sales is the ultimate sign that your small business is on the right track. The day your sales become stagnant, or even worse, start declining it’s time to start getting worried. If you don’t pay attention to declining sales and start taking actions to reverse them you may reach the point of no return and hurt your business permanently.
The problem is it is very difficult to pinpoint exactly what mistakes you are making that contribute to declining sales because many times you don’t even realize you are making them. The mistakes could be happening in anywhere within your business functions – customer service, products, marketing, and competition. Many of these mistakes are strategic in nature, which means that you do not directly see them in everyday transactions, but their impact can be very large. This is what understanding reversing sales decline very puzzling.
To add to confusion, there is a considerable lag between the time you make those mistakes and when their impact shows up in the form of declining sales. That is why it is paramount to be aware of these mistakes and ensure you are taking corrective measures before it is too late. Here are 5 common sales mistakes I have noticed small business owners make frequently.
[Read more…]
Do you remember the time when you were pleasantly surprised to get more than you had expected from a business? How about the time when you were annoyed when you didn’t get what business had promised? It’s interesting how we remember outcomes that have turned out better than or worse than our expectations, but not the ones that came out as promised! Businesses who understand this simple fact stand to benefit by delighting their customers. This is the commonly known principle of “Under Promise and Over Deliver”.
[Read more…]
Some restaurants are still unsure as to whether or not they want to claim their business on Yelp, the popular review site. They don’t feel like they need to pay attention to the review site while others don’t see the benefit that a review site can bring to their establishment, but a Yelp business listing can bring many advantages to your company, including the following.
[Read more…]
The formula for success in small business is very simple – keep the promises you make to your customers. The relationship between customers and business owner is like an unwritten contract. Both parties expect the other to honor their side of the contract. In it, the business owner promises to sell his products or services at the advertised price with the best possible customer service. In return, the customer promises to keep giving business to you as long as you keep your side of the bargain.
[Read more…]
