Customers – Page 13

Five Step Action Plan to Remove Trouble Spots in your Business

August 31, 2011

In an ideal world your small business should operate like a well-oiled machine without encountering hiccups. However, as we all know, this is not the case in real world. Problems could and do arise from time to time. We are not talking about transient problems that can be fixed easily and quickly. We are talking about structural changes that occur very slowly and can go unnoticed for a long time. These are the problems that can do a great harm and eventually put you out of business.
To avoid this unfortunate fate we recommend you implement a three-step process. (1) Implement systems to provide you with warning signs about potential issues. (2) Interpret the warning signs to find trouble spots in your business. (3) Take appropriate actions to remove trouble spots.
We talked about the warning signs earlier. In the later post we showed how to interpret these warning signs This post will focus on what actions you can take for each type of the warning sign so that you can take care of the trouble spots and get your business on the right track again.
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Filed Under: Customers, Management, Marketing, Operations, Sales Tagged With: Coupon, Negotiation

Find Trouble Spots in your Business from Warning Signs

August 28, 2011

In the previous post we looked at 5 warning signs that tell you if your business is headed for trouble. These signs serve as early warning system that can help you identify and remediate problems before they become too serious.
Looking for a warning sign is just the first step in fixing things and making them better. Once you have received the red sign you need to interpret it, find the underlying causes and correct them – all before your business reaches the point of no return and forces you to close it or sell at a loss. It helps to have a business degree online to get a better understanding of these warning signs.
In general, you will find two types of problems that would cause the businesses to sputter. The first has to do with general market and economic conditions, which you may not have much control over. The second type of problems has to do with your specific business. These issues are the result of how you run your business and are totally under your control. As a business owner your goal should be to uncover issues specific to your business as quickly as possible and take appropriate actions to correct them now rather than waiting till the last minute.
In this post we will show you what could be the underlying causes for the 5 warning signs mentioned in the previous post. The next post will focus on actions you can take to correct them.
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Filed Under: Customers, Employees, Management, Marketing, Operations, Sales Tagged With: Cost-Management

5 Warning Signs that Tell you if your Business is Headed for Trouble

August 24, 2011

“I didn’t know we were in such a bad shape! How could this happen?” How many times have you heard this from a small business owner whose business is shutting down? For small business owners it is imperative to stay on top of the business like a hawk. Otherwise it is not surprising to wake up one day and find that you are not able to pay your employees or make interest payment to the bank.
We mentioned in earlier post that you have to be able to tell how your business is doing even when someone asks you in the middle of the night. We suggested that you identify key parameters for your business and look at daily, weekly and monthly reports.
We have been asked by number of small business owners if there are simple warning signs that can tell them if the business is headed for trouble – something akin to early warning system. In response, we have come up with 5 metrics that can tell you exactly that. By keeping a keen eye on these metrics you can detect potential problems well in advance and take appropriate actions to correct the path.
Here are those 5 metrics along with explanation of how to calculate them:
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Filed Under: Customers, Finance, Management, Marketing, Operations, Sales Tagged With: Advertising, Competition, Cost-Management, Performance

How to Grow your Business without Spending a Fortune

July 27, 2011

The great recession of the last 2-3 years has made many small business owners skittish about spending money even if it can help them improve sales in the future. Many of the small business owners are hunkering down to survive till the sky is cleared. They are happy with maintaining current sales and making reasonable profit. While we agree that these are difficult times for all small business owners, you should not have to sacrifice long-term benefits at the expense of short-term survival.
We believe, there are ways to satisfy both the needs of conserving cash and growing your business at the same time. The key is to utilize low-cost marketing techniques to improve sales combined with flexible operations to control cost. We have covered several of these techniques in previous posts. Below we summarize them for your convenience.
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Filed Under: Customers, Employees, Management, Marketing, Sales Tagged With: Advertising, Community

Small Business Lessons from $100,000 Salt and Pepper Shaker

July 24, 2011

I am reading this fascinating book “The Last Lecture” by Randy Pausch, who used to be a professor in Computer Science at Carnegie Mellon University. The book is a compilation of his thoughts and experiences he delivered as a last lecture to the students after he found out that he had a terminal pancreatic cancer with only few months to live. It describes many of his experiences in life – from childhood to the end. I highly recommend this book for summer reading.
One of the interesting incidents he describes occurred during their family visit to Disney World when he was a 12 year old. In that he and his sister buy a salt and pepper shaker for $10 for their father with all of their pocket money. However, before they can give it to him he drops it on the ground and breaks it. Very disappointed, they go back to the store with little or no hope of getting a replacement. To their amazement and disbelief, however, the store employee happily gives them the replacement without any charge even though he explains that it was all his fault and Disney had nothing to do with it.
When his father hears the story he becomes a devoted fan of Disney. He continues to take not only his kids, but people from his volunteer group to Disneyland for many years, spending approximately $100,000 according to his estimate.
There are two important lessons to be learned for small business owners from this incident. First has to do with customer service and the other with employees.
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Filed Under: Customers, Employees, Management, Operations Tagged With: Customer-Complaint

How to Run Successful Free Sample Program

June 22, 2011

In the previous post we discussed why giving out free samples needs to be part of marketing strategy for every small business. There are number of benefits small business owners can obtain by giving out samples to existing and new customers. The key to achieving these benefits is to execute the program well. You have to ensure that you reach out to target it to the customers you want to attract. Give out free samples to anyone and everyone and you will waste your money without reaping proper benefits.
To successfully run the sample program you should aim to reach maximum number of potential customers in your target market. You also need to look into getting recommendations from influential people that your target customers admire. Here are some suggestions to make that happen.
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Filed Under: Customers, Marketing, Sales Tagged With: Advertising, Community

Why Free Samples should be part of your Marketing Strategy

June 19, 2011

Free samples are everywhere! Walk into any mall or store and you will find people handing out samples. Go to a grocery store… There are samples of coffee, cookies and many other things… Go to a mall department store… There are samples of perfumes for you to try… Even technology companies that do not have physical stores have got into the game with the so called “freemium” business model. They provide “samples” in the form of limited functionality product for you to “try”. If you want additional functionality you need to pay for it. Apple store is constantly buzzing with people sampling their latest gadgetry.
Samples are everywhere because they work. Customers love samples. It gives them opportunity to “try before they buy.” They don’t have to spend money on something new before figuring out if they will like it or not. It also lets them find new products that they didn’t know existed. With the number of product choices available to consumers increasing every day they do not have time to research all the new products before buying them. Samples provide them a way to uncover something new.
As you can see samples provide companies with an interesting marketing avenue to reach their customers. There are several ways small businesses can use free samples for effective marketing. The list below shows how you can use free samples for low-cost yet effective marketing.
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Filed Under: Customers, Marketing, Sales Tagged With: Advertising, Coupon, Inventory

Ductz – Champion of Customer Service and Marketing

June 15, 2011

If you have been a regular reader of this blog you know that we are strong proponent of customer service and “non-traditional” marketing to improve sales and customer loyalty. We strongly believe that by paying attention to customer service and marketing with emphasis on fundamentals of products and services you can not only significantly improve sales but do so with lower marketing budget.
We are always on the lookout for companies that follow this approach and came across one such company last month at a customer service seminar at IKEA in Canton, MI where I was presenting. I met Dayn Benson, who is Director of Operations at air duct cleaning and HVAC restoration franchise called DUCTZ. Ductz has garnered number of accolades and experienced rapid growth in a short time after being founded in 2002. It was ranked No. 1 in its category by Entrepreneur magazine’s recently released 30th Annual Franchise 500.
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Filed Under: Customers, Employees, Marketing, Sales Tagged With: Community, Customer-Complaint, Franchise

15 Practical Ideas to Generate Buzz for Your Business

June 5, 2011

In the last post we talked about how buzz marketing can help small business owners stand out in the crowd and enable them to compete with large companies. Buzz marketing also helps lower marketing cost for small business owners because it costs less compared to traditional marketing avenues such as newspaper, radio or television.
The primary ingredients required to create buzz are buzz-worthy products, suspense, conversation and scarcity. In this post we provide you with practical tips you can use to generate buzz about your business. As you will see the key theme in each of these tips is doing something expected or even outrageous.
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Filed Under: Customers, Employees, Marketing, Sales Tagged With: Advertising, Community, Social-Media