Business Pages

Your 360 Degree Business Knowledge Resource

Tag: business

Why Building Customer Loyalty is a MUST for Small Business Retail Enterprise

Building a small business is no small task. You are required to juggle a lot of tasks and activities. You will define the strategy, execute the strategy, evaluate the business,…

Continue Reading

Building a small business is no small task. You are required to juggle a lot of tasks and activities. You will define the strategy, execute the strategy, evaluate the business, manage the business, do the financial accounting and do every other job you simply can’t afford to outsource. And to top that up, you must build customer loyalty. This is as important as any other business activity you carry out. The PR Newswire estimates that by 2020, the customer loyalty market would be worth 4.0 billion USD. If you think that is too much, think again.

Loyal Customers are the most Important

Research has shown that loyal customers buy more than new customers. A customer who feels a connection with your brand is more likely to purchase more products than a would-be customer. The Gartner Group estimates that 20% of your loyal clients contribute about 80% of your earnings. They will have more willingness to try new products and services from your business than others.

Loyal Customers are cheap to sell to

The average cost to sell to an existing customer is far less than the cost to sell to a new one. An existing customer would be more willing and able than other customers to find a solution to their problem from your self-service portal instead of calling you and requesting personal service. Since they are more knowledgeable about your business, they make it easier to be served, and you know, easier is usually cheaper. Also, they do not require marketing because they already know your brand. It is a win-win to have loyal customers.

Loyal Customers sell for you

When customers like a product or service they tell others. If they are loyal, they tell even more people. For instance, your loyal customers are those who would refer their connections to you when they want the particular service you’re providing. This would also help reduce your marketing cost because you have unofficial and unpaid brand ambassadors. TechOneStop suggests that a satisfied customer shares a good experience with 9 other people. They also say that a dissatisfied customer tells 22 people, so you have to ensure that every customer leaves satisfied.

Loyal Customers eliminate your competition

This Marketing Mentor post explains that loyal customers are less likely to stray towards the competition, as if they are completely happy with you a competitor simply won’t appeal. When customers believe that they get good value for their money from you, they don’t think of going elsewhere. This eliminates the risk of losing customers to your competition.

Once you’ve managed to sort the internal aspects of your business like shop protection, you can finally make the effort to improving customer loyalty. You should know it is directly connected to keeping you in business. It also doubles up as customer engagement which creates a positive connection with the customer.

They are more likely to give useful feedback and suggestions which ultimately help the business. An engaged customer is a gift to your business. You are lucky to have them and not the other way round. So, develop good customer loyalty and see your business grow in leaps and bounds.

No Comments on Why Building Customer Loyalty is a MUST for Small Business Retail Enterprise

Great Examples of Conceptual Selling

(Image Credit: 123RF.com / dolgachov) The first thing to understand about concept selling is that consumers don’t really approach a transaction looking to buy a product or service. People spend…

Continue Reading

Car salespeople provide plenty of Great Examples of Conceptual Selling

(Image Credit: 123RF.com / dolgachov)

The first thing to understand about concept selling is that consumers don’t really approach a transaction looking to buy a product or service. People spend money to purchase something that they think will benefit them in some way. The most successful sales people understand what the prospect hopes to accomplish with the product or service and knows exactly how to tie what he or she is selling with a solution to the customer’s problem. Using a conceptual selling approach offers numerous benefits, including:

  • Allows the sales representative to get to know the customer at a deeper level and focus on achieving results
  • Draws attention away from pricing to deter the customer from going to a lower-priced competitor
  • Offers a way to stand out from the competition
  • Makes it easier for sales professionals to determine early on which customers will bring in the most revenue while costing the least to nurture

Conceptual Selling in Action

For the sake of example, assume that a car dealership just sold a new car. That’s always exiting, but salespeople often neglect to look at the big picture. A new car replaces an old one that no longer works efficiently. This is a straight product sell, which only looks at the immediate need.

A car salesperson who incorporates conceptual selling will help the prospect visualize future automotive needs as well. He or she asks the prospect to consider ongoing transportation needs and the best ways to meet them. In this example, the sales representative would ask the prospect to think about potential future problems with the car and how he or she will meet them when the need arises. This gets the prospect thinking beyond the moment and establishes an early long-term relationship between sales representative and client.

Steps Involved in Using a Conceptual Sales Approach

The first step in any sales process is gathering information from the client<. The sales representative should ask detailed questions to qualify the prospect, such as more information about their company’s problem areas. This helps to develop trust and learn more about how the prospect handles major decisions. It also sets up the selling organization as a credible one.

Moving on, the salesperson should now focus on answering the prospect’s questions and providing detailed information about the product or service. This is another important area where it’s important for the presenter to separate his or her company’s products and services from those offered by the competition. It’s time to capitalize on known strengths to generate excitement and trust with the customer.

After making a sales presentation, the last step is to obtain a commitment from the prospect. If the person can’t provide one, it means that he or she feels the sales representative presented a losing proposition. The prospect couldn’t visualize the benefits from it, regardless of cost. To win a customer, it’s important to keep expectations realistic and listen to his or her needs and objections. If it doesn’t appear to be a good fit by the end of the presentation, a smart salesperson will walk away from the deal rather than continue to pour time and resources into a prospect unwilling to commit.

No Comments on Great Examples of Conceptual Selling

How to Make Your Business Trip Run Like a Dream

I recently went to Paris on my very first business trip and it wasn’t until I got home and started assessing how it went, that I had the chance to…

Continue Reading

I recently went to Paris on my very first business trip and it wasn’t until I got home and started assessing how it went, that I had the chance to work out what I would do differently next time around. From a business perspective, the trip went just as planned, I wasn’t late for any meetings and I closed the deals that I was looking to close. With that being said, there was many areas of the trip that I could have made better and I wanted to share them with you so that if you are planning a business trip, you can learn from my mistakes.

Airport Transfer

I wish I had booked an airport transfer in Paris because although the flight wasn’t a long one, I was nervous about the meeting the next day and I could have done without trying to negotiate the public transport system upon arrival. Getting straight to the hotel, getting some food and prepping is all I wanted to do so I would recommend that wherever you are heading to, make sure that someone is waiting for you at the airport.

Entertainment

I had no idea how much down time that I would have as I was waiting for meetings or even in my hotel room alone at night and I wish I had planned some entertainment a little better. If you are heading away, take the time to download some movies or games to your electronic devices, it is a great way to switch off and after a day of meetings, you will need it.

Sim Card

One near-fatal error that I made was not realizing that my phone couldn’t accept foreign SIM cards and so I was forced to duck into cafes for their wi-fi whenever I needed to make a call. You should check before you go that your phone is able to accept the local SIM or buy a cheap phone which can, being out of touch when you are in the midst of a business trip is most definitely not recommended.

Day Before

I flew the day before my first business meeting and whilst it worked out alright, I was quickly reminded how fine I had cut it. The flight that went to Paris from London just after mine, was delayed by 9 hours due to mechanical break down, had this been mine, I would have missed my first meeting, not the impression which you want to give prospective clients. If you are booking your flights then I advise you do it 2 days before your first meeting, just to be sure.

Paper Copies

If you are taking important information with you, make sure that you do so in both paper and digital form. Shortly before one of my meetings, my tablet suddenly died and I was forced to ask the receptionist to charge it up for me. I managed to get my information in time but I won’t be running that risk again, print off your info before you go and take it should anything go wrong.

What business trip tips do you have? Feel free to share it with us in the comments section below.

No Comments on How to Make Your Business Trip Run Like a Dream

SEO Tricks to Boost Your Business’ Online Presence

The world of Search Engine Optimization (or SEO) can, at first glance, seem to be almost hopelessly complicated and mercilessly fickle. However, it’s not as much of a dark art…

Continue Reading

The world of Search Engine Optimization (or SEO) can, at first glance, seem to be almost hopelessly complicated and mercilessly fickle. However, it’s not as much of a dark art as many small business owners might initially believe.

While few of us have the luxury of hiring dedicated staff who can manage our business’ web presence on a day to day basis, you will be relieved to know that not all hope is lost; in fact, by incorporating the tips that we’ll be sharing with you today, you can be on your way to boosting your online relevancy right away—sometimes without needing to spend a dime (just a little of your time will do!).

Use Relevant Hashtags on Twitter

You may already be a maverick when it comes to using the micro blogging site, but without proper foresight, all of your hard work will be going to waste. For example, you might be using hashtags to try to make your messages concise and easily understandable to people who happen to see your messages flash by on their screen.

However, by doing some prior research and seeing which tags people are already using, you will be able to potentially grow your audience significantly. So, next time you think about using “#hairstyletips”, do some research on your competitors first; it may be the case that they’re using “#easyhairtricks”, and by incorporating this into your tweets, you’ll become exponentially more visible.

Post Good Content on Your Blog

Your blogs don’t have to read like poetry in order to help your online presence grow. In fact, keeping things simple and sticking to what you know can often be a much more effective way to get seen online.

Put your heart into what you’re writing; is the topic itself interesting? Are you providing the right amount of information, so that it can be skimmed quickly but also providing worthwhile information? By breaking your posts down to smaller paragraphs, and adding some appropriate images, you can make them significantly more readable for those who stumble across them.

Link to Websites You Respect

Even if you’re not getting any traffic from others linking to your site, make sure to link (with moderation!) to sites that you genuinely respect and which relate to your field. By doing this, Google will consider it as a factor when performing its search algorithms. Over time, it can greatly increase your ranking on the search engine.

Use Well-Produced Videos

This may be the most expensive tip on this list, but it could also earn you the greatest rate of returns. Having well-made videos by someone who knows what they’re doing to promote your business can dramatically improve the way others see it.

You can get in touch with local film-makers to get a ball-park figure of how much you’ll need to spend, but many freelancers in the industry will charge a reasonable rate to help you out for a day or two. Likewise, they’ll take care of all the editing work that you don’t want to be involved in, so that all you’ll have to do is upload the video to your YouTube channel and slowly watch the number of views increase!

Mastering SEO is, as you might expect, an arduous slog and will likely result in an epic quest that grows arms and legs along the way. However, it is fascinating; what you essentially learn is a guide to mastering the internet! If you don’t want to do any of the above, though, you can always just hire a web designer who specializes in SEO to help you boost your web presence. Remember to keep checking back for more great posts you can refer to to take your business to the next stage!

No Comments on SEO Tricks to Boost Your Business’ Online Presence

Type on the field below and hit Enter/Return to search