Have you ever taken a plunge on a new product and realized it just wasn.t what you were hoping for? I know I have, and as a direct result, when I do my online shopping, I look for a guarantee. Though it might seem like a big risk as a small business, guarantees can actually pay you back with more sales, customer loyalty and buyer confidence.
When customers are looking for which product or service to choose, a guarantee might be the deciding factor . offering the risk-free purchase they desire.
Some of the other benefits of offering a guarantee are:
Word of mouth marketing has been a proven tool in generating interest, traffic, awareness and ultimately . sales. But how has word of mouth marketing changed in the past few years? With the advent of the internet, information is literally at your fingertips in a matter of seconds. Wide searches and reviews can generate foot and internet traffic for retailers and businesses.
However, one of the most important advances has been the use of social media for businesses. Forrester analyst Augie Ray recently wrote Word of Mouth and Social Media: A Tale of Two Burger Joints. This article discusses how two wildly popular restaurants rose to success . one over the course of 10 years, and the other . in just one year. How did this happen, and how can we all learn from this success?
So, why is this important? Premick stated it best:
When formulating a marketing and sales plan, one of the best places to start is with your competition . what better way to get a feel for what is working, what you can do better, and how to set yourself apart? As Steve Strauss discusses in his article How to Research Your Competition, using marketing research and competitive analysis is key in understanding the market landscape.
So just how should you research your competition?
1. Start with their website . it should contain history, product or service positioning and other useful information.
2. Do physical research . visit their store, call their customer service or purchase from them.what better way to see how they do business than to become their customer?
Being eco-friendly and saving our resources is not just an environmental issue. It.s also a great way to save dollars in your business, and reach out to your customer and client base. Some obvious benefits of following the .Reduce, Reuse, Recycle. adage are: saving our environment, reducing waste, and saving money.
Many offices are also downsizing their disposable supplies . that means no more Styrofoam coffee cups for some. Put your message on their morning coffee mug and encourage business and saving the environment.
Use these simple products to have an additional (and eco-friendly) way to stay in touch with your customers, and show them you care them, AND the environment!
For more tips on green business tips, visit http://www.business.gov/expand/green-business/.
According to a few sources, January 20th is .Get to Know Your Customer Day.. Whether you are a small business owner or a sales professional, you have one thing in common . your business IS your customer! While it is great to highlight .getting to know your customer. once a year, this really needs to be a daily effort. This got me thinking . how can we all really get to know our customers?
1. Ask! This might seem straightforward, but simply asking your customers opinion is worth its weight in gold. They can offer you insights such as product requests, service upgrades, and just general suggestions to help you give them exactly what they need . and stay loyal to your business.
In the world of small business, trade shows can be some of the best investments that can be made. They offer an opportunity for live interaction (and in recent years, virtual interaction) with fellow business members, customers, partners and vendors within your specific field. Networking, advertising, learnings and demonstrations are carved out for a customizable experience for each attendee or exhibitor.
How can you make the most of these shows? Joanna Krotz discusses her strategy with Microsoft in her article .9 Steps to Making Trade Shows Pay Off.. She outlines key points, such as creating a strategy, research, having a backup plan and getting noticed. In the strategy of getting noticed at trade shows, there are a few schools of thought, however Krotz suggests a dialed-down, more personalized approach. Rather than overwhelming attendees with flashing lights and massive displays, she suggests using personalized coffee mugs with company information as a give-away with plenty of fresh coffee available at your booth. Also, she recommends collecting business cards to raffle off a single high-value item.
Customers for Life
Identifying and reaching out to customers is a challenge that businesses face on a regular basis. But what about retaining customers . for life? A plumber in Missouri, Benjamin Franklin Plumbing, uses a .front of the line. program for regular customers . meaning that in the dead of winter, if your pipes freeze, you won.t have to wonder when you.ll be able to get a plumber out. In a recent article on MSN.s Business on Main page, Keeping Customers for Life, companies like Benjamin Franklin Plumbing are used as a model for how to grow and retain your long-term customer base.
Here are some key steps used by companies like Southwest, ED Foods, and Crucial Technology: