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Market Assessment Series: Part 8 | Extraordinary Business

Question 8: Which customer organizations should we target first?

We started the market assessment series to take a deeper look into the best ways to analyze a new market when entering it. From market size and segmentation to competition and profit margins we discussed many crucial aspects of market assessment. In this 8th and final part, we’ll discuss the importance of understanding your ideal customer.
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Gain the Loyalty of Your Customers | Extraordinary Business

How to earn customer loyalty?

Happy Customer
They do not say without a reason that the customer is always right. No one beside them can know exactly what they have in mind and how they want their products or services to look or be like. However, what they do need help with is the following: they need to feel that they can put their trust in you and come back for more.
Sure, it is easy to find a new customer – you can find them by offering discounts and better one-time offers, but what is difficult is to retain them, and want them to need your service once more. Customer loyalty is not an unattainable level in a customer-seller relationship, and here is how you can gain it.
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Gain the Loyalty of Your Customers | Extraordinary Business

How to earn customer loyalty?

They do not say without a reason that the customer is always right. No one beside them can know exactly what they have in mind and how they want their products or services to look or be like. However, what they do need help with is the following: they need to feel that they can put their trust in you and come back for more.

Sure, it is easy to find a new customer – you can find them by offering discounts and better one-time offers, but what is difficult is to retain them, and want them to need your service once more. Customer loyalty is not an unattainable level in a customer-seller relationship, and here is how you can gain it.

 [···]

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If You Aren’t Catching Anything – Perhaps You are Fishing in the Wrong Pond

Business Development – ensuring that you are approaching the right target

I remember going to the department store as a younger man. While walking through the appliance area, it was almost inevitable that a sales person would approach me and say, “May I help you pick out a refrigerator?” I would think to myself, “Why would a need a refrigerator? Especially the $2,000 refrigerators they would want me to purchase?” I was not their customer. Perhaps someone that looked just like me at the time, but not me.

As you know, that isn’t an uncommon scenario; many times, people in your target markets aren’t going to be ready to purchase what you are selling when you are ready to sell to them. So if we know who our customer is and how to communicate with them, the next thing we need to work on is narrowing that list down to those who will have need for our services. As opposed to those who have immediate need for our services.

Think about some of the travel companies. They know that most of the time, most people aren’t going to be ready to take a vacation right now. Yet, they offer flash sales and discounts almost all of the time. What they are actually doing, if you think about it, is solidifying in your mind that they are the company to go to when you are ready and that you will more than likely be able to find some discounts on where you are going.

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If You Aren't Catching Anything – Perhaps You are Fishing in the Wrong Pond | Extraordinary Business

Business Development – ensuring that you are approaching the right target

wrong-customer
 
I remember going to the department store as a younger man. While walking through the appliance area, it was almost inevitable that a sales person would approach me and say, “May I help you pick out a refrigerator?” I would think to myself, “Why would a need a refrigerator? Especially the $2,000 refrigerators they would want me to purchase?” I was not their customer. Perhaps someone that looked just like me at the time, but not me.
As you know, that isn’t an uncommon scenario; many times, people in your target markets aren’t going to be ready to purchase what you are selling when you are ready to sell to them. So if we know who our customer is and how to communicate with them, the next thing we need to work on is narrowing that list down to those who will have need for our services. As opposed to those who have immediate need for our services.
Think about some of the travel companies. They know that most of the time, most people aren’t going to be ready to take a vacation right now. Yet, they offer flash sales and discounts almost all of the time. What they are actually doing, if you think about it, is solidifying in your mind that they are the company to go to when you are ready and that you will more than likely be able to find some discounts on where you are going.
 [···]

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The Right Message The Right Way | Extraordinary Business

Message in a bottle

Tapping into more effective marketing by understanding how your audiences consume information

Have you ever been out to dinner and seen the member of the wait staff that simply seems to be in the wrong business? How about going to a auto repair shop and seeing all of the mechanics standing around smoking and broken cars in the parking lot? What about going to the grocery store and seeing insects crawling or flying?
All of these thoughts play into your head about whether or not you want to do business with these companies. Essentially, you are consuming information about these companies in order to make your buying decision.
In the same way, you target audiences will consume information about your company. Therefore, when you are doing your business development activities, you will want to take into consideration what your message is, how you will deliver it and how often it is delivered.
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The Right Message The Right Way

Tapping into more effective marketing by understanding how your audiences consume information

Have you ever been out to dinner and seen the member of the wait staff that simply seems to be in the wrong business? How about going to a auto repair shop and seeing all of the mechanics standing around smoking and broken cars in the parking lot? What about going to the grocery store and seeing insects crawling or flying?

All of these thoughts play into your head about whether or not you want to do business with these companies. Essentially, you are consuming information about these companies in order to make your buying decision.

In the same way, your target audiences will consume information about your company. Therefore, when you are doing your business development activities, you will want to take into consideration what your message is, how you will deliver it and how often it is delivered.

 [···]

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Keeping Old Customers in the New Year | Extraordinary Business

5 simple strategies you can use to keep your old customers

ew yearThe best customer you can get is the customer you already have. While many businesses focus on adding new customers, an important key to success is focusing on keeping customers you already have. Accenture’s 2013 study on customer behavior showed that 81 percent of customers who switched companies say the company could have done something to prevent the switch. That high percent equals lost sales that could have been saved. Marketing management site CMO.com also points out that customer retention actually leads to new customers through referrals by satisfied customers.

Creating a customer retention strategy can be as individual as your business. The best person to figure out how to keep customers is the one that found them in the first place. While experts can help with advice and guidance, it is up to each business to ensure the satisfaction of each customer.

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Keeping Old Customers in the New Year

5 simple strategies you can use to keep your old customers

The best customer you can get is the customer you already have. While many businesses focus on adding new customers, an important key to success is focusing on keeping customers you already have. Accenture’s 2013 study on customer behavior showed that 81 percent of customers who switched companies say the company could have done something to prevent the switch. That high percent equals lost sales that could have been saved. Marketing management site CMO.com also points out that customer retention actually leads to new customers through referrals by satisfied customers.

Creating a customer retention strategy can be as individual as your business. The best person to figure out how to keep customers is the one that found them in the first place. While experts can help with advice and guidance, it is up to each business to ensure the satisfaction of each customer.

 [···]

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