You’ve done your market research, you’ve got a solid business plan, you’ve registered your company and pulled together funding, suppliers and everything else you need to start your new business. You’re ready to trade – you just need some customers.
However, not all customers are created equal; some are a delight to deal with, while others seem to have crept from the depths just to torment you. When you’re building up your customer base, you obviously want more of the former and fewer of the latter, especially if you’re in a service-provision industry where customer relationships are key; but how can you achieve this? (more…)
While many festive traditions have successfully made the move from the home to the workplace – the annual party and ‘Secret Santa’ are both staples of nearly every small business’ Christmas celebrations – there is one that still hasn’t made the leap: proper gift giving.
Crack Christmas gifting and the benefits will roll in: you’ll motivate your team, improve customer loyalty, and boost important supplier relationships. However, fail to pick the right presents, or show any kind of effort, and you’ll risk losing morale, motivation, and maybe even business.
Marketing is about getting more business – and that includes getting more value out of your existing customer base – through delivering them multiple times the value you get.
If all you did was chase new clients, then you would be regularly losing the ones you already have, which means you would need to be constantly building. This is hard work.
There is an important model that will help you understand what to do in terms of sales and marketing for your existing customers, and it is one that every business owner should know and understand. (more…)
When you are starting a business, you will need to answer many questions. However, one of the most fundamental questions any business owner will be asked is, what is the purpose of your business?
So what would your answer be?
How you answer the question, has a significant bearing on whether your business is likely to succeed, so we asked Jim McGrath, author of The Little Book of Big Management Wisdom to reveal what your answer should be; (more…)
One in three customers do not buy your complete range of products and services. Why? Well the answer is very simple! It’s because they don’t know you offer them!
So is your business unknowingly falling victim of this profit-crushing statistic?
A thought-provoking question, isn’t it? (more…)
Customer-centricity is one of the hottest topic in business today. Across the world, companies of all sizes are looking for new ways to become more customer-centric in order to give themselves a competitive advantage in a decreasingly loyal marketplace.
Unfortunately, however, for many businesses the phrase “give them an inch; they’ll take a mile” is all too appropriate when it comes to customer-centricity. By striving to accommodate their customers wants and needs they leave themselves open to a proportion of their clients who will take advantage.
Get the balance wrong and give customers too much power and you will find yourself in a situation that is completely unsustainable in the long-term. (more…)
The ability to negotiate the highest possible fees without risking a client relationship or an instruction has become increasingly important to individual professionals and professional service firms in recent years.
The rising influence of procurement on the buying side has squeezed margins for many service providers. Those best able to withstand these pressures are usually those that have the ability to negotiate robustly on fees.
Clients often ask what makes someone a great fee negotiator, i.e. someone who is able to get clients to agree to pay as high a fee as possible without losing the work, or the client. (more…)
If you believed everything you read in the media, you’d think this was a terrible time to be in business. The credit crunch, that catch all phrase for what’s happening to the economy right now, is killing businesses left, right and centre.
Only a fool would start their business now, right? Wrong.