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Article Check - Focusing on Consistency (Part 1)
Checklist for Going Into Business for Yourself ers' experiences. For example:If you are considering going into business for yourself, it makes absolute sense to be as prepared as possible. Here is a checklist of things you need to consider.1. Living Funds – Unless you are one of the very lucky few, your business will not be profitable from the word go. Remember, it took even mighty Google a couple years to even find funding to make a serious effort at becoming an Internet giant. How much money do you have set aside for living expenses? Six months to a year is a good range if you will be working full time on your new business.2. Time – Running your own business can be incredibly rewarding. That being said, it is going to take a lot of your time. Do you have a family? Kids? Othe * It's far more cost effective to keep existing customers than to find new ones. Why? Customer retention research shows that once companies have loyal customers, the cost of keeping them is just one-fifth the cost of attracting new ones. The research also shows that companies can boost results up to 100% just from increasing customer loyalty by only five percent! This means that marketing to existing customers consistently is far more cost-effective. * It's critical not to over-promise and under-deliver. Either we can under-promise and over-deli Are Merchant Account Fees Too High? When we aim for consistency in our communications, values, messages, images, offerings, and the customer experiences we create, we take another significant step toward developing long-lasting and meaningful customer relationships that will boost our bottom line.My grandmother has always taken an interest in my personal and professional undertakings but I was still surprised when she expressed the desire to learn more about my job as a merchant account manager (not exactly a titillating position). During the course of our discussion, I explained that we generally charge between 1.5% and 1.75% for retail transactions (depending on the type of card) and over 2% for Internet and MOTO (mail order telephone order) transactions. My grandmother shook her head in disbelief and immediately determined that these fees “were too high.” “Andy, she exclaimed, “You’re making 2% profit on each transaction! How much is enough?”It was time to give Grandma the abbreviated course, We know that as consumers, we are able to exercise our choices to achieve the most enjoyable and efficient experiences possible. But whenever we are unhappy consumers, how likely are we to complain about it? Research shows that only a small fraction of customers will inform a company of what they dislike. The majority of silent, unhappy buyers "vote with their feet" and simply don't return. Sam Walton, the late Wal Mart founder, said: "There is only one boss: the customer. And he can fire everybody in the company, from the chairman on down, simply by spending his money somewhere else." So, since buyers are unlikely to complain (unless they're very unhappy), we must be extremely careful to ensure that they don't become unhappy about anything in their experiences, or they're likely to leave without telling us why! This article (the first in a series) explains the role of consistency in boosting customer retention and satisfaction. Inventing Your Customer "Secret Sauce" What recipe makes any relationship with a product or service stand out deliciously from all of the others? Creating consistent customer experiences is the mantra savvy businesses have been chanting to achieve great prosperity. These companies pull out all the stops to ensure that dealing with their products, staff, and services is so consistently pleasant, buyers will want to become loyal customers. But that's not all -- pleasantness is fast becoming the minimum experience buyers expect. The fierce competition today requires creating raving fans of customers so they cannot stop telling their colleagues, friends, and family about your products or services. This requires raising the bar even further! What does it take to go from being a silently shunned company to one that creates raving fans? Assembling the Filling The success of this recipe comes from paying close attention to key ingredients. These ingredients pertain to quality, business systems, marketing/sales, customer service, and good common sense. They shape the "touch points" that influence our customers' experiences. For example: * It's far more cost effective to keep existing customers than to find new ones. Why? Customer retention research shows that once companies have loyal customers, the cost of keeping them is just one-fifth the cost of attracting new ones. The research also shows that companies can boost results up to 100% just from increasing customer loyalty by only five percent! This means that marketing to existing customers consistently is far more cost-effective. * It's critical not to over-promise and under-deliver. Either we can under-promise and over-deli Is A Gas Opec A Real Threat To Europe? y of silent, unhappy buyers "vote with their feet" and simply don't return. Sam Walton, the late Wal Mart founder, said: "There is only one boss: the customer. And he can fire everybody in the company, from the chairman on down, simply by spending his money somewhere else."At a time when gas exporting countries are considering the formation of an OPEC type gas producer’s cartel, EU President Barrosso has argued the case for a united European energy strategy in order to improve and maintain a more favourable bargaining position. In an interview with energy expert Jonathan Stern of Oxford University’s Institute of Energy Studies, he argues that such a strategy is necessary, but, doubts, given the very differences that exist with gas production, distribution and marketing, that the formulation of an OPEC type organisation is ‘almost certainly not viable’.IS THE GECF A VIRTUAL FORUM?In fact, there is an organisation, the Gas Exporting Countries Forum (GECF), which seeks So, since buyers are unlikely to complain (unless they're very unhappy), we must be extremely careful to ensure that they don't become unhappy about anything in their experiences, or they're likely to leave without telling us why! This article (the first in a series) explains the role of consistency in boosting customer retention and satisfaction. Inventing Your Customer "Secret Sauce" What recipe makes any relationship with a product or service stand out deliciously from all of the others? Creating consistent customer experiences is the mantra savvy businesses have been chanting to achieve great prosperity. These companies pull out all the stops to ensure that dealing with their products, staff, and services is so consistently pleasant, buyers will want to become loyal customers. But that's not all -- pleasantness is fast becoming the minimum experience buyers expect. The fierce competition today requires creating raving fans of customers so they cannot stop telling their colleagues, friends, and family about your products or services. This requires raising the bar even further! What does it take to go from being a silently shunned company to one that creates raving fans? Assembling the Filling The success of this recipe comes from paying close attention to key ingredients. These ingredients pertain to quality, business systems, marketing/sales, customer service, and good common sense. They shape the "touch points" that influence our customers' experiences. For example: * It's far more cost effective to keep existing customers than to find new ones. Why? Customer retention research shows that once companies have loyal customers, the cost of keeping them is just one-fifth the cost of attracting new ones. The research also shows that companies can boost results up to 100% just from increasing customer loyalty by only five percent! This means that marketing to existing customers consistently is far more cost-effective. * It's critical not to over-promise and under-deliver. Either we can under-promise and over-deli The Benefits of Using Dilution Control Systems customer retention and satisfaction.The cleaning chemicals your janitorial company uses every day come in various forms: ready-to-use, concentrated, and dilution control systems. Cleaning companies are using dilution control systems more and more every day. They see the value in having a system that not only mixes what they need for a specific job or building, but also mixes the chemical in the right dilution every time. This "proper mixing" not only saves money, but helps to ensure better cleaning results as the chemicals are always mixed correctly.Dilution control systems have improved over the past few years and are now compact, easy to install and use, and some even have special features so you can easily fill buckets or auto scrubbers w Inventing Your Customer "Secret Sauce" What recipe makes any relationship with a product or service stand out deliciously from all of the others? Creating consistent customer experiences is the mantra savvy businesses have been chanting to achieve great prosperity. These companies pull out all the stops to ensure that dealing with their products, staff, and services is so consistently pleasant, buyers will want to become loyal customers. But that's not all -- pleasantness is fast becoming the minimum experience buyers expect. The fierce competition today requires creating raving fans of customers so they cannot stop telling their colleagues, friends, and family about your products or services. This requires raising the bar even further! What does it take to go from being a silently shunned company to one that creates raving fans? Assembling the Filling The success of this recipe comes from paying close attention to key ingredients. These ingredients pertain to quality, business systems, marketing/sales, customer service, and good common sense. They shape the "touch points" that influence our customers' experiences. For example: * It's far more cost effective to keep existing customers than to find new ones. Why? Customer retention research shows that once companies have loyal customers, the cost of keeping them is just one-fifth the cost of attracting new ones. The research also shows that companies can boost results up to 100% just from increasing customer loyalty by only five percent! This means that marketing to existing customers consistently is far more cost-effective. * It's critical not to over-promise and under-deliver. Either we can under-promise and over-deli Three Ways To Differentiate Your Service Business rce competition today requires creating raving fans of customers so they cannot stop telling their colleagues, friends, and family about your products or services. This requires raising the bar even further!True differentiation continues to elude many service businesses today. The competition, given enough motivation, can duplicate or worse, beat the price, terms or features you offer. The bottom line is that your products and services seldom create lasting distinction in the marketplace.The one factor your competition can’t easily duplicate is your employees. Referred to as “Cultural Capital” by leading management experts, a service firm’s employees represent vast untapped potential and the strongest variable to achieving impressive financial performance long term. Here are three key trends:Trend #1: Focus On Employee Fulfillment – Corporate performance and financial success is strongly correlated t What does it take to go from being a silently shunned company to one that creates raving fans? Assembling the Filling The success of this recipe comes from paying close attention to key ingredients. These ingredients pertain to quality, business systems, marketing/sales, customer service, and good common sense. They shape the "touch points" that influence our customers' experiences. For example: * It's far more cost effective to keep existing customers than to find new ones. Why? Customer retention research shows that once companies have loyal customers, the cost of keeping them is just one-fifth the cost of attracting new ones. The research also shows that companies can boost results up to 100% just from increasing customer loyalty by only five percent! This means that marketing to existing customers consistently is far more cost-effective. * It's critical not to over-promise and under-deliver. Either we can under-promise and over-deli Real Estate Signs ers' experiences. For example:Real estate signs are considered one of the oldest and best forms of advertising for homes available for sale. Real estate signs are mostly produced using vinyl, which is a long-lasting material available in specific colors. Vinyl graphics and lettering provide real estate signs that are affordable and of good quality. Unique colors can also be specially ordered to make real estate signs more attractive.A large number of national signboard companies provide people with 'coroplast' or aluminum sign blanks that make the real estate signs stand out from the others. Many people opt to buy sign boards, which are made out of corrugated plastic. This plastic is lightweight and inexpensive as compared to aluminum. I * It's far more cost effective to keep existing customers than to find new ones. Why? Customer retention research shows that once companies have loyal customers, the cost of keeping them is just one-fifth the cost of attracting new ones. The research also shows that companies can boost results up to 100% just from increasing customer loyalty by only five percent! This means that marketing to existing customers consistently is far more cost-effective. * It's critical not to over-promise and under-deliver. Either we can under-promise and over-deliver or over-promise and over-deliver, but, at all costs, we should strive not to under-deliver. One of the situations that will drive everyone crazy is believing that a product is supposed to be released on a certain date, and then it's not. Or hearing that a service will be rendered per an advertised guaranty, and then it's not. Credibility and trustworthiness evaporate whenever people make promises they can't keep. Baking the Pie Common sense tells us to find every possible way to keep our existing customers, and instead of ignoring them, we should market to them regularly. Common sense also suggests that if we consistently deliver on time or earlier, or with greater quality than promised, we will delight our customers! It may mean telling our customers truthfully that we won't have a product ready to offer until next year (instead of next month). But any momentary disappointment our customers may feel will be relatively minor compared to the confidence they will have in us when we do release on time or earlier. And it's nothing like the distrust and skepticism we will earn if we under-deliver by coming back repeatedly to say, "I'm sorry, we were wrong; it's really going to be next month!" in an endless stream of broken promises. With just the preceding two principles in mind, we have a better idea of what we can do to become leaders in our industries: * Retaining existing customers could entail asking customers, in surveys or during customer support calls, "What do you love about our products? What do you hate? What would it take to make you a raving fan of our company?" The answers will reveal what buyers value most, and any pet peeves they've been dying to unload. * Over-delivering on promises could entail ensuring that products and services work even better than advertised, and that interactions with customer support exceed all expectations for problem resolution. Since one unhappy experience can sour all other pleasant ones, strive to ensure that the most memorable interactions -- such as the first and last in any series -- are especially positive. On a vacation, if lost luggage, forgotten belongings, or final departure activities are not handled with the utmost care, everything positive that preceded those disappointments may be erased from the vacationer's memory! In conclusion,
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