Exclusivity

Offering exclusivity to your customers can be a great selling point and can encourage them to purchase now rather than later.

If you are able to offer your customers something that is highly valuable or rare then your customers will think that they are special and mean something to your business.

 Exclusive products and services

You may decide to include exclusive lines in your business that only you carry. These could be products or and/or services depending on your business type and what is currently in demand by your customer base.

If you hold exclusive lines of products and services your customer won’t be able to shop around for them elsewhere and hence will be obligated to return to your business if they feel it is worthwhile.

It is important to remember that it is only viable to have an exclusive line if it is profitable for the business and your customers are going to make full use of it.

 Scarcity and limits

If you regularly stock items that are rare or are difficult to come across, sharing this to your customers may help you get a sale.

If you provide limitations and rare opportunities to your customers then they are more likely to be motivated and act quickly to purchase what you have to offer. It is important that use this sales technique only when it is necessary as you don’t want your customers to be upset because they found the product at several other shops.

Clothes designers often use the scarcity or limitation technique and promote that their summer or winter lines are almost sold out and are unavailable anywhere else. This helps them to move the old stock for their new line and gain their customers attention.

Get in touch and ask us to conduct a FREE Business Evaluation Meeting and find out about our unique way of designing and implementing strategies to generate sustainable business improvement.
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Go On; Spoil Your Customers

We are often asked by clients “How can I improve my marketing?” – Often this means – “How can I get new customers?” Indeed, most businesses put most of their marketing effort – and budget – into new lead generation.

However, it’s amazing how few businesses are effectively marketing to their existing customers. Most business owners are sitting on massive untapped potential in terms of their existing client relationships.How do you unleash that potential? Try answering these questions:

  • What cross-sales, up-sales, new products/services could you offer your existing customers?
  • And when did you last let them know? In fact, when was the last time you wrote to your customers or emailed them or phoned them. And what kind of response rate did you get?

If you doubled the number of times you contacted them what would happen? One retail client used a brochure to market to his client base and generated hundreds of thousands of pounds in turnover each year from this method. The brochure was sent out once a year, in springtime. We asked him to try sending it again in autumn. Guess what happened!Play the easy game. Make sure you have a database with all your existing clients listed. And then……speak to them……pamper them……offer them special previews and promotions……ask them to tell their friends.

Remember It costs six times more to get new customers than it does to increase sales to existing customers and 64% of customers don’t purchase from your business a second time because of the perceived indifference with which they are treated.

If you want to reduce your marketing spend, or the cost of customer acquisition, reinvest your pounds into strategies that will retain your customers, so they keep buying from you. Investing in customer relationship strategies – the payback is stunning.

Get in touch and ask us to conduct a business evaluation and find out about our unique way of designing and implementing strategies to generate sustainable business improvement.

Track, Conversion & Measure

To really know the success of your business you should track its health. To do this you need three sets of information. This could be done for a website or for face to face sales. You will need:

  • Your sales figures
  • Your subscriber and customer statistics (from your website or sales forms)
  • Usage details from your website or records

The most important statistics that you should track and measure are your conversion rates. A conversion rate will measure how successfully you are achieving your goals, such as converting potential customers into buyers or converting first-time buyers into repeat customers. There ill more than likely be several conversion rates that you need to focus on however the below formulas will get you started.

1. How many visitors are you converting into customers? Your potential customer to buyer conversion rate is one of the easiest stats to calculate. This is also one of the most powerful for your business. This formula will give you an indication of how effectively you are winning over your potential customers to buy from you.

Calculation : Divide your total number of sales by the number of visitors to your business or website then multiply by 100. For example, if you have 4,000 visitors a month (to your business or website) and 280 of them purchase from you making them a customer, then your conversion rate is 7%.

2. How Many Visitors Are Signing To Be A Subscriber? This may mean that your potential customer/visitor has signed up to be on your database to receive your monthly newsletter or business promotional offers via your website or direct mail. This is the visitor-to-subscriber conversion rate which will tell you how appealing your subscription offer is. You should keep an eye on this figure as you test and trial different promotions or written copy for your sign-up form or sign-up procedure.

Calculation: Divide the total number of subscribers you have by the total number of visitors to your business or site then multiply by 100. For example, if you get 1,500 new visitors to your site in a week and 700 of them subscribe to your free newsletter, then your conversion rate is 46%.

3. How Many Of Your Subscribers Are Becoming Customers? Your subscriber-to-customer conversion rate is a positive test of how effective your newsletter or other piece of sales material is.

Calculation : Divide the total number of people who purchased something from you by the total number of subscribers to your newsletter then multiply by 100. For example, 105 of your 700 subscribers buy something from you, then your subscriber to customer conversion rate is 15%.

4. How Much Revenue Are You Making From Each Visitor? This statistic will show you how much you are earning from your average visitor to your business or website. This is a valuable statistic as the number will help you to determine how much you can spend to obtain a new visitor or potential customer while still earning a profit. This could be calculated over a month, quarter or a year, depending on how soon you want the figures.

Calculation : Divide the total amount of your sales by the total number of visitors to your business or website. For example, if you sold £12,000 worth of inventory this month and you had 35,000 visitors to your business or website, then your sales per visitor is about £0.34.

5. How many people are responding to what you want them to? This statistic is the response percentage of people who read your newsletter or direct mail piece either posted or on the website and go straight to the order form. In web terms this is the click through rate from your email newsletter to your order form. Same principle applies for posting of direct mail.

Calculation: Postage/Direct Mail Divide the total number of people who respond to Newsletter A by the total number of visitors to your business then multiply by 100. For example you have 4,000 potential customers and 420 respond to your mail via the order form, then your Newsletter has a response rate of 10.5%. Internet Divide the total number of clicks on link X by the total number of visitors to the page with link X then multiply by 100. For example, if you have 4,000 visitors to your emailed newsletter and 420 click on the link to your order form, then your newsletter has a click-through rate of 10.5%. All of these calculations are important for you to understand how your potential and existing customers are reacting to your business and sales promotions.

Get in touch and ask us to conduct a FREE Business Evaluation Meeting and find out about our unique way of designing and implementing strategies to generate sustainable business improvement.

Dealing With Dissatisfied Customers

It is a fact of business that at some stage, you will encounter a dissatisfied client. Even the most systemised and efficient practice is not immune to the client who thinks you are not providing value for money. While introducing service standards and endeavouring to manage expectations will minimise the number of dissatisfied clients, it is important to ensure you have programs in place that allow you to take responsibility and resolve the issue to limit the potential cost to your business.

In this article we look at ways to identify dissatisfied clients and provide tips on how to effectively deal with their issues. Dissatisfied clients cost your business money. Not only does it immediately affect your bottom line, but dissatisfied clients can cost you potential new clients. Some researchers suggest that each dissatisfied client is likely to tell 8 – 10+ people about their experience and the more dissatisfied clients you have, the more people are going to have a negative impression about your business.

Dissatisfaction arises for a number of reasons but it is generally because a client does not perceive value in your service. “Value” is calculated simply as: Value = Quality / Cost. In other words, a client perceives value when the quality of the service is greater than the cost. Introducing client satisfaction surveys will help in identifying dissatisfied clients and give you a strong indication of areas of improvement in your business. While this will capture the vocal clients, how do you identify those dissatisfied clients who don’t bother to complete the survey or just “vote with their feet” and don’t come back? A simple way to spot dissatisfied clients is to pay attention to the signals you are given such as heavy sighing, avoiding phone calls and letters or making sarcastic comments. Clients who are reluctant to interact with you and your team members are often unhappy with service but are reluctant to say anything directly.

Unfortunately, while these clients are reluctant to say anything to you, they are not so shy in saying it to their friends and family who will also happily pass on negative press. To stop this negative publicity, it becomes even more important to clearly focus on managing client expectations at the start of each job. A complaint resolution process will deal with issues after a complaint is made, but you and your team can deal with issues of dissatisfaction before they get to that point. Your prompt action will ensure you recover the situation and will, in many cases, turn this dissatisfied client into a loyal one who will actively refer you new business. We use a simple process to deal with issues of dissatisfaction before they become complaints:

  • Deal with the issue as soon as you spot the clue
  • In a non confrontational way, ask the client if there is an issue e.g. “You seem a bit hesitant, what concerns do you have?”
  • Then take a L.E.A.P!
  • Listen to their concerns
  • Empathise with their issues in a non condescending manner
  • Acknowledge their concerns (and if appropriate, apologise)
  • Provide a solution to address their concern

Encouraging your staff to manage expectations and address dissatisfaction before it turns into a complaint will ensure you have happy clients who actively promote your business. Remember that a client who complains is a great reminder of ways you can improve.

Get in touch and ask us to conduct a FREE Business Evaluation Meeting and find out about our unique way of designing and implementing strategies to generate sustainable business improvement.

Written Guarantee

Stand out from the crowds and offer something to your customers that either your competitors can’t or haven’t thought of yet.

Most products and services have a guarantee statement and offer something that others don’t, enhancing the possibility of customers purchasing from you in return, for example:

  • Money Back Guarantee
  • Pain Free Hair Removal
  • 90 day risk free
  • See results within 7 days
  • 100% officially licensed with an authentic guarantee
  • No more to pay
  • On time, every time
  • Helping you to communicate with the world
  • Prints within an hour
  • 24 hours, 7 days a week

A famous example of a written guarantee is regularly marketed by dish washing detergents. One company came up with the original marketing idea of promoting that their detergent could remove hardened food and tough grease from the dishes. Although all dish washing liquids potentially did the same thing, no one else had yet thought of the concept which in turn helped to lift sales immensely and their competitors soon followed suit. The same marketing concepts have been implemented into stain removal and cleanliness of clothes. Powders, softeners and whiteners are all fighting for position and offering special enzymes, oxygen particles, etc to make their product better, more advanced and to receive higher sales than their opposition. A written guarantee can help you to convert a lead into a sale as you are offering something unique, of value and important to the customer.

Get in touch and ask us to conduct a FREE Business Evaluation Meeting and find out about our unique way of designing and implementing strategies to generate sustainable business improvement.