At face value, the power of one customer seems rather insignificant. After all, one customer making a single transaction certainly will not make the difference between the success and failure of a small business. On the other hand, can one transaction truly make a difference?
The success factor
One transaction with a company, regardless of the monetary size, rarely means success for the business. Of course, it can if the transaction is a once-in-a-lifetime event for a business, which is normally quite out of the ordinary. So, in the everyday course of business, one transaction or sale that stands by itself as an isolated situation will typically not have a profound impact on the annual net profit of the business entity.
Data is one of the most important things that your business can possess. It will tell you if your are making the most profitable choice for your company or whether you may want to think about adjusting how you complete a job for a client. What kind of data can be useful when creating and growing a profitable enterprise?
Know Where Your Customers Are
Let’s say that you want to start a grout cleaning business in your neighborhood. While there very well be a market for that, you don’t know unless you have the information that supports your hypothesis. For instance, you will want to know how many homes or housing developments are located in your area.
It costs too much to do business with some people.
Who are your “some people?”
How much time do they steal from your enjoyable customers? How much energy do you give them? How much attention that can be more profitably invested in your ideal customers relationships?
You’re throwing good time, energy, attention and therefore money after bad.
So why are you doing business with “some people?”
Select one of them. Just one. The most obnoxious of the bunch.
Here are 3 Ways to Get More Ideal Customers:
A marketing plan may not be at the top of every new business owner’s to-do list, but it should be. While a business plan helps map the direction for your company, a marketing plan helps your company understand how to get there by detailing important steps on the road to creating customer relationships.
“The single most important thing for a small business to include in its marketing plan is a very clear understanding of its customers and its competitors,” said Robert Thomas, professor of marketing at the McDonough School of Business at Georgetown University.
Though a marketing plan can be formal or informal, at a minimum it describes who your customers are, where they get information, and how you are going to reach them. Thomas said the development of a marketing plan requires four specific tasks:
While good business ideas are a dime a dozen, great ones are as common as a 1965 silver dime.
Just a fraction of new businesses last more than two years. So what makes a successful venture? From uniqueness to the ease of scaling the concept up or down, entrepreneurs say a number of things should be considered when trying to establish whether an idea is just good or really great. Here are 10 factors to contemplate:
Don’t be afraid to take action if a customer is holding you back. Here’s an argument for why you should cut ties with problem customers, and what you can do to keep the ones who are loyal.
As a business owner, you naturally love your customers – that is, all of them except that one bad apple who seems to be leading a grand mission to take you down. You plan and stress and lose sleep over the bad apple’s demands, and you even consider changing your policies for them. But here’s the truth: you should quit that relationship while you’re ahead.
“The customer is always right!” is a common expression you’ve heard many times over, and most often, it serves as a great mantra for conducting daily business operations. However, as Noah Fleming writes in Evergreen, all customers aren’t always right all the time. At some point, it becomes your responsibility to cut ties with the customer who is bringing you down.
You might think dogs are an unlikely source of inspiration for your customers, but you’d be surprised how similar they can be. I don’t mean to denigrate your customers! Quite the contrary. I think if customers were more like dogs in the following four ways, we’d all have more business than we could handle.
What’s the first quality you think of when it comes to dogs? Loyalty! They’re there with wagging tails, whether we feed them, walk them, or ignore them. And when we treat them well? That loyalty skyrockets.
You already know that having loyal customers is great for business. It’s easier—and cheaper—to get past customers to come back than to find new ones. So consider ways you can build loyalty with your customer base.
Help keep your sales flowing by marketing to the right customers in the
NOVEMBER 12, 2014 One of the biggest concerns of running a small business is finding new prospects to keep your sales pipelines full. You can panic if you have no systematic plan on how to identify who your perfect customer is, where to find them and how to nurture them to a sale.
So how can you identify, target and nurture your new prospects until they become your ideal customers?