Where will new customers come from in 2015? (PRfB 0101)

The Business “Pain”:

Now you’re into a New Year, why not step back and take a critical look at your business strategy?

Fundamentally, make sure you have the “right” offer for the “right” customers and that you’re making enough profit. It’s easy to drift and be outmanoeuvred by the competition. It can be a slow process of attrition that can suddenly catch up dramatically on profitability. Don’t forget your existing customers.

There’s a key distinction in Marketing between the ‘strategic’, and the ‘tactical’. You may be impatient to take action right now by spending money on marketing promotion to find new customers. That’s tactical activity.

However it’s likely to be ineffective and a waste of money if you don’t first have a clear idea of profitable target prospects, and an attractive offer with which to tempt them.

A Remedy:

It’s logical for strategy to precede tactics.

Do your homework. Check out what’s really going on in your market and with your competitors. Analyse your management data carefully to establish any significant patterns.

Crucially, gather as much direct feedback as you can from customers and prospects.

The key questions: Who?, What?, When?, Where?, Why?, How? (Many/Much) are fairly self-evident (to focus the mind, consider what questions a friend would insist that they had answers to before making a 5-figure investment in your business?).

It’s particularly important to know why prospects didn’t buy from you, and why previous customers stopped buying.

Make this a regular activity cycle, as part of a continual learning process.

If you need to make changes have a plan. To implement a customer proposition and promise with at least one valuable customer benefit that competitors don’t offer. This then drives promotional activities.

Set clear, realistic expectations with customers and prospects, checking that you can service the demand you create.

If you need help, find someone, a trusted friend or a business coach, who can act as an impartial sounding board and “Devil’s Advocate”.

Stephen C.

PRfB 0101

“Pain” Remedies for Business (The PRfB series)

For effective selling it’s much better to focus on a buyer’s “pain” rather than any potential “gain”.

Why? Because by nature human beings normally prioritise removal of pain first.

Take a sudden burst water pipe in the house as an example.

How long will you wait for a plumber to turn up? How likely are you to dispute their emergency call-out charge?

Effective selling means good questioning, helping potential buyers to identify their pain, and then effectively magnifying this pain in their mind so it can’t possibly be ignored.

Let buyers fully experience this powerful emotion, which is the basis of most decision making.

Then offer the solution to remove their pain. Available right now! Making sure to provide the key back-up evidence so they can justify their decision later, to themselves and others.

No doubt you recognise the same process at work within your business.

The upcoming “Pain” Remedies for Business (PRfB) blog series will cover many of the common, uncomfortable “pains” faced by small business owners, along with a few simple, helpful remedies aimed at making it better.

It takes a structured approach, categorising by type of pain, and building to a handy reference catalogue.

I trust you will find it useful. If you do, please pass it on to your friends.

 

Stephen C.

Business Coach