Customer Satisfaction and Loyalty
Businesses view customer loyalty as the holy grail of satisfaction. Often elusive, sellers frequently approach loyalty by duplicating competitors programs. Right now I have at least 6 cards in my wallet for local cafes. The one that gives me the most rewards is one that is left at the store in a rolodex file where I put my own card in alphabetically, and each time I visit, I get a stamp, when I get 10, I get a free beverage of my choice. Simple to administer, simple to find and I know what I'll get.
Down the street is a national chain that has a plastic key ring fob that I had to register online before I could use it and then randomly you would get a reward. The fob fell off the key ring so I will have to get a new one - why bother. The rewards were never known and it could only be used by some of the shops - not all regionally.
Getting to know your primary customers will help you understand how they want their loyalty rewarded. And loyalty is always cheaper than fishing for new customers. Do the numbers so that you know what the discount really is - 11th coffee free, really means that each cup is discounted 10%. Make sure you can afford you loyalty program.
You'll know your program is working when your loyal customers buy more and bring new customers. Making it easy for your customers to bring new customers is smart planning. Oh, yes, your bottom-line should also show a positive correlation.
Copyright 2011 Linda Fayerweather MBA EA
http://www.changinglanes.biz/
419-897-0528
linda@changinglanes.biz
Consider working with a coach or a MasterMind Team to make 2011 the year of your dreams!
Boomers Age - Part 1
The first class of Baby Boomers is turning 65 this year. With this said, it's interesting to note that some very interesting things are happening in marketing thanks to this aging generation. First off, this is a group that's never been encouraged to "grow up." Case in point: the new claim that "50 is the new 30" several years ago and the increased age of Harley Davidson's target market to 55+. Collectively, Boomers are ignoring the fact that they're getting older. And they're reacting by not buying stuff for "seniors."
Smart marketers are alert to the sensitivies of this market. They're using larger type faces in their ads to accommodate weakening eyesight. They're lowering store shelves to make them more accessible to the Boomer. And they're avoiding using the colors yellow and blue as these colors don't appear as sharply distinct to older eyes. And they're doing this all without saying the "o" word.
Boomers are turning the senior market on its collective head. You know that "grab bar" that's sold with new shower/tub stalls? Kohler has renamed it "belay" - which is a mountaineering term. Men who can't pair 18 rounds of golf with a night of passion are told they're suffering from "Low T" and to call a doctor to get it fixed. Whether or not these points make you chuckle, you need to respect what turns this large collective buying group off. Simple changes can and must be made in order to keep this group of customers returning to you.
Copyright 2011 Rebecca Booth
Marketing Goddess
Imagine That!
419.855.3399
Celebrating 10 years of delivering results for our clients.
http://www.rebeccaboothmarketinggoddess.com/
http://www.marketinginabox.biz/
Tuesday, February 22, 2011
Monday, February 14, 2011
Demographics, Economics and Taxes, Oh My!
Demographics and Economics
Demographics and Economics go together like a Horse and Carriage. Years ago when I'd ride somewhere with my dad, he'd just shake his head when we saw a school with those little "portable classrooms". Having been a school administrator, he'd comment that unless a school had a really large new housing project happen, most schools just needed to count the number of babies born in a given year and make a best guess as to the number of kindergartners that would be attending schools 5 years in the future. Demographics - they have always been readily available.
To benefit economically in any business climate, you need to have enough customers buying at the price to meet your expenses and desire for profit. Demographics are available, and they are part of the equation.
•If you are a financial planner that is targeting prospects that are 50+ years old (boomers), there are lots of them and lots of other financial planners chasing them, too! Economically, you may decide to look into a particular niche of that market (boomer teachers, boomer plumbers, boomer dog groomers, etc) or a niche that serves that market (landscapers, vacation planners, health clubs). Think "where does your target hang out" or what "services do they use"?
•If you are a neighborhood child care center, remember that many neighborhoods will have the same families throughout the children's school age years. Your demographics will change and targeting only your local neighborhood will lead to diminishing returns. But you know this - and it is tracked by the United States Census Bureau.
•If the economics of your prospect is likely to change, demographics may also be playing a part in that. As people go through different stages of their lives, they spend differently. Keeping customers for life means staying relevant to them at their different stages.
Adding demographic reviews and economic projections related to your customers may help make your future more economically rewarding to you!
Copyright 2011 Linda Fayerweather MBA EA
http://www.changinglanes.biz/
419-897-0528
linda@changinglanes.biz
Consider working with a coach or a MasterMind Team to make 2011 the year of your dreams!
Financial Tips and 2011 Tax Season
Often when people start gathering all their information for taxes, they start to think about "how can 2011 be better" Here is a short review you can implement to make things better this year.
Review Your Savings Plan: Establish or review your savings plan to begin accumulating assets for your life goals. Professional guidance will be helpful in reviewing investment alternatives.
Review Your Retirement Plan: Establish or review your retirement plan. Explore the availability of deferred compensation programs through your employer, such as 401(k) and 403(b) plans. Begin contributing as soon as you are eligible.
Review January's Budget vs. Actual: Compare January income and expenditures with your budget. Make adjustments as appropriate to your February expenditures. Make sure you have invested your planned savings amount for January.
Collect Your Tax Information: Verify that you have received all necessary Forms W-2 and 1099 and a statement showing the year-end balance of IRA and Keogh plans. Contact the appropriate company for any that have not been received. For those that have been received, make certain that the amounts agree with your records.
Although taxes for personal returns are not due until April 18, it is best to get an early start since additional follow-up may be necessary. Decide this year to make tax season less about recording history and more about writing a new financial plan.
Copyright 2011 Tim Pinkelman, CPA
Accounting Center & Tax Services, Inc.
"Our Value is Measured by Your Success"
419.882.9255
734.847.0400
http://www.accounting-centers.com/
Demographics and Economics go together like a Horse and Carriage. Years ago when I'd ride somewhere with my dad, he'd just shake his head when we saw a school with those little "portable classrooms". Having been a school administrator, he'd comment that unless a school had a really large new housing project happen, most schools just needed to count the number of babies born in a given year and make a best guess as to the number of kindergartners that would be attending schools 5 years in the future. Demographics - they have always been readily available.
To benefit economically in any business climate, you need to have enough customers buying at the price to meet your expenses and desire for profit. Demographics are available, and they are part of the equation.
•If you are a financial planner that is targeting prospects that are 50+ years old (boomers), there are lots of them and lots of other financial planners chasing them, too! Economically, you may decide to look into a particular niche of that market (boomer teachers, boomer plumbers, boomer dog groomers, etc) or a niche that serves that market (landscapers, vacation planners, health clubs). Think "where does your target hang out" or what "services do they use"?
•If you are a neighborhood child care center, remember that many neighborhoods will have the same families throughout the children's school age years. Your demographics will change and targeting only your local neighborhood will lead to diminishing returns. But you know this - and it is tracked by the United States Census Bureau.
•If the economics of your prospect is likely to change, demographics may also be playing a part in that. As people go through different stages of their lives, they spend differently. Keeping customers for life means staying relevant to them at their different stages.
Adding demographic reviews and economic projections related to your customers may help make your future more economically rewarding to you!
Copyright 2011 Linda Fayerweather MBA EA
http://www.changinglanes.biz/
419-897-0528
linda@changinglanes.biz
Consider working with a coach or a MasterMind Team to make 2011 the year of your dreams!
Financial Tips and 2011 Tax Season
Often when people start gathering all their information for taxes, they start to think about "how can 2011 be better" Here is a short review you can implement to make things better this year.
Review Your Savings Plan: Establish or review your savings plan to begin accumulating assets for your life goals. Professional guidance will be helpful in reviewing investment alternatives.
Review Your Retirement Plan: Establish or review your retirement plan. Explore the availability of deferred compensation programs through your employer, such as 401(k) and 403(b) plans. Begin contributing as soon as you are eligible.
Review January's Budget vs. Actual: Compare January income and expenditures with your budget. Make adjustments as appropriate to your February expenditures. Make sure you have invested your planned savings amount for January.
Collect Your Tax Information: Verify that you have received all necessary Forms W-2 and 1099 and a statement showing the year-end balance of IRA and Keogh plans. Contact the appropriate company for any that have not been received. For those that have been received, make certain that the amounts agree with your records.
Although taxes for personal returns are not due until April 18, it is best to get an early start since additional follow-up may be necessary. Decide this year to make tax season less about recording history and more about writing a new financial plan.
Copyright 2011 Tim Pinkelman, CPA
Accounting Center & Tax Services, Inc.
"Our Value is Measured by Your Success"
419.882.9255
734.847.0400
http://www.accounting-centers.com/
Monday, February 07, 2011
Real, Present and Cupid
Stay Real and Present
I really like the word hubris as it sounds so much like its meaning: "extreme haughtiness or arrogance; out of touch with reality and overestimating one's own competence." Jim Collins, in "How the Mighty Fall" explains that hubris born of success is one of the hallmarks of companies that fail. I'd guess we would all agree that hubris was very alive and well in many businesses in the financial sector when the economy tanked. The path to failure according to Jim Collins passes thru these phases:
1. Hubris born of success
2. Undisciplined pursuit of more
3. Denial of risk and peril
4. Grasping for salvation
5. Capitulation to irrelevance or death
Before hubris, not staying "real" is part of the slippery slope to failure. Each day, while working IN our businesses and ON our businesses, being in the present means being aware of our surroundingss, the job at hand and where we are, physically. When someone is talking to you, are you listening or just nodding? The beauty of being present means we are looking, listening, interacting and we will be in touch with our staff, vendors and customers. It will be hard to fail when you have a team that knows you are real!
Be real, be present and become your dreams!
Copyright 2011 Linda Fayerweather MBA EA
http://www.changinglanes.biz/
419-897-0528
linda@changinglanes.biz
Consider working with a coach or a MasterMind Team to make 2011 the year of your dreams!
Cupid - the Little Guy
Undoubtedly the first thing we think of in February is Cupid, the tiny little fellow with bow and arrow in hand. It would be wonderful if he could accompany us all year long, everywhere we went. He could make our clients and customers fall in love with us with a single shot from his bow.
On a more practical level, everything we want to accomplish in business or our personal or spiritual life requires relationships with others. A solid relationship is based on know, like, and trust.
--The deeper the relationship, the higher the trust.
--The higher the trust the easier it is to influence.
--The more influence we have the easier it is to gain commitment.
--And to be truly successful it all must be done with love, i.e. your potential partner's best interest, not yours, at heart.
So use this month to reach out, make a new connection, let your heart and mind be open, and take advantage of what will happen as a result. You will truly be amazed.
Copyright 2011 Todd Pillars teaches business owners and sales professionals how to create a network of endless referrals, easier and faster than they ever thought possible. Contact him today at 419-855-2273 or todd@toddpillars.com. FREE 25 minute "Explode Your Business" call all month long! Reserve your spot at http://www.toddpillars.com
I really like the word hubris as it sounds so much like its meaning: "extreme haughtiness or arrogance; out of touch with reality and overestimating one's own competence." Jim Collins, in "How the Mighty Fall" explains that hubris born of success is one of the hallmarks of companies that fail. I'd guess we would all agree that hubris was very alive and well in many businesses in the financial sector when the economy tanked. The path to failure according to Jim Collins passes thru these phases:
1. Hubris born of success
2. Undisciplined pursuit of more
3. Denial of risk and peril
4. Grasping for salvation
5. Capitulation to irrelevance or death
Before hubris, not staying "real" is part of the slippery slope to failure. Each day, while working IN our businesses and ON our businesses, being in the present means being aware of our surroundingss, the job at hand and where we are, physically. When someone is talking to you, are you listening or just nodding? The beauty of being present means we are looking, listening, interacting and we will be in touch with our staff, vendors and customers. It will be hard to fail when you have a team that knows you are real!
Be real, be present and become your dreams!
Copyright 2011 Linda Fayerweather MBA EA
http://www.changinglanes.biz/
419-897-0528
linda@changinglanes.biz
Consider working with a coach or a MasterMind Team to make 2011 the year of your dreams!
Cupid - the Little Guy
Undoubtedly the first thing we think of in February is Cupid, the tiny little fellow with bow and arrow in hand. It would be wonderful if he could accompany us all year long, everywhere we went. He could make our clients and customers fall in love with us with a single shot from his bow.
On a more practical level, everything we want to accomplish in business or our personal or spiritual life requires relationships with others. A solid relationship is based on know, like, and trust.
--The deeper the relationship, the higher the trust.
--The higher the trust the easier it is to influence.
--The more influence we have the easier it is to gain commitment.
--And to be truly successful it all must be done with love, i.e. your potential partner's best interest, not yours, at heart.
So use this month to reach out, make a new connection, let your heart and mind be open, and take advantage of what will happen as a result. You will truly be amazed.
Copyright 2011 Todd Pillars teaches business owners and sales professionals how to create a network of endless referrals, easier and faster than they ever thought possible. Contact him today at 419-855-2273 or todd@toddpillars.com. FREE 25 minute "Explode Your Business" call all month long! Reserve your spot at http://www.toddpillars.com
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