Unusual January Holidays

Here are some real but unusual holidays that you can use in you business for fun and profit.

 1 Get a Life Day
 2 Happy Mew Years (cats)
 3 Festival of Sleep
 4 National Trivia Day
 5 National Bean Day
 5 Bird Day
 8 National Bubble Bath Day
 8 Postal Day
 10 Volunteer Fireman Day
 13 Blame Someone Else Day
 14 National Dress Up Pets Day
 15 National Hat Day
 17 Pig Day
 18 Winnie the Pooh Day
 18 Jazz Day
 19 National Popcorn Day
 20 Basketball Day
 21 National Hug Day
 23 National Pie day
 25 Opposite Day
 27 National Toilet Day
 28 National Kazoo Day
 29 National Puzzle Day
 30 National Croissant Day
Use these for a fun promotion, sale or dress-up and let the media know!

Barry is a marketing & business relationship speaker.  www.idealetter.com

Meet Your Customers

If you do your business using email, by phone, mail or text you may not have met many of your customers personally. Some will say that's the old-fashioned way but the business world is now leaning toward more relationship marketing. There is nothing better for both sides of a transaction than shaking hands, looking each other in the eye and with a smile saying, "Thank You for your business". And yes, women can and should shake hands and extend their hand to a man or other women first. It's a bond between seller and buyer that you can't get any other way than in person. That connection will last longer and build more loyalty than a simple Thank You on the phone, email or text.

But you might say that you can't meet all your customers because they are all over the region, country or world. This is when you make an effort to attend trade shows, conferences, conventions and meetings where they might be. One or two trips a year can pay for itself many times over in developing that business relationship that you can't get any other way. The conventions and trade shows can be for their industry, not yours but you know many of them will be there. You don't need a booth, possibly just a hospitality suite where you can get to know them personally. It's also a great time to find out what they would like to see you change or add in your business. So meet as many customers as possible and start creating that long term relationship loyalty.

Barry is a speaker and trainer at conventions, conferences, trade shows and company meetings. Topics, ideas and bio at www.idealetter.com

The New Year and Goals

As we approach the new year we can always look back and see if we accomplished the goals we set last year. If you did, great and you will be ahead of most other business people. But did you set those goals too low or easy to attain? If you didn't reach your goals for the year but got close that's just as good. Your business goals should be just a little out of reach so it is not too easy but still possible. Stand near a wall and raise you arm so you touch the wall with your longest finger. Now with your arm still up move about 4-5 inches away from the wall. You are no longer touching the wall but if you stretch and make an effort you may still be able to touch the wall.

That is where your realistic goals should be, just out of reach but still possible. If your sales always increase every year because inflation or other factors at least 10% then your goal should not be to increase 12%, that's too easy. Shoot for a goal of 15-16% increase that will make you you put some effort and new ideas into your business to reach it. Also if you set a goal at 50% sales increase (when you usually get 10%) the chances of reaching it will be slim and you will lose interest in trying to make it happen. Realistic goals that are just out of easy reach will motivate you to try new things, offer a better customer experience and make your marketing pay off.

Barry is a meeting speaker on The Customer Experience, Building Business Relationships and Using social media/networking to generate profit. www.idealetter.com

Licensing or a Franchise

Licensing

Much like the state government granting individuals a license to give them permission to drive, businesses sometimes grant other organizations licenses to give them permission to use their intellectual property. A license is a contract through which one party grants another permission to use its patents, trademarks, copyrights, designs or trade secrets. The organization receiving the license, or licensee, compensates the licensor by paying a flat fee, royalties or a combination of the two. The agreement does not transfer ownership of the intellectual property. By licensing to third parties, small business owners can expand their businesses' reach and grow sales without having to invest in new locations or distribution networks, and risking failure.

Franchising

Franchising grows a business in a similar way but the franchising party or franchisor gives the franchisee permission to not only use its intellectual property but also its operating system. In addition to their trademarks, franchisees often use frachisors' distribution systems and marketing campaigns to sell the franchisors' products or services. In return, the franchisee usually pays the franchisor an upfront fee, royalties, and sometimes even a monthly or annual fee. Like licensing, franchising can help a small business grow rapidly and, although it requires more set-up and investment than a pure licensing deal, franchising remains considerably more affordable than opening new locations.

By Oscar Guzman

Why a Blog?

There are places where you can have a free blog to post information (Google & Wordpress are two of them) so that people can feel that you are an expert in your chosen field. It's a place where you can share ideas, tips and yes key secrets in your industry or vocation. Short 2 to 3 paragraph articles are best for busy people to read and absorb.If you know more that most people in an industry why not share it and assemble a group of people who check your blog often. You can find new customers and clients who will build a trust in you over time.

You should post to your blog once or twice a week so that when people check it they will find something new and informative. If people learn something or get reminded of an idea they will visit your blog often and not others that may be competitors. You can also also send your blog posts easily to Twitter, Facebook and Google Plus. You will need to copy and paste the link to Linkedin and anywhere else you want to share it. Visitors can also go back and see your previous posts and you will get to see how many hits you get. I am over 71,000 hits and I hope you keep reading!

Barry is a speaker and trainer on social media basics, customer satisfaction and building business relationships. To have Barry speak at your next meeting or conference go to www.idealetter.com

Social Media Presence

Most of us use social media in different forms to share our business ideas and promote our products and services. This is the new future and the first step in relationship marketing and it does make a difference. You may not see results after every post but it will build as people get used to seeing your helpful posts and advice. I always felt that jumping right into a sales pitch would turn many potential clients and customers off and they would just ignore you. It's like someine asking you for your credit card number to pay for something when no trust has been established yet.

I like to add more friends and connections but may be hestitant to accept those that don't have have a picture and some information about themselves in their profile. How can you build any trust at all in someone you know nothing about. I will see and listen to what they have to say if I know where it is coming from and a little about who is sending it. I try to put information in my profile that will make people be more comfortable when they see my posts.

The social media I like to use is Facebook (and groups), Linkedin, Twitter and my blog which you are reading now. I feel to create interest and trust you need to put something in the first 3 every day and post to your blog several times a month. Your friends, connections and blog readers will get to know you and what they can expect. Don't go on a rant on social media even if you feel strongly about something, state your case and let others decide their own feelings. By posting often and giving useful information you can build the trust it takes to consider you as someone people may consider spending money with in the future.

Barry is a speaker at conventions, conferences, trade shows and company meetings. More info at www.idealetter.com

Reduce Customer Acquisition Cost

Customer Acquisition Cost, a fancy term that only asks you what it costs to get a new customer or client. You may not know the exact number (you should) but you know that in many companies it is not cheap. So if you can reduce that cost and keep getting new business it would be a big advantage. The big companies spend millions on advertising that blasts their offers and brand names in our faces constantly but as a smaller business we can't afford to to that. So how can you increase your customer base and still stay within your marketing budget? We all need need new customers to grow and prosper.

Why not use the method that does not cost money and should already be part of your Customer Experience.  One way is to encourage more referral business from those already pleased, happy and excited about your business. But to get those referrals you must be providing outstanding products and service all the time. Offering a low price does not build loyalty over a long time, just loyalty for that one order. If you give your current clientele the best they can get anywhere and do it all the time you will build that loyalty that breeds referrals. Referral business is more valuable than any advertising you can buy. And don't forget to ask for those referrals after every transaction so people will know you really want them.

Barry is a professional speaker on The Customer Experience and Building Business Relationships. More info at www.idealetter.com

Do You Still Say Thank You?

These are 2 little words that should end ever transaction you make in your business, Thank You. It seems so obvious but are you really saying it EVERY TIME? I ask the people I speak to at conferences and conventions if they still say it every time they make a transaction, regarless of how well they know the customer or client. I usually get a hesitated yes, of course but see a vague look on their face as they think about it. We all know about saying Thank You but may forget it when we are busy or pre-occupied with something else, instead of the customer at hand.

Your customers and clients may not always remember when you say Thank You because it's just part of the transaction but don't say it and they may wonder why. Are you now taking their business and money paid for granted? Should they consider checking out some of your competitors for a better offer? Have they become such a regular customer that they don't need to hear it anymore? I think not, it's important Every Time. These are the people who are supporting your business, employees, growth, your family and paying your mortgage. Don't forget to thank them for it, every time.

Barry is a professional speaker on topics like The Customer Experience and Building Business Realationships. More info at www.idealetter.com

How Employees Treat Customers

Do you know how your employees with customer/client contact really treat and service them? Do you ever watch from a distance to observe the way they handle non-routine requests, questions and problems? Are they giving the same outstanding help and service at 2PM that a customer gets at 9AM? Do you have some people who should not be interacting with customers and would be better off with another position behind the scenes? Do you let problem employees just stay on because it is too much of a hassle to move them or replace them? Do you really care about your customer experience.

It has been said that the way management treats it's employees will establish how those employees handle customers. If they get abrupt answers or "I'm too busy" when they have questions it may filter down to the people who actually support the business, customers and clients. Train them to respect customers and their questions even if they heard it many times before. Remember that customers would not ask the question if it was not important to them. A good rule for management is to treat employees just like they would treat customers because that is what filters down anyway.

Barry is a speaker on marketing and customer loyalty. www.idealetter.com

Every Business Has Them

Every business has an advantage over it's competitor's that will increase sales, grow profits and create customer and client loyalty. But every business is not using that advantage because the owner or executives have not figured it out yet. They go along "business as usual" and wonder why their growth is slow or non-existent. There is a way to outsmart the your competitors and become the THE ONLY CHOICE in your industry and it's not a low price. Don't just be one of the guys, be the leader.

Step back and look at your business from a customer's point of view. What are they asking for that you don't provide now? What extras do they want that you are not offering? How much quicker can you deliver special order items? What add-on benefits would make customers say "WOW" and buy more? The answer is in your mind if you just search and find it. You can always be better without adding much cost, if any, so take the time and find the answer. Actually you already know the answer, you just have to think it out.

Barry is a convention & conference speaker on The Customer Experience, Relationship Marketing and Ways to grow your business. www.idealetter.com

Unusual December holidays

Real but little known holidays that you can use.

 1 Eat a Red Apple Day
 2 National Fritters Day
 4 Wear Brown Shoes Day
 6 National Gazpacho Day
 7 National Cotton Candy Day
 8 National Brownie Day
 10 Human Rights Day
 12 Poinsettia Day
 13 Violins Day
 15 Bill of Rights Day
 16 Natl Chocolate Covered Day
 17 Underdog Day
 18 Bake Cookies Day
 19 Oatmeal Muffin Day
 20 Games Day
 21 National Flashlight Day
 24 National Egg Nog Day
 28 National Chocolate day
 31 Unlucky Day

Make Your Home Business More Exciting

Try some new ideas to keep variety & excitement in your home-based business.

.Schedule customer meetings at their office, home or a restaurant
.Teach or take a class at a local community college
.Hire a part-time employee so you can make sales calls in person
.Offer to speak free on your expertise at local organizations
.Join and attend networking meetings
.Attend trade shows or expos
.Join a local Toastmasters club
.Cross-promote with another local home-based business owners
.Get out and network with anyone who will share ideas

Changing your routine a little and talking to different people can keep you fresh and ready to conquer your market. Just sitting in a home office can become boring and stifle creativity.
Barry Thomsen  www.idealetter.com

When to Refuse the Sale

.The buyer abuses your sales or customer service employees. Have a tolerance limit for those who belittle, swear, demean or yell during the sales process
.The buyer asks for a bribe or financial kickback. Earn your sales with service, quality and integrity
.The time and effort to quote, follow-up, close and fulfill the order will be more than the possible gain. This only puts stress on your cash flow and people resources.
.The product or service won't do the job for the customer that they expect. Be honest and offer a better solution or send them to another source. It will pay off in the long run.
.The buyer asks for too many changes and unusual options. Be flexible but don't venture into untried territory that you can't get out of.
.You can't possibly meet the delivery date needed by the customer. It may cause final payment problems later and the loss of future business.
.On a previous order the customer kept complaining about trivial things and asking for discounts

Barry is a speaker and trainer on marketing and The Customer Experience. www.idealetter.com

New Idea - What Next?

When you have a new idea that has developed into a product or service that you think will change the world, step back analyze your market first. Innovation is wonderful but will it provide the ROI that you need and expect? Ask these questions before jumping in with both feet. A little advance consideration can save a lot of problems later. Here are a few things to think about first.

* Is it an original idea?
* Is there a broad need for it?
* Will buyers understand it?
* Who will buy it?
* Is the price affordable?
* Can you afford the marketing cost?
* Can you handle a big demand for it?
* Will you offer a guarantee?
* Who will manufacture it?
* What are your profit goals?
* What if it doesn't sell?
* Can competitors copy it easily?

Barry is a marketing speaker and consultant. www.idealetter.com

Unusual November Holidays

These are real but little known holidays that you can use in your business for fun and profit.

 1 National Author's day
 3 National Cliche Day
 6 Saxophone Day
 7 Hug a Bear Day
 12 Chicken Soup for Soul Day
 13 Natl World Kindness Day
 15 America Recycles Day
 16 Sadie Hawkins Day (ladies ask men)
 17 Take a Hike Day
 17 Homemade Bread Day
 18 Mickey Mouse Day
 19 Having a Bad Day Day
 20 Name Your Computer Day
 21 Worls Hello Day
 23 National Cashew Day
 29 Square Dance Day
 30 Stay at Home Well Day

Competitors Never Quit

Being a strong core company will be your best defense against money-hungry competitors out there. They will always strike where the resistance is weakest and you should do the same. An offensive move by a competitor should bring out the best in you and your business strategy. Keep looking for ways to improve your basic business and never accept status quo for very long. Customers and clients are always looking for the best value for the money they are spending.

Things can change quickly in any market and if you're not a part of it you can be left behind. Your basic business needs to keep up with the changing times and technology to stay profitable. So, if you're in the mousetrap business, don't go off trying to sell luxury doghouses and assume no one will build a better mousetrap. By the time you find out that it has happened, you'll have to play catch-up. Trying to  catch-up is more difficult and less profitable than being the leader or at least in the top three. Stay on top of your industry and watch your competitors at all times, your customers are.

Barry is a professional business speaker who will travel the world and speak to your group on The Customer Experience. www.idealetter.com

Customers Who Pay Slow

Losing an account can sometimes be a result of your own doing. If you find that the time it takes to get paid is too long and getting even longer all the time, you may need to reconsider that company's business. Is the cost of collection efforts worth the profit you are making? Obviously, you will make all the efforts you can to resolve the situation but sometimes you just can't seem to do it. It is hard to break someone else's habit once they have been doing it for a while.

If the longer payment time leaves you in a no or little profit situation or a break even position, it's really not worth it. You have your own bills and employees to pay and the money you have earned needs to be there on time. Cutting off or firing a regular customer or client will almost bring tears to your eyes but sometimes it has to be done. You can't put your entire business in jeopardy because of one or two deliquent customers, regardless of how big the account is. Your first responsibilty is to your company and your employees so take action. If the customer wants to change and pay on time you can decide if it's worth the effort. You can put them on payment in advance or 50% deposit for future orders.

Barry is a marketing and customer experience speaker & trainer. www.idealetter.com

Is Your Business Awesome?

We hear a lot of  young people using the word "awesome" lately so why not use it to create a better customer service experience in your business. The dictionary says that awesome means; inspiring, outstanding and overwhelming and those are the terms you want clients and customers to use when referring to your business. Keeping that image is not always easy but if you work on it every day and get your staff to believe in it, the results may surprise you. Your sales and profits will continually grow and customers can't wait to tell friends about your business and why they should go there and keep going there.

Many companies have been around many years and have not always kept up with technology but they did keep their service at a high level. People would begin to think that there is no other place to spend their hard-earned money and they would catch up on technology later. And others, who just pushed their low prices and poor service are now only names in the history books. Low prices mean low margins and there must be a lot of sales to provide the capital needed to pay expenses and employees. But the cost of outstanding service is not measured by money but by dedication, hiring, training and employee appreciation. It seems that  being "awesome" over a long period of time provides better results than low prices.

Barry is a Customer Experience and marketing speaker and trainer.  www.idealetter.com

Unusual October Holidays

These are real but unusual October holidays that you can use in your business for fun and profit.

 2 World Farm Animals Day
 4 National Denim Day
 5 World Smile Day
 7 Bathtub Day
 8 Lovable Lawyers Day
 9 Leif Erickson Day
 10 National Angel Fodd Cake Day
 11 National Coming Out Day
 12 National Egg Day
 13 U S Navy Day
 15 National Grouch Day
 16 Dictionary Day
 18 Long Distance Day
 19 electricity Day
 20 Shampoo Day
 21 National Reptile Day
 24 National Bologna Day
 26 National Mule Day
 28 Take your jack-o-Lantern to work Day
 29 Oatmeal Day

Selling to Seniors

The over-60 group is a rapidly growing sector of the public and they spend money like everyone else. If you can offer special products and services to this demographic group there can be good profts and get their loyalty. Many are retired or thinking about it and have all their kids grown up and on their own. Their home may be paid off or close to it and most other bills taken care of or small balances left. They have more disposable cash than when they were younger but are still cautious about how they spend it. Here's a few ideas you can consider when selling to your senior population.

 *Offer free shopping helpers or a concierge
 *Have an internet site that's easy to use
 *Don't treat them like senior citizens (just special customers)
 *Offer publications or inserts for their age group
 *Offer free delivery services with a minimum purchase
 *Set up regular order delivery on items they buy often
 *Offer morning & afternoon events for them
 *Hire seniors part-time and give them discounts
 *Supply special home & car products for seniors
 *Have a friendship matching service for the older age groups
 *Offer groups trips for those with similiar interests
 *Start a senior activities newsletter and distribute free
 *Offer health food products and samples
 *Train your staff the correct way to service seniors
 *Offer free training on all high-tech products
 *Give gift cards to senior assn or retirement homes
 *Always have some senior discount and publicize it
 *Treat seniors like special customers (because they are)

Barry is a marketing and customer experience speaker  www.idealetter.com

Long Hours and Stress

Some people can handle stress better than others. When in business, you can expect stress, especially for the owners, leaders and managers. There is no place to run and hide in your business if you want to be prosperous and grow. The stress and long hours that come with solving problems, training and supervising must be accepted and not affect your good decisions. The business, employees and customers expect management to guide the company and make positive decisions regardless of the stress involved.

One way to handle and manage stress is to prioritize tasks, especially the unpleasant ones, from the most important ones to those that can wait. If the IRS or State revenue agent is at your door, that would be a high priority. But a delay of delivery of a product to restock shelves can wait or delegated to a responsible person on your staff. All problems or issues are important but some can be less of a priority while more serious ones are taken care of first.

Sometimes a short term break from you business will regenerate you even an hour later. Leave your store, office or even home office and take a walk, restaurant lunch or go shopping. Don't take your phone with you so you will have a short time without new problems coming up. This break can help you make tough decisions and create ideas when you return. Long hours and stress are just part of running a business but they don't have to stop you from making important decisions and growing your business.

Barry is a business speaker, international author and business consultant who assists businesses grow. www.idealetter.com

Networking Does Take Time

Many of us belong to or attend networking groups either regularly or occaisionally. These groups and meetings can help generate referral business we need to grow our enterprises. But don't expect it to happen immediately after attending one meeting. It takes time for other members or attendees to understand you and your business and feel comfortable giving you a referral. In some cases it's better for you to make the first move and give others a referral or do business with them yourself. Sure people will get a first impression of you but it's the lasting impression that will build your business.

Get to know people at networking meetings or get-togethers and learn about their business and what type of customer/client that they are looking for. Then in return they will want to know about you, your business and your needs. Spend some time listening and learning, not just exchanging business cards and move on to the next person.  That's why we attend most meetings of a group we like because you can't make that great connection in just one or two meetings. There are too many people you don't know and usually a few new ones every meeting. Take the time meet and learn about them and you can always set an after meeting one-on-one with those you feel would be a good match for referrals.

There are many types of networking groups in every town or metro area and you should attend (at least twice) most of them before settling down with a select few. The ones I don't like charge a high dues and usually give little back for what you pay them. I don't think any group should have a yearly member fee over $100.00 if even that high. I also don't like groups who say you must give referrals to only those in the group and no one else. What if you don't like or feel comfortable with the roofer in the group and want to refer to someone else. You should be able to send your referrals to a business person who has gained your trust and you respect.  There are great networking grougs everywhere but don't expect immediate results.

Barry is a speaker on Building Business Relationships, international business author and business consultant who helps owners and managers increase sales, customers and profits.  www.idealetter.com

Questions When Buying a Business

Buying an existing business can be a wonderful experience or a nightmare. Don't let anyone talk you you into something that is not what you really want and are willing to work hard at. It does not have to be wildly profitable but it does have to have the potential to make it great using your new ideas. Ask yourself some of these questions before you commit.

 *Do you like the business? the products and services
 *Do you like the location?
 *How old is the business?
 *Profitable or not (not always important)?
 *Will suppliers transfer open credit to you?
 *Are there employees? (talk to them)
 *What are employees paid and benefits?
 *Will valuable employees stay after a sale?
 *It there inventory and what is its value?
 *Is inventory current or obsolete?
 *Is all the equipment working properly?
 *Will landlord write a new lease at favorable terms?
 *Who will train you to run the business?
 *How many competitors will you have?
 *How long will it take to learn the business?
 *Who will answer questions after you take over?
 *Are there any unseen problems that could occur?
 *Will you have to accept any debt on the business?
 *Is there owner financing? (owner will help more)
 *Is there a customer mailing list or email list?
 *Will current owner sign a non-compete agreement?
 *How big is the target market?
 *How will you reach potential customers/clients?
 *For retail, can you get the demographics?
 *Can you live with the hours it takes to succeed?
 *Would you buy from this business?

Financial statements don't tell the full story and are made to look good. Check the overall business and decide if you can do things that the current owner is not doing to make it more successful. Once you are the owner you call the shots and can use your ideas to grow the business.

Barry is a speaker and consultant that assists in buying or selling a business.  www.idealetter.com

Little Known September Holidays

These are real holiday that you can use in your business for fun and profit.

 4 Newspaper Carrier Day
 5 Ok to be late day
 6 Read a book day
 7 Grandma Moses day
 8 Pregnant women day
 9 Teddy Bear day
 11 National Neighborhood day
 12 Video games day
 13 Helicopter day
 15 Born to be wild day
 17 Citizens day
 18 National play-doh day
 19 National Butterscotch pudding day
 20 Hollywood magic day
 21 Miniature golf day
 22 National Elephant day
 23 Checkers day
 24 National Cherries Jubilee day
 26 National Good Neighbor day
 29 National Goose day

 Barry Thomsen  www.idealetter.com

Front Line Service

Your front line people are the first contact for most new prospects and customers. They set the beginning of the Customer Experience for future business, referrals and loyalty. If people are not treated like the important part of the business that they really are, you may lose them or turn them off. It doesn't matter whether that contact is in person, by phone or even online, an impression is generated and remembered. Are your front line people the best communicators with the best attitude possible?

Front line people should have continual training and monitoring to be sure they are giving that unforgetable customer experience. They can make or break the start of a long term relationship instead of making your business or organization "The Only Choice". Give them the tools they need to excel and to answer FAQs quickly without making a first contact wait or get a vague answer. And most of all train and photograph their smile an expect them to use it all the time (YES even on the phone or online) Build your business starting with the best possible front line people.

Barry is a speaker on The Customer Experience and available for your next convention, conference, trade show or company meeting.  www.idealetter.com

Ready for Your Grand Opening?

When opening a new business and you have done all the pre-open work the special day is Grand Opening Day(s). This is when you make your target market and the community aware that you are ready to do business and provide outstanding products and services. But be sure you are ready and most of the pre-opening problems and glitches are taken care of before hosting guests and potential customers. Remember the old "first impression" experience, well it goes for businesses too. You don't want to be making excuses on your first day of business. Here are a few other ideas:

 *Select the date well in advance
 *Be sure the date will give you enough time to be completely ready
 *Have a seperate budget for the Grand Opening
 *Have a ribbon cutting ceremony (get a celebrity?)
 *Invite the mayor, govenor and legislators
 *Ask suppliers for signs and displays
 *Have all staff & extra temps on hand
 *Try to get a radio remote for the day
 *Give away samples and prizes
 *Have a few free refreshments
 *Alert the police of a possible big crowd
 *Hire an entertainer for the kids
 *Ofeer free blood pressure tests (health co's will do it)
 *Advertise all over social media and ask friends to share
 *Dress one level above your guests
 *Get enough sleep the night before

Barry is a marketing consultant and professional speaker.  www.idealetter.com

The Telephone in Your Business

Don't throw your telephone out yet, it's still used in business. Here are some good reasons to to make calls in today's business envirnoment.

 *Check on order satisfaction after the sale is over. Make sure you will get them to order again and fix any problems they bring up

 *Ask for referrals. Satisfied customers will send their friends and relatives but may need a nudge to get them started.

 *Special Offers. Recent satisfied purchasers will be open to new offers that would be of interest to them.

 *Customer Surveys: Find out what they are thinking, both good and bad ideas, then use those ideas.

 *Ask for testimonials. Use these for marketing and to get new accounts.

 *Voice mail messages. Let them hear offers and what's new at their leisure

 *Order Processing. Clear up issues and questions on current orders so there is no delay.

Barry is a Marketing & Customer Experience Speaker & Trainer  www.idealetter.com

Online Loyalty Programs

Loyalty programs are ubiquitous in today’s offline world. From retailers like Bestbuy, coffee shops such as Starbucks to numerous Airlines. Online loyalty programs do play an essential role in most marketing departments.

However, customer loyalty programs are not yet fully established in today’s Ecommerce landscape. Only bigger market places such as Amazon or Rakuten successfully use loyalty programs to increase revenues.

But not only big brands and retailers are benefiting from the positive influence loyalty programs have on customers' purchase decisions.

1. Loyalty rewards will differentiate your online store

Loyalty programs help online stores to increase brand awareness. In a direct comparison of 1000 online stores, shops running a loyalty program stayed more significantly top of mind in comparison to their competitors not offering a rewards program. Today’s customers face an ever increasing amount of online stores. Offering a loyalty program to customers helps to increase differentiation.

2. Rewarding your customers for purchasing has a positive impact on customer feedback ratings

Stores offering their customers the option to participate in a loyalty program earned on average a 15% better customer feedback rating. Customers seem to be more satisfied with both services and products offered by the shop if the shop rewards the customer for their purchase.

Loyalty programs, hence, contribute not only to customer satisfaction but also help increasing the shop’s reputation.

3. Loyalty programs display the strongest incentive to make customers return

Amazon, Starbucks, Bestbuy and Delta Airlines (just to name a few companies) all saw a substantial increase in returning customers after the initial introduction of their loyalty programs. The likelihood that a customer returns increases on average by >23% in retail due to the implementation of a loyalty program.

The mechanics are easy and well known: Customers come back more often if they know that they get rewarded for it.

4. Loyalty programs are already well known by your customers

The average American household joins four different loyalty programs. From coffee shops to supermarkets, clothes shops to drugstores, rewards programs are well known and accepted. Big merchants such as Walgreens and Bestbuy have achieved a competitive advantage through loyalty programs. Similarly, loyalty programs will enter the Ecommerce domain and being among the first ones will allow online shops to even attain a first mover advantage.

5. Joining a loyalty network can help you to acquire new customers

Apart from pure customer retention, the right multi-partner loyalty network can help online shops to win new customers by using the co-marketing opportunities within the network. Frequent travel programs have long been using networks to shift customers from airlines to hotels and car rentals.

The aspect of acquiring new customers becomes especially powerful when the participating merchants are offering complimentary services.

6. Loyalty programs help you to learn more about your customers

Lastly, loyalty programs help you to learn more about your customers. The right insights can help your business to target the right customers or to adjust the products offered in your store. Today, Amazon is generating more than a third of its revenue through customer data driven optimization of their product inventories, marketing campaigns and product recommendations. So far, small shops have lacked the opportunity to follow the market leader Amazon by setting up their own online loyalty program, but now they have their chance.

By Paul Gebhardt

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Want to sell your business?

Need help selling your existing business along the Colorado Front Range? I just helped a friend sell his for about $100,000.00. Even if the business is loaded with debt, too much inventory and tough competition there may be ways to walk away and still get money out from a new owner or other methods, legally. I can work with you by-the-hour and no commission and show you how to do it or 3-5% commission (business brokers charge 8-10%) when sold. I will need about one hour to review the possibilities that it can be sold, make it sell ready or just closed and assets sold or customers referred for commission. If your business is doing well and profitable we can get a much higher price. Are you considering some owner financing with a down payment? Send me an email... idealetter@aol.com

Are You Prepared?

As long as we live on this Earth we will experience  unplanned, enexpected, spontaneous good and bad situations that will happen with no notice. It's fantastic when something good happens and you make business and money not in your daily plan. But are you ready if something bad happens and comes out of nowhere and ready to hurt or destroy your business? It may be wise to have a plan or way out in case the worse occurs to help your business bounce back and recover quickly. Here are some thing that can happen unexpectedly to think about:

 *Weather problems, tornados, hurricanes,  heavy rain or snow
 *Natural disasters, earthquakes, tsunamis, volcanos, floods
 *Acts of violence, terrior attacks, wars and military actions
 *Fires, wildfires, your building or home
 *Economy, severe downturns domectic and worldwide
 *Accidents, chemical spills, train wrecks, plane crashes
 *Crime scene and road construction closures
 *Employee injury, sickness and related claims
 *Lawsuits from unexpected situations
 *Utility outages planned and unplanned
 *Key employess leaves and goes to a competitor
 *Your death, it will happen, is there a succession plan?

Barry is a business speaker, author and trainer.  www.idealetter.com

Little Known August Holidays

Real holidays that you can use in your business or organization for fun and profit.

 1 Sports Day
 2 National Friendship Day
 3 National Watermelon Day
 4 National Sisters Day
 5 Picnic Day
 6 National Fresh Breath Day
 8 National Say You're Happy Day
 10 Garage Sale Day
 11 National Kool-Aid Day
 13 National Left Handed Day
 14 National Financial Aware Day
 15 National Relaxation Day
 16 Joke Day
 18 Bad Peotry Day
 20 National Radio Day
 21 Be Crazy Day
 22 Be an Angel Day
 24 Strange Music Day
 25 Kiss and Make up Day
 29 More Herbs & Less Salt Day
 31 National Box Car Race Day
Have a Fantastic August !!!

Doing Business Correctly in China

When in China to do business there are guidelines to follow to have a chance of making a serious connection. The Chinese value patience, politeness, modesty, saving face and respect for elders or highest rank official present. The dress code for meetings is professional with men wearing a tie and women wearing a suit or skirt that's not above the knee. If it is warm the host or senior person may suggest that men & women remove their coats during the meeting. Here are a few other things to pay attention to:

 *Address the most senior or highest rank person first
 *Say your name, company and position slowly and clearly
 *Handshakes are medium to soft and let the Chinese host release first
 *Exchange business cards with everyone but always the highest rank first
 *Have any handouts in both English and Chinese language
 *If the meeting is during a meal the host (person inviting the other) always pays
 *Don't start eating until the highest rank Chinese member does first
 *It is polite to at least sample unknown food and then you may politely refuse
 *When paying, never show money in front of guests, step out or wait until they leave
 *Gifts can be given at the end of a meeting or meal but not too expensive
 *Gift should be given to the highest rank person using two hands
 *Don't give the Chinese clocks, sharp objects or anything that is black & white
 *The host always sits at the head of the table in a meeting
 *Don't be late for a meeting

The Chinese business people usually take longer than others to make a decision, so have patience and don't pressure them or the answer will be NO. They want any deals, arrangement or purchases to last a long time and take the time up front to be sure. There is a lot of business and money to made in China if it's done the correct way and all parties respect each other.

Barry is business consultant and professional speaker. www.idealetter.com

Large Sale Follow-up

Making a large sale and enticing buyers to part with serious is difficult in the first place. But making sure that buyer is happy and satisfied is the next step to be sure that the sale lastas and referrals are made. This will also build and strengthen your brand for your growing company. Here are a few reasons why you should follow-up after a large purchase:

 *Avoid costly returns and exchanges
 *Avoid arguments that can result in credit card chargebacks
 *Damage to your brand and reputation
 *Builds a relationships for future business and referrals
 *Show that you really care and appreciate the sale

An after sale postcard or email thanking the buyer for their purchase is nice and can be done immediately. Then for large purchases a personal phone call or even visit is what make a bigger impression. But what do you call about or ask them, here are a few suggestions:

 *Are you using the product or service?
 *Are you having any problems?
 *Do you understand how it works?
 *Are you happy with your purchase?
 *Do you know who to contact if you have a problem?
 *Would you like me to cantact you again in a month?
 *Do you have any friends who may be interested in this product or service?
 *Do you have any other questions?

If there is a problem or question, this is your chance to resolve it quickly and bind a solid relationship that will last. Be very sincere and show empathy for any concerns they have. You want them to know that you are the only choice for this product or service.

Barry is professional speaker on Customer Satisfaction and Marketing on a tight budget. www.idealetter.com

Are Your Changes Working?

Every business needs changes from time to time just to stay even with competitors. Many new ideas and changes can actually increase market share if they provide customers and clients with additional benefits. But not every change works exactly like you expect it to so it must be evaluated to see the results. These evaluations should be made shortly after the change is implemented and again a few months later. Change is inevitable but change that includes value and benefits for your target market is the most important and should be watched closely. Be sure that any changes are doing what they were intended to do.

Some questions to ask, after observing, about any changes made in your business are:
         *Is it working well?
         *What wasn't doing what was intended?
         *If you could change the change what would it be?
         *What other adjustments can be made
         *Should you eliminate the change or keep it?
         *Is it providing benefits and value for your target market?

Businesses that never change tend to be left behind in the market. We have seen many long-time business names and brands disappear when they didn't accept current technology and customers requests. People (your customers) want the newest and latest of everything and if you don't give it to them they will find it elsewhere.  So to survive you must change but changes must be evaluated to be sure they are working as intended.

Barry is a marketing & customer satisfaction speaker & author.  www.idealetter.com
     

Tips to Improve Cash Flow

Experiencing cash flow problems at some points in time does not mean you are bad at business. It means life happened to you. It’s times like these that Get Business Loan Quotes can quickly and simply help you get the funding you need to keep your business afloat or simply keep the stress at bay. Not only do we help you find the best funding programs, but we also offer you the following cash flow management tips:

• Create a 12 month cash flow forecast to help see when shortfalls may arise in order to properly prepare.

• What’s business without a little negotiating? Review your contracts and negotiate terms with your suppliers. Ensure your payments are made timely to foster healthy relationships which in turn will help garner more favorable terms.

• Keep accounts receivables in check. You may not like this aspect of business, but it is a necessity. You provided a service or delivered a product and deserve to be paid. Do not let unpaid accounts flounder. Be consistent with reminders and phone calls.

• Make it easier for your customers to pay. Accept various forms of payment such as cash, credit/debit cards, or cash. Offer automatic monthly billing directly from their bank account or credit/debit card. Some business owners shy away from accepting credit/debit cards because of the fees connected to it. However, it is often more cost effective to pay the fees in order to have the timely payments and reduce the cost of collections.

• Open a line of credit when business is steady so you are prepared for emergencies.

Don’t lose sleep worrying about cash flow during the lean months. Submit an application to Get Business Loan Quotes now to learn how we can ease your mind help provide the funding you need!

Source: Get Business loan quotes.com

Low Price - Who Cares?

If you think that everyone buys the low price, think again. Low price sellers lure buyers and shoppers to the big box stores because they offer mostly commodity or commonly used products. Most buyers know that the service is poor but they don't need much service when buying commodity items. But when it comes to quality product purchases the lowest price may not get the order. Toothpaste is toothpaste regardless of where you buy it so you might as well pay the lower price. But furniture, cars and trendy clothes may need some assistance to buy and to learn the pros and cons about. There is also a question of quality with these products and the lowest price may be the lowest quality and not last very long.

I see some big furniture stores or chains always advertise low price. low price and LOW PRICE. They never say much about how you will enjoy it in your home and if it will last with kids and pets jumping all over it. They just want the fast sale and send you on your way and hope you don't look back or question the quality. Budget clothes stores push the low price items and they always look good in the dressing room but what about after you wash it a few times. You look OK when you buy it but will you be happy a few washes later? Car dealers convince you to buy at low prices and then load up additional costs on the back end.

Every industry has these low price advertisers that either don't back up the sale or offer the least amount of service possible. Smaller, growing and smart businesses can take advantage of this by offering what's missing at a price that includes the value they have added. You wouldn't search for the lowest price surgeon to replace your heart valve, would you? Take the low price out and add value a customer can count on, over and over again. You will build loyalty and they won't consider the low price over your business.

Barry is a marketing and customer experience speaker and trainer.  www.idealetter.com

What Customers Expect

When you acquire a customer you make a promise to provide the best possible products and services at a high value. If you want to create lomg term loyalty with that customer you must keep delivering that high value and outstanding customer service All The Time. It takes a long time to build loyalty and trust and just one dumb mistake to destroy it. People are looking for consistency they can rely on and will expect it during every meeting and transaction. You must keep creating more value and never take thier business for granted. There is always a competitor waiting to lure them away. Let them know you care and show it. People buy and continue from people they know, like and trust.

Barry is a speaker for convention and conference on The Customer Experience and Building Business Relationships. www.idealetter.com

Speaking for Free ?

I do a lot of local presentations at chamber events, Rotary clubs and many other business groups. These are great practice for me to try out new or added material and merge it into a current speech. It also helps me find out if a new story that is supposed to be funny gets any smiles or laughs and how to fit it into my presentation. By not going too long between speeches (of any kind) I can be fresher without long layoffs. For these groups I don't charge any speaking fee or expenses because I know they are not making any profit   from my presentation. It also gives me exposure to people who may hire me to speak at a larger event or company meeting. So these are win-win situations where everyone usually comes out ahead.

For bigger events or those that charge admission; conference fees, trade show/expo booth fees, company meetings or training I feel that I should be paid. I don't usually sell anything while speaking and try to give valuable and usuable content that will benefit the audience. My goal is to have them them leave my presentation with information that will increase their marketing efforts, provide better service or enhance their career. The event organizers are trying to make a profit so why shouldn't I be paid for my contribution. Too many speakers offer to speak without getting paid and that hurts the rest of the serious speakers who spend time putting a valuable presentation together. Event planners will not the get the results intended from non-paid speakers.

Barry is a speaker on marketing, customer satisfaction and building business relationships. www.idealetter.com

Be Consisitent

People become loyal to you and your business because they like the way they are treated and feel that they are getting good value for the money they are spending. Another reason is because the product or service they are receiving can be relied on to do the job they expect it to. It must do what it is supposed to do every time not just most of the time. It's that consistent value and outstanding service that will build loyalty over time. So you don't want either to fall short even once or it will create doubt in the buyer's mind.

A loyal customer wants to know what they can expect from your business and get it EVERY time and in return you may get their loyalty. It takes a long time and consistent above average experiences to build that loyalty but maybe only one bad experience to destroy it. Don't ever let that bad experience happen and keep all customers feeling they will always get that consistency they want and expect.

Barry is a Customer Experience Trainer & Speaker that will travel to your event or business anywhere safe in the world.  www.idealetter.com

First Impressions

When a prospect visits your store or office, calls you on the phone or even goes to your website they will instantly get a first impression of you and your business. That impression will be great if it's positive but difficult to change if it's negative. Don't assume that everything will be OK if you give the best price, best selection and best delivery because that negative first impression will still make them a little hesitant to start doing business with you. Even if you are busy treat that encounter as if it is very important if you want that person to become a loyal customer.

A negative first impression can take a customer out of a "comfort zone" when dealing with your business and it will take a lot of time and care to get them back in. The impression they get is not only the first time they contact your business but really every time you meet them. They may ignore a bad experience once in 20 or 30 times but not once in 5 times. Don't let yourself or your staff create that negative impression regardless of how busy or how bad a day is going. The customer doesn't care about your other problems but only their own mission at that time. First (and second and third etc) impressions DO Matter if you want to build a business with loyal customers who will support you in good times and bad.

Barry is a Customer Experience speaker that is available to speak at large and small events and meetings.  www.idealetter.com

Mark Cuban's Rules for Start-ups

Anyone who has started a business has his or her own rules and guidelines, so I thought I would add to the memo with my own. My "rules" below aren't just for those founding the companies, but for those who are considering going to work for them, as well.

1. Don't start a company unless it's an obsession and something you love.

2. If you have an exit strategy, it's not an obsession.

3. Hire people who you think will love working there.

4. Sales Cure All. Know how your company will make money and how you will actually make sales.

5. Know your core competencies and focus on being great at them.Pay up for people in your core competencies. Get the best. Outside the core competencies, hire people that fit your culture but aren't as expensive to pay.

6. An espresso machine? Are you kidding me? Coffee is for closers. Sodas are free. Lunch is a chance to get out of the office and talk. There are 24 hours in a day, and if people like their jobs, they will find ways to use as much of it as possible to do their jobs.

7. No offices. Open offices keep everyone in tune with what is going on and keep the energy up. If an employee is about privacy, show him or her how to use the lock on the bathroom. There is nothing private in a startup. This is also a good way to keep from hiring executives who cannot operate successfully in a startup. My biggest fear was always hiring someone who wanted to build an empire. If the person demands to fly first class or to bring over a personal secretary, run away. If an exec won't go on sales calls, run away. They are empire builders and will pollute your company.

8. As far as technology, go with what you know. That is always the most inexpensive way. If you know Apple, use it. If you know Vista, ask yourself why, then use it. It's a startup so there are just a few employees. Let people use what they know.

9. Keep the organization flat. If you have managers reporting to managers in a startup, you will fail. Once you get beyond startup, if you have managers reporting to managers, you will create politics.

10. Never buy swag. A sure sign of failure for a startup is when someone sends me logo-embroidered polo shirts. If your people are at shows and in public, it's okay to buy for your own employees, but if you really think people are going to wear your branded polo when they're out and about, you are mistaken and have no idea how to spend your money.

11. Never hire a PR firm. A public relations firm will call or email people in the publications you already read, on the shows you already watch and at the websites you already surf. Those people publish their emails. Whenever you consume any information related to your field, get the email of the person publishing it and send them a message introducing yourself and the company. 

Mark Cuban

Unusual But Real Holidays For JULY

These are real holidays that you can use in your business for fun, advertising and profit!

 1 International Joke Day
 2 I Forgot Day
 6 Cherry Popover Day
 7 Chocolate Day
 9 Sugar Cookie Day
 11 Swimming Pool Day
 13 National Skeptics Day
 13 International Puzzle Day
 16 Got Out of Doghouse Day
 18 Cow Day
 21 Monkey Day
 23 Hypnosis Day
 24 National Cousins Day
 25 Merry-Go-Round Day
 27 Walk Your Houseplants Day
 28 National Soap Box Derby Day
 29 Rocket Day

Follow-Up on Sub-Par Business

In an earlier article I stated some of the reasons why in some cases buying a sub-par business (one not very profitable, if at all) can be a wise decision because of the potential higher return on your investment. This is based on your ability and insight to "see the light at the end of the tunnel" as we say. The current owners may not be doing the things needed to be successful; expenses may be too high, cost of sales not realistic and lack of effective marketing are some areas to consider. As a new owner you can change these things and should see some turn-around in 6 to 12 months.  Even debt on the business can be restructured or partially paid by the current owner out of the sale proceeds.

Sure, buying this type of business takes some work and new ideas but if you're up to and and can tolerate some risk this may be the way to bigger success. If not, buy a high priced profitable turn-key business or a franchise with a proven track record. But even then with a higher probability of success a small percentage still can struggle or even fail. All the extra money paid up front (including franchise fee) is gone the day you take over or sign the contract. If you are more of an entrepreneur you can use that extra up front money you didn't pay, to improve, renovate and increase marketing on that business that's more of a risk. Then the money is your investment not someone else's profit.

It's your decision and I know some people can't stand the risk and put their money in the bank at a guaranteed 1% and lose to inflation instead of a mutual fund which usually averages 7-10% most years. For me, I have always taken the risk and in most cases have come out ahead. As soon a someone says it can't be done, I perk up and figure out a way to at least try it as a calculated risk. When I'm successful I know I will have little or no competition because everyone else gave up or didn't try. If it doesn't work I just keep looking for another opportunity that always seems to turn up. Whatever your decision success is waiting for you, unless you don't try at all.

Barry is a marketing and customer service speaker, trainer, author and business consultant. www.idealetter.com

Tips For a Valuable Distributor Sales Meeting

Distributor sales meetings are perhaps the single most time effective way to make an impact on your distributors sales force. It allows you face to face time with the entire sales force and helps put a personal touch on your brand. Distributors should allow you access to a group sales meeting on a quarterly basis. Sales meetings can vary significantly from distributor to distributor. Some wholesalers will only allow you a short 15 or so minutes, often sandwiched in between numerous other suppliers also giving a presentation. Other distributors may give you the opportunity to speak for most of the meeting.

How to best utilize that valuable time? Here are 10 tips for conducting a distributor sales meeting:

1. Have a plan - Have a written outline for your meeting and stick to it. Writing it down helps you stay on course. Be concise and precise. Have specific goals you want to achieve during the meeting; such as introduce a new incentive program, present sales goals or increase sales of a new style.

2. Visual tools - Visual tools add “color’ to your presentation. But don’t overwhelm with a Powerpoint presentation or handouts. These can be good in short blasts, but tend to draw focus away from your presentation and from you. Hanging up banners or other POS, placing six packs around the room or even a mock-up of a ten case store stack adds a positive appeal and shows that you care about the presentation. Be creative!

3. Engage - Grab their attention right away! Be self-assured, speak up so that all can hear, and start the meeting off with something of interest. A short review of a humorous event during the day or other short intro that is light, funny or of broad interest to the whole group personalizes your presentation and gets everyone – including you – relaxed and into a flow. Don’t pass out handouts before you get started! Wait until sometime during or even after your presentation. Otherwise the sales staff will be engaged with your handouts – not you.

4. Provide value - Provide market or industry information that the sales staff would not get otherwise such as industry stats or trends in retailing. Provide them with tools that will help them sell not only your brand, but make them better sales people. Make their job easier!

5. Motivate - How can you motivate the sales staff to sell your beer? Have at least a few ideas for each meeting. If you can’t think of reasons that they should be selling your brand over the brands in their portfolio, then you can’t expect them to sell your beer.

6. Say thanks to reps who did well – Always give notice to specific sales people that have done well with your brand. Acknowledge them in person and by name during the meeting. This shows the staff that you are in touch with their efforts.

7. Ask questions - Listen. Get input from the sales staff – it shows that you care about what they think. It also allows you to learn about the specifics of their market. Ask what barriers and problems they have in selling your beer, and work though these problems by offering solutions. Also ask them what works well – this will help share the positives with the whole group.

8. Know the local terrain - Use local examples, names of local accounts and landmarks. This shows that you know and understand their market. Know the top ten accounts in their territory, both on-premise and off. Know the routes that have favorable demographics to your brand and other craft beers.

9. Know your stats - Study the depletions and trends of the distributor you are meeting with before the meeting. Know which sales people are selling your brand, where your brand is selling and how the numbers are trending. Do your homework!

10. Review your meeting - After the meeting, take a honest look inward and review your performance. Did you meet your objectives and goals? Did you motivate the staff? Did you make a difference and was the time spent of value to the sales staff? Ask a manager who was in the meeting to give you honest feedback about what worked and what didn’t. Make notes and apply what you did right to your next meeting.

11. Bonus - Have Fun! If you don’t have fun at the meeting, the sales staff won’t have fun.

Source: probrewer.com

Don't Be a Lifer !

Most of us think that if we give our loyalty to a business or organization over a long period of time that we will get some perks or at least be treated better because of it. The big companies don't think this way (at least most of them) and give no preferential treatment regardless of how long you have been a customer or client. They think nothing of raising prices, reducing services or quantity per package and expect us to just grin and bear it. The worst offenders are the big banks and insurance companies that could care less how long you have been their clients. They have big banners saying "Gold Star Service" which mean nothing when you ask about them.

This is where a small and growing company can carve into the big business customer base. The big guys just use massive advertising and sometimes low prices to try to lure their customers back. What irks me the most is when I see "For New Customers Only", doesn't that tell you that your loyalty is worth nothing to them. Small business can reverse that by saying "For Current Customer Only" and make new customers see how they will be treated for their future loyalty. It's time that we all see what our continued loyal business is getting us and decide if it's time to give that smaller company the chance to make us happy for spending our money with them. Think about it.

Barry is a Marketing and Customer Experience speaker and trainer. www.idealetter.com

Your Code of Doing Business

To build a long term business that is profitable and supports it's owner and employees you must live by some rules that will make desirable to do business with. Purchasers of your products and services wil be in a comfort zone when considering you as the Only Place to spend their hard earned dollars. Here are some ways to build your code of doing business.

 *Be Honest - don't over promise things that your products or services won't fulfill
 *Establish Trust - The marketplace will know that you are a fair competitor
 *Keep Promises - Do what you say you will do and is written in any guarantees
 *Solve Problems Quickly - when disputes or problems are promptly taken care of the buyer will remember the solution and forget the problem.
 *Be Open - transparency in business and no "fine print" will convinve customer to buy with confidence
 *Promote Honestly - advertise, sell and promote with established code of ethics
 *Privacy Policy - Safeguard cutomer data, credit and personal information and do not sell or trade it.
 *Integrity - athis takes time to build and one stupid mistake to lose, watch your business carefully at all times

Work to become a business that is respected bu not only you customers and clints but your peers as well.

Barry is a business peaker & author. www.idealetter.com

Buying a Sub-Par Business

Every business that's for sale is not rolling in profits and on the track to future success. Some of them are actually on the verge of closing with the current owner and management. And that could be the reason that it's not really successful right now, The owner may be tired of the business, have medical issues, be older and  wants to relax or any number of reasons. That does not mean that the business is not worth buying if you think the concept is still good but needs a little work. Take a close look and see if it can be salvaged.

If it has been open more than 5 years there must have been some profitably times to keep it going that long. If the industry is still reasonably strong and customers/clients are still around and within reach it may be worth a second look. A very successful business will have a high price tag based on that success and you must pay more to get it. A less or no profit business will be priced much lower because it needs ideas and work to turn it around which the current owner doesn't want to do. In the long run the less profitably business will give you a much better overall return and resell much higher when the situation is better.

My wife (before I knew her) bought a mail box store that was failing and close to being shut down for half of what a more profitable store would cost. She was on her own with 3 kids to raise and get them through school. She immediately gave it a little facelift inside, added more box sizes, additional merchandise she purchased wholesale and offered longer open hours. She was very friendly with customers and did little extras for them and small discounts for loyalty. Within a year she was more profitable and it was more growth from there. She put 3 kids through college and the store is worth about 5 times today what she paid for it. Don't be afraid to take the challenge if you are up to it.

Barry is a marketing and customer experience speaker and trainer. www.idealetter.ccom

Go the Extra Mile or Two

We have heard that we need to give more than is expected or "Go the extra mile" if we want customers and clients to become loyal to our business and even send referrals. Every business sector has the opportunity to do this but you don't find the answer in any book or college course. Some of it is just common sense and others are doing what customers expect plus a little extra. Sure it takes more effort and if you don't feel like doing it, then plan on losing some of the loyalty and maybe even the customer. There may be a competitor out there who will do it and build their business with your lost customers.

One example is an auto repair and maintenance shop in Worcester, Mass that has built their business on giving the extra service instead of using high priced advertising. When someone has car problems and calls the shop, the first question is whether it's still running or not. If the car won't run he asks where it is and says someone will be right over to look at it. This saves an expensive tow charge or use of an auto club card and gets action faster. If possible they will fix on the spot or at least find a way to get it to the shop the least expensive way. Most customers can't believe this service but never forget it.

They also never lie to a customer or mislead them about a problem. If it's just a minor thing like a fuse or turn signal light they may even fix it quickly for no charge. The surprised customer always comes back when routine maintenance is need and a profit is made then. When a car is in the shop and they notice something else is needed like a little oil or window washer fluid it is also usually filled free. He never has to explain why the bill is higher but rather gets to tell the customer what he did extra at no charge. Ideas like this can be found in any business if you really want to do them.

Barry Thomsen is a Customer Experience and Marketing speaker who can be at your next event. www.idealetter.com

Relationship Marketing

You may have heard this term recently because it's the new way to create customer/client loyalty. To get that long term customer to purchase from you over and over again there needs to be a relationship that makes you different from all other competitors. Making the customer feel like you are in business to just serve them and no one else is important. They take that with them every time they leave your store/business, hang up the phone or exit your website. Let them also take the feeling that you really care if they come back.

You can get that relationship started by learning their buying habits and not giving them the "Robot Treatment" that every customer gets. This is usually not done at franchise fast food restaurants and other places that customers just bring items to the check-out counter. But some chain stores like Ace Hardware, The Ritz Carlton and others try to make that connection and build a relationship whenever possible. To start a customer-seller relationship omit the robot treatment, get to know their name and what they purchase most often. Then at each encounter add a little more to the relationship the way they want it.

Barry is a marketing speaker and business author. www.idealetter.com

International Business Speaker

 I am looking for speaking or training engagements anywhere safe in the world. I can offer great knowledge and experience on The Customer Experience, Sales & Marketing Ideas plus how to stand out from retail competition. Keynote, general session, company meetings or I will travel to corporate locations for training. 

 I am currently offering a 25% discount off my speaking fee and will pay 50% of my travel expenses. I may be available on short notice if someone else cancels and will adapt my presentation to your audience. More info at www.idealetter.com or contact me at idealetter@aol.com