Every organization’s success depends on the people who lead it. Your role as a leader comes with both power and responsibility. What do you think about as a leader? How do you prioritize your never-ending to-do list? Here are a few tips that might help point you in the right direction.
To monitor the progress of the business daily and weekly, and to accurately predict how the next few months are likely to turn out, you need metrics about all six areas of the business. For mid-market firms, the weakness on the left side of the model is having the same kind of accurate and timely feedback from the customers that you demand from accounting. On the right side of the model, mid-market firms tend to be weak in having accurate sales funnel data, primarily because the sales side of the organization tends to resist measurement, except for the top line.
A starting point to figuring out the number one priority for any particular quarter is to consider the six circles as potential priorities and choose the one on each side that needs the most attention at that moment. Be sure to specify whether the left-side driver is get, keep, or grow, and whether the right-side driver is better, faster, or cheaper. As an example, this quarter the top priority might be “increase by 25 percent (grow) the business we’re doing with our top four customers” (choosing the Customer circle on the (left) and “reduce the time by 50 percent (faster) it takes to properly bill our clients” (choosing to Keep Good Records circle on the right). Even though your firm may have issues within all six areas, you can only advance one of the areas on each side at a time. And because they are all interconnected, by giving momentum to one you provide momentum to all. Selecting a specific area is one of the tougher disciplines to maintain because the tendency is to try and work on all the areas simultaneously.
The Right Things Right model (see below) illustrates the fundamental decisions, relationships and functions of a business. The three ovals on the left side of the model show the Right Things; the three ovals on the right show how to do Things Right. Every business theory can be mapped onto the model; it provides a framework with which to integrate various business theories. It’s also a useful model to help explain to all employees the fundamentals of business. Lastly, it serves as a useful tool for choosing quarterly priorities.
Varying estimates place the cost of acquiring new customers at six to ten times more than selling to existing customers. Losing customers can drastically affect your company’s reputation, credibility, referrals, sales, and profitability. Seven Ways to Retain Your Valued Customers:
- Never assume you know what customers want ask them! Customer surveys are a great tool for understanding customer needs and identifying innovative ways to solve their problems or exceed their expectations.
- Measure and reward customer satisfaction.If customer satisfaction is really a priority in your business, demonstrate this to your team. Develop a method to measure it, set goals for improvement and reward the team when the goal is accomplished.
- It’s relatively short. Ideally, try to keep them under a couple of minutes.
- I came up with a few questions before hand to keep the process flowing smoothly.
- I provided a link at the end for viewers to be able to easily find me and my website if they wanted to.
Strategic Alliances with other like–minded business owners is one of the best ways to grow. In today’s business world, people do business with others they know and trust. This seminar will teach you how to leverage Strategic Alliances so 2011 is your best year ever! Presented by ActionCOACH Chuck Kocher Colorado.
Des Moines: July 21st Foxboro Conference Center 6163 NW 86th St, Johnston, IA
Turn Your Customers Into a Force of Motivated, Passionate Sales People.
Imagine having your top customers consistently doing your selling for you. Having new customers flooding through your doors without advertising to them. Picture someone who can’t stop spreading the word about you and your business. They have to tell the story about you where ever they go. They tell people at work, strangers in conversation, their friends and family. They RAVE about the experience they had with your business. Consider how much you spend on advertising to get a customer in the door. Now consider how much you will save if each one of those customers RAVE about your business to 5 people they know.
By Attending You Will Learn These Priceless Techniques:
- Why customer satisfaction is not enough
- Customer ladder of loyalty
- How to keep your customers returning with more and more money each time
- How to delight a customer
- And more…
Thursday, July 14th, 2011 6:30 – 8:30 p.m. Located at United Way of Central Iowa Building (1111 Ninth Street) 1111 Ninth Street (Room F)
Remember, you want your strategy to be strong enough to pull in the ‘swinging voters’ – the people who don’t really care where they buy from, or feel equally loyal to two or more outlets. There are a number of factors that determine the success or failure of any loyalty strategy … Offer: Success is reliant on how strong your offer is. For example, every 6th meal free, or every 6th haircut free will probably be strong enough to keep people coming back. On the other hand, 10% off your 10th purchase is probably not. It needs to be appealing enough for people to say ‘wow, that’s a good deal, I’ll remember that’. Satisfaction: People need to be happy with your service to begin with. If they were not satisfied with their first interaction with you, it’s unlikely they’ll come back any- way. It sounds obvious, but it’s a reminder to get the little things right before worrying about a loyalty campaign. Convenience: If people find it easy to keep the loyalty card handy, there is a better chance they will use it. If, for example, it’s too big to fit in their wallet, they’ll probably throw it away. ‘ Promotion & Exposure: If you treat your loyalty card like it’s nothing special, your customers will too. Ask them every time they buy, ‘do you have your loyalty card handy?’. Make sure that every person who comes in knows that it’s available, and is offered one
For a company to rise to this level of appeal requires an intentional effort to personalize each transaction and aspect of the customer service relationship. Rather than offering a preferred customer a standard discount coupon, for instance, a business owner might instead offer them tickets to a golf tournament or symphony, deliver flowers or a gift basket to them, or pamper them in other special and memorable ways. The investment in service should be calculated based on the value of the business that the raving fan brings to the company. Customer service is thus elevated to become an incentive and rewards program tailored to the individual client. When others who are advocates witness this kind of VIP treatment they will likewise become inspired to rave about the business in order to enjoy the exclusive benefits of this preferred customer relationship.