Know the competition. Find out who your competitors are, what they are offering and what their unique selling point (USP) is. This will identify the areas you need to compete in, as well as giving you a platform for differentiating yourself.
Know your customers. Customer expectations can change dramatically when economic conditions are unstable. Find out what matters to your customers now – is it lower price, more flexible service, the latest products? Revise your sales and marketing strategy accordingly.
Operational margins are narrowing; leaving business owners constantly looking for ways to reduce business running costs and increase profits.
Good customer service goes a long way in business; a happy customer is a customer who will recommend you to other shoppers, a returning customer,…. But so many companies just can’t get this right. They’re either putting their needs ahead of their customers’ or too wrapped up in finding new customers that existing ones become expendable.
Raising prices is never an easy thing to do. Despite most people understanding that prices have to be increased on a lot of items, from fuel and food to insurance and utilities, it remains a delicate task.
Do you know if your customers are happy? If not, you should.
A recent study revealed that 26% of respondents would stop buying from a company if they were not happy with the delivery firm used. Losing business over a problem which is not caused by you is certainly the worst way for it to happen.
Social media has paved the way for companies to get closer to their customers. And while this has proven to be advantageous, it can also be disastrous if you do not know how to properly deal with angry customers who vent their ire, frustration and disappointment in social media.
People say that business is all about relationships, but the truth is that business is really all about communication. Communication is key to virtually every aspect of business—from acquiring and retaining customers to improving employee engagement and performance. At the most fundamental level, business can’t happen without communication. This is even more true in the era of globalisation. As geographic borders become porous and the world flattens, effective communication with customers, employees, partners, suppliers, and other stakeholders across the globe becomes essential to successfully running a company.
Culture is crucial when it comes to understanding the needs and behaviours of an individual. Throughout his existence, an individual will be influenced by his family, his friends, his cultural environment or society that will “teach” him values, preferences as well as common behaviours to their own culture.
Demanding customers, fierce competition, breathtaking technological innovation, etc. These are the realities of today’s global marketplace; realities that have changed forever the way we do business, especially the way we sell.
The importance of consistency in business seems so basic as to not need discussion. Yet many companies, especially smaller ones, operate in a day-by-day, case-by-case fashion that is disorganised, undisciplined and certainly inefficient.