May 31, 2016
Written
by Bob Meyer, Editor of BarterNews
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From the desk of Bob Meyer...
05/31/2016
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The Monday Motivator!
29th edition of The Monday Management. Topic is about Friends.
Click here to open pdf document.
Lost-Customer Recovery Represents Wise Company Investment
Lost customers
represent a substantial profit drain for most firms. Every year, the
average company loses 20% to 40% of its customers. When a longtime
customer defects, the negative effect on profit is substantial,
because in most cases the profit contribution of a mature customer
is dramatically higher than a newer one.
And don't make the
mistake of thinking that a longtime, high-value customer is easily
replaced. Research shows that every market space has a limited
number of high-end customers. In his book, All Customers Are Not
Created Equal, Garth Hallberg points out that for most
categories of business, one-third of the buyers account for at least
two-thirds of the volume.
"The high profit segment (of
buyers) generally delivers six to ten times more profit than the low
profit segment," he explains. "Moreover, they are critical (to your
business); not only because of their profit contribution, but also
because of their relatively small number." Although most companies
consider lost customers as dead-end opportunities, with no hope for
revival, many of these lapsed customers are simply dormant and
awaiting resuscitation.
A study by Marketing Metrics found
that the average company has a 60% to 70% probability of selling
again to active customers, a 20% to 40% chance of selling to lapsed
customers, and only a 5% to 20% probability of a successful sale to
a new prospect.
Get smart about reactivation, and estimate
what your lapsed customers are worth in future purchase potential.
Identifying which customers represent the most long-term value is
important for wisely prioritizing your win-back resources.
BarterNews.com — World's Largest
Depository Of
Barter Information
Hundreds of valuable articles,
techniques, and strategies are found in the following various barter
categories:
Travel,
Media,
Trade Exchange
Corporate Barter,
Offset & Countertrade,
Secondary Capital,
Real Estate,
Community Barter,
Restaurant & Entertainment
(The Barter
Categories are found on the horizontal bar at the top - 3rd
button from right.)
Money-Making Reports Available From BarterNews/span>
Build Customers First
According to
Barry J. Moltz, author of You Need To Be A Little Crazy: The
Truth About Starting And Growing Your Business, entrepreneurs
spend far too much time early-on thinking, "I want to build a
brand."
Moltz says he's seen too many entrepreneurs affected
with "analysis paralysis," pondering for months on end what their
brands will mean to consumers, only to enter the marketplace and
find they need a new strategy.
What's a better approach?
Moltz says that instead of spending untold hours predetermining your
position, you must listen closely to your customers — because they
will help you figure out your brand. "There are a lot of businesses
that start out being one thing, and end up being something else.
Listen to the market, it will tell you what your branding should
be."
Is Your Trade Exchange Missing Out On
Valuable New Business?
If
your barter company's listing on BarterNews.com isn't current, you
are definitely missing out on new business. The web site
BarterNews.com receives heavy traffic - with over 150,000 page-views
every month. Entrepreneurs and corporate executives check the
thousands of articles, the weekly "Tuesday
Report," and the "Contacts
Section" of our site. They use the latter to find barter
companies with which to do business.Is your barter company's listing up-to-date?
To keep your listing current is very easy. See the links below to (A)
update any changes to your company's listing, such as new location,
phone number, web site or other information, and (B) if your company
has not been listed.
Here's how to get on board:
To
make changes to your listing
click here.
For
new listings
click here.
Are You Selling Value? — You Definitely Should Be!
Everybody seems to be focusing on price these days. But
just because big-box stores and other discounters compete feverishly
in the marketplace on price, doesn't mean you have to do the same.
In fact small-sized businesses can't expect to go
"heads
up" with the huge, well-funded giants at their own game. The easiest
way to contend with these price merchants is not to compete on
price. Instead, stress value when a customer asks about price.
Customers judge value by what they get in return for the money they
pay. Value is subjective. It is the golden key to success in the
battle with big discounters. Underscore your value the following
ways:
⇒ Emphasize your responsiveness.
⇒
Emphasize your delivery.
⇒ Emphasize your time.
⇒
Emphasize your quality.
⇒ Emphasize your variety.
⇒ Emphasize your specialized services.
⇒
Emphasize your uniqueness.
⇒ Emphasize your
convenience.
⇒ Emphasize your value-added services.
⇒ Emphasize your knowledgeable staff.
⇒
Emphasize your expertise.
⇒ Emphasize your
consistency.
No matter what product you sell or service you
offer, use the above pointers to beat the price merchants. Do it by
changing your perspective and emphasizing value over price.
Six Proactive Steps For Business-To-Business Sales
1) Understand your clients' pain-points.
See yourself as a consultant, rather than a salesperson. Encourage
clients to share information regarding their most pressing needs by
being a good listener and asking questions.
2)
Have a value proposition. Go to the client knowing
exactly what makes you unique and why they should choose you. Avoid
generic sales pitches that don't address actual problems or needs.
3) Know whom to target. Do your homework and
be sensitive to each person's situation. Don't necessarily go
straight to the top in a small business, as you could alienate a key
influence.
4) Have patience. Small
companies often take longer to make sales decisions, because they
must understand how your product or service will solve a real
problem. Take time to research their needs, their competition, and
their budget.
5) Don’t just take the order.
Some firms might ask for one solution when another might be the
best. You are the expert, so give them options, opinions and advice.
6) Stay in touch. Be proactive in providing
information to your clients on a regular basis, not just when they
are ready to buy something. This attention will provide big
dividends in the future.
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The Growth and Use of Secondary
Capital (New Money) Creates Unprecedented Wealth In Today's New Age
Of Possibility
There are many forms of secondary
capital — which can be defined as any financial instrument that
measures and communicates value in a common language. Would you like
to see and learn more about the many forms of secondary capital?
We have 70 free, informative and
inspiring, articles for you in our "Secondary Capital Section."
Check it out...
www.barternews.com/secondary_capital.htm.
Get New Money-Making Ideas And
Valuable Contacts!
You can
obtain useful, informative ideas and contacts in every available
back-issue of BarterNews.
Every
barter company in the world is listed on our web site,
click through to our Global List
of Barter Companies.
We welcome your
comments, questions, and observations.
Copyright BarterNews 2016. Redistribution of BarterNews
content expressly prohibited without the prior written permission of BarterNews.
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