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May 31, 2016

Written by Bob Meyer, Editor of BarterNews

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From the desk of Bob Meyer... 05/31/2016

All back issues of "From the Desk..." can be accessed by clicking here.

(Please feel free to forward our newsletter to your friends and colleagues. We have a "box" at the end of the newsletter for your convenience. See you next week...)




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:


(The Barter Categories are found on the horizontal bar at the top - 3rd button from right.)

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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.



* * ANNOUNCEMENT * *

We have packages of back issues still in print, approximately 30 issues in all.
To order: 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.

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