Category: Client Retention

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In the last post we talked about the first three of the 7 specific areas you need to consider in your franchise prototype process. Here are all seven again:

  • Primary Aim
  • Strategic Objectives
  • Organizational Strategy
  • Management Strategy
  • People Strategy
  • Marketing Strategy
  • Systems Strategy

These 7 areas will fine tune your plan for the ultimate level of success. Today we are going to cover the last four.

Think of constructing your business model like planting a tree. At first, it’s so small and weak you wonder if it will even make it through the night. But you keep watering, fertilizing and nurturing it. Your ideas will grow the trunk and each of these strategies will extend out as the branches of your now strong tree. Finding the perfect support staff, employees, vendors/suppliers and other relationships will make your tree flourish with leaves and flowers.

Management Strategy

The way you structure your management team is not only essential to your growth, but the happiness of your employees and, ultimately, your customers/clients. This strategy is results-oriented and doesn’t depend on the people, but the actual system that’s in place.

A management strategy is, in short, a set of standards that include goals, rules, a mission statement and other concrete things that tell your employees how to act, your management how to grow your business and your customers/clients what to expect.

These should all be in perfect alignment with your business goals.

Employee Appreciation

You need to put together a people strategy that shows your employees how you feel about their job performance and dedication to your business. They also need to understand “why” they are doing specific tasks. This helps them to personally connect to their job which in turn leads to better production and a happier workplace.

There are a number of strategies you can use to keep it interested at “the office”:

  • Performance Incentive Programs
  • Contests that reward high performance
  • Employee of the Month
  • Performance/Holiday Bonuses

These are just a few of the ideas you can use. One of the best ways to appreciate your employees is by calling a meeting and asking them how they would like to be rewarded. Think about it for awhile and put the best strategy into play. Keep it fresh and change up the strategy you use from time to time to keep your employees guessing. Once they get used to the prize, it’s time for a whole new approach.

You need to build a community within your company. There needs to be support, appreciation and respect. The more “at home” an employee feels, the better they will perform and the higher their level of loyalty.

Marketing Strategy

Marketing is, of course, essential to the success of any business, but it also must work cohesively with the other strategies you’re using. There are two major pillars of a successful marketing strategy: The demographic and psychographic profiles of your customers.

The psychographic tells you what your customers are the most likely to buy and the demographic tells you who they are, which can help you learn why they buy specific items. Without this information, it simply doesn’t matter how good your business prototype is.

Systems Strategy

There are three types of systems in every business:

  • Hard Systems
  • Soft Systems
  • Information Systems

Hard systems refer to inanimate system or systems that have no “life”. Soft systems are those that could be living. Information systems which are, of course, everything else, including customer data, product information, financial…anything with data and numbers.

The most important of all three systems is the soft systems because it includes the sales systems your business uses. In your sales system the two keys to success are: structure and substance. Structure being what you sell and substance being how you sell it.

All three systems are essential to the success of your business and while they all have their own very specific roles, they all must work together to get the job done. This also goes for your entire business development program.

I want to take a moment to recap on the ideas we went over through the business development lessons.

An entrepreneurial myth, or e-myth, is an assumption that anyone can succeed at business with:

  • Desire
  • Some capital
  • Projected a targeted profit

There are essentially three key roles that need to be filled to set your business up for success:

  • The Technician
  • The Manager
  • The Entrepreneur

The four different stages of a business life cycle are:

  • Infancy
  • Adolescence
  • Growing Pains
  • Maturity

There are a few things we are going to talk about:

  • Business Format Franchise
  • The Franchise Prototype
  • Franchise Prototype Standards

There are three main areas of business development:

  • Innovation
  • Quantification
  • Orchestration

7 specific areas you need to consider in your franchise prototype process. Here are all seven again:

  • Primary Aim
  • Strategic Objectives
  • Organizational Strategy
  • Management Strategy
  • People Strategy
  • Marketing Strategy
  • Systems Strategy

We can help you work through all of these areas and give your business a jumpstart that puts you ahead of your competition right from the start. Use our FREE test drive and work with one of our coaches, plus gain access to a wealth of tools and resources.

 

Turn Prospects into Customers Overnight!

Today I’d like to talk about how to turn prospects into customers and retain them for future marketing to. While, your marketing is doing its job, you need to be working on turning those prospects into customers. There are a few key ways to draw them in and seal the deal. You need to be:

  • Inviting
  • Informative
  • Enjoyable

 

The biggest fear of most new customers is the dread buyer’s remorse. You want to avoid this at all costs and this should be mitigated if you’ve provided a quality product/service that delivers on the marketing claims you’ve made.

However, this can still occur. There are two ways to deal with this:

  • Offer to refund money-no questions asked
  • Offer a bonus they can keep even if they return the product

These offers alone will also mitigate buyer’s remorse because the customer will trust you more, just for offering these things.

There are number of other ways to turn a prospect into a customer:

  1. Offer a special price as an opportunity for you to test the market.
  2. Offer a lower price with the reason of pushing inventory to pay a tax bill, for your kid’s’ braces, or another tangible reason. Customers love that this makes you feel so much more human.
  3. Offer a referral incentive.
  4. Offer a smaller, more inexpensive product first to build trust.
  5. Offer package deals.
  6. Offer to charge less for their first purchase if they become a repeat customer.
  7. Offer extra incentives-longer warranties, free bonuses if ordered by a set date.
  8. Offer financing options, if applicable.
  9. Offer a bonus if they pay in full.
  10. Offer special packaging or delivery.
  11. Offer “name your own price” incentives.
  12. Offer comparative data or other comparison tools.
  13. Offer a trade-up or upgrade to something they already have.
  14. Offer additional, educational information to help them make the decision.

The options really are as limitless as you make it. You can use these or other ideas to find what works the best for your business, products/service and target market. Remember this…

“By making it inviting, easy, informative, non-threatening, educational, inspiring and fun to do business with you, you’ll loft your company above the competition.” Jay Abraham

Need help with figuring out the best strategy for converting prospects into customers? Our FREE test drive gives you exclusive access to the mountain of resources and tools, along with information from some of the greatest marketing minds on Earth.

Educate Your Customers

Educate them about what, you may be thinking. Well, consider this, many businesses focus solely on attracting new customers, but you NEED to spend a good chunk of your time retaining current and former customers. These are people you already know to be a good sales potential…they’ve already bought from you!

Take the time to market and sell new products to your old customers and less time trying to sell old products to new customers and you will see a drastic change in your sales, customer quality and branding position.

Here are a couple of key elements to use to retain your current customers:

  1. Stay in contact: This means by phone, email, e-newsletter, in person-by pigeon if you have too!
  2. Post-Purchase Assurance: This means you need to follow up with customers. Your customers need to feel like they are being supported for their purchase and with the item they purchased. How many times have you purchased a product, then felt completely abandoned? Something as simple as a Thank You note with your contact or customer service information can go along way in retaining a great customer.
  3. Deals & Guarantees: Always offer your current customers the best deals and guarantees you have. Show them you appreciate their business or even come up with a club specifically to reward loyal customers. You can also do this with a preferred pricing option.
  4. Integrity: Using good business practices and simply upholding integrity, dignity and honesty go along way with customers. Let’s face it, there’s a lot of swindling and crap out there and the safer and more confident you make your customers feel, the more they will trust you and that makes for an amazingly supportive and loyal customer.

There are three cornerstone ideas to a successful business:

  • Quality product/service
  • Offering useful products/services that solve a problem for or enhance the life of a customer
  • Offer subjects your customers find interesting

Use this approach of educating your customers and offering them real information and insight and you will be rewarded with loyalty and success.

Stop wasting all your time on new prospects while your current customers fall by the wayside!

As Jay Abraham says, “Your best prospects are your existing customers. If you’ve been putting all your marketing efforts into acquiring new customers, stop and diverts some of your resources into reselling, upselling, cross-selling to those same customers. In every ways possible – through package inserts, regular mailings, special offers – stay in touch with those customers and get them used to buying from you.”

So, there it is! Remember, we can help you put together the resources and tools to do exactly that. We can help you educate your customers and you can watch the benefits pay offer many-fold.