Categories
Customer Service

5 Strategies to Retain Your Online Store’s Customers

Article Contributed by Jay Manangan

Attracting a good number of customers to your online store was a challenge, but the work doesn’t stop there. You don’t want them to just make one-time purchases then never come back, and you can’t just always rely on the quality of your products as the sole reason for them to stay loyal.

Thankfully, retaining customers is relatively cheaper and easier since you’ve already done the hard part of catching their attention. However, you will have to adopt new tactics that are markedly different from attracting new patrons and require more focus on the customer than ever.

Make Registration Easy

One of the biggest barriers to retaining customers is a messy registration process. You need to make it as easy as possible for visitors to create an account. That means keeping the amount of steps and pages to click through to a minimum.  Your text box labels should also be clear with marks to denote required info. Provide examples for tricky parts like credit card numbers so they don’t make any mistakes.

Tell them what they’re missing when they don’t register such as the option to track their orders while they’re being delivered, promos exclusive to members, and quicker transactions. You can write short bullet point copy for this near the registration button, or you can go into detail in your FAQ section.

Personalize Their Shopping Experience

An advantage to having registered customers is being able to track all the purchases they’ve made. Such information allows you to update your marketing strategy for a more targeted approach. One way of applying that is having a recommendation system in place that gives customers a list of other products that they might be interested in because of their relation to the products they’ve already bought.

When they do order, provide a wide-range of payment methods such as credit card billings and direct online money transfers. On the delivery side of things, you might be just outsourcing that operation to keep costs low, but it does pay to play an active role in such an important step in your business. Give your customers multiple options of shipping their orders. If you have the resources, take the extra step and set up a packaging service that allows for customization for gifts. 

Set Up a Loyalty Program

What better way to show your long-time dedicated customers that you are very grateful for their continued patronage than giving them all sorts of wonderful perks that are only exclusive to them? There are many different ways to reward your loyal customers such as giving away gift checks, early access to new products, and faster delivery options. It’s up to you to decide which particular method will work best for your business.

For those who haven’t been around too long to get into the program, you can still retain them with special offers made available through social media engagement and referrals. Let them spread the word about your store through social follows and shares with the promise of discounts and freebies in return.  

Follow Up Regularly

There will be customers who do sign up and create an account before shopping but don’t come back. Don’t give up on these people because you might miss out on a long-term relationship that will help boost your sales. By this time, you already have their email addresses so take the initiative and follow them up with a notice about what they’re missing. You can try giving them a discount to get them back on track.

You can also avoid having to do that if you send them an email right after they make their very first order so that they’re immediately reminded of what else you have to offer.

Your regular customers shouldn’t be forgotten, too. Drop them a line whenever you have sales or new products available.

Prioritize Customer Service

Arguably the most important key to keeping customers lies in how you treat their issues. If they don’t feel like their problems aren’t being handled properly, you run the risk of losing them out to another brand.

First of all, you need to open as many communication lines as you can properly staff so that customers can easily reach you. Social media is a good platform for dealing with simple questions, but email and phone calls are better for ironing out complex issues. Make sure that you have the right people that can constantly man your stations for quick and professional responses.

Retaining customers is ultimately about making their experience with your business smooth and rewarding. When they feel that you are going out of your way to keep them happy through hassle-free processes and exclusive bonuses, they will show their gratitude by staying loyal to your brand.

About the Author:

Jay Manangan is an active blogger and marketing strategist for Salehoo. He’s also trying to contribute something into the “WWW” (world wide web.).

Categories
Entrepreneurs

Cinnamon Rolls, Breast Cancer and Your Business — How Doing Good Can Grow Your Business

VeganCinnamonRolls2

It can make good marketing sense to partner with a nonprofit or cause.

Consider what my marathon friends did when they were raising money to participate in the 3-Day Walk (you walk 60 miles in 3 days to promote breast cancer awareness and raise money for research). They approached a local restaurant called Backburner, which was famous for their cinnamon rolls. For a week, every time someone bought a cinnamon roll, they donated $1 to my friends for their walk.

I personally hadn’t heard of the restaurant, but when I found this out, my husband and I went and had breakfast there (complete with a cinnamon roll of course!).

So this turned into a win-win for everyone. My friends won because they were able to get donations for their walk. Susan G Komen won because they got more money to donate to research. The restaurant won because they got additional promotion and good will, helping out a good cause. And I won because I got to eat a yummy breakfast and discover a new restaurant. (We’re ignoring the calories I consumed there.)

More than ever before, consumers are socially-minded. In many cases, they want to know the businesses they patronize are also socially- minded. Connecting your business to a good cause is about more than just making yourself “feel good”; it can also make good business sense. 

So what are some ways to start? (Other than writing a check.) Well, here are a few ideas you can use:

1. Jenn August did a whole telesummit around giving money to various causes. You could do the same.

2. If a summit is too much work, just do one teleclass, charge a low fee, and let people know proceeds will also help support your cause.

3. Have a sale and let people know a percentage of proceeds are going to support a nonprofit.

4. Offer to give a product of yours for free if people donate. Or, put together a special teleclass only for people who donate. (I would put a time frame around this if you do – for instance, allow 48 hours or a few days to donate.)

5. Put links to your favorite nonprofits in your newsletter or on your website. (But don’t make it so prominent you encourage people to click away from your site and not support YOU.)

6. Give away your time. If you’re a service professional and you find your client pipeline has slowed down or dried up, donating your time to a nonprofit can be a good way to jump-start your business. The exposure can help you find new clients, and you can make it known you support their cause. (And don’t forget to get a testimonial.) Now, be careful with this strategy. I’ve used it myself, but make sure you don’t go too crazy donating your time or you could end up getting really stressed- out when you client work picks up again.

But whatever you do, make sure this is coming from the heart. People can sense if you’re not being sincere, so make sure you truly do believe in the cause, if you’re going to publically help support it.

Categories
Planning & Management

PIE: The Simple 3-Step Process for Creating Your Strategic Business Plan

PIE The Simple 3-Step Process for Creating Your Strategic Business Plan

Many business owners (especially those with a non-business background) struggle when it comes to creating a strategic business plan for their business.  Chances are they’ve never ran a business before, and even in their “employment” days were not involved with the day-to-day business management.

So when it comes to running their business they struggle!

“Still need to figure out (sit down and actually learn) how to do this!” said one business owner to me earlier this week.

They have a dream for their business, are an expert in whatever it is they do, but have no idea how to take that idea/dream and turn it into a viable and profitable business … so they continue in a state of overwhelm and frustration, with a slow growing business.

Spending some time planning all of your business activities is crucial if you are to succeed long-term.  It’s not just about planning your business – you need to understand the strategy behind what you’re going to be doing.  And you also need to understand how all the different pieces of your business fit together to create one coherent business.

Today, I’d like to share with you my simple, 3-step process, for sitting down and crafting your own strategic business plan.

PLAN – schedule some time in your calendar to work on your business plan. Some people opt to take a mini-retreat away from their office.  It could be spending the day in your local coffee shop, or actually going out of town for a few days.  Or you could just schedule one or two hours and sit quietly in your office planning out your business (that advantage of doing in your office is that you have all your business information right there with you). Whatever works best for you is going to work best for your business.  But the important thing is, you to schedule in the time to create your plan!

INVESTIGATE – what is it you’re going to be offering over the coming 90 days; 6 months; 12 months?  I like to have a loose 12-month plan, but then have a very specific 90-day plan in place.  It’s much easier to focus and implement with a shorter time-frame than it is to do so over, say, a 12-month period.  Sometimes planning out so far ahead can feel overwhelming.  But it is important to have that “big picture vision” in place so that you know where you’re heading.

Also when you’re deciding what it is you’re going to be offering ask yourself, “Does this make sense? Does it fit my big picture vision?”  This is where understanding the strategy behind your business comes into play.  It’s no good deciding you want to do a live event, or offer an online training course, if you don’t understand how this fits into your “Big Picture Vision”. All paths must lead you to that “Big Picture Vision”.

EXECUTE – now that you know what it is you’re going to be offering and when, it’s time to put that plan into practice.  One thing that I do in my business is “reverse engineering”.  I always start with the end date in mind and then work backwards.  For example, if I’m offering a 4-part live training class on a specific date, what do I need to do to promote that training class, and when.  It’s much easier to plan out the promotions if I work backwards from the start date of the class.  That way too, I can see if I’m leaving enough time for the promotions or if I need to adjust something in some way.

So there you have my simple 3-step process for creating your strategic business plan.  No go ahead and create your own!

Categories
Business Ideas

How to Grow a Business During a Recession

recession-business

Article Contributed by Doug Barden

During times of economic hardship, it can be difficult to keep a business afloat, let alone find ways to expand and grow. In some business sectors, long established companies are struggling to keep going and many are going to the wall. But it is possible to find ways to help your business to grow and prosper and there are many enterprising entrepreneurs flourishing despite the recession. So what can you do to help your business survive during a recession?

Adapt to Change

The most important thing you can do when a recession is beginning to bite is to understand that your business will need to adapt in order to survive. When times are good, the marketplace is a prosperous place and it is easy to make money, but consumer habits change during a recession and although there are still opportunities available, businesses need to adapt to suit the changing demands of the global marketplace. By continuing to provide the same services, you run the risk of losing custom in an increasingly competitive marketplace.

Evolution is the Key to Growth

Some businesses falter during an economic downturn whereas others thrive. It is important to work out where you are on that scale and if you can take a sideways move into a more prosperous area, then go for it. Be willing to think outside the box and look at which areas have growth potential. It may be sensible to expand a more successful sector of your business whilst scaling back on another. Businesses that fail to adapt to the market conditions will suffer as a result whereas those that are willing to change are more likely to flourish.

New Start Ups in a Recession

It probably seems like the worst idea ever to try and start a new business during a recession, but it is possible to build a successful business despite the tough economic conditions. The important thing is to find the right business opportunity and to stay positive that things will improve.

Take Advantage of Business Opportunities

There are plenty of ways to make a killing during a recession if you are looking to expand your business. Assets such as machinery and stock can be picked up cheaply from companies going out of business and there are likely to be a far higher number of qualified staff looking for new positions. You may also be able to purchase failing companies in the same niche for a rock bottom price if you are looking to gain a bigger foothold in the market.

Cut Expenditure to Create a Leaner Business

In order to survive and grow during a recession a business needs to trim the excess fat. If your business is feeling the pinch, look at where you can save money and cut costs. Renegotiating contracts with suppliers and moving to cheaper premises is a good way to save money, but there are more, so talk to your accountant and see which areas are ripe for a cost saving exercise.

All businesses can survive and grow in a recession as long as they are capable of adapting. By treading the same worn path, you are at risk of succumbing to the challenging conditions, so instead of sticking your head in the sand and ignoring the signs your business is in trouble, look for new ways to grow and evolve.

About the Author

Doug Barden is a managing partner for Beech Business Services, a company that offers a bespoke and tailored service to businesses for all accounting, payroll and book-keeping needs.  For more information visit http://www.beech-business.co.uk.

Categories
Entrepreneurship

Are You Ready to Take the Entrepreneurial Leap? Test Your Business Aptitude with This Quiz

Start straight for business

You’ve got the best idea for a new business — really, it’s mind-blowing. Since you feel trapped in your current job, this new idea is a sign, right? It’s time to cut ties with the nine-to-five and launch your own company. Or is it? Take the quiz below to find out if you’re ready to become an entrepreneur.

1. How do you feel about the idea of a formal business plan?

a. It sounds like something that will tie you down. You’re more of a freethinker — you like to take each challenge as it comes.

b. It sounds like something entrepreneurs do, and you’d be happy to start one if you knew how.

c. You’ve already got the summary written, and you’re fleshing out sections on marketing, products and cash flow.

2. How are you going to fund the business?

a. The idea is really, really, really mind-blowing. This business is going to fund itself.

b. You have some open balances on your personal credit card, equity in your home, or a decent enough FICO score to get a business loan.

c. You have money saved, are researching the possibility of investors, and have checked out AmericanExpress.com to see about a business account to cover travel and supply costs while you wait on the first invoice payments.

3. Do you have a marketing plan?

a. You’ve told all your friends and family, who love the idea. You’ve also started a Facebook page, and have a couple of fans.

b. You have some ideas about using Facebook, a blog and Twitter for online marketing. You know you can order free or low-cost business cards, but you need some help with the rest.

c. You’ve registered a domain name with GoDaddy.com, have started hyping the business on Facebook and Pinterest, and you’ve got a meeting with a SCORE coach to talk about other advertising opportunities.

4. How much work do you think the business will take?

a. Hopefully, less than 40 hours a week. You really want to get away from that nine to five.

b. It will probably take a bit of overtime at first, but after a few months, you hope to spend 40 hours or less a week working.

c. You’re planning on 60 or more hours a week the first year. After that, you’ll do what it takes to be successful, but you’re planning to make time for yourself and your family, as well.

5. How are you with paperwork?

a. You’ll hire someone to do that for you.

b. You’re good with details, but not sure what paperwork to start with.

c. It’s not your favorite thing, but you understand starting your business will require work in some areas you don’t enjoy in order to do something you do enjoy.

6. What’s your timeline for launching the business?

a. You’re putting in a resignation tomorrow, and expect the first customer by the weekend.

b. You’d really like to get started this year, but you’re afraid to leave the safety net of a full-time job.

c. You’ve been working on the details for awhile now, and you’re ready to let the world know about the upcoming business. You’ve got a personal financial plan and savings that will allow you to quit your job within 12 months, and you’ve created a business plan to match that pace.

So, are you ready to start your own company?

If you answered mostly A, you probably don’t have the best grasp of what it means to own your own business. It’s not a way out of work — in fact, you’ll probably work harder for yourself than you’ve ever worked for another boss. To be successful long-term, you need to plan before you launch. Only about half of small businesses make it past five years, according to the U.S. Small Business Administration, and those failures can be related to pitfalls such as poor planning and lack of knowledge about financing, record-keeping and pricing.

If you answered mostly B, you have the right attitude, but you aren’t quite ready. According to the National Mentoring Partnership, the role of mentoring in academic, life and professional success has been shown in surveys and through anecdotal evidence. Individuals with mentors are more likely to achieve success, so contact a local chapter of SCORE.org or a local office of the Small Business Association to get information about starting a business. Or speak with a successful entrepreneur willing to provide free advice.

If you answered mostly C, you’re well on your way already. You have a good idea of what it takes to start a business, and you’re at least halfway into the planning phase. Don’t give up on your goal — 28 million other people are doing it, Business Insider reports, and so can you. Remember to reach out to organizations such as the Small Business Association and SCORE.org. Although 70 percent of small businesses are owned and operated by just one person, that doesn’t mean you have to face every challenge alone.