According to the Harvard Business Review, 91% of small businesses do absolutely nothing to retain their existing clients. That means only 9% of small business owners ‘get’ these facts:
– The average American business loses 50% of its customer base every 5 years.
– An existing customer spends an average of 67% more than new customers.
– It costs 7 to 9 times more to acquire a new customer than it does to retain an old one.
Mailing a monthly newsletter can eliminate all of these problems — if you do it correctly.
A successful newsletter doesn’t just ‘happen’. It’s composed of very specific elements. Without them, you might as well be sending your clients a comic book.
7 Elements Your Newsletter Must Have If You Want to Retain More Clients
1. Content that IS NOT all about you. Many businesses feel compelled to tell everyone how wonderful they are. Forget it. People don’t like braggers. Instead, feature content that is interesting and useful. When you’ve engaged your reader with articles they actually want to read, you’ll have earned their trust and respect. This will lead to more sales.
2. Exciting, new and original content. Your readers should look forward to your newsletters each month. If your articles are boring, people will stop reading — and you won’t get any of the benefits that sending a regular newsletter can bring.
3. Sense of professionalism. Your newsletter is an extension of your businesses. You pride yourself on providing personal, professional service or selling quality products. Your newsletters must match your reputation. Make sure there are no spelling mistakes. Write appealing articles. Have an attractive layout design. Print your newsletter on high-quality paper. If it looks like it was published by your 7th grader, you’ve wasted your time and money.
4. Personal touch. Continue the initial connection you made with your client by revealing a little about yourself in your newsletter. A personal touch will get your newsletter remembered and enhance your image as an expert. Some people choose to reveal something about their personal lives (maybe they play golf or went on a vacation) or share tidbits about their families.
5. Offers and calls to action. You should give people a reason to act NOW. If they wait, they’ll probably do nothing. So make a special offer available only for your clients. And place a deadline on it, for example, for one month only. Changing your offer each month will also help you track the effectiveness of your newsletter — you’ll easily see who buys and who buys consistently.
6. Consistency. Many businesses try to save money and send their newsletters quarterly or even semiannually. Don’t bother, if that’s you. You’re wasting your time and money. Sending your newsletter out every month just like your clients favorite magazines will help make your newsletter part of your client’s daily lives.
7. Print it. Yeah, yeah, yeah… printed newsletters are more expensive. But think about this: How many companies are willing to do this? Your clients aren’t stupid. They understand the value of receiving a great newsletter every month. Plus, printed newsletters are more effective than email newsletters because:
– They don’t get caught in spam filters
– Everyone is sick of being bombarded by content online.
– Printed newsletters have a physical presence in someone’s home. This means they are likely to be kept, acted upon in the future and will probably get passed on to others because they are viewed as literature.
So put an end to your dwindling client base. Save tons of dollars by marketing to proven buyers. Capture and keep customers that would love to spend their money with you forever.
Just send your clients a proven marketing tool: A well-written monthly client newsletter.
About the Author
David Gruttadaurio was sick and tired of wasting money on marketing that didn’t work. So he searched for a profit-producing, client-retention & referral-generating tool until he found newsletter marketing! Now go to http://www.NewslettersMadeForYou.com & get his FREE “Profit Exploding Newsletter Secrets Report” that reveals how to retain more clients and reclaim tons of money now simply with newsletters.
Month: December 2008
Categories
Are You A Dreamer Or A Schemer?
Article Contributed by Avinash Patil
The world needs entrepreneurs more than at any other time in the last century and an online business guru has come up with a way for would-be business owners to test whether they are likely to be a success or failure.
Guy Kingston, a serial entrepreneur who successfully started one of the first private enterprise businesses in post-communist Russia, says the motivation behind starting a business is often the key to success.
Mr Kingston, whose Mind Your Own Business podcast provides free help and advice to business owners said: “Every entrepreneur is driven by their dream of what they want to achieve through business. By asking themselves a few simple questions they can work out what their motivation is and from that you can pretty well work out whether they are likely to be a success or not.
“Many people are really dreamers, who like the idea of running a business but can’t cope with reality. The ones who will succeed are schemers, who will do everything they can to ensure success.”
Mr Kingston, whose website www.myobpod.com features free written, audio and video advice for entrepreneurs with no sponsors attached, sets out the following check-list for would-be entrepreneurs to test out whether they are a dreamer or a schemer.
See which statement applies to your thoughts then see whether this is a dream or a scheme.
“I want to build a business so that I can employ lots of people and be a big boss.”
Guy’s verdict: Dreamer: “if empire building is your main motivation you will probably fail.Costs need to be kept tight in a growing business and the regulatory environment surrounding employing people makes them very expensive. Operate with as few people as possible and the empire will grow.”
“I’m really confident in my idea and my ability to make it work, but there’s more to it than that.”
Guy’s verdict. Schemer: “Positive thinking alone is not enough. Whereas you won’t succeed without it, it is not sufficient alone.”
“Running my own business will mean I will be able to have greater flexibility and time for myself and my family”
Guy’s verdict: Dreamer: “You have more time if you are employed by someone else. Of course you have to get the balance right but don’t see being an entrepreneur as a passport to more spare time.”
“I know I have skills that my employer doesn’t appreciate and I want to sell them direct to people”
Guy’s verdict: Schemer “Often the core of a good business comes from an individual’s talents. Just make sure that it is more than your nearest and dearest who think you are good.”
“I have certain abilities but if my business is really going to take off I’ll need to pick quite a few other people’s brains to bridge the gap.”
Guy’s verdict: Schemer: “The best entrepreneurs beg, steal and borrow ideas from everyone and then adjust them to their own situation. They also recognise early on that they aren’t good at everything.”
“I have inherited some money and I think the best way to use it is to buy a business that I can run.”
Guy’s verdict: dreamer “Buying a business is about a lot more than just having the money. Many successful businesses have disappeared very quickly once under new ownership.”
“My partner / best friend and I get on so well that we would be awesome in business together and we are going to come up with something between us that we can do together”
Guy’s verdict: dreamer “Running a business together puts a great strain on any relationship. Although it works well for many people there has to be more to substantiate going into business together than the fact you are great buddies or soul mates!”
“I want a mentor who’s been round the block a few times.”
Guy’s verdict. Schemer: “Just as you wouldn’t want a brain surgeon who’s never done brain surgery before, you don’t want a business advisor who hasn’t run a business of their own. Experience trumps qualifications and theories any day.”
“Everyone likes the items I produce as part of my hobby so I am going to pack in my job and do it commercially.”
Guy’s verdict. Dreamer: “Hobbies rarely turn into good viable businesses. Before making the leap it is important to check out every aspect of the business model.”
“Business is fairly simple. You just buy things in and then sell them at a cheaper price. That is the basis of my plan for trading”
Guy’s verdict. Dreamer: “This is someone who needs to do a lot more planning on things like stock levels and what the market will stand before venturing into being an entrepreneur.”
Article Contributed by Ron Romano
When you’re a small business owner there’s no “Golden Parachute”, no Massive Severance Package or Stock Options to cash in on and there are definitely no bailouts. The success or failure of your small business is all on your shoulders!
Here’s Are 5 Things to Do If You Want Your Business to Fail During a Recession
1. Don’t Do Anything
2. Don’t Do Enough
3. Don’t Encourage Referrals From Other Clients
4. Don’t Create a “WOW” Experience
5. Don’t Take Massive Action Now
Now, if you want to build your small business, there’s good news.
You don’t have to sit back and become a victim of the times. Right now there are businesses and market segments that are making record profits. US Steel just posted record profits for the second quarter after losing huge orders from the auto industry.
Here’s How US Steel Achieved Record Making Profits – And So Can You:
– They found new markets at higher prices
– They were open to new opportunities
– They were pro-active
Here Are 10 Quick and Easy Strategies to Increase Sales and Profits During a Recession
1. Implement systems that measure and track the results of ALL of your marketing, advertising and publicity efforts
2. Look for new ways to re-position products or services you provide to attract a new market segment. Example: Re-position Yoga as “Fall Prevention Strategies for Seniors
3. Find new distribution channels for your products whether it’s through the Internet or other retailers who are selling complimentary products or services.
4. Create Joint Venture Arrangements with other complimentary, not competing Businesses. For example an accounting firm could go to their legal firm and offer to hold a seminar on “Tax Reduction Strategies” for the their (legal firms) clients as a special bonus. The accounting company may get new clients and the only cost is their time. One stipulation, the accounting firm must offer a special seminar to their clients on “How To Structure Tax Shelters for Estate Management”. Both companies benefit.
5. Have a “Rewards Referral Program ” for your existing customers and let them experience how it will work.
6. Know the numbers in your business. Find out what products and services make the most profits and which ones make the least. Start promoting or up-selling those first. Do you know the average transaction value which is the average amount each consumer pays you at the point of purchase? Go find that out now and then ask yourself the question “How can I increase that amount by 10% by adding or bundling in extra value?
7. Position yourself as the “Knowledgeable Expert” in Your Field and write articles for the newspaper, or trade journals and radio interviews. You can even write and submit articles online using www.IWantMoreProspects.com. The print and online media is always hungry for information to provide their readership. They are always on the lookout for new information that solves people’s problems or helps them save them time or money.
8. Differentiate yourself from the competition and give the consumer the “Reason Why” they should do Business with you versus your competitors.
9. Join a Mastermind Group or Coaching Program to improve your skills as a Marketer. Tiger Woods has a golf coach to help him. Professional baseball teams have hitting and pitching coaches. And you should have a business and marketing coach to stop the downhill slide before it becomes uncontrollable.
10. Build a stronger relationship with your customer base through frequent contact, special offers, and newsletters. Survey your existing customers to see what they want and then sell it to them.
This is just a short list on the many things that are possible. Now the question is, do you want to recession proof your business and achieve massive results or do you want to lay down and play dead and hope things get better? It’s your choice!
About the Author:
By revealing missed profit opportunities, Marketing and Sales Expert Ron Romano increased the sales and profits for more than 10,000 small and medium sized businesses, entrepreneurs and independent sales agents. Now, you can use his FREE MARKETING AUDIT at: http://www.InstantMarketingReview.com to magically uncover all the hidden profit-making opportunities you’ve been missing out on. What you may find out might just change your life forever.
When I first started my career as a solo entrepreneur, I hired a web designer to create my website for me. He was awesome, and I loved his work. When I received my first bill, it included a contact email address for his “support department” and “billing department”. I was a little curious about who those other people were! Later I found out it was just him…he was ALL of those departments — design, support, billing, the works! A true case of putting lipstick on the pig. Even though he attempted to “paint” his business with these additional departments, underneath it all, he was still simply a solo entrepreneur.
You Can’t Contrive Credibility
It was amusing to me at the time…but now I see it for what it was: someone trying to be or look like something they aren’t in a misguided attempt to add credibility. This web designer was worried that clients wouldn’t take him seriously as a professional if they knew it was just him. So he created the illusion of these additional departments, presumably staffed by other employees. It wasn’t what I would call dishonest, more of a stretching of the truth. He delivered on his promises and had the needed expertise; none of his clients received anything less than was promised (and he was actually quite good at over-delivering.)
The Risk of Dressing Up as Something You’re Not
I knew this designer well enough and trusted him so it didn’t really bother me much, although it was somewhat of a revelation when I discovered he was a solo entrepreneur just like me! His other clients, however, expecting a bigger enterprise, might not have been as forgiving of the pretense. They may have felt deceived, suddenly unsure if they made the right choice. Future work and referrals were put in jeopardy simply because the vendor set an expectation that wasn’t exactly true.
The Upside of Putting Away the Makeup
The irony is that particularly as a solo entrepreneur, I actually was happier that he was a solo entrepreneur too! I’d left the corporate world and was embracing my own version of doing-it-all-myself. A short while later I interviewed an accountant for my growing business. She operated in an office with a couple of staff members. And she totally did NOT understand that no, I didn’t need to be budgeting money to rent an office for my soon-to-be-hired staff — I worked alone, from home, and I liked it that way! I sought out an accountant who was a solo entrepreneur like me, precisely because I knew she would understand my business — and understand me, because she was LIKE me.
Like Attracts Like — So Be Yourself!
The absolute best thing you can do for yourself and your business, is BE YOURSELF. The greatest truth in business is that you are going to want to work for and with people who share your goals, values, and to a certain extent, your personality. The best way to find those people is to be completely authentic about who you are! If you are a bit quirky or have a flamboyant style, let your website reflect that. If you like to tell it like it is, then do just that when you are on discussion forums, Facebook, Twitter, and other social networks. Not everyone will like it…but those that do will be the ones that do business with you and rave about you to their colleagues.
Throw Away the Lipstick
So stop listening to those who offer well-meaning advice that doesn’t feel like you. Don’t change your website colors just because some study shows purple isn’t seen as a power color. Don’t censor yourself in online discussions or let someone talk you into a business card that just doesn’t feel like you. Put away the lipstick…and let your real self shine!
Article Contributed by Kelly Kilpatrick
Starting a business strong can be a challenging endeavor for small business owners and entrepreneurs. There are many factors at play when getting your fledgling business off the ground and running smoothly and effectively.
After looking past all the logistics, there are some key things you can do to help your business connect with people on a more personal level and keep them coming back to you in the future. The following five tips are some suggestions on how you can do just that.
1. Have a great website and related blog. If you aren’t on the web yet, you must do this right away. Being listed in the appropriate local directories and being available to your customers 24/7 is one of the greatest functions of the internet. Maintaining a great site with appropriate blog entries to enhance your page will help to ensure your success.
2. Forge relationships with complementary businesses. It only makes sense that you should try to work with other businesses that complement your own. For example, if you are starting a photography business, you should get to know event planners and other people that can recommend your services. You can do the same for them as well. No business is mutually exclusive; take advantage of what the referral system and word of mouth can do for you.
3. Donate goods and services. You can gain much-needed exposure when you employ this tactic as part of your business plan. Donate to silent auctions, give services for free to get your name out there. Your name recognition and reputation will grow rapidly if this is done in the right venues.
4. Become active in your community. Get involved in what is going on in your locale and people will know that you care about the community where you’ve decided to start your business. People will take more of an interest in your business if they know you have a vested interest in the community.
5. Make good on your promise(s). If the opening of your business intends to fill a void in the business community, make sure that you make good on that promise. Customer satisfaction and perception is essential to gaining positive feedback and word-of-mouth, which can make or break a new business.
About the Author
This post was contributed by Kelly Kilpatrick, who writes on the subject of business school rankings. She invites your feedback at kellykilpatrick24@gmail.com