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- Five Ways to Separate Your Business from the Competition
Five Ways to Separate Your Business from the Competition
- Understand the true value of a client.
Most businesses view a new customer as a single sale. But when they do that they underestimate the true lifetime value of their clients. If your average sale for a client is $100 and that client makes a purchase six times a year, that’s $600. Now, assume that you do all the right things to keep that client for ten years. Their total value is $600 x 10 years – or $6000! Now, how valuable is that $100 client to your business? Is it worth a bit of extra effort and expense to keep her coming back? - Make an impression. Take a look at your competition. Most companies are not very creative when it comes to marketing themselves. Their brands look like everyone else’s. Their brochures and ads look alike. (If you don’t believe me, check out the Yellow Pages.) Most of the time, they even have the same mission statements. So, if you want to be different – and better – in your customers’ eyes, you have to look and act differently. Evaluate your business objectively and don’t be afraid to make changes. Get creative with your brand and your marketing. And, most important, launch a legendary customer service program that will “wow” every client that comes in your door.
- Tell your clients about your new programs – and why you’re doing them. When you have great ideas, market them. Tell your customers you’re about to make some exciting changes and emphasize how those alterations are going to make things better for them. Clients don’t care that you’re changing to a new, more modern logo. Instead, they want to hear how you’re going to make their lives better with new services and products. If your message doesn’t convey this, you can bet they’re going to tune you out.
- Communicate, communicate, communicate. Smart entrepreneurs are constantly talking with their clients – through email, snail mail, and even face-to-face. Use thank-you notes, e-newsletters (like this one), e-blasts, Twitter, direct mail, and anything else that makes sense for your business. There’s a lot of truth in the old adage, “Out of sight, out of mind”. So, tell your clients “what’s up” at your business on a regular basis, create VIP groups, provide helpful information, and send out special offers. It will help you build long-term relationships and create success for your business.
- Astonish your clients. The famous P. T. Barnum was incredibly successful because he continually found ways to “astonish” people. Your potential customers are always fascinated by businesses that create unusual and unexpected experiences. When a competitor runs an aggressive merchandise promotion, don’t follow the pack and do the same thing. Instead, try a contest for weekly champagne rides in a hot air balloon, or a free trip to Paris on Valentine’s Day.
The bottom line is that no matter how good your products or services, it won’t matter if you don’t bring customers in the front door. So, show them you’re different. Show them you care. And show them how your business will make their lives easier, more interesting, and just plain better.
