Where Have My Customers Gone?

by Don Kyle

Have you ever asked yourself, “Where have my customers gone?”  You certainly are not alone if you have.  Today, I will discuss some of the most common reasons and provide suggestions on how to tackle this problem.

Competitors– A formidable new competitor has come into your market.  Your loss of customers may just be temporary as your market checks out the new entrant.  Assuming that you have provided quality products/services to your customers, they probably will return once the newness of the competitor wears off.  If you have taken your market for granted in the past, this may be your demise.  So be sure to perform a thorough review of your business and make all necessary improvements while you can.

New Products or Services – This goes back to the days when the buggy whip industry disappeared with the advent of the automobile.  Has this happened to your product or service?  Has something better and/or cheaper come along?  If you have not been keeping up with current trends, and then adapting and making changes to your business model, you may just go out of business.  You must be ever-vigilant and anticipate short and long term changes that will affect your business.

Poor Customer Satisfaction – Have you been hearing more and more rumors or complaints about your business while the number of satisfied customers (and their testimonials) has decreased dramatically?  This is a good sign that either you have been taking your customers for granted or your staff has been providing poor customer service.  This situation will definitely open opportunities for new competitors to enter your market, perhaps even by some of your own staff.  This situation can be identified and probably avoided by conducting ongoing customer satisfaction surveys; asking for feedback on internet rating sites, such as Kudzu and Yelp!; and most importantly taking corrective action as soon as negative issues are identified.

Bad Economy – Unfortunately, there is very little you can do in certain industries during poor economic times.  For example, if you offer high end items, such as luxury cars or yachts, expensive jewelry, or high-priced dining, your demand may be very low during these times.  To address this problem, you may want to consider expanded offerings, special pricing or alternative financing for your customers.

Business is dynamic and ever-changing, so constantly look for ways to improve your business. If you do nothing, you are destined to fail and be replaced by others who adapt.

Don Kyle works with business owners who want more customers and higher profits. He offers a free consultation to business owners who are serious about improving their bottom line and quality of life. (404) 580-6331, dkyle@smallbizzmbz.com

How Do I Expand My Business?

by Don Kyle

In prior articles, I discussed marketing and growth strategies for Start-Up and Growth stage companies.  This month, I will focus on what Expansion stage businesses should do.

During the Start-up and Growth stages, you focused on creating name recognition and grabbing market share.  As your company transitions into the Expansion stage, one of your main objectives should be capturing a dominant market share and solidifying your brand.  I have listed several points to help you do just that.

1.       Continue and expand your community involvement activities and let your market know all the ways you are involved, helping and giving back.  This will increase positive exposure for your business and help your market place favorably identify and associate you with them.

2.       Maximize your brand in your market area, by flooding your market with your brand name and mark in all your promotions, marketing and advertising.  Solidify the link between your brand and your market, so that you are the first thing that comes to their minds when thinking about your specific products and/or services.

3.       Expand your web and social media presence through expanded testimonials, emphasizing all the customers who have benefited from your products and/or services.  Continue to ask your customers for rave reviews on Yelp!, Kudzu, and other review sites.

4.       Cultivate affiliate and referral relationships to increase customer sources for your business.

5.       Consider additional market areas (or possibly new product or service lines) for growth.  Generally, this step should not be considered until you have a strong market share in your current market area.

6.       Continue ongoing press releases about all your successes and what you are doing in your market place to all media outlets in your market, including social media channels.  Keep in name in the spotlight in as many areas as you can.

7.       Analyze your current advertising strategy and make sure it is consistent with your brand and current market share.

Taking these steps should help you capture the dominant market share and fully establish your brand as you become THE company to turn to in your market.

Don Kyle works with business owners who want more customers and higher profits.  He offers a free consultation to business owners who are serious about improving their bottom line and quality of life.

(404) 580-6331, dkyle@smallbizzmbz.com

Is 2014 Going to be a Good Year?

by Don Kyle

Have you prepared business goals and implemented a marketing plan for 2014 yet?  If you haven’t, you should consider doing so immediately.

Although setting goals and preparing a comprehensive marketing plan are instrumental to your business, they are not a guarantee for success.  However, if you don’t take these steps, you almost can guarantee a disappointing year.  For most of us, it’s quite common to fail to plan for the future since you are so busy working in your businesses.

In previous articles, I suggested several steps in preparing your marketing plan, including: 1) Looking at your results from the prior year and setting overall goals for the new year; 2) Breaking down annual goals into monthly, weekly and daily budgets; 3) Reviewing the strategies you have employed in the past and assessing current and future ones to promote your business; 4) Determining marketing tools and strategies that are available for your business and the expected costs and returns; 5) Preparing your marketing plan and budget; and finally 6) Implementing your plan, and then monitoring your results, making adjustments as necessary.

These are the basic steps in developing a marketing plan for your business.  However, there are a few other areas you should take a look at in order to experience a prosperous year.  These include:

1)    Assess your current target market.  Have there been significant changes in your market, such as shifting demographics, increased competition, demand for your products or services, etc.?

2)    Review your operations.  Are you meeting the needs of your customers?  Are you experiencing return customers, and if not, why?

3)    Are your customers satisfied and are they saying good things about you in your community?  If not, you may want to take a look at your product/service offerings and your customer service procedures, including your staff.  You may even want to consider utilizing a “secret shopper” to help you assess these areas.

I wish you the best and may 2014 be a happy and prosperous year for you!

Please feel free to contact me if you have any questions about setting goals or preparing a marketing plan.

Don Kyle works with business owners who want more customers and higher profits.  He offers a free consultation to business owners who are serious about improving their bottom line and quality of life.

(404) 580-6331, dkyle@smallbizzmbz.com

Promoting a Growth Stage Business

by Don Kyle

In my last article, I discussed the areas on which a Start-Up company should focus to promote and grow its business.  This month, I  focus on promotional strategies for Growth stage businesses.

During the Start-up stage, your main focus is to create name recognition for your business by getting your name out to your target market.  As you transition into the Growth stage, your challenge is to gain market share.  So what are some of the most effective ways to do this?  I have listed several ways you should to consider.

1.    Get entrenched in your community through various community involvement activities.  There are many ways you can do this, depending on the nature of your business, including participation with local business associations, schools, religious organizations, civic and charitable groups, other businesses, sports leagues and groups, etc.  Cultivate affiliate and referral relationships with those that are most likely to help you generate more customers.

2.    Continue to cultivate a social media and web presence and disseminate your message to your market, emphasizing competitive advantages.  Testimonials and affiliate relationships are great ways to capitalize on the power of the internet and social media.  Ask your customers to give you good reviews on Yelp!, Kudzu, and other review sites.

3.    Continue ongoing press releases to all media outlets in your market, including social media channels.  It is imperative to note that information providers want to print or post information that is interesting and beneficial for their audiences.  Therefore, focus your press releases on how your business has or will provide beneficial services or products to your market.  These are also opportunities to announce any upcoming special events and/or promotions.

4.    Analyze the effectiveness of your advertising strategy and make adjustments as required.  Only advertise in those channels that are generating great returns on your expenditures and eliminate those that are not.  Keep in mind that advertising normally does not generate instant returns, so give yourself enough time (generally at least three months) to analyze the effectiveness of your choices.

Taking these steps should help you gain market share as your business transitions into the Growth stage.

Don Kyle works with business owners who want more customers and higher profits.  He offers a free consultation to business owners who are serious about improving their bottom line and quality of life.

(404) 580-6331, dkyle@smallbizzmbz.com