Small Business News: The White Paper Overview http://ping.fm/MbgnT

Could Your Company Be the Next Great Franchise Business? http://ping.fm/sLvlH

SMBs’ Social Media Expectations–and Realities http://ping.fm/vwtvO

Social Media Helps Small Businesses Compete http://ping.fm/znv0P

Small Business News: Franchise Fantasies http://ping.fm/Q5VM1

Small Businesses Are Hit Harder by Regulations http://ping.fm/TrjKJ

The Lowdown on Buying Carbon Offsets http://ping.fm/FCJNd

6 Best Practices for Savvy E-mail Marketing http://ping.fm/Mi6OZ

Small Business News: Social Media Survival Guide http://ping.fm/9SDWX

Understanding Rich Snippets For Local Search http://ping.fm/iMclV

Small Business News: E-Mail Odyssey http://ping.fm/Uwp1C

Start-up Odds of Survival Depend on Industry http://ping.fm/cnVYx

Solidify Your Relationships

Shop It to Me is a free email service that notifies people when their favorite clothing items go on sale at boutiques and major retailers. The company wanted to find a way to improve customer retention by reducing unsubscribe rates. So as part of the unsubscribe process, CEO Charlie Graham added a step, giving customers the chance to cite their reasons for canceling. After making some changes based on what he learned — for example, adding maternity retailers — Graham saw his market share rise.

Numerous studies have shown it requires far more cost and effort to reach new customers than to keep the ones you have. In today’s tough economy, with consumers taking a hard look at every dime they spend, a customer retention program is more important than ever.

The recession presents some unique challenges to customer retention management. But the current climate also provides opportunity for businesses that know how and when to act. Here are four key customer retention strategies to help you keep your customers coming back:

1. Ask for feedback. Most dissatisfied customers will simply walk away from a business rather than make their displeasure known. That’s why it’s essential to be proactive about getting feedback. Madigan Pratt, whose Williamsburg, Va.–based customer relationship marketing firm Madigan Pratt & Associates works with hotels, suggests following up with customers to ask about their experience and invite them back. If they respond well, ask them to post a review on sites like Yelp or Angie’s List. “Send them an email with a link to make it easy for them,” Pratt adds.

2. Once you receive feedback, be sure to act on it. “When people feel like they’re being listened to, they’ll trust you more and be more engaged with your business,” says Debra Schmidt, author of Building Customer Loyalty from the Inside Out.

    

3. Expand your offerings. If you can expand your product or service line, you stand a better chance of continuing the relationship with customers who feel a need to tighten their budgets. Kate Zabriskie of Business Training Works in Port Tobacco, Md., provides this example: “Say you have a beauty salon. You can offer a mini treatment. Or if you’re a bakery that does high-end wedding cakes, consider a more affordable selection.”

4. If a customer has fallen by the wayside, consider offering a scaled-down service. “Your customers might not be able to afford your offering right now,” Schmidt says, “but you need to build bridges for when they do.”

I hope this helps you evaluate (or re-evaluate) your business relationships. If it has, let me know. Send me some feedback on what ideas you may have.

Best to you,

Jim Herrera

Follow me on

twitter - http://twitter.com/jbherrera

facebook - http://facebook.com/jbherrera

linkedIn - http://linkedin.com/in/jbherrera

plaxo - http://jbherrera.myplaxo.com

 

About me

google profile - http://www.google.com/profiles/jbherrera

Posted via email from Perceptive Insights

How Cloud Computing Can Help You Scale Your Business http://ping.fm/wQGD1

New Small Business Events and Conferences http://ping.fm/GKFe8

10 Ways to Use Mobile Devices to Run Your Business http://ping.fm/mqgtl

Small Business News: The Entrepreneur Overview http://ping.fm/GmAi9

One on One: Scott McMullan of Google Apps http://ping.fm/2Gfuh

Office Motivation http://ping.fm/hkZ3R

Small Business News: An Owner’s Manual http://ping.fm/7CfCF

6 Ways to Be More Productive http://ping.fm/YApAM

Small Business News: The Times They Are A Changing http://ping.fm/pcZ2a

Ask a Question of Tony Hsieh, Zappos CEO http://ping.fm/nkLVm

Are You Ready for the Digital Natives? http://ping.fm/tHfoQ

Is Brand Awareness the Number-One Social Media Goal? http://ping.fm/uRkQA

Small Business News: ROI Realities http://ping.fm/Y0Oev

Join Us at the New York Times Small Business Summit http://ping.fm/nR4hf

8 More Free Website Builder Tools for Small Business http://ping.fm/7Tv4H

Google Mailing SMB Owners Check-in Devices? http://ping.fm/pff98

Small Business News: Social Media and the Entrepreneur http://ping.fm/162kp

Had a great time talking about the MLS and RPR at REBCSMC. Resources that were only for public sites are now available via MLSListings!

Are you coachable?

I'd love to take responsibility for the following, but I can't.  It comes from the website JustSell.com. But the principles are awesome whether you're a small business owner, executive or staff person.

A quick 8-point check on your coachability…

Which of these are true and to what extent?

1. I usually allow my manager and others to complete their sentences before responding. (If you don’t, it’s not a good sign.)
2. When I’m given feedback/ criticism, I usually think about it before responding, waiting just a bit. (If you don’t, you’re likely not giving it real consideration.)
3. When I’m given feedback/ criticism, I rarely find myself defending a position or action immediately. (If this is true, you’re probably trying to really learn how you can improve.)
4. When I’m given feedback/ criticism, I ask questions about it in order to try to better understand it. (A good sign.)
5. I feel my work’s purpose is to serve my external customers. (“You’re gonna have to serve somebody.”– Bob Dylan)
6. I feel my work’s purpose is to serve my internal customers (managers, colleagues, other departments).
7. I’ve changed/ revised my position/ approach because of the advice of another individual. (If not, how coachable do you really think you are? No one is always right.)
8. My manager invests time in my professional development (If s/he doesn’t, it might be because of a perception that you’re uncoachable).

There’s no rating scale here. These questions are simply meant to raise awareness (when answered as objectively and truthfully).

____________________

I gotta say I've got some work to do here. So, after reading these 8 questions. How do you rate?

Comment and let me know.

Best to you,

Jim Herrera

Follow me on
twitter - http://twitter.com/jbherrera
facebook - http://facebook.com/jbherrera
linkedIn - http://linkedin.com/in/jbherrera
plaxo - http://jbherrera.myplaxo.com

About me
google profile - http://www.google.com/profiles/jbherrera

Posted via email from Perceptive Insights