Business risk happens to be a wolf in sheep’s clothing. However, if you give all the sheep hockey sticks and a puck like Wayne Gretzky, that wolf will likely hide behind the goal’s net. No one likes getting hit by the puck several dozen times! But we get it, though: we’re afraid of ticking off that wolf, and lo and behold: the wolf might come out from behind that net and start really nasty grunge fights with each sheep, and instead of a hockey game, we have a slaughter on our hands.
Honestly, Business Risk Is a Lot Like That: an Angry Wolf
But here we have the key to taming that wolf — we mentioned Wayne Gretzky.
It turned out he had quite the quote that makes perfect sense in hockey —
“You miss 100% of the shots you don’t take.”
When you think about it, that makes perfect sense! And there’s no way around it. Truthfully, if you’re running a business, you have to accept the fact that you’re always going to be facing risk. And if you run away from it, the risk is even greater.
The key to managing risk is to take those chances — and learn from the historical data. Part of the problem is that we think risk is a lot bigger than it actually is. That wolf does look a lot bigger on the ice rink — until you start chucking pucks at him.
Sadly we’re creatures of habit, and before the innovation of technology — the Internet, mobile, Google, Amazon — we didn’t have a lot of “pucks” to chuck at the wolf like Wayne Gretzky would. So we were stuck on the old methods and didn’t want to try something new. And it’s understandable! — after all, we can’t predict much results with new programs or methods, because there’s nothing as far as historical data for us to analyze.
Thankfully, I Have the Goods Here About How to “Take All the Shots” Like Wayne Gretzky and Manage Risk Without Failure:
Here are some tools to keep in mind as you manage risk head-on while moving forward in your small business:
Measure, Estimate, Prioritize, and Adapt — Testing and experimenting are the keys to taming that wolf. In fact, we once had a client simply focus on key inventory items, eliminating unproductive factors by just looking at the clicks and monitoring the Google Analytics data. It’s simple. That’s one slap shot you can take like Wayne Gretzky.
Follow the 80/20 and 90/30 Rules — Develop your business methodology down to these numbers, and it’ll be a lot easier to forecast results. The 80/20 rule is how you’ll expect 80% of your sales coming from 20% of the offerings you make. So do the math. Likewise, 90% of all perceptions of your product will be realized in your customers’ heads within 30 seconds. So, in other words — make enough shots at the goalie in a short period of time, and you’ll definitely expect a lot of scores.
Lastly…. You Will Make Some Mistakes, and That’s OKAY — Why? Because that gives you the opportunity to adapt. After all, the longer you keep making those shots, the more hits you’ll make over time.
In other words: the more business risk you take, the less risk there will be.
It’s Not Easy, and You Need to Exercise Caution, Obviously
Simply be strategic. Don’t go all out. But balance your efforts. After all, Wayne Gretzky didn’t win on sheer will and tenacity alone; he had the skill.
Dr. Bert Shlensky, President of The Startup Connection, directs all small business clients toward maximum sales and profit thanks to his 40 years of high-quality experience. He does this through technological, social, and online integration, supercharging your business success into the next level, so don’t hesitate to sign up for a free consultation RIGHT NOW.
There’s a common misconception out there regarding marketing strategy — that traditional advertising is dead, and that online marketing is the BEST. I’m going to go against the grain here and upset probably a large portion of newer-age advertisers here — traditional advertising is very much alive, and online marketing is just a fad…. However….
The Best Marketing Strategy Out There Shouldn’t Be About the TRENDS, But Rather the BRANDS
Yes, the Internet has revolutionized how we market a product or service. But when it comes to your marketing strategy, focusing on all channels makes for a great comprehensive approach ensuring success. In other words: don’t simply focus on what trends. Focus on what works. And believe it or not, the standards out there still work!
Here are five factors to keep in mind, though:
The Internet — It’s faster, central, and cost-effective. Traditional print media is dying as a result. Just look at Wal-Mart, for instance, a million-dollar business growing substantially to $1B in less than 20 years (from 1962 to 1980). Today Wal-Mart’s valued at an alarming $400B, commanding up to 20% of category retail sales. Compar
e that, though, with the super retail giant online timidly known as Amazon: a business that has grown from $1MM to a staggering $135B from just 1994 to 2016! And Amazon’s growing much faster than Wal-Mart to this day.Your method of advertising will, no doubt, stay the same — but, undoubtedly, the medium of advertising has changed drastically. Make note of it. It’s the big gorilla in the room, one not to be ignored.
Pricing, Stock, Forecasting, Value — Marketing used to not be like this at all. Thanks to the ability to reach customers in remarkable ways, you have to consider all of these as part of your plan.
Product Expectations and Customer Service — You’re a brand. People expect a certain kind of quality out of you based on your target demographic. Always keep that aligned with your goals.
Develop, Test, Measure, Adapt — This is actually the scientific method for a Lean Startup Strategy, and thanks to the Internet you can do all of this really quickly.
Have Strategic Goals — Set your budget. Focus on a profit goal. Best practices show that you spend up to 20% of a marketing budget in the first year.
Now take traditional advertising, for example, in relation to newspapers and magazines. Go to a Barnes & Noble. You might find a few of them. And just about all of them will have the traditional ads in them. Take note — while you won’t see this medium much in comparison to online formats, guess what: the brands out there also target those online formats just as much! That should tell you something:
Traditional advertising hasn’t changed at all — but the way it’s presented has.
In other words: online marketing pretty much rules the business stratosphere these days, but the traditional advertising behind all of it still exists at its core. Without the simple methodology that’s been around for almost a century, online marketing wouldn’t be what it is today.
Which Is Why When Considering Your Marketing Strategy, Consider EVERYTHING
Yes, the internet and social media are today’s marketing buzz words, but don’t forget that traditional marketing still has its place. It’s just that rules and processes are changing.
Printed materials like business cards, signs, posters, and brochures need to speak to your audience; they must be brief, but tell your story. Local radio, newspapers, not for profit events can all offer ways to be in your audience’s line of vision. These are supplemented by a web site . Social media and emails etc.
Media is becoming more creative despite their decline. Special advertising sections, testing, cable TV and package deals, can all make print or TV affordable. Make sure to constantly test, measure, and then adapt your marketing efforts
New options like Craigslist, QVC, videos, and sponsored events are examples of new methods to promote products or services.
Handwritten notes to your best customers can keep a personal line of communication going.
Look at all of it. Test. Focus on those mediums that work the most, not based on trends, but on principle. When you’ve got the principle down, you know those sales will show up like clockwork!
Dr. Bert Shlensky, President of The Startup Connection, directs all small business clients toward maximum sales and profit thanks to his 40 years of high-quality experience. He does this through technological, social, and online integration, supercharging your business success into the next level, so don’t hesitate to sign up for a free consultation RIGHT NOW.
What? Sounds like we’re bass ackwards here, but we’re not. In the business lingo of today, we’d call it “after-sales service,” which can include anything from installations to support and even training after the initial purchase. It’s crucial to put that in perspective; because, yes, sometimes depending on the industry, your job isn’t done after the customer pays. There’s obviously more to do. Much more.
But Why? Why Does It Matter to Go Above and Beyond the Original Sale? Isn’t That Enough Service?
Honestly, NO. Yes, the service spoke for itself. The customer bought. The satisfaction should be there. But even those professionals in retail realize that even after the customer buys and leaves the store, the way to retain revenue and profit is to make sure that customer doesn’t come back complaining! That would be considered a kind of “after-sales service.” Follow-up calls. Damage control. Your goal is to keep them coming back satisfied — not angry.
Additionally, those after-sale services can clue you in on the metrics of what your customers liked, what they didn’t like, what they’d like more of, and getting them to spread more word-of-mouth of how awesome your service and product are. Don’t do any of those things, and that customer may be satisfied, but no other customer will ever hear about it! And lastly, you won’t know what else you can do to replicate the success if you don’t get that feedback. Here’s plenty of key ways to maximize that after-sale service mantra:
Call Those Customers Every Now and Then, Just for the Heck of It! — Say thank you ALL THE TIME. Standardize an annual review, discussing the good stuff like logistics, pricing, distribution, anything that could be improved.
Replace Anything and Everything, Even If It’s Minor — This means hiring the most empowered staff and management to have that authority. Give them the freedom to please the customer beyond all expectations.
Designate a Toll-Free Number Just for Customers to Call and Discuss Anything — Transcend their expectations. Listen to those customers of yours. Go the extra mile.
Don’t Just Have Customers Sign a “Sales” Contract, Have Them Sign a MAINTENANCE Contract — Meaning, you agree to maintain that customer satisfaction for a certain period of time.
None of That Even Matters More Than This One Important Aspect of After-Sales Service and Distribution
Loyalty. Not only are they going to come back satisfied, but they’re going to know more than anyone else about what they’re coming back to. It’s about building rapport. When that customer leaves your “service,” that customer isn’t actually leaving at all. That customer’s still with you 100%. So keep it looking good. It’s as they always say — those customers aren’t simply buying your products or services —
They’re buying you.
Dr. Bert Shlensky, President of The Startup Connection, directs all small business clients toward maximum sales and profit thanks to his 40 years of high-quality experience. He does this through technological, social, and online integration, supercharging your business success into the next level, so don’t hesitate to sign up for a free consultation RIGHT NOW.
We know you know why your brand will be a success. But do your customers know? Not yet, obviously. That’s why when you’re branding your business , you not only need to convey your image representing your vision, mission, and distinctiveness, but also what your product or service can offer to a potential client. Sounds easy, but you might be missing the point when fleshing out what you’ve got to offer — in other words, the product/service doesn’t have to just be good, it has to be good for your customers, and even more importantly, you have to prove it to them.
Now That Doesn’t Sound as Easy, But Thankfully We’ve Broken It Down for You — Into 3 Key Benefits to Branding Your Business
Keep these three things in mind when breaking down your product and service, and you’re that much closer to sealing the deal in nailing a portion of your industry. Your customers will see that your products or services aren’t just good — they’re most likely better than the rest, and something they should have:
Quality — How would you describe this? Is it about the way the product looks? What it’s made of? How it works? What the results are? How does it compare to the competition? Identify this, know how to communicate it, and you’re well on your way to targeting the sale.
After all, IKEA may be great utilitarian products optimally priced, but they’re not made to last a lifetime. Quality matters.
Convenience — In this day and age, if you’re not offering some sort of ease of use or accessibility, you’re dead in the water. So try and angle your brand to offer some sort of convenience — easy payment and delivery, easy contact (24/hr customer service), offering efficiency for your customer in some way.
Heck, even the little stuff we take for granted — remembering customer names, follow-up sales calls, developing personalized solutions — matter way more in terms of convenience than those horrible tip cups you find at the fast-food restaurants.
And Lastly, Value— It’s one thing to nab the customer…. But to keep them coming back? That’s the golden ticket. Your product or service can’t be just a 1-time thing. It has to be a many-time thing. It’s called customer retention; keep them coming back, and you’ve got guaranteed revenue. The question is how you get them to come back. What’s the value of your brand? Go beyond the features of the “right now” of what makes your business so awesome. Think beyond and ask yourself how your product/service will benefit the same customer you sold last year.
Think Nieman Marcus, Costco or Amazon, for example: you’ve got uniqueness with each, yet the value‘s all the same. Especially with those free samples from Costco!
All else being equal, you just make sure you have this trinity of aspects in branding your business.
Truly, Your Brand Could Be Anything — as Long as You Focus on Quality, Convenience, and Value
Simply ask yourself how is my brand good, can my customers get my brand, and will they come back over and over again. It’s a magic formula. You now have the ingredients.
Dr. Bert Shlensky, President of The Startup Connection, directs all small business clients toward maximum sales and profit thanks to his 40 years of high-quality experience. He does this through technological, social, and online integration, supercharging your business success into the next level, so don’t hesitate to sign up for a free consultation RIGHT NOW.
We think there are a lot of stigmas out there when doing business. Better yet: stereotypes. And some are more prevalent than others. That, however, doesn’t mean you should neglect those ‘others’ for the ones that seem to make more sense: like the business logo, or product development, or how you market and brand your business. Believe it or not, but if you want that business of yours to be successful, make sure you’ve checked this off your list — packaging and distribution!
You Won’t Believe How Important It Is to Ensure You’ve Got That Process in Place When Doing Business
How are you ‘packaging’ your product and service? Are you? If not, you’re missing out on a very valuable piece of the marketing pie. After all, where the heck is the logo going to go? On the package.
Delivery is even more important as you study and research your industry. Logistics is a no-brainer. You have a physical product, you have to get that product in their hands, or else it really doesn’t matter how cool your product is. If the customer can’t get to it, you don’t make money.
But delivery isn’t necessarily about physical transportation. You could have a product or service that’s 24/7, on-call service, or an online product of some kind. Think of the newer-age business brands out there like Uber, Amazon, Airbnb, and Zappos — distribution has become something way more complex and effective than just simple packaging and trucking.
Perhaps you sell digital marketing services, and your work is done via account management. Lay out your delivery processes and make sure your prospective customers know what to expect — and when you’ve got that out of the way, make sure it gets done every time.
After All, Your Customers Can’t Buy and Keep Buying If They Don’t Get Your Stuff Somehow
Be it brick-and-mortar, online e-commerce, or just a delivery service — whatever it may be, get it situated. Make sure the operations are in order. Because you don’t want to launch without having all of those details etched in stone, ensuring customers know what’s coming. In many ways, this is the final gift to great service — they finally get it, use it, love it, and then, of course — they come back for more of it.
That’s business success.
Dr. Bert Shlensky, President of The Startup Connection, directs all small business clients toward maximum sales and profit thanks to his 40 years of high-quality experience. He does this through technological, social, and online integration, supercharging your business success into the next level, so don’t hesitate to sign up for a free consultation RIGHT NOW.
When you want to stand out, reach out to Bert for the tools that will build your “sticky” brand. My focus is on understanding and analyzing your dilemmas and challenges, so your company becomes profitable faster.
Call (914) 632-6977 or email me at bshlensky@startupconnection.net. Don’t leave without signing up for our useful free eBook!
Feeling stumped or overwhelmed? Contact Bert at (914) 632-6977 or Email to start the process. Thanks!
Rather the BRANDS
realize that even after the customer buys and leaves the store, the way to retain revenue and profit is to make sure that customer doesn’t come back complaining! That would be considered a kind of “after-sales service.” Follow-up calls. Damage control. Your goal is to keep them coming back satisfied — not angry.
