by Bert Shlensky | Jun 11, 2014 | Marketing
Building a brand and differentiating yourself from competition are one of the key challenges facing startup businesses. Committing to quality customer service can be a key and achievable tool in the success of your business. While this may seem obvious, it frequently loses prioritization when other issues strain the business. For
example, the following is obvious:
• Satisfied customers, repeat customers, positive social media, and referrals are the best and least expensive marketing a business can have. There is no substitute for a satisfied customer.
• In contrast, dissatisfied customers, poor service, and negative referrals can offset the best marketing efforts.
• Avoiding problems with great products and service is the most productive strategy to execute great customer service.
• “You only have one chance to make a first impression.”
• Response time is becoming a key measure affecting sales, profitability, and excellence. It is wasteful to not promptly answer customer requests, have long lines, run out of inventory, etc. (more…)
by Bert Shlensky | May 27, 2014 | Marketing
We all understand the importance of goals, purpose, direction and measurement in establishing commitment, success, team work, and coordination. Somehow between that understanding and the execution things often go awry.
One of the key mantras of a relatively new industry, direct marketing, has been the focus on setting goals and measurement. Google Analytics, and products like it, have quickly become business tools of choice for companies seeking to set goals and measure results. These new direct marketing tools are so effective and relatively easy to use that businesses both large and small can now instantly measure and observe results.
One typical reason goals are often not set correctly is that it can be a difficult process. One of the advantages of professional sports is that the goal of winning is simple, clear, and easy. It is not always quite that simple in other businesses. (more…)
by Bert Shlensky | May 15, 2014 | Marketing
Demographics is the study of how a population based on factors such as age, race, sex, economic status, education, income, and employment affect various outcomes. Demographics are typically used to learn more about a population’s characteristics. Businesses must rely on demographics as a key method for planning.
Labor force
Back in 1960, the American labor force was dominated by 21-45 year old white males. Today, we have a far more diverse labor force when viewed according to age, sex, race, and ethnicity. These changes in the labor force require an entirely different structure of practices, strategies, and culture. (more…)
by Bert Shlensky | May 9, 2014 | Uncategorized
Have you ever watched one year olds learn to walk? If you have, you are sure to notice a number of similar experiences. While every child learns how to walk in a similar way, each one’s experience is unique as they get up, fall down, get up, and keep trying. What is amazing is their determination, lack of fear, commitment, practice, and continuing efforts to test the situation. That’s the power of positive thinking. As a startup and turnaround business consultant, I constantly hear, read advice, and see comments focused on worries, concerns, caution, in essence, all the old paradigms related to bringing about business success. While some of these perceptions may have validity in certain situations, they’re generally not productive. (more…)
by Bert Shlensky | May 7, 2014 | Finance Articles, Operations
After counseling over 1,500 clients seeking to start new businesses, it’s troubling so many of them seem possessed with what can be called the Zuckerberg, venture capital, or hockey stick plan to starting a business.
I typically read 3 to 5 startup business plans a week. So many are simply outrageous just because of the projected growth curves.
Everyone thinks they are the next multi-million or billion dollar startup. They find the need to project $15-20 million of revenue in a couple of years to get funding. This was illustrated recently by the response of a client. I asked her the basis of her forecast which showed a sales growth rate of 15-20% per week. When asked about her assumptions she said,
“That’s what the venture capital firms say they want.”
In contrast, many studies of entrepreneurs from IDEO to Malcolm Gladwell contend that slow but steady, multiple product developments, experience, and testing are the best predictors of success. (more…)