Be honest with your customers and deliver In Line with their expectations or higher!
 
I know; this is kindergarten pop-talk. But in reality, being Honest With Your Customers In Practice IS Easier Said Than Done. But here’s how you can perfect your customers’ experience. 

Here’s an example that happened to me! I doubt the retailer did this intentionally, but the experience made a lasting impact on me and has given me cause to question the retailer’s quality and whether they really look out for my best interests.

About 7 months ago, I visited my favorite clothing store in New York City. I bought a pair of Cole Haan loafers that were on sale for $129. Ok! I was ready to roll.
 
Three weeks ago, I was wearing My Loafers. The night before it had snowed.
All of a sudden I felt that My feet were freezing!
Turns out there was a hole in the soles of both shoes!
 
7-month old Cole Haan loafers. And I wore them only one or two times per week. Bad deal!
 
I’m thinking these shoes are Defective or at least sub-standard quality. Not what I expected from Cole Haan or the store.
 
Last week, I paid $45 to buy new rubber soles.
 
Ignoring the fact that I wore the loafers during the 6 or 7 months, shoes that cost $129 now cost me $174.
 
Truth be told, I probably would have paid $175 in the first place - or at least $149. But now, I resent being snookered in at $129 and being forced to spend $175…
 
This incident gave me cause to question the store’s honesty…
-Do they really care about me?
-How high is the quality of their clothes?
-Are their clothes a good value?
 
I believe this situation happens All Too Often. Does it happen in your business? Where? How?
 
Put yourself in your customers shoes. Pretend to be a mystery shopper and make a purchase in your stores.
-How and where could this situation happen in your business?
-What events and factors could detract from your customers’ experience?
-What could go wrong with the quality of your goods and services?
-What could happen that would hurt your customers’ loyalty to you and your business?
 
Please contact us so we can help you improve your customer experience and increase your sales.
 
For more information about how to grow your business and make more money, click here: http://www.revenueminer.com/products–services/products–services/

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Interestingly enough, recently we observed a group of competitors (industry members) ALL doing the same thing. Providing the same service. Hiring the same types of people; as a matter of fact, an employee would leave one company and join the competitor down the street. They offered the same products with little differentiation.

My client, the “renegade” entered the market and did the Unconventional. Tony tried a new and uncharted path. He rocked the boat. Within a relatively short period of time, he captured over 10% of the market.

Before that, everyone said “It just can’t be done.”

So, today’s Revenue Miner tip: Do the unconventional!  If nothing else, you’ll shake things up a bit.

To discover more ways to grow your business visit: http://www.revenueminer.com/products–services/products–services/

Eric Gelb
The Revenue Miner

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I’ve worked in several major companies and have observed that typically the compensation program is limited. That doesn’t mean one cannot earn excellent money, but often, there’s not always the clearest link between pay and performance. Once I was on a salary plus commission program and six months after I arrived, management cancelled the commission plan – great for morale.

If you want to really grow your business, hire the BEST sales professionals you can and let them loose! Give them room and the power to generate all the “Good” business you want. Pay them what they’re worth or what they feel they’re worth (within reason) and you’ll reap huge volume gains.

At the same time, give them room to hang themselves too. Believe me, many will and those who don’t like the game or can’t cut it will disappear. You’ll be left with a group of hungry tigers who will produce for you 24/7.

For more ways to grow your business visit: http://www.revenueminer.com/products–services/products–services/

Eric Gelb
The Revenue Miner

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Consider the Pareto Optimal Rule when you’re managing your business. The rule works like this: 20% of your customers generate 80% of your business. Or 80% of your sales revenue come from 20% of the customers.

On one current client project, we recently studied our chief competitor’s business. Turns out the competitor generates 80% of its business in a certain geographic region (let’s say the West Coast), but its headquarters is in New York City. 80% of their people (personnel) are located in New York, not the West Coast that is the Center of their business. This is giving my client a huge advantage because they’ve positioned 80% of their team members in the West Coast. How stellar do you think my client’s customer service will be?

We’ll let you know, but my client is Already making serious inroads on the competition!

The 80/20 rule works almost universally, amazingly enough. Take a peek! Analyze how your business ‘behaves’ and what drives your business. Then emphasize the power points to grow your business.

For more ways to grow your business visit: http://www.revenueminer.com/products–services/products–services/

Eric Gelb
The Revenue Miner

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Sure, One of the best ways to win more business is to deliver value, make the other person money and create win-win. But,

Add in Showing Appreciation.  Say ‘Thank You’ or send a ‘Thank You’ email or better yet note via snail mail. 

The other day we sent Jan, our freelance graphic designer, a project. It was Tuesday before Thanksgiving and I knew she was Busy! I thanked her for helping us out. She said, “Goodie. I’ll be baking cookies late tonight. Now I can make money at the same time. Thank You.” Wow. I love it. I’m taking up her personal time but she appreciates the work! Her ingenuity, drive and appreciation are aces.

While we give her all our graphic work because she does excellent work, we DO like the fact that she shows appreciation. Makes us All the More Interested and Happy to send business her way! Make it EASY for people to do business with you. In today’s world of computers, automated telephone voice prompts and other terribly impersonal systems, when you operate People to People, mano a mano, you’ll stand out.

Show your customers, vendors, employees and colleagues sincere appreciation, regularly and consistently. 

Btw, there’s No need to wait for Thanksgiving. 

For more information on growing your business, visit: http://www.revenueminer.com/products–services/products–services/

Thank you,

Eric Gelb

The Revenue Miner

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On Tuesday, I introduced one of our clients (Steve, CEO) to a Venture Capitalist, Joe.

Once Steve explained the business premise (business model) to Joe, Joe asked two key questions!

1. Will you meet your financial projections?

In other words, are you SURE in this economy that you will generate enough sales revenue and control your costs so you will achieve your target profit? In other words, How certain are you that we will achieve our target rate of return?

2. How much of your net worth do you have in the company?

Turns out Steve invested over 10% of his net worth in this company and he hasn’t taken a dime of salary in 2 years. Good solid commitment!

Also, this company happened to be Steve’s 5th start-up venture, so he has strong credibility.

The really exciting news is Joe’s fund IS investing in companies today. He did say that they are doing fewer deals [in other words, the deals/companies have to be more promising and well thought out business models] but they are investing.

So, revisit your business plan, control your costs and build your business.

For more information on doubling your sales, click here:
http://www.revenueminer.com/products–services/products–services/

Eric Gelb
The Revenue Miner

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Here’s one more Crucial Customer Message Insight that will help you build your business and advance your career:

When was the Last Time You Updated Your Bio?

This disguised ‘How-To’ is an Ideal way to reach out to people and let them know:

1) What you’re up to, and perhaps more important,

2) Where you want to go! In other words, you can use your bio to lay the groundwork to expand your business or career in a new direction.

Please, make sure you use these selling and promotion opportunities to the Fullest Extent possible and Contact us if we can be of assistance.

For more information, visit blogposts: The Crucial Customer Message Part 1, 2, 3 and 4.

For more information visit: http://www.revenueminer.com/products–services/products–services/

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Recently, a number of our clients have asked us to help them evaluate what is the Right amount of FREE work…In other words, how much FREE Before FEE. This is a delicate balance (depending on your field). Sometimes it’s customary to give free work to develop the business or win the client. But, the difficulty is too much free often gives the client the perception that you are a Free resource and you provide little value. On the other hand, you may have to “give some to get some.” This is an art and not science…

In today’s economic climate, we’re seeing more and more prospective (new) clients ask for Free work to demonstrate a vendor’s skills and in other cases, work in exchange for equity in their company.

In some ways, equity in lieu of fees is the Ultimate form of barter. Value to be received is Tough to gauge, Especially for private companies.

While Some free work is fine, there’s a Limit. Only You Can Set Your Limit.

This week, one company asked us to do business development work in exchange for equity — a stake in the company. No cash fees. It’s a true story!

We declined this one. We did think this company has promise but We couldn’t get comfortable why we should spend a day or two for probably 6 months to a year without any cash fees.

While we do consider engagements that are success fee only, Not here.

This example may be egregious, but I doubt it. The CEO claimed he sunk his life savings into the company and had no money to pay our fees. This company was an R&D situation so we would be accepting product viability risk, marketability risk and technology risk; and who knows what competitors lurk in the wings. Extremely hard to assess!

The key is to evaluate the risk-return tradeoff in each situation. Determine whether Your Likely Return (probability of gain or reward) Will Outweigh the Cost (investment).

Tough call often, but we’ve found that pursuing a bad project or accepting a bad deal has serious Negative consequences. We’ll share more war stories in upcoming posts.

If you have to provide some free services, set specific limits with the client; put the agreement in writing and get it signed; and stick to the limits. Also, make sure you lock in what you’ll receive if you meet certain milestones. For example, if you do X, Y and Z for Free and you perform as agreed upon, then Client will hire you to do Such and Such at agreed upon fees. As the late ecomomist Milton Friedman said, “There’s NO Free Lunch.”
 
Email us so we can help you expand your business.

In the meantime, for more information on selling and increasing your sales and profits, visit:

http://www.revenueminer.com/products–services/products/the-ultimate-sales-secret.html
 

Eric Gelb
The Revenue Miner

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Here’s another example of the Crucial Customer Message in Action; take advantage of every opportunity to promote your products and services!

This month we happened to receive a number of bonus reports from ezine and magazine publishers.

We were Amazed that these folks did NOT bother to throw in a:

–Letter (hello, thank you, or otherwise)
–Introduction, or
–Guide that explained how to get the most out of the Bonus Guide and the publication.

I was keenly interested in one particular Bonus Report, so they had my Complete and Undivided attention and would have been happy to open my wallet to make a purchase, But They Wasted this outstanding opportunity.

Oops.

Last Christmas, we crafted a “Year in Review” holiday letter for one of our marketing clients.

That year, the client’s company had acquired two new companies and landed three marquis contracts.

These milestones Materially Expanded their business.

In the letter, which was sort of like a press release (”Newsy” style), we described each milestone in two sentences.

At the end of the letter, we invited them to contact the Company President if they wanted additional information.

No hard sell there. Just a “You Should Know.”

Some people consider this to be bragging. We don’t.

But consider this: customers [People] like to associate [do business] with leaders. They want validation that they made the right buying decision.

This Company (my client), by sharing its successes and achievements, was [in a nice way] telling their customers that this Company Was a leader.

As a customer, when I learn good things about my vendors and business partners, I feel like I made a Smart Purchase Decision.

What about You?

What could you do to increase your customer contact, strengthen your customer relationships, and land more business?

Don’t waste another minute.

By the way, the client pitched my letter into the trash.

They had never used such a device before so were anxious about bothering their customers. Yikes. At least they paid my fee.

For more information, visit blogposts: The Crucial Customer Message Part 1, 2, 3 and 5.

For more information visit: http://www.revenueminer.com/products–services/products–services/

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Here’s another example about The Crucial Customer Message…

There’s an old story about Henry Ford (founder of Ford Motor Company) who played golf with his friends.

One day, Henry mentioned that he had purchased a big life insurance policy.

His golfing buddy exclaimed, “Henry, we’ve played golf regularly for several years now, And you bought the insurance policy from my competitor.”

Henry replied, “I had No idea you offer insurance. I would have preferred to purchase the policy from you.”

Ouch!

Btw, That’s why we like Ezines (or Email Magazines) so much.

Ezines give you an excellent opportunity to keep in touch with your customers, leads and prospects, and let interested people know what you’re doing.

For more information, visit blogposts: The Crucial Customer Message Part 1, 2, 4 and 5.

For more information about selling and client communication, please visit: http://www.revenueminer.com/products–services/products–services/

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sales, marketing, promotion, customer letter, you should know, customer correspondence, sales letter, customer email, email marketing, newsletter, customer newsletter, ezine, customer feedback, bio, biography, promo, customer note, customer knowledge, information, product information, service, services, products, service infrormation, offering, clutter, shelf space, crowded marketplace, marketing noise, inform customers, customer voice, customer opinion, opinions, customer opinions, customer, customers, sell financial services, CDs, CD, certificate of deposit, state farm, marketing brochure, ford motor company, henry ford, keep in touch, high touch business, high touch service, bonus, customer bonus, bonus report, wallet, purchase