With help from San Diego's North Island Credit Union, here are some tips for businesses that wish to enhance their chances for long-term success, even in an economic recession. They suggest that you do these five customer-related things well:
- Be Different. Krispy Kreme makes millions of doughnuts daily, yet, they have two small differences from other doughnut chains - First, they replaced walls with glass so children and parents alike could be amazed by the automated doughnut production. Second, every customer is welcomed with a free, fresh doughnut hot off the line!
- Nuture Sales. 80% of your business comes from 20% of your customers. Find ways to thank customers all year. Personal notes or emails are good, or introducing frequent buyer and referral incentives.
- Create Sizzle. Avoid peaks and valleys caused by too much focus on the day-to-day business. Embrace a marketing plan that combines strategic and frequent advertising buys with ongoing public relations, special events, direct mail and email promos.
- Stick to It. Define specific actions for each week. Qualify potential customers. Communicate value. Refine your offerings and keep building relationships.
- Be Prepared. Keep good records and perform against the plan that enabled you to secure your first business loans. Include a data base of customers so you do not lose touch with your greatest source of income - the all important 20% group.
D.C.