Mayur Gudka

I am THE BEST Small Business Growth Consultant in North Shore, MA.

Category: Entrepreneurship

Get a Customer Retention Strategy!

 

Most likely you have a customer acquisition strategy. It helps you bring new customers in. The best-in-class businesses also have a powerful customer retention strategy.

What is a Customer Retention Strategy?

In simple words, it brings your customers back to your business over and over again. So, the lifetime value of each customer can increase.

Why is this important?

The cost of customer acquisition can be expensive. Even if you can acquire your customers for cheap dollar wise, it can prove to be expensive time-wise. Having a customer retention strategy in place gets these customers to walk in without spending much of money, time or energy in marketing.

To state the obvious, working both strategies in tandem can increase your revenue trajectory exponentially.

So, how to build a Retention Strategy?

Figure out a way to keep in touch with everyone who interacts with your business either online or offline. One of the best ways to do this is by capturing their email address.

If you find your customers are apprehensive giving out their email address, offer them a incentive.

Once you have their email address, send them regular newsletter or product promotions. This will keep your business on top of their mind.

Another way to do is ask them to connect with you on social channels. This can be a bit challenging than ask them for their email address. If your customers are conducting their transactions online, then ask them to connect with you online at the end of the transaction – on the “Thank you” page. It’s called the, “strike while the iron is hot” technique. They just bought something from you. They love you. They will like your Facebook page without any hesitation.

If the customer is conducting the transaction in-person, offer them an incentive to like your Facebook page. Maybe, if they showed the cashier that they liked your page, they can get a 5% off their order. Or, maybe they can get a special gift bag that cashier keeps in the back.

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11 Small Business Marketing Tactics

Ever since childhood we’re trained to think in terms of good or bad.

That however, is the wrong way to think when it comes to marketing tactics.

Marketing tactics are either effective or ineffective.

Taking out large newspaper ads proved very effective 30,40,50 years ago. Not so much today. Doesn’t mean it’s a bad tactic. It’s simply ineffective for majority of the population in United States. It might still be highly effective in other parts of world.

With that in mind, I want to share 11 Small Business Marketing Tactics with you today. Seven of them are digital and four of them are traditional marketing tactics.

Digital Marketing Tactics

  1. Email Marketing
  2. Search Engine Marketing
  3. Social Media Marketing
  4. Content Marketing
  5. Online Ads
  6. Online Video
  7. Mobile Ads

Traditional Marketing Tactics

  1. Direct Mail
  2. Newspapers
  3. Radio
  4. Local TV

The success or failure of each of these tactics depends on several factors including, who you audience is, how do they prefer to be communicated, how successfully can you communicate your message to them.

If you are not using one of the above mentioned tactics but would like to see how you can use it for your specific business, email me at mayurgudka@gmail.com. I’d love to show you.

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Customer complaints are gifts. Treasure them.

If you have a business, chances are you will have some customer complaints. No business can escape that. The difference between a great business and okay business is what do you once a customer complains?

Survey shows only a very small percentage of unhappy customers complaint.

The rest make a silent vow of never to spend their money on your business.

Isn’t that terrible? Don’t you wish more of your customers complained? It obviously gives you an opportunity to improve and win back their trust.

The worst is a silent unhappy customers. The one who won’t complain, just go about their way. In their mind, they’re not being rude to you by complaining. But, if they don’t complain, how can you win them back?

But, there just might be a way to get your customers to complain.

How to Get More Customer Complaints?

Follow-up after the transaction asking for feedback.

One way to get feedback is to ask them to score you on different areas of transaction.

Some ideas for businesses with physical locations.

  • Wait time before a salesperson approached them
  • Knowledgeability and usefulness of the salesperson
  • Product Selection
  • Checkout line
  • Checkout process

Some ideas for online businesses

  • Product selection
  • Ease of finding the product
  • Online Assistance Tool
  • Checkout process

Avoid asking questions such as “How did you find our website?” You can find this out for yourself by installing an analytic software on your website.

Focus on questions a software cannot answer on behalf of a customer.

Simply the scoring system too. When companies ask to score them on scale of one to 10, no one will ever give you a 6.75. It aggravates me when companies do that. Instead make the scoring system simple – just 1, 2 or 3.

  • One stands for “Just plain bad. Can’t go anymore downhill”
  • Two stands for “Could’ve been better”
  • Three stands for “Oh, dear god. I love it”

Some final things to consider and remember when asking for feedback.

  • Ask no more than one open ended question. Preferably, “what is one biggest change you would like to see implemented before your next visit?”
  • The customer is a busy person and be considerate of it. Keep the number of questions under 5. A lengthy survey automatically triggers a “No, thank you.” response in me.
  • Keep your scoring system simple.

Next time a customer complaints, be happy. Thank them. Ask them how you can improve. Make the change and notify them. Invite them again.

You will almost always turn a unhappy customer into a raving fan.

Now, don’t you just wish ALL of your unhappy customers complained?

I do.

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Is your website mobile-friendly?

In April of 2015, Google released a new update where they would give preference to mobile-friendly websites in their search engine results.

So, if your website is not mobile-friendly, you must have noticed a drop in traffic and customers in the last two years.

Not sure whether your website is mobile-friendly? Take Google’s Mobile-Friendly Test. All you do is enter your website URL and it tells you whether your website is mobile-friendly or not.

In addition to Google favoring them, there are many other benefits to a mobile-friendly websites.

Majority of your website traffic comes from mobile devices. Hence, if your website is not optimized to be properly displayed on mobile devices, you will lose traffic quickly.

Mobile friendly websites load very fast. This is clearly important in our growing impatient world. If a website does not load within 3 seconds (which most non-mobile-friendly website do not), people move on to something else.

Social media shares are huge on mobile. Since people are already logged into their social media accounts on their mobile devices, sharing becomes much more easier.

Lastly, having a good mobile website makes you memorable. In today’s world, where many websites are still old-school, a mobile-friendly website will help you stand among your competition.

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Sales: The only thing new entrepreneurs should focus on

Starting your first business? It’s so exciting.

You probably have a large to-d0 list.

May I make a suggestion? Rip that list and throw it down the drain.

There are only two things you need right now.

  1. A starter website that provides information about what your company does
  2. A sales process

You take care of the website. I’ve drafted a basic sales process for you here:

It’s a simple four step process.

  1. Identify and build a list of potential prospects
  2. Call or e mail and setup meetings with them
  3. Present your product or service
  4. Follow up for a yes or no decision

So, what is the best approach to execute each of these steps? I don’t know the answer for you.

There are myriad of ways you can accomplish each of these steps. Use the “trial and error” method to figure out what works best for you. There are books available on each of these steps with countless methods within.

The bottom line is – As a new entrepreneur, you should be focusing all your energies on selling your products or services. Nothing else.

This does one simple thing. It generates cash.

A very important thing to have when you are starting a new business.

One final tip.

Make your list of prospects as large as possible. It breeds confidence and it will show through in your sales presentations.

Good luck!

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