PRACTICAL TIPS FOR ENTREPRENEURS 36: BY LORNA STEWART FOUNDER/DIRECTOR BLACK 100+ | FOUNDER FIRST CLASS BUSINESS CLUB | CEO RENAISSANCE If YOUR BUSINESS IS STRUGGLING – IT IS TIME TO EVALUATE YOUR CUSTOMERS (Please read, like and share this post) If you want your business to excel then do not become desperate and radically cut your prices to a minimum. This will only result in being unable to cover your overheads and make you unable to pay yourself a wage. Instead let me introduce you to a simple concept. First of all recognise that your customers are your greatest asset. Without customers, you do not have a viable, sustainable or profitable business. a) Tangible Asset Customers give you money and buy your products and services. b) Intangible Asset Customers: When they have a good experience with you, they help to build your reputation and brand, give you repeat business, and recommend/ attract others to your business. EVALUATE THE WORTH OF ALL OF YOUR CUSTOMERS – HERE ARE MY 4 MAIN CUSTOMER CATEGORIES (Prime Customers are my most favoured customers) - PRIME CUSTOMERS (help you to both sustain and grow your business) - GOOD CUSTOMERS (help you to sustain your business as well as evaluate your products services) - BAD CUSTOMERS (are a liability to your business, as they waste your time, effort, resources and money) - DETRIMENTAL CUSTOMERS (will seriously damage both you and your business) MY CUSTOMER GRADING SYSTEM - (PRIME CUSTOMER) Gives you regular repeat business. - (PRIME CUSTOMER) Recommends you to others, who then do business with you. - (PRIME CUSTOMER) Creates genuine opportunities for you to reach your target clients, to help your business to grow. - (PRIME CUSTOMER) Is a walking promotion for you by wearing or using your products and services in a way which attracts others to your business, without much effort on your part. - (GOOD CUSTOMER) Pays you your worth (your asking price). - (GOOD CUSTOMER) Pays on time. - (GOOD CUSTOMER) Is prepared to discuss a problem with you to reach an amicable solution. - (GOOD CUSTOMER) Will make recommendations and give you their honest objective feedback about how you can enhance your product/service. - (BAD CUSTOMER) End up costing you more money than you can afford to spend, with little or no real benefit to you. - BAD CUSTOMER) Regularly wastes your time, energy and effort. - (BAD CUSTOMER) Has demands which are constantly unrealistic and/or unreasonable. - (DETRIMENTAL CUSTOMER) Causes you to lose your Prime, Good or Potential customers. - (DETRIMENTAL CUSTOMER) Prevents you from gaining Prime, Good or Potential customers. - (DETRIMENTAL CUSTOMER) Demonstrates conduct or behaviour that has/could damage your reputation/business. INCENTIVISE YOUR PRIME AND GOOD CUSTOMERS Give them attractive deals and offers to keep their loyalty. They are worth it! (Make the best offers to your Prime Customers because they will ultimately expand your business. BE MILITANT WITH BAD CUSTOMERS If you are not happy, then get rid of them. Alternatively, set very rigid working arrangements and monitor how they perform. Sometimes a bad customer can become a good customer under these strict conditions – it’s your call! DETRIMENTAL CUSTOMERS Don’t waste any more time! Get rid of them immediately! LESSON ONLY HAVE CUSTOMERS WHO ARE BENEFICIAL TO YOUR BUSINESS. IF THEY ARE NOT BENEFICIAL, THEN WHY ARE YOU GIVING THEM YOUR TIME? EACH ONE – TEACH ONE TO CONTACT ME: E-mail: [email protected]
Posted on: Tue, 15 Oct 2013 07:53:05 +0000
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