Can't Get No ... Growth!
Perceptions e*zine for April, 2006
Less than 10% of typical business owners actually know how to grow their business. 10%! That is amazing! That probably explains why most new businesses fail within their first 3 years. That is because we all want growth -- it is everywhere! Business Week recently stated AT&T’s merger with Bellsouth cites this familiar mantra – “We’re doing this for growth!” So how can you realistically grow your business?
Welcome to this edition of the Perceptions! I am Mark Ware, and this month we will examine basic steps a business owner can take to grow their business, and the key will be becoming super-customer focused! But how? Read on.
Maybe you’re not eyeing a $67 billion dollar take over of a competitor, but perhaps you are trying to increase your business revenue and spur growth without spending a ton of money, or perhaps no money at all. It can be done.
Many of us are doing “okay” but not seeing the results we felt possible when the business began. What can we do? According to Perception Lab research, by far the best initial investment in time and effort towards any business improvement activity should be to become intensely more customer focused. Just like getting into better shape requires an initial assessment, game plan and commitment, so too does a business when the owner desires better performance and financial results.
I hear you say, “But I am customer oriented Mark – really!” Yes, I believe you. But it may not be enough. This month we are going to look at three steps business owners can take to get started on becoming more customer focused.
Now, these three steps are only of value if you desire to be better – to deliver better value, higher margins and better financial result. If that is not you, well, maybe there is another newsletter for you.
It's all about you
If you are a florist, this growth tip is for you. If you are a CPA, this growth tip is for you. If you sell guitars, this growth tip is for you. If you sell shoes, this growth tip is for you. So let’s get started.
What to ask
So, how do you know if you’re really customer focused? The best way is to simply ask your customers! I know, it’s shocking but true. Your customers know you best. Your first step is to ask your customers 5 simple questions:
1 Why do you buy from us? (be specific)
2 Do our people have a willingness to serve you? (scale 1 to 5, 1 is low, 5 is high)
3 What do we do best for you? (be specific)
4 Where do we need to improve most and why? (be specific)
5 What one thing would you change if you were the boss? Why? (be specific)
That’s it. Those are the questions. That’s the easy part. How to collect the info?
A simple approach
The best way is to have an independent do it for you – someone who is not an owner or partner with you. Some one objective and detached from your business. Many local marketing firms or management-consulting firms will do this for you or you could contact your local university’s marketing department and ask them if they would like to take on a small research project. Don’t make it complicated: just focus on how the customer's answer the question one customer at a time. His/her perception overrules your pre-supposed positioning or branding.
How to ask
If you are a retail or consumer direct business, exit polling may be best. Otherwise, follow up phone calls are good. Either way, it should be done person-to-person to get this qualitative data. You could email or fax to your customers, but this has many drawbacks: incomplete answers, no answers, answers that can’t be understood, answers too brief, answers provided by someone other than the customer! Once you have the data, either you may analyze it (if you are comfortable and knowledgeable of such things), or defer it to those who collected the data for you.
Now what?
Once you have the data, its result, its meaning and rationale, THEN you are in a position to say you are or are not customer focused, to what extent and why. Otherwise, it is just your opinion and guessing. See the difference?
The bad news is that most businesses are not really customer focused; yet, they think that they are! Harry Beckwith, author of the very popular, “Selling the Invisible,” says that in the US, service is POOR! If you think you are good, you are probably only average, and that is not enough to lock in customer loyalty and referrals. So, you have to improve.
Improving your business’ customer care and loyalty is certainly not as painful as a mega-merger, but the results are just as profitable – your business will have a more clearly defined and customer appreciated approach, your team will notice, your stockholders will notice and your customers will notice!
The many business owners I have met – great at knowing their product, great at knowing their industry and successful & profitable but leaving so much on the table for competitors. It doesn’t matter whether you live in Dawson’s Creek, Atlanta, Dallas, Denver, London or Sao Paul – and it doesn’t matter if you cut hair, blow leaves or paint houses – you are a service provider and there are so many good options for you to grow your business! Do not wait. Get started today with your own measurements.
You do not need to be an AT&T or Bellsouth to make good progress. That is because I have given you the basics to get started and the rest is now up to you. Will you start today? Perhaps we will be reading about you in Business Week too!
Thanks for reading!
Mark Ware
Principal
Perception Lab, Inc.
mark.ware@perceptionlab.biz
----
How to contact us
We enjoy your emails! Contact us at info@perceptionlab.biz; please be sure to include your name and town. Thanks! Or write us at 50 Menores Ave, Suite #404 Coral Gables, FL 33134, ATTN: Mark Ware.
Distribution
This blog may be distributed in print or electronically so long as the original content, disclaimer and distribution guidance are also distributed.
Legal
This e*zine content is copyright 2006 ™© Perception Lab, Inc. All Rights Reserved.
Subscriptions
You may to this e*zine by sending an email to info@perceptionlab.biz with the subject “Yes.”
About the Perception Lab, Inc.
The Perception Lab, Inc. is the leading South Florida business assessment consultancy based in Coral Gables Florida with clientele in telecom, financial services, retail and Fortune 100 companies. The Perception Lab specializes in assessing and diagnosing business for growth strategies including business development, training, marketing, services creations, process engineering and ROI metrics.
Less than 10% of typical business owners actually know how to grow their business. 10%! That is amazing! That probably explains why most new businesses fail within their first 3 years. That is because we all want growth -- it is everywhere! Business Week recently stated AT&T’s merger with Bellsouth cites this familiar mantra – “We’re doing this for growth!” So how can you realistically grow your business?
Welcome to this edition of the Perceptions! I am Mark Ware, and this month we will examine basic steps a business owner can take to grow their business, and the key will be becoming super-customer focused! But how? Read on.
Maybe you’re not eyeing a $67 billion dollar take over of a competitor, but perhaps you are trying to increase your business revenue and spur growth without spending a ton of money, or perhaps no money at all. It can be done.
Many of us are doing “okay” but not seeing the results we felt possible when the business began. What can we do? According to Perception Lab research, by far the best initial investment in time and effort towards any business improvement activity should be to become intensely more customer focused. Just like getting into better shape requires an initial assessment, game plan and commitment, so too does a business when the owner desires better performance and financial results.
I hear you say, “But I am customer oriented Mark – really!” Yes, I believe you. But it may not be enough. This month we are going to look at three steps business owners can take to get started on becoming more customer focused.
Now, these three steps are only of value if you desire to be better – to deliver better value, higher margins and better financial result. If that is not you, well, maybe there is another newsletter for you.
It's all about you
If you are a florist, this growth tip is for you. If you are a CPA, this growth tip is for you. If you sell guitars, this growth tip is for you. If you sell shoes, this growth tip is for you. So let’s get started.
What to ask
So, how do you know if you’re really customer focused? The best way is to simply ask your customers! I know, it’s shocking but true. Your customers know you best. Your first step is to ask your customers 5 simple questions:
1 Why do you buy from us? (be specific)
2 Do our people have a willingness to serve you? (scale 1 to 5, 1 is low, 5 is high)
3 What do we do best for you? (be specific)
4 Where do we need to improve most and why? (be specific)
5 What one thing would you change if you were the boss? Why? (be specific)
That’s it. Those are the questions. That’s the easy part. How to collect the info?
A simple approach
The best way is to have an independent do it for you – someone who is not an owner or partner with you. Some one objective and detached from your business. Many local marketing firms or management-consulting firms will do this for you or you could contact your local university’s marketing department and ask them if they would like to take on a small research project. Don’t make it complicated: just focus on how the customer's answer the question one customer at a time. His/her perception overrules your pre-supposed positioning or branding.
How to ask
If you are a retail or consumer direct business, exit polling may be best. Otherwise, follow up phone calls are good. Either way, it should be done person-to-person to get this qualitative data. You could email or fax to your customers, but this has many drawbacks: incomplete answers, no answers, answers that can’t be understood, answers too brief, answers provided by someone other than the customer! Once you have the data, either you may analyze it (if you are comfortable and knowledgeable of such things), or defer it to those who collected the data for you.
Now what?
Once you have the data, its result, its meaning and rationale, THEN you are in a position to say you are or are not customer focused, to what extent and why. Otherwise, it is just your opinion and guessing. See the difference?
The bad news is that most businesses are not really customer focused; yet, they think that they are! Harry Beckwith, author of the very popular, “Selling the Invisible,” says that in the US, service is POOR! If you think you are good, you are probably only average, and that is not enough to lock in customer loyalty and referrals. So, you have to improve.
Improving your business’ customer care and loyalty is certainly not as painful as a mega-merger, but the results are just as profitable – your business will have a more clearly defined and customer appreciated approach, your team will notice, your stockholders will notice and your customers will notice!
The many business owners I have met – great at knowing their product, great at knowing their industry and successful & profitable but leaving so much on the table for competitors. It doesn’t matter whether you live in Dawson’s Creek, Atlanta, Dallas, Denver, London or Sao Paul – and it doesn’t matter if you cut hair, blow leaves or paint houses – you are a service provider and there are so many good options for you to grow your business! Do not wait. Get started today with your own measurements.
You do not need to be an AT&T or Bellsouth to make good progress. That is because I have given you the basics to get started and the rest is now up to you. Will you start today? Perhaps we will be reading about you in Business Week too!
Thanks for reading!
Mark Ware
Principal
Perception Lab, Inc.
mark.ware@perceptionlab.biz
----
How to contact us
We enjoy your emails! Contact us at info@perceptionlab.biz; please be sure to include your name and town. Thanks! Or write us at 50 Menores Ave, Suite #404 Coral Gables, FL 33134, ATTN: Mark Ware.
Distribution
This blog may be distributed in print or electronically so long as the original content, disclaimer and distribution guidance are also distributed.
Legal
This e*zine content is copyright 2006 ™© Perception Lab, Inc. All Rights Reserved.
Subscriptions
You may to this e*zine by sending an email to info@perceptionlab.biz with the subject “Yes.”
About the Perception Lab, Inc.
The Perception Lab, Inc. is the leading South Florida business assessment consultancy based in Coral Gables Florida with clientele in telecom, financial services, retail and Fortune 100 companies. The Perception Lab specializes in assessing and diagnosing business for growth strategies including business development, training, marketing, services creations, process engineering and ROI metrics.
posted by Mark Stephen Ware @ 8:35 PM
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