The prime objective for every business should be to squeeze every pound of profit from their customers.
This can be achieved by getting closer to your customer and developing a better understanding and appreciation of their business, its needs and challenges. As a result, you are more likely to identify and exploit revenue and profit opportunities and less likely to be the last to know that you have lost a customer’s business.
Your best customers are your competitors’ top prospects
Solution: Adopt a proactive account management programme
Sometimes when we discuss implementing a proactive account management programme with clients in order to develop additional revenues for their business, we are greeted with a response along the lines of “We are busy enough already. We already talk with our customers. Our account managers are just order takers and your programme will cost money”.
In our experience businesses often fail to maximise customer revenues by allowing their account managers to simply take orders instead of digging a little deeper, and adopting a more professional, structured approach. Obviously, it should be easier to sell to existing customers, it’s clearly much cheaper and more profitable than constantly chasing new customers.
Don’t think for one minute that we are suggesting that you don’t need to be pursuing new customers because obviously you do. It has been suggested that you will lose 10% of your clients every 5 years through natural wastage i.e. they go out of business or they no longer need your product or service.
Consequences: Failure to implement this programme can lead to business failure
Despite regular contact with their customers, some of our clients still seem to be the last to know that they have lost the business! Often this is because they are communicating at the wrong level. Although the user may be satisfied with the product or service at an operational level, the decision to change suppliers may come from a more senior level and is often made without consulting the user.
On more than one occasion, we have seen a multi million pound business crippled overnight because nobody had foreseen the effect of losing a key customer and consequently they were unprepared and it destroyed the business. Ask yourself “What would you do if you lost one of your major customers tomorrow?” We covered the effects of this in our July ’08 Viewpoint.
Summary
We have shown why proactive account management and development are essential for business growth and increased profit; let’s now move on to implementing it.
Proactive account management – Step by Step
Prioritise customers according to potential and existing profits
Instigate formal account reviews
Identify and develop relationships with key decision makers: specifiers, the budget holders, order signer, allies and opponents etc
Identify risks and issues; actively seek solutions
Identify potential opportunities when a customer introduces new product ranges or enters new markets
Identify your customers’ suppliers, customers and competitors
Regularly monitor their financial performance for an early warning of deterioration in their financial position
Monitor customers’ actual performance against the performance they had expected to achieve and your own expectations.
Monitor customers’ marketing and promotional activities to highlight demand increases or price pressures
Monitor company news for senior management changes, ownership changes, acquisition and merger activity, orders won and lost
Develop your knowledge and store the information in a customer relationship management (CRM) database. Analyse every aspect of your customers’ business relationship and transactions; store it in the CRM
Develop a contact schedule by account
Review your customers for importance in terms of existing profit and their potential for additional profit
Prioritise accounts for development time
Schedule formal account planning with priority accounts
Create a relationship development plan for priority accounts
Look for opportunities to cross-sell, upsell and gain referrals
New Mindset can support the implementation of your proactive account management programme. We will identify, specify, recommend and implement the necessary processes and complete staff training to ensure the successful adoption.
We deliver sales training workshops on account management and business development techniques along with coaching and mentoring for individuals.
We assess the performance of your sales team and its individual members; identifying weaknesses effecting performance and providing recommendations for performance enhancement.
Government funding is currently available for business improvement projects; your business might be eligible for financial support. As an approved supplier we can set this up for you – click the link to find out your eligibility and how we can help.
CALL 01276 537 282 or email for your no obligation consultation.
Tuesday, 6 October 2009
Tuesday, 8 September 2009
Good customer relationships drive profit
Customer relationships drive profit! - In our November ‘08 Viewpoint we suggested that customer retention NOT customer acquisition is key to long term profitability. Increasing customer retention by 5% can boost profits by up to 85% - this accelerated performance achieved by reducing overall marketing costs and identifying new selling opportunities. A September ’09 report from the Chartered Institute of Marketing (CIM) reinforces the benefits of retaining and working with customers.
Despite clear evidence that customer retention can increase profitability, it remains our experience that many businesses are wary about interacting with their customers. Many organisations are simply “scared” about receiving “bad news” about some operational problem such as customer service, product reliability or delivery.
Be proactive talk to your customers! - We strongly advocate developing structured communications with your customers. Not just interacting with them when taking an order or when they have made an enquiry, but through:
• Regular customer contact programs (customer service review, news-sheets)
• Proactive account management to retain customers
• Ensuring that when you lose a customer you know why
Customers are your organisation’s most valuable asset and nothing is more valuable than a happy customer!
Ongoing communications with your customers serves two main purposes:
(1) Identifies areas for incremental improvements in performance and revenues
Your customers are your best information source to ensure you maintain and increase your revenues by understanding their purchasing behaviour and explaining your organisations capabilities:
• Why they buy/don’t buy from you
• What other products/services they buy
• What else they would buy from you if only they knew you provided it.
• What you need to do to up-sell additional products.
Importantly, they will tell you about problems with your operation that need putting right – before you hear it from another customer or worse one of your competitors!
(2) Identifies the “next-big-thing” to accelerate profit growth
The CIM reports that individual customer suggestions are not a good source for developing continuing stream of new product ideas – rather you should develop them, yourself through linking an in-depth understanding of customer behaviour with your personal insight or expertise!
The CIM recommends that, where possible, you should observe your customer’s day to day activities first-hand. Witnessing their practical problems and headaches and combining it with your personal experience and focus may lead to possibly simple but radical and very lucrative developments.
• Fluke Corporation (Seattle) supplies hand-held measurement products. After watching engineers from its customers, discovered that they carried numerous instruments to calibrate temperature and pressure gauges. Furthermore, the engineers recorded readings on a clip board for subsequent entry onto a computer – not only time consuming but prone to errors! Fluke, designed a new software product which not only calibrated all gauges but also downloaded results direct to the engineer’s computer. Not surprisingly, it became a great success!
• Haier, a manufacturer of white goods were surprised to learn that people in rural China were using Haier washing machines to wash home-grown vegetables. As a result, Haier developed a new wash cycle designed specifically for vegetables!
New Mindset works with clients to develop and improve customer relationships by ensuring they know and understand their customers, develop and implement systems and processes to collect information and interpret the information to provide detailed analysis on your customers’ needs and requirements.
Government grants are currently available for business improvement projects; your business might be eligible for financial support. As an approved supplier we can set this up for you – click the link to find out your eligibility and how we can help.
CALL Andy NOW on 01276 537 282 or email for your no obligation consultation.
Despite clear evidence that customer retention can increase profitability, it remains our experience that many businesses are wary about interacting with their customers. Many organisations are simply “scared” about receiving “bad news” about some operational problem such as customer service, product reliability or delivery.
Be proactive talk to your customers! - We strongly advocate developing structured communications with your customers. Not just interacting with them when taking an order or when they have made an enquiry, but through:
• Regular customer contact programs (customer service review, news-sheets)
• Proactive account management to retain customers
• Ensuring that when you lose a customer you know why
Customers are your organisation’s most valuable asset and nothing is more valuable than a happy customer!
Ongoing communications with your customers serves two main purposes:
(1) Identifies areas for incremental improvements in performance and revenues
Your customers are your best information source to ensure you maintain and increase your revenues by understanding their purchasing behaviour and explaining your organisations capabilities:
• Why they buy/don’t buy from you
• What other products/services they buy
• What else they would buy from you if only they knew you provided it.
• What you need to do to up-sell additional products.
Importantly, they will tell you about problems with your operation that need putting right – before you hear it from another customer or worse one of your competitors!
(2) Identifies the “next-big-thing” to accelerate profit growth
The CIM reports that individual customer suggestions are not a good source for developing continuing stream of new product ideas – rather you should develop them, yourself through linking an in-depth understanding of customer behaviour with your personal insight or expertise!
The CIM recommends that, where possible, you should observe your customer’s day to day activities first-hand. Witnessing their practical problems and headaches and combining it with your personal experience and focus may lead to possibly simple but radical and very lucrative developments.
• Fluke Corporation (Seattle) supplies hand-held measurement products. After watching engineers from its customers, discovered that they carried numerous instruments to calibrate temperature and pressure gauges. Furthermore, the engineers recorded readings on a clip board for subsequent entry onto a computer – not only time consuming but prone to errors! Fluke, designed a new software product which not only calibrated all gauges but also downloaded results direct to the engineer’s computer. Not surprisingly, it became a great success!
• Haier, a manufacturer of white goods were surprised to learn that people in rural China were using Haier washing machines to wash home-grown vegetables. As a result, Haier developed a new wash cycle designed specifically for vegetables!
New Mindset works with clients to develop and improve customer relationships by ensuring they know and understand their customers, develop and implement systems and processes to collect information and interpret the information to provide detailed analysis on your customers’ needs and requirements.
Government grants are currently available for business improvement projects; your business might be eligible for financial support. As an approved supplier we can set this up for you – click the link to find out your eligibility and how we can help.
CALL Andy NOW on 01276 537 282 or email for your no obligation consultation.
Tuesday, 9 June 2009
New Mindset Now Approved Train2Gain Providers
It has never been simplier to obtain your funding for TrainToGain's Leadership and Development Grant for £1,000 toward resolving your business issues.
Client recommendation who used the funding help them support their business improvement program:
"New Mindset have quickly assessing our business issues and understood our concerns. They have made numerous recommendations, which we will endeavour to implement over the next few months. I feel the various changes he has outlined will dramatically improve the profitability of the business and in turn will generate increased turnover.
I have no hesitation in recommending New Mindset to others who may benefit from there services"
Instrument Callibration and Repair
Camberley Jun '09
Business’s can access £1,000 in funding for TrainToGain’s Leadership and Management Development which can be used to tackle those seemingly insurmountable business issues, along with £500 in matched funding provides 5 days dedicated support and advice from one of New Mindset’s highly experienced business advisors. This is an new client offer which represents 60% off our fees.
Support and advice are only one phone call away!
CALL ANDY NOW on 01276 537 282 for an initial no obligation conversation and to book your FREE ½ day consultation to start the process.
Getting the funding is simple, we are approved TrainToGain providers.
It takes just one meeting to discuss your needs and we submit the paperwork.
Remember support and advice is one phone call away! What are you waiting for? Call 01276 537 282.
Client recommendation who used the funding help them support their business improvement program:
"New Mindset have quickly assessing our business issues and understood our concerns. They have made numerous recommendations, which we will endeavour to implement over the next few months. I feel the various changes he has outlined will dramatically improve the profitability of the business and in turn will generate increased turnover.
I have no hesitation in recommending New Mindset to others who may benefit from there services"
Instrument Callibration and Repair
Camberley Jun '09
Business’s can access £1,000 in funding for TrainToGain’s Leadership and Management Development which can be used to tackle those seemingly insurmountable business issues, along with £500 in matched funding provides 5 days dedicated support and advice from one of New Mindset’s highly experienced business advisors. This is an new client offer which represents 60% off our fees.
Support and advice are only one phone call away!
CALL ANDY NOW on 01276 537 282 for an initial no obligation conversation and to book your FREE ½ day consultation to start the process.
Getting the funding is simple, we are approved TrainToGain providers.
It takes just one meeting to discuss your needs and we submit the paperwork.
Remember support and advice is one phone call away! What are you waiting for? Call 01276 537 282.
Wednesday, 27 May 2009
New Mindset supports local business at"Credit Crunch Bite Back Meeting"
On June 3rd New Mindset is providing sales and marketing advice and support to businesses at Surrey Heath Borough Council and Surrey Chambers of Commerce "Credit Crunch Bite Back meeting for businesses in Surrey Heath".
Just turn up for an informal no obligiation discussion with one of our highly experienced business advisors. Of if you have specific time you want to book a session call Andy on 01276 537 282 or alternatively email andy.hamer@new-mindset.com.
Details below detailing times and location for the event:
Meeting Date
Wednesday 3rd June 8.30 - 1.00pm
Venue
Camberley Theatre
Knoll Road
Camberley
Surrey
GU15 3SY
Register online to attend The Credit Crunch Bite Back Meeting - 3rd June 2009
http://www.surreyheath.gov.uk/business/biteback/
Just turn up for an informal no obligiation discussion with one of our highly experienced business advisors. Of if you have specific time you want to book a session call Andy on 01276 537 282 or alternatively email andy.hamer@new-mindset.com.
Details below detailing times and location for the event:
Meeting Date
Wednesday 3rd June 8.30 - 1.00pm
Venue
Camberley Theatre
Knoll Road
Camberley
Surrey
GU15 3SY
Register online to attend The Credit Crunch Bite Back Meeting - 3rd June 2009
http://www.surreyheath.gov.uk/business/biteback/
Tuesday, 26 May 2009
Invest in training arm your business for growth
In our zeal to inform you about our new extensive experience based one-on-one seminar and workshop programme we forgot to mentioned we offer a FREE half day business review.
Our business review enable us to customise your sessions reflecting the real world your business operates in - its markets, its customers and not forgetting your competitors, ensuring you extract the maximum benefit in the minimum time enabling you to implement practical solutions that work in your specific business.
Develop your People. Turn good managers into really effective managers. In all of our programmes we focus on practical ways of improving personal and business performance.
Workshops and Seminars. These offer a refreshing change from courses. Our workshops are customised around themes related directly to the day to day issues that face your business.
Current Seminar and Workshop Programme:
Sales Strategy Workshop – 2 Days
Business Strategy Workshop – 2 Days
Business Start-up Workshop – 2 Days
International Business Development Seminar – 2 Days
International Business Strategy Workshop – 2 Days
Sales Training Seminar – 2 Days
Sales Strategy Workshop – 2 Days
Small Business Owner Workshop – 2 Days
Understanding Marketing Seminar – 2 Days
Understanding Market Research & Analysis Seminar – 2 Days
New Product Development & Marketing Strategy Workshop – 2 Days
Business Owner Succession Planning & Exit Strategy Workshop – 1 Day
Account Management Seminar – 2 Days
Business Development Seminar – 2 Days
Marketing Your Business Seminar – 2 Days
Pricing Principals Seminar – 1 Day
Brand Building Seminar – 1 Day
If you don’t find listed above a seminar or workshop on a subject you have interest in Call 01276 537 282 or email andy.hamer@new-mindset.com.
We are happy to discuss your specific requirements deliver fully customised content and course duration.
Remember you can use TrainToGains Leadership and Management Grant to fund the seminar and workshop costs.
Train now to be prepared for growth, its the best investment you will make this year.
Our business review enable us to customise your sessions reflecting the real world your business operates in - its markets, its customers and not forgetting your competitors, ensuring you extract the maximum benefit in the minimum time enabling you to implement practical solutions that work in your specific business.
Develop your People. Turn good managers into really effective managers. In all of our programmes we focus on practical ways of improving personal and business performance.
Workshops and Seminars. These offer a refreshing change from courses. Our workshops are customised around themes related directly to the day to day issues that face your business.
Current Seminar and Workshop Programme:
Sales Strategy Workshop – 2 Days
Business Strategy Workshop – 2 Days
Business Start-up Workshop – 2 Days
International Business Development Seminar – 2 Days
International Business Strategy Workshop – 2 Days
Sales Training Seminar – 2 Days
Sales Strategy Workshop – 2 Days
Small Business Owner Workshop – 2 Days
Understanding Marketing Seminar – 2 Days
Understanding Market Research & Analysis Seminar – 2 Days
New Product Development & Marketing Strategy Workshop – 2 Days
Business Owner Succession Planning & Exit Strategy Workshop – 1 Day
Account Management Seminar – 2 Days
Business Development Seminar – 2 Days
Marketing Your Business Seminar – 2 Days
Pricing Principals Seminar – 1 Day
Brand Building Seminar – 1 Day
If you don’t find listed above a seminar or workshop on a subject you have interest in Call 01276 537 282 or email andy.hamer@new-mindset.com.
We are happy to discuss your specific requirements deliver fully customised content and course duration.
Remember you can use TrainToGains Leadership and Management Grant to fund the seminar and workshop costs.
Train now to be prepared for growth, its the best investment you will make this year.
Thursday, 21 May 2009
Prime Minister Encourages Exports – “Export tips in no particular order”
We live in global market place foreign competitors enter the home market so let’s see if we can take advantage of the trend generating export sales.
Sounds simple! The reality can be quite different more importantly if it’s not done correctly quite easily a potential opportunity turns sour and hits your profitability the opposite of what was intended.
Let’s consider how export opportunities arise:
Scenario One
Your Company has been approached by a potential overseas buyer or agent who’s interested in your products.
Scenario Two
We want to increase the turnover the business because our home market is highly competitive or your market share can’t increase so let’s see what opportunities are to export our products or services
Nothing wrong with a business taking advantage of either scenario but you have to be sure it’s the right thing to do and that you have the necessary skills and resources to analysis the opportunity to make sure that it’s the right business strategy for your company.
So what’s the secret to exporting that’s not easy to answer in one sentence because it’s actually quite a complex issue? If there is a secret it’s too really understand what you letting your business in for and making sure that you fully appreciate the commitment that’s need to make successful. It could be that exporting is not for your company but make that choice by developing knowledge. Here are the issues you need to consider the list is not exhaustive:
Market Opportunity:
How large is the opportunity in units and revenue terms?
What’s the local pricing for my product or service?
What profit levels can be expected?
What’s and who are the competition?
What support is required by local customers?
Do we need have our own people operating in the market?
Could we employ a local agent or distributor?
How do we find a local agent and distributor that we can trust?
What are the support requirements?
Legal Requirements:
Do we need to setup a local company?
What are the local ownership requirements?
Are there any local law on guarantees requirements?
Any need for special insurance?
Are their local legal standards and regulations that our product service needs to meet?
Do are products need to be tested to certify regulatory compliance? How much does it cost and how long does it take?
Do we have to translate all our documentation into local language?
What’s our legal standing in the local market if we need to take legal action?
Getting Paid:
Do we need a local bank account?
Can we repatriate my revenues?
Are there any restrictions on transferring money out of the country?
Are we going to receive payment in local currency or Pounds?
How are we going to cope with currency fluctuations?
What guarantee that we will be paid?
Are there any statuary payment terms in the country?
Who pays for the delivery of the product or services (FOB, CIF etc)?
Do we need a Letter of Credit?
Do we need and can we obtain export guarantee payment insurance?
Will my agent buy off me and stock for sales to local customers?
Case Studies:
These case studies are all large international corporations with the resources available to ensure they didn’t make unnecessary mistakes that would jeopardise their businesses.
(1)Detergent manufacturer try to sell its washing liquid in the UK, it was called “Piss”, obviously meant something quite different in their home language. The product was withdrawn!
(2)Global car manufacturer came up with an “Spanish sounding ” name for one its new cars and launched it to Spanish speaking markets – it translated into something quite offense. The car was renamed at great cost all the TV, press adverting and brochures had to be scrapped and it damaged the brand for years.
(3)Specialised computer hardware and solutions developer of cross border logistics software thought that the European Single Market border arrangements where the same as for NAFTA which they are not. The company was about to sign a lease and invest in manufacturing these systems in Europe before they decided to double check their assumptions which saved them 10’s millions of dollars.
(4)Global telecoms operator expanding internationally wanted to bid for the second cellular network in Germany and didn’t know that Denmark was not part of the Germany.
(5)Global telecoms operator trying to expand in Spain sent a Spanish speaking manager to Spain once a month believing that this was adequate commitment to develop business but didn’t understand the cultural business differences between Spain and their home country.
(6)International business wanted to expand in South East Asia sent a high level executive on a 2 weeks business trip with meetings arranged in the morning and afternoon with local senior management. After 10 days they had only seen one customer. They didn’t understand that time and meetings have different meaning in these markets.
Bottom line seek advice when considering exporting you could lose more than your “shirt” if you get it wrong!! New Mindset can you help you contact Andy for more details either call 01276 537 282 or email andy@andyhamer.com
Sounds simple! The reality can be quite different more importantly if it’s not done correctly quite easily a potential opportunity turns sour and hits your profitability the opposite of what was intended.
Let’s consider how export opportunities arise:
Scenario One
Your Company has been approached by a potential overseas buyer or agent who’s interested in your products.
Scenario Two
We want to increase the turnover the business because our home market is highly competitive or your market share can’t increase so let’s see what opportunities are to export our products or services
Nothing wrong with a business taking advantage of either scenario but you have to be sure it’s the right thing to do and that you have the necessary skills and resources to analysis the opportunity to make sure that it’s the right business strategy for your company.
So what’s the secret to exporting that’s not easy to answer in one sentence because it’s actually quite a complex issue? If there is a secret it’s too really understand what you letting your business in for and making sure that you fully appreciate the commitment that’s need to make successful. It could be that exporting is not for your company but make that choice by developing knowledge. Here are the issues you need to consider the list is not exhaustive:
Market Opportunity:
How large is the opportunity in units and revenue terms?
What’s the local pricing for my product or service?
What profit levels can be expected?
What’s and who are the competition?
What support is required by local customers?
Do we need have our own people operating in the market?
Could we employ a local agent or distributor?
How do we find a local agent and distributor that we can trust?
What are the support requirements?
Legal Requirements:
Do we need to setup a local company?
What are the local ownership requirements?
Are there any local law on guarantees requirements?
Any need for special insurance?
Are their local legal standards and regulations that our product service needs to meet?
Do are products need to be tested to certify regulatory compliance? How much does it cost and how long does it take?
Do we have to translate all our documentation into local language?
What’s our legal standing in the local market if we need to take legal action?
Getting Paid:
Do we need a local bank account?
Can we repatriate my revenues?
Are there any restrictions on transferring money out of the country?
Are we going to receive payment in local currency or Pounds?
How are we going to cope with currency fluctuations?
What guarantee that we will be paid?
Are there any statuary payment terms in the country?
Who pays for the delivery of the product or services (FOB, CIF etc)?
Do we need a Letter of Credit?
Do we need and can we obtain export guarantee payment insurance?
Will my agent buy off me and stock for sales to local customers?
Case Studies:
These case studies are all large international corporations with the resources available to ensure they didn’t make unnecessary mistakes that would jeopardise their businesses.
(1)Detergent manufacturer try to sell its washing liquid in the UK, it was called “Piss”, obviously meant something quite different in their home language. The product was withdrawn!
(2)Global car manufacturer came up with an “Spanish sounding ” name for one its new cars and launched it to Spanish speaking markets – it translated into something quite offense. The car was renamed at great cost all the TV, press adverting and brochures had to be scrapped and it damaged the brand for years.
(3)Specialised computer hardware and solutions developer of cross border logistics software thought that the European Single Market border arrangements where the same as for NAFTA which they are not. The company was about to sign a lease and invest in manufacturing these systems in Europe before they decided to double check their assumptions which saved them 10’s millions of dollars.
(4)Global telecoms operator expanding internationally wanted to bid for the second cellular network in Germany and didn’t know that Denmark was not part of the Germany.
(5)Global telecoms operator trying to expand in Spain sent a Spanish speaking manager to Spain once a month believing that this was adequate commitment to develop business but didn’t understand the cultural business differences between Spain and their home country.
(6)International business wanted to expand in South East Asia sent a high level executive on a 2 weeks business trip with meetings arranged in the morning and afternoon with local senior management. After 10 days they had only seen one customer. They didn’t understand that time and meetings have different meaning in these markets.
Bottom line seek advice when considering exporting you could lose more than your “shirt” if you get it wrong!! New Mindset can you help you contact Andy for more details either call 01276 537 282 or email andy@andyhamer.com
Thursday, 14 May 2009
Nearly 90% of business failures are caused by poor, ineffective, or incompetent management! Why?
Most owners when their business fails blame amongst the following: the market “it wasn’t ready” the customer “they won’t pay” the product “it didn’t have the right features” the staff “they weren’t motivated” the government “they don’t support small businesses” ……
If you take a look at these issues what is central to each elements – “the owner” aren’t you the one that’s supposed to be managing the business and have an eye of each of these elements making sure that each of these issues is evaluated and appropriate action taken. Or I am mistaken!
Most owners take their widget into business not themselves, they entirely widget orientated and what they don’t know about their widget is as we say in the UK “is not worth writing on the back of a fag packet”. Unfortunately in many cases this orientation is inward not outward looking so the owners doesn’t necessary appreciate the widgets dynamics and interaction with external influences mentioned above. I can hear you saying Andy don’t be silly of course they do they are risking their capital and maybe even the banks so they must know. The plain fact is they don’t and the question is why don’t they?
In many cases they owner has been part of another organisation which produces the widget believing they can do it better tend to be technicians not having a background in business. It’s not like being an engineer when you have to be qualified so how difficult can it be!
They bounce the idea amongst their friends, friends and acquaintances for advice on whether it’s a good idea to go into business and they want to be supportive by saying yes.
Can you see a trend developing to explain why when a business fails they blame all the outside elements because they haven’t engaged with the market to confirm what the market wanted in terms of making sure that there is sufficient volumes where available for viable business at the price you had to sell it with the features the customers wanted and was available from where you customers wanted to buy it.
It’s really misunderstanding marketing that kills a business along with not having sufficient business skills to enable you to complete the necessary research to evaluate and confirm a market exists for your widget and maintaining an update understanding of the what the market wants.
You won’t sell anything, well that’s not entirely true almost giving it away will generate some sales, if you don’t what the market wants and you won’t understand the market by asking your friends, family and acquaintances.
Bottom line if you know what your customer’s wants and needs are that need to satisfy and you know what price they are willing to pay and where they want to buy from you on your way to being successful.
New Mindset can help you answer these questions to make sure that your products and services are what the market wants.
So give Andy a call on 01276 537 282 or email andy.hamer@new-mindset.com for your FREE ½ day consultation.
If you take a look at these issues what is central to each elements – “the owner” aren’t you the one that’s supposed to be managing the business and have an eye of each of these elements making sure that each of these issues is evaluated and appropriate action taken. Or I am mistaken!
Most owners take their widget into business not themselves, they entirely widget orientated and what they don’t know about their widget is as we say in the UK “is not worth writing on the back of a fag packet”. Unfortunately in many cases this orientation is inward not outward looking so the owners doesn’t necessary appreciate the widgets dynamics and interaction with external influences mentioned above. I can hear you saying Andy don’t be silly of course they do they are risking their capital and maybe even the banks so they must know. The plain fact is they don’t and the question is why don’t they?
In many cases they owner has been part of another organisation which produces the widget believing they can do it better tend to be technicians not having a background in business. It’s not like being an engineer when you have to be qualified so how difficult can it be!
They bounce the idea amongst their friends, friends and acquaintances for advice on whether it’s a good idea to go into business and they want to be supportive by saying yes.
Can you see a trend developing to explain why when a business fails they blame all the outside elements because they haven’t engaged with the market to confirm what the market wanted in terms of making sure that there is sufficient volumes where available for viable business at the price you had to sell it with the features the customers wanted and was available from where you customers wanted to buy it.
It’s really misunderstanding marketing that kills a business along with not having sufficient business skills to enable you to complete the necessary research to evaluate and confirm a market exists for your widget and maintaining an update understanding of the what the market wants.
You won’t sell anything, well that’s not entirely true almost giving it away will generate some sales, if you don’t what the market wants and you won’t understand the market by asking your friends, family and acquaintances.
Bottom line if you know what your customer’s wants and needs are that need to satisfy and you know what price they are willing to pay and where they want to buy from you on your way to being successful.
New Mindset can help you answer these questions to make sure that your products and services are what the market wants.
So give Andy a call on 01276 537 282 or email andy.hamer@new-mindset.com for your FREE ½ day consultation.
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