Category: Uncategorized

Do We Still Need Raving Fans?

Do you have Raving Fans?

I’m sure many of you have read , or at least heard of, the book Raving Fans by Kenneth Blanchard which was first published back in the 1900’s….hehe, 1993 to be exact. In this book, Mr. Blanchard illustrates that, regardless of your industry, creating loyal customers is not enough, it’s critical to turn your customers into Raving Fans.

In a Bain Consulting Study (https://lnkd.in/exFbtynm) done a few years ago, they found that the industry NPS (net promoter score) leader outgrew their competitors by a factor of two to one. What is a Net Promoter score you say? From their own website (netpromoter.com), Net Promoter Score®, or NPS®, measures customer experience and predicts business growth. This proven metric transformed the business world and now provides the core measurement for customer experience management programs the world round.

You calculate your NPS® by using a key question , using a 1 – 10 scale: How likely is it that you would recommend [mybrand] to your colleagues?
Respondents are then grouped into three categories:
* Promoters (score 9-10) are loyal enthusiasts who will keep buying and refer others, fueling growth.
* Passives (score 7-8) are satisfied but unenthusiastic customers who are vulnerable to competitive offerings.
* Detractors (score 0-6) are unhappy customers who can damage your brand and impede growth through negative word-of-mouth.
Subtracting the percentage of Detractors from the percentage of Promoters yields the Net Promoter Score, which can range from a low of -100 (if every customer is a Detractor) to a high of 100 (if every customer is a Promoter).

Unless you’re the Federal government handing out checks, where callers will wait for hours and hours on hold, you need to treat your customers with the love and attention they deserve. In today’s business world, with so much information at their fingertips, customers hold the cards to the success of your business. Certainly, your ability to solve a problem they have but don’t want OR provide a result that they want but don’t have is vital to business success. But if you truly want to grow your business, you have to place just as much emphasis on insuring that your customer experience matches, or exceeds, the quality of your offering. I’ve often stated, with much criticism, that I would always pick a restaurant with mediocre food and fantastic service over one that has fantastic food and poor service (don’t hate, just my opinion).

Anyway, thanks for playing and In the words of Eric Thomas…. Keep Grinding! #netpromoterscore #customerexperience #management #growth #business #success #smallbiztips #smallbusinessowner

Market Dominating Position, What Is It and Do you Have One?

Market Dominating Position, What Is It and Do you Have One?

I was speaking with an old friend the other day, who, through no fault of his own, didn’t know what I did. He mentioned that he ‘Google’d’ How to Get Clients because he had reached that end of his rope. I know they say that curiosity killed the cat, but I am now officially deceased! In my curiosity, I followed suit, conducting my own Google search as well, and was overwhelmed by all of the material.  From ConstantContact to Yelp, Forbes to Luis Azhou, there were almost 300 ways listed… and that’s just on the first page!

 

Now, I’m not in to bashing and a lot of these were really good ideas.  Some say update your website, start a blog, go to where your clients are, join a business group…all really good ideas.

 

The only issue I have with most, if not all, of these ideas is that they are all very tactical in nature.  It’s like most businesses when I ask abut their marketing plan, they tell me they are getting into advertising on Facebook and Instagram, and even one of their younger employees had convinced one of them to go on Tik Tok.  Again, all good ideas…BUT….

 

Do you know who your ideal customers are?

 

Do you know why they choose to buy from you?

 

Do you know why they should choose to buy from you?

 

Do you know why they DON’T choose to buy from you?

 

Do THEY know why they should buy from you?

 

Do you know the conversation that is taking place inside their head?  What is the problem they have that they don’t want or the result they want but don’t have?

 

You have to be STRATEGIC first, then get to the tactical. Until you know the answers to these questions and can develop your Market Dominating Position focused on your ideal customers, it really doesn’t matter WHERE you “advertise”, or market your business. Most often it will result in incessant dialog about how great YOU are or even worse, a list of platitudes trying to convince them that they have a problem and you have the solution.  You have the best customer service, you have the highest quality, you have been in business for 3000 years.  All of these are fine foundational, but put yourself in the customer’s, or prospect’s shoes…Does it pass the “Well, I should hope so” test.  Most of these sayings have become so overused and almost meaningless, at least as far as differentiation comes. If the customer would say, “Well, I should hope so”, meaning they wouldn’t hire anyone without these qualities, you haven’t really offered any unique reason for them to choose you. Look at your messaging, be it on your website, print ads, etc. to see if most of what you say gets past this test. If not, you need to search deeper into your business to see what truly makes you special and why someone would hire you. Maybe it’s difficult to expand on the unique skills of your team, your customer service, your quality, or guarantees.  Offer a free download that offers the buyer 14 things to look for when choosing <insert industry here> so that you can elaborate on why you’re the best. Choose different verbiage to expand on.

 

We had a mover that paid for extra replacement insurance to fully pay the replacement cost of any damaged items.  They informed us that most moving companies are “fully insured”, but that this insurance only offers $40 / lb as replacement cost.  So, when the mover drops and busts your $5000 TV, they would pay about $200 to replace it.  We were like Holy Cow!! You need to tell the world this.  I sure would look at that insurance differently the next time I moved and would surely ask questions.

 

So how can you truly differentiate yourself to create YOUR MARKET DOMINATING POSITION?

You can find out more about this strategy as well as 7 others by downloading my book from here!!