Project C.E.O.

Wednesday, November 11, 2009

Spotting Good Opportunities

Spotting opportunities that will prove to be profitable to your organization or business are not always this easily seen. There are countless opportunities that show themselves daily, and it is often times to our disappointment when we realize we have been "gotten" by yet another shiny new object.

There is a lot of buzz and noise in the marketplace about recession proofing your business and the like. The truth is, a strong commitment and focus to the basics will help you weather any economic storm.
Here are a few tips on how you can create opportunities for growth and increase in your business today and every day.

1. Be Clear on your Target. Know who your customers are and get a clear and concise understanding of what they "need". If you position yourself as a service provider that provides a solution to a problem that your target market has then, you will be well on your way to attracting clients and customers to your doors. What frustrates them? Does your service or product solve a problem for them?
For example, you may have a furniture store that sells affordable quality furniture, many of the people you sell to have a hard time matching room decor with new furniture. You may want to add room design software program in your showroom or have a staff member in place to help them get more bang for their buck.
2. Focus on providing quality products and service every time. The wisdom and virtue of the "Golden Rule" still remains true. 'Do unto others as you would have them do unto you'. Make sure you are giving the best product or service for the money. You should always exceed the expectations of your clients. Seek ways to add the extras that don't hurt your bottom line. This will not only fortify your current client base, but it will also, attract others through word of mouth and references.
For example, you may be a professional stylist. Instead of just providing a service for your client, you may add extras like, playing soft music or massaging your clients scalp during a shampoo, or ever providing a massage chair for them to sit in while under the dryer.
3. Be Consistent. Consistency is a foundational principal in every facet of your business. If you sell a product, it is so important to have the same quality products distributed to all of your clients. They will begin to "depend" on the stability and consistency of your brand. Never over promise and under deliver on your product or service. When problems arise, be swift to take care of the problem as soon as possible. Keep your clients and customers happy by being a brand they know and can trust.

4. Reward Customer Loyalty - Rewarding clients and customers for being supportive of your company and business does not cost much. Often times, when I consult with one of my clients about rewarding customers they immediately think about the cost to give them a toaster oven or coffee cup. The truth is a simple phone call or post card thanking your customer with a special discount on select products or services can show some gratitude. Whatever you decide to do, create something special for those who invest time and money into your company. It will keep them coming back for more.

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