While Black Friday has long been viewed as the traditional kickoff to the holiday shopping season, getting the frenzy started on Thanksgiving is a rather new development. A development that I find sad.
To me it's simple: Make it easy to speak with me or my business goes elsewhere.
There's a lot to be learned from your old-school retailer. From trial and error, I've learned and hopefully taught the companies I've worked for how to build relationships with their clients. It used to be that people only bought “stuff” from retailers. I tell companies, “People don’t buy from companies, they buy from people.”
The beauty of this process is that you can change new customer assumptions, customer retention assumptions and/or spend per customer assumptions to see what impact the assumptions have on the future of your business. You can identify a path that leads you to the sales figures that management is looking for.
A simple CSR training program can solve the lackluster attitude and increase conversion. Using this technique at one company I worked with, we increased conversion rates by as much as 20 percent. Also, by fostering an atmosphere of teamwork and healthy competition, we increased the enthusiasm and morale in its call center as well.
Much like a four-letter word, disasters happen in all forms just about anywhere, without warning, at any time. So prepare your company and yourself. Here’s a disaster-readiness checklist I suggest you look over carefully. If you think you’re on top of it, compare your list to this one to ensure you have all the bases covered.
For those readers who believe that I’m way off base in my assertion that downsizing is for weak management, let me say this: Nine out of 10 companies that lay off employees do so for the absolute wrong reasons. From what I’ve seen, most companies downsize before all other cost-reduction measures have been exhausted.
Two weeks ago, I discussed the two largest areas of revenue bleeding for most companies: call centers and Web sites. (To read that article, click here.) I’m willing to bet that if you just fix the gaping holes in those two areas, you can recoup enough revenue to get you
With the markets in turmoil, the economy slumping and our customers spending “nervously,” now is the time to remember the value of being flexible. Here are some ideas to help make your businesses as flexible as possible:
* Continue mailing, no matter how bad the economy gets. Maybe you don’t need to mail a full-line catalog to everyone, but continue mailing. If you have customer segments that have clearly shown they order online and only order one or two product categories, maybe there’s a less expensive way to “mail motivate” those shoppers. I’ve recently seen several creative examples of mail pieces that stimulate online
The dream of many B-to-B catalog marketing entrepreneurs is to “cash out” someday. If that’s your dream, start planning at least five years in advance. First compile a list of what it is you think you have to sell. Be realistic, because if you’re not, the only people you’re hurting are yourself and your shareholders.
Your initial list might look something like this:
* solid three-plus year track record of sales and profitability growth;
* solid three-plus year growth in the 12-month buyer file with increasing one-, two- and three-year customer values;
* high, dependable margins;
* unique, hard-to-find products and services;
*
I like this question. I also like the related question, “If you had to reduce your marketing spend by $100K, where would you cut?”
To answer either of these questions it’s necessary to have a good understanding of the incremental return on investment (ROI) on each of your marketing activities. I’m always surprised how often that starts with “I think … ” It makes me worry and, as a consultant, probe deeper to see what’s really known vs. what’s just “felt.”
The sad reality is that most B-to-B direct marketers today aren’t working from hard facts in this area. They’re operating from
