Tag Archives: Retail

90% of the startups fail !!

10% of the startups succeed. There is a good reason why it does …that is ” they know how to recover ” this picture i took last night which made me to write this post.

Infinite options to customers have made it so difficult for new startups new businesses to survive. Gone are the days of monopolistic markets…

Only who realise a simple thing which is get the customer in your zone will survive . Only those who try harder will get respect from customers. Only those who make an effort will get benefits. Only those..

Last night while going to my office party i spotted this Jollibee mascot ( Its a fast food chain from philipines like Mcdonalds ) bang opposite Mc Donalds ,Pizza hut , KFC ,Burgerking ,Papajohns.. waving to everyone who is passing by …it definately caught my attention. If i was not going to this party i would have definately checked their food out. Being a weekend on this busy food street ..it was not so busy..Big names were getting their regular customers ..this Restaurant was trying hard to survive among big giants…and trust me they had more customers than Kfc ,Mcdonalds combined. GoodJob !!

Not only in hospitality ..in any business ..only those who make an effort and only those who work harder will go a long way.

Do you need more customers ??

Float, fishing line and hook underwater
Float, fishing line and hook underwater

So many people all around the world have great ideas, products and services. And yet some businesses do well, and some fail.

What separates the businesses that starve from the businesses who feast?

For the answer, we turn to another way people have been setting their feast table for hundreds of years: fishing.

Landing a fish, just like landing a customer, requires strategy and know-how if you’re going to come home successful.

Here are my top 10 ways to land the catch of the day.

1. Know what you’re after

In fishing, you always use the best bait possible for the particular type of fish you’re after.

So many times clients come to me and say, “I don’t have a target market”. They’re always wrong.

At a minimum, you should understand:

  • The problems your customers have
  • Their buying habits
  • Their potential objections to your product
  • Where they go to find information
  • What influences them (their heroes and idols, TV shows they watch, websites they enjoy, magazines they read, etc.)
  • What their core demographics and psychographics are

Even if your product “appeals to everyone,” typically 20% of your audience will generate 80% of your revenue. Your job is to figure out who those 20% are, so you can find the kind of bait that appeals most to those customers.

Bait that works for trout won’t necessarily let you land a great white shark.

2. Know where to fish for your customers

Determining the right fishing location can be the difference between a successful fishing trip and going hungry.

Knowing the places where your customers hang out online gives you a much greater chance for marketing success. Figure out which sites your customers frequent and you’ll have a much better chance of reeling one in. Try seeking out:

  • Blogs they read
  • Forums they participate in
  • Social networking sites and other membership groups
  • Entertainment or other non-work related sites

You don’t want to use a top water lure if the fish you want are feeding on the bottom.

3. Be aware of your competition

All fishermen guard their secrets closely, but newcomers can still pick up plenty of tricks by watching what their competition does.

I’m not saying it’s smart to copy your competitor exactly. “Me-too” marketing doesn’t work.

But learn from them and get a feeling for the overall marketplace you’re in. Incorporate those insights into your own marketing and content strategy.

By analyzing your competitors you can also figure out how you can position your brand to stand out from the crowd.

4. Use good bait

When you’re hoping to catch a fish standing side by side with a row of other fishermen, you have to make sure your bait is the most appealing fish food dangling the water. Otherwise, that fish is liable to go for one of your neighbor’s hooks instead.

Consumers have lots of options and offers dangling in front of them in any marketplace. You’ve got to have some pretty juicy bait to stand out from that crowd.

So what makes good customer bait?

  • Magnetic headlines
  • Compelling images
  • Content that’s valuable in its own right
  • An attractive niche that makes your customer feel “this is for people like me”
  • Easy-to-swallow landing pages

5. Setting the hook

Just because a fish bites doesn’t mean you can reel it in. Many a marketer has a woeful tale about the big one that got away.

Once a customer is interested and bites by clicking through to your sales page, you have to set the hook by making an offer that’s so great it’s practically unfair.

6. Forget catch and release

Remember, it’s a lot easier and more profitable to re-sell an existing customer than acquire a new one.

So if you land a big fish, keep it! Don’t throw it back for someone else to catch.

Re-marketing, high-quality affiliate offers, and up-sells are great for keeping the customers that you currently have, instead of letting them drift back into the stream for some other savvy marketer to reel in.

7. Test the waters

Fishermen often track different variables, like what time of day they went fishing or what bait they used. They measure their results over time to figure out the smartest way to get certain fish.

Similarly, in marketing it’s always wise to test various aspects of your marketing campaign. Measure your results to see what works best, and track your results over time.

Try different images, headlines, or layouts to see which one maximizes time spent on your site, lowers bounce rate, and produces the best ROI.

8. Don’t get discouraged

Some days the fish just aren’t biting.

Sometimes you are not going to be as successful as you’d like, but it’s a process. Continue to educate yourself about business and marketing, keep analyzing your competitors, keep talking to your customers and refining your message.

Keep going and don’t get discouraged. Tomorrow’s the day you’ll get the big one.

9. Partner up to get a bigger catch

Fishing with a buddy helps you to both cover more water and come home with a bigger catch than usual.

If you’re hoping to land more customers than you’ve ever reeled in on your own, find a partner. By knowing your own skill set, you’ll be able to effectively select partners that complement your skills. This strategy can also help you get bigger customers than you could have handled on your own.

10. Enjoy the trip

It’s definitely a lot more fun to catch the big one than to see it get away, but no matter what happens, remember to enjoy yourself.

Entrepreneurship is a lot like fishing. Even when it’s not going as well as we’d like, it’s still a privilege to be able to spend our days doing it.

If you think small you stay small.

Entrepreneur
Entrepreneur

Being an entrepreneur means you’re the type of person who is willing to launch a venture and reap the rewards for success, as well as take responsibility for failure.

But being an entrepreneur also means you’re small—at least when starting out. Of course, what most small businesses really want is to be big businesses when they grow up. Yet many entrepreneurs suffer from what we call size syndrome.

Because they are small, they think and act small—and therein lies the problem. Because thinking small and playing small usually keep you, well… small. What small-business owners and entrepreneurs should be doing is thinking, acting and playing big, especially when it comes to the size of clients they call on.

Here are three steps to start overcoming size syndrome:

1. The first barrier to overcome is the belief that large prospects (be they individuals or organizations) have no interest in your products or services. The reality is, they don’t care so much about the size of your business; they care about solving their problems, wherever the solutions come from.

When thinking about calling on a big account, the real question is: Do you have something of value they might want, need or would benefit from? If you do, then you need to put your perception of smallness aside and get on with telling them your story.

2. The second barrier to overcome is realizing that “calling on a company” is a misnomer. You are never calling on a business; you are calling on a person. The ABC Company can’t call on IBM. It’s always one person calling another person. Because businesses don’t buy anything; people do!

And never let the size or reputation of an organization (or the title or position of the person you’re dealing with) intimidate you. Yes, Bill Smith might be vice president of purchasing for IBM, but, first and foremost, he’s a husband, father and human being—the coach of his 8-year-old daughter’s soccer team with a painful bunion on his big toe.

3. Finally, small-business owners need to understand that a no is a no—no matter how big the prospect. So, if you’re going to get a no, why not make it a big one?

Here’s a perfect example: In the NBA, you can attempt 2-pointers or 3-pointers. Analysis of a recent season showed that the success rate for the 10 best NBA players on 2-pointers was 46.9 percent and on 3-pointers it was 33.8 percent. In other words, it’s only 38 percent harder to make a 3-point shot, but the reward is 50 percent greater! But that’s the 10 best, you’re thinking. The numbers probably don’t hold up for the bottom 10. You’d be right—but only because the bottom 10 players in the NBA didn’t take any 3-point shots at all.

Bottom line: It takes no more energy to get a big no than to get a small one. As the saying goes, Easy yeses produce little successes. And if you’re a small business that wants to become a big business, big nos are the way to go.

Ask yourself: Are my expectations of what’s possible big enough? Or am I lowering them just because I see myself as small? Am I asking and settling for scraps? Or am I shooting for the stars?

Retail Training

Employee productivity
Employee productivity

Six Ways to Improve an Employees Productivity Today

Here are six simple actions you can take to help someone be more productive today.

1. Challenge her. From time to time we all need a little bit of extra motivation and focus. Challenge a person who has a $200 average sale to strive for $225 today.  At the very least she will be more aware of where her average sale is that day.

2. Observe and give feedback. Take a few minutes to watch your employee with a customer.  Afterward, share with the employee one or two ideas he can try with the next customer.  Even better, continue to observe the employee so that you can give him feedback on how he applied your suggestion.

3. Teach him. We often take for granted that our employees know everything they need to know to be productive, but just because we’ve taught it doesn’t mean they learned it or remember it.  Ask yourself what is the one thing you can teach an employee that will help him/her be more productive.  Then do it.  There’s nothing wrong with quick refresher courses or a pop quiz.

4. Show him. Most people they learn better by watching rather of simply being told.  If you want an employee to improve his add-ons (or as we call it, enhancing the sale) you or another employee can demonstrate the expected behaviors.

5. Reward them. Contests and spiffs are a great way to increase productivity, but don’t expect the motivation to continue after the end of the contest or spiff.

6. Tell her. Sometimes you just have to tell someone that her productivity is below your expectations, and you expect her to do better today.  This only works if you know the person has the skills to do what you’re asking.

Here’s what doesn’t help someone be more productive today

1. Hoping they do better.

2. Spending time in the office.

3. Thinking about what they need to do.

4. Putting it on your to-do list.

5. Avoiding the person you need to talk to/work with.

6. Doing it yourself.

Of course I’ve totally oversimplified the very big topic of coaching and developing employees.  Which was also my intent.  Most of the ways I listed to increase an employee’s productivity only take a few minutes of your time.

You don’t need fancy forms or hour-long meetings to improve an employee’s productivity.  It just takes a commitment to make it happen