No one expected a pandemic to happen this year. 2020 was immensely hyped as the year of growth – and yet almost everything came to a halt. Our mobility was reduced due to a majority of establishments closing down. Our day-to-day movements were also restricted due to strict safety protocols.
During this time, there was an increase in online consumer activity. People were relying on deliveries and shopping apps for their necessities along with other items. This has become a new habit that we have adopted. Especially now, this trend is continuing to rise upwards without any doubts that it will fade away anytime soon. A lot of businesses have already taken the chance to promote their brand on the digital platforms – where the audience is now at.
Using eCommerce websites, some businesses were able to survive when the pandemic hit our country. Physical stores had to close which heavily affected the flow of income. Until now, there are still health risks people consider before going outside, which means lesser foot traffic and profit.
If you’re still not convinced you need to have an eCommerce website, here are the reasons why:
1.The audience is already digital
Many countries in Southeast Asia, such as Singapore, are growing very quickly in their e-commerce market size. This shows that people have quickly adapted to the digital marketplace.
Besides the essentials, office and home-related products saw an increase in sales, as people had to make their space conducive for work, studying, and even entertainment (since social gatherings are still discouraged). Office staff began to buy items to work from home; students bought items such as desk lamps due to the restrictions in public libraries; others have bought gaming consoles and accessories as a way to pass the time and connect online with friends.
With these opportunities that have risen despite the restrictions, it can be said that the customers are not gone, but have simply migrated to another platform where your business should also be present.
2. A website is more sustainable than leasing a space
Since people are more active on the internet, and considering the ongoing pandemic, there is a lesser need to expand your store’s physical space. In fact, having a physical store nowadays could cost you more compared to the pre-pandemic period due to the mandated safety measurements.
Therefore, you should take this time to make your online presence more prominent. Here, we would recommend investing in a website, because you can use it in the long run. Even when the pandemic is finally over, you can run your eCommerce business there, and experts also predict that the eCommerce trend will be here to stay. Also, if in the future your business is able to expand to other countries, you have an already well-designed website to work with.
Also, a website is available for your customers 24/7 compared to a physical store that has a limited time to stay open. Your potential customer can send their inquiries or make purchases wherever they are, whenever they like.
Once you have your own eCommerce website, there is an array of website analytics and services you can utilize to see how your customers are using your site. Using these tools, you will have a better understanding of your customers’ behaviors. You can also view your competitors’ performances, and create counter-strategies from those.
There are numerous ways to use your website’s data to your advantage. From discounts to special promos, you can target the market you want to penetrate more accurately with website analysis. You could see what products people are most likely to view but not purchase, and act on that data. You can also conduct affinity analysis more efficiently if you have an eCommerce website, which could help in creating cross-selling and up-selling strategies for your business.
This is a great way for you to be proactive in managing your business. Having data you can access whenever and wherever you please will help you improve your business.
Conclusion
It’s a no brainer that a business should always be open to changes and adapt. Even before COVID-19 happened, online shopping had already built its popularity. Now, it has become essential for businesses to have an eCommerce website of their own to survive and grow.
If you are a business owner who still doesn’t have an eCommerce website, there is still time for you to catch up. From the comfort of your own home, be secured in having income and proceed with business as usual.
Keep up with the new consumer mindset and move forward by having your own eCommerce website. Embrace the opportunities waiting for you in the digital platform.
https://www.strategydriven.com/wp-content/uploads/shopping-4360296_1280.jpg6401280StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2020-11-17 07:00:592020-11-17 03:53:31Why your business needs to do Ecommerce this Covid19 Season
The vision for every entrepreneur is to eventually figure out how to scale to the point where the day to day business isn’t reliant on the owner every minute of every day. For many, this objective never comes to fruition as the business is structured in a way where the business owner is consumed and literally devoured by the entity. The business owner becomes an employee in reality and the business never grows beyond what that business owner is able to accomplish with their own two hands. The E-Myth, by Michael Gerber, says it best, to build a business, one must figure out how to get themselves OUT of the business before they can start to work ON the business. Franchising is a the ultimate definition of scale where a business owner removes themselves completely from operational responsibilities in order to become a coach to others who wish to enter the world of entrepreneurship. The reason why franchising lends itself to scalable, high-residual income is the same reason that Larry Ellison has a net worth of $49.6 billion and a boat that is larger than some countries. Once you are able to create the formula for what you do and replicate that formula through scaled growth, you have achieved the ability to generate income for your intellectual property.
Franchising is a unique vehicle in that it allows businesses that traditionally are not scalable, such as restaurants, retail and service businesses to become scaled through franchisee’s investment and willingness to manage the local business. When you franchise a business, you create a vehicle that supports residual income through long term relationships with independent franchise ownership and contiguous brand equity. Franchisees pay a fee to you as the franchisor for the rights to your intellectual property and brand recognition in addition to making the investment in opening the new franchise location of your business model. Where the residual income is derived from franchising is that a franchisee typically commits to a 10-20 year relationship where they are agreeing to pay a percentage of their revenues on a weekly or monthly basis. In addition, many Franchises also require franchisees to purchase products and business items from the franchisor as well which may be sold at a profit to the franchise network. This is where residual income is generated and at the time where a franchise system becomes self-sufficient is when the business owner can step out of day to day operations entirely and focus on building the business and moving the company forward. Visionary entrepreneurs who leveraged franchising to expand such as John Hewitt in the tax preparation business or Ray Kroc in the hamburger business were most likely not the best tax preparers or burger flippers, they were great at finding scale and achieving residual income for their ideas.
To franchise a business one must be in a position where they have the right formula in place, systems, processes and procedures to be able to teach a third party how to do what you do. In many cases, I’ve found that business owners don’t realize that franchising is a viable expansion model and that they could achieve this residual income sooner than expected. My advice is always to let the market drive this decision of whether to franchise your business, if people are asking for what you do in their market and how to invest in your business, the franchise expansion model needs to be on the table.
For more information on how to franchise your business, visit Franchise Marketing Systems: www.fmsfranchise.com/
About the Author
Christopher Conner, President of Franchise Marketing Systems has been in the franchise industry since 2002 working with several hundred different franchise systems in management, franchise sales and franchise development work. His experience ranges across all fields of franchise expertise with a focus in franchise marketing and franchise sales but includes work in franchise strategic planning, franchise research and franchise operations consulting. To read Christopher’s complete biography, click here.
https://www.strategydriven.com/wp-content/uploads/BusinessDesk.jpg300450StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2020-11-16 11:15:192020-11-18 19:11:05Building Residual Income By Franchising Your Business
Apostille is what confirms the validity of a document in another country. But apostillization is allowed only for countries that did not participate in the Hague Convention in 1961. This method is considered simple and does not require much time. The participating countries must complete the legalization with the help of the consulate.
An Apostille is an international standardized form filling data on laws issued by an official document for presentation on the territory of countries that recognize this form of legalization. Today more than 80 countries are parties to this agreement. The purpose of affixing an apostille stamp (apostille) is to confirm that such a body exists in a given state, and it has all the necessary powers to draw up and (or) certify a document. The apostille confirms that the person acting on behalf of the state body and issuing the official document was authorized to issue it.
The “Apostille” stamp is placed only on the original documents of the state standard. Apostille is placed on official documents and (less often) on their certified translations only if they are intended for use abroad, i.e. in a country other than the one in which they were issued. The apostille contains the details prescribed in the Convention, does not require any other certification or legalization of the document, and is recognized by the official bodies of all states parties to the Convention. Apostille is issued by a state body, which is a higher authority of the body that issued the official document.
According to Article 1 of the Convention, the following documents are considered official:
Documents emanating from a body or official subject to the jurisdiction of the state, including documents emanating from the prosecutor’s office, a court clerk, or a bailiff’;
Administrative documents (documents on education, civil status, certificates, powers of attorney, etc.) ;
Official marks such as registration marks; visas confirming a specific date; certification of a signature on a document not certified by a notary.
The apostille itself is a square stamp that includes information about the paper or document on which it is located. It should say about the name of the country in which the legalization took place, when and where the certification took place. You also need information about the person who performed this procedure, the name of the document itself and the date of its issue, and the name of the organization that carried out the apostille.
You can put such a stamp on papers from the registry office. These include a document confirming marriage, birth, or death, as well as a change in passport data such as first and last name. Also, it can be affixed on educational documents such as a diploma and certificate. This can also be done on decisions with sentences and other documents issued by the prosecutor’s office. Papers issued by a notary are no exception. This can be done on charters and contracts, visas and certificates of experience.
Sometimes the papers mustn’t be subject to apostille, because they are the property of the country where they were issued. These are passports, workbooks. To prove their experience, they use certificates that will be accepted abroad. However, it is allowed to put this stamp on their copies.
You can affix an apostille at the Ministry of Justice, Education, and the Ministry of Internal Affairs together with the Prosecutor General’s Office. It is also possible to do this at the Ministry of Finance and Defense. However, you should first check for corrections and inscriptions, because they should not be. It is also important to look at the correctness of the information on the document.
The apostille procedure is needed when a person applies for a well-paid and good job, leaves for another country for a while or forever. It is also needed when treatment abroad is required or when the preparatory stage of obtaining citizenship is underway. The procedure is required when a person participates in a lawsuit with a foreign citizen or adopts a child abroad. It is also necessary when obtaining a license to carry weapons.
So, apostillization is an important process that takes place in several stages. First, a copy or original of the document is certified by a notary, then apostille in the relevant authorities follows, then the text is translated, if necessary, and the signature of a specialist.
https://www.strategydriven.com/wp-content/uploads/pexels-karolina-grabowska-4386226.jpg8531280StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2020-11-15 15:30:232020-11-15 15:42:18What is an Apostille and when do I need one?
Small businesses play a large role in the world’s vibrant economies, as they employ many people and drive innovation and competitiveness. According to the US Small Business Administration (SBA), small businesses constitute 44% of the country’s economic activity. However, every small business owner’s primary goal is to have a company that expands and eventually becomes large and profitable. So which smart strategies can help turn your small business into a large one? Here are four points to consider:
1. Extend your market reach
Making your products or services available to new customers is a great way to expand your small business into a large one. New markets represent new customers, who also represent fresh opportunities for increased earnings. You should open stores in new areas to introduce your business to new customers. Experts also recommend targeting new groups in your locality who could use your products and services, aside from your regular customers. Finding and promoting new uses for your product also encourages existing customers to purchase more from you. Therefore, it would be advantageous if you extended your market reach to increase sales and transform your business into a more stable model. Over time, this stability will only lead to increased earnings that will transform your business into a large one.
2. Introduce new products and services
Many business experts agree that the business world is in constant flux, and as such new products and services are crucial to the survival of companies. Consider introducing new products and services that attract new customers and encourage your existing ones to buy more. Accomplishing this can be quite tricky, but with research and flawless execution, you could be on your way to bigger things. First of all, you must identify a pressing need through customer interaction, employee brainstorming, and personal research. Then, you must develop and test a product concept that meets this urgent need. Developing a good prototype is essential here, so reach out to experts to find out how it works and how best you can bring your ideas to life to permeate new markets.
3. Consider franchising
Research reveals that 80% of McDonald’s locations are franchises. Franchising is a useful tool that you can also leverage to transform your small business into a big company. As your small business begins to experience success, consider licensing your branding, business model, and processes to others who will market your products under your brand name. Franchising has many benefits that should make it a vital consideration in your business expansion plans. Firstly, it can substitute capital acquisition as a less risky and more cost-effective way of business expansion. Franchising also gives you more motivated unit managers because your franchisees are business owners themselves with a vested interest in your business’ success. It facilitates faster growth because you team up with already successful companies, which catapults you to a market leadership position within your industry ahead of your competitors. You should see franchising as a way to increase your business’ profitability, penetrate new markets, and transform your small business into a large company.
https://www.strategydriven.com/wp-content/uploads/word-image-48.png7501234StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2020-11-13 15:00:102020-11-13 20:48:46Strategies to Transform Your Small Business into A Large One
Nothing projects mediocrity better than this tired, dusty greeting. You know it well, because you’ve heard it thousands of times. This robotic phrase and its cousins (“May I help you?” “What can I get you?”) efficiently move things along and cue the customer to state their business. They also prepare the customer to be underwhelmed. It’s the typical encounter we’ve settled for as consumers. And that’s the opportunity for franchisees.
With the bar set so low for customer service, franchise owners are well positioned to jump ahead of the competition. Their franchisor has already developed proven systems and desirable products. Franchisees who deliver these products in a delightful, surprising way will stand out from the lackluster crowd. They’ll awaken customers from their lifeless transaction trance and prime them for excitement, loyalty and spending. Here are three ways to make that happen:
1. Elevate the customer’s emotions. Whether you sell cheeseburgers, pest control or senior care, you’re in the happiness business. People tend to remember how they feel more than what they got. It’s their emotions that most influence what they think of you, what they say about you and whether they come back. Every customer is a potential repeat customer and a walking spokesperson for your business. If you just sell them the “thing” but don’t make them feel a little better, you’re missing an opportunity and leaving money on the table. Be deliberate about providing emotionally satisfying experiences. Use the delivery of your products and services to lift their spirits. In exchange, they’ll lift your revenue.
2. Connect with your customers. Research shows that few things in life make people happier than meaningful human connections. We’re a social species. We’re drawn to community and we deteriorate when lonely. Even introverts have a need for occasional companionship. That doesn’t always mean deep friendship or intimacy. But small moments acknowledging each other’s humanity validates our individual existence and feeds our soul. These moments range from long conversations to saying “bless you” to a stranger who sneezes.
Your customers aren’t coming to you for friendship, but they do respond to friendliness. That means giving them a warm greeting that’s different from the way you greeted the last customer. (You wouldn’t walk around a party and greet every person the same way.) It means relating to them person to person, rather than cashier to customer. You can still do this quickly and professionally (think Starbucks, In N Out Burger). What you don’t want is to facilitate cold transactions or robotically repeat phrases that are written friendly but not spoken friendly (“WelcometoPete’sPizzahowcanihelpyou”). Be present, be authentic and be human.
3. Exceed customers’ expectations. Customer service is your absolute best form of marketing. Unlike an ad that gets seen mostly by people who don’t need what you’re selling, customer service is making an immediate impression on the hottest lead there is. This is someone who’s right there with money in their pocket and an interest in your offerings. And they’re quite likely to need you again. Good ads bring customers in. Good service brings customers back, often with friends. And when they do return, they’ll have more confidence in you and more enthusiasm for what you sell. The goal is always to give them an experience they want to repeat.
Giving the customer more than they ask for is a smart investment. Whether you’re throwing something in, taking a few dollars off or just giving them a little more time and attention, this something extra is part of your marketing. It’s something you do to ensure they return. You’re probably already spending money running ads for people who will never come in. It makes a lot more sense to invest in people who’ve already identified themselves as your base.
Most businesses are too busy being busy to do these things well. Your franchisor undoubtedly wants you to create great experiences for your customers, but they can’t control that. It’s up to you. Make customer service your number one priority. Create experiences that make people happier. Customers will notice, and they’ll come back for more.
About the Author
Scott Greenberg is an internationally recognized speaker, author and coach who helps franchise owners grow their businesses, build high-performing teams and create unforgettable customer experiences. He has given presentations in all 50 states and throughout the world with franchise clients that include McDonalds, Great Clips, GNC, RE/MAX, Smoothie King, Global Franchise Group and many more. For 10 years, he was a multi-unit franchise owner with Edible Arrangements, winning Best Customer Service and Manager of the Year awards out of more than 1,000 locations worldwide. Learn more about his new book, The Wealthy Franchisee, at https://www.scottgreenberg.com/the-wealthy-franchisee/ and https://www.amazon.com/Wealthy-Franchisee-Game-Changing-Franchise-Superstar/dp/164201124X.
https://www.strategydriven.com/wp-content/uploads/ice-cream-4146660_1280.jpg8531280Sharon Kastorianohttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngSharon Kastoriano2020-11-13 08:00:062020-11-13 01:22:11How Franchise Owners Can Use Customer Service to Outdo the Competition and Grow Their Business
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Why your business needs to do Ecommerce this Covid19 Season
/in Managing Your Business/by StrategyDrivenDuring this time, there was an increase in online consumer activity. People were relying on deliveries and shopping apps for their necessities along with other items. This has become a new habit that we have adopted. Especially now, this trend is continuing to rise upwards without any doubts that it will fade away anytime soon. A lot of businesses have already taken the chance to promote their brand on the digital platforms – where the audience is now at.
Using eCommerce websites, some businesses were able to survive when the pandemic hit our country. Physical stores had to close which heavily affected the flow of income. Until now, there are still health risks people consider before going outside, which means lesser foot traffic and profit.
If you’re still not convinced you need to have an eCommerce website, here are the reasons why:
1.The audience is already digital
Many countries in Southeast Asia, such as Singapore, are growing very quickly in their e-commerce market size. This shows that people have quickly adapted to the digital marketplace.
Besides the essentials, office and home-related products saw an increase in sales, as people had to make their space conducive for work, studying, and even entertainment (since social gatherings are still discouraged). Office staff began to buy items to work from home; students bought items such as desk lamps due to the restrictions in public libraries; others have bought gaming consoles and accessories as a way to pass the time and connect online with friends.
With these opportunities that have risen despite the restrictions, it can be said that the customers are not gone, but have simply migrated to another platform where your business should also be present.
2. A website is more sustainable than leasing a space
Since people are more active on the internet, and considering the ongoing pandemic, there is a lesser need to expand your store’s physical space. In fact, having a physical store nowadays could cost you more compared to the pre-pandemic period due to the mandated safety measurements.
Therefore, you should take this time to make your online presence more prominent. Here, we would recommend investing in a website, because you can use it in the long run. Even when the pandemic is finally over, you can run your eCommerce business there, and experts also predict that the eCommerce trend will be here to stay. Also, if in the future your business is able to expand to other countries, you have an already well-designed website to work with.
Also, a website is available for your customers 24/7 compared to a physical store that has a limited time to stay open. Your potential customer can send their inquiries or make purchases wherever they are, whenever they like.
If you are looking for a web developer, check out FirstCom Solutions here: https://www.firstcom.com.sg/
3. Have an analysis like never before
Once you have your own eCommerce website, there is an array of website analytics and services you can utilize to see how your customers are using your site. Using these tools, you will have a better understanding of your customers’ behaviors. You can also view your competitors’ performances, and create counter-strategies from those.
There are numerous ways to use your website’s data to your advantage. From discounts to special promos, you can target the market you want to penetrate more accurately with website analysis. You could see what products people are most likely to view but not purchase, and act on that data. You can also conduct affinity analysis more efficiently if you have an eCommerce website, which could help in creating cross-selling and up-selling strategies for your business.
This is a great way for you to be proactive in managing your business. Having data you can access whenever and wherever you please will help you improve your business.
Conclusion
It’s a no brainer that a business should always be open to changes and adapt. Even before COVID-19 happened, online shopping had already built its popularity. Now, it has become essential for businesses to have an eCommerce website of their own to survive and grow.
If you are a business owner who still doesn’t have an eCommerce website, there is still time for you to catch up. From the comfort of your own home, be secured in having income and proceed with business as usual.
Keep up with the new consumer mindset and move forward by having your own eCommerce website. Embrace the opportunities waiting for you in the digital platform.
Building Residual Income By Franchising Your Business
/in Entrepreneurship/by Christopher ConnerFranchising is a unique vehicle in that it allows businesses that traditionally are not scalable, such as restaurants, retail and service businesses to become scaled through franchisee’s investment and willingness to manage the local business. When you franchise a business, you create a vehicle that supports residual income through long term relationships with independent franchise ownership and contiguous brand equity. Franchisees pay a fee to you as the franchisor for the rights to your intellectual property and brand recognition in addition to making the investment in opening the new franchise location of your business model. Where the residual income is derived from franchising is that a franchisee typically commits to a 10-20 year relationship where they are agreeing to pay a percentage of their revenues on a weekly or monthly basis. In addition, many Franchises also require franchisees to purchase products and business items from the franchisor as well which may be sold at a profit to the franchise network. This is where residual income is generated and at the time where a franchise system becomes self-sufficient is when the business owner can step out of day to day operations entirely and focus on building the business and moving the company forward. Visionary entrepreneurs who leveraged franchising to expand such as John Hewitt in the tax preparation business or Ray Kroc in the hamburger business were most likely not the best tax preparers or burger flippers, they were great at finding scale and achieving residual income for their ideas.
To franchise a business one must be in a position where they have the right formula in place, systems, processes and procedures to be able to teach a third party how to do what you do. In many cases, I’ve found that business owners don’t realize that franchising is a viable expansion model and that they could achieve this residual income sooner than expected. My advice is always to let the market drive this decision of whether to franchise your business, if people are asking for what you do in their market and how to invest in your business, the franchise expansion model needs to be on the table.
For more information on how to franchise your business, visit Franchise Marketing Systems: www.fmsfranchise.com/
About the Author
What is an Apostille and when do I need one?
/in Managing Your Business/by StrategyDrivenAn Apostille is an international standardized form filling data on laws issued by an official document for presentation on the territory of countries that recognize this form of legalization. Today more than 80 countries are parties to this agreement. The purpose of affixing an apostille stamp (apostille) is to confirm that such a body exists in a given state, and it has all the necessary powers to draw up and (or) certify a document. The apostille confirms that the person acting on behalf of the state body and issuing the official document was authorized to issue it.
The “Apostille” stamp is placed only on the original documents of the state standard. Apostille is placed on official documents and (less often) on their certified translations only if they are intended for use abroad, i.e. in a country other than the one in which they were issued. The apostille contains the details prescribed in the Convention, does not require any other certification or legalization of the document, and is recognized by the official bodies of all states parties to the Convention. Apostille is issued by a state body, which is a higher authority of the body that issued the official document.
According to Article 1 of the Convention, the following documents are considered official:
The apostille itself is a square stamp that includes information about the paper or document on which it is located. It should say about the name of the country in which the legalization took place, when and where the certification took place. You also need information about the person who performed this procedure, the name of the document itself and the date of its issue, and the name of the organization that carried out the apostille.
You can put such a stamp on papers from the registry office. These include a document confirming marriage, birth, or death, as well as a change in passport data such as first and last name. Also, it can be affixed on educational documents such as a diploma and certificate. This can also be done on decisions with sentences and other documents issued by the prosecutor’s office. Papers issued by a notary are no exception. This can be done on charters and contracts, visas and certificates of experience.
Sometimes the papers mustn’t be subject to apostille, because they are the property of the country where they were issued. These are passports, workbooks. To prove their experience, they use certificates that will be accepted abroad. However, it is allowed to put this stamp on their copies.
You can affix an apostille at the Ministry of Justice, Education, and the Ministry of Internal Affairs together with the Prosecutor General’s Office. It is also possible to do this at the Ministry of Finance and Defense. However, you should first check for corrections and inscriptions, because they should not be. It is also important to look at the correctness of the information on the document.
The apostille procedure is needed when a person applies for a well-paid and good job, leaves for another country for a while or forever. It is also needed when treatment abroad is required or when the preparatory stage of obtaining citizenship is underway. The procedure is required when a person participates in a lawsuit with a foreign citizen or adopts a child abroad. It is also necessary when obtaining a license to carry weapons.
So, apostillization is an important process that takes place in several stages. First, a copy or original of the document is certified by a notary, then apostille in the relevant authorities follows, then the text is translated, if necessary, and the signature of a specialist.
Strategies to Transform Your Small Business into A Large One
/in Managing Your Business/by StrategyDrivenSmall businesses play a large role in the world’s vibrant economies, as they employ many people and drive innovation and competitiveness. According to the US Small Business Administration (SBA), small businesses constitute 44% of the country’s economic activity. However, every small business owner’s primary goal is to have a company that expands and eventually becomes large and profitable. So which smart strategies can help turn your small business into a large one? Here are four points to consider:
1. Extend your market reach
Making your products or services available to new customers is a great way to expand your small business into a large one. New markets represent new customers, who also represent fresh opportunities for increased earnings. You should open stores in new areas to introduce your business to new customers. Experts also recommend targeting new groups in your locality who could use your products and services, aside from your regular customers. Finding and promoting new uses for your product also encourages existing customers to purchase more from you. Therefore, it would be advantageous if you extended your market reach to increase sales and transform your business into a more stable model. Over time, this stability will only lead to increased earnings that will transform your business into a large one.
2. Introduce new products and services
Many business experts agree that the business world is in constant flux, and as such new products and services are crucial to the survival of companies. Consider introducing new products and services that attract new customers and encourage your existing ones to buy more. Accomplishing this can be quite tricky, but with research and flawless execution, you could be on your way to bigger things. First of all, you must identify a pressing need through customer interaction, employee brainstorming, and personal research. Then, you must develop and test a product concept that meets this urgent need. Developing a good prototype is essential here, so reach out to experts to find out how it works and how best you can bring your ideas to life to permeate new markets.
3. Consider franchising
Research reveals that 80% of McDonald’s locations are franchises. Franchising is a useful tool that you can also leverage to transform your small business into a big company. As your small business begins to experience success, consider licensing your branding, business model, and processes to others who will market your products under your brand name. Franchising has many benefits that should make it a vital consideration in your business expansion plans. Firstly, it can substitute capital acquisition as a less risky and more cost-effective way of business expansion. Franchising also gives you more motivated unit managers because your franchisees are business owners themselves with a vested interest in your business’ success. It facilitates faster growth because you team up with already successful companies, which catapults you to a market leadership position within your industry ahead of your competitors. You should see franchising as a way to increase your business’ profitability, penetrate new markets, and transform your small business into a large company.
How Franchise Owners Can Use Customer Service to Outdo the Competition and Grow Their Business
/in Customer Relationship Management/by Scott GreenbergNothing projects mediocrity better than this tired, dusty greeting. You know it well, because you’ve heard it thousands of times. This robotic phrase and its cousins (“May I help you?” “What can I get you?”) efficiently move things along and cue the customer to state their business. They also prepare the customer to be underwhelmed. It’s the typical encounter we’ve settled for as consumers. And that’s the opportunity for franchisees.
With the bar set so low for customer service, franchise owners are well positioned to jump ahead of the competition. Their franchisor has already developed proven systems and desirable products. Franchisees who deliver these products in a delightful, surprising way will stand out from the lackluster crowd. They’ll awaken customers from their lifeless transaction trance and prime them for excitement, loyalty and spending. Here are three ways to make that happen:
1. Elevate the customer’s emotions. Whether you sell cheeseburgers, pest control or senior care, you’re in the happiness business. People tend to remember how they feel more than what they got. It’s their emotions that most influence what they think of you, what they say about you and whether they come back. Every customer is a potential repeat customer and a walking spokesperson for your business. If you just sell them the “thing” but don’t make them feel a little better, you’re missing an opportunity and leaving money on the table. Be deliberate about providing emotionally satisfying experiences. Use the delivery of your products and services to lift their spirits. In exchange, they’ll lift your revenue.
2. Connect with your customers. Research shows that few things in life make people happier than meaningful human connections. We’re a social species. We’re drawn to community and we deteriorate when lonely. Even introverts have a need for occasional companionship. That doesn’t always mean deep friendship or intimacy. But small moments acknowledging each other’s humanity validates our individual existence and feeds our soul. These moments range from long conversations to saying “bless you” to a stranger who sneezes.
Your customers aren’t coming to you for friendship, but they do respond to friendliness. That means giving them a warm greeting that’s different from the way you greeted the last customer. (You wouldn’t walk around a party and greet every person the same way.) It means relating to them person to person, rather than cashier to customer. You can still do this quickly and professionally (think Starbucks, In N Out Burger). What you don’t want is to facilitate cold transactions or robotically repeat phrases that are written friendly but not spoken friendly (“WelcometoPete’sPizzahowcanihelpyou”). Be present, be authentic and be human.
3. Exceed customers’ expectations. Customer service is your absolute best form of marketing. Unlike an ad that gets seen mostly by people who don’t need what you’re selling, customer service is making an immediate impression on the hottest lead there is. This is someone who’s right there with money in their pocket and an interest in your offerings. And they’re quite likely to need you again. Good ads bring customers in. Good service brings customers back, often with friends. And when they do return, they’ll have more confidence in you and more enthusiasm for what you sell. The goal is always to give them an experience they want to repeat.
Giving the customer more than they ask for is a smart investment. Whether you’re throwing something in, taking a few dollars off or just giving them a little more time and attention, this something extra is part of your marketing. It’s something you do to ensure they return. You’re probably already spending money running ads for people who will never come in. It makes a lot more sense to invest in people who’ve already identified themselves as your base.
Most businesses are too busy being busy to do these things well. Your franchisor undoubtedly wants you to create great experiences for your customers, but they can’t control that. It’s up to you. Make customer service your number one priority. Create experiences that make people happier. Customers will notice, and they’ll come back for more.
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