Tag: Business Growth

Word of Mouth Tactics – Part 3

Last time we talked about the second part of the word of mouth tactics that help you put together a system to help shorten your customers’ purchasing decision time, which can increase your profits immensely.

Today we’re going to talk about the nine levels of word of mouth, which gives you a tool to measure word of mouth circulating your company, products, and services. You can then see where you are getting negative or weak word of mouth and find ways to correct it.

So, launching into the nine levels of word of mouth-it should seem relatively obvious that the negative levels are, well, negative and the positive levels are positive.

Minus 4

This is the worst of the worst and means your product is creating a scandal. Remember when the popular over-the-counter pain relievers, like Tylenol were deemed unsafe? Yea, you won’t want that kind of word of mouth.

Minus 3

Disgruntled customers are going out of their way to convince other consumers from purchasing your products and services. They are boycotting you.

Minus 2

While not outwardly boycotting, when customers are asked about you, they will give a negative response.

Minus 1

At this level, people are mildly dissatisfied, and while not outwardly talking about it, they will have an opinion if asked. Now they may purchase from you despite their negative feelings. This can be a little confusing.

Level 0

This is sort of a neutral place to be. Customers are using your products but don’t really talk about them. People rarely ask them about it, so they aren’t sharing their opinion with others. This can be a bit of a slippery slope because you don’t want to turn that neutral experience into a negative one. In fact, you should work to make it a positive one.

Plus 1

At this level, we are finally starting to work our way into the positive word of mouth about your company, products, and services. Plus 1 signifies that people are generally pleased with your products but don’t really say anything about them unless asked.

Plus 2

When asked, your customers will talk about how much they love your products.

Plus 3

Customers will go out of their way to talk about your products, services, company, and their shopping experience with you. This is most evident when you see how people recommend movies to their friends and family.

Plus 4

Your product is the toast of the town. There is an unmistakable buzz going around, and your business is the place to be. People are not only talking about your excellent products and services, but they are talking about their shopping experience, your customer service, and how they perceive the company to help them in the future.

Some great examples of Plus 4 companies are:

  • Lexus
  • Harley Davidson
  • Saturn Cars
  • Netscape
  • Apple Computers
  • Celestial Teas

We’re going to leave this lesson for you to mull over and take a look at what kind of word of mouth you are generating. If you need help with this process, try our GUIDED TOUR to get help from our experienced business coaches.

Next time we’re going to talk about the 30 ways to harness the power of word of mouth.

5 Killer Mistakes – Part 2

In the last post, we covered the first two of the five biggest mistakes you can make in dealing with big fish clients. Today we’ll cover the third and fourth ones: Taking on More Than You Can Handle.

When you take on too much, your business can’t keep up, and therefore you can quickly lose control of everything and find yourself barely functioning. You want your business to be successful, no doubt, but you need to plan how you will handle the growth. Your clients expect excellent customer service and high-quality products/services. They don’t know or care about your behind-the-scenes operations required to get those things done.

  • Look for these signs that you are taking on more than you can handle:
  • Clients’ needs aren’t being met.
  • Employee morale is low, clients are upset, and you’re in a panic.
  • You have to react in emergency mode to save accounts.
  • Your current clients are suffering from trying to keep up with new business.
  • Profits are going down.
  • You are just trying to pick up the pieces of your business.
  • Your clients/customers leave.
  • Resources are being reallocated.

 

There a trick called the Mock Fish Plan. This plan can help you react positively when you are facing some or all of these things and help you get your business back on track. This plan will:

  • Help increase sales in a short period of time.
  • Alter your products/services for the better.
  • Fulfill the promises you made to your clients.

 

There are six steps to this plan:

  1. Bring in your best team and have them all help to meet the fish needs.
  2. Review your operational system.
  3. Anticipate future problems better.
  4. Communicate better.
  5. Include costs in your quotes.
  6. Always have a back-up plan.

All Your Eggs in One Basket

You can allow your company to become dependent on any one fish. Eventually, or for specific periods, there will be a slowing down period with your fish. To stay in the game, you need to diversify.

If you’ve ever mishandled a fish, you could drive away potential fish as well. In order to keep balance and prepare for a healthy future, there are a few things you can do.

  • These things include:
  • Stay in the loop and try to know what’s going on inside your fish company.
  • Constantly reinvent yourself and stay at the top of your industry.
  • Stay exclusive.
  • Try to secure multi-year commitments and contracts.
  • Spread your contracts out.
  • Price your products/services correctly.

 

You will also need to work to reduce your dependency on your fish. Generally, this can be measured in sales or profits. Please take a look back at the process we’ve used thus far to snag more fish to keep this all in balance.

These are the ways you can help avoid the killer mistakes that can make you lose it all. If you need help with any of these tips or tricks, try our GUIDED TOUR to get the help you need fast.

Next time we’ll talk about the last of the killer mistakes and how to combat it from hitting your business hard.