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INSIGHTS & JOY
A business newsletter with Pizzazz! "We help leaders become better marketersusing a holistic business approach!"
Welcome to Summer!
Are you aware of how your customer is treated at each point of contact? Are all those who contact your customer educated about your products, your policies, and their responsibilities? Do they maintain clear, friendly, customer-oriented communications? This month, I discuss seven things you must have to have to keep customers delighted. Compare my list to your policies and processes to see how you fare. Subscribe directly by e-mail to rpmorgan@morganmarketingsolutions.com and writing "subscribe" in the subject box. Check our web site for: $ Million Marketing Tips, Insights & Joy Archive, Speaker's Directory, and our Article Library! www.morganmarketingsolutions.comIN THIS ISSUESeven things you must have to keep customers delighted Smiles make the day!Economic Outlook$ Million Marketing TipsAmazing Facts!Marketing Facets - The Market Focused
Guide to Company Analysis
Seven things you must have to keep customers delighted Clear, friendly communications: Customers have a variety of needs before, during, and after the sale. A key to gaining and retaining profitable customers is maintaining clear, friendly lines of communication. Sales representatives perform the vital face-to-face contact that produces business and helps to coordinate the ongoing relationship. There are usually many other points of contact with a customer, any of which can reinforce or drive away that customer. Successful businesses identify those points of contact and work to ensure that positive results occur at each point. For instance, a single customer will see your salesperson, but may place all orders through an inside customer service representative by telephone, fax, or electronically. That same customer may meet your delivery driver, and have conversations with your credit department. If there is a problem, or backorder, your customer will call customer service or to a production facility. Are you aware of how your customer is treated at each point of contact? Are all those who contact your customers educated about your products, your policies, and their responsibilities? Do they maintain clear, friendly, customer-oriented communications? Real time customer information: Customers become irritated when you cannot pull up a pending order or report on the status. Federal Express, UPS, and other courier services are expert at providing real time information. How quickly can your people acquire and utilize customer information? Given today's computer systems and the large number of customer relationship management (CRM) software packages available, customers expect . . . no demand that suppliers have instant access to vital information about their business. Prompt response and functional cooperation: Often, it takes smooth cooperation between your various company functions to provide prompt response to customer needs. Let's say that a customer needs a spare part and calls your customer service desk. The representative must have detailed information available to confirm the proper replacement part. Then, someone writes up the order, determines whether or not it is a warranty part. Perhaps the credit department must clear credit prior to shipment. The plant or warehouse must find, package, and ship the part. The salesperson or customer service person then follows up to confirm receipt and ensure customer satisfaction. Delays in response can destroy your customer's goodwill with one slip-up. Do all of your functional groups coordinate their efforts with 'no hassle' customer satisfaction in mind? Customer friendly processes: Overly bureaucratic linear processes are no longer acceptable. Databases on servers make information available to everyone in the customer service loop simultaneously. There is no place anymore for the linear, one-step-at-a-time processes that automatically create delays and bottlenecks. I bought a laptop computer from a major mail order retailer. Shortly after delivery, the computer failed. Those things happen when you are dealing with complex electronics. I called to report the problem. The customer service person instantly knew which model I bought. She issued the order to production to ship me a new machine. When it arrived the very next day, there were instructions to put the broken unit in the shipping box and to call FedEx. The courier picked up the old unit later that day. I was promptly back in business. I received a follow up call later in the week to make sure I was completely satisfied. What do you require of your customers when they have a problem? Authority to solve: The nice thing about my laptop computer problem was that the customer service representative was able to ask questions, analyze the situation, and make the decision to ship a new unit with one telephone call. The representative was educated about products and she had the authority to solve my problem right then and there. How many approval steps do your customers have to endure before they receive satisfaction? If you cannot grant blanket authority, at least give your contact people the level of authority needed to handle about 80 percent of the requests typically encountered. Follow-up: When you take your vehicle in for service at any reputable dealer, don't you usually get a follow-up call a day or so later to make sure you were satisfied with the dealer's service? Car dealers learned a long time ago that a brief courtesy call to check on their work is the insurance they need to maintain quality workmanship and to keep you coming back. My computer service representative also called to be sure I got my new machine and that the problem was solved to my satisfaction. Calls like that only take a couple of minutes, but they leave your customer feeling positive about your company and your interest in them as a customer. Honesty and trust: There is no room for halfway measures when it comes to honesty. If you goof, admit it and ask your customer what he or she wants done to correct the problem. Technical products often require some form of failure analysis to determine the actual cause of a problem. If that is the case, do the analysis promptly, and get the problem handled! Of course, honesty is a two-way street. There will be occasional customers who take advantage of your customer-friendly policies. On the whole, however, most customers only lodge legitimate complaints. Frankly, it takes too much time and effort to make bogus claims. Customers today expect suppliers to trust them. Nordstrom's Department Stores are renowned for their generous return policy. They know that it is a mistake to penalize the majority of their loyal customers to snare a few cheaters. Your customers may not always be right, but it is smart business to give them the benefit of the doubt! P.S. If you have an eighth, ninth, or tenth thing you feel are musts, please let me know. Honestly, I'm sure I left something off my list. Smiles
make the day! We
were in better condition when there were more whittlers and fewer
chiselers! The practice of honesty is a lot more convincing than a profession of holiness. Hopefully, your autograph will be more in demand than your fingerprints! Economic Outlook It appears that the U.S. economy is still quite robust and should continue to grow during the second half of 2006. Tax rates are low, creating a 14% increase in actual tax revenues for 2005 with another 11% increase so far this year. Lower capital gains tax rates cause investors to take previously pent-up gains, creating current tax revenue. Renewed economic growth, tax refunds, nearly full employment, along with real growth in hourly earnings continue to drive overall improvement. Overall employment is high, with unemployment at a cycle low of 4.6%. There are growing signs that employers are having trouble finding qualified workers due to the demographic creep toward an older population and fewer younger workers entering and moving through their career years. Productivity is high and interest rates are at least neutral after the most recent Fed increases. Even though consumers have slowed down their spending a bit, the huge consumer segment should show year over year growth of better than 2%. The real dangers to our economy are tax hikes, trade protectionism, and election-year government spending binges by short-sighted politicians.
$ Million Marketing Tips TIP: Positioning yourself in the
market is not possible; your clients position you in their minds. What you can
do is make everything you do a positive influence on their
perceptions.
TIP: The more products and services
seem similar, the more important the tiny differences become in making a
choice!
Amazing Facts! 1. In the 20th Century, the average life
span increased by more than 30 years.
2. In the Greek language, 'astro' means star and 'naut'
means sailor.
3. A housefly lives about 73 days. A tick can live 25
years!
4. The Great Barrier Reef is 1,250 miles
long!
5. A thundercloud usually lasts only about an
hour.
6. Your fingernails grow about an inch each
year.
7. Golden retrievers are the least likely of all dogs
to bite you.
8. Babies can cry without tears for up to 6 weeks of
age.
Marketing Facets - The Market-focused Guide to Company Analysis Marketing Facets - The Market-focused Guide to Company Analysis. Marketing Facets is a practical resource for those involved in determining the current health of a company and gauging its future prospects. I designed my 103-page guidebook to be a supplement to other evaluation procedures and information normally gathered during a thorough due diligence or business valuation process. The workbook takes a holistic approach, assembling facts and management assumptions in key areas to help analysts form and support conclusions. Marketing Facets is a valuable resource to private investment fund managers, individual investors, venture capital specialists, investment banks, and valuation specialists. Marketing Facets can also serve as a guide for C-level executives who wish to perform their own company analysis as part of normal business planning, or in advance of efforts to refinance, acquire or divest. Marketing Facets is available in electronic form via the Internet, on CD/ROM, or in print with a ring binder.> Electronic in MS Word .doc or Adobe .pdf format via the Internet @ $79.95 > CD/ROM format @ $85.95 including U.S. shipping and handling > Ring binder version and CD/ROM combo @ $99.95 including U.S. shipping and handling Consulting is also available.
Please contact me for additional information.
Telephone: 972.931.7993 Fax 972.931.0542 rpmorgan@morganmarketingsolutions.com. P.S. Ninety-five percent of our engagements originate as a referral from helpful people like you! If you know someone who:> Wants to develop a more productive
marketing program, or
> Needs help building and implementing an
effective operational business plan,
I would appreciate the opportunity to discuss the situation with you. Our ideal client is a business owner or CEO between 30 and 60+ years old. Usually with a financial, engineering, or production background. Who is often impatient, and interested in improving company performance. Comes alive when you ask, "How's business?" He, or she, is practical but also enjoys the finer things in life. So, you may see my ideal client driving a Lexus or SUV to Neiman Marcus...and to Sam's Club. Who do you know that fits this description?A client speaks: "I have thoroughly enjoyed working with you to address our marketing effort during the last few years. In my opinion, we could not have found anyone more effective than you have been." H.D. "Mac" McCuistion, Robbins LLC To unsubscribe, e-mail to rpmorgan@morganmarketingsolutions.com and write "unsubscribe" in the subject box. ©2006 Morgan Marketing Solutions, Inc. All rights reserved. Other distribution permitted with proper attribution.
Richard P. Morgan CMC Telephone 972.931.7993 fax 972.931.0542 www.morganmarketingsolutions.com Author, Marketing Facets
- The Market-focused Guide to Company Analysis "We help leaders become better marketers using a holistic business approach!" CMC (Certified Management Consultant) is a mark awarded by the Institute of Management Consultants USA, and represents evidence of the highest standards of consulting and adherence to the ethical canons of the profession. Less than 1% of all consultants have achieved this level of performance and dedication. For more information go to: www.imcusa.org |
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