CRM
It’s Not Just About Dollars & Cents
Sally Balwin
Recruitment | HR | Business Development
How do you measure success? Is someone successful because of the amount of money they have … their contribution to society … their strength of character … their heroic selfless act … or what?
Is a business successful because of how much money it makes … the way it treats its customers … the way it treats its employees … its contribution to the environment … its contribution to its corporate social responsibility … and so on?
A good example of the perception of success is the big 4 banks. With profits, on average, posted upwards of $4Billion each year, you could say the banks are successful. The shareholders certainly think they are and are happy as are those employees/stakeholders who gain benefit directly linked to the bottom line. But, as we are constantly hearing, customers are continuously unhappy and frustrated with services, costs and general treatment. So, in customers’ eyes – are the banks successful?
The point I am getting to is that it is important to make money in business, however, equally important to the dollars and cents, is to set and measure other goals which directly and/or indirectly lead to success.
To illustrate this point, here are some examples:
| Goal | Measure | Action to Support Goal
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| Stable Workforce | Less than 1 % annual turnover rate | Hold Exit interviews to find out why staff are leaving
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| Increase quality of service | Customer satisfaction 97% or higher | Conduct customer satisfaction surveys.
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| Increase Brand awareness | 5% increase in traffic to website | Ensure Google Analytics is set up.
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| Improve booking rates from enquiries. | Secure 5 bookings from every 25 enquiries | Train receptionist in phone sales. |
Each of these goals contribute to the bottom line. However, the measures and actions are not viewed from a monetary perspective. Remember, customers do not all rate your product or service simply on price; they can look at a lot of other things as well. Focusing on different forms of success in a business and working on them, ultimately will contribute to overall success – and isn’t this what all business owners are trying to achieve?
Call one of our professional people today to help you on your road to success (07 3264 4783)
Corporate Gift Etiquette
Sally Balwin
Recruitment | HR | Business Development
Whether you own and/or run a small, medium or large business, at some time, more than likely, you will have to buy business related gifts. If timely and appropriate, the right corporate gift can strengthen relationships with clients/customers and show appreciation for their business, strengthen relationships with suppliers and establish goodwill and create further opportunities for networking. However, ill-advised or ill-timed gifts can have the opposite effect. Therefore, it is important to establish standards and practices when considering the giving of gifts.
Firstly, consider the purpose of the gifts. Corporate gifts are usually considered in relation to a thank you for business referrals, congratulations, “courting” a prospective client or contact, advertising; ensuring long term clients/customers know their business is appreciated and/or for rewarding an employee for a job well done.
It is important to keep the type of gift appropriate in size, price and content for its purpose.
Possibly, more important than the purpose of the gift is who the gift is intended for. So your intentions are not misinterpreted, caution needs to be exercised when purchasing/giving gifts for members of the opposite sex, for international clients/customers/contacts and for individuals who may not be able to accept the gift due to company policy (eg, government officers). Before giving a gift, check out policies, cultures and traditions to determine appropriateness of the giving of the gift, the gift itself and the manner in which to give the gift.
The timing of the gift is also important. It is best to correspond the giving of the gift with the relevant occasion. For example, if the gift is a thank you and appreciation for work provided by a client, ensure it coincides with the completion of a particular activity or the anniversary of the relationship. Further, if the gift is to “court” a new client, have it at the first meeting with the client and not send it two weeks later as an after thought. Remember, to capitalise on the impact of the giving of the gift and not just the gift itself.
Having said this, if an occasion has been genuinely missed, it is better to give the gift late than not at all … just make sure it is seen as a genuine gesture!
When giving gifts, where appropriate and possible, accompany the gift with a hand written card/note. Even if attaching your business card, its nice to add a personal message (for example, “best wishes” or “looking forward to a long and prosperous relationship”).
Finally, how much should be spent on a gift? Unfortunately there is no one answer to this question. The “how much” factor is tied up with the “purpose of the gift” and the “who the gift is for”. Consideration also needs to be given to how much is available to spend in the budget!
If all this is sounding very daunting, talk with a professional corporate gift supplier or consultant for help.
“Complaint” is not a Dirty Word
Sally Balwin
Recruitment | HR | Business Development
We only have one chance to make a first impression. We all know that to succeed in business we need to get it right the first time and every time.
However, mistakes and misunderstandings do happen and there is usually an opportunity to recover if handled properly.
Unfortunately, statistics indicate that more customers than not don’t complain to the business they are dealing with but rather just take their custom elsewhere. Moreover, unhappy people will tell more people about the cause of their unhappiness than happy satisfied people will tell of their good experience. This human nature does not help with word of mouth advertising!!
So how does one recover from a complaint? In a nut shell, FIX IT ASAP and in such a way to reduce retelling of the incident.
Not always that simple I hear you say … that’s right! It depends on the nature and severity of the complaint and the facts of the circumstance.
One key strategy to ensure starting on the right foot in a difficult situation is the current relationship with the complainant. If the nature of the business facilitates, ensure good and nurtured relationships with your customers. Starting with a strong relationship will encourage empathy and willingness from the customer to resolve things with you rather than going elsewhere.
If a customer complains don’t be defensive and retain composure at all times. Address the customer by name and demonstrate empathy for their frustration and anger whether at fault or not.
Offer an apology even if the issue is not your fault – for example, “I’m very sorry you are upset” – such response does not admit blame but does establish some rapport with the customer and shows your interest.
Give the customer your full attention and demonstrate this both verbally (ie, in the responses you give) and with your body language. Maintain eye contact with the customer, don’t fold your arms or use facial expressions which indicate not caring, disinterest or boredom. Don’t allow interruptions, such as taking phone calls or dealing with staff or other customers, when dealing with a complaint.
Don’t make excuses or blame others. Remember, the customer is looking for resolution and not to be fobbed off or worn down by explanation.
If you can’t resolve the matter on the spot, don’t explain the steps you will take to resolve the situation. Don’t lie about what you will or won’t do as this can make things worse. If you tell the customer you will contact them within two days then contact them within two days if only to tell them you are still investigating things and to keep them informed as to where you are at.
Endeavour to make the customer part of the solution … let them know what you can do (not what you can’t so) and see if you can find out what will turn the customer’s dissatisfaction in to satisfaction. Do they want a refund, discount, replacement etc.
If the customer agrees to a solution, act quickly. Don’t create another problem by dragging the chain. Finally, follow up with the customer to strengthen the relationship for the future.
Is Business Just Business or is it Personal
Sally Balwin
Recruitment | HR | Business Development
How many times have you heard the phrase “it’s just business”. We can set businesses up legally as its own entity and we can build a brand promoting this entity, however, when it comes to dealing with this entity, what is it that motivates people to do so.
At my recent Albany Creek Business Contacts (ACBC) meeting I posed this question to the members (who are small business owners) and found overwhelming support that it is personal.
Comments started by supporting the idea that, particularly in small business, the business runs based on the personal characteristics of the owner. The owners’ beliefs, values, ethics and desires are what shapes the business, its brand and its growth. Consultants and business literature will say to look at what your customers and market are looking for in order to make decisions on service delivery. This is true, however, the business’s people and the relationships they establish with customers will be the driving force of the business.
One ACBC member commented that in their service industry it is very personal. Customers need to establish trust and be comfortable with the people they are dealing with and will decide on whether they will use the service on a relationship basis. In this regard, customers don’t separate personal from business.
Other comments from a business owner’s perspective suggest that some decisions are made from a personal perspective rather than a business perspective. It was suggested that “if it doesn’t feel right then it’s not right”, inferring that some decisions are on gut instinct or personal comfort rather than rational business analysis.
In relation to branding of the business, it was suggested that if the owner and staff are not personally invested in the message and what is trying to be achieved, then how can they “sell” and support the message and the brand. It they are not committed and own the brand then how can they explain it to others in the way the business wants to be seen.
Finally, it was suggested that maintaining and projecting the “personal” part of a business can be a competitive edge particularly for small business competing with large players in the market. A good example is dealing with large organisations’ call centers. Although the caller is speaking with a person, many find the scripted process less engaging and personal feeling they are not important to the business. How many times have you said to the insurance company or telco company (merely by way of examples) “I know my account is not very big in the scheme of your business, however, I am not feeling very satisfied with the way I’m being treated”. This sense of sterility and lack of personal relationship impacts on customer satisfaction. The difficulty for a small business arises in relation to how to maintain the personal relationship with customers and the brand built if it grows into one of the large players.
4 New Years Resolutions for your Business
CPA | Accountant | Business Advisor
It is that time of the year when we make resolutions for the coming year. Lose weight – get fitter – drink less – actuallyuse that gym membership we keep paying for – spend more time with the family and friends and so on ….
What about New Year Resolutions for your business? Here’s our top 4 to consider …
1. I resolve to get on board internet and social media marketing and use them to promote my business.
Marketing research and statistics support that consumers are using the internet to source suppliers and/or do business with those suppliers. Those who “tweet” “FB” “Blog” and sell their products via the internet are the ones who are capturing greater market presence than those who aren’t. Where people use to tell one or two others how happy they were with a supplier or service provider over the BBQ and a drink in the past, people are now communicating the same information with hundreds of people in an instance via Facebook, Twitter, Linkedin, Blogs, etc.
2. I resolve to explore selling and providing my products and services over the internet.
Although people are continuing to enjoy the “shopping experience” with on-site shopping/service provision, there is a growing trend to do a lot of this from the comfort of the customer’s office or home. Regardless of whether you are a supplier of goods or services, customers are looking more to the internet to source their needs. Cloud capabilities and internet shopping is growing.
3. I resolve to review my business practices to see if I can do them more efficiently and/or cost effectively.
With technology changing so rapidly it is important to review how you do business to make sure you are getting the biggest and best bang for your buck. Could you be doing business more efficiently? Is the technology you are using the best for now and into the future? Can you source the technology cheaper (eg, phones – we cut our phone costs by over 40% by changing systems and providers)? Is the way work flows through your business optimal?
4. I resolve to support my staff as an asset of my business.
A lot of business owners invest a lot of money in technology and marketing however are irritated with staff management and development. The thing that separates technology and people is that people come with a brain that can think for itself and experiences, connections, and capabilities when nurtured and fostered to support a business are a significant asset across many areas of the business, not just the area they are employed to do. For example, computer software is purchased to write letters and another to create spreadsheets and another to do the financial management and another – well you get the gist. People can do the job they are employed to do as well as market the business, up-sell/cross-sell, referral market, assist with process design, etc.
Happy New year from Balanix Solutions. We look forward to hearing 2013 was successful and profitable.
