Raz Chorev | Socially Acceptable..
acres of diamonds, B2B, building relationships, Customer Loyalty, sales success, successful

Are you “lucky” in business?

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Apparently so. A bit off -topic for me, but this is important, none the less.

This morning I met with a small business owner (don’t want to expose him), who is in a high tech business, providing services based on new technology, being in business for 23 years (!).

What amazes me, is that people like him exist, operating a business with no marketing efforts, no plan, no unified approach to treating customers, getting new ones, or keeping existing. The guy has been doing very well up until now, just by being LUCKY!

I’ve discoverd that he never “had the need” for a website (elementary, Watson!), never had “DataBase Marketing” activities, just did the right thing, and hoped for the best.

For me, it is difficult to understant, but I can’t argue with the result. For MOST businesses, this approach will send you bankrupt! Very few businesses have their stars lined-up like this dudes’. It is absolutely essetial to be visible, to keep in touch with clients, to keep them updated with latest trends, products and services, and keep a close watch on their businesses, to be able to offer a solution, even before they have a problem.Sounds like a lot of work? It doesn’t have to be.

A monthly, bi monthly or quaterly (at the minimum) newsletter will do the trick. if you’re more current, you can send personalized emails periodically, or if you’re really tech savvy – a blog is a great tool to keep in touch. It is also very important to LISTEN to the clients, “milk” responses and comments from them – testimonials are great, but compaints and constructive criticism are even better – it will help you grow properly!

It is important to have a strategy ( 1 page will do) of :

1. How to gain market share – increase the number of clients you have.

2. How to gain wallet share – to increase the account size, sell more products to existing clients.

3. How to maintain the client base – what can you do to make sure the clients you’ve acquired, will stay with you.

Someone once said :” The best way to predict the future is to create it “. Don’t be lucky with your business. Plan ahead, and succeed by design.

If you have stories of “succeeding against the odds”, please share with me.

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  • http://www.danielmunday.com Daniel Munday, Sydney’s Fat Loss Specialist

    Very well put. Golfer Gary Player once said “It’s amazing how lucky I get the harder I work”.

    You need a game plan and definitely a web presence.

  • Mark Probanick

    Your definition of strategy seems broad and therefore accurate by default. A tautological truth
    With that said, many businesses will plan, will create a strategy on a page and also send periodic updates – this is by far not a remedy for success (or failure). And of course, advising a business that – if they increase their customer base, increase their individual spend and improve retention (which is part of increasing your base), and therefore revenues will increase – will always make you recommendation accurate, but somewhat redundant.

    Yes, you need a game plan. You can’t argue that planning is critical, and that your points are all valid – but how do you translate these generic truths into a relevant action plan and implement and succeed?
    Just point number 1 may prove a challenge for even the most mature and professional of businesses, let alone a small vendor.

    • http://www.razchorev.com Raz Chorev

      Mark, I believe that if you fail to plan, you plan to fail. You can have a temporarily successful business by default, by being in the right place at the right time, having no real competition in your area, etc. As soon as competition is apparent in your market place, you’ll have to be more structured and strategic in your operation, to keep the clients you have, and find ways to increase the above mentioned.
      Please share your stories of businesses succeeding without a plan, a vision or a strategy. Make sure you articulate your definition of success as well.

  • Mark Probanick

    Thanks Raz for the insights. I actually anticipated the quote you used and was trying to avoid using it myself.
    I don’t have any stories of successes without planning, hence my strong belief in planning as a KSF. But I also don’t trivialize strategy as a set of tautological comments.

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