Tag: target customers

Do Your Products Provide The Right Customer Benefits?

HELP-WANTED-10-600x319 Do Your Products Provide The Right Customer Benefits?

Do Your Products Provide The Right Customer Benefits?

Do your products give your customers the real help that they want and need?

Do your products improve the lives of your customers?

Do your products match the needs and wants of your target customers?

Your CUSTOMERS will buy your PRODUCTS because they want the BENEFITS and HELP that these will provide;  if every entrepreneur provided the right customer benefits, sales and business profits would be boosted.
When I talk to business people, I am often conscious that they don’t THINK ENOUGH about the BENEFITS their PRODUCTS provide for their CUSTOMERS. I have talked about the top 10% businesses many times on this site and much of their SUCCESS is because they THINK ‘BENEFITS’ when they THINK about their PRODUCTS.
If YOU can do the same and THINK about the BENEFITS that your PRODUCTS will provide to your CUSTOMERS when YOU PLAN YOUR PRODUCTS, it should make YOU create or provide BETTER PRODUCTS that MATCH your CUSTOMER’S NEEDS BETTER. I have talked about MATCHING before, saying that YOU SHOULD MATCH YOUR PRODUCTS TO YOUR TARGET CUSTOMERS.
The better your products match the needs and wants of your customers, the greater your sales and profits will be.

 

Ask Yourself 3 Big Questions

There are 3 BIG QUESTIONS that I have always asked myself in all my businesses:
1.  WHAT BENEFITS AND HELP DO MY PRODUCTS GIVE TO MY CUSTOMERS?
YOU should do the same and write down a list of BENEFITS.
Then ask yourself ONE OTHER BIG QUESTION:-
2.  ARE THESE THE RIGHT BENEFITS THAT MY CUSTOMERS WANT AND NEED?
Answer this honestly and then ask yourself another BIG QUESTION:-
3. ARE THEIR BENEFITS THAT MY CUSTOMERS WANT AND NEED THAT MY PRODUCTS DON’T FULLY PROVIDE?
If there are significant BENEFITS that your CUSTOMERS WANT and NEED from your BUSINESS and your PRODUCTS that they don’t presently get from YOU, YOU should THINK to maybe CHANGE or MODIFY your PRODUCTS or introduce NEW PRODUCTS that will provide those BENEFITS.

 

This Is Why Smart Business Thinking Is So Important

This is why SMART BUSINESS THINKING and SMART BUSINESS ACTIONS are so important - they both force YOU to ANALYZE your PRODUCT OFFERINGS CRITICALLY.
BETTER PRODUCTS SHOULD THEN FOLLOW, which should, in time, INCREASE SALES.

 

You Should Also Ask Your Customers

YOU should also TALK to your CUSTOMERS and ASK them about your PRODUCTS. Businesses are VERY POOR at TALKING to their CUSTOMERS, especially the 90% who RUN MEDIOCRE BUSINESSES.
I have always TALKED to my CUSTOMERS and I have always learned so MUCH -  it has enabled me to always PROVIDE THE RIGHT BENEFITS to my CUSTOMERS and the process has always enabled me to achieve HIGH SALES with all my businesses.

HELP-WANTED-10-600x319 Do Your Products Provide The Right Customer Benefits?

 

Set Yourself the Objective To Provide The Best Benefits

YOU must SET yourself THE OBJECTIVE to PROVIDE the VERY BEST BENEFITS to your CUSTOMERS.
As part of that, ASK yourself and your CUSTOMERS about the PRODUCTS that YOU presently offer and ask them about the BENEFITS that your CUSTOMERS WANT and NEED from your BUSINESS and whether your products satisfy those wants and needs.
YOU should then formulate CHANGES to your PRODUCT RANGE and INTRODUCE these as part of your business plan-  your REVENUE SALES should then GROW SIGNIFICANTLY, as a result.
If YOU wish to discuss this article more fully with me, then please email me at robert@prestigebusinesscoaching.co.uk or please contact me below:

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Double Your Profits For your Business & Your Business Success

Double Your Business Profits By Making Small Changes

Double Your Business Profits By Making Small Changes

It is very possible to DOUBLE YOUR PROFITS by making SMALL changes to your REVENUE SALES, MARGINS and COSTS.

Double-Your-Profits-7 Double Your Business Profits By Making Small Changes

If YOU have read some of my other articles on this site, YOU would have read my comments about the top 10% who achieved huge profits and huge success in their businesses and the remaining 90% who are running mediocre business with mediocre profits.     In my articles, I have also made several references to SMART BUSINESS THINKING and SMART BUSINESS ACTIONS and have said that if the 90% want to migrate to the top 10%, they have to change their THINKING and ACTIONS in their businesses.

In this article, I want YOU to THINK that through SMART BUSINESS THINKING and SMART BUSINESS ACTIONS, YOU could increase your NET PROFITS dramatically by only making small changes to your business.

I know from experience in my own businesses and working with other businesses that relatively small changes can be made that could literally DOUBLE your NET PROFITS, through doing the following:-

  • REVENUE SALES be increased by 20%
  • MARGINS be increased by 8%
  • COSTS be decreased by 10%

Let me give YOU an example for an average business with £125,000 REVENUE (ex VAT), GROSS PROFIT of 50% or £62,500 and COSTS of £40,000.

A PROFIT AND LOSS SUMMARY for this business could look like this:-

  • REVENUE SALES   £125,000
  • GROSS PROFIT         £62,500   (50%)
  • COSTS                        £40,000
  • NET PROFIT              £22,500   (18%)

But if YOU made the changes that I highlighted above, the PROFIT AND LOSS SUMMARY could look like this:-

  • REVENUE SALES   £150,000
  • GROSS PROFIT         £81,000   (54%)
  • COSTS                        £36,000
  • NET PROFIT             £45,000  (30%)

Here the NET PROFIT MONEY is doubled to £45,000 and the NET PROFIT PERCENTAGE has risen 66% from 18% to 30%. Hopefully, YOU can see that a BIG CHANGE to the NET PROFIT has been made through reasonably small changes to the BUSINESS NUMBERS.

Surely £45,000 is MUCH BETTER than £22,500!

But, I hear YOU say that YOU could NOT make these changes in your business, small as they maybe.

My reply would be that these changes could be easier than YOU THINK, so please read on!

HOW TO DO THIS

If YOU have read some of my other ARTICLES on this site, YOU would have read that I have said YOU should KNOW and UNDERSTAND YOUR TARGET CUSTOMERS COMPREHENSIVELY.     This means KNOWING and UNDERSTANDING them MUCH BETTER than YOU do now  –  MUCH BETTER!!!

Through this KNOWLEDGE, YOU will be to achieve the following:-

  • YOU will able to TARGET your TARGET CUSTOMERS much better with your MARKETING, grabbing more CUSTOMERS and making them BUY MORE from YOU.
  • YOU will be able to BUILD A BIGGER ARMY OF LOYAL CUSTOMERS who will return time and time again to BUY MORE.
  • YOU will be able to provide MUCH BETTER PRODUCTS that will provide BETTER HELP and BENEFITS for your TARGET CUSTOMERS.
  • YOU will be able to provide MUCH BETTER CUSTOMER SERVICE that will EXCITE and IMPRESS your TARGET CUSTOMERS.
  • By providing BETTER PRODUCTS and BETTER CUSTOMER SERVICE, YOU will be able to increase your PRICES modestly.
  • By EXCITING your CUSTOMERS, YOU will create WORD OF MOUTH, the most powerful MARKETING TOOL in business, thus reducing your MARKETING COSTS.

All of the above will GROW your REVENUE SALES and GROSS PROFIT and help to reduce some COSTS.    In addition to this, every business owner should do a COMPREHENSIVE AUDIT of their REVENUE, MARGINS & COSTS ideally every 3 months and certainly every 6 months to see where they can GROW their business and make SAVINGS  –  many businesses don’t do this EVER!!

The most successful in business will do this as a course of habit.

If YOU want the same SUCCESS, YOU could achieve it by acquiring this same habit.

Hopefully, this has convinced YOU that this possible.

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YOU COULD DO EVEN BETTER THAN THIS

In my view, doing what I have described is the minimum anyone can do in their businesses –  I THINK much more is possible  –  I am talking about DOUBLING or TREBLING REVENUE SALES!!!

The WILL to MAKE THE CHANGES along with SMART BUSINESS THINKING and SMART BUSINESS ACTIONS is all that is needed.     This will create the FOCUS to look at your CUSTOMERS, your PRODUCTS, your TRADING MARKET and EVERYTHING ELSE in your business and an AVALANCHE of possibilities will unfold to effect the changes that I have described here in this ARTICLE.

TRY DOING THIS NOW!!!

WHY NOT SET YOURSELF THE OBJECTIVE of:-

  • INCREASING REVENUE SALES by 20%
  • INCREASING MARGINS by 8%
  • DECREASING COSTS by 10%

And, DO IT NOW!!!

If YOU wish to discuss this further with me, please email at Robert@prestigebusinesscoaching.co.uk

Or please leave a comment below.

SMART BUSINESS THINKING & SMART BUSINESS ACTIONS!

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Are Your Products Right For Your Target Customers?

Untitled-design-6 Are Your Products Right For Your Target Customers?

Are Your Products Right For Your Target Customers?

One BIG reason for business FAILURE is due to businesses trying to sell the wrong products to their TARGET CUSTOMERS.
Many businesses, especially ones that are just starting, create a product and then they try to find customers to buy that product. This is the wrong way to start and run a business and the wrong way to think about your product.

 

Design & Plan Your Product Around Your Customer
Your product should be designed and planned around your TARGET CUSTOMER and their WANTS and NEEDS.

 

First Identify A Problem, Then Match Your Product
The place to start is to identify a problem that a large number of people might have and then design or source a product to sort that problem. By doing this, you will be MATCHING your PRODUCT exactly to what a large number of people will want and will buy.
And, because it should sort a particular problem that these people will have, it should sell well and the sales should be great enough to make your business viable and profitable.
A client of mine has just opened Tilleys Gluten Free Bakery, but before he took the big and expensive step to start his bakery, he researched heavily his potential TARGET CUSTOMERS, firstly to understand them as a group and then he researched their NEEDS and WANTS, so that he could produce Gluten Free Products that these TARGET CUSTOMERS would enthusiastically buy.
Once he had developed his products, he then tested the sales of these products on his potential customers and invited their comments and critique. All reaction was analyzed and further modifications were made to the PRODUCTS.
Only when he was confident that he had products that matched exactly what his potential TARGET CUSTOMERS NEEDED and WANTED, did he take the plunge and start his bakery. Now, a few months after launching his new business, SALES are STRONG and GROWING and, importantly, he is making a PROFIT.

 

This Took More Time Initially But Saved Time Long Term & Gave An Initial Profit

The process that he followed took more time and more effort, initially, but in the long term, much time has been saved and the chance of failure has almost been eliminated and he has made a good initial profit -  which for a new business is crucial.
When you do start a business or launch a new product, think about your TARGET CUSTOMER first and then think that any PRODUCT that you launch must satisfy exactly the NEEDS and WANTS of your TARGET CUSTOMERS and give them BENEFITS.
Research your TARGET CUSTOMERS, first, and get to know and understand them well and make sure that YOU understand their needs and wants too.
Then, YOU should TEST your product on groups of your target customers to ensure they would be happy to buy your product.   YOU should note their comments and make corresponding adjustments to your product.
Only once YOU are very happy that YOU can sell a large volume of your products to a large number of customers and that YOU can create a good PROFIT should YOU attempt to sell that PRODUCT.

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Start With Your Target Customer & Not Your Product

In short, you should START with your TARGET CUSTOMER and NOT your PRODUCT.

Ask yourself if your products are right for your target customers.

If you would like further advice on this please contact me: robert@prestigebusinesscoaching.co.uk
Or leave a comment below to contact me:

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Use Customer Service To Gain Sales

USE-CUSTOMER-SERVICE-TO-GAIN-SALES Use Customer Service To Gain Sales

Use Customer Service To Gain Sales

What is your CUSTOMER SERVICE like?

Do your customers rave about your CUSTOMER SERVICE?
Or do your customers say your CUSTOMER SERVICE leaves much to be desired?
Surveys consistently show that consumers rate CUSTOMER SERVICE as highly as the products they buy. Customers will even avoid buying good products if the CUSTOMER SERVICE is poor.
If you can offer much better customer service than your competitors, then you will steal their customers.
Use customer service to gain sales.

 

Many Businesses Do Not See The Merits In Offering Good Customer Service

But so many business owners in the UK do not recognize how highly customers rate CUSTOMER SERVICE -  and when they have this attitude, they are literally throwing sales away and losing customers.
Poor CUSTOMER SERVICE is evident everywhere, but as a business owner, you can literally ‘cash in’ on this -  have BETTER CUSTOMER SERVICE than your COMPETITORS and YOU should take their CUSTOMERS and GAIN SALES.

 

Offer Excellent Customer Service

In fact, make your CUSTOMER SERVICE as good as it is possible to make it -  make your CUSTOMER SERVICE EXCELLENT!!
Take a long hard look at it, pull it apart and analyse in detail the CUSTOMER SERVICE that you offer and ask yourself TWO BIG QUESTIONS:-
  1. “HOW CAN I MAKE MY CUSTOMER SERVICE EXCELLENT?”
  2. “WHAT WOULD I WANT FROM MY COMPANY AS A CUSTOMER?”

 

Businesses That Offer Excellent Customer Service Always Out Perform Others

Businesses that go the ‘extra mile’ and deliver EXCELLENT CUSTOMER SERVICE always do much better than their competitors -  always.
YOU must do the same.

 

USE-CUSTOMER-SERVICE-TO-GAIN-SALES Use Customer Service To Gain Sales

Set Yourself The Objective Of Giving Excellent Customer Service
So, set yourself the OBJECTIVE to make your CUSTOMER SERVICE EXCELLENT and do it NOW!!
Have a GOOD THINK about your CUSTOMER SERVICE, ANALYZE IT, PULL IT APART and see how YOU CAN IMPROVE IT.

 

If you would like to talk more about this with me, please contact me at robert@prestigebusinesscoaching.co.uk. 
Or please contact me here:

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