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Success Quotes of the Month:"The road to happiness lies in two simple principles: find what it is that interests you and that you can do well,
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bit of energy and ambition and natural ability you have.".....John D. Rockefeller III, Philanthropist
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Read Andrew Linick's article..."Where have all those clients gone?"
Read Rob Spiegel's article..."Why NOW Is the Right Time to Start a Business…"
Publisher's Bio
Since this is the premier edition of Modern Opportunity Newsletter/Ezine,
I would like to tell you a bit about myself...
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Where Have All Those Clients/Customers Gone?
By Andrew S. Linick, Ph.D., The Copyologist®
What turns clients and/or customers off?
How often have you said to yourself, "why has the number of repeat sales gone down for the sixth straight month? I wonder what's happened." The reason probably is the Smiths and the Browns and the Ragusas and the Jones have gone elsewhere for their needs. Andrew Linick, Ph..D., who conducts numerous seminars/workshops worldwide, has some sound ideas about why your quarry has flown the coop.
The tendency in selling most products, services as well as offering business opportunities is to place more emphasis on acquiring new clients/customers than on holding old ones. This is understandable, as there is no greater thrill for a businessperson or owner than to land a new account, especially if the struggle for new buyers has been long and difficult. Getting new business is one way to increase sales volume, but not the only way. Volume can also be increased by encouraging existing clients/customers to buy more. As you can see, there is no gain at all if the amount of new business is offset by the loss of the old. Your best sales strategy is the one that pays equal attention to both objectives-gaining new clients and holding onto old clients.
Certainly, you should want at least an annual inventory of your clients. For example, what percentage of sales last year went to newly acquired buyers and what percentage went to clients carried over from previous years? How many old clients stopped buying and Why? With today's technology, it is quite easy to monitor new sales as well as repeat business.
What can be done, if anything, to bring these lost sheep back to you?
Have the lost clients gone out of business or moved? Not usually.
Are they buying from another source? Obviously.
But what happened? Why do clients leave one company for another?
When you are reasonably sure of the answer to the last question-why clients run away-you are better qualified to, first, take steps to eliminate the faults which have caused dissatisfaction and second, decide intelligently how to go about reclaiming some of your lost business.
To find out why clients quit buying, we selected a cross section of a hundred inactive charge accounts of a large retail agency, whose clients hadn't done any business with it for at least a year.
We asked each to state frankly what had happened. Why were they no longer buying from that company. The answers were surprising…
Do clients leave a company because they are angry, they can get a better price elsewhere, or have been influenced by friends or relatives?
You might expect these to be the major reasons for lost business. However, none rated high on our survey lists. In fact, more than two-thirds of the inactive clients gave no special reason-the company had simply let them drift away.
Here are the figures:
€ Sixty-eight had no special reason.
€ Fourteen had grievances which had not been adjusted.
€ Nine were lured away by lower prices or better service.
€ Five had been influenced by friends to shop elsewhere.
€ Three had moved and were using a local company
in their area.
€ One had died.
To be sure, the figures just cited would vary for other groups of one hundred among the clients for other types of business. But it seems fair to assume that the indifferent attitude of companies is the leading reason in a great number of cases. People stop buying because they are allowed to stop. Perhaps the company forgets to show appreciation for the client's patronage or does little to retain that goodwill. Often the only check on accounts is for credit purposes; no one notices that certain accounts are going stale or follows up by asking clients why they stopped shopping.
This is not true of all companies. Some watch their clients as closely as a hen watches her chicks. But it is surely true of far too many operating today.
Of course the company with strong field representation, and counselors calling regularly on clients, has a better chance of hanging on to clients than the one that limits personal contact with representatives.
No company, however, can afford to overlook any means that might help to keep clients satisfied and assured of their importance to the company.
One good way is with a well-written me to you-ish, benefit-laden dynamic sales letter-one that doesn't easily wind up in the junk mail category.
NEXT ISSUE: The anatomy of a successful sales letter that keeps on working.
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Have you been thinking about launching a company? Or perhaps you're considering an expansion of your existing business. Finally, current economic conditions are conspiring to offer you the best environment for a business start-up. Current conditions are as favorable for start-ups as any time we've seen since late 1982, the year we were just beginning to emerge from a deep and prolonged recession and enter a 20-year expansion that was interrupted only briefly in 1991.
Our present environment looks even better than 1982, as interest rates are lower, and the job losses during our recent downturn were not nearly as devastating as 1982, when the jobless rate hit 10.8 percent in October, a dreary number that still holds the post-Depression record for unemployment. More people are employed now and they're paychecks are relatively higher thanks to productivity gains over the past couple decades.
Here are the reasons why the present moment is great time to start a company or expand your business:
The long-stretch between recessions. The best time to start a company is during the bottom of an economic trough. When you begin at bottom, you get the longest possible stretch before your fledgling company has to weather it's first recession. Starting a business during a long stretch of good times increases your likelihood for success.
Low interest rates. We're now experiencing the lowest rates we're likely to see for many years if not decades. This means money is cheap, and cheap money means your start-up costs will be lower. Whether you're financing your start-up with a second mortgage on your family home, through a Small Business Administration loan, or simply by maxing out your credit cards, the result will be a lower-cost start-up than would have been possible two years ago or likely to be possible two years from now.
Companies are getting ready to buy. American businesses large and small have kept tight purse string during the past three years. In order to produce profits in a down economy, they have laid off workers and frozen or cut most of their budgets, which means it's been very hard to sell business-to-business. That is just starting to change these past few months. And since companies have held off on their buying, they have pent-up needs that will drive a new round of robust purchasing over the next few years. If you're planning to sell to business, you're entering a new healthy market.
Consumers never stopped buying. If you sell to consumers, this downturn hasn't been bad at all, since those with jobs kept buying and fewer jobs were lost than in past recessions. Things will just get better from here. As the job market tightens over the coming years, wages will begin a new round of swelling and more jobs will be created. For those companies selling to consumers, the market is beginning a new period of growth.
The one caution: employees will be hard to find and you will have to pay them higher relative wages. The only dark news for start-up entrepreneurs or business expansion is the tightening job market. Right now, it still looks gloomy, but that is about to end. Already, the economy has begun to create new jobs, and that trend will be acerbated in the coming years when the baby-boomers begin to retire.
The boomers will be replaced by a smaller work force, which will put higher demand on employees. This will present a challenge to small companies as they try to compete for workers. Your best bet to combat the strains of a tight job market is to seek creative ways to outsource needs such as bookkeeping and payroll. Difficulty in finding cheap employees is a small price to pay, since it comes with the good news of fatter consumer wallets.
All if these positive elements add together to give the entrepreneur the best possible chance at business success. It will be many years, perhaps decades, before we again see such a positive environment for business launches.
Rob Spiegel is the author of Net Strategy (Dearborn) and The Shoestring Entrepreneur's Guide to Internet Start-ups (St. Martin's Press). You can reach Rob at robspiegel@comcast.net
A personal message from the publisher...
How I became a proud, single, work at home grandma.
My name is Francine York, publisher of Modern Opportunity Web site and newsletter. I welcome you to what is fast becoming the quintessential business opportunity web site. Not only will you find a wide variety of interesting and profitable opportunities; but you will find services and products as well. Feel free to browse the site and read the many informative articles and columns geared to assisting you in becoming a successful entrepreneur. My email "door" is always open to you; so email me anytime and you will receive a personal reply from me.
And now, about my background and how I came to publish this site and newsletter... Due to budget tightening, my job at a not-for-profit agency was cut back to part time. Because I needed more of an income, I set out looking for a new position. At about the same time, my daughter and son-in-law gave me the wonderful news that they were expecting their first child and my first grandchild! My joy was boundless until the reality of economics deflated my euphoria. My daughter would have to go back to work three months after the baby was born. I started envisioning he/she being cared for by strangers in a day care setting. Fortunately, when I had my three children, I was able to stay at home until the youngest was in full day nursery school; but she could not financially do the same.
EUREKA! It suddenly became crystal clear...I would stay home and care for my grandchild. First I headed for my financial advisor to review my finances and see if I could do this. He politely and firmly said, "Get a job, send your grandchild to day care like so many others do; sell your house; giveaway your three dogs; and rent a small apartment, then maybe you can afford to stay home." Needless to say, I was horrified and angry. You see, I had recently separated from my husband of many years and could no longer rely on him to help with the income.
The more people told me what a crazy idea this was, the more I was determined to do it! I began looking in the classifieds for home based business opportunities. Most listings were for opportunities for which you needed a great deal of money; and that I would not be able to run from my home. That was not going to do. Unfortunately, at the time, I was not knowledgeable about the myriad business opportunities available which can be operated from the home. Finally, I saw an ad for newspaper for sale. The same week my grandson, Ethan Jacob, was born (May 11, 2002), I became the new owner of a business opportunity newspaper. Since I knew the impact the Internet has on today's existence, I immediately started designing a web site. Today, after a year of changes, improvements, redesign and hard work, the site has grown to over sixty pages with more on the way.
I am a proud, single, work at home grandma now; and loving every minute of it!
To give readers, some info about my educational background...I graduated from Brooklyn College, Brooklyn, NY with Bachelor and Masters of Science degrees in the field of education. I spent the next four years teaching in a N.Y.C. public junior high school. Coming next was a move to the "burbs" in 1973 followed by the birth of my third child. When he turned four, I returned to teaching in a Brooklyn High School. The commute, the conditions and having a mother who was quite ill caused me to rethink the teaching profession. I decided that I needed a change, a challenge and to be closer to home. My next venture was opening a retail business...a Hallmark card and gift store on Long Island. Fifteen successful years later, that was sold. Not at all ready to sit idly by and watch the world pass me, I sought a new focus. I found a job working for a small marketing company. Since writing was always my hobby-I have been published several times-I was able to write copy, marketing plans, radio commercials and the like. It was during that time, after many years of marriage, that my husband and I decided to separate. The week after my daughter was married, 8/13/00, I lost my job. Luckily, I was hired to do public relations, write press releases, oversee the computer program, assist with development, etc. for the not-for-profit agency at which I had been volunteering as a crisis counselor since 1995.
My story comes full circle...I am here, it's 2003 and I am a very happy stay at home, single grandma whose mission is to offer money-making opportunities, services, products and essential information so others who desire, or need to, will be empowered and able to stay at home; and they will be able to find all the resources necessary to do just that right here...so, WELCOME and much success in your endeavors!
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