New Ideas for Customer Loyalty
Customer loyalty programs are making a comeback, as many companies realize the benefits of not only attracting, but also retaining a steady customer base.
Sep 01, 2010 | 0 comments | View Post
New Ideas for Customer Loyalty
by Lauren Dixon
Customer loyalty programs are making a comeback, as many companies realize the benefits of not only attracting, but also retaining a steady customer base. A recent Wall Street Journal article highlighted the many perks that restaurants are touting to provide customers with an experience rather than just a one-time purchase. Instead of buying a cup of coffee at Starbucks and leaving, members of the gold-level rewards program can earn a chance to purchase rare coffee from the Galapagos Islands and buy discounted trips there. Red Lobster also offers trips to U.S. cities known for seafood.
While these loyalty programs make sense for the restaurant industry, particularly as they emerge from the recession, there are many other ways companies in diverse industries can build loyalty. How can your company share its best products or services to customers while building a loyal following that stays with your company? There are three steps you can take today to promote customer loyalty:
1. Create and maintain a positive work environment with loyal employees. While initially this might seem unrelated to customer loyalty, having loyal and enthusiastic employees helps to keep customers happy and excited to return. Retention can play a key role in maintaining a core base of customers, while building more excitement for new customers.
2. Explore new technologies to reach customers. Social networking and web promotions can reach very targeted audiences in ways that are economical and personal. Many companies are using e-mail blasts, blogs, and Twitter to tout the latest and greatest products that they offer. Executed strategically, these mechanisms can build a following for your company. But be careful and deliberate when starting on this path– explore ways to track feedback and ensure that your message is clearly communicated.
3. Embrace change to keep ideas fresh and innovative. Loyal customers might seem to primarily appreciate returning to their favorite offerings, but they also want growth and change to ensure that they are getting the best your company offers. Remember to be nimble and adaptable when creating your loyalty strategy. As the business environment changes, so will your customer Be ready!
Sep 01, 2010 | 0 comments
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Leadership and Entrepreneurship
by Judy Seil
I have met many entrepreneurs during my years in the private and public sector of banking and finance. From these experiences, I’ve learned that the most critical skill necessary to becoming a successful entrepreneur is being an effective leader. It is easy to have the big idea, but to take the product to market, you need to surround yourself with people smarter than you and be a supportive leader at the same time.
From my experience, there are several critical steps required when going from idea to market. Notice all of these steps require you to be a leader and learn from the expertise of others. The critical steps are:
- Find the financing
- Find key personnel
- Remember it is not about you, it is about forming a team
- Reward your team. In the beginning cash may be tight, but there are other ways to reward your team, including stock options, gift certificates, time off with pay, or a simple “thank you!”
- Listen and learn from your employees
- Listen and learn from yours supporters, including your banker, accountant, and attorney.
- Listen and learn from your customers; they are your greatest source of constructive criticism.
Notice, three of these steps include listening! Entrepreneurs who don’t listen will never be effective leaders.
Theodore Roosevelt said it best: “The best executive is the one who has sense to pick men (or women) to do what he (or she) wants done and use self restraint from meddling with them while they do it.”
Aug 24, 2010 | 0 comments
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Women Entrepreneurs Blog @ Simon in Rochester Woman Magazine
The Women Entrepreneurs Blog @ Simon has partnered with Rochester Woman Magazine and now has a column in their monthly publication! Our inaugural column was published in the August edition.
You can view the magazine online at www.RochesterWomanMag.com and sign up for a monthly notice when the new edition is available. Happy reading!
Aug 16, 2010 | 0 comments
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The Ultimate Goal of Marketing
A few days ago Manipura Inc., a Barbadian company whose board I sit on, held its second board meeting. It was a great reminder 
about the importance of designing lean and effective marketing strategies.
We were going over the monthly financials and got to a point where expenses spiked. “What’s that huge expense there?” someone asked. “The fee for the marketing company and the web developer,” responded the CEO.
“How is the marketing company helping to get sales in the door?”
The conversation turned towards analyzing the marketing strategy proposed by the company. None could figure out how the present strategy could help generate sales quickly and efficiently. If the marketing strategy couldn’t help generate sales, Manipura would be paying more in marketing expenses than the company would be generating in revenue. That was not practical for any business.
Marketing strategies should be cost effective and designed to help businesses grow to the next level. This means that as a prudent marketer one needs to look at the objectives of the business and then develop marketing objectives and a marketing budget based on those overall goals. “You want to make $50,000 in sales over the month of August? I’m going to show you how marketing is going to help you reach that goal at a minimal expense.”
Too often marketers “bounce” in with talk of fancy ads and social media without clear thought about if these are really the most effective use of company resources. Where are the fancy ads being placed? Will they be in publications/on websites my target group is likely to read/visit? Will social media help increase sales conversions?
There’s nothing wrong with ads or social media of course; they are all part of the marketing communications toolkit. However just because a tool is in your toolkit doesn’t make it right for every job. Entrepreneurs should always remember that the ultimate goal of marketing is to get sales in the door. If your marketing strategy can’t demonstrate a clear path towards helping you/your client do that, then it’s time for a new strategy.
Aug 10, 2010 | 0 comments
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If At First You Don’t Succeed…
by Kristin Boyd
We all know the saying, “If at first you don’t succeed, try and try again.” For many entrepreneurs, this can be very difficult, given that many times the financial well being of yourself (maybe even your family, too!) are at stake. Remember to treat these low points as lessons to learn from, and try not to get discouraged! You’re not alone, and it doesn’t mean that you can’t make it. Make sure to share your lessons learned with others, like this entrepreneur did. I’d like to thank one of our followers for sharing this article about 15 CEO’s Who Failed at First.
I’m sure you’ll be surprised by some of the names on the list! If you’re looking for some women who failed at first, check out this list, which includes some women too!
Aug 03, 2010 | 0 comments
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