Principles and Practices of Business/Trading Tutorial to Understand Your Customer

The process of understanding your customers starts from identifying their needs and wants. Your business may have two basic types of customers, namely the existing ones and potential target audiences. You already have some understanding of the existing ones, because they have already purchased from you. You know their preferences related to product type, functions, quality, and other parameters. You can build the database using the available information as the foundation.

You have to focus on the potential target audiences, because you know almost nothing about them. So, you have to start with understanding their demographic data. Then you may communicate with them and get them to fill a few online forms. It will help you in understanding their type, approach to marketing, and personalization of marketing methods.

Customer Identification

Social media sites can help you to find lookalike people. You can input the geographical location, zip-code, your products, audience preferences, likes and dislikes, lifestyle, and other related parameters. You can get a huge list of all the individuals on the social media who match with your specified parameters.

Filtering

In the next step, you have to filter the audiences based on their previous purchase history. The parameters may include

  • Product preferences
  • Frequency of purchase
  • Purpose of purchase
  • Price preferences
  • Quality preferences
  • Future plans, etc

Award a rating from 1 to 5 or more. The ones who are in the first two or three ratings will be the most potential Customers. Of course, you have to consider the others also but on a reduced level of priority.

Initial Contact

Make a list of all the potential customers within the first two priorities. Now, you can get their contact details like email, phone, chat, etc. You can send them a contact request from the social same media where you found them.

Communication

You may get a favorable reply from many of them. Now, you have to engage them. It is suggested you don’t start with the intention of selling. Most of the potential customers may stop. It is because of their mindset about marketing communications.

  • Share interesting content
  • Post attractive videos
  • Encourage them to speak about themselves, family, hobbies, etc
  • Gather vital information
  • Direct them to your blog or social media pages

Consistent communication can build trust factors. They may add you to their favorite list within a short time. They may also share the email-ID, phone, and other personal communication links with you. Then you can start sending your products and services listing to them. You can also share the apps about your products services in their smart-phones and other mobile devices.

Campaigns

In the next stage, you can start the complete campaigns of your products through advertisements. You may also get to know what, when and how they would like to make their next online purchase. It gives you an idea about changing communication and convincing strategies. You have to ensure you don’t offend or break into their privacy. You can expect marketing leads and sales conversions in the future.

Customer Evaluation and Understanding for Better Sales Conversion through Business Tutorial

The first step to providing customer services is to focus on understanding their needs and wants. The needs can be relatively static, while the wants will be more dynamic. For example, a customer searching for a car will have certain fixed needs. He may look for fuel efficiency, mileage, safety, speed, control, and ease of maintenance. It will be the same regardless of the brand he chooses.

The wants may vary, depending on inputs from his family members, friends, and colleagues. For example, he may want a stereo system with FM radio today. He may change it to stereo, with video and FM on the next day. So, you have to understand his needs and wants clearly before thinking about providing customer service.

Customer Evaluation Business Tutorial

Customer evaluation will be simple when you are talking to them face-to-face. Glass Repair Logan for instance can give you the inputs which help in making calculations practical for any glazier projects you need. There is no ambiguity. Hence, the results will be relatively positive.

Evaluating the potential target audiences online may not be so simple. It is because you haven’t even met them or learned what they may need. It is when you have to depend on the demographic data. The business tutorial recommends you to include:

  • Product preferences
  • Buying history
  • Lifestyle
  • Favorite products and brands
  • Buying frequency
  • Reason for product purchase etc

The data can give you practical insight into potential customers’ needs and wants. Of course, you can add many other parameters to the list. You can use them while engaging the customer in your marketing mail, chat, or other forms of conversation and communication.

The feedback you get from customers can help you to evaluate them. You can group them on particular parameters like city, zip-code, favorite brand, product preferences, etc. It is the first step towards customer understanding.

Customer Understanding Business Tutorial

After the grouping, you can follow up with a personalized email for each potential customer. In the first few emails, you have to focus only on gathering maximum possible information about the customers’ product preferences and buying patterns. It gives you the much-needed data about your competitors’ influence on potential customers.

After a few days of email communication, you can start introducing your products to potential customers. Provide links to the informational sites, blogs, testimonials, product demos, etc.  Then they can think of continuing to communicate with you. It is the first positive sign you get from your potential customers.

Personalization

You may have to make certain personalization in your product based on the maximum number of input from the potential customers. For example, they may want a rear-view mirror made of ABS rather than a metal protective cover. You may make that change if possible. Or you can write to them and state why metal protection cover is better than ABS. You may give practical instances to prove your statement.

Customization

There could be other instances, where you may have to customize a specific feature based on potential customer input. You have to use your business service options to decide on its practicality with your technical team.

Practical Business Tutorial for Customer Attraction and Conversion

You can sell a product to a customer as long as he has a need and willing to buy it from your store. You have to convince your customer about your product’s relevance and practical usage for the intended purpose. You may also have to convince him about the product quality, safety, and related parameters. Then he may choose to buy immediately, after some time, or after an indefinite time.  How you convince him to buy at the earliest depends on the type of customer service you offer.

Customer Service Parameters

Gone are the days when you could convince your customers with the product quality alone. There are hundreds of other product manufacturers and sellers who offer the same product quality. So, you have to think about what can put you ahead of the others. Here is where the customer service parameter comes into the picture. Customer service can be categorized into two parts, namely the pre-sales and post-sales.

Pre-Sales Services

In the pre-sales module, you can add

  • Product demo (direct or online)
  • Information about warranty
  • Free services during warranty
  • Paid services during the warranty and after
  • Information about repairs and replacements
  • Any other related information

Product Demo

Practical demo of the product can convince the customer about its application for his intended purpose. You can do it online or during a face-to-face session. Tips about safety and proper usage are a very important factor. Make sure you don’t compare your product with your competitor at any point in time. It may prove to be a negative factor.

Duration of the demo has to be short and effective. You can show the testimonials of the existing customers for specific product functionality. For example, you may assume the product demo of a refrigerator. You may explain and demonstrate the various aspects like storage space deep-freeze, etc. You can take a break after explaining a feature and display the testimonial for that feature. It can be the most effective way of convincing the customer.

Warranty Information

You have to provide the right warranty information about the product. It could be according to the product manual and the warranty card. Then you have to convince the client about the sufficiency of warranty because of product quality and durability. Here also, you should avoid comparing your product with the competitors.  

If the customer persists on the comparison you can show the existing customer testimonials about the quality and durability of your product.

Post Sales Services

Provide detailed information about post sales services you offer to the customer. It is apart from the warranty, repairs, and replacements you have promised. You can specify

  • 24X7 helpdesk
  • 24X7 emergency services
  • Information about product updates
  • Information about new products
  • Information about product accessories, etc

Now the equation of providing customer services is complete. You can be sure of complete customer satisfaction, once you have put all the specified promises into action. It is also the most recommended way to getting more sales and referrals from the new customer.

Keys to Follow To Achieve Success in Business

Every business owner wants his or her endeavor to succeed – there’s not much point in opening the doors in the first place if success isn’t on the agenda. While there are many paths to success, here are four keys that can help you accomplish your business goals:

  1. Hire locally. By drawing from the nearby talent pool, you may avoid extraneous expenses, such as relocation costs. You’ll also create a sense of goodwill in the community, which can encourage local business.
  2. The customer is always right — even when he or she is wrong. Never forget this most basic business maxim. Keep in mind that this applies to all “regular” customers, not to those who only want to twist this principle to their advantage at your expense. Make detailed notes of confrontations and always be professional, even if you have to put a customer on the blacklist. You can gain nothing by allowing a customer to take advantage of your business.
  3. Eliminate paper whenever possible. For example, replace your fax machine with Metrofax Faxing. This step will reduce your operating costs, and you’ll have less equipment to maintain.
  4. Work hard! Even business owners who seem to enjoy a leisure-filled life have to do this. Hard work is the cornerstone of every single business success, but you shouldn’t do everything on your own. Hire employees who are willing to roll up their sleeves and pitch in.

When you apply these simple tenets, your odds of business success will increase.

Ways on How to Keep Track of your Business Expenses

Some businesses are learning the hard way that they’re spending more than what they can afford. By getting organized and keeping track of all the expenses can really help keep the company on the right path to staying afloat in this tough economy.

Keeping track of your business expenses is going to come in handy when tax season comes around. Financial expert Armando Montelongo offers advice on how businesses can keep track of their business expenses.

Get an Expense Log

Your local Tree Removal service company will carry an expense log book where you are able to keep complete track of the money that’s coming in and going out. Some logs will include sections where you can put your receipts and information on mileage if you’re traveling for business related things.

Write Down Expenses

It’s better to keep track of everything as you go along or at the end of each month. Getting organized and writing down expenses will make tax season go smoother. As you’re spending money to make business related purchases keep track of it in the log. If you’re unable to do this each day, put all your receipts in an accordion file and fill out your log book at the end of the month.  Waiting until the last minute isn’t always the best idea.

Use Software

Using software helps make the process go smoother. The software could make the process even easier for you since all you need to do is type in the information and it’ll do the calculations for you.

Get IRS Information

When it comes to expenses like your mileage and purchases it’s important to check with the IRS to find out how much you’re able to deduct on your taxes. If any information ends up being incorrect you could get audited.

Ways to Leverage Your Trades

In terms of trading, leveraging means the ratio of the size of the trading transaction to the actual investment used. In layman’s terms, it is a loan provided to the trader. This means that a trader can conduct a transaction without having to put up the full amount required. This can ultimately increase the returns made on investments.

If this sounds appealing to you, here are four steps to leveraging your trades.

  1. Firstly, if you want to utilize leverage when trading, you will need to open a margin account with a broker. The broker will then be able to provide you with leverage. A broker can help you in other areas too, for example if you want to Trade CFD.
  2. Use leveraging sparingly, and only when you need it. Even the most     seasoned trading professionals do this. Because leverage is a loan, it entails a lot more risk than if you were to use money alone. If you trade with a large leverage and make a mistake you could end up owing a heck of a lot more than you can afford.
  3. If you are using leverage, don’t use it alone. It should be one of many tools that you use to profit from trades. This diversification of methods will help to prevent from any unsavory situations (like the one above).
  4. Don’t get a higher leverage than 10:1. You will probably find that most brokers won’t go higher than this anyway.

The above being said, trading using leverage is no more risky than trading using cash. Risk is just the nature of the game.