Powerful Pricing Strategies You Need to Use Today

Research has shown there are many weapons business such as towing service McLean va use to increase their sales performance, a sales strategy that has proven to be very    effective. I know you are wondering what this sales strategy is. Well, its what entails strategic framing of prices. It doesn’t matter the market you are operating in, be it luxury or cheap one. What matters is how  you frame your prices that will influence the number of prospects coming to your store and closing on the deals you offer to them. Regardless of the price of your product, focusing on “time” over pricing, can boost your sales and lead to increased customer satisfaction.

Here are some important strategies you can apply

Don’t compete on competitor pricing

You should never compete on pricing. Emphasizing that your products are priced lower that your competitors will always backfire. There is a research that was conducted, asking participants to make a choice between three cameras. A basic inexpensive camera, a more advanced one that is mid priced and then an advanced one that is priced the highest. If you can give your customers options to make decisions based on different qualities and pricing, then you stand to benefit the most. When customers are given the chance to compare products, they tend to focus on the competitive disadvantage, and not your solution’s advantages.

Highlight the ROI of your Product

The only time price should come to the equation when there is an argument should only be when the ROI is being evaluated. It has been proven over time that people will always pay for quality, regardless of the price you set for your products and services. You would not want to compete on price, and same should be the case when it comes to quality. You dont want to compete when it  comes to the benefits that you offer as they are always supposed to be above what your nearest competitor can do. Value is always the key to customer’s heart and value applies more to quality than it does to cost. If possible, consider mentioning any features you will be releasing soon, as these benefits will make your product more desirable.

Position time over money

Regardless of the price of your product, be it $1 or $1000, you need to focus on time over price, as doing so will definitely boost your sales and customer satisfaction. Time might be equal to the promise of frequent and long term use, or just the hours of the buyer’s life they will get back. Research has shown that when you highlight the experience someone will have on your products, that can be key to influencing them to make a purchasing decision. Understand that time is a more scarce resource and once it is gone, it can’t be recovered. Explain to your customers how your product will perform and save them lots of valuable time they would otherwise spend if they acquired an inferior product.

Handle Pricing Comparison

When customer comes with the phrase that price is less everywhere else, that becomes a huge aspect you must handle amicably. When you hear such, you need to focus on how your product is of high quality. Point out on the better quality of your product, the robustness of its features and how you would offer support for the same. This is a strategy that can work especially when you are competing against bigger, and higher priced competitors as well. There will be times people will choose to pay more for a product or service, because of the perceived benefit and quality they are getting.

Steps to Building a Strong Customer Success Team

When you want to attract new leads for your tow truck business, one of the starting points is to build a marketing team to plan and carry out the required activities. You build a sales team to close new customers, and you build a customer success team to retain those close and keep them happy. As far as solving the customer retention problem is concerned, there are many places to start from and it can be confusing to decide what to do first.

 

Customer Success Team

Customer success teams are dedicated to helping customers achieve their goals. These teams work to optimize their company values in the eyes of a customer by providing them with useful resources and reliable support. When successful, customer success teams work to foster and develop mutually beneficial relationships between a company and its customers.

If you are looking forward to building customer success teams, here is how to go about it.

 

Start with talking to customers

It might sound crazy but the most important and number one item when it comes to building customer success teams involves talking to your customers. Make a list of customers who have reported success with your product and list those customers who have either canceled or expressed negative feedback with your customers. Once you have set up your list, start reaching out to these customers to learn of their reactions.

 

Create an onboarding process.

You might think it’s simple to learn how to use products and services. It can be easy to forget that your work with your product every single day and how you find it easy use is not how another person might find the same. Rather than expecting your customers to adapt to your products and services on their own, you need to have a team that proactively intervenes and teaches them the best way to use products. Doing so will save customers valuable time during the early stages of the customer journey.

 

Make use of surveys

You need to deploy a survey at each stage of the customer lifecycle. As your customer base grows, you will need to come up with a more suitable feedback mechanism for determining customer satisfaction. Put it a priority to get feedback in all areas of customer experience by creating and deploying a regular survey system. You can make use of net promoter scores and other metrics to get valuable data.

Provide self-service resources

Your customers need to get quick and simple answers to the questions they have especially with the use of your products. Ensure you can stick with their preferred method of getting feedback and stick to it. A simple and easy way to get started is through creating resources for your knowledge base and writing down any questions your customers ask more than twice. Once these questions have hit a threshold, you need to create helpful resources to provide your customers with the information they need to make their lives easy. Above all,  ensure you meet customer demands and delight your customers always.

The Definitive Guide to Escalation Management

It is the work of business owners to care about their customers. It can be a bad practice when customers believe businesses do not care about them anymore. Businesses such as Vienna Tow Truck strive to ensure they meet all customer demands and everyone is happy. Keeping your customers happy and offering them the best experience is key to building and growing your business. Customer service teams should address every issue brought to their attention and resolve cases as urgent as possible. This is where escalation customer service comes in.

What is escalation customer service?

When a customer has a question or a problem with your company, they will reach out to the customer service team. It is then the work of support agents to offer the desired answers and solutions. If an agent is not able to offer the desired solution, the problem is escalated, and this is where escalation customer management comes in. When it comes to escalation, there are two types, and these include; functional escalation and hierarchical escalation.

With functional escalation, it can happen immediately in customer service. An agent who chooses to offer a solution to customer problems might realize they don’t have the much-required expertise and may escalate the issue immediately to the relevant team. With hierarchical escalation, the escalation may not be straightforward, and there is some chain of commands to be passed before an issue can be resolved.

When looking forward to escalating issues, here are some of the best practices to consider.

 

Design a clear escalation system and process

A good structure is the cornerstone of escalation management, and it gives your reps a clear indication of when to escalate an issue, and when not to. It should be an automatic process that goes through until an issue has been resolved to customer satisfaction. If a customer is faced with complex technical, issues, specialists should be included in the equation to have the issue solved amicably. Doing so helps in creating an Omnichannel experience for the customer and allows your teams to work to provide the best support for the customer.

 

Train your staff to handle issues

You need to train and equip your staff with relevant resources to handle escalations in the right manner. Give your support staff the tools they need to help them in managing inquiries and solving issues. Any growing business must have a helpdesk or customer support platform. They should have noise canceling headsets and other similar hardware that promotes seamless communication with customers.

 

Teach your staff how to manage escalations

Additionally, you need to teach your staff to have the required soft skills which are key to listening and having customer issues solved in the right manner. Your staff must have empathy, to put the customer first and feel the same way a customer feels. They should engage customers in active listening and show support to a customer during a stressful situation. Active listening will also involve processing what someone is saying and taking constructive questions to aid towards building a resolution. There should be clarity in communication, to ensure all issues have been captured and matters have been addressed amicably.

How to Develop a Great Startup Idea

startupSuppose you want to go past a simple towing service business idea and come up with a more complex and sustaining idea that can be a game changer, how do you go about it? The best business ideas come from trying to solve a problem. You should try to solve this problem probably in a space you are familiar with and offer unique solutions. To come up with a great business idea, you need to become idea detective. Here are ways to go about it.

Become Idea Detective

You need to stop accepting the world as it is and see it in a different angle. You need to start noticing things that are wrong, inefficient or causing frustrations. You should never allow imperfections. Never ignore opportunities that can create great business ideas. The main goal with this point is to identify imperfections and try to come up with solutions that can help solve these imperfections.

Become Observant

You need to become observant of pain points. You need to become a keen student of consumer behaviors. Instead of rolling over the day with the way things are, try to notice things that are ineffective and inefficient. Start watching people and try to figure out what could be some of the problems they are facing.

Focus on Problems

You need to focus on key problem areas to come up with solutions. Focus on the problems you have as this can be one of the best areas to find solutions on. The second thing is to check on the problems people you know have. Take a closer look on the problems you suspect others have. These could be problems with people in your family, your colleagues and friends.

Turn your day job into a business

Another key way of coming up with business ideas is to turn your day job into a full time business. You might be offering services such as teaching and coaching to others, and if you scale this up, it can be a very good source to solve other people’s needs and hence create a business out of it. You can also turn your expertise into a media company by creating a blog and automating the process. Additionally, you can look at jobs that are highly on demand and work towards creating a value out of it. You can also brainstorm for solutions with your friends and colleagues.

 

Essential Steps to Follow for a Successful IPO

businessFor many CEOs, taking over a company through a successful IPO is the most rewarding and challenging tasks they have to undertake in their career. Any company is it a tech company, a towing service, an insurance firm, etc. can pass through the stages required to successful register its IPO. The rewards of going public can be so much exciting. However, getting there, it required the work of experts to ensure that everything goes as planned.

Here are some important aspects you have to get right when preparing for IPO.

 

Upgrade your technology

As your business grows, you can expect various sectors of it to be more complex and subject to a greater scrutiny. It is very important that you set in place systems that can be used to keep up with the growth you are experiencing. You need to upgrade your technology in advance as this will help you save a lot of hassles down the line. You will be able to present a professional and an efficient face to any potential investors along the way. When others have invested in your company, you have no option left than to keep on top of your metrics.

 

Audit your taxes

Any private company going public is always faced with a lot of tax concerns. Because of the mistrust, we have today, it is very important to ensure that all issues on matters tax are carefully addressed. The earlier you will be able to address tax concerns, the better you will be placed to answer all related questions. You need to ensure that you do all that is required for your company to comply with all regulations set by the government.

 

Have a strong team in place

Business processIf you have reached that stage of going public, chances are that you have a large number of employees who understand their mandate and day to day activities.  You need to have a team in place who can be trusted to handle large aspects of your business. Such kind of mandate not only applies to senior members of your team but also applies to every employee. You need to have a team with experience in how to carry out financial reporting because all investors’ eyes will be focused on finances. You also need to evaluate the existing team skills and if possible, get others in the team who can be used to cover for any teams weaknesses.

 

Brief your team

For any team that is employed at your company, a simple shift from private to a public company may seem to be quite monumental. By extension, the key components of a business are its employees. When a company goes public, such employees will be subject to a number of new regulations. It is very important to make your team aware of what to expect and coach them on the new laws and policies that will affect them. This can be very important especially in the event that you are offering your employees some stock options or shares.

 

Easy Ways to Raise Capital for Your Business

capital-managementOne of the most important yet hard tasks that entrepreneurs face when starting out their business is raising capital. Capital is simply the amount of money a business has in their disposal when it comes to spending on various business activities. Raising funds is never an easy task. It requires discipline and determination to meet the targets.

When it comes to raising capital, there are a number of ways one can go about it. Let us look at some of the most viable ways one can go about it in raising capital for their business.

 

Raising it yourself

One of the simplest and most applicable ways to raise capital for a business is doing it yourself. Most founders put aside some capital in terms of savings for their business. It can be saved that arise from your 9-5 job. Others spend some extra time off their work working to save some extra cash for their business.

 

Family and Friend

If you are coming from a family that is well established, a key way of raising capital is linking up with family members for the same. Any business will always involve some level of risk. You might have a great idea but it turns out to be far out of a touch of reality. When you have friends close to you, they may give out their honest opinions besides contributing to your business.

 

Venture Capitalists

VentureA venture capitalist is a form of private equity that is provided at an early stage to an emerging firm that has a high potential for growth. You might have probably come across the term VC from Wall Street. A venture capitalist is a high-risk level of funding that aims at supporting a business with hopes of a high return on investment upon business maturity. The downside of venture capitalists is that they want their invested money to grow so quickly so that they can realize their return on investment. Venture capitalists are able to recoup their money during the initial public offering stage.

 

Angel Investors

An angel investor is normally the opposite of venture capitalists. It is normally a wealthy person who is investing more in you as a person as compared to investing in a business. Angel investors use their own money instead of that of a venture capitalist and ensure that it is well managed. In return, an angel investor gets some ownership in the company in form of equity or some convertible bond.

 

Bank financing

You can get funding for your business through some small business loans. The bank works through evaluating your credit score and deciding on the amount of loan you deserve. The bank also reviews other issues such as your time in business and your business plan to make an estimate on what you are worthy. You will then be required to gradually pay back the loan plus interest. One of the main advantages of getting a business loan is that you will not be giving out any ownership of your company to anyone.

Easy Tips to win more Customers for Your Business

referralsAre you looking forward to learning new and interesting ideas to attract more customers to your business? No matter how exceptional the product you are selling or the service you offer is, your business will not be able to make any profit not until customers are willing to buy from you. In most cases, small businesses experience hard times and many of them fail. They don’t fail because customers do not want to buy their products, but fail because customers do not even know about their products and services.

These businesses are also so poor when it comes to marketing and advertising. If you are looking forward to winning more customers for your business, here are some easy ways to go about it;

 

Referrals

Referrals are one of the oldest forms of marketing and advertising, and one of the most effective. Through it may bring slower results as compared to other methods of mass marketing, its effectiveness cannot be questioned. When a customer is happy and satisfied with a product, there is a natural tendency that he will likely share his experiences with his friends and people in his circle. A satisfied customer is one of the most effective tools any business can afford to keep.

If you are looking forward to having customers refer your business, there are a couple of things you must get right first.  You need to sell a product that really works, one that offers great benefit to anybody who uses the products. Most people are willing to buy a product or service that solves their problem or satisfies their needs. You also need to offer a great customer experience. This will give customers a reason to advertise and market your business.

 

Free stuff

Everyone likes free things. When you give some of your products for free, amazing things happen. First, you let people out there know that you exist. Secondly, it gives you a unique chance to prove the value and worthiness of your product or service by showing it really works. Lastly, it provides your future customers with a risk-free way to try what you have to offer without spending any money on it. If customers find value in what you have offered them, they will always come back to buy.

You should also offer discounts and special deals. Discounts present another creative and low-cost way of attracting more customers to your business. People like discounts and deals as they see them as an opportunity to save money for something they like.

 

 

 

 

 

How to Start a Successful Moving Business

movingToday’s families are on the move. Most people are also changing careers so fast and most of these career changes come with a move. This means that starting a moving business can be a very lucrative venture. Starting a moving business involves a lot of commitment to supply a growing market which needs nothing but superior services. If you are looking forward to starting a moving business, there are key issues you have to get right from the onset.

 

Initial research and planning

If you start a moving business, you will have started a wonderful career for yourself. Before you can get deep into the business, you need to understand customer demands and expectations. You must invest a substantial amount of your time planning and organizing to ensure that everything works well as planned. You need to have a business plan that highlights your services, target market, finances, and operations.

 

Conduct market research

As a business owner, you must be able to identify your ideal customers. You need to start your analysis by finding out data on the moving industry. The information you get will help you in estimating demand and positioning yourself to a better service position. Look out at trends that will help your business deliver better than what other competitors are doing. You also need to choose a market which you will be supposed to serve.

 

Decide on the specifics

Now that you have done your evaluation of the moving industry what needs to be done next is to decide on the specifics. You need to choose a company name and logo. Choose a name that spells out the primary characteristics of your brand. The name of your business should also be easy to pronounce and short. Also get a domain for your business because you will need to operate online. Your logo should be simple and easy to recognize.

 

Your business location

MoveThe location of your business will play a key role in determining its profitability. You need to find a suitable location for your business and a facility that can accommodate the needs of your business. Decide on the number of employees you are ready to work with. You also need to decide on the services you shall be offering. Ensure you have a wide range of services to cater for all your customers.

 

Business Promotion

Technology and global markets have greatly changed the way we do business. Social media has revolutionized the way we conduct business online. The popularity of mobile has given rise to a whole new market of users. Shoppers and potential customers can now be found online. If your business is not operating social media channels, you are missing out big time.

People are turning to search engines and social media to find solutions to their needs. You should also stick to these places people are found and promote your business from such places.  Be active in social media, create social media promotional content and engage your prospects in these platforms.