Coursehero >> Texas >> TCU >> HR, MANA, 40970

Course Hero has millions of student submitted documents similar to the one below including study guides, homework solutions, papers, exam answer keys and textbook solutions.

The Managing Emerging Venture "How To Win Customers & Keep Them For Life" Book Test Review The Greatest Business Secret in the World Customers alone make it possible for you to earn your livelihood in the way that you do. Treat them well and satisfied customers will be your best source of advertising and marketing. Don't ever make the mistake of thinking buildings and machinery are the companys greatest assets, the customers are the companys greatest assets Every behavior has consequences Future behavior depends largely on the consequences. If the consequences are rewarding, the odds are great that the behavior will be repeated. The more the customer feels rewarded, the greater the odds that he will continue to be your customer. The less he is rewarded, the greater the odds are that he will not repeat his behavior. In short, winning and keeping customers depends on rewarding people for being customers. Fancy sales pitches, high powered market strategies, and clever advertising can be very important attention getters. The rewarded customer buys, multiplies, and comes back. Dan Scoggin-TGI Fridays The success syndrome- success gets to your head. Sooner or later attacks almost every business and if not corrected, goes through three predictable stages: o Stage 1- open the doors for first time and everyone is scared. What if it goes belly up. Failure is out of the question. o Stage 2- business is open for several months and your efforts to reward customers are paying off. The success syndrome has taken place o Stage 3- your quality of service and performance has slipped and you're the last one to know. Sales begin to plummet and customers just aren't coming back. If left uncorrected, this final stage is terminal. When we think of success in business, most of us think in dollars, statistics, facts, and figures. Yet all those measures of success are determined by the behavior of customers and the employees who serve them. Reward customers and youll create and keep them. Better Than Selling Porter Stevens Mens Wear- Fred was the best selling rep because he valued the customer more than the sale. Three key approaches: o The most important goal of any employee, including salespersons, is to create and keep customers. o Theres a big difference between selling and helping people to buy. This approach is much less stressful for both the buyer and the seller. o People love to buy but hate to be sold. Did someone sell the car to you, no, you bought it!! We gladly take credit for the purchases we are proudest of, but are quick to blame the seller when we feel shortchanged. o Why would so many people who want to make a lot of money pass up the highest paying profession in the world? Its simple. They thinking of selling as a stressful, unpleasant, manipulative, arm-twisting activity and want no part of it. o Focus on what customers want and need, help them to buy whats best for them, and make them feel good about it. o The better the selling principle turns out to be the most powerful selling principle of all. o Make helping the customer the top priority in your job. o Take a few minutes at the start of your day and ask yourself, "How can I be of greater help to my customers?" o Brainstorming as many answers to the question as possible in a fun atmosphere makes a great group problem-solving exercise. The Greatest Customer You'll Ever Win Harry Winston won over a customer instead of his sales rep because he told him how much he, himself loved the diamond. He spoke about his own admiration of the diamond instead of the technical aspects. People are far more persuaded by the depths of your beliefs and emotions than any amount of logic or knowledge you possess. People don't know how much they care about a product or service until they find out how much you care about it. The greatest customer you'll ever win is YOU!!!! The greatest sale you will ever make is made the day that you buy your own product!!!! People are persuaded more by attitude than logic for two reasons: o People are ruled by their emotions o Emotions are contagious. The plain fact is that we base nearly all of our choices on how we feel about a situation. We all live at the feelings level and those feelings call the shots. Helen Modjeska once gave a speech that warmed every ones emotions even though is was about the alphabet. Persuasion isn't converting people to your way of thinking. Its converting people to your way of feeling and believing. If you know what your doing, love what your doing, and believe in what your doing, youll be totally sold on the products and services you offer. And that's the greatest customer you'll ever win. The Only Two Things People Ever Buy Customers don't by what your company sells, they buy what those goods and services do for them. "don't sell me toys, sell my children happy moments" "don't sell me tires, sell me freedom from worry and low cost per mile" please don't sell me things customers will only exchange their hard earned money for only two things: o Good Feelings o Solutions to problems The secret is to understand the customers problems and provide solutions so as to help that customer be profitable and feel good about the transaction. People buy emotionally and justify with logic. We buy what we want and wants are based on feelings. For example, we need food but we might want a steak for dinner tonight. Its feelings, not logic that cause people to buy the overwhelming majority of the time. The 4 Emotional States: o Glad o Sad o Mad o Scared According to psychologists, a person is capable of experiencing only these four basic emotions. Customers buy only when they are feeling glad about you and your products and services. People spend money when and where they feel good. The Right Touch o Put yourself in that glad emotional state. o Act the way you want to feel and soon youll feel the way you act. o Next time your feeling bad, smile in the mirror and that will make you happy again. o Never tell customers your problems o Remember that customers buy for their reasons, not ours o About 75% of all buying decisions are based on unconscious needs and wants. o Act as if you're the only personal contact that the customer has with the company and behave as if the entire companys image depends on you. o Use both logic and emotion to win and keep customers o Getting excited about a product when you buy it, then feeling like you made a bad purchase is called, "post-decision remorse" o use the problem solving approach to move customers from mad, sad, or scared and glad. They'll Buy Much More When They Buy How You customers feel about the people that serve or sell them is a key factor in winning and keeping them. Emile was a garden guy and was really close to all his customers. He got fired and as a result of being so close to all his customers, he took all of them with him when he started his own business. Help the customers to like themselves better and they'll love you. The most effective way to make a positive and lasting impression is to concentrate on boosting the customers self image. Open an emotional bank account with each customer The one major diff between a financial bank account and emotional one is that the emotional account usually requires continual small deposits in order to maintain its present balance. 5 ideas: o Develop a genuine interest in and admiration for your customers do about 80% of the talking o Recognize and praise people for what they want to be recognized and praised for. If you notice a customer has lost weight, acknowledge it. Give compliments o Put them at ease and establish rapport-smile, maintain eye contact, occasionally touch someone in a non-threatening manner. o Use humor where its relevant and appropriate-laughter is a tremendous influence tool. o Let them know that your talking about them- send them congratulatory cards for graduations, promotions, etc... The Customers Perception Is Everything Why do companies like Lexus and Ritz Carlton have such as excellent customer service image? = because they do in fact give that service and they have learned the subtle art of reminding the customer of the great service they give. Its not the quality of service that you give but the quality of service that the customer perceives that causes him to buy and come back. Perception is how we make sense out of what we experience. Your interpretation of what you see and hear is just that.-your interpretation. Everything we hear is a product od what our sensory devices and our nervous system manufacture. Perceived service quality is the difference between what they get and what they expect. When you exceed his expectations he perceives the quality as relatively high. Perceived quality is the single most important factor in determining long term profitability. Things to having a high quality service image in the customers eye: o Develop a customer profile- get clear picture of the type of customers you want. o Look at your business through your customers eye- 85 percent of what we see comes through our eyes. o Beware of overpromising and building unrealistic expectations. o Use problems as opportunities to demonstrate just what great service your company gives o Develop a unique relationship with your customers and treat each one as someone special. o Keep in touch and keep them informed- if you fail to keep in touch with your customers, they wont be aware of the good service your giving them Use emails, social calls, and newsletters to stay updated. o Remember that a large part of good service is show-biz o The acid test for the success of any business is the perceived overall value that customers think they are getting. To Win New Customers, Ask the Golden Question Finding and meeting unmet needs and wants is the name of the game when it comes to winning customers Girl battling obesity found out you benefited more through talking with others and started "weight watchers" The Golden Question is "What is the unmet want"? One critical diff between unmet wants and gold. Gold is scarce but unmet wants exist infinite quantities. Nesmiths liquid paper from a bank secretary. Always start by defining markets instead of your company's talents and strengths.- first focus on what they need Ask your customers and potential customers the golden question Create new products and services by giving the familiar a new twist Brainstorm ideas for creating new customers o Make it a contest or reward these new ideas Be a trend spotter Think globally, think e-commerce, think safety and home, think customer convenience, think aging baby boomers, think information and service, think customization. Look before you leap-don't get carried away Once you decide to go ahead, move quickly Be prepared for a large number of ideas that don't work out- youll have plenty of strikeouts but they will lead to one big success. To Keep Customers for Life, Ask the Platinum Questions The key to keeping customers is to regularly check up on what they like and dislike about his work. The PLATINUM QUESTIONS: o HOW ARE WE DOING? o HOW CAN WE GET BETTER? Ostrich Syndrome= when a business doesn't make a regular and systematic effort to ask its customers. Very few people even try to obtain, measure, or regularly monitor what the customer like and dislikes about the job they do. Most companys don't know how to measure customer satisfaction Service quality can be measured Construct a brief written survey questionnaire How are we doing and how can we get better? Use the internet to get customer feedback o Contact Us link Survey your customers by telephone. o More expensive but will give the best overall picture Be sure to add a few open ended questions to your list. o How can be better serve you? What do you like best about what we do? It isn't necessary and usually impossible to survey all customers. Choose a random sample of long term customers. Consider a toll free hotline By all means, get feedback from your ex-customers. When customers quit, you need to know why they quit. The quit card should be short and to the point Once you start getting info, put it to work o You want to capitalize on perceived strengths and weaknesses Keep on asking and improving o Requires a continuing process o Everything changes including the customers perception of your service The Five Best Ways To Keep Customers Coming Back Ask customers what specific aspects of service are most important to them. Be Reliable o Consistent performance is what customers most want o Do it right the first time and get it done on time o McDonalds Restaurants o Federal Express o A TYPICAL DISSATISFIED CUSTOMER WILL TELL 8 TO 10 PEOPLE ABOUT HIS MISFORTUNE Be Credible o Customers want peace of mind o They want security, integrity and assurance that if there is a problem, it will be handled promptly at no extra charge Be Attractive o Appearance can be deceiving, but customers draw a lot of conclusions about the quality of service on the basis of what they see. Be Responsive o When customers want service, they want it NOW! o Being responsive means being accessible and willing to help customers whenever they have a problem. Be Empathic

Find millions of documents here - Study Guides, Homework Solutions, Papers, Exam Answer Keys and more. Course Hero has millions of course related materials that will enable you to learn better, faster and get an A in all your courses.
Below is a small sample set of documents: