(Originally published in 2013)
As a Business Owner, it is important to recognize that in today’s digital world, there are 5 essential components of the cyclical process (The Circle) regarding how your potential customers and clients find you; engage with you – and most importantly – decide to do business with you or exit without doing so. Many businesses spend their entire budget, time, energies and/or training on just one or two of the circles without realizing that the others are eroding the potential for new business acquisitions.
And while each business or service can identify which point – or points – of the circle most impact their opportunities, it is still critical to engage and monitor all of them. Some of them you may not have even considered before…
The 5 “P” Points:
- Price: This is what most business concentrate on first and foremost. And while it is critical, the lowest price isn’t always the reason a client does business with you. Here is a great article on pricing.
- Place: Your location is obviously a primary reason for a potential client to do business with you so if your location is not the nearest one to them, how do you ensure they consider you? And what about the look and feel of your location? Have you looked at it from the perspective of a first-time client lately?
- Process: How you handle your perspective customer/client’s initial engagement with your company is critical. Are you engaging them in person, on the phone or via email? Is your email in line with what today’s buyers want to see? Or is a generic form email? How are they handling customers on the phone? In person? This is one of the most porous points of the circle in regards to customers and clients exiting.
- Ping: It goes without saying that your Internet presence is critical in terms of increasing your reach and business acquisition. But at what technological footprint is your Internet presence? Do you just have a Web Site and a Facebook page? That isn’t enough anymore. Are you utilizing all of the Apps and Social Media opportunities that exist? And what about YouTube Videos?
- Pick: Finding the right product to sell your customers is of huge importance. But how do you balance inventory with open-to-buy? And how do you do know when the market is shifting away from your current offerings? How do you know what’s “in” and what’s “out”? Have you found a way to survey your existing customers to help predict upcoming trends and wants? In addition, how do you present your product(s) and service(s) to your customers? What about specials, buy-ins, sales and promotions?
As you can see, every Entry and Exit point of the Buying Circle is critical to your success. Focusing on just one or two is not enough to ensure your success in the marketplace. But how do you do that? How do you maintain a focus on each and every point? And how do you begin to address the ones you haven’t even considered before? I can teach you how. I can train, coach, mentor and develop you or your team to have a gameplan for managing, maintaining, tweaking and improving each and every point on a daily or weekly basis.
Contact me today to get started and ensure that your 5-Point Circle is as strong as it needs to be.