Articles: Business And Economy

Your clients are the number one reason why your business is successful, because after all, a business cannot exist without money, and money comes from your customers. So once a customer uses your business, how can you keep them coming back for more? The secret is simple, keep in contact with them, and give them reasons to come back to your business.

Each business is different, so you will want to look at what will work best for you. Here are a few ways that successful businesses keep in contact with their previous clients:

1) Start a client list. Unless you record each one of your clients information, you will have no way of getting into contact with them. You can do this a number of ways, from as simple as getting a customer to sign a guestbook, all the way to as complicated as requesting your client to sign up for a newsletter. Once you have a list of clients, you will be able to contact as often as you wish.

2) If add a new product, service, or expand your business is anyway, inform your previous clients first. You can achieve this a few ways:

-If you have a newsletter, include it in your newsletter.
-Do a mass mailing using postcards, letters, etc
-Call any client that has willing included their phone, but only use this idea if the change would directly relate to them.
-Post the change on your website.

3) Start a website. Websites can be accessed by any of your previous clientele, and provide a great link of communication. Not only should you provide information about your business, but you may also want to include information such as tips, and articles.

4) This one is simple: write thank you notes to your clients. A handwritten thank you note shows the client that you truly appreciate their business. If a client feels that they are appreciated and welcomed, then chances are they will come back to your business before doing business with one of your competitors.

5) The use of marketing materials can keep you in contact with your clients. You would be surprised how much impact a simple pen with your logo and phone number can do. Other marketing materials include: magnetic business cards, Key rings, and notepads. These marketing materials are typically fairly inexpensive, and can be ordered in mass quantities.

6) If you do not want to directly ask for contact information, you may need to get a little creative. One idea is to hold a contest. Require the client to fill out a card with their information, or drop in their business card. Make sure that you tell the clients that you will be contacting them about your services or products(this can be accomplished by writing it on the card, or displaying it near where they have to their business card or information card once they are finished). Give away something that would be of great interest to your type of client, so you can get the maximum number of entries. Change this contest frequently to gain maximum exposure.

7) Discount coupons are a great way to bring your customers back. Will 10% off hurt your business, especially if it means whether or not you get that client to come back in? You may want to mail these coupons out, or supply a code for use upon checkout if you have an online business.

8) You may want to consider starting a referral system. A referral program will not only get your previous clients to come back, but it will also help you obtain new clients as well. For example: for each referral, you will give the client a 10 dollar gift card to use in your store. Be careful not to give out cash, as this may or may not be used for products or services for your business.

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When you write personal correspondence either in letter or email form, you know you dont have to worry quite as much about how you say things. You always want to have good spelling and decent grammar, of course, but your personal friends and family are not going to nitpick and disown you because of a few mistakes. However, when it comes to writing business letters, you want to make sure they are perfectly worded and completely without error. On top of that, they must be clear, to the point, and as brief as possible.

Business letters are all about business. You dont want to send anything that sounds too personal, but you also dont want to sound too stiff with someone with which you have been doing business with for a long time. Always start and end with the proper terms like dear and sincerely, though there are other terms that are acceptable. Look up the proper formatting for business letters, and never stray from that formula for the best outcome each item. There are a few different formats that work, but the most formal works the best, even when you feel the business is more on the casual side.

When it comes to the contents of business letters, you want to make sure your point is clear and that you have said what needs to be said in as few words as possible. Skip over flowery descriptions, as they may alienate some people. When you are writing a letter for business about a particularly touchy subject, you want to write a few drafts, and then put it away to look over again in a few hours or even the next day if that is possible. You will always want a fresh perspective so you are sure you have said what you need to say in the best possible way.

Lastly, check, recheck, and then triple check for spelling and grammar. If you arent sure, look it up. The few moments that it takes to do that can mean a huge difference in what happens after your business letters arrive at their destinations. Spell check on the computer is great, but it will not catch everything. If you have to, read the letter backwards, sentence by sentence, so that you can catch any problems. Even better, have someone else read it over. They will have fresh eyes and will catch problems that you did not.

One of the newest phenomenas hitting the business world on the internet is using interactive community sites, such as Myspace to promote your business.

The reasons are clear as to why business owners have chosen to promote their businesses on Myspace. With an average of over half a million long ins a day, Myspace is easily one of the most popular website on the internet today. With this kind of traffic, every business is sure to find a target group that is interested in their products, or services.Perhaps one of the best reasons for using Myspace to promote your business is the fact that it is free. The only investment you will need is some time to build your profile, and time to find and add people to your friends list, which in this case is actually your targeted group.

Setting Up Your Profile

Once you sign up, you will be asked to create a profile. Your profile is the single most important thing when you decide to advertise using Myspace. Your potential targets and clientele will look at this profile first. It will literally give them their first impression of you.

You will want to set up your profile with as much information as you can, however do not overdo it and make it seem as if you are just trying to get them to read about your business. A good balance is key.

Do not over use images or other media within your page, so it will load fast for even the slowest of internet connections.

Gaining Targets

One have everything setup on your profile, you will want to begin looking for targets. You will want to look for the type of people that may be interested in your business.

Myspace provides a search feature that allows you to search by age, gender, status, and location. Use this feature to search and find people in your area. Click on their profile, and if they fit your criteria, the use the add to friends button. A message will be sent to them, and then they will be able to add or deny your profile. Once you see that they have accepted you, then post a thank you message on their profile.



Proper Myspace Etiquette

When using Myspace to promote your business, you will want to practice some etiquette. It is easy to overdo it, which can greatly hurt your image, especially with potential local consumers. After all, the idea is to promote your business, not to hurt its image.

Spaming, or sending unsolicited messages to random users and addresses, is strictly prohibited, and will get your account deleted. Never send unsolicited or unwanted messages to anyone. However, if the person contacts you first (whether it be by comment, or message) feel free to communicate with them about your business.

Another type of spamming, which is potentially dangerous for your business, is over-posting comments. The comment system on Myspace allows you to post comments on others profiles, that is usually viewable by everyone that views that person profile. This can be a great way to reach additional contacts, provided that you follow some rules. First, never post a comment solely about your business. Instead, you can post a message thanking that person for accepting your friend request, or thanking them for sending you a friend request, whatever the case may be. The only acceptable way you should post a comment about your business is if the user posted a comment on your profile first.
Never post pictures on other users profile.

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Brand Equity Defined

Brand equity is a marketing term used to refer to the marketing impact of a given product in association with a brand name. It tries to examine how a given product will perform in the market if it did not have the privilege of that brand name. Therefore, the basis for brand equity and its impact on a business is based on the knowledge of the customer about that product. And yet, brand plays a vital role in helping build that knowledge and awareness, as well as the choices they make based on that knowledge.

Brand equity, then, reinforces the significance of a brand's value and produce that positive type of recall in the mind of consumers. Marketing research has revealed that brand equity is one of the most important asset to the company.

Three Perspectives of Brand Equity

As an intangible asset, brand equity only gets its meaning out of the perceived quality and associations made by a consumer on a given product. Brand equity can be viewed in three different perspectives:

Financial: One way to understand the value of brand equity is to calculate the premium that is placed on a product. To further understand, take for example two types of products: one that is of a recognized brand, and the other is unrecognized brand. Consumers are willing to pay a bigger amount for the branded product over those which they are unfamiliar with.

Brand Extensions: When certain products attain a certain level of commercial success, most companies consider extending their line by introducing newer products under their brand. Because of the existing brand awareness, these companies will no longer invest on large advertising expenditures just to make that newly introduced product known.

Consumer-based: The trust and attitude exhibited by a customer towards a given product is impacted by the associations they make with that brand. Oftentimes, these associations are a product of their own experience with using the brand. Therefore, actual experience plays a crucial role in the marketing strategy, especially in a developing brand.

Benefits of a Strong Brand Equity

Not all brand equity is positive, therefore most companies invest on building a strong brand equity. After all, it offers several benefits to the company. Below are just some of the helpful benefits that a company can derive of a good brand equity:

Establishes a more reliable stream of income.

By increasing brand equity, companies are also able to increase their profits through increased market share and premium pricing for less promotional costs.

If you have established a good brand, then you can sell that brand name at a given price.

Managing Brand Equity

There are three stages involved in creating, building, and managing your company's brand equity. They are outlined below:

1.) Your first step involves the introduction of a product of a given brand into the market. You must establish a certain standard for that brand to be able to launch products in the future that will sell in the market. Your aim here is to produce a positive response from the consumer to build trust among consumers.

2.) Try to produce a brand that is unique and yet memorable. The attitude of your brand must be accessible to consumers and must also provide benefits to satisfy its users.

3.) Consistency is the key. Your message must be synchronized with your company's overall image and reinforce the value espoused by your organization. This is one of the most effective ways to build a strong brand equity.

Importance of a Business Name

An effective branding system starts with a great name. Unless you can put a name to your company that will distinguish it, you cannot proceed with creating a brand. It is similar to a newborn child, who must first be named before he or she can create their unique identity. Only then can you proceed with succeeding methods that are aimed at creating your mark in the market and enabling your business growth.

Creating a Name

Naming a company or brand is not as easy as naming a newborn child. Indeed, multiple factors come into play such as producing a name with a good recall on the consumers, the type of product you have in your business, its features and usage, and other benefits that consumers can experience from using it. That is just one aspect of what you need to consider when naming your product or brand.

The other end of the formula requires you to envision yourself in the mindset of the consumers. How is the product useful to me? And what benefits can I get from using it? Add to that all other competing businesses that offer the same product as you do. These are all pointers you need to look into if you want to get a share of the market and increase sales production.

Do's and Don'ts

Creating a business name can be confusing sometimes, either for lack or excess of ideas that make it difficult filtering them out. Below are a few tips you should consider when naming a business:

Opt for memorable and catchy names instead of generic ones that are difficult to register in the minds of the consumers.

Never use names that literally describes the product. Go for creative ones.

If possible, do not use geographical names because it limits the scope of your business. However, this is an advantage if your product is associated with a given locale or affinity.

Refrain from restrictive names to save you from trouble in the future in case you want to expand your line of business.

Keep them short so as to produce memorable names.

Name as Part of Branding Strategy

A business name is not just a name; it represents your business identity. And in the business community, the way you represent and project your image is crucial in determining success. This is because perceptions, more than the actual value of the product or services, is essential in helping consumers decide on whether to buy that product or not. On top of the brand itself, it makes association with the company and its reputation. That is why most businesses spend and invest most of their efforts on building a trusted business reputation that will strengthen the trust of consumers on their company.

Your business name essentially determines how far your company will go in this endeavor. When people encounter your business or brand, you have only a meager amount of time to catch their attention. If you fail to do so, then you would have lost a potential customer. More than just intriguing, a good business name is one the compels your target market. If you can produce one, then it will surely catapult your business to your desired commercial success.

A good business name is not just a superficial aspect involved in branding but rather a legitimate business factor that must be taken into consideration.