Monday, August 11th, 2008
Success in today’s business world is largely dependent upon building strong relationships with our customers. The Ritz-Carlton Hotel discovered a number of years ago that to bring in a new guest, it cost the company an average of $5,000. To keep/retain an existing client cost them almost nothing.
How do we build these strong customer relationships? Don’t take their business with you for granted. The best way, in our opinion, is to maintain constant contact with them after you’ve made the sale, and as long as you are in business. You never make your money on the first sale, you make it on the repeated sales.
Many times, providing good services to existing customers brings in additional business, and it requires very little effort on your part. Simply put, it is cheaper to expand an existing customer’s business than it is to get a new one.
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Thursday, July 31st, 2008
Taking your business into a foreign marketplace can be a very difficult challenge. Understanding the sociocultural forces (religion, language,manners customs, values and attitudes), economic forces (exchange rates, currency valuation), laws, and infrastructure and environmental forces are vital to a company’s success in the foreign markets. These factors will vary from country to country.
The KFC patented slogan “Finger lickin’ good” was understood in Japanese to mean “Bite your fingers off”. Selling a 100% all beef patty in India will not be highly acceptable to the Indian populace.
If you intend to take your business international, research each and every country in which you intend to do business. Don’t fall into the trap that “one’s own culture is superior to all others”. Learn to adapt to the culture of each country where you want to do business.
Also, often times your success will depend upon building a good relationship with local business people to gain their support and trust. These individuals can assist you in understanding; the local infrastructure, business environment, penetration of the marketplace and dealing with various bureaucratic barriers. Many times, these local contacts are the only reason for success. Cultivate these carefully.
With today’s technology, getting into foreign markets is much easier, but the potential for mistakes is probably greater. Research pays off - always.
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Posted in 50+, Business Info, Economy, General Business, global business | No Comments »
