Posts Tagged ‘customer satisfaction’

Is success only measured by profits?

Monday, August 10th, 2015

High sales figures and profit increase – most likely that’s the first that comes in your mind by thinking of a successful enterprise. Certainly, profit is a decisive indicator for the success of a business. Without return, every business will struggle sooner or later. However, those figures are not the only scale. Lasting success also depends on the following factors:

 

Customer satisfaction: Only if your customer is satisfied with your service, he/she will come back. Your customers are the basis for the success of your business. “Know your target group” is not just a marketing phrase! Try to really understand their needs, and fulfil their expectations. In this way you can build up a loyal and growing customer base, on which, in turn the growth of your business depends on.

 

Employee satisfaction: A well-functioning team is most important for the productivity and service of your business. Satisfied employees are proud to work for their company and show this. They not only work for you, but represent your company philosophy and values. Furthermore, with the reputation of being a good employer you will find it easier to find good and qualified employees for your growing business.

 

Innovation: Standstill means falling back! That is why innovation is what distinguishes a successful company. Of course not every new product or new business idea pays off immediately, maybe it never does. Nevertheless, the readiness for something new, for changes and innovations is what brings businesses forward.

 

Profit does not always mean success, at least not lasting. So have a look on your business. Do you have the prerequisite to be successful?

 

What is an advertising fund and why should I pay into it?

Tuesday, September 16th, 2014

Ongoing advertising efforts of franchise businesses are funded by a joint advertising fund. It is financed by regular deposits of all franchisees, which is either included in their current franchise dues or it is calculated by their net revenues. For many franchisees, however, arises the question: What are my advantages of an advertising fund?

Admittedly, to gain new customers for your store or to keep regular customers you have to take local marketing measures yourself. So nevertheless you have to deal with the issue marketing. The joint advertising fund, however, still has numerous advantages for each franchisee.

First of all, with the available budget franchise businesses are able to operate professional marketing. Marketing experts design a concept for a nationwide advertising concept and help in this way to strengthen the brand. Even without knowledge in marketing you are able to address your target group directly via various marketing media.

Many smaller businesses only have a low budget for marketing measures in their disposal, thus their advertising possibilities are small. The franchise’s advertising fund enables a higher reach, not only because of the advertising possibilities, which would not be affordable on your own, for example radio or television spots. Your brand’s level of awareness rises, the gaining of new customers is easier in this way.

Furthermore, the fund gives you the possibility for customer satisfaction research, as well as brand- and product development. What do my customers think about my business? What distinguishes us? What can be improved? Knowing what customers think about a business should not be underestimated. Only in this way you are able to improve, deal with negative feedback and win customers permanently.
Without an advertising fund and the joint marketing strategy a franchise business as a brand would not be able to expand its market strength and remain competitive permanently.

How can technology assist me in marketing my franchise?

Sunday, August 24th, 2014

The possibilities to reach your customers were never so varied. Besides the classical marketing media like magazines, billboards, etc. new technologies have become indispensable nowadays. Internet, social media, smartphones and customer relationship management – young entrepreneurs but also established franchisors can hardly keep up.

Internet based media like Twitter, Instagram and Facebook have become an essential part of the everyday life of your target group, especially younger ones. These mediums offer the possibility to compare prices and quality and to obtain an opinion. Use these media to inform people, customers and possible franchisees about your brand, present your product line and remain in people’s memory through consistent presence. Moreover, through smartphones and tablets the Internet medium has become location-independent and always available.

Furthermore, new technologies mean not only additional ways of marketing, but new technologies can be used to figure out what people want, what they like about your assortment and what you can improve upon. Not only that it can help you become aware of negative feedback instantaneously and in this way you can improve your customer’s satisfaction quicker.

However, because of the increasing dissemination of smartphones and tablets, more and more people expect the integration of new technologies in everyday life. You as franchisors should adjust to that, maybe by offering online coupons or the implementation of mobile ordering options. To give some examples, many restaurants already use digital menu boards that not only give customers an easier overview of the range, but make it easier to update the offering and prices. Also the use of IPads for self-checkout becomes more and more deployed, to reduce customers’ waiting time.

The employment of new media can also help you to lower costs. Direct contact with customers via social media reduces the spending on operating a call-in phone-service like they do with this BlueHost Black Friday Coupon 2016. Also market reach is simplified with the Internet, thus expansion can be less expensive and faster.