October 19, 2022
Mmm, smell that? Fall’s in the air. Hot cider, crockpot chili, spiced pumpkin Yankee Candles, burnt hair. It’s feeling warmer already.
Hot off the SMB press this week:
But first, here are some headlines that caught our attention this week.
[Insert arch nemesis] is the worst.
That’s just a straight-up #fact. And it’s time to convince the customers who dropped you. Your knee-jerk reaction might be to throw a coupon at them. But before you do, put away your promo codes and hear us out.
Not only does offering discounts put a dent in your immediate revenue, but it’s also not a practical long-term resolution. After all, you have to get to the root of the problem to find an effective solution.
Follow these four steps to create a plan that’ll make your customers come crawling back to you (as they should).
Step 1: Figure out the “why.” AKA, why are customers making the switch? Check out your competition’s marketing campaigns, website, return policies, product features — everything that impacts the customer experience. Then, compare it all to your own data and take note of any key differences.
Step 2: Identify your best customer. In other words, which customers are the most profitable? They may not be your most frequent buyer or even the one you reliably lure in with your tempting sales. More often than not, they’re simply the most loyal. Determine who your most devoted customers are and dive into what makes them die-hard fans. You can even send out a survey to this group to understand why they faithfully choose you.
WE HAVE A PODCAST
Hi. We heard you’re looking for a new podcast to binge. Well. Allow us to be that friend and introduce you to your new favorite listen: Organize Chaos. Every weekday, founder and CEO of Trainual, Chris Ronzio, offers up entrepreneurial and small business leadership advice that covers everything from people to processes to productivity — and how to organize your life around it all.
In last week’s podcast, Chris synched up with Patrick Campbell, CEO of ProfitWell, to talk about pricing. Specifically, how to price your product or services in a recessionary environment. Patrick also breaks down his framework for communicating pricing changes to your customers and how frequently you should be making those price adjustments. Sounds pretty relevant right now, eh? We agree. Give it a whirl.
Only have 10 minutes to spare? Check out these mini pods:
Meet Seth Godin.
If you’re not familiar with Seth, he’s the mastermind behind 20 (yes, you read that right) best-selling books including “Tribes” and “This is Marketing.” He’s also written ebooks, given TED talks, and pioneered ethical online direct marketing, which is now a $30B a year industry.
Okay, so the guy’s got some cred.
You can say that again. So when we had the chance to ask him a few questions at Playbook 2022, we took full advantage and condensed some of his most fire tips and advice into 10 thought-provoking takeaways that any SMB can use.
THAT’S MY BEST FRIEND
How important is it that my employees are friends?
Humans are social and need a sense of belonging, which is why meaningful workplace relationships produce positive outcomes. More specifically, it drives high performance.
Employees with close work connections are more productive, creative, and collaborative. Plus, they’re less susceptible to burnout and turnover because they have more job satisfaction.
That’s sweet! But what if my employees aren’t really friends?
Unfortunately, people aren’t able to focus, relax, or work well with others when they feel lonely at work. Meaning, your friendless team members are way less efficient, which can raise your operating costs by 25% per year.
Got it. Sounds like I need to get my team connected.
We got you. Here are three foolproof ways to make your work peeps best friends forever:
🔥Tip: Build a digital, interactive team directory where everyone adds a bio. They can include the TikTok video that brightens their day, a Spotify clip by their favorite artist, or a family photo — the opportunities are endless! Get started with Trainual.