Week 6: Keeping your customers

 

Loyal customers is what keeps businesses successful. In order to keep customers from leaving you from a competitor, you need to know why your customers would leave you. The biggest reason is dissatisfaction. This could be from bad customer service, or a product that did not meet your customers needs. You should always make sure you have a quality product at an appropriate price, otherwise your customers will look elsewhere. Also, having more features with your product will help make your product stand out. Keeping your current customers is very important as loyal customers will be your best source of profit. Statistics show that it is up to 7x more expensive to get a new customer than to maintain a loyal one. So making sure your customers are happy is a priority.

Works Cited

James, Geoffrey. "How to Keep Your Customers Loyal." Inc.com. N.p., n.d. Web. 30 Sept. 2014.

Krotz, Joanna. "Keep Your Customers Happy and Coming Back for More." Keep Your Customers Happy and Coming Back for More. N.p., n.d. Web. 30 Sept. 2014.

Week 4: Knowing your market

When you identify your market, you have to think about who wants your product. To find that out, research your competitor's market. Don't just use your competitor's audience, try to find places where your competitors may have missed. After getting a good idea of who your market is, you need to find out where they are. Do they spend time watching TV, reading magazines, using the internet, etc? What do they watch? Knowing these things can help you reach your audience. If you have a current group of customers, look at their characteristics to see who brings in the most business. Your market should be very specific, but it shouldn't exclude those not in that specific group. You should focus advertising on the specific group that gets the most revenue.

Works Cited

"5 Critical Tips For Identifying Your Target Audience." Technori. N.p., n.d. Web. 20 Sept. 2014.

"How to Define Your Target Market." Inc.com. N.p., n.d. Web. 20 Sept. 2014.

Week 3: Making a good business plan

 Writing a business plan is essential for entrepreneurs. Some rules to follow are to keep it short, know your audience, and don't be intimidated by the task of creating a business. There are 9 parts to a good business plan:

• The executive summary - This is an overview of your business and should clearly state your plans and what you want.
• A description of the business - a description of the industry you are entering and current and future outlooks on that market. If the company already exists, you should also include your companies' history.
• Products and Services - This should explain the product or service you provide and how it solves a problem or need in your market.
• Target market - Outline who you are selling to. Should include a very detailed analysis of audience and strategies to sell to them.
• Marketing plan - Explain how you will reach your audience. Show strategies that you can use to get sales.
• Analysis of competitors - Examine weaknesses as well as strengths of other companies in your field. Develop a plan that will give you an advantage over your competition.
• Management plan - Explain how your business will operate on a daily basis. Include who you need to hire.
• Financial plan - Show your financial records and how you plan to make profit.
• An appendix - This section is for additional information not covered in another section

 By including these steps within your own business plan, you can more easily achieve your goals and create a successful business.

Works cited

"How to Write a Business Plan - Bplans Blog." Bplans Blog How to Write a Business Plan Comments. N.p., n.d. Web. 10 Sept. 2014.
"How To Write A Business Plan." Entrepreneur. N.p., n.d. Web. 10 Sept. 2014.