Tweet

10 Top Business Assumptions that cause you to lose money

Written by: Bob Janet

Article Overview: Stop maiking Bad Business Assumptions and your sales & profits will grow

10 Top Business Assumptions that cause you to lose money

# 10 Assuming what worked yesterday will work today.
Insanity is defined as “Doing the same things over and over again and expecting different results.”

If what worked yesterday to gain and retain customers is not working in today’s fierce competitive market you must dare to be different and learn and use new marketing and selling techniques.

# 9 Assuming you cannot take another approach.
Taking another approach will keep your marketing and selling techniques fresh and exciting.
Don’t just run an advertisement, run a promotion, combining all media, direct mail and in store
marketing. If what you are doing now to gain and retain customers is working, try another approach to make it work better.

# 8 Assuming Perception.
Make sure you know the perception your customers and prospects have of you and your business by asking them. Do this exercise: Have everyone in your business write down
A. The perception they want the customers to have of your business.
B. The perception they feel the customers actually have of your business.
C. Survey your customers to discover their actual perception of your business.

You may be surprised. Many times your customers and staff have a completely different perceptionthan you do.

# 7 Assuming you know what the customer’s problems, needs and wants are.
People buy to solve their problems, needs and wants.

# 1 Rule in Selling.
The seller that solves the customer’s problems, needs and wants the easiest for them will get the sale. Discover your customers problems needs and wants by asking them.

# 6 Assuming your customers will Refer you to others.
Like you, your customers are busy. Too busy to think about recommending you to their family, friends and colleagues. You must actively ask, ask and ask again for them to recommend you. Satisfied customers will recommend you if you ask them to.

# 5 Assuming your customers will remember you when a buying decision is made.
Stay in touch with your customers and they will stay in touch with you.
Send thank you cards and special day cards that will keep you remembered.

# 4 Assuming your customers will remember what you tell them
42% of what you tell a customer is forgotten 30 minutes after the presentation
66% of what you tell a customer is forgotten after 1 day
90 % of what you tell a customer is forgotten after 7 days

To help customers remember why they should buy from you, never let a customer leave your store without benefit information in their hands.

# 3 Assuming your customer is SATISFIED.
Strategic Planning Institute of Cambridge Pa. discovers that:
1. The average business never hears from 96 percent of its unhappy customers. At least 90 percent of them will not visit or buy from that business again.
2. Of customers who register a complaint, 70 percent will do business with the company again if the problem is resolved.
3. Of the customers who have a complaint, 95 percent will do business again if the problem is resolved quickly.

To find out if your customers are satisfied, “ASK THEM”
A dissatisfied customer once satisfied becomes a profitable customer for life.

#2 Assuming your customers buy from you because they LIKE you.
90% of buyers would rather buy from someone they trust, than someone they like.

#1 Assuming you don’t need to treat every customer like a Millionaire.
Do not judge a book by it’s cover. You never know when your customer / prospect is a millionaire or may become a millionaire. Role out the red carpet for everyone.

Related Articles
  Assumptions
  MIND TRAP: When we don’t question assumptions
  Assumptions Anyone?
  Those Damned Assumptions
  The Blind Leading the Blind: Why You Really Need a Coach

Article Tags: advertisement, colleagues, competitive market, direct mail, exercise, family friends, insanity, new marketing, perception, prospects, store marketing



Related Forum Posts
Angel Investors- - For me, family and friends was the best place to start. They are no different than strangers, they both don't want to lose money, but the key is the understanding of risks. I have a good reputation for making money and business, so it wasn't a huge risk. The investor understood the risk, and I made it a point to address the fact that they could lose all their money, not that they will. Their confidence in me and my business outweighed the fear of losing their investment. Now, i don't expect that everyone would feel comfortable approaching their friends and family for big money, but I saw it as if they put big money in the stockmarket, and real estate and other investments... then why not invest in me and my idea? If they were going to let people they didn't know manage their money, then why not invest in someone who really cares and truly has your best interest in mind? I did not approach the situation that I was going to lose their money, I was confident that I was going to succeed whether they invested in me or not.
Re: What would you do with your last $1000? - I would put into my business certainly. If money sleeps then you will lose it. Nearly the eaxct situation happened with me. I had my last 750$ in my pocket to make money online. If I spent it in a wrong way, I would have to lose my chance to own business on the Internet. But I used it wisely and bought D. Gerl's Insider Secrets to Internet Marketing. Then put the rest of the money into Google Adwords and could save my business. But now..... I would continue my monthly membership on SubmitYourArticles Article Submission Service (37$), buy Revolution Wordpress Theme, maintain monthly membership on J. Humpereys ASC membership program and the rest of money put into Google Adwords and Yahoo Ads. Orxan
Re: Top 9 Questions For Google AdSense Answered! - Google is right about the 10% CTR rate thing being a bad thing. I share the same philosophy. I like a lower CTR and a higher CPC. Throwing ads in the users face increases CTR, but often decreases CPC as there are more users clicking just because it is right in front of them. This means you get less money for every visitor you lose from your site. I prefer to get more for each visitor I lose, and lose a few less visitors while doing so, as these visitors will likely view another page, click an aff. link, share the article, sign up to mailing list etc.
Re: How to Shelf Product with New Packaging/Branding - As one option you are considering is to remove the old stock from the shelves... why not ask the retailers to shift it in a 2-for-1 deal and offer the replacement stock at an appropriate discount so the retailers don't lose money? Maybe that way, the old stock will disappear more quickly, but you won't lose 100%.
My entry - 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read - this is a fascinating book about the history of Business theory, and I'd recommend it to anybody. 2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto. 3. PADI: The Business of Diving Book Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Convening a focus group for a niche product

Four Secrets to Earning Income as an Author

SEO – Link Building Secrets

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.