Catherine’s top LinkedIn marketing strategies, please head over to Apple Podcasts, subscribe to the show, and leave us an honest review, The Essential 10 New Product Development Stages for Successful Projects, 8 of the Best Examples of Interactive Marketing That Boost Growth, 5+ Powerful Ways to Boost Sales by Automating Sales Processes, 10 Powerful Strategies for the Acquisition of New Customers, What is a Sales Funnel? All Rights Reserved. Some channels to provide great customer service are: You can use a social media listening tool like Mention to find mentions of your business online, even if you weren’t actually tagged. While they are an extra cost for your business every month, a good tool can actually yield a positive ROI (return-on-investment) as it will ultimately help you save time and improve results. Reduce risk as a supplier If a business depends on a handful of major customers, just one customer who fails to pay can have a dramatic effect on cash flow. Do not take yourself too seriously. Moreso, Vision Critical’s survey revealed that 86% of buyers are willing to pay more for better customer experience. So, intentionally work on it. Starting a business requires a big dose of boldness. With market research, you’ll understand whether there’s a potential for your business or if you’re better off trying out something different. With the right customer service, you can differentiate your brand from your competitors in a positive way. How to Create a Sales Funnel Model with Examples, Why companies don’t know the rules of the game, Why Catherine believes that most companies don’t have a strategy to avoid business failure, The marketing elements that have a vital role to play in scaling your company, Why focus on customer segments as opposed to customer profiles or avatars, Nine powerful elements that companies with successful business strategies hone, Catherine’s advice to startups and how they can build an audience, The critical area to focus on when growing your audience, Essential elements you need to cover in your research phase, How to set up your channels the right way, Why use social media to develop your content and messaging as opposed to your website. Your email address will not be published. It also provokes positive word of mouth which is more powerful than your marketing. Market research helps to validate an idea before execution. In order to manage to get effective cash flow, the startup company must do what it brings in revenues limiting expenses. This way, you go from spending a couple of hours every day on social media, to only needing about 15 minutes to go through everything. Business failures happen when owners act too late. In this episode, Catherine B Roy, business coach and author of “Live from Your Heart and Mind,” and founder of LHM Media and LHM Academia, shares nine powerful essential elements for a strategy to avoid business failure and maximize your potential to create predictable growth. It can be a scary thing, but it can also be one of the most rewarding experiences of your life. The crisis of a lifetime. In The Lean Startup, a very popular business book written by Eric Ries, the author explains how businesses should follow the build-measure-learn cycle to ensure they’re satisfying their customers and improving results. Whether you’re just thinking of starting a business or you’ve started running one, take these tips down as a checklist and put them into action to improve your results. Sometimes it feels like the end of the world when we fail. Winston Churchill stressed this vital factor, saying, “To improve is to change; to be perfect is to change often.” Failure is a part of life, and that includes business failures. Another big benefit of performing market research from the start is that it’ll help you understand your target audience better. Experiments or testing will help you find what works with your potential buyers and which part of your service you need to strip. An example of a business providing great customer service is Zappos. Protect the company’s financial assets to avoid business failure. The most important factor in how to avoid business failure is protecting the company’s financial assets. He is the owner of jeffbullas.com. Knowing exactly who you’re targeting will then help you come up with a personalized marketing strategy for each persona. Is there a market for the business? One of the biggest factors to consider is the viability of your proposed business. The life of an entrepreneur is difficult. Creating a business plan before you start is essential, even if you don’t need to get a loan or only use it as a guide. As you start to gather information about your business, customer behavior, and current trends, you should experiment to see how you can improve your business. This is done by carefully analyzing results, performing research and engaging in experiments (such as trying out different design elements on a landing page to increase conversions or even making changes to your product after hearing enough feedback from customers). The businesses should have a close view of their investments and maximize the profits there on. Listed in Forbes as one of the top 20 women social media power influencers and was crowned the Social Influencer of Europe by Oracle. Plan, be organized, run it as a pro, and you will succeed.

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