tag:blogger.com,1999:blog-51375847704272574062024-02-06T19:54:26.847-08:00nJeffuB2B content articlesnjeffuhttp://www.blogger.com/profile/05915564739054034147noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-5137584770427257406.post-9015783451432973482017-03-13T03:20:00.000-07:002017-03-13T03:53:50.530-07:006 Reasons Why Most Loyalty Programs Fail<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Many B2C companies begin a loyalty
program with the right intentions. The competition for loyalty members has
never been stiffer, and avoiding program fatigue can become an improbable task
if you don’t plan in advance. </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">By the time you discover your
program is going south, not much can be done to salvage it. In your program
post-mortem, you will need to analyze what went wrong, and the valuable lessons
learned. Here are six reasons why your loyalty program will fail.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">1). Undefined goals</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">How will you determine the success
of your program? Start by defining your goals to achieve a set target, like
having a 25% increase in new members by the end of the year. Once you have your
goals on paper, track and compare your program’s performance over a specific
timeline. Many entrepreneurs overlook the need to research the target market.
Don’t be one of them.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Study your shoppers' shopping
behavior and the actions that can trigger a reaction for them to receive a
reward. Such Intel will increase engagement with your customers making your
rewards more effective.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">2). Choice of vendor</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">The actual loyalty tool can
determine the success or failure of your program. Various software’s can run on
a terminal, computer, tablet or smartphone. Whether integrated into your Point
Of Sale, Property Management Program or Document Management Software, choosing
a poor tool or a vendor with poor involvement will increase your program’s
failure probability. A poor loyalty tool limits available customer touch-points
both within, and outside the store.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">3). Is your program complicated?</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Simplicity is the key to a
long-lasting loyalty program. Customers need to grasp your program instantly
when they read your signage or hear about it from your staff. Make it easy for
them to understand exactly why, and what they are signing up for. </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Airline frequent flyers is an
example of hard to decipher loyalty programs. More so when it comes to
redeeming miles, qualifying for elite miles or upgrading status. If you don’t
communicate your value proposition clearly and consistently, your customers
will lose interest. </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Ambiguous program rules and
irrelevant or insufficient incentives are some of the reasons customers drop
loyalty programs. Data from Edgell Knowledge Network found that 81% of members
don’t know the benefits of the program they signed up for, nor how, and when
they will receive rewards. You can incentivize your members to a certain point,
but if the basics of your program are difficult to grasp, the ability to
influence them will be lost.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">4).</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> <b>Not getting your staff involved</b></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Attractive signage around the store
is a plus, but if your staff is not promoting your program, customers are less
likely to learn about it. Your staff must be your brand ambassadors! </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">No program will succeed long-term
exclusively on autopilot if those operating it do not 'own' it. All levels of
the organization from management, to the cashier, waitress or sales person must
adopt it. Your employees need to encourage customers to participate and enroll
new members constantly. They must promote the benefits of membership to your
customers.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">5). Not differentiating your brand</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">According to the 2015 colloquy
loyalty census, U.S. consumers hold membership in 29 loyalty programs but are
only active in 12 of them. Your customers are probably members of multiple loyalty
programs as well. With so many to choose from, they will only remember to use
the most rewarding of the lot. </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Customers will continue using a
program they find to be of more value, fits their lifestyle, and is more
rewarding than the competition. They also expect to get incentives and rewards
from the program. If your business fails to deliver these expectations, you are
at risk of losing your customers to your competitors.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">6) </span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Us<b>e the data collected</b> </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Keep track of every metric
associated with your program from day one. Failing to carry out such analysis
will cause you not to see emerging trends within the program. The data
collected is valuable as it will give you a comprehensive picture of its
effectiveness. </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Data collected can also assist your
managers’ report the ROI of the program, and demonstrate clear financial
rewards to your business. Regularly reviewing your data will help you flag
fraudulent card swipes from staff. Such card swipes give your program a false
impression of success. </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">The intention of loyalty programs is
not to give discounts or rewards, but to gain customer insights. A better
analysis and deeper understanding of your program will help you build better
relationships with your program members.</span></div>
<div class="MsoNormal">
<br /></div>
njeffuhttp://www.blogger.com/profile/05915564739054034147noreply@blogger.com0tag:blogger.com,1999:blog-5137584770427257406.post-16114924543817161932017-03-02T13:45:00.000-08:002017-03-02T13:45:15.118-08:007 Ways Your Business Can Profit From FacebookFacebook is the market leader for social media sites where friends, family and strangers<br />connect and share online. It is also a great platform for your business to keep customers<br />informed, develop brand identity, and expand your market.<br />Social media has proven to be a valuable tool in online marketing and advertising for both large<br />and small businesses. The following are best practices that can help your business grow on<br />Facebook.<br />
<br />1. <b>Post regularly</b><br />
It may seem obvious but many people forget this simple act. Your business will fare better if you regularly post relevant and interesting content two or three times a day. Consider the<br />relevance of your content before posting as the idea is to elicit a reaction from your audience.<br />Focus your posts on building relationships by engaging your customers with interesting, useful<br />or insightful posts. Spark conversations by posing questions or start a debate.<br />
<br />2. <b>Use Facebook ads to target email lists</b><br />The people in your email list already have interest in your content. How do you convince as<br />many as possible to like your page? Leverage Facebook ads by creating a Custom Audience by<br />using email addresses or phone numbers. Choose the type of ad to create, preferably a Page<br />Like Sponsored story that will drive users to a landing tab where in exchange for a like they will<br />receive a reward. You can also take advantage of outdoor signage, standard email signatures or<br />regular direct-mail pieces, to prompt people to like your page for a chance to win a free item.<br />
<br />3<b>. Make use of Facebook contests</b><br />Whether you have 100 or 100,000 likes, Facebook contests are a great tool for building your fan<br />base. User-generated content (UGC) promotions such as photo or video contests will enable<br />you to engage, and deepen the connection with your audience. If it involves a voting<br />component, participants will be inclined to share, asking friends and family for their votes --<br />amplifying your marketing message in the process. In addition to new insights from the<br />conversations that take place around your contest, the entry details from participants is also a<br />rich source of data.<br />
<br />4.<b> Set up custom tabs</b><br />You can integrate Facebook tabs with your digital marketing strategy to boost mailing list<br />subscribers, promote a new campaign or highlight custom content. Pop singer Taylor Swift has<br />a custom tab on her page that promotes her fragrances, in addition to a quiz that helps her<br />audience discover their own ‘fragrance personality’. You can generate more sales, and increase<br />followers by engaging your audience with interactive and relevant custom Facebook tabs.<br />
<br />5. <b>Utilize video playlists</b><br />To make a video these days is as ‘difficult ‘as pressing record on your smartphone. According to<br />Cisco Systems, video traffic will represent 80-90 percent of global internet traffic by 2019.<br />Another interesting stat shows that for brands with a million plus Facebook fans: video posts<br />reached 35% of their audience on average, compared to 14% of the photo posts and 4% for text<br />only posts. Facebook has a system that enables users to watch videos on silent mode, driving<br />many brands and content creators to embrace silence as a way to captivate viewers.<br />
<br />6. <b>Make it easy to contact you</b><br />The easiest way to know whether you have an angry customer is to check your business’s<br />Facebook page for negative posts or comments. Recent studies suggest that 50% of U.S.<br />consumers use social media to raise queries or discuss positive and negative experiences. Your<br />Facebook page is not just a platform for marketing and advertising, but also a channel for<br />soliciting and receiving customer service in public. Mishandling one customer can see you miss<br />a lot more prospects. Ensure the messages feature on your page is on for quick and easier<br />communication across all channels.<br />
<br />7. <b>Utilize Facebook Audience insights</b><br />Facebook Audience insights can provide you with behavioral and demographic data of a<br />segmented audience of your choosing. The free tool will let you see emerging trends from three<br />groups of audiences:<br />
<ul>
<li>General Facebook audience</li>
</ul>
<ul>
<li>People connected to your page</li>
</ul>
<ul>
<li>The people in Custom Audiences you created.</li>
</ul>
You will also get access to information such as; Demographics, page likes, location and<br />language, Facebook usage and purchase activity. Using Facebook Insights will enable you<br />determine the best time of the day or week to post and what content is most popular.<br />There is more to using Facebook for your business than setting up a page and posting updates.<br />Understanding the strategy behind social media marketing will help you track results, and tap<br />into Facebook’s analytics. Your business will remain in the minds of customers if you continue<br />to leverage its reach and audience.njeffuhttp://www.blogger.com/profile/05915564739054034147noreply@blogger.com0tag:blogger.com,1999:blog-5137584770427257406.post-35463233505807609052017-02-11T02:27:00.000-08:002017-02-11T02:31:42.760-08:006 Tips to Improve Customer Service<!--[if gte mso 9]><xml>
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<![endif]--><span lang="EN-GB">In whatever business activity you are involved, the customer is always king. You must pay attention to the level of service you offer if you want to succeed. Here are six tips to help you improve your customer service.</span><br />
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-GB">Multi-channel support</span></b></div>
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<br /></div>
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<span lang="EN-GB">Do not rely on one channel to answer your customers' needs. For instance, you can provide telephone, email and social media support, creating multiple channels of communication between you and the customer. Handle queries professionally, regardless of through which channel they arrive, and keep response delays to a minimum.</span></div>
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<br /></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-GB">Knowledge</span></b></div>
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<br /></div>
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<span lang="EN-GB">Your support staff must have good communication skills to maintain high-quality service but knowledge of your company’s products and services makes them effective solution providers. Keep your staff informed and enable them to respond to most inquiries without delaying for research.</span></div>
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<br /></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-GB">CRM systems</span></b></div>
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<br /></div>
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<span lang="EN-GB">Installing a Customer Relationship Management (CRM) system can improve customer service significantly. CRM systems help you track queries and complaints, but also open up data mining -- analysing customer information such as their buying patterns, type of products or services they commonly use and demographics. Data mining can help you better understand your customers' needs, thus providing them with better service.</span></div>
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<br /></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-GB">Non-specific support staff</span></b></div>
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<br /></div>
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<span lang="EN-GB">Encourage all your employees to participate in the support process. Although most companies have specialist support teams, training everyone in customer communication and providing solutions gives the whole team insight into what your company does, how it works and the challenges their colleagues face. Make sure your non-support staff are supervised by specialists to ensure customer satisfaction.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-GB">Customer feedback </span></b></div>
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<br /></div>
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<span lang="EN-GB">Get feedback from your customers about their experience. You can do this by creating simple surveys on your website or by sending your customers a questionnaire.<span style="mso-spacerun: yes;"> </span>Feedback helps you gain insight into what your customers like and dislike about your business, gaps in your support and ways to improve both support and your product offering.</span></div>
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<br /></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-GB">Competitor analysis</span></b></div>
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<br /></div>
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<span lang="EN-GB">Learn from your competitors, especially the ones that have excellent customer support. You could send some of your staff as mystery shoppers or hire a professional to do the job. By analysing the differences between their process and yours, you can often spot ways to improve your support offering.</span></div>
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<span lang="EN-GB">No business will survive without emphasis on customer service. These tips can help you improve your customer service delivery, taking your business to the next level, but only if you are willing to test your support and make necessary changes.</span></div>
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njeffuhttp://www.blogger.com/profile/05915564739054034147noreply@blogger.com0tag:blogger.com,1999:blog-5137584770427257406.post-9021088693420913672017-01-31T23:25:00.000-08:002017-02-01T08:44:37.863-08:008 Reasons Why Startups Fail<br />
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Nobody gets into business expecting to fail, yet a fair number of entrepreneurs will fall by the wayside. A 2016 report by Small Business Administration revealed that about half of all startups survive at least 5 years, and a third survive 10 years or more. This is in contrast to previous beliefs that 50% of startups fail in the first year, while 95% fail within 5 years.</span><br />
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"> </span>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">The reality is a significant number of businesses do fail, and it’s not uncommon to see founders, investors, and CEOs blaming each other for the failure. Here are reasons why startups fail, and tips to keep yours afloat.</span></div>
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<li class="MsoNormal" style="line-height: normal; mso-list: l1 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">The management team</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"></span></li>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Achieving success will be an uphill task if you venture solo. It's important to bring onboard individuals with diverse skills, whom you can trust enough to give control over their responsibility areas. Weak management teams are poor at market execution and will build weak teams below them. When ideas change or the market is disrupted, your investors and incubators will need a team of smart people they can trust to steady the ship. One of your main roles as founder, is to attract, and retain innovative people who understand your industry, and can scale up your company.</span></div>
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<li class="MsoNormal" style="line-height: normal; mso-list: l7 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">No market</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"></span></li>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">A survey of business owners by CB Insights found that 42% of them failed because instead of full filling a market need, they focused on creating a solution for a non-existent problem. Your product needs to solve a problem, by having a value proposition for a specific customer segment. Do a SWOT analysis or conduct a survey of your potential market before venturing in. </span></div>
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<li class="MsoNormal" style="line-height: normal; mso-list: l6 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Lack of capital</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"></span></li>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Don’t underestimate the amount of cash you’ll need to cater for expenses and overheads. Your startup must raise enough “seed capital” to begin and keep your business afloat.Perform a break-even analysis to predict when sales will begin to sustain the business<span style="font-family: "times new roman" , "serif";">. I</span>t may take a year or two before you can break-even.</span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Create a budget and <span style="font-family: "times new roman" , "serif";">h</span>ave sufficient reserves for future developments in case the initial product fails. <span style="font-family: "times new roman" , "serif";">M</span>aintain a good relationship with your lenders and suppliers<span style="font-family: "times new roman" , "serif";"> --</span> <span style="font-family: "times new roman" , "serif";">t</span>hey may come in handy when you need short-term credit or quick cash.</span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">A good location can enable a struggling startup to survive and thrive, whereas a bad location can make a well-managed enterprise to fail miserably. <span style="mso-spacerun: yes;"> </span>A location that’s visible from major roads and intersections will give your retail business or restaurant a competitive advantage by maximizing storefront exposure. The easier it is to locate and access your business, the more walk-ins you will generate.</span></div>
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<li class="MsoNormal" style="line-height: normal; mso-list: l4 level1 lfo5; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Not recognizing the competition</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"></span></li>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">What can you do differently, and how well enough can you do it to win the market? Failing to research your competition is planning to fail. Study your competition by visiting their website, follow their social media pages, use their products, and shop anonymously at their stores.</span></div>
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<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo6; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Timing your launch</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"></span></li>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Launching your startup too early may find you and your team lacking skills to handle your company’s growth. Rushing research and development might also lead to substandard products. On the other hand waiting for too long is not desirable. The best way to launch a product is to set a deadline.</span></div>
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<li class="MsoNormal" style="line-height: normal; mso-list: l5 level1 lfo7; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Inability to maintain growth</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"></span></li>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">As your business gathers momentum, you may decide to scale up operations only to realize your <i>business model </i>cannot sustain growth. </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Allocate your resources wisely by planning when, and the number of people to hire.</span> Be flexible in the event your <span style="font-family: "times new roman" , "serif";">startup</span> demands you change your model sooner than expected. </span></div>
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<li class="MsoNormal" style="line-height: normal; mso-list: l3 level1 lfo8; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Product quality and pricing</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"></span></li>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Your first product may not meet the market need on first attempt. In some cases, it may only need a few tweaks to achieve the product fit. <span style="font-family: "times new roman" , "serif";">E</span>xtreme cases<span style="font-family: "times new roman" , "serif";"> </span>may require a complete re-think taking you back to the drawing board. Once you have achieved your product fit, determine the ideal price that will gain you sufficient profit, <span style="font-family: "times new roman" , "serif";">and</span> customers value for their money.</span><br />
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Building an interesting website, product or service will not guarantee you customers if your business model is weak. Should your startup fail, do a post-mortem of what went wrong, learn from your mistakes, and live to fight another day.</span></div>
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<br /></div>
njeffuhttp://www.blogger.com/profile/05915564739054034147noreply@blogger.com0Nairobi, Kenya-1.2920659 36.821946199999957-1.5460579 36.499222699999955 -1.0380739 37.144669699999959tag:blogger.com,1999:blog-5137584770427257406.post-28227677648583672252017-01-16T14:58:00.000-08:002017-01-16T14:58:26.727-08:00The Chinese Super League Revolution<!--[if gte mso 9]><xml>
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<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdDDoIMrW9tzg8mXL_jh0cqQa5QTLtD_8tU5FSoQx9n2FzyjzxRvu1L4e-_dd_thP6GgX81gI9CaWRi24-lbZeB7e-eYKybcBJNes0OYWlniYjgzpEbArRErmI93dy783jqpESCs5jeUgL/s1600/red+dragon.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdDDoIMrW9tzg8mXL_jh0cqQa5QTLtD_8tU5FSoQx9n2FzyjzxRvu1L4e-_dd_thP6GgX81gI9CaWRi24-lbZeB7e-eYKybcBJNes0OYWlniYjgzpEbArRErmI93dy783jqpESCs5jeUgL/s320/red+dragon.jpg" width="320" /></a></div>
<div class="MsoNormal">
The signing of Argentinian forward Carlos Tevez by Chinese
football club Shanghai Shenhua made him the highest paid footballer on the planet,
earning him an eye popping--mouthwatering, US$ 808,000 a week.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Still think the Red Dragon is a pretender in world club
football?</div>
<div class="MsoNormal">
Despite their foreign players policy rule restricting 5 foreign players
per team, there’s no doubt China is opening a new frontier in the economics of
world <i style="mso-bidi-font-style: normal;">soccer</i>.</div>
<div class="MsoNormal">
The domestic rights for the 2016 season were sold for 1 billion
pounds, 20 times more than the previous deal. Sky Sports (in July 2016) secured the television rights of the CSL for the next 3 seasons.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">The masterplan</b></div>
<div class="MsoNormal">
President Xi Jinping’s master plan is to build 50,000
football academies in 10 years, renovate 6,000 stadiums, and have 50million
footballers by 2020. Private football academies are already booming with foreign
coaches. Football is officially compulsory in the Chinese national curricullum. Jinping
is intent on doubling China’s sporting economy into a US$ 800 billion sports
economy by 2025.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Record breaking fees</b></div>
<div class="MsoNormal">
After appointing Luiz Filipe Scolari as manager, Guangzhou
Evergrande continued its appetite for high value acquisitions when in Feb 2016
they signed Jackson Martinez from Atletico Madrid for a then Asian club record
fee of 31 million pounds. Shanghai SIPG’s signing of ex-Chelsea midfielder
Oscar for 60 million pounds broke the Asian transfer record fee for the sixth
time in 2016. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Chinese investments
in Europe</b></div>
<div class="MsoNormal">
The 2015 visit to Manchester City by President Xi was the
ultimate state endorsement for Chinese investors seeking to buy English clubs.
City later received 400 million pounds from state-backed China Media Capital
Holdings and CITIC Capital. Other notable British clubs under Chinese ownership
are Aston Villa, Wolverthampton Wanderers, and West Bromwich Albion. In Italy, AC
Milan, and their rivals Inter are officially under “new Chinese management”.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Massive state backing, private investments, and a growing
appetite from Chinese consumers, is obviously increasing optimism in the future
of Chinese football revolution. Will the Chinese <i>soccer</i> revolution materialise?</div>
njeffuhttp://www.blogger.com/profile/05915564739054034147noreply@blogger.com0