Why do customers switch to different suppliers?

on September 09, 2016

Why do customers switch to different suppliers?Why do customers switch to different suppliers??

For a company it is highly important to satisfy your customers in every way. But how would you do that?

Now that’s not the real question. You have to dig deep and explore the reasons of your customers switching. Therefore, the real question arise is “why do customers switch from one supplier to other?”

The reasons could be many but you must ponder over the one which the customers have opted and look for the solutions.

A survey was carried out by Ventura Customer Service and the result showed the following reasons that are given below

a) Core service failure-43% approx.

(Service mistakes, errors, or service ruins)

b) Service encounter failure-34.1%

(Staff uncaring, impolite, unresponsive, or unknowledgeable)

c) Pricing Issue-29.9%

(Increase in prices, Original price range out of budget of customer, Customer earning or spending less)

d) Inconvenience-20%

(Poor Location, Operating hours not suitable for customer, having to wait for service)

(more…)

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AdminWhat is Manufacturing accounting software ? Elaboration

Don’t just take an inventory…. Let it take you!

on September 09, 2016

inventory-audit

Inventory Audit

Inventory audit is an accounting method practiced to keep track the product and company’s merchandise. To avoid inventory problems and shortfalls it is necessary to perform an audit on regular basis to gain valuable information.

Usually the word inventory is dreaded word and it is taken as a lot and lot of counting. But businesses consider integrating their inventory at the end of every month some of their most important functions to make sure that the stock is enough to fulfill the future demands of supply.  The inventory audit is important to continue business smoothly and successfully. Having a tight control on stocked units means there is more control on the company’s Cash Flow.

“Inventory is money sitting around in another form.” Rhonda Adams, USA Today.

Inventory audit is crucial

A lot of cash is tied up in the inventory of a business. That’s why inventory audit is crucial, it can make or break the business.

1-Purchasing and Selling

An inaccurate and late inventory assessment cause a business to lose money. Overstating inventory will overstate profits and can increase the potential taxes of the firm. Buying and selling decisions should be made on error free information or it can have adverse effect on the profit.

2-Analytical Decisions

Proper analytical decisions are to be made for the products to meet your sales goals for the present and future season. For example if you are dealing in a product that has an expiration date like food then it will be problematic if you don’t sell it on time. Inventory audit is necessary to prevent unnecessary and fatal spoilage.

3-Avoidance from Dead Stock

To manage your inventory better is to better avoid stock that is gone out of style, out of season or expired. Discarding the stock that can no longer can be sold and gives you room for new stock. Through periodical inventory audits you can stock up on more of your top sellers.

4-Save Storage Cost

Stocking too much product at once or stocking too many units that are difficult to move will drive up your storage cost. To avoid this, make a list of your variable costs that are depending on how much you sell when you are performing an audit.

5-Cash Flow Management

Inventory audits, along with saving your money, also improve the cash flow of your company. Through regular evaluation of money for products you have paid for and product you are going to sell you will have a sound knowledge of your financial stream. It affects both sales and purchasing by stating how much you can sell and what you need to buy.

If you have a solid inventory system that you must make a regular inventory audit to make sure not to lose sales but also you can project your buying plans along with the associated cash.

ERP Gold makes inventory control easy.
Get started risk-free for 45 days.

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AdminWhat is Manufacturing accounting software ? Elaboration

How Does A Customer Relationship Management System Give You A Competitive Edge?

on September 07, 2016

Customer relationship managementThere was time when sales people had to put in countless hours to hold their customers and the individual reps were expected to manage all the customers’ data and build long-term relationships. However, the invention of Customer’s relationship management (CRM) Systems are there to handle everything related to customers, making such inefficiencies a thing of the past..

Customer Relationship Management systems give customer insights which enable your marketing sector to design and apply intellectual promotions for the most suitable customers.  Customer analytics is integral for gaining a competitive edge and can assist you in optimizing customer interaction and to improve your customer’s satisfactions at higher level.

Just a few benefits of having a CRM:.

1-Track and analyze the customers

You don’t have time to track your customers? Don’t worry. Customer relationship management systems will let you track and analyze the buying habits and preferences of your customers. The beauty of CRM is that you have automatic access to the analytics of your product and services that are selling and to whom. This centralized system gives powerful tools for analysis and reporting. You can monitor the sales pipeline with a clear picture that how it is working and where snags are arising.

2-Focused Marketing

Customer relationship management systems allows you to target customers with the greatest potential for upcoming sales. It guides you to focus and fine-tune your marketing plans to make your efforts more productive.  Decision making tools of CRM will let you record and link the data to make best sense of it. CRM solutions are used to synthesize, interlink and display data in visual demonstration to identify, flow, pattern, and link for new sales decisions.

3-Rationalized Customer Experience

Today’s customers expect streamlined and modernized experience with fewer hindrances. A CRM system will let you profile your customer to quickly identify them, address their actual needs, and provide them additional services that match their profiles. It provides the ability not to mess up with the record of your customer and recognize them on the very time to come to know who are you dealing with. And your customers will thank you for your efficient service by being loyal.

4-Improved Coordination

Instead of having separate system functionality and access portals for the information there is a common CRM platform for sales, marketing and customer service. This system will manage your complete day to day tasks regarding administration, planning, appointments schedule, follow up— in fact all the important tasks of your sales team.

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AdminWhat is Manufacturing accounting software ? Elaboration

Low Cost Lead Generation

on September 06, 2016

lead-genaration-banner

 

 

 

 

What is Lead generation??

Lead generation” is a marketing term that refers to a process of stimulating and capturing the interest of customers into any product or services of a company. The sole objective is to boost up the company’s sales. A company should search for cost effective lead generation, and the advent of digital channels (social media) in recent years has greatly helped this endevour.

But why is it important?

Time has changed and so has the buying process. Now that everything has come to the web, it has become a THE go-to source of information for most people. Due to this change, marketers have to invent new techniques to increase sales and catch the attention of online buyers.

lead-genaration

The top 3 cost effective ways of lead generation to increase sales:

1) Networking:

Networking is defined as generating leads by making potentially profitable relationships. You can build interest and relationships with customers on social sites such as Facebook, Twitter, Google+, Snapchat and Instagram. Be authentic, consistent, and real-time to put forward the best foot online. Millennials respond especially well to this kind of marketing.

2) Emailing:

One of the best present forms of marketing is emailing. Whether you want to keep in touch with your customers to offer them your new service or you want to send any piece of information related to your service or product, e-mailing is a great way to get attention. As with social media, you MUST avoid spamming or offering too many “selling statements”. Focus on creating value for your customer and catering to their needs.

3) Prospecting:

Yes you can capture customers by prospecting too.

Prospecting is the way of finding potential customers for business. You can use few modern techniques to find leads, serve them, and in the end convert them into customers.

Firstly, make warm calls: Don’t be cold with your initial contact with new prospect. Be incredibly warm.

Secondly: Become a thought leader: Before reaching out to new prospect, establish yourself as a thought leader. You can do this by writing a blog, article or publication for an industry.

Thirdly, be a trusted source:  Do not only use a static-script in prospecting and make sure you listen to your prospect and customize your conversation according to their needs.

Lead generation should be cost effective and captivating, our software helps you do both.

Have more ideas? I welcome you to share your thoughts for lead generation.

 

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AdminWhat is Manufacturing accounting software ? Elaboration

Great Ideas for Promoting Locally

on September 05, 2016

promotion-small-business

We all know that internet is now a powerful source of creating potential customers for small businesses but some still operate on a local level. Here are some hot tips on how to get new customers right on your doorstep.

Public Relations

First thing to remember about PR is that it does not drive an immediate result. You don’t need a separate marketing team for you PR objectives, just keep in touch with your local newspaper, maintain your relationship with media persons and journalists, and distribute a press release on weekly basis. PR events can influence the effects of promotion programs. Buyers and end users can be entertained with free promotional samples.

Local Directories                        

One of the best ways that a local business can be found online is by adding your company into the top online business directories. There are many popular online directories such as Yellow Pages, LinkedIn, Yelp and Foursquare. You should enter your details on all of them to get a maximum opportunity to be found by the customers who are actually looking for your services.  Also sponsor a football match or any other sport event where team wears your logo on their shirts so that their community and friends will become your fans as well.

Donate your time by participating in services clubs or chamber of commerces; offer to be speaker at community events and centers. Donate your products to schools or churches and you will be repaid with significant amount of customers.

Website and Social Media Pages

These days, every size of business must own an attractive website that clearly describes your business and should be easy to find and navigate. While building a website, focus on the quality of your content and communicate your brand identity with an optimal search engine strategy.

Also use social media platforms like Facebook, Twitter, Pinterest, Instagram etc. These platforms let buyers engage in your business by giving reviews and feedback through comments and they can ask question related to your product which you can respond quickly.

Blogging

Great Ideas for Promoting LocallyBlogging is another chance of being noticed and helps in SEO because you can make use of keywords and tags in your in your blog posts. By adding new and quality content, your website will be crawled regularly. It also provides an opportunity to interact with your readers by letting them add comments related to your blog and giving their reviews. Also add social sharing buttons so that followers can easily share the informative and attractive posts and you can have more people to discover and reach your business.

Video Marketing

Video has a potential to grab the maximum attention of the mass of audience to potentially drive the lead. Youtube is one of the world’s largest video sharing websites where you can create your own channel to upload your videos.  It can be beneficial to forego traditional videos of your product and service and instead use animations, colors and effects along with link of your product.

So what are you waiting for? Follow these tips and start promoting your business. For more information just stay tuned.

 

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AdminWhat is Manufacturing accounting software ? Elaboration