The Collaboration Recipe - Productive relationships and powerful partnerships
HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS
-
Upload
lisbeth-calandrino -
Category
Documents
-
view
401 -
download
3
description
Transcript of HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS
![Page 1: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/1.jpg)
HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH
PARTNERSHIPS
![Page 2: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/2.jpg)
![Page 3: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/3.jpg)
GOOD OLD DAYS, NEW DAYSTHE ONLY THINGS THAT MATTERS IN
BUSINESS IS RELATIONSHIPS *IT’S JUST MORE COMPLICATED
10 THINGS YOU CAN DO…
![Page 4: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/4.jpg)
1. FOCUS ON LOYALTY, NOT REPEAT BUSINESS
![Page 5: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/5.jpg)
DOES LOYALTY MATTER?
• For every 1% improvement in your customer retention rate, operating income
will improve by 20%. • A 5% reduction in customer defections can
lead to an 85% boost in profits.
• Customer loyalty generates operating margins of 13%, while laggards had margins
of just 2%.
![Page 6: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/6.jpg)
REPEAT BUSINESS IS ACCOMPLISHED BY DROPPING PRICES
• Dropping prices brings in cheap customers, why would anyone want cheap customers?
![Page 7: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/7.jpg)
THERE WAS A LITTLE ITALIAN WINE MAKER WHO DIDN’T HAVE AN
ADVERTISING BUDGETHIS NAME WAS TONY
![Page 8: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/8.jpg)
HE ONLY KNEW HOW TO DO ONE THING, THAT WAS “BE NICE” TO HIS CUSTOMERS AND HIS GRAPES!
![Page 9: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/9.jpg)
HE STAYED IN TOUCH WITH HIS CUSTOMERS
• In order to build loyalty you must keep in touch.
• Video or direct mail• www. sendoutcards.com/lcalandrino
![Page 10: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/10.jpg)
HE TOOK PHOTOS OF HIS SON AND DAUGHTER AND SENT PHOTOS TO THE CUSTOMER—HE
WANTED TO BE ‘UNFORGETABLE’
![Page 11: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/11.jpg)
2.PARTNER WITH YOUR CUSTOMERS
• What is your customer’s situation: what do they really need?
• What can you do to help them?• A bankruptcy attorney decides to
have seminars for his customers—how to go back into business…
• Grandpa helped people take care of their gardens. He gave them lilac shoots.
![Page 12: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/12.jpg)
HE KNEW THE BEST WAY TO GET PROFITABLE CUSTOMERS WAS TO
HAVE THEM BRING IN THEIR FRIENDS
![Page 13: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/13.jpg)
HE KNEW FREE WAS GOOD, BRING YOUR FREINDS
![Page 14: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/14.jpg)
GRANDPA WOULD HAVE BUILT A FACEBOOK PAGE
• “Are you on Facebook?• He would have a page for his business—the
fruit trees.• Why? To listen to his customers and be
nosey.
![Page 15: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/15.jpg)
HE WOULD SIGN UP FOR LINKEDIN
• He joined the wine lovers group.
![Page 16: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/16.jpg)
HE BLOGGED! HE WROTE ABOUT ITALY
![Page 17: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/17.jpg)
HE DIDN’T SAY ‘CLOSED FOR THE WINTER’, HE SAID--
![Page 18: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/18.jpg)
HOW MUCH DOES LOYALTY MATTER?
![Page 19: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/19.jpg)
3.HE KNEW THE IMPORTANCE OF HIS ON LINE BRAND@TONYWINE
![Page 20: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/20.jpg)
TONY KNEW WHY CUSTOMER’S LEFT
68% Leave because of “perceived indifference.”
14% Leave because of dissatisfaction.
9% Leave because of competitive reasons.
91% of customer defections can be impacted by staying in touch! What are you doing to “stay in touch? Harvard Business Review
![Page 21: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/21.jpg)
IT’S TIME TO PUT SOME RELATIONSHIPS IN YOUR BUSINESS!
• Rules of engagement have changed.
• Less customers, changing demographics, less money.
• Building less customers but better customers.
![Page 22: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/22.jpg)
4. BE CONSISTENT, SHOW WHAT YOU CAN DO—TONY ALWAYS THOUGHT “OUT OF THE BOX”
![Page 23: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/23.jpg)
GIVE CUSTOMERS WHAT THEY NEED; EVERY DOLLAR SPENT IS WORTH A DISCOUNT ON THEIR GAS
![Page 24: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/24.jpg)
CUSTOMERS WILL PAY FOR EXPERIENCES: A WINE TASTING!
• There was also a hotel in California that had free manicures and shoe shining on Thursdays.
• Guests booked their stays around these services.
• Parties, meet other guests, have fun.
![Page 25: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/25.jpg)
5. BUILD DIFFERENTIATION
![Page 26: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/26.jpg)
DO SOMETHING THAT NO ONE ELSE IS DOING..TONY’S DOG DID YOGA ON THE
LAWN
JC Penny decides to do Yoga in their stores. Can you do Yoga in your business? I would do Zumba.
![Page 27: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/27.jpg)
YOU MUST MAKE GETTING CUSTOMER’S ADDRESSES A PRIORITY
• “We would love to have you on our mailing list, preferred customer list or special offer list..”
• Keep track of points, Staples rewards, Panera Bread, Starbuck points—reward the loyal customers. The ones who keep coming back.
• Get their birthdays, anniversaries, kids birthdays—anything personal so you can connect.
![Page 28: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/28.jpg)
HE LOVED FOURSQUARE-HE PUT IN A SPECIAL PARKING SPACE!
![Page 29: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/29.jpg)
IF YOU’RE DOING B to B TREAT YOUR CUSTOMERS AS BUSINESS PARTNERS
• You need to understand your customer’s business as well as they do.
• Ask yourself: How can you help them?
![Page 30: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/30.jpg)
HE WAS CONSISTENT, HE KNEW IT WAS THE KEY
• Everyday get emails and addresses.
• Build your data base• Follow through with your
customers.• Build your niche.
![Page 31: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/31.jpg)
WHERE ARE YOUR CUSTOMERS?
• The average business loses 10% of it’s customers yearly, not because of price.
• 85% of customers interviewed said they will pay 10-15% higher prices if the customer service is great.
The key? Consistency!
![Page 32: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/32.jpg)
YOU DON’T NEED ALL THE CUSTOMERS JUST THE PROFITABLE ONES
![Page 33: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/33.jpg)
THE LARGEST AND MOST EXPENSIVE CASKET COMPANY LOSES MARKET SHARE
• People wanted green; is this hard to figure out?
• You must be proactive.
• Remember Smith Corona?
![Page 34: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/34.jpg)
6 . TONY USED THE 3 E’S—THAT WAS HIS GRANDAUGHTER’S JOB
I HAD THE FRUIT STAND!
• Excitement, enthusiasm, engagement
![Page 35: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/35.jpg)
YOU MUST KNOW WHERE YOUR CUSTOMERS ARE AT ALL TIMES
![Page 36: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/36.jpg)
7. TONY WAS ITALIAN, HE HAD THEIR PHONE NUMBERS, LICENSE PLATE
NUMBERS!
Know where they are, what they like and where they hang out.
![Page 37: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/37.jpg)
8. HE HOSTED A CHARITY EVENT, HIS WIFE, CHRISTINA LOVED DOGS AND CATS
![Page 38: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/38.jpg)
9. SPONSORED A PUBLICITY STUNT
![Page 39: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/39.jpg)
HE THREW MONEY OUT OF A PLANE AND WATCHED HIS CUSTOMERS LINE UP!
![Page 40: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/40.jpg)
10. TO HIM ALL OF THIS WAS CUSTOMER SERVICE
• He had someone call his customers and find out what they liked. He found out his competitor was giving hay rides!
• He decided to have trail rides.
![Page 41: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/41.jpg)
TONY WAS MY GRANDFATHER-WERE HE STILL ALIVE HE WOULD BE WAY AHEAD OF
HIS COMPETITIORS
![Page 42: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/42.jpg)
WHEN WAS THE LAST TIME YOU TALKED TO YOUR CUSTOMERS?
![Page 43: HOW TO REINVENT YOUR BUSINESS RELATIONSHIPS THROUGH PARTNERSHIPS](https://reader034.fdocuments.net/reader034/viewer/2022052522/547a78d8b37959442b8b4a84/html5/thumbnails/43.jpg)
Lisbeth Calandrino
Helping businesses build loyal relationships through
customer service and sales training
518.495.5380www.Lisbethcalandrino.com
[email protected]://capitalbusinessreview.com/