Page 33 - Tracy Anderson Issue

Explaining The Small Business Failure Rate

With Pamela Herrmann and Patty Dominguez

Statistics about business success aren’t
reassuring.
About 80 percent of new businesses fail in
the first 18 months, according to Bloomberg
Business research. During the economic
meltdown of 2008, for the first time in
decades more businesses closed than were
started.
“What business owners don’t seem to
understand is that what’s required not only to
survive but to thrive, is within their control,”
says Pamela Herrmann, author of “The
Customer Manifesto: How Business Has
Failed Customers And What It Takes To Earn
Lasting Loyalty.”
“The typical business owner has no idea how
to create leverage, how to utilize new
technologies, how to strategize to be
competitive, or how to stop the hemorrhaging
of cash in the form of failed online-marketing
investments.”
Herrmann is co-founder with Patty
Dominguez of CREATE Buzz (www.Create-
BuzzNow.com), which is changing the way
small businesses connect with customers
– both online and offline. Dominguez and
Herrmann review four business
mistakes – and ways to correct them: the average value of a single transaction?
• Missing the biggest revenue opportunity. • Failing to manage their message across all customer
Much of traditional marketing focuses on attracting new customers. touch points.
“But the biggest revenue opportunity is in keeping existing customers,” Most businesses are unaware of all the ways consumers use
Dominguez says. Among the ways to keep customers loyal: Always technology to find them. Businesses should create a Customer Journey
greet them warmly. If they are waiting in line, thank them for their Map so they can see all the touch points across all channels, measure
patience and assure them you’ll be with them promptly. Make how well they are doing and then identify gaps and opportunities. San Diego Woman
certain your business is clean and comfortable. Use words such as ‘my • Being unaware of marketing fundamentals. Just like an
pleasure,’ ‘absolutely’ and ‘you’re most welcome’ instead of ‘sure,’ ‘no archer tries to hit the bull’s-eye, an entrepreneur tries to reach custom-
problem’ or ‘yeah.’ ers. No matter how many arrows that may be in her quiver, if she doesn’t
• Tracking the wrong metrics. know how to aim, she’ll probably miss. The same is true with marketing.
Business owners often make marketing decisions based on short-term “You need to know who you’re marketing to,” Dominguez says. “Why 33
data, like how much money is in the bank or how many sales they made are you marketing to them? What are their wants and needs? When you
last month. This is reactive — not proactive. do this effectively, you shift from sinking money into fixing problems and
Herrmann and Dominguez say the way to focus on the right metrics is into growing your business through strategic decision making.”
to ask such questions as: How many new leads did you get this month?
How much did it cost you to acquire that new lead or customer? What’s

It’s Easy to Eat Right

Dawn Nicoli

The best tip I know for eating well and staying healthy is to pre plan.
One day a week I shop for mixed vegetables, fruits, chicken and fish or what looks good
that week. I do all my chopping and store the washed precut veggies in our best
friend - Tupperware.
I broil some fish and pull apart the chicken and store in another Tupperware container.
On any given night the veggies are ready to stir fry in the wok with some virgin olive oil
and garlic.
I can then mix them with whichever protein I choose.
The whole mixture makes great left overs, stored in a separate Tupperware.
Mixing and matching keeps it interesting by combining brown rice, a yam or even some
feta cheese.
All meals can be ready in about 10 minutes.
If you don’t have to search for what to eat, you won’t be tempted to eat the wrong food.
If the healthy choice is right in front of you, it’s easy to eat well.