Showing posts with label strategic. Show all posts

Saturday, 28 July 2012

Customer Retention – Observing Movie Theater Industry Strategies and Tactics

July 28, 2012

Customer Retention

Similar to other business industries, the movie theater industry has experienced ups and downs over the past few decades, with trying to build the customer base and in customer retention.

It is often stated in Customer Relationship Management strategies that it is 3 times harder to attract new customers than to keep customers through customer retention. What do you think the logical, strategic approach is?

On a Friday night, a group of us decided to take in a movie at the theater. Deciding to be entertained in 3-D, we slid in and bought tickets for Ice Age: Continental Drift. After paying the usual ticket prices, the design of the theater brings you to the unavoidable drink – snack – popcorn counter, where of course, we snack – geared everyone for the movie.

To not miss anything, like anyone else, we wanted to ensure we were there prior to the 7:15pm start time. As you are probably aware, the first few minutes prior to the start time, movie goers are slightly entertained, with all bodies pointing forward to the screen with clips and shots of “did you remember to get…”, and all the rest of value-added, movie theater promotional stuff. After 10 minutes of alternating between occasionally glancing at the screen and frequently engaging in conversation with our party, the lights dimmed and volume was cranked up.

In your mind 7:15pm start time is firm and you are ready to watch. Nope, not the case. For the next 16 minutes (yes I was the annoying one looking at my mobile device lighting up the adjacent areas) we all sat through movie trailers, ads and clips, one after another. Then another promotion for another 3-D movie coming up. Oh, and then one fairly entertaining movie theater industry ad attempting to generate more interest in coming to the movie theater again. 16 minutes of this! Didn’t we all just pay to watch a movie at 7:15pm? I can expect to click-through pop up ads on a website if I am getting something for free there, but experiencing this in a movie theater? Why?

Don’t get me wrong that I am severely complaining here, but highlighting more of a business and marketing observation. Quite frequently some of us put on our business hats and observe how businesses promote themselves, engage and communicate with the customer, and try to build up the loyal base of repeat customers. Here are some of the messaging and customer retention relevant observations at the theater before the movie, during that time frame prior to the movie, and post-movie time frame:

Customer convenience – theaters make it easy for customers to buy tickets in advance at kiosks or online
Captivated audience – Paying customers are in front of the screen, focused on the screen and the instructions on proper movie theater etiquette tells movie goers not to be doing anything else (ie: don’t talk, don’t use mobile devices)
Free Trial – Customers are getting a “free” glimpse at additional products, in the appropriate format (ie: movie theater ads have a bigger impact being played in the actual movie theater and not on a 21 inch, non-surround sound system at home)
Colors, design and words used in the clips, trailers and ads can create positive responses from the consumer
Investment – the movie industry sinks millions into advertising and test marketing these ads prior to developing the final 2 minute clip or trailer (ever notice movies had looked super appealing in those trailers?)
Feedback – the theaters capture customer feedback in two ways – in person or by kiosk; this feedback is an important part of improving the experience and of the Customer Relationship Management process

Whatever the tactics and strategies used by the movie theater industry, they are able to hit and make an impact on the paying customer to enable a response to return. In your business, what are your strategies to gain the continued interest from your customer? Keep them informed? Provide them will add-on packages while you have their attention? Offer the free trial to keep the customer coming back? Ensure you observe certain industry and business tactics towards gaining and retaining the customer base. Incorporate strong customer retention strategies in your business plan and marketing strategies.

More business blogs of interest:

Efficiency – Working More with Less in Current Business Environments
Business Issues Faced in the Summer Months
Hiring – Strategies and Tips for Strong Staffing Processes
High Performance – Star Qualities to Get You Noticed
Pay Per Click – Advertising Statistics and Trends [infographic]
Business Plan – The Next Steps
Business Intelligence – Keeping you Wired In
SEO Guide to Higher Conversions with a Few Steps [infographic]

Ty Col Consultant, Mentor, Entrepreneur

Strategy Plan One

http://strategyplanone.com

Business information, resources and tips for the entrepreneur

Saturday, 7 July 2012

Business Plan – The Next Steps

Strategy Plan One

July 7, 2012

Business Plan

You have taken the time and effort to develop a draft business plan, and now you are looking to move to the next steps.

Depending on how you developed your plan, whether you completed the draft independently or not, you may want to strengthen your plan before approaching necessary funding agencies, investors, or partners. You may just want to take steps to ensure you are implementing a stronger, more objective business plan that will have the higher probability of working for you. Here are some tips you may find valuable.

Business Plan Review

As much as you would like to state, that you have put in the greatest efforts to create the best plan, you need to be open to constructive feedback. Be willing to adapt and be flexible to adjust the business plan accordingly. When your draft is ready, provide it to friends, family, mentors, consultants and or specialists in your business field. Give the party the task of critically analyzing the business plan, but also to provide you with constructive feedback to make it stronger. With external feedback and recommendations, you will be developing a better business plan in a more objective manner. Ensure that you try to acquire the services of professionals (paid or unpaid) to assist in the process, as there are aspects of the business plan these professionals will target and provide recommendations on.

Don’t forget that if financials are your weak point, have an accountant or bookkeeper review those necessary financial projection documents, such as the projected income statement, balance sheet and cash flow statement. Some financial analysis should be completed and included within your business plan on those projections. Stronger financial statements and interpretation of those numbers will signal investors and lenders that you are serious and have done your homework.

business plan - commercial loan - presentation

As you may approach lending agencies or business grant and contribution programs, it is always a good idea to try to arrange a preliminary meeting to understand the requirements and criteria of these agencies and programs. To acquire a commercial loan for your business, you will need to know the specific commercial loan criteria. With a better understanding of what you need to meet, you can adjust that business plan and financial documents accordingly.

Revising to Make the Business Plan Stronger

Following feedback, be keen to adjust the business plan. With that open mindset, take in that constructive feedback and turn the draft into a more polished document. Here are some common tips and feedback for business plan revision:

Write a spectacular Executive Summary to catch the reader’s immediate attention
Remove non-essential descriptions and sections
Write clearly, with concise and “to the point” sections of the business plan
Ensure that the narrative part of the document is error free
Financial statements should be clearly laid out and error free
Cite sources to support points and data references in the business plan
Add appendices for accompanying documents
Make versions of the business plan specific to agency or external party requirements
Ensure you demonstrate meeting lending or program criteria

As a valuable additional step, have what you consider to be your final revised business plan reviewed again externally. This will help in catching any of those little errors and help you finalize the document.

Final Business Plan Ready for Submission and Presentation

With a complete business plan now on hand, you should understand your business front to back thoroughly. Be ready to make brilliant summary presentations on this business plan, as now you will be approaching lenders, partners and programs to seek financial or business support. You will want to make an impressive impact. Depending how you and the other party want to proceed on a presentation, be prepared to highlight the business case, through a visual PowerPoint presentation, or just through a powerful personal presentation with appropriate handouts. Whatever the case, always be prepared.

With a few added steps, you will achieve your goal of developing a stronger, more objective business plan to present to appropriate parties. Always remember that your business plan is your blueprint to implement your own successful project or business. The plan is a living, breathing document, and needs to be revisited, reviewed and revised frequently as markets and business environments consistently change.

More business blogs of interest:

Online Retail – Strategies That Lead to Better Sales
Franchise Opportunities – Industry Outlook 2012 and Beyond [infographic]
Retail Industry Heating up for Summer and Back to School
SEO Guide to Higher Conversions with a Few Steps [infographic]
EService, Social Media and Customer Service Trends [infographic]

Business Intelligence

Business owners, entrepreneurs and leaders must stay on top of business information, trends and customer behaviour to make better informed decisions. Gone are the business days when the “build it and they will come” strategies were effective. More likely than not, you need to be an entrepreneur who can pre-emptively adjust to market conditions and dynamic economic environments. Business intelligence is essentially the methods and systems of gathering and analyzing sources of information and resources to improve business. Information, methods and systems are available at everyone’s fingertips that will lead you to better strategic planning and thriving businesses.

Economic Trends – Analysis and Reporting

For a more global perspective on the economy and what is happening in industry specific areas, you will need to observe and analyze economic trends. It helps to have the ability to interpret what some of these numbers and patterns mean to your business. Census.gov is one source to inform you on economic trends and economic numbers, to give you more of a general level of information. Favourable trends across the board and you will be confident the economy is on the right track and to know consumer confidence will be there. Many business intelligence tools and data management systems can assist you to track, analyze and report, globally and at the local level.

Social Media Analysis – Business Intelligence

Information from social media can be powerful sources of information for your business, if you know what you are looking for and how to tap into the correct user base on a certain platform. You can definitely see trending topics through your own basic analysis of keyword searches in social media, such as hash tag searches on Twitter, or through Pinterest. A quick search anywhere on the net will reveal various social media, business intelligence tools to track and analyze data on social media platforms. Also stayed tuned into the product reviews throughout social media platforms. Exposure to products and services information happens rapidly through social media, and with that speed you may be able to adapt and revise your mix of product and service offerings to client bases.

Competitors

Often heard – Keep on eye on your competitors. A lot of groundwork may be covered by competitors as they test grounds, test marketing techniques and incorporate business intelligence methods and systems. Leaving potential tidbits for you, competitors may leave a track record of customer behavior, reviews, comments and data on the competitor’s own blog or site. If it is a local competitor, a site visit can reveal much detail on the customer service and techniques they use, the volume of visitors, and physically observing the level of interest in a product. Although you can mimic the successes of competitors analyzing data, there will be a need for you to differentiate your business from the competitors.

Acquiring Business Intelligence

If you have the resources and it fits within your strategic plan, you can acquire the business intelligence methods and systems that will give your company the lift you need. Acquiring business intelligence can occur in many ways from acquiring human resources, professionals with background and expertise in business intelligence in a certain field or business niche. Companies can acquire intact businesses that have synergies with your business or proprietary information, technology or patents that fit well with your business strategy. Short term contracted, specialists or consultants can develop new strategies and offer information from their own external business intelligence methods and systems. All forms can be advantageous in planning to be more competitive with gained external business intelligence.

Business Intelligence from your own customers

Never forget the strength of customer feedback. Customers have backgrounds in many different fields and experiences. Encourage, promote and provide incentives for customer feedback. Develop feedback mechanisms such as surveys to get honest, objective feedback from your client groups. It is important to track and analyze customer feedback data. Some of this information may reveal external information, useful in developing improved strategies. Here is a simplified example of customer feedback that can be valuable, “…liked your product, however if you added back-end extended service like your competitor ABC Corp, the experience could be better…” Feedback such as this would be your key to some business information you may not have been aware of. Tracking of data will help you to quantify and interpret customer trends, leading to improved products and services.

As noted, it has become extremely important for entrepreneurs to apply flexibility and have the ability to adapt, depending on information extrapolated from business intelligence systems. Staying on track now forms part of the core responsibilities of your organization to keep your business growing. Customers are savvy with information readily available, instantaneously at their fingers tips…. same with entrepreneurs in ensuring information is readily available through your business intelligence systems.

More Reading on Business Intelligence Systems:

Business Intelligence Systems
Business Intelligence Reporting Systems

More blogs of interest:

Retail Industry Heating up for Summer and Back to School
SEO Guide to Higher Conversions with a Few Steps [infographic]
EService, Social Media and Customer Service Trends [infographic]
Digital Marketing – Conversion Opportunities for Business
Product Mix – Designing Products and Services for the Consumer
Content Marketing – Targeting Local Markets [infographic]
Business Issues Faced in the Summer Months
Color and Design – Factors Influencing Commerce [infographic]

Strategy Plan One

http://strategyplanone.com

Business information, resources and tips for the entrepreneur

Monday, 2 July 2012

Online Retail - Strategies That Lead to Better Sales [infographic]

Strategy Plan One

July 2, 2012

Online Retail

This creative infographic points out the specific tactics online retailers use to draw in customers to more steps in the purchase process, leading to more sales. The infographic breaks the process down into six distinct, tactical areas, including creative design of the site, ease of the purchase process, feedback and testimonials, pricing strategies, time factors, and additional actions.

Design factors to draw in online retail customers:

Color - emotional responses to differing colors
Content marketing with selection of words and descriptions, targeting markets
Inserting pages with video to sell more

Online Retail Purchase Process:

One click buying
Quick loading of pages (helps in the spontaneous purchase process)
Mobile enabled, as online mobile purchase trends are favorable
Safe and secure sites, allowing safe data storage for future sales

Reviews, Feedback and Testimonials:

Endorsements bring sales
Consumer reviews are powerful
Ratings and feedback mechanisms result in better sales, better ROI

Online Retail Pricing Strategies:

Free trial then buy works
With free shipping, more spent on items
Revenues add up fast with additional discounted items offered

Time Factor with Online Retail:

Personalized deal time window is effective
Adding timing add urgency to the process
Time or number limitations create more interest

Additional Call to Actions:

Reminders and ancillary purchase links generate more add-on sales
Links on additional buys is an effective sales strategy
Ads centered on your buys assist in future sales

Source: Visual.ly, VoucherCodes

Online retailers need to be more strategic in the ever increasingly competitive online retail industry. Businesses and entrepreneurs must undertake adequate research and planning prior to launching their online retail ventures. It helps to develop a plan through the strategic steps of establishing objectives, options, methods, implementation, measurement of results and revisions as necessary.

Business Issues

As summer months on now upon us, it is important as leaders to plan in advance for the differing business dynamic summer months bring. Your business needs to be prepared in order to meet customer needs, continue business as usual and continue to grow. Whether it’s staffing levels, supplier issues, demand issues or opportunities, it is best to plan contingencies around the challenges you may face in the summer.

The three key business issues faced in the summer discussed here include:

Staffing and human resources issues
Supply and demand issues
Business development and opportunities

Staffing Levels

Of course the summer season is notorious for the majority of staff wanting a bit of a break during the summer months. Some of it is centered on family concerns with children off school, while others find it advantageous to take off the months during the best weather and tourism offerings. Certain human resource strategies can alleviate these pressures.

Ensure you have policies and procedures in place for staffing when there are leaves from work. The policies will differ and be stronger if you are in a business of essential services, like medical practices. For the most part, policies and procedures can be flexible and fair to all staff to ensure everyone has the ability to take much needed breaks. Policies and procedures will provide standardization to the organizations and will bring clarity to staff when all are seeking leaves.

To alleviate pressures of staffing levels, you as a leader can plan to fill the gaps in the summer in creative ways. Students are always looking for work in the summer and would be an appropriate human resource pool to pull from. Contracting out is another option if you need professional services to carry on complicated, complex projects in your business. Offering opportunities to staff for assignments or acting positions may fill the void temporarily and would go a long way to building up capacity in your organization. Lastly, encouraging and implementing work-life balance with flexible scheduling in the business may give the flexibility across all employees to manage the staffing levels.

Supply and Demand Challenges

Depending on what business you are in, summer months can bring a higher demand on some products or services, and likewise, supplies can fluctuate during this period. Supply and demand issues should be adequately identified in you business plan.

A simple example of supply and demand is the local ice suppliers as ice demand would be in high demand by all sectors in the summer. On the services front, certain services would be in high demand and potentially hard to obtain such as HVAC specialists around cooling system maintenance, or in the case of trying to acquire service from pool maintenance companies. Building contractors and the construction industry are in higher demand during the summer months. These businesses face the same human resource issues during the summer months to complicate their own operational demand issues.

If you are business that relies on specific supplies and through your research you know supplies fluctuate during the summer period, ensure you have planned out your contingencies to keep the supply level consistent. This may require you to secure commitments from a number of suppliers in the chain. You may also develop RFP processes in advance to ensure you have suitable suppliers ready to go.

If you are in a business where the demand for your products or services increases in the summer, once again your business planning process should identify your operational plan to cope and accommodate increased operational demand. Through a pattern of previous annual experiences, you may plan to ramp up staffing to accommodate increased service demand. In terms of a supplier type business, retail or food services, you may increase inventory levels in advance of the summer months to ensure you can entertain increased commerce levels. This piece should be carefully researched, analyzed and planned well within your business planning process. Over estimates can be costly, but so can missed business and revenue with not being prepared and having to hang the dreaded “out of stock” sign.

Business Development and Opportunities

Summer months can be challenging to try and grow your business. As your business has challenges regarding staffing levels and the need for everyone to take time off, so do your partners, investors and other entrepreneurs that could help you in business development and partnership building.

Although people can be away for periods during the summer months, most know that entrepreneurs stay connected, no matter where they go or what they are doing. In the interests of their own business goals and growth, entrepreneurs and business leaders are highly motivated and dedicated to their own businesses. It may be easy to connect with those partners and synergistic businesses out there during the summer months for further business development.

In the case where you or other business leaders cannot be connected during the summer months, it is appropriate as a good leader to delegate tasks to those who do remain in the office. Delegating to staff members and encouraging responsibility, accountability and decision-making are ways to build excellent capacity building in your organization and build business at the same time.

Know well in advance of what challenges summer may bring your business. Through adequate planning and establishing your plan of contingencies, your business will be ready to more than satisfy the markets, and your business will be well positioned to grow.

Relevant blogs and articles:

Business Planning Tips
Talent Management – How to Build a Solid Human Resource Base
Supply and Demand
Young Entrepreneurs – Programs and Funding Sources
Economic Efficiency – 5 Tips to Create Efficiencies in Your Business
Strategies to Improve Performance

Strategy Plan One

http://strategyplanone.com

Business information, resources and tips for the entrepreneur

Saturday, 28 July 2012

Customer Retention

More on the Customer:

More business blogs of interest:

Efficiency – Working More with Less in Current Business Environments

Hiring – Strategies and Tips for Strong Staffing Processes

Saturday, 7 July 2012

Business Plan

Business Plan Review

Revising to Make the Business Plan Stronger

Final Business Plan Ready for Submission and Presentation

More Reading on Business Plans:

Business Grants – 5 Steps in Navigating through the Process

More business blogs of interest:

Online Retail – Strategies That Lead to Better Sales

Franchise Opportunities – Industry Outlook 2012 and Beyond [infographic]

SEO Guide to Higher Conversions with a Few Steps [infographic]

More on Marketing:

Friday, 6 July 2012

Business Intelligence

Competitors

More blogs of interest:

SEO Guide to Higher Conversions with a Few Steps [infographic]

Monday, 2 July 2012

Online Retail

Design factors to draw in online retail customers:

Online Retail Purchase Process:

Reviews, Feedback and Testimonials:

Online Retail Pricing Strategies:

Time Factor with Online Retail:

Additional Call to Actions:

More Online Retail and Consumer Articles:

SEO Guide to Higher Conversions with a Few Steps [infographic]

Wednesday, 20 June 2012

Business Issues

Supply and Demand Challenges

Business Development and Opportunities

Relevant blogs and articles: