5 Common Sales Mistakes and How to Avoid Them

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Uncategorised

5 Common Sales Mistakes and How to Avoid Them

Sales are the lifeblood of a business. They are what determines if a business is doing well and what we use to track and measure our business strategy and marketing efforts. In simpler words, sales are the end results of every effort you put into your business. 

That’s why it’s crucial for every business owner or salesperson to be aware of the common sales mistakes that could jeopardise their entire sales and marketing team efforts and eventually cost them potential customers and money.

In this blog post, we will discuss five common sales mistakes that could be costing you money, and how to avoid them. When you’re aware of these mistakes, you’ll be able to take the necessary steps to avoid them and save yourself a lot of money that you would’ve lost otherwise.

5 Common Sales Mistakes That Can Cost You Money

Lacking proper preparation:

One of the most deadliest sales mistakes any salesperson or business owner can make is to fail to adequately prepare before meeting a potential customer. But, unfortunately, this is often the case with many business owners. 

If you go into a sales meeting without doing the necessary research and sales preparation, you risk losing the customer’s interest. Before any sales meeting, research the customer’s business, identify their pain points, and prepare a list of questions to ask them.

Most people like specific answers. That is, you need to ensure that you have those specific answers to those specific questions potential customers will ask you. Ensure you also have evidence of how your company will help solve or ease their questions or concerns. 

Case studies are great evidence you can show to potential customers to convince them to make that sale with your business. Use case studies that directly or similarly relate to their pain points or problems.

Failing to Understand the Customer’s Needs:

Another common sales mistake you can make is failing to understand your customer’s needs. Conduct surveys, track your website’s traffic to see what people are checking,and  keep up with the trend and changes in your customer’s behaviour. Doing all these will allow you to know what your customer needs at the right time. 

If you don’t understand exactly what your customer wants from your business, you won’t be able to provide a solution that meets their needs. 

Take the time to listen to your customer and ask questions to clarify their needs.

Overlooking Building Relationship with Your Customers: 

Establishing and nurturing relationships with your customers is absolutely vital if you want your business to succeed in the long run. It’s not just about closing sales; it’s about building genuine connections that go beyond a simple transaction. 

If you fail to invest the time and effort into cultivating a meaningful relationship with your customers, you’ll run the risk of losing them after their first purchase with you.

When people feel a connection with your business, they’re more likely to keep coming back to buy from you, becoming loyal customers who will support your business’s growth and success.

Neglecting to Address Your Customer’s Feedback: 

One of the most common sales mistakes business owners make is neglecting to address customer’s feedback. Each complaint or negative feedback should be taken seriously and treated as an opportunity for improvement.

It’s essential to show your customers that their opinions are valued and that you are committed to resolving any issues they may have.

By doing so, you not only demonstrate your dedication to customer satisfaction but also foster a sense of trust and loyalty, leading to long-term success for your business.

Failing to Follow Up After a Meeting: 

Another common sales mistake that many business owners make is failing to follow up after a meeting. Following up with customers is a crucial step in maintaining strong relationships and ensuring successful final sales.

But when you fail to follow up with your customers after a sales meeting, you’re at risk of losing potential customers to your competitors. 

It’s important to demonstrate your commitment to customer satisfaction by promptly reaching out after every sales meeting and keeping them informed about any progress or updates.

By actively following up with customers, you not only show that you value their business but also provide an opportunity to address any concerns or questions they may have. 

Bottom Line:

It’s important for you as a business owner or salesperson to recognize these common sales mistakes so that you can avoid making them and hurting your business in the process.

By conducting enough research, understanding the customer’s needs, building relationships, addressing feedback, and following up, you’ll increase your chances of successfully closing each sale.

If you need extra guidance on the best sales practices for your business, then feel free to book a one-on-one consultation with us.

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Business Operations & Structure

The Benefits of Business Consulting for Your Company’s Success

We’ve probably all heard the term “consulting” before, and have a general idea of what the term means.

But the fact is the majority of people still never deeply understand what “business consulting” is all about or the vast benefits having a business consultant can bring to their businesses.

In this blog post, we’ll have an introduction to what business consulting is, the benefits of business consulting, and how it can help your company succeed.

What is Business Consulting?

Whether you’re a seasoned entrepreneur or a newbie just starting your first business, you’re already well aware of the challenges that come with making the right decision for your business.

The stakes are high: financial investments, hard work, and the fear of potential setbacks loom over every decision you make, burdening you with an intense amount of anxiety and stress. 

But imagine a world where the anxiety fades away. A world, where instead of questioning every decision you make, you’re confidently running your business with an expert (consultant) whose sole job is to ensure you are making the right decision based on real-time data-driven facts. 

This is what business consulting is all about. Simply put, business consulting is a service that provides expert and fact-based advice and guidance to businesses to help them improve their performance and achieve their business goals.

For business owners, like you, business consulting provides you with peace of mind and the confidence to run a thriving business.

Common Challenges Faced by Businesses and How Consulting Can Help

Running a business is never easy, and there are almost always challenges that business owners will stumble upon on a daily basis. Some of these common challenges may include:

  • Lack of direction or strategy
  • Inefficient business processes
  • Poor financial management
  • Ineffective marketing campaigns
  • Poor employee turnover
  • Low customer retention rate

These challenges, if not taken care of properly, can have significant impacts on your business and can also prevent it from seeing tangible results despite all its efforts. Now, this is where business consulting comes into play.

A business consultant will help you identify the root cause of these challenges and provide expert solutions on how to overcome them.

When you work with a consultant, you will be able to develop a clear and well-laid-out strategy that will optimize your business processes, improve your financial management, and create effective marketing campaigns. 

Services Offered by Consulting Firms/Agencies

Some business consulting agencies niche down and focus on consulting for one part of the business process, like a financial consulting firm whose sole purpose is to help you with anything relating to your business finances.

But other business consulting agencies, like EZAdvisory, are what we would call generalists and focus on all the processes of running a business.

Usually, these consulting firms will offer a range of services that cover each part of the process of running a business. And like EZAdvisory, some of these consulting firm services may include:

  • Business strategy and planning
  • Brand management and marketing
  • Sales and customer management
  • Business operations and structures
  • Core business technology
  • Funding support

When you come across this type of consulting firm, they always have a team of in-house experts, each specializing in specific areas of service. For instance, one group may be dedicated to brand management, while another focuses on sales and customer management.

At EZAdvisory, our team of experienced consultants has worked with various businesses of all sizes and industries. We take a customized approach to each client, tailoring our services to meet their unique needs and goals.

Case Studies of Businesses That Have Benefited from Our Consulting Services

Over the years, we have worked with many businesses and through our expertise and guidance we have assisted them in achieving the utmost success. Here are some case studies on businesses we’ve helped:

A Beauty Business

We worked with a beauty and fashion company that was struggling to attract more customers.

After conducting a thorough analysis, we developed a clear strategy for the business and optimized their processes.

We also developed a marketing plan that helped the business reach new customers and increase sales. Within six months, the business saw a 30% increase in revenue.

DOWNLOAD FULL CASE STUDY HERE 

An Agric Business

We worked with a traditional agricultural business that needed to scale rapidly in order to meet its customers’ demands.

DOWNLOAD FULL CASE STUDY HERE

An EdTech Business

We were able to transform EZGS into one if the best fully online marketing schools in Africa in just a few months.

DOWNLOAD FULL CASE STUDY HERE

Bottom Line

Business consultants provide a ton of benefits to business owners, regardless of the size of their company or the industry the business is in.

If you’re struggling with common challenges— such as creating the right strategy, making the best financial decision, designing the perfect marketing campaigns, or even having trouble retaining your best employees—business consultants like EZAdvisory are available to help you find the right solutions and avoid wasting your time, efforts, and resources on trial and error.

Book a clarity call to learn more about our consulting services and how we can help your business succeed.

You may also be interested in..

Our 1-Month Business School

Founder’s Community 

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Business Operations Analytics

 Responding To Nigeria’s Fuel Subsidy Removal: Strategies To Restructure Your Business For Profit

On May 29th, 2023, during his inauguration speech, President-elect Bola Tinubu announced that the long but highly controversial fuel subsidy would be removed after June 2023. This announcement has sparked widespread panic among Nigerians as fuel prices immediately surged from 185 naira ($0.40) to a range of 488 naira ($1.05) to 550 naira ($1.18) nationwide.

As many Nigerians race to the filling stations and brace the long queues to buy fuel, the impact of the spike in fuel prices has been instantaneous. 

Unfortunately, business owners, especially small business owners, are expected to feel the brunt of the effects of the removal of fuel subsidies. Now more than ever, it is crucial for business owners to promptly reassess their strategies and devise effective plans to navigate the challenges of this new post-subsidy era.

To assist you in this process, here are eight ways to restructure your business, maximize profit, and manage the effects of the fuel subsidy removal

Review your business strategy

With the ongoing increase in fuel costs, it is crucial to thoroughly reevaluate your current business strategy. You need to assess the potential  impact that rising fuel prices might have on your operations and finances. 

It’s important that you take the time to analyze your business products, the new pain points of your target market, what your competitors are already doing, and your overall value proposition. You can start by asking yourself these questions: 

  • How does the removal of the fuel subsidy directly impact my business operations and profitability?
  • How will the increased cost of living affect my customers’ willingness to purchase or use my products/services?
  • What strategies can I implement to retain existing customers and attract new ones despite the challenges posed by increased fuel costs? 

By answering these questions and conducting further market research and analysis, you will be able to identify areas where you can optimize processes, reduce costs, and adapt to changing economic conditions. 

If you feel you need additional, preferably expert, opinions on how to reevaluate your business strategy, don’t hesitate to schedule a one-on one consultation with our advisors. We are here to help you navigate through these challenges and come out stronger on the other side.

Related: The Best Way To Create a Growth Strategy Plan

Adjust your pricing

When it comes to readjusting prices, business owners are often skeptical, with their biggest fear being: What if I lose customers due to the price increase? Which is even more understandable given Nigeria’s  present economy. 

However, it’s important to remember that adjusting your pricing can be a necessary step to weather the storm and ensure your business survives.

Take a moment to review your current pricing strategy and carefully analyze the costs involved in producing  high quality products or services for your customers. Then, explore how much you can increase prices without overwhelming your customers while still be able to continue delivering outstanding products or services.

Remember, transparency and communication are key. Clearly communicate the reasons behind any price adjustments to your customers, highlighting the value they will receive in return. This open dialogue can help build trust and understanding, reducing any potential concerns they may have about the increase.

By striking the right balance between pricing and value, you can ensure that your business remains profitable while continuing to provide high quality products or services to your valued customers.

Consider adopting a remote workplace

With the fuel subsidy removal having a serious ripple effect on the operational and energy costs to run a business, now might be the best time to consider taking your business remote. 

If there is anything we all learned from the COVID-19 pandemic, it’s that a lot of work can be done from anywhere in the world as long as you have a good, working laptop and a stable internet connection. And in this time of higher fuel costs, taking your business remote will not only benefit you but your employees as well.

Transitioning to a remote workplace will not only help you cut back on energy costs and extra rent fees on office spaces, but also help reduce the transportation expenses for both you and your employees.

You can start by implementing a gradual approach, perhaps beginning with one or two days of remote work per week. 

At EZAdvisory, we have been a fully remote company since day one, and it has brought us numerous advantages. We are well-equipped to assist you in seamlessly transitioning to a fully functional remote company.

So, if you need advice on the steps to take before trying to take your business remote,  Book a one-on-one consultation call with our experts.

Communicate with your staff 

Just as you’re stressed and concerned about how your business will fare in this post fuel subsidy era, your employees are also experiencing the same intense anxiety and stress regarding how this might impact their jobs and lives. 

It’s important for you to communicate with them openly and honestly about the situation and work together to navigate any challenges that may arise.

Let them know the current situation from your perspective and reassure them that you are doing everything possible to ensure a successful recovery and navigate this challenging era. 

By doing so, you’ll not only alleviate a great deal of stress and anxiety from their shoulders, but also instill renewed hope and energy in them to work even harder for the success of your business.

Beef up your marketing (no time for marketing that doesn’t being result)

There has never been a better time than now to ensure that your business is generating sufficient profits. This is not the time to focus on marketing strategies that fail to yield results or drive sales. You must be at the top of your game and double down on your efforts to create the right marketing strategy that delivers tangible outcomes.

While we understand your need to find ways to reduce costs amidst the uncertainty and challenging times brought about by the fuel subsidy removal, you should not cut back on your marketing efforts to the extent that your business begins to suffer.

Similar to your business strategy, it is essential to review and restrategize your marketing and sales approaches. You and your team should explore new ways to make your marketing campaigns work and benefit your business in this new economy. 

If possible, consult with an expert to assist you in reevaluating your marketing and sales strategies. At EZAdvisory, we have experts who can guide you through these challenging times.

Related: How to Plan Your Marketing & Sales Strategy for Very Good Sales 

Be more on tab with following up with leads

Just as you need to be on par with your marketing and sales strategies now, it is equally important to ensure that you stay on top of your leads. 

Follow up with your leads frequently, but be careful not to come across as overbearing or become a nuisance. Instead, create a well-planned timeline that allows you to effectively reach out to your leads while still being respectful of their time.

When following up with your leads, focus on how your business can help improve their lives during this time of high costs and services. Keep them updated on any new initiatives or changes you have implemented in response to the current circumstances.

By maintaining consistent communication and demonstrating the value your business can provide, you can nurture your leads and increase the likelihood of converting them into actual and profitable customers. 

Start to consider other markets to get your products or services from

Consider sourcing your products or services from alternative markets if your current suppliers are no longer viable for your business. 

If they have significantly increased their prices to a point where it becomes unaffordable for you or imposes a substantial cost burden on your customers, then it’s time for you to explore other options.

Although you can try renegotiating at first. Then, if you’re still unable to get a favorable deal with your existing suppliers, seek out new markets that can still enable you to deliver top-quality products and services to your customers. 

By diversifying where you get your resources or markets from, you can potentially find more favorable pricing and maintain the quality standards that your customers expect.

Find a community of support where you can share your burden with others

Believe it or not, the fear, anxiety, and stress you are experiencing while navigating this fuel subsidy removal era are the same way many business owners are feeling right now.

Consider joining a community of fellow business owners who can provide the support you need during this time. Our founder’s community, for example, has members who have expressed similar anxieties, and the level of support within the community has been overwhelming.

By connecting with like-minded individuals facing similar circumstances, you can exchange valuable insights, share experiences, and find solace in knowing that others understand and empathize with your situation. Together, we can overcome these challenges and emerge stronger.

Join our founder’s community right here!

Bottom Line

The removal of fuel subsidies has ushered in a new reality that we must embrace and adapt to. While we hope things will improve in the coming months with a reduction in fuel prices, it is crucial not to wait but to start taking action now. 

By implementing these strategies—reviewing your business strategy, adjusting pricing, considering adopting a remote workplace, communicating with your employees, bolstering your marketing efforts, following up with your leads, and connecting with supportive communities—you can navigate the challenges of the fuel subsidy removal and position your business for long-term success. 

Embrace the change, adapt, and seize the opportunities that lie ahead.

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Business Operations & Structure, Business Operations Analytics

Top 10 Best Tools to Manage Your Small Business.

Owning and running a small business is stressful and overwhelming. There are so many things that need to be done within a short amount of time everyday. From creating brand designs to sending emails,  you have a lot of activities that need to be in place in order to effectively run your business.And with limited resources and the need to make every investment count, it’s important for you to choose the right tools to streamline your operations and improve efficiency. 

In this blog post, we’ll explore 10 useful tools every business owner should be using in 2023 to streamline operations and increase productivity. The best part is that all these tools are completely free to use.

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Top 10 Best Tools for Small Businesses Owners.

1. Google Workspace

Google, the world’s internet giant, has created easy and free tools for business owners to use to increase productivity, work effectively and collaborate well with team members.

Google Workspace includes Gmail, Google Docs, Google Sheets, Google Meet, Google Drive, and many more. With this software, you can create documents and spreadsheets, make powerful presentations, have team meetings, store all work documents in one place, access your work from any device and so much more. 

There are so many advantages small business owners, especially new small businesses, will gain from using Google Workspace that we can’t mention it all. 

2. ClickUp

ClickUp is a project management software that can help you manage tasks, track progress, and create timelines for each project you are currently undertaking. It also allows you to assign roles and organize resources for your team members. 

This helps ensure everyone is on the same page, knows what they are supposed to do, and avoids any confusion. 

3. Hubspot

Hubspot is one of the best customer relationship management software, and our favorite software, small business owners can use to manage their customers. To effectively understand how your customers interact with your business, you need to make use of a CRM system like Hubspot. 

CRMs are great tools to use to effectively manage your customers’ data and track your leads. The data you get from your CRM can be used to improve your customer service, which in turn can lead to an increase in customer satisfaction.

Hubspot is an easy-to-use customer relationship software that provides basic tutorials for new beginners. So you don’t have to worry about not ever using a CRM before as Hubspot has made it simple to get started. 

The best part about Hubspot though is that you can get started for FREE! As business owners, we all understand how quickly our expenses can pile up. This way, we can take our business to the next level without the burden of another cost being added to our bill. As your business continues to grow, you can then decide whether to invest in Hubspot by upgrading your account after you have seen tangible results in your business.

4. Slack

As a business owner, whether small or large, you need to be able to communicate with your team members regularly during the week. While you can go through the normal method of sending emails through Gmail, this tends to come across as very formal, and sometimes this isn’t the way to go for your team members to feel comfortable enough to share ideas. 

Slack is one of the best applications/software that helps ease communication and create a calm, comfortable environment for collaboration among team members. It effectively balances out the formal and informal aspects of your business with your team. Making it easy to communicate in a professional setting but comfortable enough to share thoughts and ideas on a project or topic. 

The team collaboration and communication software also allows you to create channels for different projects, making it easy to communicate and share files with team members. With Slack, you can also integrate other apps, such as ClickUp and Google Drive, making it a one-stop shop for team communication.

5. Canva

Your brand’s identity matters so much as a business owner. You need design software that can create aesthetically and visually pleasing designs for your business. Canva is the best graphic design tool to use for both beginners and professionals. 

Canva helps small business owners (like you) create professional-looking graphics without the need for a graphic designer. It offers a wide range of templates for social media posts, flyers, posters, and more. 

It is also easy to collaborate with your team on Canva, making it easier to make changes or comments on a particular design in real-time without delay or having to go back and forth with each other. 

6. Buffer

In today’s digital world, we all know how vital it is to have an online presence. This involves having accounts across various social media platforms such as Instagram, Twitter, Facebook, LinkedIn, and so on. 

As a business owner,  managing all these social media platforms can be challenging and stressful. This is why a social media management tool, such as Buffer, can help take off some of that burden. 

With Buffer, you can schedule posts, monitor comments and messages, and track analytics across all your social media platforms. It is an excellent tool for your business that helps you to save time and streamline your social media strategies.

7. QuickBooks

As a small business owner, you need to be able to keep track of all your income and expenses. Inconsistent and inadequate management of your finances can lead to making bad business decisions and poor business management as a whole.

While you can use a well-created spreadsheet to track the cash flow in your business, using software like QuickBooks is also another effective way to go.

QuickBooks is a cloud-based accounting software that is specifically designed for small businesses. It is an excellent tool for managing finances, generating invoices, and tracking expenses. 

With QuickBooks, you can easily keep track of your business’s financial health, which is critical for making informed decisions. While QuickBooks isn’t exactly completely free, it’s a great investment for small businesses as it ensures an easy flow of business. 

8. WordPress

WordPress is a content management system that can help small businesses create and manage their websites. 

It offers a wide range of templates and customization options, making it easy to create a professional-looking website. 

With WordPress, you can also add plugins to extend the functionality of your website, such as e-commerce capabilities, SEO optimization, and social media integration. It is an excellent tool for small businesses that want to establish an online presence and attract more customers.

9. Odoo

If you own a retail business that requires you to take account of inventories then Odoo is the best tool for you to use to manage your inventory effectively. 

Odoo is an inventory management system that offers so much in its free plan for users. It’s also completely unlimited, making it great for small businesses with huge inventories 

In addition, you can tie the inventory software to Odoo’s dozen other sales and marketing tools for a small fee.

10. Clockify

Time-tracking software is a great way to make sure your employees are working when they’re supposed to be working. It can also help you track productivity, analyze performance, and create accurate payrolls.

With Clockify you can track and monitor your remote employees or freelancers, if you work with them and get the right billing expense to pay them. Clockify is also a great tool to use to manage teams on a tight budget. 

Bottom Line

Taking the time to take the time to learn how to use these tools effectively and training your team members on their proper use can help streamline productivity and increase collaboration. Tools like Google Workspace, Slack, Buffer, and Hubspot allow you to focus on what you do best—delivering quality products or services to your customers.

In addition to this, you can save time, reduce costs, and improve your overall business performance. So, why not try out these tools and see how they can benefit your small business today?

Like tips like this? Join our Founder Community to receive power resources that will help streamline your business operations. 

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Business Operations & Structure, Business Operations Analytics

The Role of Emotional Intelligence in Team Management.

In today’s world of fast, highly chaotic life, having high emotional intelligence is becoming more important than any other traditional measures of intelligence when it comes to leadership skills, conflict resolution, and team management.

Emotional Intelligence ensures that you are able to recognize and control your emotions and that of your team. It allows you to harness the power of emotions to unlock your team’s full potential. 

But what exactly is emotional intelligence? Why should you be paying attention to it and what is its role in team management? In this blog post, we’ll explore the full meaning of emotional intelligence and the critical role it plays in effective leadership and team dynamics.

FREE E-BOOK: What To Check When You Feel Your Business Isn’t Turning In Enough Profit

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What is Emotional Intelligence?

To put it simply, Emotional Intelligence (EI) is the ability to recognize, understand and manage your own emotions as well as those of others. It’s the glue that can hold together a long and lasting relationship between coworkers, partners, and team members.

The term “Emotional Intelligence” was first introduced in 1990 in a research paper by two psychological professors John D. Mayer and Peter Salovey, but was later popularized by psychologist Daniel Goleman. Since then, it has been a highly sought-after skill by many employers when hiring new employees. 

In an article for Harvard Business Review, Goleman highlighted the importance of emotional intelligence in leadership and team management, saying,

“The most effective leaders are all alike in one crucial way: they all have a high degree of what has come to be known as emotional intelligence. It’s not that IQ and technical skills are irrelevant. They do matter, but…they are the entry-level requirements for executive positions. My research, along with other recent studies, clearly shows that emotional intelligence is the sine qua non of leadership. Without it, a person can have the best training in the world, an incisive, analytical mind, and an endless supply of smart ideas, but he still won’t make a great leader.” 

As a team leader with high emotional intelligence, you are more likely to stay calm under pressure, resolve conflicts between members of your team more effectively, and respond to co-workers with empathy. Thereby, reducing the state of ‘fire fighting’ among your management team.

Components of Emotional Intelligence.

There are four components of emotional intelligence that you need to take note of when managing your team.

1. Self-awareness 

This is the ability to know what you’re feeling and the emotion of your team members in any given situation. In other words, It’s the act of being able to identify your emotions and that of your team members before they get out of control. 

For example, if you’re angry that the members of your team keep interrupting you during a meeting and are not paying attention to the information you are trying to pass across, 

self-awareness allows you to recognize this emotion before it escalates and then figure out how the best way to handle the situation.

Someone with low emotional intelligence would likely respond to the unseriousness of his team with an angry outburst which will do nothing but invite more negative emotions into the team.

2. Self-management

This is an important aspect of emotional intelligence you have to take into consideration and actively practice. As a team leader or someone in any leadership position, you need to be able to remain calm and cool-headed at all times. 

This can be achieved by keeping cool in an intense situation and thinking through our actions rather than reacting impulsively. 

3. Social awareness:

This aspect of emotional intelligence is to help you understand other people’s emotions based on their facial expressions or body language.

It’s the ability to perceive and understand the emotions, needs, and concerns of others. This includes empathy, recognizing social dynamics, and understanding diverse perspectives.

Realizing when a member of your team needs help dealing with their feelings and truly understanding those feelings is an essential quality to have for any good team leader. 

4. Relationship management

This is the ability to use one’s own emotions and social skills to build and maintain positive relationships with others. It includes effective communication, conflict resolution, teamwork, and leadership.

Effective relationship management is crucial in team management as it enables you as a leader to cultivate a positive and productive work environment. 

Leaders who are skilled in relationship management understand how to communicate effectively with different individuals, tailor their communication styles to fit the situation and audience and build trust through honest and open communication. 

This is an essential skill to have if you want to build trust and foster an open and transparent working environment.

Importance of Emotional Intelligence in Team Management.

Improved Team Communication and Collaboration: 

The first and most obvious benefit of emotional intelligence in team management is improved communication and collaboration among the team members. 

As a team leader with high emotional intelligence, you are more likely to have a better relationship with your team members, which will further lead to an increase in collaboration among your team members. 

This is because you will be able to effectively communicate expectations, provide feedback, and establish trust with your team leading to more creativity and innovation within the group as well as greater efficiency at work.

Effective Conflict Resolution: 

While conflict is a natural part of any team dynamic, if not properly managed can lead to the dismantlement of the whole management staff in your business. 

Leaders with high emotional intelligence can handle conflict constructively and positively. 

This is because these leaders can understand the emotions and perspectives of their team members. They use effective communication and negotiation skills, to resolve conflicts in a way that meets the needs of all parties involved and maintains positive relationships and healthy work environments.

Increased Motivation and Engagement: 

Work can be draining, but having a toxic, uncompassionate person who lacks high emotional intelligence as a boss can be demoralizing for employees. 

This can lead to a decrease in motivation and inspiration for members of the team to perform their very best. 

Leaders who are skilled in emotional intelligence can inspire and motivate their team members, leading to increased engagement and job satisfaction. 

You can encourage a sense of belonging and loyalty among your team members by recognizing and appreciating the contributions and strengths of your team and fostering a good and supportive work environment.

Improved Decision-Making: 

Making good decisions that will have positive results on your business is an important day-to-day task. 

As a leader or manager, with a high emotional intelligence, you will be able to make better decisions by taking into account the emotions and perspectives of your team members, as well as the impact of decisions on team dynamics and morale. 

Using emotional intelligence to analyze and weigh different factors, you can make more informed and effective decisions that will benefit the team as a whole.

FREE E-BOOK: What To Check When You Feel Your Business Isn’t Turning In Enough Profit

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Bottom Line

The role of emotional intelligence in team management is vital and it’s important to be aware of how to use it when managing your team. 

Leaders who prioritize the development of their emotional intelligence create a work environment where individuals feel valued, understood, and supported. 

This makes room for your team members to thrive, leading to higher levels of productivity, and overall team and business success. 

At EZ Advisory, our experienced business operations and structure consulting team can help you develop and implement strategies to enhance the emotional intelligence of your employees. 

Contact us today to learn more about how we can help your team succeed.

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Business Operations & Structure, Business Operations Analytics

5 Effective Ways to Use Data to Improve Your Customer Experience

It’s a common misconception that the customer experience only occurs during face-to-face interactions. But this couldn’t be further from the truth. In reality, every touchpoint a customer has with anything associated with your brand—whether it’s your website, social media page, or any associated products or services—is where their experience with your business begins.

Now, the type of experience you want your customers to have with your business is entirely up to you.

As a business owner, it’s your job to ensure that your customers have a positive and memorable experience with your business. A good customer experience leads to brand loyalty, repeat customers, and ultimately an increase in sales.

Fortunately, the internet and technology have made it much easier for business owners to connect with their customers and provide personalized experiences.

Through the use of the right data, businesses can gather valuable insights about their customer’s preferences and behaviors, allowing them to improve their customer experience.

In this blog post, we will explore why data is essential to improving the customer experience and how to use it effectively to attract and retain customers.

         DOWNLOAD OUR FREE EBOOK ON WHAT TO CHECK WHEN YOU FEEL YOUR BUSINESS ISN’T TURNING IN ENOUGH PROFIT.

Why is it important to use data to Improve customer experience?

Due to the advancement of the digital economy and technology as a whole, more customers are demanding a personalized experience that will give them a reason to choose your brand over the other.

Most especially, now that most of your customers are remotely engaging with your products or services from different parts of the world, it can be challenging to deliver that experience consistently. This is where the use of data becomes crucial.

Using data to improve your customers’ experiences will help you create a more personalized experience for each of your customers that will allow your business to stand out from the crowd, ensure you’re creating a more meaningful connection with them, and guarantee you have happy customers at the end of every purchase.

How can you use data to enhance your customer experience (CX)? Here are five ways to use data to attract and delight your customers.

  1. Use data to effectively manage your customers. 

Through a customer relationship management system like Hubspot, you can effectively collect and manage your customers’ data such as contact information, purchase history, and interaction history, all in one place.

For example, you can use a CRM system to create custom forms on your website or through email surveys. Through this, you can gather valuable feedback from your customers about their experience with your business.

This feedback can then, in turn, be used to identify areas where your business is falling short and where to make improvements to address those issues.

Additionally, a CRM system can be used to track customer interactions across multiple channels, including phone calls, email, and social media. This allows you to increase your customer engagement, regardless of how they choose to interact with your business.

  1. Create empathy and experience maps.

Companies that invest the time and effort to create empathy and experience maps for their customers are one step ahead of the game. The best way to create an empathy or experience map is to carefully analyze your customer journey and their pain points. An easy way to do this is by putting yourself in your customer’s shoes and predicting what their journey would be like.

You can use the data you get from these two maps to create an experience that is well-suited for your customers. It will allow you to see any loose ends on your side and know how to fix them before they become problems.

The data you get from these maps will also allow you to know exactly what your customers’ needs are, what they are thinking, and how they feel when they first come into contact with your product, website, or service.

  1. Pay attention to customer’s behavior:

Customer behavior is a critical aspect of any successful business. Understanding and analyzing customer behavior can provide valuable insights that help businesses improve their overall user experience and increase customer satisfaction.

One effective way to analyze your customer’s behavior is by tracking their actions from the moment they come into contact with your brand or business to the moment they make a purchase. This involves monitoring their entire buyer’s journey and identifying patterns in their behavior that can be used to make informed decisions.

For example, using an analytics tool, like Google Analytics, can provide valuable real-time data on how customers interact with your website.

This information can help you identify which pages or content your customers find most engaging, where they drop off in the conversion process, and what actions they take before making a purchase.

  1. Implement predictive data analytics:

Predictive analytics are used to predict or anticipate customers’  needs and preferences, enabling you to personalize their experience and provide them with relevant content or recommendations.

Through analyzing customer data such as purchase history, browsing behavior, demographic information, and customer feedback, you can use this big data to identify which customers are likely to churn and take steps to retain them before they do. It can also help you identify patterns and predict what your customers are likely to buy or be interested in.

Consider this: if a  customer hasn’t made a purchase in a while, or has expressed dissatisfaction in their interactions with your business, they are most likely to leave if these issues aren’t addressed.

Some of the steps you can take to retain these type customers are through targeted marketing campaigns, personalized discounts or offers, or providing exceptional customer service. This can go a long way to reducing your churn rate and increasing your customer’s lifetime value.

  1. Use data to optimize customer services:

Using data to optimize customer service can be a game-changer for your business. This includes collecting and analyzing data on your interactions with customers. You can gain valuable insights into what works well and what needs improvement in your customer service processes.

For example, if you notice that customers are frequently calling about the same issue, you can develop a knowledge base or self-help portal to provide faster and more efficient support.

In whole, using data to optimize your customer service can help improve your overall customer experience, which can increase customer satisfaction, loyalty, and ultimately drive business growth.

Problems Business Owners Face When Using Data.

One of the main problems we have noticed many business owners face when using data is that they don’t know how to effectively read, use, and implement it into their business. 

As a result, these business owners end up implementing the wrong solutions or focusing on the wrong things and neglecting what their customers’ needs.

It’s important to invest in your understanding of your customer data. Take the time to learn how to read and interpret the data you collect by taking online courses or other educational resources. This will help you fully understand what your data reveals about your customers and how you can effectively implement it to create a positive experience for your customers..

However, if you don’t have the time to learn at your own pace because, let’s face it, running a business can be demanding and hardly allows for any free time, you should consider investing in a business consultant agency like EZ Advisory.

At EZ Advisory, we can help you create an excellent customer experience strategy for your business by conducting a deep growth analysis to understand your customer’s data. This strategy will focus on turning potential customers into loyal customers.

You can schedule a call with us at any time that works best for you.

Bottom Line

A poor customer experience eliminates brand loyalty, which often can’t be easily reclaimed.

Knowing how and when to use data will help you meet your customer expectations which will ensure repeat customers and increase customer loyalty to your business or brand.

You have to ensure you are investing in the right things to improve your customers’ experience with your business. This can go a long way toward helping you make informed decisions that will improve your customers’ experiences and ultimately drive business growth.

In the meantime…

WATCH OUR MASTERCLASS ON HOW TO USE DATA TO DRIVE HIGHER REVENUE AND GROWTH IN YOUR BUSINESS: A STEP-BY STEP GUIDE.

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Business Operations & Structure

Starting Your Retail Business? Here Are 9 Common Mistakes to Avoid.

The retail industry has always been an ever-changing landscape, constantly evolving and growing to meet the needs of consumers. And it’s not showing any signs of slowing down anytime soon. In fact, according to recent projections, global retail sales are expected to grow by 4.5% and exceed $30.3 trillion by the end of 2023.

With such promising figures, it’s no wonder that starting a retail business can be an exciting venture for many entrepreneurs. However, it’s important to approach this venture with caution, as many new business owners fall into common pitfalls that can hinder their success.

In this blog post, we’ll explore the nine most common pitfalls that new business owners make when starting their retail business. From neglecting digital presence to not adapting to change, we’ll offer practical advice to help you avoid these mistakes and set your business up for long-term success.

Already running a retail business? download our ebook on 21 Questions To Help You Evaluate If Your Business Is Living To Its Potential.

9 Pitfalls to Avoid When Starting a Retail Business.

1. Not conducting enough research

Not conducting enough research is one of the biggest mistakes that can be made when starting a retail business. It’s essential to conduct thorough research to understand the market you’re about to enter and whether your business idea is viable.

This can help you determine if there is a demand for your product, who your target audience is, and how you can differentiate your business from the competition.

The downfall of any business is selling a product no one wants or needs. This is why you need to do your research on your potential market.

Market research can be conducted in various ways. One common method is to use online resources to gather information about the market, competition, and customer demand. This includes searching industry reports, statistics, and news articles that provide insight into the retail industry. Google can be a great starting point for basic research.

However, relying solely on online research can be limiting. To truly understand your customers’ needs and preferences, it’s important to conduct surveys and focus groups to gather feedback directly from potential customers. This can help you understand your customers’ pain points, what they are looking for in a product or service, and how you can meet those needs.

By conducting thorough research, including surveys and focus groups, and staying up to date on industry trends and regulations, you can increase your chances of success and avoid costly mistakes.

2. Underestimating startup cost

It costs big bucks to start and run a business. Many business owners don’t realize, or many underestimate, the amount of money it costs to start a retail business.

There are several expenses that are incurred when you launch your retail business, and if you’re opening a brick-and-mortar store, the expenses can be even higher.  

From leasing to legal fees, inventory to marketing, and more, the expenses can add up quickly. That’s why it’s important to create a detailed business plan and budget to ensure that you have enough funds to cover all of your expenses.

Again, this is where an in-depth research on budget comes in handy. Conducting research helps you prepare for any unforeseen hiccups along the way and ensures that you have a solid understanding of the financial obligation when starting a retail business.

When it comes to finding funds for your business, there are various ways to go about it. One option is to seek funding from friends or family through loans. Crowdfunding can also be a great way to raise capital and build a community of supporters. Additionally, traditional bank loans are a common option for funding a business.

These are the things we go into depth in our Founders Community. There we offer resources, like funding options,  and support for entrepreneurs looking to start and grow their businesses.

Would you like to join our community of like-minded business owners?

Register Here! 

3. Choosing the wrong location

This is the most common mistake many new retailers make. Choosing a location that doesn’t have the potential for customers to find you will hurt your business in the long run.

I have realized that most new retailers believe that if they put all their energy into having/making the best products customers will automatically come. And that couldn’t be more wrong.

Look, you might have the best pastries in town or sell the best designer clothes, if you are not where your customers can find you, you will end up closing down your business much sooner than you think.

When looking for a location for your retail business consider factors such as foot traffic, competition, accessibility, and rent prices.

Choose areas that are easily accessible from your residence. Spend time in each area to become familiar with specific neighborhood demographics and preferences and to scope out other local businesses. While doing this, it is also important to take note of the market saturation in that area.

Market saturation refers to the degree to which a market has been covered by competitors offering similar products or services.

Consider this: If you’re planning to open a hairdressing salon, it’s important to take note how many hairdressing salons there are already in that area. If there are already numerous hairdressers in the area, it might not be a good idea to open your salon there.

As market is already saturated with competition, making it difficult to attract and retain customers who are already loyal to the other businesses. It would be advisable to consider looking for an area with less competition or finding a unique selling proposition that will differentiate your business from others in the area.

4. Neglecting your digital presence

It is best to start prioritizing your place in today’s digital economy as soon as you can. With the ever-increasing popularity of online shopping, having an online presence has become a necessity for businesses to thrive. Retail businesses that neglect the digital economy risk falling behind the competition and missing out on opportunities for growth.

It could be having a visually appealing and easy website to attract potential customers or having well-managed social media accounts that can attract and engage new customers, build brand awareness, promote your products or services, and increase sales.

Whatever you choose to do, it’s important to be aware of the massive opportunities for your business in today’s digital economy.

5. Ineffective marketing strategies

Ineffective marketing is another mistake that can limit the success of your retail business. Even if you are in the perfect location, if you don’t get the word out about what you are selling and where you are, people won’t know you are there or an option.

It’s crucial to have a marketing plan that targets your ideal customer and reaches them through the right channels.

You don’t want to launch a business for the first time and have no one show up. Gather your friends and family and then get them to tell their friends and family that you are open for business and you are ready to sell.

A combination of online and offline marketing strategies can be effective. It helps you reach a much wider audience and set the buzz around your business. You can also collaborate with other businesses in order to get the word out about your business.

If you are someone who struggles with making a good marketing strategy or have no clue on how to make digital marketing strategies for your business, you can book a one-on-one consultation with one of our experts to get expert advice.

6. Not adapting to change

Change is the one that is forever constant in life and in your business. As time passes, your customers will evolve, and their needs and preferences may shift. Thus, it’s important to keep up with the ever-evolving retail industry by adapting to new trends, technologies, and consumer behaviors.

To stay competitive and relevant to your customers, you need to embrace innovation and stay current. This means continuously assessing your products or services and finding ways to improve them.

To ensure that you’re always up-to-date with the latest business trends and tips, consider signing up for our newsletter. Our newsletter is packed with valuable insights and expert advice that can help you grow your business and stay ahead of the curve.

7. Poor pricing strategies

Having a poor pricing strategy can also impact the success of your business. While it’s important to price your products or services in a way that reflects their value, setting prices that are significantly higher than those of competitors can deter customers from making purchases.

This can be especially true in markets that are highly competitive or where customers have many options to choose from.

Consider this: you are selling your pastries for $20, but Sweet n’ Treats down the road sells theirs for $10. It is already obvious which one your potential customers would likely go for.

Even if you are selling high-quality products, setting prices too high or too low can affect your profit margins and customer perception.

This is why it is important to not leave out your competition when researching for your market. You have to deeply and vastly understand your costs and pricing strategies and how they compare to your competition.

8. Overestimating your products demand

When starting a retail business, it’s important for you to avoid overestimating the demand for your products or services. While it’s easy to get excited about your new business, it’s crucial to be realistic about the level of demand you can expect. This means adjusting your inventory and pricing strategies accordingly.

Overestimating demand can lead to inventory management problems, such as purchasing too much inventory that takes up valuable space in your store and ties up capital that could be used for other purposes. It can also lead to pricing problems, where you set a high price for your products or services but find it difficult to sell them at that price point if demand is lower than expected.

To avoid overestimating demand, you should conduct thorough market research before launching your business.

This can involve studying your target market and understanding customer needs, preferences, and buying habits. By doing so, you can gain valuable insights into how much demand there is likely to be for your products or services, and adjust your inventory and pricing strategies accordingly.

9. Not enough passion or commitment

Starting a business requires a lot of hard work, dedication, and persistence.

As there will be ups and downs and days when you just want to close it all up and move to another town, change your name, and live with your two cats in peace, it is important to have a genuine passion for your business idea that will keep you going when your motivation runs a little low.

Consider joining a community where you can connect with people who have similar goals or challenges as you do.

Would you like to join our community of like-minded business owners?

Register Here!

Our Founders Community is a home where you can build your goals, benefit from a society of like-minded entrepreneurs and gain professional guidance on how to grow your business.

Remember to take breaks when you need them. Prioritizing your mental health is just as important as working hard on your business. In fact, studies have shown that our brains work better when we’re relaxed.

So, embrace a relaxed state of mind—it’s what your brain needs to pump out amazing ideas that can take your business to the next level.

Bottom Line

Starting a retail business can be a daunting and stressful process, but by avoiding common mistakes and pitfalls such as inadequate research, ineffective marketing, and poor location, you can minimize the setbacks you may face along the way.

Want to learn more on how to maximize your business growth? Sign up for our ONE MONTH BUSINESS SCHOOL PROGRAM  aimed at providing a step-by-step walkthrough on creating and implementing innovative and strategic plans you can apply to your business immediately!

Find out more about the program here.

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Business Strategy & Planning, Uncategorised

The Digital Economy: 5 Ways to Do Business in a Digital-First World

The world has fully embraced the digital-first economy and welcomed it with open arms. Many businesses that have successfully transitioned into the digital economy are now thriving, while those that have yet to do so are not too far behind.

There is no doubt that the COVID-19 pandemic helped accelerate the already-growing digital economy trend in 2020. The digital economy has become an increasingly important part of our lives and the global economy as a whole. We can work from home or from anywhere in the world with convenience, get our basic needs delivered with a click, get quick results for whatever questions we have, and much more.

The rise of digital technologies and platforms has also created new opportunities and challenges for businesses, and those that fail to embrace this new landscape risk falling behind.

In this blog post, we will explore five ways businesses can succeed in the digital economy. These include embracing digital transformation, focusing on customer experience, leveraging social media, building partnerships, and prioritizing cybersecurity. By following these strategies, businesses can thrive in the digital economy and improve their chances of success.

Download our ebook to learn about EZAdvisory’s 10 Ultimate Steps To Driving Business Growth In The New Normal

5 Ways to Do Business in a Digital-First World

1. Embrace digital transformation:

One of the ways your business can thrive in the digital economy is to embrace digital transformation. This means integrating digital technologies into all areas of your business, resulting in fundamental changes to how you operate and deliver value to customers. Here’s how you can do it:

Incorporate new technologies into your business models and processes. For example, you can implement e-commerce platforms to sell products online or use big data analytics to make informed business decisions depending on the size of your company.

Rethink traditional business models and processes to better align with the digital economy. This may involve adopting more agile ways of working to keep up with the fast-paced nature of the digital economy.

By embracing digital transformation, you can stay competitive in the digital economy and improve your chances of success.

2. Focus on the customer experience:

Like the traditional ways of doing business, the consumers come first, and in the digital economy, nothing has changed in that aspect, if anything it has only increased. Now there is an additional effort businesses are making in order to deliver a well-personalized experience for their customers.

In fact, according to the Harvard Business Review, customers expect a personalized and customized experience. So, businesses that can deliver on these expectations can build loyal customer bases and drive sales.

There are various ways your business can deliver a more personalized experience. Here’s how you can do it:

Collect and analyze customer data to offer personalized product recommendations and promotions that are relevant to each customer’s individual needs and preferences. This can help build stronger relationships with your customers and increase the likelihood of repeat purchases.

Offer fast and reliable delivery options to differentiate yourself from your competitors and build trust with your customers. Customers have come to expect quick and efficient delivery of their purchases, so this is a critical aspect of the customer experience.

Create an easy-to-use online interface that makes it easy for customers to navigate your website or mobile app, find the products they are looking for, and complete the checkout process with minimal friction. Investing in user-friendly interfaces can improve the customer experience and increase the likelihood of repeat purchases.

When you focus on delivering a great customer experience, you can differentiate your business from your competitors and build strong relationships with your customers. By investing in personalization and customization, offering fast and reliable delivery options, and creating user-friendly online interfaces, you can improve your business’s customer experience and drive sales in the digital economy.

3. Leverage social media:

Social media has revolutionized the way businesses interact with their customers. Platforms such as Facebook, Instagram, and Twitter offer powerful tools for businesses to reach and engage with customers, build brand awareness, and drive sales.

To leverage social media effectively, you should first develop a strong social media presence. This means creating profiles on relevant platforms and using them to share engaging content that resonates with your target audience. Content can include photos, videos, blog posts, and more. You should focus on creating content that is not only informative but also entertaining and visually appealing.

Once you have created a strong social media presence, it’s important to interact with customers. This can involve responding to comments and messages, thanking customers for their support, and sharing user-generated content. By engaging with your customers on social media, you can build stronger relationships with your audience and increase customer loyalty.

When you develop a strong social media presence, interact with customers, and consistently track the right metrics, you can build brand awareness, drive sales, and create viral marketing campaigns in the digital economy.

4. Build partnerships:

To benefit from strategic partnerships and collaborations in the digital economy, you should consider partnering with complementary businesses. Collaborating with other companies on marketing campaigns can also be a great way to expand your reach and increase brand awareness.

When seeking partnerships, it’s important to identify businesses or individuals whose values and goals align with your own. This can help ensure that the partnership is mutually beneficial and can lead to long-term success. Consider businesses that offer complementary products or services.

Download our ebook to learn about EZAdvisory’s 10 Ultimate Steps To Driving Business Growth In The New Normal

Once you’ve identified potential partners, it’s important to establish clear goals and expectations for the partnership. This can include defining roles and responsibilities, setting timelines and deadlines, and outlining the desired outcomes. Effective communication is key to the success of any partnership or collaboration, so be sure to maintain open lines of communication throughout the process.

Building partnerships and collaborations in the digital economy can help businesses reach new audiences, expand their offerings, and increase brand awareness. By identifying complementary businesses, building relationships with influencers, and collaborating on marketing campaigns, businesses can stay competitive and thrive in the digital landscape.

5. Prioritize cybersecurity:

To prioritize cybersecurity for your business, you should start by assessing the current security measures you have in place. This includes identifying potential vulnerabilities and evaluating your security infrastructure. Once you have a clear understanding of your current security posture, you can take steps to strengthen it.

One important step is to implement strong password policies and ensure that all employees are trained in proper password management. This can include using complex passwords, multi-factor authentication, and regularly changing passwords. You should also ensure that all software and systems are updated regularly with the latest security patches.

Another important aspect of cybersecurity is protecting sensitive data. You should identify all sensitive data within your business and ensure that it is stored securely, such as through encryption or password protection. It’s also important to limit access to sensitive data to only those who need it for their job responsibilities.

Training employees on cybersecurity best practices is also crucial. This includes educating them on how to identify and report potential threats, such as phishing emails or suspicious activity on the network. Regular training and refresher courses can help ensure that employees remain vigilant and aware of potential threats.

In the event of a security breach, it’s important to have a response plan in place. This should include steps to contain the breach, assess the damage, and notify affected parties. Regularly testing and updating your response plan can help ensure that you are prepared to respond quickly and effectively in the event of a cybersecurity incident.

In Conclusion

The digital economy presents both challenges and opportunities for businesses. To succeed in the digital economy, businesses need to adapt to new technologies and changing consumer behaviors.

By embracing digital transformation, focusing on customer experience, leveraging social media, building partnerships, and prioritizing cybersecurity, businesses can thrive in the rapidly evolving digital landscape.

These strategies are essential for businesses that want to stay competitive and grow in the digital economy.

Do you want to expand your knowledge and gain more insights on how to do business in the digital economy?

Download our ebook to learn about EZAdvisory’s 10 Ultimate Steps To Driving Business Growth In The New Normal

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