Worcester Business Journal

www.wbjournal.com September 12, 2016 • Worcester Business Journal 17 A s the industry that you are in grows and matures, you may find your business occupying a different space in the marketplace or serving a different purpose than it once did. You may realize that the customer you serve today is not the same person it was five years ago. It is important for business owners and marketers to identify these changes and see them as an opportunity to reach a different and growing audience. This is a sure sign that it is time to re-evaluate who you are marketing to, and how. While your customer base changes, so should your marketing ideas. Reaching a new and expanding customer base can be done by thinking outside the box. If you have been using the same techniques for years, with no results, then it is time for a change. Ask yourself what type of customer will be most profitable for your business and determine the best ways to reach them. There's a myriad of avenues to explore when deciding how to market your business effectively. Take advantage of social media, and the opportunity it gives you to reach potential new customers. This is one of the easiest ways for consumers to find you today. If you are going the route of traditional forms of advertising, like radio, use your creativity and the ideas of the (media) company you're working with to create a campaign that truly entices someone who's never heard of your business to make that first visit. Once your customer base has grown, it is important to continue marketing to that captive audience. These customers are now interested in what you have to say, so take the opportunity to build a relationship with them. Email newsletters, in-store signs and Facebook posts about what you're now offering are methods to stay in touch. Stay ahead of trends by attending industry trade shows. This is a must as it gets you out of your four walls, while helping to spark your creativity. Don't let a month pass without informing your customers of something new and exciting. In the retail environment, customer service falls under the marketing category. When someone feels a connection and has an enjoyable experience in your business, they want people to know. Train and educate your staff so that your customers' experiences are so positive, that they want to share it with friends. We are living in an age where word- of-mouth advertising travels as fast through the click of our smartphones, as it does in conversation. When you create these experiences, your loyal customers will act as an extension of your marketing department by way of online reviews, check-ins and posts about products purchased at your business. Remember to step outside of your own business every day, even if you can't physically leave your building. Research businesses like yours in other parts of the country. Look at their websites, sign up for their e-mail newsletters and follow their Facebook pages. They may carry the same goods as you and have a different way of showcasing them. Work with marketers from other industries, who can offer advice. You may be each other's best untapped resource. Some of the greatest ideas are found this way, and you just might find a unique way to cross-promote. n Miriam Hyder is the marketing manager of Ed Hyder's Mediterranean Marketplace in Worcester. Reach her at hydermiriam@gmail.com. 10 Things I Know About... KNOW HOW 10) Provide high quality products and services. People know companies through their offerings. Satisfied customers will become repeat purchasers and will provide referrals. 9) Grow at a reasonable rate and be profitable. Wall Street insists that public companies grow and profit. Private companies are under less scrutiny; nevertheless, they still need to profit in order to invest in developing more products. These activities contribute towards a positive image. 8) Employ a management team known for personal integrity and honest business dealings. The personal behavior and business behavior of a company's management team reflect on the company. If managers are dishonest, people will question the integrity of the companies these people lead. 7) Value your employees. Employees who feel exploited will tell others, and some of these people are potential employees or potential customers. 6) Treat customers well. Mistreated or otherwise disappointed customers supposedly tell nine people why they are unhappy. Employees treat customers well when management emphasizes customer satisfaction. 5) Earn respect within your industry. Employees move around, and they talk about past employers. As a result, firms in the same industry know which of their competitors are good companies and which have weaknesses. 4) Have an effective Web presence. Websites are the face companies present to the world. Having a good Web and social media presence is essential to any business's reputation. 3) Be a good corporate citizen. Support local causes financially. In addition, encourage staff to participate in volunteer projects that benefit community organizations, even if projects take place in the workweek. 2) Be a good steward of the environment. A reputation for polluting can outlive a company. 1) Quickly acknowledge problems, investigate and when necessary apologize and make amends – without prodding. For years Johnson & Johnson has been high on the list of most admired companies, largely because of how they responded to contamination of Tylenol pills. The company quickly admitted the problem, issued a product recall and developed safety seals. n T hink tanks like the Center for American Progress have found the cost of replacing an employee depends on that team member's position. In 2012, it was an average 16 percent annual salary for high-turnover jobs; a $10/hour retail worker, for example, would be $3,328. A $100K-a- year CEO would cost $213,000 to replace four years ago. Either amount is too much and can often be remedied with proactive retention efforts. Know managers are your first line of defense. In a Forbes.com article, Bill Conerly quotes HR expert Steve Miranda, who says, "Employees don't quit jobs. They quit managers." Along this theme, regular meetings on performance and expectations keep lines of communication open. Increase access to the upper hierarchy. In companies, it's not unusual for there to be a cultural barrier blocking upper management from junior employees and executives, with middle management in between. Kathryn Minshew of FastCompany.com reminds companies they need to do whatever they can to remove this barrier, whether that means an open-door policy, corporate leaders mentoring junior employees or other methods. "If you rope off your executives, you create tension in the ranks … A culture that values transparency and access will breed trust and loyalty." The counteroffer is a fail. Data from CEB, a business best-practices resource, found employees who look elsewhere and get and accept a counteroffer from their current workplace still leave within a year, CEB's Brian Kropp told Harvard Business Review. Making a counteroffer should never be seen as a solution to a need for retention efforts, which need to be in place early and be actively reviewed, nurtured and expanded. "Employees who accept a counteroffer are most likely going to quit at some point very soon," he says. n 101: WORKER RETENTION >> BY SUSAN SHALHOUB Special to the Worcester Business Journal Business reputations BY MIRIAM HYDER Special to the Worcester Business Journal By Ruth Winett Ruth Winett is the founder of Framingham business research firm Winett Associates. Reach her at ruth@winettassociates.com. Marketing to an expanding customer base

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