Client Retention – Building Relationships is Critical to Keeping Clients

How often have you heard that relationship building is the key to client retention and acquisition? We know we have trouble counting the number of times we’ve read about it. Guess that means it’s important, huh?

Of course, this begs the question of how you build relationships online, as well as person-to-person.

After all, and as we’ve often claimed and continue to believe, the internet is as impersonal a place as can be imagined. By its very nature, it is completely indifferent to your wants and needs and, while it has value to all of us, we have no value at all to it.

Now that we have the metaphysics of our online world out of the way, what does all of this mean when it comes to doing business online?

The simple answer is – it is entirely up to you to learn how to build relationships with your clients and prospects as the foundation of your online marketing strategy. To do this, you will need to understand what compels them to search for solutions in such an unforgiving environment and let them know that you can be trusted to help them.

Clearly, this is no small task.

Sustain and Grow Client Relationships

Thankfully, we’ve found help for you (and us!).

In an article at Business.com, editor and author Chad Brooks keys us in on how to get this done: “The most important thing in marketing is to retain your most profitable business customers.”

While Mr. Brooks offers a dozen or so valuable ideas to help small businesses improve client retention, we will focus your attention on those we believe to be the most valuable. Our hope is that these will resonate with you and inspire you to follow the link above for more.

• Continually evaluate your market and network – Research your customers’ markets, needs, and goals. Big data analysis tools should be part of your sales team’s planning. Market trends shift often, and you need to know what strategies to employ to increase shares or enter new markets. Engage customers in product development and enhancement via beta tests, focus groups, and pilot programs. Learn their business habits, purchasing patterns, and requirements for effective proactive solutions.

• Use a CRM system – A Client Relationship Management system stores client and potential client data in a format that is digestible by your team. It also monitors things such as customer satisfaction and may provide overviews of sales and other metrics. Typically cloud-based, these programs help businesses organize customer relationships and facilitate interactions.

Since existing clients are your most valuable asset, it is critical to your ongoing success that you understand them on both an organic (i.e., in-person) and digital level (i.e., the metrics).

• Communicate relevant information regularly and effectively – Keep in touch with existing clients with targeted emails and newsletters. Update customers on industry trends potentially affecting them and give your take on upcoming issues. Let them in on your visions for their (and your) success, and then explain your take on achieving it.

Social media is a great connector, so use it wisely to keep communication channels open. However, making a person-to-person connection means much more. Be a person, not a talking head on a website. Humanity trumps digital every time.

• Be accessible and responsive – Talk and listen to customers to maintain a dialogue and build a trust-based relationship. Make it easy for customers to reach you. When they contact you, make it a point to return calls and emails promptly. Implement a customer satisfaction policy that provides a way to resolve and remedy problems and issues. Provide support, service, advice, and information. Train team members on how to manage calls efficiently and effectively so customers have their concerns addressed no matter whom they reach at your business.

• Become the “Go-To” person in your market – Develop skills and knowledge that make you an authority for your customers. A reputation for expertise means the ability to provide valuable resources to clients unobtainable elsewhere, especially your knowledge. Look for ways to add value, be a real partner, and help your customers achieve results. Provide guidance even when there is little chance it will mean any immediate business gain for you. Doing so almost always pays off down the road.

• Redefine your concept of who and what a client is – Clients are much more than a roster of potential purchasers of products and services. Retaining customers requires fostering long-term relationships over pursuing short-term money-making possibilities. Recast the relationship as more of an extended partnership. Then be prepared to meet client needs by adjusting your business services as necessary.

Existing Clients are More Likely to Buy Again

There’ are a few reasons we are so focused on client retention. Based on the latest market research, designers and furnishing dealers will do themselves a favor if they can devise ways to retain or reengage existing and past clients. Why?

• New clients are 7x more expensive to acquire than keeping or reengaging existing or past clients.

• Probability of converting an existing customer is between 60% &70%.

• Probability of converting a new client is just 5% to 20%.

• Repeat clients spend an average of 33% more than new clients.

• Repeat clients are 60% to 70% more likely to buy an up-sell.

These are just a few of the reasons that re-engaging and working to establish customer loyalty is critical to the growth of your business.

Clearly, there is work to be done to improve the future of your business. There is also further guidance available if you choose to use it. Ted remains available for business consulting to the trade. We think he is a master at both relationships with clients and retaining them. So, feel free to… Contact him at TD Fall today..

Strategic Marketing Doesn’t Have to Be Your Most Hated Chore! (There’s plenty of other biz stuff you can hate!)

Seems like all anyone can talk about these days is being strategic for anything and everything you want to do, doesn't it? It's always about “thinking strategically” when you do this and making sure you “create a strategy” for that. It’s almost enough to make an entrepreneur loathe planning for anything; be it strategic marketing, list building, lead generation, or client acquisition.

Or, lately, going to the store, eating out, even entertaining guests – not to mention whether you're “allowed” to.

By now, you must be asking yourself what the big deal is about being strategic with your online marketing, email marketing, social media marketing, and yes, your brand building.

And you may well ask… “Who said it’s so important, and why?”

The simple answer is, “Everyone”. And yes, when we say everyone, we mean us too. For example, we’ve presented more than a few blog posts about the importance and benefits of strategic marketing in the past. These posts include everything from revising your ideal client profile to post-pandemic strategizing to strategic email marketing, business goal setting, and more.

So yes, you can say that here at TD Fall we are fully committed to being strategic about brand building, business building, lead generation, and all types of marketing. This includes content marketing, email marketing, social media marketing, and maybe even direct marketing (which could include “snail mail”).

5 Reasons Strategic Marketing Matters (Make that 5 x 2 reasons)

A well-defined marketing strategy helps you:

• Set – and reach – your business goals.

• A realistic marketing strategy keeps you focused and organized, enabling you to track your successes and (gulp!) your failures.

• Stay agile and responsive to the needs of your target market.

• Know when something works so you can do everything possible to keep it on track or make it better.

• Know when something doesn’t work as planned, as well as why, so you can fix it!

If these are not enough reasons to convince you it’s time to develop a strategic marketing plan, here are five more reasons that should:

1. Top marketers are organized – The most organized marketers are 397% more likely to report success.

2. Top marketers set goals – Goal-setting marketers are 376% more likely to report success. 70% of the most organized marketers achieve their goals Most of the Time, while an elite 10% of organized marketers Always achieve them.

3. Top marketers document their strategy – Marketers with a documented strategy are 313% more likely to report success.

4. Top marketers proactively plan projects and campaigns – Marketers who proactively plan projects are 356% more likely to report success.

5. Top marketers use agile project management processes – Marketers using agile project management were 252% more likely to report success.

This data was borrowed from a 2019 marketing survey of B2C and B2B marketing teams by the folks at CoSchedule.com.

Let’s Talk About Your Strategic Marketing Plan

While we’ve made it as clear as possible that we believe every online marketer needs a strategic business plan to succeed, it must also be said that it’s never been more important than it is as we move from 2022 to 2023! Never… More… Important!!!

In fact, after the madness of the past few years, your strategic marketing plan is so important, it comes before Step One! It’s done pre-marketing; that is, the first thing you MUST do before you invest your valuable time, energy, and money in any marketing activities.

Stated simply: Your guide to whom you target, how you talk about your business, and how you differentiate yourself from all other businesses in your industry. It is the strategic foundation of your marketing house.

If you’d to discuss the things we’ve shared about strategic marketing, feel free to… Contact TD Fall today.

Online Marketing & The Value of Researching the Competition

Knowledge is a wonderful thing, yet real-world experience is even more valuable. It’s likely because of the importance placed on what’s known as ‘book learnin’ that so many experts take certain details of their niche for granted. That is, they expect their clients to know things they do not. Not only does this happen among interior designers, furnishing dealers, and manufacturers, it frequently happens among those they rely on to support them: for example, business coaches and online marketing experts.

One of the areas in which this commonly happens is market research. Many think they know what the term means yet find it difficult to explain or perform well. It’s a bit like the phrase, “I can’t describe it, but I know it when I see it.”

Well, that’s  really not good enough for the person who is supposed to be doing it – or for the person who needs it done – and done well.

First, we ask, what exactly is “market research”? According to the online dictionary Wiktionary, it is “The systematic collection and evaluation of data regarding customers' preferences for actual and potential products and services.”

That’s a nice, concise explanation as far as it goes but, it’s all about the wants and/or needs of potential customers or clients. Where it falls apart, at least for our purposes, is that it never mentions the competition. After all, none of us live or work in a vacuum free from competition. And, just as it’s critical to know what the market demands, it’s equally important to know how and if other businesses are meeting that demand.

What’s the Other Guy Doing?

Quite simply, if you don’t know what “the other guy or gal” is doing in your market, your chances of cutting into their customer base are low indeed. Further, the business coach or online marketing expert you may have hired will be inclined to believe you already know not only how important this is, but also that you either know it or know how to find out. (That is what we mean about experts taking things for granted, by the way.)

And now, we offer some guidance on how to perform market research on your competition:

What services are the busiest interior designers in your area offering? This one is pretty easy to answer. Jump online and check out the websites or social media profiles of the top designers or dealers in your area and look at their “Services Provided” or “Products” section. For designers, how do they describe their services and what are you seeing most often? For retailers, which lines are being offered in your market, and to what extent?

For both, are they a full-service provider or do they make more of a “one and done” type of impression? For the latter, it should be obvious you could fill in the gaps. (More on that a bit later.)

Which categories of design services are not being offered in your area? Again, researching the competition will enable you to build a list of the most frequently mentioned services or product lines being offered in your area. This list can then be compared to other possible services or product lines that are missing from your market.

That is the list you want to focus on – what we call the “List of What is Possible”. That is, the design services and/or product lines you believe can make an impression on potential clients who are currently unable to find them.

What home renovation or design challenges do customers have in your area? This is an area where the details matter. So many designers go for The Big Job and forget the importance – and number – of smaller and potentially more profitable projects. While it’s great to work on high-dollar, high-profile projects, it’s also a fact of life that many such jobs are quoted with lower margins and end up costing more than anticipated, reducing profits even further. (Landing those jobs is also an ego boost that a sharp designer shouldn’t need.)

Choosing to focus on a higher volume of higher-margin projects that can be completed more quickly is a fantastic path to building your business and your reputation. And, since interior design is a local business (as we keep saying), building your rep as a creative, reliable professional will be your key to long-term success. (PLUS – smaller projects often offer the potential for more repeat business; that is, instead of renovating an entire house, doing one room at a time over time.)

What Are You Doing?

Finding voids in your market is well and good but will have little value if you are unable or unwilling to fill them. Doing so will require that you rethink your business model to better fit those areas. You may even find that the most needed, and potentially most profitable, service categories are not your favorites. However, if your goal is to build your business rather than to tickle your own fancy, you may need to bite the bullet and offer them.

With these thoughts in mind, expand your research by asking yourself:

Which design services can I provide that are unique, superior, or at a more competitive price point? How can I help homeowners solve their unmet renovation or design challenges? Is there a need for a pro with a different pricing structure?

In what other categories could I perform design work? How many competitors in my potential other categories are in my service area? Is there a need for a pro who can take on small and mid-sized projects?

What will set me apart from the local competition? What can I offer that is different, better, done more quickly, or at a better value? Which lines of furniture, fabrics, wallcoverings, rugs, mirrors, pillows, and lighting might have an impact on your market and, in our current jumbled world, which of them have shorter lead times and/or greater availability?

Use these questions to research your area and to evaluate your own business. Your market research must include all of these factors to see if there’s an unmet need you can fulfill to attract new and/or repeat clients and close more deals.

If you struggle with research for online marketing of your furniture or design business, consider working with a more experienced consultant. Ted is available for such business consulting to the trade. Just… Get in touch with TD Fall today.

The Key to a Successful Design Business – Selling Value Over Price

At TD Fall & Company, our goal is to help designers by providing innovative solutions for their interior design challenges. We do this by providing you with access to outstanding products that will empower you to fulfill your client's dreams, enabling you to build a successful design business.Perhaps foremost among those challenges for most designers is the struggle with trying to convince their clients of the true value of buying a higher quality product that really belongs in their homes. From flooring to wallcoverings and from window treatments to upholstered furniture, many design clients become fixated on cost with little regard for value.There are basically two ways to handle this particular challenge:

• Target better – Create an ideal client profile that is based on your market research. In a perfect world, you would generate a client list for whom “money is no object”. In the real world, however, you’ll need to be a bit more practical. A well-researched and thought-out ideal client profile is a tool you and your team can use to identify the specific segment of customers that will bring you the best business. Then, once you begin focusing on certain types of clients, you're likely to attract more of them. As the old adage goes, “Birds of a feather flock together”, and referrals from such clients will help to bring you more of your ideal clients.
• Sell better – Known as “upselling” among professional salespeople, you must learn to create a compelling story that will convince your design clients to buy quality over price every time. Not only will this put more money in your pocket, you’ll also build your reputation as a designer who focuses on value, creating a greater sense of client satisfaction and trust, while increasing the odds of more of those referrals we mentioned above. Making an investment in a quality sales training program would certainly help with this approach.

Ultimately, your goal must be to sell the value and the benefits of your product or service to your customer. This can only be done by keeping your focus on explaining and expressing the impact of the choices they make on the client. If you focus on the benefits and value of a higher quality product, the price will become less and less important. If you don't focus on value, the only thing you can talk about is price – playing right into their perceived need to resist the more expensive options you present.Building your sales skills will have long-term benefits that are difficult to quantify; which is also true of researching your market and creating an ideal client profile. Both will generate increased confidence in your ability to “close the deal” with more prospects, even those who don’t match the profile.Regardless of your talents and skills as an interior designer, if you're a small business or solopreneur, you must accept that your ability to analyze your market and sell to a variety of prospective clients will determine whether you are able to build and sustain a successful design business.Click here for tips on Analyzing Your Market.Click here for tips on Helping Clients Focus on High-Value Improvements.Looking for more new design trends, marketing tips, and ideas? Get in touch with TD Fall today.

Grow Your Interior Design Business – Survey Your Audience

In a previous post about analyzing your market, we offered some general guidance about market research that could help you grow your interior design business. Today, we’d like to add a tip that will help you further: Survey your audience.In the world of online marketing, building an email list is considered one of the most powerful tools you have at your disposal for engaging with prospects and clients. What many of the online marketing “experts” neglect to mention is that your list can also be an incredibly valuable resource for developing important marketing information.The feedback you receive from your list may be the most valuable source you have at your disposal because you already know they’re interested in you and your business – they told you that by opting-in to your list.Survey Your Email ListWhether you have a big audience or a teeny tiny audience doesn't matter. What does matter is that you need to be sending out questions to get to know your audience better. And, since your email list is something of a captive audience, they’re an excellent resource for marketing information.Using the information they share with you in response to your surveys will enable you to create more products and services that your audience wants. This will not only increase your sales, but it will also help you to build a stronger social media following and increase traffic to your website. These are very good things!You may have heard that surveying your audience is something that you should be doing but, it’s very likely you are not, and it is tragic if you are not continually surveying your audience on a quarterly basis.We recommend putting this activity into your calendar where, perhaps once a quarter, you get an automatic alert that notifies you that it’s again time to send out a survey to your list.Survey Questions for Your ListA time-tested practice would be to limit your quarterly survey to about five questions. Why just five? You want to respect people's time, and they are going to answer it out of the goodness of their hearts.For example, you might send an email to your list saying something like:“Hey, I’m at this place in my business where I'm wanting to make sure that I'm on target and I'm giving you the best value that I can. So, I have five quick questions for you, and it would mean the world to me if you could take a minute and answer them for me.”One of the questions on your survey should always be:“What's your number-one most burning question when it comes to working with an interior designer?”Of course, you may have a more specific category that is your most burning question for your audience but, you get the idea.You can ask them about anything that matters to you: leather vs. cloth furniture, rugs vs. carpeting, draperies vs. blinds, mass-produced vs. hand-finished products, etc.Whatever you choose to ask about, that is always a must on your surveys because you'll start to find patterns among the answers you receive, illuminating the most common questions people are asking. Once you know what matters most to them, you can begin to shift your marketing to meet that need.Use the remaining questions in your survey to follow-up on that subject, perhaps with questions they might ask themselves – if only they knew what to ask. After all, you’re the expert, so ask the questions an expert would ask.BONUS TIP: Use these surveys to help you create content for your blog, tip videos, and social media too. Frankly, the more people who see you addressing the issues that matter most to your audience, the larger that audience will grow. This will boost your reputation, both online and offline, increase website traffic, expand your list, and increase inquiries from potential clients.That’s a win/win for everyone!Again, your goal is to find out what matters to your audience, without your personal or professional biases leading you in a direction that may not profit you.Looking for more new design trends, marketing tips, and ideas? Get in touch with TD Fall today.

Grow Your Interior Design Business – Analyzing Your Market

There are many ways to gather information that can help you start, build or grow your interior design business. While performing market research can be costly, it does not have to be – if you manage to keep your focus fairly narrow, targeting information that will specifically benefit you.Broad-based research, like that described here at Entreprenuer.com, may tell you a great deal about a wide range of potential clients but, it’s costly and may not offer the information you really need.Instead, you should focus on identifying the services that are in demand in the area you want to work. Doing so can help you shape your offerings, without trying to be “all things to all people”.Next, consider whether it would be best to specialize in one or two offerings, or offer a wider menu of design services, and investigate the major players already in that space.It’s important to remember that most interior design businesses are extremely localized. The national trends that are often identified in design publications may mean little in your local marketplace. New and small design firms need to stay close to home for their information, as well as for clients.With that in mind, here are some questions for which you will need answers as you work to grow your interior design business locally:

• What services are the busiest designers in your area offering?
• What services and categories are needed in your area?
• What services can you provide that are unique, superior, or at a more competitive price point?
• What will set you apart from the local competition?
• Are you able to offer something different or better?

Once you have answers to these general questions, you can begin to seek more specific information that will help you determine where you can best apply your talents, expertise, and energies.Specific Marketing QuestionsBefore starting or expanding a business, researching the market can show you which services are most in demand and give you an idea about the competition. Use this guide to research your area and see if there’s an unmet need you can fulfill to attract clients. (Houzz.com)

• What home renovation or design challenges do customers have in your area?
• How can you help homeowners solve those challenges?
• What services do you currently offer?
• Pull up the Houzz Directory, select your category, enter the location, and select your service radius. How many pros are listed as serving this area?
• Check out the profiles of some top professionals and look at their “Services Provided” section. What services are you commonly seeing?
• What services are you not frequently seeing?
• In what other categories could you perform work?
• How many competitors of your potential other categories are in your service area?
• Look at the average project cost from other pros. Is there a need for a pro who can take on small, medium, or large projects?
• Is there a need for a pro with a different pricing structure? (For example, are the majority of pros charging hourly or a flat fee?)

While these are admittedly basic steps, and a great deal more can be done to research and analyze your market, for emerging designers and those with a limited client base, these marketing tips should be highly valuable in helping you to grow your interior design business.Looking for more new design trends, marketing tips, and ideas? Get in touch with TD Fall today.