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The 5 Most Dangerous Trends Facing Business Owners and Entrepreneurs Today
Trend #1 is the fight for attention
The average consumer is bombarded with more than 4,000 commercial messages per day. And that number is even higher for business owners.
Attention has become a scarce resource in the information economy. After countless hours wasted on spam, the clutter of ads and information gets worse when your email arrives in the in-box.
More people are joining the “do not call” registry and more consumers are buying ad blocking technologies. Consumers feel they are constantly bombarded with too many advertisements.
Trend #2 Customers are abandoning you due to perceived indifference
Why Customers Are Abandoning You…
1% Death 3% Move 5% Buy from a friend 9% Sold by a competitor 14% Product price
68% perceived indifference
Major global corporations now lose half their customers every five years and must replace them. A typical company’s customers leave at a rate of 10 percent to 30 percent per year, and this number increases annually.
“Many companies spend their hard-earned marketing and sales efforts trying to attract elusive new customers when they have a business they need sitting in their database.” – Jai Abraham
A typical business only hears from 5% of its dissatisfied customers. A full 95% will never come back if left alone.
60%-70% of customers who complain to you will do business with you again if you solve their problem. 96% of people will do business with you again if they feel you worked quickly and satisfactorily, and they will probably refer other people to you.
If you do a great job, your customers will tell 2 people about it, where if you make one customer unhappy they will tell 22 people about it.
Acquiring a new (first-time) customer costs five to six times more than keeping an existing customer, and requires 12 positive service events to offset one negative event.
Trend #3 is increasing marketing costs and decreasing effectiveness
It now costs 3 X more in 2008 than it did in 1992 to reach your prospective buyers. In 1992 – it took an average of 4 attempts to reach your buyer.
In 2008, it now took 8.4 attempts. Therefore, ½ results from previous same attempts are common.
As the popularity of search engine marketing increases, so do the costs of playing the game. As demand for online advertising space has increased, so has the cost of pay-per-click advertising. Organic search engine marketing is a long-term, uncertain and often expensive endeavor.
Recent postage rate hikes are imposing higher prices on small publishers.
Newspaper advertising rates and Yellow Pages advertising costs are also increasing.
Plus brand loyalty continues to decline, from 56% in 2002 to just 39% in 2007.
Trend #4 is lagging behind with Internet technology
Now, more than ever… companies must utilize and actively embrace the latest technologies: RSS feeds, social networks, blogging, streaming video, webinars, etc.
Due to recent market changes, 50% of Internet marketers surveyed are now using or intend to pilot the following marketing channels: – RSS – Podcasts – Interactive banners – Ads in online video – User generated content – Blogs – Social networks
Many small businesses are competing to play catch-up with emerging companies with web applications that enable interaction, dialogue and deeper connections with their customers, prospects, employees and partners.
The Internet has shifted the balance of power to the customer, and companies that fail to empower customers — risk losing them to competitors just a short distance away.
Trend #5 Increasing Competition & Increasing Business Failures
We are in the midst of the biggest entrepreneurial boom the world has ever seen.
About 672,000 new companies with employees were created in the US in 2005. This is the largest business birth rate in US history!
30,000 more startups than in 2004 and 12% more than in 1996 at the height of the dot-com boom.
96% of all businesses fail within the first 10 years… 80% of them fail within the first 2 years.
There are many reasons: lack of planning, poor management skills and failure to seek professional help.
Visit the Business Commandos website listed below and claim your free copy of Aaron Parsons’ best new book: “How to Make a Million Dollars in Your Business in 3 Years or Less” and find out there How to Double Your Sales in the Next 12 Months With the Profit Acceleration Systems Coaching Program led by international award-winning business growth expert Aaron Parsons.
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