​Why is networking important for creating business success and wealth? The answer is simple. It's not a coincidence that hundreds, even thousands, of people are hired for positions over individuals who are more qualified and more experienced merely because they have cultivated relationships with key centers of influence. It's not a coincidence when one politician is elected into office over another because he has cultivated relationships with more individual voters than the opposition.

Through networking, you will receive opportunities that will expand your current knowledge base, business, and wealth creation. Through networking, you will be put in positions to expand your current skills and learn to communicate at many levels. Networking is communicating with others to create mutually beneficial relationships.

People often confuse networking with "quantity of contracts." However, the purpose of networking is simply to enhance your cause. Think of networking as the opening of doors to the unknown. You might be tempted to believe the more doors you have, the greater the odds you will make the right kinds of connections, but that is incorrect.

Networking is intentional by design. By placing yourself in situations that attract others with whom mutually beneficial relationships can be established, you increase the potential payoffs. Therefore, one of the greatest traits of the networking leader is the ability to actively identify which doors to open.

5 Ways to network your way to business growth and wealth

1. Do your homework

This might sound self-explanatory, but you'll be surprised at how many entrepreneurs overlook this part. Planning is a component of networking, and you will need to make lists and seek out resources that can answer basic questions about the person or organization you will be meeting. For instance, who knows the person you are trying to meet? Who else works with this person? Where do they live? I'm not suggesting you stalk your potential pool of networking targets; rather, sit down and list the information that might help increase the quality of your potential interactions.

I learned the importance of doing your homework when I had the opportunity to have dinner with author Mary Higgins Clark. Despite the many possible ways of learning more about my famous upcoming dinner host, time required that I select only a few. Step one was a trip to my local bookstore — a place of great networking resources. I asked the person working behind the counter if she had ever heard of Mary Higgins Clark. "Oh yes," she replied, as she pointed to a display holding more than 10 of her books. Now I felt anxious; despite my desire to read what appeared to be stacks upon stacks of her best-selling novels, I purchased only three to read on the plane. As I left the bookstore, I found myself less anxious and more excited about my upcoming encounter.


2. Take the initiative and introduce yourself

When meeting someone of notoriety, it is natural to be nervous about making a bad first impression, regardless of your own level of success. Even the most charismatic individuals say the wrong things out of nervousness or excitement. I think it's always wise to rely on politeness. This seems like an obvious suggestion until you mistakenly call someone by her first name after a two-minute introduction. Whether the person you are approaching is famous or not, it's always acceptable to ask, "How would you like to be addressed?" after introducing yourself. I also like to have a few questions in mind that begin with the phrase, "Tell me about…," followed by a reference to something I know about the person. Because most people like to talk about themselves, the more the conversation places emphasis on your new acquaintance — not why they should be thrilled to meet you — the more likely will be another encounter.

Fortunately, I didn't have to make any decisions about how to approach my dinner host since Mary Higgins Clark greeted me as I approached her home. Still, outside, Mary and I talked about a host of topics, from our families and hobbies to the stock market. She was very interested in the market. She asked questions that, frankly, were rather complicated to answer. Instead of trying to impress her (a mistake often made when trying to make a good impression), I responded to her questions with simple, easy-to-understand answers.

3. Make it about them

You never want to make yourself sound better, smarter, or more knowledgeable than your partners in conversation. When you do this, you appear condescending, and, despite your desire to build a foundation for additional interaction, you may have just closed the door. In fact, it should be your goal to ask more questions than you answer. Keep the other person engaged in the conversation by having them share information about themselves. Find a common interest. Last, do what is needed to make yourself appear approachable. Offering your business card is just one way to ensure this happens.

Much to my delight, my use of effective networking skills with Mary Higgins Clark was immediately rewarded. For example, as I was leaving after a wonderful evening of conversation over a New England dinner, Mary asked if she could talk to me for a minute. I walked with her to the corner of the room, where she said, "I really like you and how easily you explained the answers to my questions. I'm looking to open an investment account with another company, and I'd like to open the account with you."

4. Stay in frequent contact

Why did this happen? Simply because I took the initiative to stay in contact. There are many ways you can do this. Writing thank you cards, sending articles of interest with a note, or remembering events of significance with flowers are all examples of frequent contact. Sending an e-mail message — although impersonal when compared to a letter — also keeps your name and contact information out there. Call certain contacts periodically, and, if you happen to be in their area, take them to lunch or give them a quick call to say hello.

5. Look for ways to offer praise

Making others feel good is essential for walking through doors once they have been opened. Congratulating someone for their accomplishments or thanking them for taking the time to speak with you are ways to praise. This does not mean you should act like a crazed fan; instead, think about what you could say that would make the other person feel good about themselves. Praise for your own accomplishments can lead to a competitive tone in your conversations. Having a calm sense of self while praising others makes you appear self-confident and much more worthy of additional contacts.

Final words

No successful entrepreneur achieves business or financial goals without the assistance of others. It doesn't matter how knowledgeable, qualified, or experienced you are: Without the assistance of others, you will probably fail to excel. Push yourself to stretch outside your immediate comfort zone, seek different ideas, and discover a world of potential opportunities for yourself and your business.
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Mastering the art of networking will enhance your abilities and opportunities to create the business growth and wealth you desire.



Source: https://www.entrepreneur.com

For any successful business, client management is not an option — it’s a priority. McKinsey & Company found that across industries, customer experience leaders experience double the growth compared to their peers.

Client management refers to managing customer and client relationships for a business organization. Successful client management results in happy, loyal customers who return to the company whenever they need its products or services.

Typically, the people in charge of client management within an organization work in sales, customer service, or marketing roles. Client managers oversee, build, develop, and strengthen relationships with customers. They design and implement customer relationship development strategies to connect with the organization’s clients over the long term. 

With effective client management, you not only ensure your clients are happy but also deepen those relationships to help your business grow.

The importance of effective client management

Client management is imperative for any company that wants to build a reliable, dedicated customer base. When you develop strong relationships with clients, they’re less likely to turn to your competitors when they need products or services you sell. Instead, they’ll stick with your organization, boosting your revenue and allowing you to meet financial objectives. 

Satisfied customers will tell their friends, colleagues, and family about their experience with your organization, getting you more clients and generating additional sales. Plus, you’ll develop a positive reputation within your industry.

Core principles of client management

To develop solid client relationships, you must first understand your customer’s needs. When you know what your clients want from your organization, you can develop a comprehensive management strategy.

Setting realistic expectations

Not all clients will stick with your company for the long term. That’s true for any organization. There are some aspects of a customer’s decision-making process you can’t control, no matter how hard you work to strengthen relationships or meet a client’s needs.

For instance, assume you sell toddler clothing through an e-commerce website. Your clients are adults with young children. Once their kids outgrow the clothes you sell, they’ll stop buying from you. They no longer require your products, but that doesn’t mean they don’t appreciate your business. With effective client management, however, you can get them to refer your business to other new parents they know.

It’s essential to set an attainable goal for your client retention and management efforts. While 100% retention probably isn’t realistic, 50% might be. Reasonable expectations depend on your business model and industry. You might set initial benchmarks and work toward meeting them.

Value of honesty and transparency

Customers value honesty and authenticity. A Harris Poll survey found that 82% of customers want a brand’s values to match theirs.

It’s essential to reach them where it counts — in their minds and hearts. Try to avoid spammy messages and cold calls that frustrate buyers and turn them away from your company. Instead, keep their needs in mind and ensure your messages provide something they value, like:

• Helpful information
• Enjoyable content
• Product updates
• Company news
• Sales or discount coupons

Consistent and fast communication

​Whenever a customer contacts your company directly, they usually have a pressing need they want you to address. Have a system in place so you can always respond to customer inquiries quickly and efficiently. For example, you might set up a dedicated customer service line or a team to reply to incoming client emails. Promptly responding to client requests will help you sustain customer relationships.

Understanding your client’s needs

Think about prior positive experiences with your customers. What did you provide them that made them happy with their purchase? Did they love the products or services you offered? Did you help them through the buying process, ensuring they found a suitable item to address their needs? Were your follow-ups sincere and helpful?

When you know what your customers want, it’s easier to identify ways to meet their needs. Of course, every client is different, so consider segmenting your customer base according to various factors, like:

• Demographics
• Location
• Interests
• Purchase history

That way, you can identify differing customer needs across your audience.

Building trust with your clients

Find ways to demonstrate your company’s trustworthiness and credibility. Doing so will make establishing connections with your customers more straightforward, which you can build on over time. For instance, you might showcase prior customer testimonials or reviews to show how much previous clients enjoyed your products. When new clients see that others enjoy your services, they’ll be more likely to trust what you offer.

Measuring success in client management

Establish key productivity indicators (KPIs) to evaluate your client management efforts. Some examples of CRM metrics include:

• Email click-through rates
• Sales conversions
• Customer service ratings
• Funnel drop-off rates

You can set benchmark client management KPIs and track your results against your goals. 
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Focusing on long-term goals

While accomplishing short-term objectives is great, it’s also a good idea to set some long-term goals for your client management efforts. Define what’s important to your company and work to meet your target over the next year, five years, or ten years. For example, you might aim to increase client retention by 10% or attain a number of five-star customer reviews. 

Client management skills

Certain qualities can help you achieve your customer management objectives. 

Universal skills for successful client management skills

No matter what industry your company is in, there are a few ubiquitous traits that are beneficial for client management. 

Active listening and responsiveness

Customers want you to hear and understand their needs. Listen to what they tell you rather than assuming you know what they want. Take notes of their concerns and pain points, and truly engage in the conversation. Ask questions if you’re unsure of what they’re saying. 

Keep in mind that when a customer communicates directly with your company, they expect a quick response. Set processes in place to answer client phone calls, emails, and other messages within a short timeframe.

Problem-solving and creativity

When addressing a customer’s inquiries, put your problem-solving and creativity skills to work. Understand their issue and identify ways to resolve it without friction. 

For instance, say your client placed an order with your local shop, but it arrived late. They call you and express their dissatisfaction. If your store is within a reasonable distance, you could assign a team member to hand-deliver the item immediately and provide them a gift or special discount for the inconvenience. That would help you repair any damage to your client relationship and encourage them to return next time they need your products.

Negotiation and patience

Not every customer encounter will be pleasant. Sometimes, clients may express frustration, make impolite comments, or treat you poorly despite your best efforts to meet their needs. If you’re dealing with a difficult customer, maintain your cool and keep your client management goals in mind. Try to negotiate with them or explain your policies so they understand. 

Strategies for managing client relationships

Here are a few ways you can build and develop strong client relationships.

Strategic communication and follow-ups

Any time a customer browses your store or inquires about your services, use it as an opportunity to communicate with them. If they’ve signed up for your email or SMS subscription list, send them a quick follow-up message encouraging them to take further action or letting them know you’re here for them if they have additional inquiries.

For example, look at this welcome email from The Washington Post. It encourages the subscriber to sign up for daily news updates and follow favorite columns to stay on top of what’s going on in the world. ​

Methods to collect and act on client feedback

Once a client purchases from you, it’s crucial to get their feedback. Customer insights help you understand where you’re meeting client needs and where you can improve.
​
Take a look at this email from Adobe. It asks the recipient to complete a short survey about their creative and digital activities to help Adobe improve its current product and services. In exchange for completing the survey, the recipient gets entered into a drawing for a gift card. The email accomplishes two things: it helps Adobe learn more about customer needs and offers clients a potential reward for providing feedback. 

Maintaining a positive attitude with clients

Sometimes, customers will express frustration with their experience. Perhaps the customer service wasn’t up to par, or their purchased product didn’t meet their expectations. Or, maybe you need to notify clients of a closure or product discontinuation. Whatever the reason, it’s essential to maintain positivity in your communications and address their concerns. 
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Take this example from Water Country USA. During an inclement weather event, they closed for the day but emailed clients, informing them of ticket refund options and apologizing.

Client management tools

You can use various client relationship management tools to up your game.

The role of automation and software in client management

As your client base grows, it becomes more challenging to stay on top of one-on-one communications. You can’t be everywhere at once, and you may have other responsibilities. That’s where marketing automation tools can help.

You can purchase software to automate transactional emails and texts. For instance, you might set up automatic emails for shipping updates or client feedback surveys. You can schedule them to be sent whenever a client takes a particular action with your company, like when they make a purchase.

Using client management systems effectively

Client management systems allow you to oversee your customer interactions in one place. Some include multiple tools, like customer relationship management (CRM) software and project management features. You can use them to establish your client management structure, track communications, and evaluate client management results. 

If you manage contacts for a small business, look for free client management software options. While free software will likely have minimal features, it can help you establish a baseline for future client management strategies.
 
Integration with CRM systems for holistic management

CRM systems connect directly with your client management software, allowing you to manage customer interactions and streamline communication processes. Constant Contact’s CRM integrates with multiple systems you might already use, including social media and e-commerce platforms and tools like Salesforce, Gmail, and SurveyMonkey. Plus, you can use it to manage your client contacts, customer accounts, and ongoing sales deals.

Handling client segmentation and real-time analytics

As you initiate your client management strategies, use client segmentation to categorize your customers according to their:
​

• Demographics
• Buying behaviors
• Purchase history
• Other information

That way, you can design client management processes that speak to your customer’s specific needs. 

It’s also important to establish KPIs to monitor your client management efforts. Most client relations management software systems include real-time analytic options, which you can review whenever you like.

Overcoming client management challenges

It’s not uncommon to encounter a few obstacles when managing client relations. Here are a few to look out for:
​

• Misunderstanding client needs: Sometimes, you may think you understand a client’s needs, but there’s a miscommunication. Remember to actively listen to your customer’s inquiries and ask questions for clarification.
• Not using client management software: Trying to manage client relationships with a spreadsheet or pen and paper might work for a new company with a handful of customers. However, especially as you grow and scale your company, client management software will keep interactions organized and accessible to your team.

If you experience customer difficulties, remain patient and discuss the issue. Most clients will recognize your efforts and work with you if they see you’re trying to address their problem.

Improving client management practices

As you implement your client management processes, look for ways to enhance your efforts.

• Regularly collect client feedback: Your customers will provide honest feedback if you ask them for it. Use their opinions to help improve your products, services, or business operations.
• Teach your team client relationship management skills: Employees who regularly interact with customers may benefit from developing client management skills. Consider hiring an outside provider who can teach the skills you want your team to learn.
  • Tip: Human resource team members who communicate with potential new hires and internal employees may also benefit from developing client management skills.

 

• Continuous improvement: Regularly look for ways to enhance your client management efforts in your marketing channels. Notice how other companies handle client management and use them for inspiration in your strategies.

The future of client management

Technological advancements will likely change the client management landscape in the future. Automation and artificial intelligence (AI) will continue to make their mark in client management software, and companies will find ways to anticipate client needs and improve customer service.

To stay ahead of the curve, understand the principles of client management and how they apply to your company. Then, implement practices to keep your customers happy and connected with your business!



Source: https://www.constantcontact.com 

More than 100 million people are gearing up to watch the big game on Sunday. Between watch parties, wings, beverages, commercials, the halftime show, and much more, excitement is widespread.

Beyond entertainment, the game serves as a super opportunity for small businesses in the Las Vegas area to capitalize on increased spending, foot traffic and excitement from hopeful fans either looking to tie the record for most championships, continue a dynasty or just take in the world's biggest game.

While Sunday's game only comes to one city per year, international sporting events, concert tours, conventions and other monumental events regularly provide much-welcomed boosts to local economies. Last year's big game in Phoenix saw an average 25.6% increase in spending at local restaurants and bars when compared to other weekends in February. Last summer, Beyoncé, Taylor Swift and Barbenheimer added an estimated $8.5 billion to the U.S. economy in Q3 2023, and the 2024 Summer Olympics could generate up to €10.7 billion in economic benefits in France later this year.

With a fresh calendar year of events kicking off, here are four strategies small business owners can use to capitalize on the excitement:

Create themed goods and services

Most people traveling for a big event want to immerse themselves in the excitement and return with personal keepsakes or gifts. This unique demand presents an opportunity for small business owners to get creative with trending themes.

Last year, bakeries near movie theaters created pink Barbie-themed pastries, and restaurants tapped into the economic power of Swifties by decorating in accordance with an "Era." In Houston, bars prepped for the NCAA Men's Basketball Tournament by blasting schools' fight songs to lure in patrons. In Boston, Chicago and New York, retailers ran discounts on marathon-themed merchandise. In Las Vegas, we expect to see casinos, hotels, bars and restaurants tweak their menus to offer championship-level meals and game-day cocktails.

Whatever the event is, be well-versed on why people are jumping on flights to attend, get creative, and capitalize authentically on attendees' excitement.

Offer targeted promotions and discounts

While event tourism brings in fresh energy, staying in a city — let alone traveling to and attending a major event—can put a dent in your bank account. Having spent a small fortune just to get there, many eventgoers will be looking for deals.

This bodes well for business owners, as there are opportunities to attract customers with clever discounts and promotions. A few major factors to consider when implementing a promotion are timing, target audience, and reach. Consider partnering with other local businesses to maximize your reach. For example: "Buy one, get one on themed merchandise at our retailer, and receive a coupon to do the same with appetizers at the restaurant next door."

You should also time your promotions around the event. If you're a bar, hotel, or retailer near the venue, offer a happy hour before, special rates the weekend before, or discounted items during the lead-up. Other service providers near the host city have opportunities, too. Personal trainers can offer discounted rates to people visiting town, or photographers can offer to take pictures of people outside the event. There are many ways to lure an influx of customers into your business without having to veer too far from your traditional promotional efforts.

Plan complementary events

The signature event people are flocking to town for doesn't need to be the only thing they're looking forward to. By planning complementary events, your business can also be a destination where that out-of-town energy is spent.

In addition to improving sales, gatherings can help you build stronger relationships with your customers. Consider what the expected crowd is interested in, make an event out of it, and show your appreciation to all who showed up for a great time.

You don't have to limit activities to the lead-up to the big event, either. Like thousands of Swifties who "Taylgated" Taylor Swift's concerts during the show, many people who didn't or couldn't spend the money associated with being inside the venue still spent time traveling to the host city and soaking in all the energy and excitement. Consider providing fans with the next best thing, hosting a watch party, or catering a tailgate. Depending on the event, some fans may want to keep the party going. If that's the case, perhaps a victory party for the winning fan base or a local cover band playing encores is in order.

Mind the logistics

Regardless of how you market your business to eventgoers, you must be prepared to handle the altered business environment during a major event. Increased crowds can either be an opportunity or a burden for your business, so consider whether you'll benefit from having additional inventory, staffing, or operational hours to ensure you'll seize the moment. Getting creative with temporary product names and designs is a great way to boost business, but be wary of running afoul of licensing and copyright laws as well.

Events like this Sunday's only come to cities every so often, and moments like these can be some of the most exciting parts of the entrepreneurship journey. The benefits they could have for your business are endless, so enjoy them and strive to take full advantage of them.



Source: https://www.entrepreneur.com