Prosper Newsletter: June 2006 > Marketing

You understand that the following information is educational in nature and is not intended to be legal, accounting, or tax advice. You are responsible for your own financial decisions and should consult your own legal, accounting, and tax advisors before making your financial decisions.

Internet Business Owners Find "Miracle" In Prosper!

In the eight months since we started working with Prosper, my wife Nancy and I have a radically new outlook on our future.

First off, we know what it's like to live in fear of not succeeding in our Internet business. Before June 2005, we were trying to do a lot of things in our business without clear direction. And while we were making progress, it was very slow going.

With mounting bills, we knew we needed a miracle or we'd go under. We got our miracle when we heard about Prosper. Since then, we've experienced a major change in our confidence in our business as our income has grown.

When we started coaching with Prosper, the quality of our lives started improving almost immediately in direct proportion to our increasing income. The first major difference is that we now have more balance in our lives. We're able to travel more, which we love to do. This is in no small measure due to the new automobile we were able to acquire.

We also gave ourselves permission to start taking ballroom dance lessons, which Nancy has wanted to do for some time. I was reluctant at first, but since we've started I discover that I really enjoy it. This experience has made us closer as a couple. Our newfound prosperity made this possible.

We've hired two assistants to help us with our growing business requirements. We are in the process of expanding our product line and starting new web sites. Nancy and I now have more freedom to focus on our strengths, which is writing and creating new products.

All of these improvements were definitely accelerated by our association with Prosper. I'd hate to imagine our lives without the help they've given us.

-Lee H.
Hoover, AL

Tip of the Month

So the real question is this, "How can I make doing business with me and my company more desirable, fun, and pleasurable?" First evaluate your current model using the following four questions:

  1. What is the current buying procedure that customers must go through when purchasing from me?
  2. How is this procedure perceived by the customer?
  3. How can this procedure be streamlined for the customer?
  4. How can this procedure be made more enjoyable for the customer?

Streamline

No one wants to wait longer than they have to. Most would agree with the statement that society is a gravitating toward speed and efficiency in almost all aspects of life. We want things done quick and correctly. Are there steps that can be combined? Is there a way to ask the right questions once and not have to ask them again? Most companies see the value in keeping accurate customer information in a database to streamline operations.

On a large scale, companies assign people customer number where account activity can be tracked and monitored. Loyal, large accounts can be properly serviced. On a small scale, flight attendants announce over the PA that 'correct change is always appreciated'. There are both large and small things you can introduce immediately to streamline a business.

Surveying

It becomes necessary to find out the perception of doing business with you from the eyes of the customer. Many times operations are running smoothly on paper, but customer tell a different tale of efficiency. Surveying people as they wait, or calling them up and asking can be one of the most effective ways of getting accurate feedback on the purchasing process. While you have their attention, ask about other processes as well. Some businesses may benefit from knowing more about shipping, pricing, customer service, sales, packaging, and other important aspects of the business.

Distractions

Sometimes you don't realize how long you've been standing in a line or sitting in a waiting room when you have the right distractions. Distractions not only help pass the time, but also help to enhance the perceived customer service of your business as customer feel you are concerned enough to address issues they face with waiting times. This strategy should not be employed as a true fix for service times that are longer than necessary.

  • Slot machines at airports (legal)
  • TV at gas pumps or at the gate in airport terminal
  • Magazines and books
  • Playroom with toys in doctor's office
  • Watching a movie on an airplane
  • Fish tank in the waiting room

Customer Service

Customer service goes a long way in resolving problems in the purchasing or post-purchasing stages of business. Many times customer formulate their perception of how easy or difficult it is to conduct business with you by how long it takes to get problems resolved. In many cases, short resolution times to problems (big and small) will increase customer perceptions, translating into larger orders with greater frequency.

Personal Challenge Assignment:

  1. Evaluate your next 5 purchases of either a product or a service
  2. Find 3 things that could make doing business easier or more fun
  3. Secret shop your own business or website
  4. Survey (informally or formally) customers
  5. Initiate 3 changes to make doing business with you easier and more fun

Entrepreneurship Coaching (4 Phases)

Entrepreneurship coaching can assist you in understanding market and business dynamics to leverage your skill sets and resources toward entrepreneurial success. The Entrepreneurship division is anchored with decades of combined experience in starting and managing businesses spanning a huge variety of entrepreneurial pursuits. Our business coach core is dedicated to providing practical curriculum delivery in entrepreneurship through a multi-focus program. Our aggressive team combines advanced degree professionals tempered by the refining fire of real world experience.

All coaches have started and currently maintain outside business ventures. The breadth and depth of the business coaching knowledge base ensures a stable of down-to-earth, approachable, mentors willing to provide actionable steps to guide the next generation of future entrepreneurs and business owners. Coaches have also written and published books and articles, maintain professional memberships, as well as attend industry conferences. Coaches also bring added consulting value from corporate experiences.

Topics of study include:

For more info