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5 performance numbers every small business should track
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Posted: 7/26/2012 3:48:59 PM

One of the most disheartening things a small business can discover is that their customer loyalty and retention is down. Unfortunately, the information could come too late and leave businesses scrambling to find new customers and determine what could have possibly gone wrong.

However, a recent article on the 1to1 Media website reveals numbers all businesses should track to guarantee ultimate customer satisfaction and long-term business success - and protect them from unwelcome surprises:

1. Net Promoter Score - The score effectively gives a "clear measure of an organization's performance through its customers' eyes" and measures how excited customers are by a business and where it can improve.

2. Customer retention - This is obviously a key component in long-term business. Are customers more likely to buy once or return multiple times?

3. Positive testimonials and reviews - Finding willing, enthusiastic customers to give glowing reviews on behalf of the company lets business owners know they're doing something right.

4. Sale completion rate - Keeping track of which sales were completed and which fell through can give businesses an indication of the most successful sales tactics and strategies.

5. Loyal customer spending - Monitoring how much customers spend opposed to what products they buy could reveal whether they feel a company is trustworthy and provides customer service worthy of their increased business.

Small business marketing news brought to you by 123Print.com, provider of affordable custom business cards, postcards, letterhead and outdoor promotional items.

 
   
 
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Posted: 2/6/2013 11:49:58 AM

A recent inquiry to Fox Business News may lead small business owners to consider accepting a full range of credit card payments from customers. Tim Peter, a consultant in Long Valley, New Jersey, told Fox News that small businesses that offer more payment options have an easier time making sales than if they restrict certain payment methods. Turning away a customer because the business doesn't process a certain form of payment could prevent them from coming back, Peter added.

New credit card fee waivers for businesses may make the decision to accept multiple carriers even easier. The new credit card law, put into effect on January 27, now provides businesses the option to pass the fees and surcharges back to customers using their credit cards as payment, stated Gaebler.com. Companies that opt to save money by passing along surcharges must display a sign so customers will expect to see an added expense to their purchase.

This is a good option for business owners to save money, but the effect on business could also turn customers away. It may be a better idea to pay the charges as a business expense and accept all forms of credit card payments so the organization doesn't reduce its clientele.

Small-business marketing news brought to you by 123Print.com, provider of affordable custom business cards, postcards, letterhead and outdoor promotional items.

By
Posted: 8/13/2012 5:22:14 PM
Not all parties cost money, and they don't all require goody bags or party favors, either. The popularity and prevalence of Twitter parties make them a uniquely modern marketing tool for small businesses and won't leave customers wondering whether they are of enough value to get a coveted invite. The best part is that business owners can invite all of their customers without any expense...
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Posted: 8/3/2012 5:12:58 PM
Just because most small businesses don't have a large enough budget or workforce to market like a billion-dollar corporation doesn't mean business owners should throw in the towel on effective marketing possibilities...
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Posted: 8/1/2012 5:49:46 PM
It may seem difficult to keep every customer happy all the time, but how about keeping them so happy they become return customers? Small businesses may find this idea challenging, especially in a difficult economy...
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Posted: 7/11/2012 4:25:51 PM
Small businesses are often valued by customers for offering a more personal product or experience, but is there anything more personal than thanking a customer directly? Even more, thanking customers for their business on a regular basis...
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Posted: 7/3/2012 3:27:09 PM
Although effective communication is key for any small business, current social media techniques have trained us to think that business-savvy communication is most desirable - even necessary - when it’s done in 140 characters or less...
 
   
 
 
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