Questions

Is "No Buyer's Remorse" scalable ?

Asked by:
Kenyetta Knorr at Nova Remodel Group
Jef LippiattOwner at Startup Chucktown
Kenyetta,I'm not exactly sure what you mean, however, I don't believe that "no buyer's remorse" even exists. But many companies please their customers, so why would I say this?Even if the customer is pleased at the time of purchase, they may not be as happy later on (and still might return whatever they bought).The customer may have been pleased during the purchase, but may have not been as happy later even if they keep the item.Many people impulse buy but never actually open and/or use the item they purchasedEven if they are totally happy with the purchase they may have wished the item didn't cost as much as did (especially big ticket items)The customer may wish they would have spent the money on something else (other product, experience or just saved it) even though they are are happy with the product.The product may break right after the warranty, this could make the customer wish they never bought the product and they may avoid said company in the futureThe customer may have been happy at the time of the sale, but when needing help is less than thrilled by the existing or lack of customer service.If the item doesn't last as long as expected, this may negatively impact how the customer views the company (poor quality, poor exchange of value, etc.)If the company does something to damage their own reputation, customers may have buyer's remorse for being associated (even in a small way) that that company.The company may go out of business shortly after the customer's purchase, making the customer wish they would have avoided making the purchase entirely.I'm sure there are more reasons that could be added to this list, however, I feel like the 10 reasons above cover the majority of cases.You and your business can do things to minimize the above cases, but you can't completely eliminate the issue because the outcomes are based on a complex blend of customer expectations, personal baggage (issues) and human nature (psychology).You set yourself else up for success by presenting customers with detailed, accurate and transparent information about your product and services prior to the purchase. You also help yourself by guiding the customer to the product and services best suited for their needs. Also by reinforcing the value they are getting for the price helps eliminate the feeling that they aren't getting a good (or the best deal). You can also do yourself a favor by having a clear return/exchange/refund policy, a detailed knowledge base or FAQ section and helpful and timely customer service.The rest is really out of your control, but that's okay. Only focus on the aspects you can positively change.
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Questions

Essential requirements to begin a startup?

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Vina Belm at Payan Pool Service, Inc.
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Questions

Are Internal Processes or External Brand Perception in the Driver's Seat?

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Julie Carter at NU-VUE WINDOW FILMS
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Questions

What are the ground rules for SMEs while dealing with the current market scenario?

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Wills Ensa at Murray Lampert
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Questions

Is "No Buyer's Remorse" scalable ?

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Rosario Lopez at Mexican Insurance
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Questions

How is a service economy different from a knowledge economy?

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Gary Neil at HealthyLifez
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Questions

Basic requirement to start a self business

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Alex Jay at KIC Restoration
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Questions

Does anyone have recommendations for businesses who do company valuation?

We are looking to get our business valued. Has anyone done this before? Any recommendations on a... read more

Asked by:
Steven FreemanOwner at Evolved Sound
I have a very credible and indepependant contact who can assist with this. He prepares formal business valuations for any small to medium businesses. He works in association with lawyers in the divorce, commercial law, business law, areas where there is often a need to have businesses valued accurately. Contact me directly Craig and I will pass on the details.
Craig Hyland
Thank you Hitesh!
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Questions

What do you use to manage work/life?

I am currently using 3 diaries - biz, work, home! It is definitely not efficient, and at times is... read more

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Questions

What sacrifices and risks am I willing to take to be successful?

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Questions

How will I balance family and business?

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Questions

Any advice or tips to consider while reviewing the proposals?

I'm out of my depth on this and naturally would talk to our accountants and lawyers etc read more

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Questions

What is the go with spammy sales emails that you can't unsubscribe from?

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Questions

What do you do when you can't even get a client in the door?

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Questions

When you arrive at a new town or city; what sort of information do you want to know

or what are the things you look for? read more

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Questions

If you have done jobs for groups like Target and Tyco, do you have a right to list them on your website as past clients?

Steven FreemanOwner at Evolved Sound
Depends on the specific agreement you have with them. Just because you served them doesn't give you the automatic right.It is generally OK to list them, however displaying their logo may be a breach, so it is best to seek their written permission first.
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Questions

What is the right time to buy Investment property?

How much money do i need to get into property investing? read more

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Questions

What have been your biggest challenges in starting a business?

Daniel BradyOwner at Heavenly Hammocks
1. Growing sales further. Our sales are up 150% year-on-year, but higher would be better.2. Warehousing. Since recently, we've been using a fulfilment warehouse (Brisbane Logistics). It works pretty well except that their Toll delivery charges aren't cheap compared to FastWay. However, the rent charges only seem economical for our best selling products, not the slower moving products.So the less-popular products are still stored at home, while the popular products are warehoused. So we're only half-way to being a properly warehoused business.
Marketing. Was a huge learning curve. And I don't enjoy the tasks.
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Questions

How can I get a venture capitalist to pay attention to me?

Steve OsborneOwner at Smarthinking
DebraA similar question* was asked some time ago by one of the Savvy community. Ling asked:"What can I reasonably expect from venture capitalists for my new startup?"Altho' you may or may not be a startup in the traditional sense, I think the way you get VC's to pay attention to you is to give them what they want. Here is the answer I gave back then, which applies equally to your question:Without knowing what your startup is about, my comments are pretty general. Therefore, it depends. Amongst many other things, it depends on what industry you're in, what the scalability potential is like and how much skin the founders have in the game.The first and most obvious thing to say is: they expect a return. And that mighty quick. My experience preparing business plans for VC investment taught me several things – the most important being: 1. your idea is worth precisely zero until it is implemented. Investors want to see a working model. 2. investors are taking a big risk, therefore will expect a big return. After all, if your startup is not doing something that's never been done before, by definition it's just another business. And if all you need is money, go to the bank. So expect them to ask for at minimum, 30% return over 3 x years on say, $1mill. 3. investors are most interested if you can clearly show your three different customers. If you can define these three distinct groups early on, you stand a better chance of growth and a better return on exit. A wiser man than me defined them thus: Customer One is your end-user. It is to serve her needs that your business was created. Without this customer, you don't have a business. Customer Two is your bulk-buyer. This second customer is the one on whom rapid expansion will pivot, based on the idea that it's easier to sell to one who buys 1,000 than it is to sell to 1,000 who only buy one (customer 1). This customer shapes the speed and scale of growth. Customer Three is the business buyer. This is the entity that will eventually buy your business. This individual or company will ultimately make more from your assets (customers, database, products) than you can. This customer shapes your positioning, your customer information collection, your database. And this customer is the most difficult to identify. But it's this last customer the VC's are most interested in, because that's where the greatest value lies. If you can demonstrate a firm grasp of how each customer group is linked, you can argue a simple and very powerful case for investment. Everything else is just logistics. Ask Neil at Wardour Capital about this stuff. He is the expert.**Note to SavvySME Questions Admin: there is no system available within the site to refer to previously asked questions, if they were answered more than a few months ago. Perhaps a form of cross-referencing could be devised so questioners could find out whether their question already has an answer?
Jef LippiattOwner at Startup Chucktown
Debra,One of the most important ways to get a venture capitalist excited about your business is by looking for the right connections.You don't want to approach just any VC. You want to approach VCs that are interested your business industry or type of business.You also need to customize information you are sending to individual VCs so they can tell there is a personal touch (don't blast out stock emails to a bunch of VCs).One of the best ways to attract investors is to have you business positioned correctly. There are key metrics that VCs find more tantalizing than others, so know them. Some questions and metrics to keep in mind:Do you have a repeatable method of monetizing your business / users?Are you cash flow positive? If you aren't, when will you be?What is your cash burn rate per month?How many Monthly Active Users (MAU) do you have? Is it increasing?Who is on the team and what are their areas of expertise?Do you currently have any mentors or advisors? What are their strengths?How much money are your trying to raise?What will you do with that amount of money specifically? How will it help the business?If you can answer more than half of those questions, you should put a slide deck together or start looking for pitching opportunities. If you can't answer even half of those questions, wait until you can before approaching a VC.
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Questions

How can I obtain cash to maintain and grow my business?

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