Frequently asked questions (FAQ) has been popular for over a decade now.
How frequently do you ask your current customers, venders and employees what questions and answers are really important to them? We spend so much time looking outside our business that we forget that we must keep our current customers, suppliers and employees interests at the forefront of our thoughts and plans.
In a discussion with Jeff Boss, writer for Entrepreneur.com and former Navy Seal, he asked some very important questions which significantly influence our results as entrepreneurs.
1. What is the biggest challenge your company currently has and how are you overcoming that challenge?
How are you dealing with that challenge within your company right now? Do you know what your current customers think is your biggest challenge where they are concerned? How do they feel that you are addressing that issue and hopefully overcoming the challenge? Customers, venders and suppliers see us through a different perspective. Their view through a different lens is so important. Pay attention to their views.
It absolutely costs more to recruit a new customer than to keep a current customer happy.
Taking our current customers for granted can be expensive financially and emotionally in the loss of market share.
Ask your venders what they view as their biggest challenge in working with you. You are both their customer and they are a source for new customers for you. How can they refer new customers to you if they do not feel valued by you? They are a resource for increasing your market share.
Ask your employees the same questions about the biggest company challenge and how successfully you are overcoming that challenge. Just as it costs more to recruit a new customer, it also costs more to recruit and train a new employee than to retain and advance a seasoned employee. Employees can increase or reduce your market share by their performance.
2. What is your preferred marketing method?
Part of your marketing is communicating with your customers, venders and employees. How do they prefer to receive information? Do they prefer a personal visit, a telephone call, a text or an email? Do they prefer to receive printed marketing materials, online marketing or social interaction? Knowing how your customers prefer to receive information tells you where they are most likely to read your marketing; you can’t increase your market share unless they see and respond to your information.
3. What advice would you give to an up and coming entrepreneur?
Your experience as an entrepreneur has value. What was the best way you found to increase your market share and attract new customers?
As successful entrepreneurs, we have both a right and an obligation to share our experience and knowledge with up and coming entrepreneurs.
These should be frequently asked questions. Perhaps it is time to refresh our internal information in order to enhance our market share, customer satisfaction, employee satisfaction and our own desire to help others.