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Economic Development is . . . (increasing the flow) of capital through the community and reducing its leakage.

A Second Chance

One day a big group of blondes met in New York to show the world that blondes aren’t dumb.  They begged: “Ask any of us any question, and we will show you that we’re not dumb.”

The group caught the attention of a passer-by, who volunteered to ask them some questions. He climbed up on a car and randomly picked a blonde out of the crowd. She got up on the car too and the man asked: “What is the first month of the year?” The blonde responded: “November?”

“Nope,” said the man. At this point the crowd began to chant, “Give her another chance, give her another chance.” So the man asked: “What is the capital of the U.S.A ?” The blonde responded: “Paris?”  So the crowd began chanting again: “Give her another chance, give her another chance.”

The man said: “Okay, but this is the last one. What is one plus one?” The blonde replied: “Two?” The crowd again screamed “Give her another chance, Give her another chance.”

Have you ever been given a second chance? It is a blessing to mess up and be given an opportunity to try it all again. Unfortunately the business world often is not eager to give second chances. Customers are a pretty black and white– they are either pleased and will come back again or they are not pleased and will look to find another solution next time they are in need.  Making matters worse, a lot of businesses (especially new ones) over promise and under deliver – this obviously disappoints customers.

Creating a simple shift in expectations to under promising and over delivering, businesses can usually boost sales and start to create a positive differentiator between them and their competitors.

In developing such a strategy, it helps to understand how a customer buys. Research shows that after their first successful purchase, there is a 70% chance of customers returning to buy more. This rises to 85% with the second purchase and 95% with the third and beyond. Looking at the data all businesses should aim for four (4) satisfactory ‘touches’ with each customer. This can go a long way in developing an ongoing customer relationship and in turn make a dramatic difference in the long term success of the business.

If you own or operate a business in Tama County (or work for one) – it is time to think about what your customers’ expectations are. Are they getting what they expect? Could it be better? Contact our office and we can provide information on how we can help clarify and deliver on your company’s expectations. Contact us at (641) 484-3108, or info@tamacountyiowa.org.

 

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