What does your brand name promise to your customers?

Do your brand promises something to your customers? Maybe some uncompromised quality, lowest prices, most innovative designs, unparalleled durability, or matchless customer support service? Theoretically, a brand promise is a statement that the company makes to its customers. Ideally, an established brand is in itself a promise. It’s not just a name, not merely an idea and most certainly not limited to a logo. Brand name is an image, trust and a set of expectations all associated with the brand. Till now only large companies have successfully used the power of brand promise, however, there is no reason why some small businesses cannot reap the benefits of branding in their respective niche.

Planning a brand promise:
Planning a brand promise goes beyond thinking of some fascinating tag line with a smart play on words. Planning your product or services as a brand starts from the very early stage of your business planning. You need to build your business around your brand promise. Your budget, advertising, sales, each and everything should be according to your brand promise. Think from the customer’s perspective, what unique offer do you have? Why would some customer want to buy from you repeatedly? The promise must be distinctive, apart from being deliverable.

Delivering what you promised:
Promises are meant to be broken? Don’t even think of this phrase when talking about brand promise. A brand that fails to deliver on its promises is a brand lost forever. It’s not about delivering once; it’s about delivering again and again. It’s about delivering each and every time a customer buys from you. That’s how you achieve customer loyalty. You cannot start with promising for higher quality and after realizing that you are unable to deliver, change it to lowest prices.

Putting it across your employees:
Remembering what you have promised to deliver is easy if you are a sole proprietor. The things may get a little difficult if you are running or managing a large group of employees. Many times the employees have no idea (strange but true) of what their business promises to its customers. You need to communicate, train and motivate them to deliver the same.

If you are a small business, start from a single promise (e.g. quality, price or design, one at a time and not all). If needed, you can add more in future. Try to appeal a specific set of customers in your initial brand promise. Instead of changing your brand promise to attract new customers at expense of disturbing your old customers, try coming up with a new product or a new brand.

What details should be included when replying to some sales inquiry

Once you start a new business and promote it through various mediums, you will start getting inquiries from interested customers, who are interested in your product or services after seeing your advertisement. However, they are not clear on some issues and they need to know some particular points before making a purchase. It can be anything, pricing, mode of shipment, product details or your business details. At this point you need to do two things. First, congratulate yourself that your promotion and marketing efforts have so far been successful and you are able to exert a pull on your customers. Second, you need to understand that the job is only half done and real test of your skills starts now.

Once the customer comes your way, don’t let him slip. If you aren’t getting any sales inquiries then probably you need to look into your marketing campaign, but if you are getting tons of sales inquiries and a few sales then you really need to read following instructions. Converting sales leads into actual sales is where most businesses fail. Bear in mind these points to ensure that you make the most of your sales inquiries.

No Delays & Language to use:
You should respond to the interested buyer promptly. Any delay can make him move to some other seller. Check your mail daily to make sure that you don’t miss any. Most of the times you can rely on English as far as language is concerned. But sometimes the customer will appreciate the reply in their native language. If it can be arranged then go for it, otherwise stick to the simple English.

Product details:
Some businesses make this mistake of replying with “one liners” to all the inquiries they get. Although this may seem the right way to just answer what was asked, the idea is to cash in the customer’s interest. You can do this by describing the highlights of your product. Do not go into details, stick to the main points only.

Pricing & Payment method:
Normally customers are asking for price quotes in these inquiries. When narrating prices; make sure to explain the payment methods for convenience of your customers. Especially if you are some online business and your customer is a national of some other country. If you are offering discounts on bulk purchases, mention them as well.

Packaging & Shipment:
Explain the packaging arrangements and shipment modes. Make clear your minimum order quantity. If you are offering free shipment, then don’t forget to confirm if you can distribute to the location where the customer wants you to deliver. If that area is not included in your offer or it requires some extra charges then state them.

Business Details:
End your message with a short description of your company and its product range. Clearly specify your name and the position in company to facilitate future correspondence.

Understanding common stock and why companies issue them

Common stocks are the shares of a company, which large businesses and corporate issues to raise funds. Rarely some partnerships or trusts can also offer their shares, but only in special circumstances. Initially company’s shares are held by a group of individuals but when some business is going through significant growth and it needs substantial capital, it can offer its shares to the general public and investors. Companies are said to be “going public” when they list themselves on some stock exchange.

Where to buy these common stocks:
Initial public offerings take place in primary markets. Original issuers will offer these stocks as financial claims to general public; in return of cash they receive from these investors. Sold shares are called “issued and outstanding”. Sometimes the company will purchase some of them back; these shares are kept in treasury and recorded as “issued but not outstanding”. After the IPO (Initial Public Offering) the shares (or stocks) are traded (repeatedly sold and purchased) in secondary markets. These secondary markets are normally known as stock exchange, for example The American stock exchange or New York stock exchange. Difference between primary and secondary markets is that the original issuer is not going to get any cash from the sales of stock in secondary markets. Stock prices are quite high on the first day of initial public offering and normally big players are involved. Normally companies hire investment bankers to manage the initial offerings process. All companies are allowed to offer only a limited number of shares, which is mentioned in the articles of incorporation (known as authorized shared capital).

What kind of rights do you get with these stocks?
As stated above, common stocks are financial claims. When you purchase and hold a share, you become one of the (many) owners of that company. Stockholders are entitled to vote for the appointment of company’s directors and some other major decisions. One share means eligibility to cast one vote. Voting (through majority voting system or cumulative voting system) is needed for various decisions. Stockholders are also entitled to receive dividends when the board of directors decides to pay. Corporations can pay these dividends in cash or they can simply offer more shares to their stockholders. You can also earn by reselling these stocks for higher prices at stock exchange. At the liability side, the stockholders have “limited liability” i.e. the amount of shares they own is the most they can lose if the company gets into trouble or goes bankrupt.