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Book Review: The More 3 Formulae By Michael DaleWilliams

24 Jun

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Chapter 1

Traces the reason behind the author writing the book, The More Formulae. He recounted his days at F,W&C in London where he and his fellow colleagues there consulted for multinationals and small businesses and was exposed to the fact that some small firms are not achieving the desired results. From his perspective, the larger multinational firms enjoy economies of scale. He believed that the smaller firms can enjoy same if they take certain steps. He mentioned that more clients will guarantee that you will be busier but does not guarantee more profits. He however recommends the raising of prices  and focus on clients who can afford your services and recommends that you refer those who cannot afford your services to other competitors. The aim is to retain those clients who access your wide range of services frequently or regularly than periodically will guarantee orders hence the more 3 formulae. The greatest mistakes of small businesses is focus on clients acquisition without focusing on the transaction value services accessed by the client. This has led to the loss of old clients> the author recommends that business should build models around clients preferences and tastes as this will increase the frequency of transactions and value added to the organizations. This approach will enable the clients keep the old and the new customers.

Chapter 2

This chapter explains in great details the difference between good customer service and superior customer services, the difference between a customer and a client giving examples of his Gold Card loyalty program with Virgin Atlantic airline which guarantees him special privileges. It emphasizes on services that will keep your clients coming back and that which will stand you out from your competition. It also describes how positive innovation helps to improve your sales and keep you ahead of your competition.

Chapter 3

This chapter studies the determinants of income to any organization distinguished from the traditional accounting approach. It is determined by the number of customers multiplied by the amount they spend on each transaction and how often they purchase from your organization. The author argues that this approach enables you focus on the peculiarities of each client giving you an idea how to satisfy his special need.Therefore, businesses should build their models around their customer preferences for better performance.

Chapter 4

This chapter reveals how to increase your customer database through traditional and non traditional techniques in order to effectively reach out and regularly communicate with clients to give superior customer service.

Chapter 5

This chapter talks extensively of Value proposition and proffer strategies to attract more clients  through up selling packaging and traditional marketing methods and re-positioning.

Chapter 6

The author recommends increasing transaction frequency through sales propositions, suggestions , incentives and rewards schemes and customer education.

Chapter 7

Discusses the implementation of the previously elaborated in conjunction with a marketing plan to ensure superior customer service.

Chapter 8

Discusses the essential elements of superior customer service, the difference between a customer and client, emphasis on lean organization and management structure, improved products and services and ways to exceeding clients expectations.

Chapter 9

Explores the reason why people go into business, reveals why the book was written and encourages new entrepreneurs and offer ideas for business improvement.Overall, you will find this book a good read and a business companion or handbook or a book or reference in business.

Nuggets

  • Change your approach to business and life whether you own it or work in it

  • Your primary aim in business is to solve a problem. If not it will escalate the problem

  • The only way to guarantee more profits is if more customers are satisfied  with your products or services.

  • A client is a customer who pays for a professional service.

  • Success grows your business.

  • Delegate your responsibilities  and move on.

  • Train your people from the gate.

  • Build your reputation and be known for something.

  • You need to have a satisfied customer for each transaction.

  • Change your customer into clients.

  • Good customer service meets your expectation while superior customer service exceeds your expectation.

  • Innovation and continuous improvements is key to success in business.

  • design your business around your clients performance.

  • Enter into strategic partnerships

  • Character describes everything.

  • Your front desk represents everything about your business.

  • Don”t wait for feedback. Sit with your team and analyze your business.

  • Personalize your services.

  • There is reason to have a perception about your business brand and processes.

  • A slim organization structure is desirable for efficiency in every business.

You can meet the author here www.fromkingstontocalabar.com

 

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