Mum of twins has strength in depth as security firm boss

Feb 27 2008 by Aled Blake, Western Mail

WHAT THE EXPERTS SAY

Good customer service is key to client retention
Emma Glover, marketing manager, Hugh James

SPECIALIST SECURITY is a growing company which is no doubt tantamount to a loyal customer base and a good staff retention record.

Rachel has stated that her biggest challenge at the moment is growing and diversifying her client base.

From Rachel’s client list it is clear that she has good links with the construction industry which she could build on and exploit further.

The construction industry has four main representative bodies in Wales – the ICE (Institution of Civil Engineers), RICS – Royal Institution of Chartered Surveyors, Constructing Excellence and Construction Skills.

All of these bodies hold regular events and have magazines that could provide excellent opportunities to promote Specialist Security Co, for example Rachel could take some advertising space and use it for an advertorial piece with client case studies.

There may also be sponsorship opportunities or exhibitor spots that would give Rachel access to a wide range of construction companies allowing her to give direct examples of her experience in working with this growing industry sector.

Another important thing to note is that Rachel should not ignore her existing client base as a tool to grow her business. It is a fact that, in general, 80% of your business comes from 20% of your client base so good customer service is key to client retention and will enable increased revenue from this important group.

In a competitive marketplace losing clients on price is not uncommon although companies are increasingly looking at other factors when choosing suppliers.

Good service levels, knowledge of the needs of the company, expertise, added value and the reputation of the service provider are all relevant in choosing the right supplier. Rachel should emphasise that value for money is more important than cost in that she provides far more than her competitors can in added value and consistent service. This will ultimately ensure long-term customers and resultant profits.

Successfully managing the work-life balance is a constant juggling act, take it from a woman who knows! New technology now makes it easier to work from home. Flexible working means that you can potentially fit your hours around family commitments.

A reliable child care provider that you trust is worth their weight in gold. Consider buying in help at home with cleaning, ironing and washing etc which will help to ensure that your family time is just that. This will give you quality time over quantity – both you and your children will benefit from this approach.

Clients will soon learn you get what you pay for
Lianne Caulfield, Barclays Commercial Banking Relationship Manager

GETTING the right work-life balance, whether you are a mum or a dad, can be very challenging – feeling that you should be in work when you’re at home and that you should be at home when you’re in work can add to the pressure of an already busy life.

While recognising the desire to be available to your customers 24/7, make sure you take the opportunity to delegate – do you need to be available 24/7?

Would your customers be equally as satisfied if they could speak to a representative of the company?

On alternate weeks why not try switching off your mobile as soon as you get home, by leaving your co-director’s contact number on your voicemail you may find that you have the opportunity to enjoy some uninterrupted, quality family time.

It is very difficult for any business to be sustainable when its only competitive advantage is price.

Existing clients who get lured away by the offer of cheaper prices will have experienced the high level of service provided, and will be making comparisons with the new service provider from the outset.

The old adage of “you get what you pay for” will become a reality, and price sensitivity becomes less of an issue.

Those customers who move away to another service provider temporarily and return to you will become the best advocates for your service, potentially bringing new business your way.

Networking events are an effective method of getting in front of your potential customer, but it is important to ensure that the nature of the event will attract your target customers.

A small amount of research beforehand will give you an indication of the attendees and their suitability for your product.

Cold-calling can be successful, but having a referral from an existing customer is far more effective and extremely powerful – don’t be afraid to ask your existing customers to introduce you to other potential customers.

If you are sending out brochures make sure you follow this up with a phone call, with the vast amount of mail received by businesses each day, you’ll want to be sure that your brochure gets the attention it deserves.

Identify your unique selling point and promote what differentiates you from other security companies that offer similar services.

www.barclays.co.uk/commercial

Consolidate first, then move on to win market share
Professor David Brooksbank, Director of Enterprise, Cardiff School of Management, UWIC

SPECIALIST SECURITY has worked hard to build a customer base and has clearly reached a stage where expansion is a possible next stage.

Even if you’re happy with your current performance, it’s important to keep looking for ways to develop. If you don’t, you risk allowing your competitors the room to grow and take market share from you, which could seriously weaken your position.

Going for growth may therefore begin with consolidation of your current markets. While you may be spending more time and resources on developing the business, you need to be sure that the core of the business is still performing well.

It’s vital not to neglect your existing customer base as this will underpin your growth and, equally importantly, provide the cashflow you will need during this phase.

To increase market share a business has to take customers from its competitors or attract new customers. Achieving this requires a thorough understanding of both your customer base and that of rival businesses.

So, who are your existing customers? Are there any other groups that may require your product or service and that you haven’t targeted before?

What are your competitors’ strengths? Do you have these too? If not, why not – and should you have them? Why do customers buy from your competitors?

What advantages do you have over your rivals that may attract their customers? How can you communicate with your competitors’ customers to get them to switch and buy from you instead? What is your unique selling point?

Apart from obvious rivals, are there any other businesses with customers you may appeal to? Are there customers who have stopped buying from you? Do you know why? If not, you may want to ask them.

Will you need to change pricing, marketing, distribution, service levels? Could those changes upset current customers? Will your employees remain motivated?

The company could look to expand beyond its current geographical boundaries. You could also expand your business by joining forces with another business.

While it creates more shared decision-making and possible management and staff issues to resolve, there can be clear advantages.

It’s important to be very careful who you link up with and an agreement defining the terms of the partnership or joint venture is essential and further legal protection is advisable. Clearly, businesses involved with complementary activities or skills are usually the most appropriate candidates.