Six Sigma has been around for a while. Many corporations have seen a vast improvement in their operations once they implement the education and philosophies of Six Sigma and businesses have taken note ever since famed efficiency executive Jack Welch made Six Sigma the primary focus of General Electric’s management style.
So what exactly is Six Sigma? What will it actually do for your business? For one, it can help build customer loyalty, which leads to increased sales and profits, and leads to cost reduction in your overall business. After all, acquiring new customers is far more expensive than keeping a dedicated and loyal base of customers that are already happy with your business. It is a well-known point to, that a person who buys from you once is more than likely to buy from you again. The reason is that current customers already trust you and they have an intrinsic bond with you. So as long as you focus on the principles that increase the retention of your customers, you can benefit in a vast and inexpensive way. This is all something that Six Sigma advocates and teaches with its governing principles and strategies.
When it comes to nearly anything in life, knowing the ultimate goal helps to define the strategy and the actions needed to actualize the strategic plan. For those in business, knowing the intended audience is a parallel concept and activity to knowing a goal. This is true for established and new companies alike. One way to know the intended or target audience is to participate in a practice called customer profiling.
This practice allows a company to know who the desired customers are and what they look like. Typically the company reviews criteria of the desired audience that is centered around demographics such as annual income, marital status, or gender; behaviors such as hobbies, weekend activities, preferences around social topics such as eating out or voting habits; lastly is gaining insight into psychographics including preferences, personality traits, and social mores.
It’s the most frightening keyword in small business marketing – “advertising”. Preface that with the uber scary term, “digital”, and most small marketers either think “out of my league” or just run for the hills. That’s unfortunate because Online Advertising offers small business an unprecedented opportunity to see wild business growth from a low-cost and low-toil marketing effort. Not every business is ready to embrace the level of success possible through online advertising. Is yours?