Following up from Part 1, which was published yesterday, here is the final part of Kenny Goodman's interview with business growth specialist Robert Craven – a man the Financial Times describes as ‘The Entrepreneurship Guru' and who Sir Richard Branson himself recommends.
In part two of the interview you can discover how to quickly grow your business, and improve the way you engage with your customers:
Here are some of the discussions between Kenny and Robert:
00:12 – Should businesses increase their prices even in price sensitive markets & if so why?
02:52 – Robert explains If your gross margin is 30% and you put your prices up by 10%, you can afford to lose 25% of your current customers. Even if you do lose customers they will tend to be the high maintenance penny pinchers.
03:51 – He also explains that if you have a gross margin of 30% and you reduce your prices by just 10%, you'll need to find 50% more customers. Again, these tend to be the penny pinching, high maintenance, non-loyal customers who will move again as soon as they see a cheaper price.
04:48 – How can businesses create more value for their customers to make them more loyal?
07:06 – What advice do you give the David's who are competing against the Goliaths?
09:46 – What tips would you give entrepreneurs and business leaders who want to be seen as an expert in their market place?
11:59 – Robert explains why businesses need a back of house ‘Ology' and front of house ‘Ology.' He goes into details as to what these are and how they can be achieved.
13:31 – Robert explains how writing books helped him rapidly become known as a go-to expert. It meant that instead of him chasing customers, they now chase him.
15:03 – Robert discusses his 2 major business gripes: 1. Big businesses missing the opportunity to do business with small businesses – he explains why. 2. SMEs (specifically service businesses) missing opportunities by being mediocre when they could be giving legendary service.
16:28 – Robert discusses what he loves most about the business world right now.
19:03 – Robert explains how he gets great testimonials from the likes of Sir Richard Branson and how this can massively help business.
The audio again for your convenience: