For small businesses, establishing prices for your products and services is an important activity. Here are a few factors to consider when thinking about adjusting your prices.
- Should you reward certain or all customers when they habitually pay their invoices early or promote your products or services? As an example, offering one time discount for new successful customer referrals.
- Should you establish a tiered pricing program based on type or size of customer, product line or location? Are there benefits to keeping certain clients to establish a greater niche presence, or growing a new location?
- Should you adjust prices when customers use a combination of services? As an accountant or attorney, how valuable is a client who uses your firm for both business and personal services?
- Should you reduce prices for a short period of time to increase sales? Will higher sales volume allow you to reduce purchasing costs or help to recoup the costs of new software or training?
Focusing on Colleyville, Grapevine, Keller, Southlake, Trophy Club and Westlake (Sources: NCTCOG, 2000 U.S. Census, City of Keller and Keller Chamber of Commerce)
Spotlight on Keller
Keller is the second largest of the six communities with a 2006 Population of 36,350 or 26.5 percent of this market.
According to the 2000 Census:
- Residents are young, with only 5.5 percent aged 62 or older.
- Residents are well-educated with 44.6 percent of all residents aged 25 or older holding a bachelors degree or higher.
- Families dominate as 89.1 percent of all households are family households.
- As of 2000, 79.2 percent of all housing units had been built since 1980.
- Over ninety-three (93.1) percent speak English only at home.
The five largest employers within Keller: Keller ISD, Corning Cable Systems, City of Keller, Southstar Logistics/Grocery Distribution, and Kroger.
Did you know? Keller is the first community in the nation to have FiOS, which provides fiber-optic lines to all households and businesses through Verizon with FiOS. (Source: Keller Chamber)
Postcards are a great way to communicate with customers and offer four advantages over the traditional letter/envelope: 1. lower in cost; 2. donâ€™t require receivers to open an envelope; 3. force sender to provide concise message; and 4. faster to print.
So what are some great uses for postcards? Here are some ideas, especially for targeting your best clients.
- Pre-print with your logo, address, slogan and/or picture, add meaningful comments and mail while on a trip, business or personal, to stay in â€œfrontâ€ of your clients.
- Utilize for important announcements including new services or products, new employees or location, revised hours, upcoming meetings or seminars, or new strategic alliances.
- Pre-print with important industry facts or new regulations impacting your business, industry or services.
- Provide notification of upcoming special sale or discount, or use as a coupon.
- Use as thank you, reminder of their next appointment or need to schedule an appointment.
- Employ to solicit comments about an idea, or even a resume, for personal use.
Comparative data for Colleyville, Grapevine, Keller, Southlake, Trophy Club and Westlake (Sources: NCTCOG, 2000 U.S. Census and area school districts)
2000 Average Household Size by City
(Persons per household)
Trophy Club 2.87
2005 Non-Construction Job Counts by City (Place of work)
Trophy Club 741
Westlake (estimate) 4,500
ISD School Enrollment
(Latest available figures)
Grapevine-Colleyville ISD 13,814
Keller ISD 25,644
Northwest ISD 10,306
Southlake Carroll ISD 7,629
An important part of creating career or business success is networking. Experts recommend planning for activities that help increase your visibility and build your credibility.
Here are a few useful hints to start employing today, if you arenâ€™t already!
- Make special effort to remember names â€“ we all like to hear our name said out aloud. Occasionally repeat someone elseâ€™s name when talking to them, and strive to introduce them to at least one other person.
- Focus on your talents more than your title or company. It should be easy for you to talk about what you do well and what you need.
- Come prepared with a list of topics you really want to mention and to whom you want to speak. The purpose of these topics could demonstrate youâ€™re an expert, teach others to trust you, and/or lead you to resources and opportunities.
- Listen so youâ€™ll learn what your contacts need. Apply the old rule: you have two ears and one mouth, so use proportionately.
- Display an upbeat attitude when entering a networking event.
Focusing on Colleyville, Grapevine, Keller, Southlake, Trophy Club and Westlake (Sources: NCTCOG, 2000 U.S. Census and City of Grapevine)
Spotlight on Grapevine
Grapevine is the largest of the six communities with a 2006 Population of 45,600, or 33 percent of this market.
According to the 2000 Census:
- Residents are fairly young, with only 6.2 percent aged 62 or older as of 2000.
- Residents are well-educated with 43.2 percent of all residents aged 25 plus holding a bachelors degree or higher.
- Families dominate as 72.4 percent of all households are family households.
- As of 2000, 73.3 percent of all housing units had been built since 1980
- Eighty-five and half (85.5) percent speak English only at home.
Five largest employers within Grapevine: DFW International Airport, Gaylord Texan Resort & Convention Center, G/CISD, UPS and Baylor Medical Center.
In 2004, 272 new small businesses began operating in Grapevine.
Findings from customer service research conducted by Richard Gerson, U.S. Chamber of Commerce Small Business Institute, indicate the number one thing people wanted from someone they did business with was to be listened to.
Here are some ways to gather information from your customers that demonstrates youâ€™re listening to them!
- Establish advisory groups, customer councils or board of directors, especially involving your best customers
- Conduct focus groups
- Use after-purchase surveys
- Ask employees for feedback based on interactions with customers
- Use customer suggestion box
- Undertake formal written surveys sent via mail, email, fax, telephone, or within a newsletter or promotional piece
- Conduct personal interviews over the phone or in-person
- If you distribute a newsletter, ask for customer comments
- Seek follow-up to customer complaints after problems are solved
- Hire mystery shoppers, especially retailers.
Comparative data for Colleyville, Grapevine, Keller, Southlake, Trophy Club and Westlake (Sources: NCTCOG, Town of Westlake, and 2000 U.S. Census)
2006 Population by City
Trophy Club 7,250
Total Market Size 136,950
Population Average Annual Growth Rates between 2000-2006 by City
Trophy Club 2.2%
Total Market 2.6%
Median Household Income by City (2000 Census adjusted 18% for inflation)
Trophy Club $109,500
Westlake $ 88,052
Why do customers leave?
- 68% upset with the treatment theyâ€™ve received
- 14% dissatisfied with product or service
- 9% begin doing business with the competition
- 5% seek alternatives or develop other business relationships
- 3% move away
- 1% die
Customer loyalty and the lifetime value of a customer can be worth up to ten times as much as the price of a single purchase.
For every complaint a business receives, there are approximately 26 other customers with unresolved complaints or problems.
A dissatisfied customer will tell up to ten people about his/her experience. Thirteen percent of those unhappy customers will tell up to 20 people!
(Source: U.S. Small Business Administration and the U.S. Chamber of Commerce)