June 12, 2007
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In Today's Issue:
>> Welcome From Your Publisher
>> Business is All About Relationship by Michael Angier
>> Recommended Resources
>> Ezine Ad Helper Budget Ads
>> The Generalist vs The Specialists By Larry Galler
>> MIBW Ads
================Notes From Your Publisher============
Hello again, everyone. Today's articles are dealing with your
business relationships. Many of us assume that doing business
online is so laid back, that you can cut corners. Business 101
still exists online, the way you treat your customers, the way
you treat your employees (i.e. your affiliates), and the way you
treat your business associates (your hosting company, your ISP,
etc.) This is all something to think about when you do business
online. Enjoy this week's articles.
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Business is All About Relationship
by Michael Angier
I live in a small metropolitan area with only about 110,000
people. And it seems even smaller than that.
I've been doing business in this community for over 20 years.
I've worked in non-profits, sales, publishing, printing,
construction and now Internet publishing.
Very little of my business is now local. But I often run into
people from previous business relationships.
Like me, many of these people are in different businesses--some
in different careers altogether.
It struck me how much my present business relationships have to
do with my previous ones. I've found it easy to recreate rapport
and establish trust with folks I've had good dealings with
before. When I know someone and have confidence in their word,
doing business with them becomes easier.
I strive to have an excellent relationship with everyone. It
doesn't seem possible all the time, but it's worth striving for
nonetheless.
Marketing gurus recommend that we should be mindful of the
lifetime value of a customer--to look not only at the profit from
an initial sale. It's good advice.
And I would take it a step further: Be mindful of the lifetime
value of a RELATIONSHIP--not just a customer.
One of the key concepts we talked about at a recent World Class
Business Conference was the importance of relationships in
business. I went so far as to say that business is really a
network of communication against a background of relationships.
And it's not just relationships with customers--it's with
suppliers, coworkers, stakeholders--even competitors.
As some of my recent encounters have pointed out, some
relationships are completely reversed from what they used to be.
Customers can now be employers. Competitors can now be customers.
Coworkers may become bosses.
Today, with the Internet, our business world becomes even
smaller. We do business with people around the world, but it's
really still a fairly small community. As I talk with other
entrepreneurs online, we seem to know many of the same people.
In a few years, we may each be doing something a bit different.
And the relationships we have and build today will serve us in
the future in direct proportion to the quality and integrity we
create.
It's important that we cultivate and nurture our relationships.
Being honest, playing win-win and treating people fairly isn't
just a moral thing to do--it's good business--now, and in the
future.
Action Point
Do you focus on the deal or do you create relationships? Every
business transaction is a PERSONAL transaction, so make every
effort to enhance your relationship with this person.
Nurture your relationships through honest, fair and friendly
exchanges.
Related Articles & Resources
Top Ten Reasons to Live a Life of Integrity
http://successnet.org/cms/content/view/485/112/
Your Agreements Show Your Integrity
http://successnet.org/cms/content/view/407/112/
Are You Making New Connections?
http://successnet.org/cms/content/view/48/112/
Copyright Success Networks International, Inc. Used with
permission. Written by Michael Angier, founder of SuccessNet.org--
where great people and great companies become even better. Get
your fr'ee copy '10 Essential Keys to Personal Effectiveness'
at http://SuccessNet.org
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The Generalist vs The Specialists
By Larry Galler
Once upon a time there were three businesses. They sold the same
types of products in the same geographic area. But there were
big differences in the way they presented themselves to their
prospects.
One positioned himself as the “high price / high quality / high
personal service” vendor. His company became known as the expert
in the selected market niche of satisfying customers who liked
feeling extra-special and were willing to pay for it. He
dominated that portion of the marketplace while repelling the
customer who was looking for bargains.
The second business was positioned as the “low price supplier”
offering limited service, limited selection, and “Low, Low, One-
Time-Only-Discount-Pricing.” The company specialized in the
highly promotional end of the market and they dominated it. If
you wanted first-class service and amenities you went elsewhere.
If you wanted “cheap” or even the perception of “cheap” this is
the place you went.
The third business attempted to be “all things to all people.”
They carried product in all price ranges, size and color choices
with some services and amenities, but business was slow and
carrying all that inventory was expensive.
Today there are just two businesses. Both are growing and
profitable. They both specialize in their selected market niche
and are very good at satisfying their customers by offering the
selection, style, value, and service those customers want and are
willing to pay for. They both dominate their end of the
marketplace and compete against each other for the “middle
market.”
The “all things to all people” generalist lost out because they
couldn’t afford to compete at the high-end with high expenses to
hold slow moving inventory, exclusive services, and the trappings
of luxury and they could not compete for the low-end of the
market where they would have had to increase volume, promote more
heavily, and accept lower margins. They kept being whipsawed
between the demands of the customers who preferred to purchase
from the company that specialized in the market niche that
appealed to them.
It takes an extraordinary business to be good enough to be a
generalist who prospers when faced with specialist competitors.
Larry Galler coaches and consults with high-performance
executives, professionals, and small businesses since 1993. He is
the writer of the long-running (every Sunday since November 2001)
business column, "Front Lines with Larry Galler" For a free
coaching session, email Larry for an appointment -
Larry@larrygaller.com. Sign up for his free newsletter at
http://www.larrygaller.com
Article Source:
http://EzineArticles.com/?expert=Larry_Galler
http://EzineArticles.com/?The-Generalist-vs-The-Specialists&id=600288