Hot tips from the experts
Specialise and attract the perfect customer
Working with you, the independent travel agencies, we soon realised that you have very little time left to look at your business with a new focus. So we came up with a new regular feature, hoping that sharing quick tips from our experts on a variety of topics with you will help you stay ahead.
This month, we cornered experienced independent business women May Inkersole who told us about her experience as an independent business owner and about some of the key decisions she made to be successful.
May has a unique experience of small businesses: as well as being responsible for marketing to SMEs in two multi-national companies, crucially she also set up and managed her own business.
Here is the result. Read all about it! And stay tuned ...
Q: Hello May, you used to be a business woman and run your own shop. Would you please tell us what your business was?
A: Of course - I used to be a marketing consultant specialising in the travel industry.
Q: Why specialise? And why our industry?
A: My opportunity was the fact that I had travel industry experience. I used to work in the marketing department of Scandinavian Airlines which gave me formidable industry networking opportunities and familiarity with the industry.
When targeting potential clients it's important to always address those who are most likely to want (and would be willing to pay for) our expertise, and as my know-how was gained in the travel businesses I could talk the language of airlines, travel agencies, tour companies etc... and built a rapport. My experience not only gave me credibility but also a serious competitive advantage. I was able to specialise in one industry and by doing so, I was able to differentiate myself from all the other marketing consultants out there.
Q: Did your specialisation have a significant impact on your business' performance?
A: Two things were definite contributors to my success: experience and speed. Since I was 'tuned into' what my customers were looking for, I was able to deliver services which larger companies just can't match (for example, face-to-face training). Because my business was small and because I was always prepared to work long hours when needed, I was also able to deliver a very fast service - I could meet with a company on Monday, draft something by Wednesday and have final changes and sign off by Thursday or Friday.
In other words, I could be much more flexible and reactive to what my customers wanted - quality based on experience and great service.
Q: What where the greatest difficulties you encountered as an independent business woman?
A: Probably multi-tasking. You have to do your own marketing, be your own lawyer, your own tax adviser and accountant - apart from delivering the services that pay for it all.
Q: Finally, May, what advice would you give to independent businesses today?
A: It's often difficult for smaller businesses to compete on price - the large players have such strong negotiating power - but when it comes to service, expertise or offering something that's different or custom-made, smaller businesses win hands down. In today's world, smaller businesses must know their target audience. You can't sell to every type of person or business. You have to offer your special services to the type of customer who is going to be willing to pay for that service. In your head answer the question: 'Why should I work with you (and not your competitor)' every time before you approach your new customer.
Finally - people. Having a good team can make all the difference - it did to me. Collecting a few good people around you can be invaluable: for me it was a good accountant, a small but appreciative core client base, and someone who was at the heart of the travel industry in my region and who brought me much new business. The right people and contacts can make all the difference.
Having an independent business makes you flexible; you can go that extra mile for your customers. But best of all: you are able to control your own destiny and create your own opportunities!