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10 Things Jon Taffer Wants You to Know About Running a Business

Lobster man, Southwest Waterfront - Washington, D.C.

Who knew that so many business lessons could be learned from running a bar? Award-winning hospitality expert Jon Taffer knew it early on in his career.

After revealing his business revamp process on Spike TV’s Bar Rescue, the nightlife consultant is divulging his brick-and-mortar business secrets in a new book, Raise the Bar: An Action-Based Method for Maximum Customer Reactions (New Harvest, 2013), out October 8.

1. Selling begins once customers “enter” your store. Regardless of whether your selling space is online or offline, customers will only return after a pleasant experience.

Every business process of communication must create a positive customer reaction every time, writes Taffer. “That reaction is the product. Any business, no matter what it is, lives or dies by the customer reaction it creates.”

Don’t just create great products, but also present them well – onscreen, in-store, at events, etc. – to beat competitors who sell identical products.

2. Consider the lifetime value of your business. With every bar Taffer revamps on Bar Rescue, he isn’t hoping to create a once-in-a-lifetime experience. Rather, he’s hoping to create brand loyalty.

Taffer explains that the first time customers visit a new eatery, fewer than 50 percent return, because it’s still outside their habit cycle. Yet, if they do come back, there is a 50 percent chance they’ll return after a second visit and a 70 percent chance after a third. Therefore, don’t focus on just giving a great first impression, but also a great third impression.

“This is why transactions have to be held to a high standard and remain consistent and, to a great extent, predictable,” says Taffer.

3. Find what stimulates your profits. Since everyone is in the business of reactions, Taffer teaches how to manipulate those reactions for your benefit.

“Most people fall into one of four personality or motivational buckets: money, pride, ego and fear,” he explains.

Craft your marketing language to play off of one of these motivators. For example, if your product is a type of insurance policy, outline how your safety net pacifies a fear. If you’re selling a new type of personal indulgence, be sure to highlight how good it makes people feel.

Read more at Entrepreneur.com.

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This entry was posted on October 7, 2013 by in Uncategorized.
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