MLM The Easy Way - GSc Update http://www.blogmoneymiracle.com en-us EasyRSS
by Kevin Sinclair

One of the greatest thrills in business is acquiring a new customer. Many businesses get too caught up in the excitement of acquiring new customers, then don't spend enough time or money on unlocking the value of their existing customer base. It surprises me how often businesses fail to regard their existing customers as one of their most valued assets.

There may not be the same excitement getting orders from existing customers but, this is where the real profits are made. It's generally accepted among most marketing experts that it costs at least five times more to acquire a new customer than it does to get an order from an existing customer.

There are many ways that you can unlock the value of your existing customer base. Let's explore some now.

The first thing a business needs to do is develop the mindset that their customer base is their most valuable asset. Customers need to be treated like gold because that is what they are to your business. Responding to the needs of your existing customers must take priority over prospecting for new customers.

To unlock the value of your customers requires that you have a range of products that will fulfil their needs. Products should be carefully chosen to ensure they are of the right quality and will meet customer needs.

Your customers will often tell you what they need if you listen to them carefully and with respect. This can save you a lot of time and cost in market testing new products.

Stay in contact with your customers. There are a variety of ways to do this and the Internet provides a cost-effective means to do so.

A regular newsletter for customers providing them with useful information is the most common way to do this. However, you need to know what your customers want to make this truly effective.

Gather the preferences of your customers and monitor their buying habits. This can provide you with very valuable information.

To get valuable ideas, look at some of the things Amazon does. For example, Amazon allows people to subscribe to updates on various different types of books and products. That way, they are able to provide information on a regular basis that the customer is interested in.

Amazon also has an author update service. You tell them who your favourite authors are and, whenever there is anything new by that author, you receive an E-mail notification. They also have a facility that suggests other titles or products you may be interested in. This is based on what you are considering purchasing and what others who purchased the same item also purchased.

Do these features generate more sales from their existing customers? You bet they do! How can you use these concepts to unlock the value of your customers?

Consider ways that you can make it easy for your customers to re-order. Simple things such as not having to fill in all their details again on the order form, help a lot. That way, customers only need to advise you of changes to their details and the order process is a lot quicker.

Regularly review your customers' buying habits. This can reveal information on offers that you can make that meet their needs. Providing them with a solution to their problem will lead not only to further sales but it will also build strong goodwill.

Customer service can be one of your strongest weapons in the battle to retain your customers. Make every effort to personalise responses to customer enquiries. Don't send standard form E-mails if you can avoid it. While this will take more time, the rewards will be far greater.

Be quick to honour guarantees. This will show that you mean what you say and will build strong credibility. Too often, tardiness and slow responses lead to lost credibility and lost future value of a customer.

When you're treating your customers as the most important people to your business, they will find the experience rewarding and will return often.

Each business is different and has its own specific ways that can generate greater value from their existing customer base. I hope I've helped you to start thinking more about how you can unlock the value of your customers.

Remember, the more you put into looking after your business's major asset, the more profit you will make. A side benefit is that your customers may even refer their friends and associates to your business, resulting in a steady flow of new customers with a very small customer acquisition cost.

Kevin Sinclair, CPA, of Personal & Business Success Resources. Visit his Website at www.ksinclair.com .

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by Janice Hoffmann

A recent American Demographics survey concluded that 75 percent of American adults crave more customizable products and services, and 85 percent of 18- to 24-year-olds feel the same way.

THE TEST:

When you come in contact with one of your clients or colleagues, in what ways can you 'personalize' the experience?

1. SHARE A LAUGH:

Laughing releases even more endorphins than smiling. It also releases enkephalins, which are natural pain suppressors.

2. PAY SOMEONE A COMPLIMENT:

Praise stimulates the brain. Look for the good in others, and learn to appreciate small things.

3. HAVE A POSITIVE ATTITUDE:

A Patient-focused medical study showed that optimists are able to cope more effectively with stress. They tend to look on the bright side of things, and take extra steps to circumvent or diminish obstacles.

4. SEND THANK YOU NOTES:

'Management guru', Tom Peters writes, "send them by truck loads." A good will message strengthens the importance of a relationship and validates an interest in the product, service, and collaboration. It's common courtesy, and you'll stand-out.

5. FOWARD AN ARTICLE ON A TOPIC OF INTEREST:

Have you ever talked about movies, travel, or sports with a colleague or a client? If so, clip out a review of a movie they've enjoyed, send them a hot tip on a restaurant in a city they frequently travel, or pass on an inspiring story. A fun note, a newspaper clipping, or an article on a recent business trend, can send a message that you've been listening carefully.

THE RESULTS:

You affect others profoundly & people want more. WOW!

Janice Hoffmann is founder of SUCCESS IS SWEETEST, a New York City based Career & Lifestyle Coaching Boutique www.successissweetest.com .

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by Lydia Ramsey

A day in the life of a business person can be filled with joy and satisfaction or it can be frustrating and stressful. When things go wrong, some people lose control. Holding emotions in check and reacting professionally under fire are not always easy. It's particularly difficult to be nice to people who are not being nice to you.

So -- what do you do to keep your cool when the customer is chewing you out? Most of the time, it's not even your fault.

It could be that the problem was with a product or a service delivered by someone else in your organization. You're getting the blame because the unhappy person found you first, and it's not pleasant.

When faced with angry people, there are four key steps that will help diffuse the situation.

Step one is to apologize. "But," you say, "it's not my fault." It doesn't matter who's to blame; apologize anyway. As a representative of your company you have a responsibility to see that things go well. Your willingness to be accountable will have a positive effect. After all, it takes two to have an argument. If one of you refuses to be disagreeable you can't have a disagreement.

You're not accepting blame -- you're simply saying, "I'm sorry about the problem." You are wasting your breath unless you apologize with complete sincerity, so be sure that your tone of voice matches your words.

Step two is to sympathize with the irate customer. Let the person know that you can identify with his feelings. Say that you understand the frustration of receiving a faulty product or poor service. The angry person begins to feel better as soon as his reaction is validated.

Step three is to accept responsibility for the situation. Be accountable to the customer. Let him know that you intend to do whatever it takes to make things right. You can't help what has already happened, but you will come up with a solution to the problem or you will find someone who can.

The last step is to take action. Decide what you can do and tell the customer.

You will replace the defective or incorrect product as quickly as possible. If the issue was poor service, deliver better service. Whenever you can offer a bonus of some sort or waive fees, the tiger before you is transformed into a pussycat.

Use the acronym "ASAP" to remember these four steps for calming upset customers. Each letter stands for part of the process.

A is "apologize."
S represents "sympathize."
A stands for "accept responsibility."
P means "prepare to take action."

Nothing will be solved by becoming argumentative and reactionary. Instead, diffuse the client's anger by being apologetic and sympathetic and focus on positive steps that will resolve the situation. Before you know it, your adversaries will become your allies.

Oh yes -- remember to smile. It will make everyone feel better and behave better.

Lydia Ramsey is a business etiquette expert, professional speaker, corporate trainer and author of MANNERS THAT SELL - ADDING THE POLISH THAT BUILDS PROFITS. She has been quoted or featured in The New York Times, Investors' Business Daily, Entrepreneur, Inc., Real Simple and Woman's Day. For more information about her programs, products and services, E-mail her at lydia@mannersthatsell.com or visit her Web site www.mannersthatsell.com .

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by Jay Conners

Having to deal with angry and upset customers is by far one of the worst responsibilities we must face on a day-to-day basis in the world of sales and business. However, this responsibility, like so many others we must face on a daily basis, just comes with the territory.

Customers become angry for all sorts of reasons. Some are legitimate reasons. Some are not. In any event, it's our job to defuse the situation. Here are a few tips on how you can calm your customer down and put them at ease.

1. Give them your hand to shake

When I was in the banking industry, I worked many years as a branch manager. A customer’s body language would speak volumes as they approached my office. This body language allowed me to prepare for what was to come.

It's not difficult to tell when someone is angry. Their face scrunches. Their lips tighten, and their brow wrinkles. They walk quickly with a purpose in their step, and you know they mean business.

My reaction to this type of body language was to reach out my hand to them as an offering of peace. I did this before they had an opportunity to start venting their anger.

I would then calmly introduce myself and ask how I could be of help to them.

This technique will catch your customer off guard, and your acts of professionalism and sincerity will ease the tension and put the rationale back into your customers thought process. This technique is by far the best way to begin any conversation that has the potential to be blown out of proportion.

2. Apologize to your customer

Once you have your customer seated and have allowed for them to vent, the first thing you want to do is apologize on behalf of your company for the way they have made them feel, or for the inconvenience they have been put through.

It really doesn’t matter if your customer is right or wrong, by apologizing to your customer you are being empathetic to their situation. This gives the customer the feeling that you are on their side.

Remember, when a customer has an issue, what they want more than anything else is for someone to listen to their problem and have an understanding of where they are coming from.

There is absolutely no need to take a bad situation and make it worse.

3. Resolve the problem

The last and final thing you want to assure your customer is that the problem will be resolved, or at the very least, the problem will not happen again.

To leave a problem unresolved and your customer hanging will only lead to more confrontations and wasted time down the line.

Remember, when time is wasted, money is wasted.

Again, putting out fires on a daily basis comes with the territory. The sooner you put out the fires the better. Never take a customer complaint personally. Act as your customers' advocate, and you will always prevent a bad situation from escalating.

Jay Conners has more than fifteen years of experience in the banking and Mortgage Industry, He is the owner of www.jconners.com .

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by Roger Hall)

If you're reading this, you're probably already advertising on Google. Or at least considering it.

Am I right?

What if I told you there are a couple of alternatives to Google AdWords Pay-Per-Click (PPC) advertising that could only cost you between 10% and 33% of what you would pay for those same clicks at Google?

How can this be?

It's no secret that Google has the vast majority of click traffic on the Internet -- and, as unhealthy as that is, its not going to change any time soon. Most PPC specialists will tell you, if you're not advertising on Google, you're history.

But, with some clicks going for more than $15 each (for high-end and lucrative products and services such as computer servers and credit card merchant accounts), isn't it time to look for effective alternatives?

Serious advertisers should consider alternative pay-per-click services.

Two that I have been trying recently for my own advertising are and Enhance Interactive and 7Search (disclosure; I am in no way affiliated with either of these companies).

Enhance Interactive, based in Provo, Utah:

Enhance Interactive's partner network receives more than one billion queries each month. I've found their program to be an easy, effective way to purchase PPC (pay-per-click) advertising.

You can pick both the keywords for your ad and the price you're willing to pay for someone to click on it (as little as $0.03).

Like Google, you only pay when your ad is clicked on.

Enhance Interactive's Guaranteed Inclusion service allows you to submit URLs which are guaranteed to be in the database of highly-visited search engines such as Excite and Dogpile, as well as smaller directories.

What's more, you can set a per-click price on any keyword and it will be significantly less than other large pay-per-click search engines.

Even better -- Enhance's system allows you to see your competitor's bids ... something Google does not allow. That's handy!

Your first deposit at Enhance Interactive is a minimum of $50, all of which is directly applied to clicks. There is no minimum monthly spend at Enhance Interactive. One disadvantage is that you have to pay in advance, whereas Google allows you to make a $5 deposit and they charge you every two weeks or a month for past clicks.

An interesting feature available on Enhance, which is not available on Google, is a feature called 'LogoLink,' where you can upload an 80x40-pixel image that's no larger than 8 KB in size. Animation is not accepted. This image will then be displayed alongside your PPC ad.

Very cool! Feedback from users who use this feature is positive.

While not as sophisticated as Google, conversion tools are available on Enhance, after you've installed some simple html code into your Web pages you wish to track.

Overall, I'm impressed with Enhance Interactive's service and prices, which I've found to cost only 20%-30% what a Google click would cost for the same keyword. I suggest you give them a try on a small scale. You won't have to stop your Google campaigns completely -- just cut back a bit and purchase some clicks from Enhance to give them a try.

7Search:

Moving a little down the click-quality scale, yet still worth a try, is 7Search.

With over 1.5 billion searches per month and no minimum keyword bids (starting at one cent per click), the 7Search product is an enticing alternative for advertisers weary of Google's high bid prices.

Like Enhance, Chicago-based 7Search allows you to see your competitor's bids, and select the ad position you wish to take.

One major potential "fly in the ointment:" you can't select what countries your ads will be shown in on the 7Search network. That can be a real deal-breaker for an advertiser who wants to target a particular region or country.

Why?

Click fraud and useless clicks are likely to increase. But remember; on 7Search, click prices are also a lot cheaper than Google, so it may be worth a try. As with Enhance, you pay in advance for clicks.

The 7Search interface feels a bit 'clunky' when compared with Google or even Enhance Interactive. But, if you're willing to slog through it for 30 minutes or so, you'll likely be able to figure out what to do. And you will be paid for your effort with low-cost clicks delivered to your landing page.

While 7Search does not provide a conversion tool, Google Analytics will track clicks that come from other search engines so, if your Google Analytics code is installed correctly, you can track a 7Search click, or most other search engines for that matter.

Summary

Let's not desert Google entirely -- it's still a good (if more expensive) tool. As always, even if you decide to choose Google alternatives, remember you can track most, if not all, the clicks arriving at your site with Google Analytics.

Towards becoming a more efficient business, give some thought to Google PPC alternatives.

Just remember: Using proper PPC ad writing and construction strategies is vital on the cheaper PPC service providers. The proven secrets apply on these cheaper services, as much as they do on Google.

About the Author

Roger Hall, Author of the new book, "37 Killer AdWords PPC Secrets Exposed," develops programs and pay-per-click ads to help you succeed. Discover how to create Google campaigns that work, save you money and beat your competition with his popular FREE AdWords Tips for advertisers. Available at: => http://www.37AdWordsSecrets.com .

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by Ba Kiwanuka

Professional snipers (and well-equipped soldiers, for that matter) use night goggles or night scopes to sight their targets.

When driving at night, people flick on their headlights (unless, of course, you're Paris Hilton) -- so they can see where they're going.

Veteran online marketers use sophisticated tracking software and scripts to analyze and evaluate the results of their marketing campaigns and promotions.

The average everyday Internet marketer effects their marketing strategy on hearsay, hope, trial and error! You don't have to be a genius to figure out what's wrong with that picture.

In defense of the average struggling marketer, until fairly recently, having access to top-of-the-line tracking software meant shelling out a hefty monthly or yearly fee. It was only well established marketers with bottomless deep pockets who could afford to use such software.

That has all changed! Now, anybody and everybody who so wishes has access to such software -- and it's free!

WHAT TRACKING SOFTWARE CAN DO FOR YOUR MARKETING CAMPAIGN

VISITOR ORIGIN

Wouldn't it be great if you could tell how your visitors got to your Website; you could see whether they got there via a search engine, another Website referral or from a forum.

How about if you knew their country of origin, or even the city from which they hailed? You could then concentrate your promotional efforts in those areas that readily maximize your profit.

In the same vein, once you know which search engines are sending you traffic and which ones aren't, then you can better focus your SEO efforts on the ones that are generating revenue rather than waste time blindly attempting to optimize for all of them at the same time.

KEYWORD OPTIMIZATION

Ever heard of the term "Long-tail Keyword?"

Long-tail keywords are the various word combinations that people use naturally and unconsciously every day, to query search engines. These are word combinations that are rarely listed by keyword research software and, if such word combinations are ever listed, they tend to be way down at the bottom of the list, jumbled up into unnatural incomprehensible arrangements that only a machine would ever consider.

Those long-tail keywords tend to have fantastic conversion rates, but you'd never know it unless you had excellent tracking software to apprise you of the fact.

These days, the search engine algorithms are really smart critters! They have matured to the point that they can identify and combine separate far-apart-spaced words on any Webpage to comprise long-tail keywords that people actually type in as search engine queries.

The search engine algorithms then qualify that Webpage as optimized for that combination of words (long-tail keyword).

The real bonus here is that, most times, you'd never even think up such keywords, let alone optimize for them, even when using keyword research software!

VISITOR DURATION ON YOUR SITE

The best tracking software avails you of stats illustrating how long people spend on your Website (individual time-frame stats for each page, no less!), so you can easily know whether changes you've made to your site have improved conversion performance or, conversely, decreased it.

In this manner, you can readily determine which version of your sales copy or Web page content has a higher conversion ratio.

To summarize, without statistics compiled from sophisticated tracking software, much of your promotional efforts would hinge upon trial and error which, basically, is tantamount to aiming blind.

Get your free tracking software from the author here: http://www.internetbusinessmart.com/got-google-analytics-yet.htm.

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By Allison Thompson

People will find themselves in difficult financial situations, at times. It may be because their business has not worked out and is on the verge of becoming bankrupt or it could be for personal reasons (a divorce settlement is not what it should have been). At any time, the need for financial support is important. When faced with situations such as shown previously, a loan to help them recover is hard to find. There are many reasons why getting a loan could be difficult, it may be they have a poor credit rating or they have no equity to act as security on a loan that lenders will normally provide. However, now there are moneylenders around called ‘bad credit’ lenders who can assist these people when their state of financial affairs is so dire.

You will find that ‘bad credit’ lenders are institutions or organizations that are able to provide loans to people who are in desperate need of financial assistance. One type of option that these kinds of lenders provide is a private loan (also known as a hard money or ‘bad credit’ loan). This type of loan does not require the borrower to have any equity, and as a result, are able to provide such loans but at an increased rate of interest.

Different types of ‘bad credit’ lenders exist, and banks are one source. Should you need to arrange a ‘bad credit’ loan, you could first consult a bank. Many banks require some sort of equity against the loan that you are looking for. It is advisable that you seek assistance from a bank where you have been a customer from some time. This provides the bank with a guarantee of knowing who you are and they will have full details of your banking records.

If this does not work out, there are a number of companies around which also act as ‘bad credit’ lenders. Such companies will provide you with a loan proposal, but be aware that they will often charge much higher rates of interest than usual.

Many financial experts say that when looking for the right sort of ‘bad credit’ lender, it is wise to do as much research as possible. Obtain all the information you can on each lender. Make sure you are aware of what sort of loan programs these lenders have and what the interest rates are that they offer on their loans. After getting this information, it is wise to compare each one. See which ones suit you and the one you will not have difficulty in making repayments to.

Allison Thompson, an expert author, after becoming a work from home mum, runs a small real estate company in Spain. Due to her involvement in the property market she has carried out extensive research relating to all financial matters. If you would like to learn more, please visit http://www.centrallendingservices.com.
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By Paul Levesque

Some businesses remain that manage to consistently deliver superior customer service year in and year out, while howls of protest over poor customer service continue to fill the air. These are the places where turbo-charged employees pursue customer delight with a passion, places that ignite a flash point of contagious enthusiasm in employees and customers alike. Foremost, to be learned from such flash point businesses are the ‘blunders’ to avoid—fatal mistakes that trip up just about everybody else.

First Blunder: Making Customer Service a Training Issue.

Businesses of all kinds invest huge amounts in training programs that do not—and simply cannot—work. The function of this training is to identify the behaviors workers are engaging in, and then coax, bully, or legislate these behaviors into the workplace. At best, this is almost always a recipe for conduct that feels mechanized and insincere; at worst, it intensifies worker resentment and cynicism.

The better approach is to give workers opportunities to brainstorm their own ideas for delivering delight, instead of dictating what workers should be doing to delight customers. Management’s role then becomes to help employees implement these ideas, and to allow workers to savor the motivational effect of the positive feedback that ensues from delighted customers. This level of employee ownership and involvement is a ‘key’ cultural characteristic of virtually all flashpoint businesses.

Second Blunder: Blaming Poor Service on Employee De-motivation.

Businesses looking for ways to motivate their workers almost always are looking in the wrong places. Employee cynicism is the direct product of an organization’s visible preoccupation with self-interest above all else—a purely internal focus. The focus in flashpoint businesses is directed outward, toward the interests of customers and the community at large. This shift in cultural focus changes the way the business operates at all levels.

The reality is that employees are de-motivated because they can’t deliver delight in most business settings. The existing policies and procedures make it impossible. Instead of “fixing” their employees, flashpoint business set out to build a culture that unblocks them. Workers are encouraged to identify operational obstacles to customer delight, and participate in finding ways around them.

Third Blunder: Using Customer Feedback to Uncover What’s Wrong.

Surveys and other feedback mechanisms are used by businesses to get to the causes of customer problems and complaints. Employees come to dread these measurements and data-gathering efforts, which often lead to what feels like witch-hunts for employee scapegoats, formal exercises in finger pointing and the assigning of blame. Flashpoint businesses use customer feedback very differently. In these organizations, the object is to uncover everything that’s going right. Managers are forever on the lookout for "hero stories" - examples of employees going the extra mile to deliver delight. Such feedback becomes the basis for ongoing recognition and celebration. Employees see themselves as winners on a winning team. In this type of workplace, there is always some new "win" being celebrated.

Fourth Blunder: Reserving Top Recognition for Splashy Recoveries.

It happens all the time; something goes terribly wrong with a customer order or transaction. The dedicated employee goes to tremendous lengths to make things right. The delighted customer brings this employee’s wonderful recovery to management’s attention. The employee receives special recognition for his or her efforts. This is a blunder?

It is when such recoveries are the primary—if not the only—catalysts for employee recognition. In such a culture, foul-ups become ‘almost a good thing’ from the workers’ point of view. By creating opportunities for splashy recoveries, foul-ups represent the only chance employees have to feel appreciated on the job. Attempts to correct operational problems won’t win much support if employees see these problems as their only opportunity to shine.

Flashpoint businesses celebrate splashy recoveries, of course—but they’re also careful to uncover and celebrate employee efforts to delight customers where no mistakes or problems were involved. This makes it easier to get workers participating in efforts to permanently eliminate the sources of problems at the systems level.

Fifth Blunder: Competing on Price.

It is one of the most common (and most costly) mistakes in business. Price becomes the deciding factor in purchasing decisions only when everything else is equal—and everything else is almost never equal! Businesses compete on the perception of value, which includes more than price. The total customer experience—and aspects such as “helpfulness,” “friendliness,” shapes it and “the personal touch” often gives the competitive advantage to businesses that actually charge slightly more for their basic goods and services.

Businesses that deliver a superior total experience from the inside out (that is, as a product of a strongly customer-focused culture) are those that enjoy a long-term competitive advantage—along with virtual immunity from the kinds of headaches that plague everybody else.

Customer-focus consultant Paul Levesque’s latest book is Customer Service From The Inside Out Made Easy (Entrepreneur Press, 2006).

Copyright Paul Levesque. All Rights Reserved.

Paul Levesque is available for speaking engagements through http://www.keynoteresource.com 1-800-420-4155. Paul Levesque has more than 20 years' experience as an international customer-service consultant. He has helped hundreds of corporate and small business clients become more customer-focused.
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By Joseph Kennedy

The vast majority of people in business really do not like numbers. They remember Math as being one of the hardest subjects in school. They never got interested in accounting.

Most of us go into business, because we like the thrill of designing a new product, the joy of making a sale, or simply the freedom of being your own boss; not because we love to pour through financial sheets.

When you look at how many businesses fail, and WHY they fail, you have to step back and rethink things. A venture can have the most exciting products or services ever devised and plenty of customers and STILL not make a go of it.

Why? The answer is in the financial numbers.

Most businesses don't work out because their owners and managers don't fully understand the business' financial picture. When you have a complete and accurate view of your firm's finances, you know:

* How much money you are making
* How much money you're spending
* How much money you'll make or loose in the months ahead
* Know if your product is succeeding
* Know if your advertising is a waste of time
* Know if you need to order more product, or less, or even how to make money with your unused inventory

Your company's numbers quickly tell you all this and more. So how do you get access to these truths? Most small business experts will tell you to get a good accounting program like MS Money or QuickBooks. But that's not nearly enough.

Even though these programs are good, maybe even essential, you'll need to fully understand what is going on in your company. That's why a whole industry has sprung up to supply these much needed forms, databases, and software.

Big box stores and other large retail and service organizations have always had access to this kind of advanced accounting power. They either use their own teams of in-house MBAs or sign up for very expensive outsourced financial management services.

Today you can have that same kind of expert help simply by logging onto the Internet. Many of the forms you'll need are available free. And you can gain access to even more software and databases for a very small monthly fee.

Finally, BIG company financial power is readily in the hands of small and medium-sized businesses. Make sure you make full use of these resources. Your probability of success will be far higher and you may never have to worry about your company suffering serous setbacks.

Joseph Kennedy is a veteran of the banking industry and a former computer analyst. He is founder and CEO of http://www.businessbuilderonline.com, offering extensive financial, legal, and administrative forms you need to quickly succeed in business, plus much more. info@businessbuilderonline.com.
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By Evan Carmichael

"There is only one boss - the customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else."

Growing Up

Sam Walton's career in retail began in 1940 when he became a sales trainee in Des Moines, Iowa at a J.C. Penney store. Despite his enthusiasm to serve the customers, Walton was not a model employee. His desire to make his customers happy was so great that he often let other responsibilities like paperwork and keeping the books fall by the wayside. He was almost fired by his boss who told him that he was not cut out for a career in retail. Walton kept his job, however, because of his ability as a great salesman.

In 1942, Walton was drafted into the United States Army. He worked in the communications division of the Army Intelligence Corps and remained on home soil throughout the Second World War. When he left the army three years later, Walton was married, had a child, and decided to start his own business to support his new family. With the $5,000 that he had saved along with a $20,000 loan from his wife's father, he purchased a Ben Franklin variety store in Newport, Arkansas. Walton was 27 years old.

Starting The Business

By putting in many hours at the store and implementing a pricing strategy far below what his competitors were charging, Walton's new business took off. By 1950 he had the top performing Ben Franklin store in the area. Walton's landlord, seeing his success, decided that he wanted Walton to sell the store to his son. When Walton refused, the landlord decided not to renew Walton's lease and he was forced to shut down.

Walton's 10 commandments for business success were: 1) Commit to your business.
2) Share your profits with your associates and treat them like your partners. 3) Energize your colleagues. 4) Communicate everything you possibly can to your partners.
5) Appreciate everything your associates do for the business. 6) Celebrate your success. 7) Listen to everyone in your company. 8) Exceed your customers' expectations.
9) Control your expenses better than your competition. 10) Blaze your own path.

Determined as ever to succeed in his venture, Walton looked for other rural Arkansas towns for a new place to set up shop. He came across a small village called Bentonville and opened the Walton's Five and Dime in 1950. He made sure to get a 99-year lease this time on the property. The two local competitors in Bentonville did not want to discount their prices and Walton's business began to flourish.

Realizing he had a recipe for success, Walton began looking for other areas of expansion. He borrowed money and used the profits from his first stores to acquire more. By 1960, he owned 15 stores but he was not getting the kind of return on investment that he thought he would be making. He then made the decision to follow a heavy price cutting strategy and hope to get much higher volume to turn a larger profit. This was not a new idea. The problem at the time was that most discount stores were small, located in urban areas, and focused on specialty items. Walton's plan was to change the way retailing was done across the country.

Building An Empire

Walton's revolutionary plan was to have large superstores in rural towns that discounted a wide variety of products. His initial approach was to Ben Franklin. They turned him down, as they did not like the idea of operating with lower margins. Without a large company behind him, Walton opted to go it alone. In 1962, he mortgaged his home and borrowed against everything he owned to open his first Wal-Mart in Rogers, Arkansas, and a neighboring town of Bentonville.

Excited about the prospects of getting discounts and selection that were previously only obtainable in the cities, rural customers came out in droves to his store. The success of his first store allowed him to expand and by 1969 he had 18 Wal-Marts in Arkansas and Missouri.

Funded solely through debt and reinvested profits, Walton decided that in 1970 he would take the company public. The IPO raised $5 million and Walton retained 61 percent of the company. The money was used to settle the company's debts and fuel further expansion. By 1980, 276 Wal-Marts were operating.

An integral component of Wal-Mart's success was it’s leveraging of new technologies to improve efficiencies and save costs. Walton knew that the key to success in a low margin business was to rigidly control his costs. Wal-Mart was, for example, one of the first major retailers to use electronic scanners at the registers which tied to an inventory control system so they could know immediately which items were selling well and needed to be re-ordered.

The success of his Wal-Mart stores led Sam to another idea - Sam's Wholesale Clubs. These would be discount stores that sold to small business owners in bulk. The idea was another big hit for Walton and by 1985 he was considered by Forbes magazine to be the richest man in America with an estimated net worth of $2.8 billion.

Similar to Ray Kroc, Sam Walton did not invent retailing, he simply changed the business model and way of doing business to make it a much more profitable venture.

Evan is an entrepreneur and international speaker. At the age of 19, he became an owner and Chief Operating Officer in Redasoft, a biotechnology software company. The company quickly grew to over 300 organizations as clients, including NASA and Johnson & Johnson, in 30 countries. He started Evan Carmichael & Associates with the goal to give entrepreneurs the Inspiration to follow their passion and the strategies they need to succeed. Evan has delivered over 100 keynote presentations to entrepreneurs in North America, Europe, and Asia. He has been interviewed by newspapers, radio stations, and television stations including The Globe and Mail, CHUM FM, CityTV, Global TV, OMNI TV, Enterprise, and the Toronto Sun. Evan's website, http://www.evancarmichael.com, is the world's #1 website for small business inspiration and strategies.
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