Aug 05 2024 34 mins
Peter Basford, an experienced banking professional turned director and business coach joins host Rob Lawrence in today's podcast interview.
Peter shares his experience working with others to help them grow their businesses; from his extensive background and his role in the Start Build Grow program, which supports new startups.
In this chat, Peter emphasises the importance of customer relationships and seeking customer feedback. We also explore the importance of balancing product development, marketing, and operations toward creating a sustainable business.
This episode offers valuable insights for aspiring entrepreneurs and business owners alike, including strategies for obtaining customer feedback and maintaining strong customer relationships.
In this episode you'll learn:
Peter's Background in Banking (00:00:28)
Peter shares his extensive 33-year career in banking, detailing various roles and experiences.
Transition to Coaching (00:02:26)
Peter discusses his transition from banking to coaching businesses and forming the Business Growth Coaches Network.
Start Build Grow Program (00:03:38)
Peter explains how the Start Build Grow programme is aimed at supporting new and startup businesses.
Reasons for Starting a Business (00:04:00)
Peter highlights common motivations for starting a business, including independence and innovative ideas and how the programme is for individuals with product ideas or those seeking lifestyle changes through entrepreneurship.
Social Entrepreneurs and Bootcamps (00:05:22)
Peter mentions the rise of social entrepreneurs and bootcamps designed to support their business ideas.
Understanding Social Enterprises (00:06:12)
Peter defines social enterprises and their focus on community benefits rather than profit for owners.
B-Corp (00:07:16)
Peter connects the concept of B-Corp to social enterprises and their shared mission of doing good.
Common Mistakes in Startups (00:07:57)
Peter discusses key mistakes startups make, emphasising the importance of balancing product, marketing, and operations.
Three Legs of a Stool (00:08:22)
Successful businesses require a balance of product, marketing, and operational systems to thrive.
Challenges in the Current Environment (00:09:31)
Peter reflects on the tough commercial landscape post-COVID and the need for comprehensive business strategies.
Importance of Customer Relationships (00:10:41)
Peter emphasises the significance of nurturing customer relationships for business success.
Building Trust with Customers (00:10:54)
Peter shares strategies for developing trust and loyalty among customers to enhance brand relationships.
Cost of Acquiring New Customers (00:11:54)
Peter highlights it's ten times more expensive to acquire new customers than to retain existing ones.
Staying in Touch with Customers (00:12:02)
Regular communication with existing customers is crucial to maintaining relationships and identifying new opportunities.
Customer Relationship Management Systems (00:12:28)
Peter recommends using some kind of CRM system to ensure consistent communication with customers.
Feedback Importance (00:13:50)
Peter discusses the necessity of gathering customer feedback to improve products and services.
Asking for Feedback (00:15:10)
Peter advises asking for feedback at the beginning of meetings to address customer satisfaction promptly.
Online Feedback Strategies (00:18:12)
Peter offers insights on gaining customer feedback through online interactions, particularly via LinkedIn.
Building Credibility Through Recommendations (00:18:29)
Rob and Peter discuss the importance of customer recommendations and online reviews for establishing credibility.
Using Customer Feedback Effectively (00:19:30)
Peter highlights strategies for leveraging customer feedback and testimonials to enhance business reputation.
The British Approach to Customer Praise (00:21:02)
Rob and Peter explore cultural differences in accepting praise and the importance of asking for reviews.
Mindset Shift for Business Owners (00:22:45)
Rob and Peter encourage business owners to detach self-worth from their business and embrace customer feedback.
Balancing Customer Satisfaction and Growth (00:24:49)
Rob and Peter examine the challenge of focusing on existing customers while seeking new opportunities.
Three Sources of Business (00:25:59)
The importance of existing customers, prospects, and ex-clients as primary sources of business.
Targeting the Right Market (00:28:20)
Peter discusses the importance of identifying and targeting specific market segments for business growth.
Thinking Bigger in Business (00:29:25)
Peter encourages startups to expand their vision and seek larger opportunities beyond immediate markets.
Persistence in Sales (00:31:47)
Peter emphasises the importance of resilience and persistence in sales, especially after receiving multiple "no" responses.
Final Thoughts and Resources (00:34:40)
Peter provides information on where to find more resources and support for small business owners.
About Peter
For over eight years, Peter has been a Company Director and Business Coach at Business Growth Coaches Network Ltd, a leading organization that helps SMEs develop and grow their businesses with experienced support and guidance. He is also a Director and Founder of Innovation Labs Group, a venture that supports tech startups in central Suffolk. He holds a postgraduate qualification in coaching from the University of Lloyds and an ILM certification in business mentoring.
Peter leverages his 30+ years of experience in the banking sector to provide coaching, mentoring, and training services to financial and professional services advisers, team leaders, and business owners. He is passionate about helping others succeed and grow by sharing his skills, knowledge, and expertise in business development, customer contact planning, employee engagement, and sustainable marketing strategies. He also provides LinkedIn training and Clarity4D personality profile coaching to help his clients optimize their online presence and communication styles.
Connect with Peter on LinkedIn.
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