Forgetful Fridays- Who Are You...?

Do you know who you are? That may seem like a silly question, but believe me, it is very important and a good number of entrepreneurs do not know who they are. Who you are is much more than your name, or your business name- it is your reason for being. 

The problem is that if you don’t know, your customer won’t know either- and few of us want to do business with people or companies we don’t know. If you are still having trouble finding the words to describe what you and your business are all about the slickest web designer and the best business card are not going to help you.

So often the answer to “Who am I and what is my business all about?” -is right there in front of us, but we shy away from it. We overcomplicate the answer and try too hard to give detailed information. Don’t be afraid to have a simple message- simple works well for the most successful businesses in the world and will work for you too.

This is the first step in creating a brand identity that your clients can understand and this will be the cornerstone of an effective marketing plan.

Jen

Thoughtful Thursdays - Don't Forget About Up Selling

You have likely received sales training or read articles about how important it is to understand your customers' needs. One subject in particular that is often thought about is the need to understand how much the customer is budgeting for the product or service you are offering.


Sometimes we get so focused on delivering to budget we miss a chance to up sell. By this I absolutely do not meant to sell customer what he does not need. Instead, offer alternatives that may prove to have longer term value. This speaks to knowing customer needs and perhaps their customers' needs. Don't forget that the customer may be internal.

A good friend of mine in the china industry unfortunately was not successful closing a sale to a corporate cafeteria. As any good sales person would do he followed up to find out what happened as the sales process was progressing well and he fully expected to get the order.

It turned out that the customer purchased a higher priced competitive product. What my friend failed to realize was that although he was quoting within the budget, the product offering was not really what the customer wanted. His competitor was able to determine this and up sold the slightly higher priced product that better met the needs. Price, although very important was not the only factor.

Needless to say this never happened again to my friend.

Good selling,
Richard

Wise Wednesdays -- You Can't Do It Alone

“If it’s going to happen it’s up to you AND you can’t do it alone.”

I heard a speaker say this many years ago. It wasn’t until I started my own business that I realized just how true this is.

Last week I asked: What is more important than being independent for an entrepreneur?

One of the biggest myth is that entrepreneurs are highly independent. Entrepreneurs have great initiative but that’s not the same as being independent. The most successful ones realize that its more important to be interdependent; staying connected with their clients, other business people and professionals. Asking for help. Creating a support network.

When you work for someone a support network is automatically there: Your supervisors, peers and clients. When you start a business you don’t have that luxury. If you don’t actively seek help, if you don’t actively stay connected, if you don’t actively surround yourself with people who are supportive (yet challenge you) then you will probably have a tough time moving forward.

If your motive for starting a business is to get away from everybody then you’re in for an unpleasant surprise.

Simply put: Don’t isolate yourself! Stay connected and keep growing your network. It can be the tipping point whether you succeed or fail.

This week’s Wise Question: What’s wrong with this statement? “It’s who you know, not what you know that counts.” Find out next week.

Cheers,

Dominik

Thoughtful Thursdays - Do You Bring Business To Your Customers?

In the ever growing competitive market we find ourselves in these days we are challenged daily to think of innovative ways of bringing value to our customers.

In my experience I have found that bringing customers new business is a great way to demonstrate value. This speaks to how well you know your customers' business as well as their own customers.

What I am speaking of goes beyond a typical word of mouth referral. It means you have taken the time to think about what your customers' needs are, what they are currently buying from you and searching out opportunities that will ultimately result in increased purchases because you have introduced new business to them. It also means that you will introduce the involved parties to get the ball rolling. You will have clearly demonstrated your awareness of the value your customer brings to market and that will be appreciated.

I have even gone as far as to have offered to accompany my customers' sales representatives to answer any questions their prospects might have had that related directly to our products.

It is one thing to stand behind your own products and services. Think about taking it a step further and stand behind the products and services your offering contributes to.

This is also an excellent way to get your foot in the door when you are not the incumbent supplier.

Good selling,
Richard

Wise Wednesdays -- Obama & Entrepreneurs

Like most people I gathered with my peers to watch Obama’s inauguration yesterday. What struck me was how Obama was open to change while holding steadfast to his values. He has ideals without being ideological. He has a dream but understands that dreams are achieved one day at a time. He reaches for the stars but has his feet firmly planted on the ground.

What does this have to do with starting a business? A heck of a lot. Many people who start a business have a set vision, a set of expectations of how the process is suppose to unfold: When the business will open, how much money it will make etc. It rarely goes the way one plans. The loan for the shop you wanted to open doesn’t come through; the clients you thought you’d get for your web developing business falls through; the advertising you thought would work for your photography business doesn’t.

A great trait for an entrepreneur is the humility to change their approach and attitude while being steadfast to what matters. What matters is delivering a product or service that the customer wants (not what you think they need). And feel proud about it. Businesses evolve. What you end up with is not what you start with.

In many ways it’s about removing “blinders” – your attachment to how it’s suppose to happen and when. In reality that depends on a lot of factors. Some of them in your control, some not.

Although Obama was addressing a nation, his words could have been addressing a group of aspiring entrepreneurs, “…It has not been a path for the faint-hearted – for those who prefer leisure over work, or seek only the riches and fame. Rather, it has been the risk-takers, the doers, the makers of things …”

Here’s hoping you get inspired by Obama’s speech to reach for your star while keeping your feet firmly planted on the ground.

This weeks Wise Question: What is more important than being independent for an entrepreneur? Find out next week.

Cheers,

Dominik

Thoughtful Thursdays - Sales Call Planning

Every sales call you make should lead to the next one, in time resulting a successful sale. When a potential customer is kind enough to give their time to meet with you, it is your responsibility to make the best use of that time. Sales call planning is an essential part of accomplishing this.

I advise my clients to set at least one objective for every call they make. By setting call objectives you will be able to pre-determine what questions you need to ask to get the required information in order to move forward in the sales cycle. It pays to spend time doing some pre-sales call planning. Your prospect will quietly appreciate the effort and time you take to make the process easier for them. In other words, you are not wasting their time and are ultimately making it very easy for them to say "yes".

An equally important part of your plan is to review your call and determine if you have met your objectives. If you have, then there are likely logical next steps to take. If you did not, ask your self why, figure out what took you off the planned course and takes steps to get back on course.

One of the ways I measure the quality of my calls is by the amount of work that comes as a result. The more work I have to do, the better the call went.

To wrap up, before you make your next sales call ask yourself why you are you are doing it. If you have trouble answering, then I suggest you take time to think about the reasons and develop your a plan.

Good Selling
Richard

Wise Wednesdays - Do you want a cheap Mercedes?

If you were to walk into a Mercedes dealership and the salesperson said, “I can sell you this high quality car with our superior service at an unbeatable low price” would you believe him/her? You would probably think is there something wrong with the car.

Whenever you are selling a product or service you are always selling three things:

1. Quality: The actual make up of the product or service. If you’re selling a car it’s how the car is built, how it functions etc. If it’s financial services it’s the products you sell and the advice you give.

2. Service: The response, customer service, follow-up you give during and after the sale.

3. Price: The selling price of the goods or services you are selling.

Smart business people know to highlight only TWO of the above three features. If you tell me you can do all three – I don’t believe you – and neither will your customers.

Unless you’re operating a dollar store or importing goods from China, competing on price is the worst strategy you can have. There is always someone cheaper. Remember you are selling value. Keep emphasizing the value buy focusing on the quality & service of your product and service. If you make it compelling enough people will buy. Price will be less of an issue – even in this economy!

I was interviewed by InsideToronto.com recently and was asked to comment on the current economic situation. To read the article visit http://insidetoronto.com/article/61745

There are no short cuts in life. Only short-lived businesses.

Wise Question: What can you say or show that emphasizes the quality and service of your product or service?


Cheers,

Dominik

Thoughtful Thursdays - Do You Call In Depth?

First off I want to wish everyone all the best and much success for 2009. Now that the holiday season is coming to an end for another year thoughts are turning back to business and the achievement of new sales objectives.

Most conversation these days includes talk about current economic conditions and how difficult it is to maintain share let alone grow new business.

So, how well do you know your customer? What might happen if your contact leaves or is laid off? Would you continue to enjoy the business or would it be at risk?

My message today is to know as many people as possible at your customer - call in depth. This would people on the floor to upper management and at each level in between. The more people you know, the less likely it is you will loose the business because you have established an in depth relationship with your customer.

Take the time to establish relationships at all levels and your efforts will be rewarded. Your customer will appreciate the interest you show in their business and will be less likely to have reason to change suppliers.

Until next week, good selling.

Richard

Wise Wednesdays - Gratitude

The hardest arithmetic to master is that which enables us to count our blessings.
-Eric Hoffer

At this time of the year I like to reflect back on my successes, disappointments and most importantly lessons I’ve learned from the past year. No matter how many times I’ve done this exercise one thing always comes up: A reminder to develop a sense of gratitude. I feel blessed to be living in this part of the world. I’m a believer that you can’t move forward unless you appreciate what you have and what others have done for you.

So before you get all concerned about what the New Year will bring, take the time to look at some of what you’ve already accomplished or learned (no matter how small). We move forward by building on our successes.

Wishing you a prosperous, joyful and grateful New 2009 Year!

Cheers,

Dominik