Get your priorities straight.
Twenty years ago when I worked for an advertising agency it was a given that companies would automatically need a brochure and place an ad in the newspaper/magazine or tv/radio. That form of marketing is slowly being eroded and replaced by online media.
It’s easy to get carried away with focusing on developing that website, sending out a e-blasts, being on Facebook, Twitter or even writing a blog when starting a business. These can eventually be valuable tools. However, placing too much of your focus on these tools at the expense of key marketing efforts can in fact drag your business down.
Even though technology will keep evolving the basics in business still holds true: Developing face-to-face relationships with your customers and with successful people in your industry. This includes networking consistently, selling directly to your target group and just sitting down with a business associate over a cup of coffee. You are in the building relationship business (regardless of what business you’re in).
Once you start to generate business and have a better understanding of what your customers really want you can write a blog – just like the one I’m writing.
Cheers,
Dominik
Tuesday, June 30, 2009
Thursday, June 25, 2009
Thoughtful Thursdays - Passion + Commitment
This week was a tough one for me, as friend and colleague passed away suddenly and unexpectedly.
Today's thoughts today are for my friend. In remembrance, I recall the conversations we had over the past three years I was fortunate enough to have known him. We did not agree on every topic that came up, but with each conversation I was impressed with the passion and commitment he possessed, and the way he was able to communicate with excitement and confidence. It goes without saying that this was passed along to his clients, and their success is a testament to this. Looking back, every conversation was a pleasure, chocked full of good ideas, actions and laughter. I learned a lot from my friend and I feel fortunate to have known him, if only for a few years.
He would be disappointed if I did not have a sales thought for today, so here goes.
Build relationships with your customers with integrity, passion and commitment. Believe in what you are selling and the rest will come easily to you. Be excited about what you are talking about and focus on how your product or service will help your customer. Be relentless and flexible. Above all, treat your customers like gold.
Thank you Del.
Good selling,
Richard
Today's thoughts today are for my friend. In remembrance, I recall the conversations we had over the past three years I was fortunate enough to have known him. We did not agree on every topic that came up, but with each conversation I was impressed with the passion and commitment he possessed, and the way he was able to communicate with excitement and confidence. It goes without saying that this was passed along to his clients, and their success is a testament to this. Looking back, every conversation was a pleasure, chocked full of good ideas, actions and laughter. I learned a lot from my friend and I feel fortunate to have known him, if only for a few years.
He would be disappointed if I did not have a sales thought for today, so here goes.
Build relationships with your customers with integrity, passion and commitment. Believe in what you are selling and the rest will come easily to you. Be excited about what you are talking about and focus on how your product or service will help your customer. Be relentless and flexible. Above all, treat your customers like gold.
Thank you Del.
Good selling,
Richard
Wednesday, June 24, 2009
Wise Wednesdays - Your Most Important Tool
What is your most important tool in your business? Your money? Your business idea? No. Your contact list and a follow-up system!
Your customers are your business and the relationships you develop with them.
It’s interesting to see that most business owners either don’t have a contact management system or if they do it’s too complicated.
Create a contact management system that you will use. Here’s one I recommend:
On a sheet paper write the client info at the top of the page. Below that have three columns: The date you talked to them, what you discussed and the action step you will take (most important part). If for example you met Samantha at a networking event you would write the date of the meeting, what you discussed and then the action step you intend to take with a definitive date i.e. call Samantha June 30 to set up a time to meet or email an article on July 2 about Deep Sea diving etc. Every connection has a follow-up. The follow-up could be to not do anything for 6 months (create an inactive file).
When you think about these contact sheets are you gem stones to reaching success in your business.
The next part is one that can make or break your business. Create a binder with tabs labelled 1 to 5 and another labeled Next Month. Place each contact sheet in the appropriate week or if it’s schedule for the next month in the Next Month section. When the first of the month arrives take the sheets from the Next Month section and file them and place them in the appropriate week or leave them in the Next Month section if you don’t have to do anything for another month. Follow-up with the people in each week.
Make sure that you keep assigning a new date once you talk to them or even if you don’t get a hold of them – set a new action step.
Business successes are created one customer at a time. One follow-up at a time.
Do you have a system that will ensure you are moving your business forward?
Create one.
Your business will thank you.
Cheers,
Dominik
Your customers are your business and the relationships you develop with them.
It’s interesting to see that most business owners either don’t have a contact management system or if they do it’s too complicated.
Create a contact management system that you will use. Here’s one I recommend:
On a sheet paper write the client info at the top of the page. Below that have three columns: The date you talked to them, what you discussed and the action step you will take (most important part). If for example you met Samantha at a networking event you would write the date of the meeting, what you discussed and then the action step you intend to take with a definitive date i.e. call Samantha June 30 to set up a time to meet or email an article on July 2 about Deep Sea diving etc. Every connection has a follow-up. The follow-up could be to not do anything for 6 months (create an inactive file).
When you think about these contact sheets are you gem stones to reaching success in your business.
The next part is one that can make or break your business. Create a binder with tabs labelled 1 to 5 and another labeled Next Month. Place each contact sheet in the appropriate week or if it’s schedule for the next month in the Next Month section. When the first of the month arrives take the sheets from the Next Month section and file them and place them in the appropriate week or leave them in the Next Month section if you don’t have to do anything for another month. Follow-up with the people in each week.
Make sure that you keep assigning a new date once you talk to them or even if you don’t get a hold of them – set a new action step.
Business successes are created one customer at a time. One follow-up at a time.
Do you have a system that will ensure you are moving your business forward?
Create one.
Your business will thank you.
Cheers,
Dominik
Thursday, June 18, 2009
Thoughtful Thursdays - New or Maintnenance?
When asked about sales goals, a colleague of mine put it this way:
"I want them to try me, and try me again. Then I want them to buy from me, and buy from me again. Finally I want them to buy more from me and eventually buy only from me."
This statement accounts for 2 of the 3 ways to increase sales revenues, see the Thoughtful Thursday post from February - Increasing Sales Part 1
Both are equally important to realizing sustainable growth for your business and can involve different skill sets or approaches. By no means am I saying that you can not do both. In many cases you must.
Today's thought is a reminder to be mindful of what the differences are and develop your approach accordingly. In my business to business experience, a major difference is the people you call on.
When pursuing a potential new customer you may spend more time with their product development people and less with the person or persons who actually place the orders. Once you have converted the prospect to a customer the opposite is not uncommon. There may be different personalities involved and therefore your approach will change.
Good selling,
Richard
This statement accounts for 2 of the 3 ways to increase sales revenues, see the Thoughtful Thursday post from February - Increasing Sales Part 1
- Sell to new customers
- Sell more to existing customers
Both are equally important to realizing sustainable growth for your business and can involve different skill sets or approaches. By no means am I saying that you can not do both. In many cases you must.
Today's thought is a reminder to be mindful of what the differences are and develop your approach accordingly. In my business to business experience, a major difference is the people you call on.
When pursuing a potential new customer you may spend more time with their product development people and less with the person or persons who actually place the orders. Once you have converted the prospect to a customer the opposite is not uncommon. There may be different personalities involved and therefore your approach will change.
Good selling,
Richard
Wednesday, June 17, 2009
Wise Wednesdays - Strangest Business Idea You've Come Across
People ask me what kind of businesses are people starting?
In addition to people starting website design businesses, photography & IT services there is a great wide range of businesses that people start like plush toys, alternative dispute resolution, feng shui consultant, sports magazine, children’s clothing using recycled material, men’s customized shirts, home inspection, t-shirts with a picture of someone else you’ve never met, professional organizer, organic granola, butterfly releases, cooking with booze ... and the list goes on.
You get the idea.
Here’s my challenge to you -- What strange business idea have you come across? Why do you believe it's a good business idea?
Let me know and I'll post it next week.
Cheers,
Dominik
In addition to people starting website design businesses, photography & IT services there is a great wide range of businesses that people start like plush toys, alternative dispute resolution, feng shui consultant, sports magazine, children’s clothing using recycled material, men’s customized shirts, home inspection, t-shirts with a picture of someone else you’ve never met, professional organizer, organic granola, butterfly releases, cooking with booze ... and the list goes on.
You get the idea.
Here’s my challenge to you -- What strange business idea have you come across? Why do you believe it's a good business idea?
Let me know and I'll post it next week.
Cheers,
Dominik
Thursday, June 11, 2009
Thoughtful Thursdays - Raising Prices
If you are facing increased costs what are you doing to regain lost profit margins?
Lets say your operations are under control and there is not much to gain through productivity improvements, where does that leave you? One of the most feared sales calls is the one where you are challenged with the task of informing your customer that prices have to be increased.
Excuses abound; "I'll loose the customer", "they'll never accept an increase"...
From your business' point of view, how long do you want to accept working for lower profit?
Approached properly, initiating a price increase should not be something you fear. Here are a few tips that may help you:
I used to dread having price increase conversations with my customers, but through experience the process become easier. My success rate improved dramatically once I took the time to prepare, script and practice the presentation.
You may be surprised to hear your customer say they were wondering when prices were going up. If you do not act on your increased costs your customers may perceive you have been over charging.
Good selling,
Richard
Lets say your operations are under control and there is not much to gain through productivity improvements, where does that leave you? One of the most feared sales calls is the one where you are challenged with the task of informing your customer that prices have to be increased.
Excuses abound; "I'll loose the customer", "they'll never accept an increase"...
From your business' point of view, how long do you want to accept working for lower profit?
Approached properly, initiating a price increase should not be something you fear. Here are a few tips that may help you:
- Determine the reason for the price increase
- Calculate your new price(s)
- Determine when the increase will be effective, and how much notice you need to provide
- Prepare your script
- Anticipate the objections and prepare your responses
- Be prepared to negotiate
- Start sending signals early about the impending increase
I used to dread having price increase conversations with my customers, but through experience the process become easier. My success rate improved dramatically once I took the time to prepare, script and practice the presentation.
You may be surprised to hear your customer say they were wondering when prices were going up. If you do not act on your increased costs your customers may perceive you have been over charging.
Good selling,
Richard
Tuesday, June 9, 2009
Wise Wednesdays - Are you making it easy to do business with?
I received a business card once that looked like it was done on a computer with only a telephone number on it. No address.
I phoned them and wasn’t sure if it was the right business because their voicemail said “you’ve reached 416.333.3333 leave a message”. When they finally returned my call (2 days late )they sounded like they were calling to pay a traffic ticket not serve a customer.
I asked if they could fill an order that I needed in a week. They said they could fill the order but it would take 2 weeks. No attempt to work around my request. Not even a mention to rush my order with a surcharge. They only took cash and it had to be during business hours.
They never got my business.
Are you making it easy to do business with?
Here are some tips:
- A voice mail that’s clear. Please state the name of the business and your name. No boring explanations or long-winded speeches are necessary. Some businesses state that will get back to you in 24 hours, which can be a nice touch.
A signature in all you emails with you business name and relevant contact info.
A business card (nothing home made) on hard stock with a mailing address (no P.O. box number).
A clear system that tells clients what you will do, when and what they need to do to start the process.
A flexibile payment option -- the more options the better – paypal, visa, cheque. State terms up front – deposits, late payment charges etc.
People enjoy doing business with people who are clear and responsive. Make sure you do the same.
Cheers,
Dominik
I phoned them and wasn’t sure if it was the right business because their voicemail said “you’ve reached 416.333.3333 leave a message”. When they finally returned my call (2 days late )they sounded like they were calling to pay a traffic ticket not serve a customer.
I asked if they could fill an order that I needed in a week. They said they could fill the order but it would take 2 weeks. No attempt to work around my request. Not even a mention to rush my order with a surcharge. They only took cash and it had to be during business hours.
They never got my business.
Are you making it easy to do business with?
Here are some tips:
- A voice mail that’s clear. Please state the name of the business and your name. No boring explanations or long-winded speeches are necessary. Some businesses state that will get back to you in 24 hours, which can be a nice touch.
A signature in all you emails with you business name and relevant contact info.
A business card (nothing home made) on hard stock with a mailing address (no P.O. box number).
A clear system that tells clients what you will do, when and what they need to do to start the process.
A flexibile payment option -- the more options the better – paypal, visa, cheque. State terms up front – deposits, late payment charges etc.
People enjoy doing business with people who are clear and responsive. Make sure you do the same.
Cheers,
Dominik
Thursday, June 4, 2009
Thoughtful Thursdays - Transaction Strategies
To my surprise, many start-ups do not develop a comprehensive strategy for sales transactions before launching their ventures.
Having company policy for sales transactions will protect you and your customer when something goes wrong and you have an unhappy customer.
Considerations for you transaction strategy:
Having company policy for sales transactions will protect you and your customer when something goes wrong and you have an unhappy customer.
Considerations for you transaction strategy:
- Cash payments
- Credit card payments - which ones?
- Debit card payments
- Extended terms - how long?
- Discounts for early payment
- Penalties for late payment
- Refund and return options
- Restocking charges
- Product or service guarantee
- Product warranty
- Shipping costs
Think about your transaction strategies and get one in place if you do not. Some businesses have their Terms And Conditions Of Sale printed on each invoice, and attached to every quotation they present. It establishes and communicates in writing, your company policy.
Good selling,
Richard
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