Month: October 2010

Categories
Operations

Discounting Your Services to Make a Sale? 3 Reasons Why You Shouldn’t

Article Contributed by Annemarie Cross

As a service-based business owner do find yourself offering your client a discount to influence them into investing in your program or package? Or do you cave in and offer a discount when your prospect asks for one?

If you have answered yes to either one of those situations you are certainly not alone. I admit that this is something that I’ve done in the past too. However over the years I’ve realized that this is not one of the best ways to make a sale, while remaining true to my personal values and business growth goals.

Here are 3 reasons why you shouldn’t resort to discounting your services and the 3 strategies you should implement so that clients step up gracefully and confidently when investing in your services, packages and programs.

1.    Discounting devalues your services

Unfortunately whatever way you look at it, discounting your services does little other than to lessen the significance and worth of your program, as well as the benefits, outcomes and overall value your clients will receive through investing in you.

Unlike a product-based business that can mass produce their wares and offer discounts on bulk purchases, a service-based business owner cannot and should not offer bulk purchases discounts on their time. Your time is one of your most valuable assets; so don’t devalue this priceless commodity by discounting it.

Remember, your client does not pay you for the hours you spend with them, but for your knowledge and expertise, AND for the results and outcomes they will receive through working with you.

2.    Discounting can impact negatively your self-belief

I don’t know about you – but in the past whenever I’ve reduced the prices on my services as the only way to have a client say ‘yes’ to my offer, that little voice inside my head said ‘See, the only way a client is going to invest in you is when you lower your prices,’ which is a self-belief I did NOT want to encourage.

Thank goodness I know now that my clients are investing in me because of my wealth of knowledge, my expertise and the results and outcomes they’ll generate through working with me.

By discounting your services as a last (or only) resort will not only continue to impact negatively on your self-belief and self-worth, but will also prevent you from building a thriving successful business.

3.    Can establish a negative precedent

Offering discounts as a way to get clients into your programs can establish a disempowering precedent or business standard that will only serve to block you from achieving your income goals, because of the negative impact it can have on your self-worth and subsequently your income.

Do you want to continue to attract clients that will only work with you if you offer them a discount? Do you want to continue having to justify your value and worth to every client who asks you to reduce your prices?

Having these continued conversations because you have established this precedent will only serve to undermine you and your business’s growth.

Instead, here’s what you should do:

1.    Create packages

A strong business model that will allow you to increase your income without having to increase the amount of time you spend with clients is to offer packages and programs that include other elements other than just your hourly services.

Offering value-added packages that will provide solutions and support for your clients will be far more exciting and empowering for them. It also continues to add value and credibility to the work you are doing with your clients.

For instance, in my Sapphires coaching program (which I’m launching next year) I will include coaching as part of the program, however this is only a small part of the package. My program will also include group mastermind coaching, weekly audio/video laser coaching strategy, online take action journal, access to webinar recordings, forums and opportunity to network with others in the group, so it will be value packed with lots of resources and goodies other than just my time.

So what could you add to your packages that will create value for your clients?

2.    Add bonuses to make the offer irresistible

Bonuses and offering that extra special ‘gift’ to your clients for investing in you can make your program or package irresistible.

One of my colleagues was offering a program that was focused on time management for stressed business owners who were struggling to keep up with their hectic schedules.

One of the bonuses she included was a half-hour free massage from her colleague who was a massage therapist. The massage therapist was highly skilled in what she did and was also very good at sales and marketing so each person who had the free massage felt so wonderful that they signed up for additional massage sessions. A win-win-win situation.

My colleague was able to add a bonus to her package which she knew her clients would love and that fit perfectly with her topic; her clients would benefit greatly from having the massage; and the massage therapist had an opportunity to provide a hands-on experience of her service while on-selling that client into one of her massage packages.

So, what bonuses can you add to your packages to make them irresistible to clients?

3.    Offer ‘quick decision’ offers

I’m a firm believer in focusing on the outcome you desire and creating positive and empowering environment and mindset.

So, rather than offering a discount (which lessens the value of your services) you can change the entire focus and energy by offering a ‘quick action’ saving when your client makes a quick decision and takes decisive action by booking into and paying for your program within a certain timeframe.

Doing this will reward your client’s ‘positive behavior’ in taking decisive action and investing in themselves and the outcomes they want to generate. You are rewarding this quick action – and not rewarding their ability to get you to lower your fee. See the difference?

As I roll out my Sapphire and Diamond coaching programs (next year) you’ll see me offering these programs at various pricing points. The first group of people to sign up into these programs will be rewarded with ‘quick decision’ savings. This is because a business owner who has this attitude is one I know will be successful because they’re driven and ready to take action.

So how can you integrate this strategy into your marketing and launch calendar?

Remember, if your goal is to attract high quality clients then don’t resort to offering discounts but rather offer special packages/programs offerings; make your offer irresistible through bonuses; or offer ‘quick decision’ pricing to reward them for stepping up and investing in themselves.

Me, I love them all and will continue to integrate all three when marketing my programs? What will you do?

About the Author:

Annemarie Cross is a Branding & Business Coach helping ambitious business owners to get noticed, hired and paid what they’re worth! Are you doing these 7 must-do business building strategies? Find out here: http://www.AnnemarieCross.com and access our free audio mini-series ‘7 Easy Steps to Build Your Brand, Your Biz, and Your Income.’

Categories
People & Relationships

Hiring Help: Two Entrepreneurs Find the Right Assistant

Article Contributed by Michele DeKinder-Smith

When a woman business owner makes the decision to hire help, hiring an assistant is an excellent first step in building a team. Even if an entrepreneur doesn’t feel ready to create a team immediately, the right assistant eventually can serve as the link between the business owner and the team in the future. Selecting an assistant who meets an entrepreneur’s specific needs (both immediate and future needs) is absolutely essential in forming a relationship that will set the foundation for a strong team later one.

A recent study from Jane Out of the Box, an authority on female entrepreneurs, reveals there are five distinct types of women in business. Based on professional market research of more than 3,500 women in business, this study shows that each type of business owner has a unique approach to running a business and therefore each one has a unique combination of needs. This article outlines two of the five types and provides tips for each one to consider when hiring an assistant.

Jane Dough is an entrepreneur who enjoys running her business and generally, she makes a nice living. She is comfortable and determined in buying and selling, which may be why she’s five times more likely than the average female business owner to hit the million dollar mark. Jane Dough is clear in her priorities and may be intentionally and actively growing an asset-based or legacy business. It is estimated that 18% of women entrepreneurs fall in the category of Jane Dough.

Because Jane Dough often delegates almost too much and then moves quickly on to her next strategizing session, she needs an assistant who will ask questions when necessary and who will be able to command Jane Dough’s attention and then communicate quickly and efficiently once she has it. Jane Dough business owners tend to be so focused on growth and strategy that they don’t communicate their vision. Therefore, team members often feel disconnected. An assistant can act as the liaison between Jane Dough and the rest of the team.

Professional skills and experience Jane Dough should look for: managerial skills, effective communication skills, multi-tasking, organization.

Personality traits Jane Dough should look for: confidence, an outgoing nature, a can-do attitude, a thick skin, autonomy, flexibility.

Go Jane Go is passionate about her work and provides excellent service, so she has plenty of clients – so much so, she’s struggling to keep up with demand. She may be a classic overachiever, taking on volunteer opportunities as well, because she’s eager to make an impact on the world and she often struggles to say no. Because she wants to say yes to so many people, she may even be in denial about how many hours she actually works during the course of a week. As a result, she may be running herself ragged and feeling guilty about neglecting herself and others who are important to her.

Go Jane Go business owners often find delegating difficult because they worry that no one else will live up to their own high standards. Therefore, they must hire helpers who are detail-oriented and who strive for perfection like she does, and who will find creative ways to encourage Go Jane Go to delegate to him or her. Also, Go Jane Go values her relationships with customers so much that she sometimes goes above and beyond what is reasonable, stretching her personal and business resources. Therefore, while an assistant Go Jane Go hires must be customer-friendly, he or she also must be able to provide Go Jane Go with a reality check when a client’s demands exceed practicality. Finally, an assistant to Go Jane Go must have excellent communication and organization skills so he or she can effectively handle running a team while providing Go Jane Go with the information she needs to feel confident that her team is performing at the high caliber she demands.

Professional skills and experience Go Jane Go should look for: attention to detail, managerial skills, previous experience as an assistant, customer service skills, excellent communication skills.

Personality traits Go Jane Go should look for: perfectionism, confidence, a take-charge attitude.

Although working with a team may provide excellent benefits and results, an entrepreneur may not be ready for the costs and challenges of managing a team right away. Hiring an assistant is a great starting point in creating a team, as it encourages a woman business owner to learn to delegate effectively and provides a future link between the business owner and a team.

About the Author:

Michele DeKinder-Smith is the founder of Jane out of the Box, an online resource dedicated to the women entrepreneur community. Discover more incredibly useful information for running a small business by taking the FREE Jane Types Assessment at Jane out of the Box. Offering networking and marketing opportunities, key resources and mentorship from successful women in business, Jane Out of the Box is online at www.janeoutofthebox.com

www.janeoutofthebox.com
Categories
Branding

How Branding Can Lead to a Business’s Success…or Failure

For better or worse, every business out there has a brand.

I say for better or worse because you may not like what your brand is. Your brand could be confused. It could be nonexistent. It could be conflicting.

Brands are more than a logo. Your brand is the core identity of your business.

And if you don’t know what your core identity is, or you never took the time to map it out, then you more likely than not have a confused, conflicting or nonexistent brand.

So why is this a problem? Well, because without a strong brand, you’re going to struggle needlessly trying to grow your business.

You see, you may be getting clients and business, but I can guarantee you’re working a lot harder then you would be if you had a strong brand. A strong brand attracts your ideal clients to you and repels not-so-ideal ones. This is one of the ways you become a client magnet — having a strong brand then promoting that brand through a marketing system. Without this, you’re out searching for clients, rather than simply responding to clients coming to you. It’s a lot more work and a lot more stressful because you’re never sure where your next client is coming from.

If you have a strong brand, that means you have a strong reputation in the marketplace. So people already know who are you and what you do. They know what problems you solve. So if they have that problem, they come to you. If one of their friends has that problem, they refer their friend to you. See how that works?

Now let’s look at the flip side. You have a weak, confused, conflicting or nonexistent brand. People may have heard of you but they aren’t what it is you do. They have no idea what problem you solve, so they don’t know if they need what you sell or not. They don’t know how to refer you. And worst of all, they quickly forget your name or your business name because it has no meaning or value for them.

And if you don’t figure out what your brand is and then do everything you can to continually emphasize and remind your ideal clients about it, then the marketplace is going to decide what your brand is. And you’re probably not going to like what the marketplace decides. (And yes, you need to do both — figure out what your brand is and then consistently market it. If you only do one and not the other, you’re back to the marketplace deciding what your brand is.)

So how do you know what’s going on with your brand? Ask yourself these questions —

1. Do YOU know what your brand is? If you don’t, then you most definitely have a branding problem.

2. Do you know what your brand is but you don’t have a full pipeline of ideal clients?  Then you either have not communicated your brand to your ideal clients or you’re missing the marketing piece. (Or your branding is all wrong for who you want to attract so you may need to go back to the branding drawing board.)

3. Do you have a brand but you keep hearing things like: “Wow, I didn’t realize you did THIS.” Or “I thought you only did that, not this.” Then you have a brand communication and/or marketing problem OR you’ve gotten away from your brand (more on that next week).

4. And of course if you hear things like” “I’m not sure what it is you do.” Or “You’re the best-kept secret” you clearly have a brand problem.

Remember, it’s up to YOU to communicate and market your brand to your ideal clients, it’s not their job to remember you.

Categories
Communication Skills

Making the New Business Pitch: How to Get More Clients by Avoiding 3 Deadly Presentation Mistakes

Article Contributed by Terri Langhans, Certified Speaking Professional

Congratulations! Your firm made it to the short list and you’ve been invited to the new client interview. That’s what they call it, anyway.  In reality it’s a new business pitch that could be a shoot-out between you and “the other guy” or a line up of back-to-back, dog-and-pony, show-your-credentials presentations where the client parades you and the competition in and out of a conference room all day.

Regardless of the staging or format, one thing’s for sure:  It’s your make or break chance to win the business.

– What will you say in your business presentation that will set you apart?
– What will you show that proves your expertise?
– How do you hit the prospect’s hot buttons without stepping on a land mine?

Here are some traps, tips and tools you can use to make your new business pitch or interview stand out and win more clients.

New Business Pitch Trap #1: Too much stuff.

You know your stuff, and you want to share it. We all do. We figure the more stuff we share, the more credible we’ll be and the more likely we are to get hired.  Wrong. It bores people into a stupor or frustrates them into belligerence.

True story:  I recently worked with a client who had more than 100 slides for a 30-minute interview! They whittled it down to 23, and still came off as harried and rushed. The rule of thumb is about two minutes per slide. Whether you have 30 minutes or an hour or more, picture your audience extending you a thimble’s worth of interest. Don’t fill it with a fire hose.

New Business Pitch Trap #2: Failure to get to the point.

Instead of thinking about all the stuff you want to say, that you hope you get time to say, think about this:  When you leave the room, what is the single most important thing you want remembered and repeated by the client? What do you want them to say when someone asks, “So, what do think about Acme Engineering?”

A: “Well, they talked about this, and they showed us that, and they’re located there, and they were pretty easy to talk to…”

B: “They’ve got the experience we need and can hit the ground running.”

Obviously (I hope it’s obvious), you want B, or something like it. That’s the point of your presentation, and everything you say, or do, or show needs to support, defend, prove, demonstrate or bring to life that point.

HINT:  Your point is NOT “hire us.” That’s your call to action. It’s what you want them to do as a result of being convinced of your point. Don’t confuse the two.

New Business Pitch Trap #3: Making the presentation all about you.

No one cares about you. Even though they put you on the short list, invited you to present and specifically said they want you to talk about your firm, they don’t mean it. Prospects don’t care about you. They care about themselves, their work and what you will do for them.

So here’s how to convert your credentials and capabilities to something your new clients will care about:

1. Before you create your presentation or pitch, go ahead and describe your firm, the team, your qualifications or experience. This is an exercise; don’t do it in front of the prospect. Not yet, anyway.

2. Now, isolate at the most three or four key attributes that you think are the most important to the specific decision makers on this project.

3. Now that you have the features, look for the benefits—the need or the want that is satisfied by those features.

4. Go beyond the benefit and drill down even further. Look at those features and benefits and fill in the blank:  “Why is your company’s experience important personally to this decision maker?”

5. Look at your answer and ask it again. “Why is that important personally to this decision maker?” Or, “What is it about your answer that is important, personally to this decision maker?”

6. Ask it again. “Why is whatever you just answered important personally to the decision maker? “

7. Keep going and you will have a list of want or need words and phrases that are all about the client. Save money, maximize budget, higher trust, no surprises, more flexibility, more confidence, less stress, better communication. These are the words that not only help you connect to what clients care about, they set you apart, increase your credibility and help convince clients to hire you.

Once you complete this exercise you’ll know your point, as well as what’s important to your prospect. From there you’ll be able to decide which facts, features, stories and benefits will prove that point. Which case studies or examples will make it clear? Remember the thimble and choose you content wisely. Make it more about them, less about you, and you’ll have greater success.

You’ll find this information, plus much more in my free “Help Them Hire You” new business pitch and presentation tip sheet at: http://www.BlahBlahBlah.us/presentationtipsheet.html. Grab it for free , get to the point, and get more business coming your way.

About the author:

Certified Speaking Professional Terri Langhans is the former CEO of a $30 million national ad agency and marketing firm that she grew from scratch. Now she works with entrepreneurs and small business owners who want their marketing and presentations to stand out and get better results. Download her free Help Them Hire You! tip sheet at www.BlahBlahBlah.us/presentationtipsheet.html

Categories
Sales & Marketing

Expand Your Precious Time with Sales Meetings

Article Contributed by Sharpenz

Time. Such a fleeting thing for most of us. Busy sales managers are on a merry-go-round as they try to keep up with long To Do lists, fewer resources and constantly changing economies, technology and processes. We can’t add a 25th hour in our day, so the question becomes, how do we get more time?

The answer is by being more timely.

A survey by the Sales Management Association (SMA) found a disparity between how sales managers actually spend their time compared to how they WANT to spend their time. The largest difference is in how much time they want to spend with their sellers. It seems the demands of corporate outweigh their best efforts to accomplish the real goal of a sales manager: Make sales numbers through salespeople!

This isn’t anything you don’t know. You know you are stretched thin. So, wouldn’t it be great if you could e-x-p-a-n-d your time? You can, while helping your sellers prepare to beat the competition, capturing more market share and selling more — when you are timely with your sales team!

The time you spend developing your sellers to be more competent and confident pays huge dividends with increased sales and gives you precious time! There are several ways to be timely with your team:
• Field Rides and Partner Selling
• Individual Coaching
• Sales Meetings

All of these actions are necessary and important ways to develop your sellers and meet sales quotas. But which one will expand your time most quickly? Your sales meetings. An effective sales meeting makes a HUGE difference for your WHOLE team.

How much time do most sales managers spend with their sellers? The SMA survey found most spend just 45 minutes a week with each seller. A 60-minute sales meeting can quickly double that!

It’s really easy to brush off bringing the team together. After all, isn’t EVERY minute in the field the most important use of everyone’s time? Probably not. The benefits of consistent and timely connections outside the “front line” include improvement in:
•   Readiness – Prepare to maximize every sales opportunity by strengthening their skills, mindset and knowledge.
•    Recharging – It’s tough out there. Sellers need time to be re-energized to give it their all back in the field. Better with you and their colleagues rather than the local coffee shop.
•    Repeatability – The team needs time to review and learn from each other so all can repeat what goes well (and stop what isn’t working as soon as possible). Sellers like to know they’re not alone “out there.” The other sellers have the same frustrations, challenges and home-runs. Now they can stop wasting time trying to figure out what they should/should not be doing or calling each other.
•    Retention – Turnover decreases when there are regular touch-backs with you and the rest of team.

How do you capture more of that elusive time? Let us know in the Comments section.

About the Author:

Sharpenz is dedicated to providing sales managers the resources and tools they need to motivate and equip their sales team to sell each week. Our 30-minute power sales booster programs help companies increase sales by providing the right tools and training – fast. Designed with the busy manager in mind, Sharpenz’ ready-to-go sales training kits will give your sales team the opportunity to grow and earn more – all in a half hour of power.  To learn more, visit www.Sharpenz.com and sign up for your free sales training kit today!