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Sales & Marketing

Recession Proof Your Sales

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A tale of two companies
The contrast couldn’t be sharper.
Company T had lost it’s direction and was sinking fast. Where sales were once $18M, they ultimately plunged to less than $6M. Where they once set the standard in their industry for customer service, now they were the joke of the town.
Company C was a different breed. It had always been the small respected underdog. At $6M is was a third of company T’s size. Where everyone else in the industry had lost over half their business, they were holding fast and had doubled their customer base. They were poised to exit the recession as a dominant player.
Why was company C thriving in the recession while company T (and the rest of the industry) foundered? They had a strong sales focus. They seized the chance to grow market share. They saw the opportunity to eliminate several bottom feeders that constantly drug down prices.
7 Keys to selling during a recession

  1. Go back to basics
    When things start spinning out of control it is time to reevaluate. What does a good coach work on when his team is slumping? He goes back to basics.
    It isn’t exciting, but think back to your early days when you were learning sales.Take a deep breath, step back, and look at sales 101.
  2. Focus on the customer
    Business starts and ends with your customer. Identify his needs. This becomes the basis for your products/services. No, that doesn’t mean you give away the store. It just means that every aspect of your business needs to support your customer. Anything else is a waste of time and money.
    Most businesses focus on their systems and expense control. Their criteria for all decisions is making their own jobs easier. Guess what…the customer doesn’t care!
  3. Focus on your niche
    This is not the time to try new techniques, find new markets, or launch new products. That is a desperate act that just wastes your time and money. If anything you should actually focus your resources on your top products, services, and markets. Remember, jack of all trades, master of none.
    Take a minute and define your focus. What is your niche market? What are their needs? What are you doing now to service them? What could you do better? How can you dominate your niche and grow your market share?
  4. Increase your sales budget
    Contrary to what your operations manager says you can’t cut your way to a profit. Business starts and ends with the customer. Yes you need to tighten your belt. Expense control is important. Just be smart where you spend your money. Ask the question “will it grow my business?”
    Increase your sales expense budget. Spend more on strategic lunches. Give your top salesman a bonus. Reward your sales support team. Thank your top customers for their loyalty and send them a gift.
    Compare this to what your competition is doing. Right now they are reigning in their salesman. In fact, they probably just fired a few! You stand out and can take market share if you are smart.
  5. Dump the deadbeats
    Fire the bottom 20% of your customers. I can hear the screaming now. “We can’t afford to lose any more business.” This is bunk. These customers take 80% of your time for 20% of the income. Cut them loose and spend your resources on customers you can satisfy!
  6. Guard your customer base
    Right now everyone is hungry. They are eying your customers like a starving wolf eyes a young lamb. Take care of your customer. Give them such value and service that they wouldn’t dream of going elsewhere. Build deep relationships with the key decision makers-remember that the buying decision is emotional. Logic is used to justify the decision.
    Make a list you your customers and rank them. Focus your time and energy on your stars.
  7. Branch out to new accounts
    The flip side of guarding your customers is to go on the attack. Remember that your competition is cutting back on spending. They have let a few salesmen go. The remaining salesmen are overloaded and overworked.
    Make a customer wish list. Look at the competition and identify their top customers to target.

BrandtSmithPhoto.jpgBrandt Smith is a sales, marketing, public speaking, and professional development expert. Learn about achieving wealth and life balance through entrepreneurship at Wealth and Wisdom, where he is cofounder and senior editor. Their advice on wealth building, personal development, and life balance can help take you to the next level. You can also read more of his thoughts on his blog.

Categories
Sales & Marketing

Entrepreneur Marketing Advice

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This article is by our guest writer Diana Ennen, who is also the Author of Virtual Assistant: The Series, Become a Highly Successful, Sought After VA, & The Corel Word Perfect Office Ready Virtual Assistant Solution Pack. She also owns a website: http://www.virtualwordpublishing.com
Marketing your business is essential to its success. You can have the greatest service or the best product, but if you don’t market it and let others know about it, then it’s doubtful that you’ll be very successful. When considering your marketing, you first want to take into account who your clients are, and what your clients might be looking to you to do. To do this, you need to do the following:
1.Know Your Client’s Business: The first step is to know your clients. Do some research so you can have a clear understanding of what your clients’ business is and what they do. What does this business hope to achieve? What are its needs and how can you meet those needs?
What can you do that will allow that client to perform better in business? By knowing your client and finding answers to these questions, you can become an immediate asset to their firm.
2.Offering Clients a Convenience: One of the main conveniences you can offer is that of time. Clients realize that their time is valuable. Anything that will allow your potential clients more freedom with their time is an immediate plus. But you need to be able to show them this in your marketing. Take for example a virtual assisting business, when you market to potential clients letting them know that you will do their correspondence typing, answer their e-mail, handle all their publicity needs and even keep their office running while they travel, they realize they will have the time they need to do the work that often so desperately needs done. They will have the time to draft that pleading or finalize the proposal. For the realtor, when you do their marketing they can see how they would be allowed the freedom to be out there selling.
3.Solving clients’ problems: If you can find a way to solve a client’s problems, then you are able to make your business a valuable asset to them. For example, let’s say they are having problems with their website and getting visitors to it. You can send them a letter addressing specifically how you can bring more visitors and also mention what other advantages you can offer. You become a very valuable asset when you do this. They have a problem they need fixed. You have a solution you can solve that problem. They are eager to talk to you immediately to get their site up and running and not miss out on any more missed revenue from their site being down.
4.Proving Clients with Something Better Than What They Have: In your marketing efforts, make sure to mention anything that might be of interest to your clients to run their business better. For example, you might have Voxwire capabilities. This allows you to do web conferencing. You can offer your clients the convenience of having meetings, classes online, etc. Or perhaps you are an expert at Outlook and e-mail management. You can emphasize how much time you can save them daily when you handle this for them. Also, how much more they can connect to their clients when you organize their contacts with Outlook so they can keep in better touch with them.
These are essential key points to remember in marketing to obtain clients or even to keep those existing ones. Now, it’s also important once you get those clients to keep those clients. To do this, you just provide the best possible service always.
For additional marketing tips, you can look to our articles at http://www.virtualwordpublishing.com for articles on all topics of marketing, as well as other business needs.

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Communication Skills Sales & Marketing

To Blog or Not To Blog

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Our friend at YoungEntrepreneur.com, Evan Carmichael, alerted us to a really insightful post written by Andy Marken for his weekly Entrepreneur University feature. It’s about whether or not businesses should start a blog and if you decide to, what are the things to look out for that will help turn your blog into a success. The key learnings points we took away from the article:

1. Blogs are ideal for CEOs because the focus is on a topic you are passionate about. The blog allows the executive to address business issues and concerns, explain them and expand on key industry/company points.
2. Use shorter, more frequent blog entries rather than long white papers or position statements. As you study blogs around the web you will see that the best and most popular sites are a short paragraph or two and sometimes only a sentence. The goal is to show you are knowledgeable about the subject and to make one specific point. Some of the best executive blogs only have a sentence or two with a link directing readers to a relevant article in a respected business, trade or consumer publication.
3. The best business blogs reflect the viewpoint and voice of the executive, not lawyer talk or PR bullet dodging. This can be a tightrope because you want to be as honest and forthright as possible but you also have to write with the understanding that you are creating a very public presence of your information.

Learn more about whether you should start a blog right now at YoungEntrepreneur.com’s article: Should You Start A Blog? – Entrepreneur University.

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Sales & Marketing

Self Employment Marketing Plan: 4 Tips to Fine-Tune Your Niche Marketing

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Before you can have clients, you need to have prospects — that’s what marketing is all about. If your marketing isn’t attracting the kind of people you’d like to be working with, it’s like pushing a rope — you are trying to sell them something they don’t need, and they are looking for something you don’t offer. A little fine-tuning of your marketing plan can make the difference between a solo business that lurches and stalls, and a business that runs smoothly and is fun to operate.

Your Four-Point Marketing Tune-Up Checklist:

Understand the difference between your Target Market and your Niche.

A target market has distinguishing demographic characteristics; for example, recently widowed working women under 50. A niche gets more specific in characteristics that might not be as easily identifiable as demographics; using the previous example, you could further narrow your target market by including only women who want to remarry and don’t know how to meet suitable men.

Make sure your Niche is focused enough.

Think of all the people who might fit in your niche. Imagine them all in a room at a business or social event. Would you find them all interesting and enjoy talking to them? If you cringe at the thought of meeting some of the people in that imaginary room, note what it is about them that you’d like to avoid – and re-define your niche to exclude them.

Perhaps you want to coach women who will be patient in their search for a spouse — not desperate! If your marketing message implies easy, immediate results, you’ll be attracting the wrong prospects. Fine-tune your language so it is clear that your solutions may take time to be successful. You won’t be eliminating potential customers – you’ll be saving yourself time wasted on less-than-ideal prospects. And you’ll find yourself more effortlessly attracting clients in the heart of your niche market.

Choose marketing techniques that fit your strengths.

Just because every other relationship coach has written a book, doesn’t mean you have to! If the whole publishing and book promotion exercise sounds like torture, don’t waste your time. Maybe writing a Dear Abby type of newspaper column is more your style. If you find dealing with your website to be confusing, but are good at speaking to small groups, ignore the advice to do a lot of online marketing and instead look for opportunities to speak at senior centers.

Be authentic – be yourself.

Building an image that isn’t who you are is a setup for disaster, especially for the self employed. You’ll be exhausted keeping up the façade… and potential clients will sense the lack of integrity. If you yourself are recently widowed and learning how to meet the right kind of men, don’t try to imply that you are an expert. Your personal dating stories can be a great way to establish a relationship with a potential client, who can see themselves in you. Clients want someone they can trust — it is more important than all the credentials in the world.

Categories
Sales & Marketing

Differentiate To Be The Niche Business

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Small Business Branding: How important a core difference is essential to marketing success.
Marketing behaviorQuite often a small business owner will ask me to reveal the most powerful marketing strategy I have seen. The answer may surprise you.
The most powerful marketing strategy I know has little to do with direct mail, adverting, special promotions, websites or referrals. No, before any of those ‘tactics’ will have any major impact on your business you must first find, commit and communicate a compelling difference between you and everyone else that says they do the same thing as you.
Let’s do a quick mental exercise.
Pretend that you are in a room full of your competitors and I asked this question. “If you think you offer a fair price, please raise your hands”. “Now, lower your hands if you don’t offer great customer service.” “Lower your hands if you don’t feel you are an expert and can deliver valuable advice” How many hands do you think would be up? Almost all right? So, if you don’t do an effective job at “educating” you customers on how specifically you are different, guess what the deciding factor is? PRICE!!!! Who wants to compete on price?
Look, we all know that every business is special and unique in its own way. But the bigger question is does your potential clients know? You have to answer the following question “why should I choose you?” from the customer perspective. There are several ways you can establish a unique selling proposition. Here are a few:
* Unique service
* Market niche
* Special offer
* Solve a specific problem
Once you have spent some time and discovered your uniqueness, you must commit to it. These core differences will become the foundation for all of your marketing material and advertising messages. You will use these unique differences to create your marketing materials that educate.
Differentiate or Die: Standing Out In A Crowd [Small Business Branding]