By: Paul Wilson
Negotiating is a skill that like warfare tactics must be honed. It is important to be mentally prepared to win. Do the ground work well before your reach the negotiating table and decide on the "path" you are going to take. Positivity will help as also a sense of confidence and self esteem. Set aside any doubts you may have and stride forward prepared to win at all costs.
The five cornerstones of successful negotiation skills are placing emphasis on common points; presenting clear arguments; being innovative and open to several options; focusing on the problem being dealt with; looking for a clear solution. The key is to be clear about your preferred outcome. However in the back of your mind you must be willing to compromise to some extent.
A good negotiator is an excellent communicator and understands how human beings think, feel, and function. You must be able to befriend the people seated on the other side of the negotiating table. You must know when to push hard, when to accept a compromise, and when to walk away. A negotiator is in many ways an artist he needs a great amount of creativity to steer the negotiations to a successful completion. A negotiator must keep in mind the 3Fs: fair, fast, and firm.
According to the gurus there are tactics to be used for negotiating:
1. Be focused on the problem or issue. Logical arguments are the key to smooth negotiations.
2. It is important to be firm yet polite when making a stand or presenting a point.
3. Clearly emphasize the advantages and disadvantages.
4. Be patient and let the process of negotiation take its course.
5. Put ego aside and concentrate on the matter at hand. It is finding an amiable solution that's important not self worth or position.
6. Never threaten or manipulate the opposite party-it is completely unethical and unfair.
7. Aim for solutions that are interest based and not what individual desires or aims are. It is best to consider any situation as a whole rather than from a personal view point.
8. Avoid psychological traps and have the magnanimity to admit when you are wrong. Be open minded.
9. Don't accept weak solutions and try and negotiate a plausible settlement. Temporary measures are not what you need. A permanent solution must be sought.
10. Value time, schedules, and deadlines. A good negotiator will not beat around the bush or adopt delay tactics or waste time talking about mundane matters. It is professional to immediately get down to the business at hand.
Most human beings are born negotiators. From the first breath a baby takes it makes all around him dance to his tunes. Most of us consciously or unconsciously do what we have to do to get our own way in life. And, if we look closely it is just mastering the art of negotiation.
Monday, October 30, 2006
Sorting vs. Selling
By: Ron LeBlanc
In this article I want to let you in on something that the top home based business people know. It took me a while to learn it and be comfortable with it. That concept is sorting vs. selling.
What do I mean by that? I mean that whatever home based business you are in, you must somehow contact people and communicate with them. If you are thinking that you have to find people and convince them to join your business, good luck!
If you have a business that has a higher entry level, say above $1000, you are not going to get someone who has no goals and a poverty mindset and get them invest over $1000 in a business. If you have one of the businesses with a low startup around $100 and you somehow manage to twist arms and convince someone to join in - then you should take your phone off the hook, because that type of person may think they have just won the lottery. Two weeks later when they have no results, they will be calling you to complain.
Trying to sell someone who is reluctant is like dragging someone along to a movie they don't want to see. Not an enjoyable experience. Who wants people like that around?
The secret is sorting. If you know what to look for, then you look only for those people. As I have mentioned in previous articles, you don't have to be a computer guru to do most home based businesses now. So what are the characteristics you are looking for? Desire and coachability. When you find that person, they deserve to hear about your opportunity.
How do you look for those things? What do they sound like? For desire, you want to hear something like "I am done with jobs I have to work for myself or else", "I want to make $250k and I will have a vacation home." When you hear "Yeah, money would be nice someday", or "I don't know I want my income to be unlimited", or "I'm just looking for a little something extra". Those are indicators that there is not a strong desire.
Coachability is a trait that will mean that someone will follow the business system that your opportunity has already setup. That's important because you don't want someone who will go outside your company's compliance guidelines. You also don't want someone calling you up twenty times a day because they won't listen to a training call.
You will hear a lack of coachability as you talk to them and they ask you to cut to the chase and tell them what it's about. People who interrupt you a lot are also not coachable.
Remember you are not serving people who have little desire and are not coachable by bringing them into your business. If they flop, nobody benefits. Your best response to them is NEXT!
In this article I want to let you in on something that the top home based business people know. It took me a while to learn it and be comfortable with it. That concept is sorting vs. selling.
What do I mean by that? I mean that whatever home based business you are in, you must somehow contact people and communicate with them. If you are thinking that you have to find people and convince them to join your business, good luck!
If you have a business that has a higher entry level, say above $1000, you are not going to get someone who has no goals and a poverty mindset and get them invest over $1000 in a business. If you have one of the businesses with a low startup around $100 and you somehow manage to twist arms and convince someone to join in - then you should take your phone off the hook, because that type of person may think they have just won the lottery. Two weeks later when they have no results, they will be calling you to complain.
Trying to sell someone who is reluctant is like dragging someone along to a movie they don't want to see. Not an enjoyable experience. Who wants people like that around?
The secret is sorting. If you know what to look for, then you look only for those people. As I have mentioned in previous articles, you don't have to be a computer guru to do most home based businesses now. So what are the characteristics you are looking for? Desire and coachability. When you find that person, they deserve to hear about your opportunity.
How do you look for those things? What do they sound like? For desire, you want to hear something like "I am done with jobs I have to work for myself or else", "I want to make $250k and I will have a vacation home." When you hear "Yeah, money would be nice someday", or "I don't know I want my income to be unlimited", or "I'm just looking for a little something extra". Those are indicators that there is not a strong desire.
Coachability is a trait that will mean that someone will follow the business system that your opportunity has already setup. That's important because you don't want someone who will go outside your company's compliance guidelines. You also don't want someone calling you up twenty times a day because they won't listen to a training call.
You will hear a lack of coachability as you talk to them and they ask you to cut to the chase and tell them what it's about. People who interrupt you a lot are also not coachable.
Remember you are not serving people who have little desire and are not coachable by bringing them into your business. If they flop, nobody benefits. Your best response to them is NEXT!
Two Ways of Handling Objections
by Paul Archer
Handling objections can give salespeople problems. They feel they should have the answer for every objection the client throws at them. Let me share with you an analogy of two boxers.
The first boxer, Joe Frazier was a big hulk of a man who went in fighting with all arms blazing and, through brute force, overcame his opponents. He wasn’t an elegant fighter and made hard work of his bouts. He could take punches but was usually strong enough to take them. Eventually he took a punch he couldn’t stop.
Our second boxer, Sugar Ray Leonard, was very much the opposite. Sugar won his fights quickly and stylishly and left the ring unmarked and ready for more. He moved quickly during his fights, ducking and anticipating punches, using less energy and boxing more effectively. He often beat opponents who were much stronger than himself.
The second boxer is the way we should handle objections. Don’t ask for them, anticipate them and avoid them by answering them before they actually arise.
So will you be a Joe Frazier and just talk your way to the end and then overcome all objections and beat your customer into submission.
Or will you be a Sugar Ray and dance with your customers, watching for customer reaction and buying signals. Testing the water along the way, trialling and closing when both of you are ready.
If, however, Sugar Ray Leonard was caught unawares by a punch he could deal with it. No matter how skilful you are, you’ll get objections from clients and will have to overcome them when they do arise.
Handling objections can give salespeople problems. They feel they should have the answer for every objection the client throws at them. Let me share with you an analogy of two boxers.
The first boxer, Joe Frazier was a big hulk of a man who went in fighting with all arms blazing and, through brute force, overcame his opponents. He wasn’t an elegant fighter and made hard work of his bouts. He could take punches but was usually strong enough to take them. Eventually he took a punch he couldn’t stop.
Our second boxer, Sugar Ray Leonard, was very much the opposite. Sugar won his fights quickly and stylishly and left the ring unmarked and ready for more. He moved quickly during his fights, ducking and anticipating punches, using less energy and boxing more effectively. He often beat opponents who were much stronger than himself.
The second boxer is the way we should handle objections. Don’t ask for them, anticipate them and avoid them by answering them before they actually arise.
So will you be a Joe Frazier and just talk your way to the end and then overcome all objections and beat your customer into submission.
Or will you be a Sugar Ray and dance with your customers, watching for customer reaction and buying signals. Testing the water along the way, trialling and closing when both of you are ready.
If, however, Sugar Ray Leonard was caught unawares by a punch he could deal with it. No matter how skilful you are, you’ll get objections from clients and will have to overcome them when they do arise.
Wednesday, September 27, 2006
Option
• WHAT IS AN OPTION?
– Definition: a type of contract between two investors where one grants the other the right to buy or sell a specific asset in the future
– the option buyer is buying the right to buy or sell the underlying asset at some future date
– the option writer is selling the right to buy or sell the underlying asset at some future date
Saturday, September 16, 2006
Sell / Selling
What would you think if you heard about sell/selling?
for some people, maybe the pictures that occur is like these :
- Men
- In neat uniform
- Bringing an office briefcase
- Ready to begin conversation with "Afternoon Sir/Ma'am, I'm from....would like to offer you....
- and you'll be ready with an answer like... "ehmm...sorry sir, not now I guess, thank you"
...a.k.a. Salesmen... right?? pardon me if not so, I was just guessing
but in my opinion...
...and like any other books and definitions that I've read...
Sell/selling is not the same with Salesman...and not every selling is horrible...and the things for sale is not always in physically seen, and not everything sold was connected with money...and not every men/women that sell is bad...
For example :
if you have any child, and is having difficulties in taking medicine/vegetables/or anything that is good for health and they don't like...
here also you can do sell your idea about taking something good for health event though they don't like...
...HOW...
here is one of a million example in using selling skill for this case...
you can play dolls/car toys/anything your child love to play, and play with them,
while playing, tell your child that (for example) their superhero figure, was gaining power by eating vegetables...
and you ask to anyone (pretend that their toys is also a human)... "who would like to gain power like me ...???"
when your child raises hand, ignore them, let them excited and curious first, let the superhero assistant gets first (again pretend that the toys also a human)...
after that you ask again "who else ?? " then when your child is raising hand, you can give them that something that they don't like which is good for health.
....
That's only one example, from tens of thousands example of selling creativity...
so, for those that agrees....raise your hand !!! (maybe 'raise your hand' could be pretended as comment or contacting me)
for those that disagrees....raise your hand !!! (also could be pretended as comment or contacting me)
:)
thank you for reading my blog, here I'd share some of my knowledge and creativity in selling skill, so that everything in life would be easier and fun, without force...
Happy Selling
Regards,
der_kaizer
for some people, maybe the pictures that occur is like these :
- Men
- In neat uniform
- Bringing an office briefcase
- Ready to begin conversation with "Afternoon Sir/Ma'am, I'm from....would like to offer you....
- and you'll be ready with an answer like... "ehmm...sorry sir, not now I guess, thank you"
...a.k.a. Salesmen... right?? pardon me if not so, I was just guessing
but in my opinion...
...and like any other books and definitions that I've read...
Sell/selling is not the same with Salesman...and not every selling is horrible...and the things for sale is not always in physically seen, and not everything sold was connected with money...and not every men/women that sell is bad...
For example :
if you have any child, and is having difficulties in taking medicine/vegetables/or anything that is good for health and they don't like...
here also you can do sell your idea about taking something good for health event though they don't like...
...HOW...
here is one of a million example in using selling skill for this case...
you can play dolls/car toys/anything your child love to play, and play with them,
while playing, tell your child that (for example) their superhero figure, was gaining power by eating vegetables...
and you ask to anyone (pretend that their toys is also a human)... "who would like to gain power like me ...???"
when your child raises hand, ignore them, let them excited and curious first, let the superhero assistant gets first (again pretend that the toys also a human)...
after that you ask again "who else ?? " then when your child is raising hand, you can give them that something that they don't like which is good for health.
....
That's only one example, from tens of thousands example of selling creativity...
so, for those that agrees....raise your hand !!! (maybe 'raise your hand' could be pretended as comment or contacting me)
for those that disagrees....raise your hand !!! (also could be pretended as comment or contacting me)
:)
thank you for reading my blog, here I'd share some of my knowledge and creativity in selling skill, so that everything in life would be easier and fun, without force...
Happy Selling
Regards,
der_kaizer
Wednesday, September 13, 2006
Don't Waste It
By Renee Houston Zemanski
"The number one need in today's busy world is time management," says Dave Kahle, president of DaCo Corporation, a sales training and sales development company. "We're all overwhelmed. We've all got too much to do and not enough time to do it. And because it's such a problem, getting serious about it is the best way to improve your performance." Here are some of Kahle's suggestions for managing time.
"The number one need in today's busy world is time management," says Dave Kahle, president of DaCo Corporation, a sales training and sales development company. "We're all overwhelmed. We've all got too much to do and not enough time to do it. And because it's such a problem, getting serious about it is the best way to improve your performance." Here are some of Kahle's suggestions for managing time.
Leave the details to someone else. There's a natural tendency to get caught up with busy work and details when there's no need. For example, walking a major order through your internal system to make sure all the Is are dotted and Ts are crossed isn't necessary. There's someone else to do those things. Don't fill up your day with tasks that really should be done by someone else.
Get out of your comfort zone. "Salespeople can get comfortable with a certain group of customers and, as a result, may let that comfort affect their decision making about the most effective use of their time," says Kahle. "If you haven't changed or challenged some habit or routine in the past few years, chances are you are not as effective as you could be."
Get rid of the gunk. Gunk accumulates until it clogs up the flow. What is gunk? It's the silent behaviors and habits we add to our routines that decrease our flow of positive energy. An example is having morning coffee and reading the paper before you start your day. Is this something you must do? What would happen if you picked up the phone and answered your calls while having coffee?
Prioritize your customers based on greatest potential. Assess your clients' potential on a regular basis and regularly work on the accounts with the greatest potential. That means you might have to say no to accounts with low potential. Everyone has enough or too much to do so try to find the best use of your time.
"The issue is working smarter to allow yourself to be proactive rather than reactive," says Kahle. "It's common sense, but it's so easy to get into routines of rushing and being reactive that we allow the whims of our customers to dictate our day." Responding and reacting makes you feel important, but at the end of the day you really haven't accomplished anything.
Think about it before you do it. "It's the nature of salespeople to be active," says Kahle. "It can be a problem because sometimes we act and react without asking ourselves: Is this the best way to do it?"
60 Seconds: So you deliver quality with every call, plan your monthly, weekly and daily sales calls.
Tom Hopkins' Seven Positive Affirmations of a Champion
Tom Hopkins learned very early in his sales career that positive self-talk can have a powerful impact on sales performance. To help the readers of Personal Selling Power, Tom collected a series of affirmations that he and other sales champions have used to build winning attitudes that lead to success. To make these affirmations work for you, tape this page to your mirror. Every morning select two or three of these affirmations -- just as you would choose food from a menu -- and repeat them several times during the day. Here is how your subconscious mind can help you create positive attitudes:
As you hear these affirmations, your mind will create new thought patterns and positive mental associations. These thoughts will generate new emotions which, in turn, will trigger new actions that will lead to more successful results.
To get the most out of this attitude building program, customize these affirmations so they closely match your ambitions, goals and values. Write your favorite affirmations on the back of your business card and repeat them before sales calls.
1 To Build Confidence
Today, I will win. Why? I'll tell you why -- because I have faith, courage and enthusiasm.
I have clearly defined goals and I will pursue them today with enthusiasm, determination and discipline.
Today, I will not take advice from anyone who is more messed up than I am.
Today, I will meet the right people in the right place at the right time for the betterment of all.
2 To Eliminate Fears, Failures And Problems
Today, I will do what I fear most and thus I'll control my fear.
I will see failure as only a signpost on my road to success.
I see every problem as an opportunity to overcome a challenge.
I never take rejection personally. I am first and foremost in the people business. I realize that they can only reject my proposal, not me. I keep on keepin' on.
3 Affirmations To Reduce Stress And Create Success
Today, when I feel stress, I will consciously relax and let go of my stress before making the next call.
The excellence of my service will determine the level of my income. Today, I'll give more than ever before.
For the professional salesperson, school will never be out. That's why I am learning every day.
I am determined to work harder on myself than on my job. This way I can become the person I want to be and end up doing a better job than ever before.
4 To Strengthen Myself And My Family
Today, I will nurture and love the people in my life who are the most important to me.
Today, I will be a good example for my children because they learn more from the role I play than the things I say.
I always live in the delight and reality of being alive. My past is forever gone, my future is an uncertainty, so I will be happy and thankful for each moment.
I always write down my priorities, thinking of my loved ones and my responsibilities. I may not get everything done, but I do the most productive thing possible at every given moment.
5 Attitudes Towards My
Profession And My Job
I am proud to be a salesperson. Selling is the country's most important profession for creating new wealth. It is the foundation of the free enterprise system.
I am a professional problem solver and I care more about my prospects than making the sale.
It does not matter what I want to sell, what matters is what my prospect wants to own.
Today, I will get myself out of the way and think more of my prospects' needs than of my success.
6 Attitudes Towards My Company And Co-Workers
Today, I will respect my co-workers and if I can't say something good, uplifting and positive about them, I will say nothing at all.
Today, I accept that the easiest company to run is the one I don't own. I will respect the authority given to management and follow the guidelines and philosophies of the company I have chosen to work for.
Today, I will see opportunity in every challenge offered to me by my company.
I am a winner, I work for a winning company, and because of my contribution and cooperation we will keep on winning.
7 Attitudes Towards My Life
Today, I am thankful to God for my health, my loved ones, my business and my country. I am also thankful for any pain and crisis that helps me grow.
I always take care of my body, realizing the importance of the words "moderation" and "balance."
I always strive to humble myself before others, controlling my ego and making other people feel important.
I continually invest time in study, learning how to better serve my fellow man. I know my growth in all areas is in direct proportion to the service I give to others.
As you hear these affirmations, your mind will create new thought patterns and positive mental associations. These thoughts will generate new emotions which, in turn, will trigger new actions that will lead to more successful results.
To get the most out of this attitude building program, customize these affirmations so they closely match your ambitions, goals and values. Write your favorite affirmations on the back of your business card and repeat them before sales calls.
1 To Build Confidence
Today, I will win. Why? I'll tell you why -- because I have faith, courage and enthusiasm.
I have clearly defined goals and I will pursue them today with enthusiasm, determination and discipline.
Today, I will not take advice from anyone who is more messed up than I am.
Today, I will meet the right people in the right place at the right time for the betterment of all.
2 To Eliminate Fears, Failures And Problems
Today, I will do what I fear most and thus I'll control my fear.
I will see failure as only a signpost on my road to success.
I see every problem as an opportunity to overcome a challenge.
I never take rejection personally. I am first and foremost in the people business. I realize that they can only reject my proposal, not me. I keep on keepin' on.
3 Affirmations To Reduce Stress And Create Success
Today, when I feel stress, I will consciously relax and let go of my stress before making the next call.
The excellence of my service will determine the level of my income. Today, I'll give more than ever before.
For the professional salesperson, school will never be out. That's why I am learning every day.
I am determined to work harder on myself than on my job. This way I can become the person I want to be and end up doing a better job than ever before.
4 To Strengthen Myself And My Family
Today, I will nurture and love the people in my life who are the most important to me.
Today, I will be a good example for my children because they learn more from the role I play than the things I say.
I always live in the delight and reality of being alive. My past is forever gone, my future is an uncertainty, so I will be happy and thankful for each moment.
I always write down my priorities, thinking of my loved ones and my responsibilities. I may not get everything done, but I do the most productive thing possible at every given moment.
5 Attitudes Towards My
Profession And My Job
I am proud to be a salesperson. Selling is the country's most important profession for creating new wealth. It is the foundation of the free enterprise system.
I am a professional problem solver and I care more about my prospects than making the sale.
It does not matter what I want to sell, what matters is what my prospect wants to own.
Today, I will get myself out of the way and think more of my prospects' needs than of my success.
6 Attitudes Towards My Company And Co-Workers
Today, I will respect my co-workers and if I can't say something good, uplifting and positive about them, I will say nothing at all.
Today, I accept that the easiest company to run is the one I don't own. I will respect the authority given to management and follow the guidelines and philosophies of the company I have chosen to work for.
Today, I will see opportunity in every challenge offered to me by my company.
I am a winner, I work for a winning company, and because of my contribution and cooperation we will keep on winning.
7 Attitudes Towards My Life
Today, I am thankful to God for my health, my loved ones, my business and my country. I am also thankful for any pain and crisis that helps me grow.
I always take care of my body, realizing the importance of the words "moderation" and "balance."
I always strive to humble myself before others, controlling my ego and making other people feel important.
I continually invest time in study, learning how to better serve my fellow man. I know my growth in all areas is in direct proportion to the service I give to others.
5 Cheap Ways to Market Your Business
Think you can't afford to implement any effective marketing tactics? Think again. Here are five ways to make a splash on a shoestring budget.
By Susan LaPlante-Dube
May 17, 2005
Eager to expand your client base and spread the word about your products and services? Wondering if you should even bother with marketing programs if you don't have thousands of dollars to spend?
The answer, of course, is yes. It's financially riskier for a business not to market. And there are literally hundreds of cost-effective ideas you can use to increase your revenue. Here are five high-impact marketing approaches that don't cost a bundle and that can work for virtually every business.
1. Talk to your clients. It's amazing how much money businesses spend to gather market information and attract new clients when they have a wealth of opportunity and information in their existing client base. One of the best ways to increase revenue is to talk to existing customers. Ideally, this should be done by someone outside your company so clients are willing to be honest and open.
When you assess perceptions, you don't need to talk to hundreds of individuals; simply choose 5 to ten clients and contact them to ask if they'd participate in a phone interview. Here's how it works:
1. Send a letter asking permission to have someone contact them about your company.
2. Have the interviewer call and ask value-based questions such as:
* What problems were you trying to solve or what challenges were you facing when you considered the services of Company ABC?
* How important were Company ABC's services in solving your problems or addressing your challenges?
* What did you value most about this company's work?
* What other products or services do you wish they offered that could help you with other business challenges?
3. After all the interviews have been conducted, compile the information to discover trends and themes.
4. Send a thank-you letter to every client who participated. Include key lessons from the interviews and explain the specific changes you plan to make to your business based on this information.
The important part here is to use what you learn. If you don't make changes to your business, then you've wasted everyone's time. One company that recently did this tripled its business in one year-the owners learned what people wanted, how their solution made a difference, how to present it, and how to price it, and then proceeded to make changes that improved those areas.
Keys to success: The conversation with your customers is just that, a conversation. Don't fire questions at them; instead, have the interviewer engage in a conversation and gather as much valuable data as you can. Remember, it's not about how satisfied they are-it's about how much they valued your product or service.
2. Creatively package your marketing campaigns. A postcard is one way to market your business. But how about putting a small box together with a fork, knife, spoon and a custom printed napkin that invites your prospect to "have lunch on us?" Think outside the box, and your marketing campaigns will have more impact.
And don't be afraid to see what other people in other industries are doing and adapt that to your business. Think about the little details that will get attention. I once did a marketing program to the food industry that had a brochure vacuum-sealed in the same plastic used to wrap bacon. The same piece sent to technology companies used static shield envelopes. This campaign earned 96% recognition when follow-up calls were placed.
Keys to success: Set a clear objective for your marketing campaign, and identify how you'll measure its success. Then follow up to measure the results and adjust the program if necessary.
3. Get the word out with publicity. Think you can't do PR or publicity without employing the services of a high-priced firm? You can! Although a good firm brings tremendous contacts and experience, most small companies can do enough PR on their own to spark the public's interest. One great resource for the media unsavvy comes from Shock PR, a Holliston, Massachusetts-based public relations firm. Their product, PR in a Box, delivers templates, tips and step-by-step instructions on how to prepare releases and pitch stories that will intrigue the media.
Keys to success: In one word, leverage. Though it does happen, don't expect one story placement to generate thousands in revenue. Your success depends on leveraging each press release, each article and each published mention. Put it all on your Web site: Create a news page and add a What's New area on your home page. Add it to your marketing kit and send the piece to clients, colleagues and professional organizations. Include a note in your newsletter that says 'Recently Seen In...' And remember: PR is more cost-effective and more credible than advertising.
4. Leverage existing relationships. Most people know at least 200 people. Do the math: If you know 200 people and they each know 200 people, that's 40,000 potential contacts! Spend time developing relationships with the people you already know-clients, colleagues, people you meet through professional networking organizations, friends and even family.
Start by making a list of all the people you know. Next, prioritize your list into As, Bs and Cs. As are your advocates. These are the people who feel strongly about you. They're the "cheerleaders" who would refer business to you right now. Bs could become advocates if they knew more about you, so you need to spend time with these people to educate them. Cs are those people you don't communicate with often enough. You may keep them in the loop, but they need more time and nurturing before they'd refer any business your way. If there are any names that remain, delete them.
Keys to success: Educate, don't sell. The key here is to build relationships. These develop over time as you create credibility and trust. To be truly effective, you must always be on the lookout for ways you can help your network. Start from the perspective of giving more than you ask, and your network will become your most valuable marketing tool.
5. Commit to e-mail marketing. Marketing through e-mail is flexible, cost-effective, easy to measure (assuming you put the right tracking in place), and high impact. It allows you to easily drive traffic to your Web site, reach a broad geographic audience and stay in frequent contact with your customers and prospects. E-mail marketing allows you to market your services and establish your expertise with your audience.
Use it for newsletters, new product announcements or to share your publicity success-the ideas are endless. But know that this flexibility and ease-of-use can cause problems. Remember, this is a marketing campaign. So be sure to think it through, develop an appropriate message, create a piece that reflects your brand, know your objectives, and make sure the information is valuable for your market, or people will quickly unsubscribe.
Keys to success: Don't be seen as a "spammer"! Send e-mail only to those people who have given permission. When someone asks to be removed, respond immediately.
By Susan LaPlante-Dube
May 17, 2005
Eager to expand your client base and spread the word about your products and services? Wondering if you should even bother with marketing programs if you don't have thousands of dollars to spend?
The answer, of course, is yes. It's financially riskier for a business not to market. And there are literally hundreds of cost-effective ideas you can use to increase your revenue. Here are five high-impact marketing approaches that don't cost a bundle and that can work for virtually every business.
1. Talk to your clients. It's amazing how much money businesses spend to gather market information and attract new clients when they have a wealth of opportunity and information in their existing client base. One of the best ways to increase revenue is to talk to existing customers. Ideally, this should be done by someone outside your company so clients are willing to be honest and open.
When you assess perceptions, you don't need to talk to hundreds of individuals; simply choose 5 to ten clients and contact them to ask if they'd participate in a phone interview. Here's how it works:
1. Send a letter asking permission to have someone contact them about your company.
2. Have the interviewer call and ask value-based questions such as:
* What problems were you trying to solve or what challenges were you facing when you considered the services of Company ABC?
* How important were Company ABC's services in solving your problems or addressing your challenges?
* What did you value most about this company's work?
* What other products or services do you wish they offered that could help you with other business challenges?
3. After all the interviews have been conducted, compile the information to discover trends and themes.
4. Send a thank-you letter to every client who participated. Include key lessons from the interviews and explain the specific changes you plan to make to your business based on this information.
The important part here is to use what you learn. If you don't make changes to your business, then you've wasted everyone's time. One company that recently did this tripled its business in one year-the owners learned what people wanted, how their solution made a difference, how to present it, and how to price it, and then proceeded to make changes that improved those areas.
Keys to success: The conversation with your customers is just that, a conversation. Don't fire questions at them; instead, have the interviewer engage in a conversation and gather as much valuable data as you can. Remember, it's not about how satisfied they are-it's about how much they valued your product or service.
2. Creatively package your marketing campaigns. A postcard is one way to market your business. But how about putting a small box together with a fork, knife, spoon and a custom printed napkin that invites your prospect to "have lunch on us?" Think outside the box, and your marketing campaigns will have more impact.
And don't be afraid to see what other people in other industries are doing and adapt that to your business. Think about the little details that will get attention. I once did a marketing program to the food industry that had a brochure vacuum-sealed in the same plastic used to wrap bacon. The same piece sent to technology companies used static shield envelopes. This campaign earned 96% recognition when follow-up calls were placed.
Keys to success: Set a clear objective for your marketing campaign, and identify how you'll measure its success. Then follow up to measure the results and adjust the program if necessary.
3. Get the word out with publicity. Think you can't do PR or publicity without employing the services of a high-priced firm? You can! Although a good firm brings tremendous contacts and experience, most small companies can do enough PR on their own to spark the public's interest. One great resource for the media unsavvy comes from Shock PR, a Holliston, Massachusetts-based public relations firm. Their product, PR in a Box, delivers templates, tips and step-by-step instructions on how to prepare releases and pitch stories that will intrigue the media.
Keys to success: In one word, leverage. Though it does happen, don't expect one story placement to generate thousands in revenue. Your success depends on leveraging each press release, each article and each published mention. Put it all on your Web site: Create a news page and add a What's New area on your home page. Add it to your marketing kit and send the piece to clients, colleagues and professional organizations. Include a note in your newsletter that says 'Recently Seen In...' And remember: PR is more cost-effective and more credible than advertising.
4. Leverage existing relationships. Most people know at least 200 people. Do the math: If you know 200 people and they each know 200 people, that's 40,000 potential contacts! Spend time developing relationships with the people you already know-clients, colleagues, people you meet through professional networking organizations, friends and even family.
Start by making a list of all the people you know. Next, prioritize your list into As, Bs and Cs. As are your advocates. These are the people who feel strongly about you. They're the "cheerleaders" who would refer business to you right now. Bs could become advocates if they knew more about you, so you need to spend time with these people to educate them. Cs are those people you don't communicate with often enough. You may keep them in the loop, but they need more time and nurturing before they'd refer any business your way. If there are any names that remain, delete them.
Keys to success: Educate, don't sell. The key here is to build relationships. These develop over time as you create credibility and trust. To be truly effective, you must always be on the lookout for ways you can help your network. Start from the perspective of giving more than you ask, and your network will become your most valuable marketing tool.
5. Commit to e-mail marketing. Marketing through e-mail is flexible, cost-effective, easy to measure (assuming you put the right tracking in place), and high impact. It allows you to easily drive traffic to your Web site, reach a broad geographic audience and stay in frequent contact with your customers and prospects. E-mail marketing allows you to market your services and establish your expertise with your audience.
Use it for newsletters, new product announcements or to share your publicity success-the ideas are endless. But know that this flexibility and ease-of-use can cause problems. Remember, this is a marketing campaign. So be sure to think it through, develop an appropriate message, create a piece that reflects your brand, know your objectives, and make sure the information is valuable for your market, or people will quickly unsubscribe.
Keys to success: Don't be seen as a "spammer"! Send e-mail only to those people who have given permission. When someone asks to be removed, respond immediately.
Financing a Not-Yet-a-Business Idea
It's next to impossible to raise funds for your "brilliant idea." But our expert offers some smart financing tips.
By Asheesh Advani
July 10, 2006
The truth of the matter is, ideas don't get funded; businesses get funded. That became the mantra of the professional investor community after the dotcom bust of the late 90s. However, for most entrepreneurs, getting from the idea stage to the business stage requires capital, and it has to come from somewhere. The following tips will help you use your funds wisely as you move from bright idea to booming business.
1. Create a budget. Budgets are like oil spills: They expand to fit the space they're allotted. That's why I recommend creating a budget before you raise any money. You may find that the total amount of funding you need is more than you initially thought. And when you raise money, your budget will help you make intelligent trade-offs. When I started my business, I decided to hire a web designer as a part-time consultant rather than a full-time employee because I needed to spend money on market research first.
2. Focus on the critical elements, not the fun stuff. Entrepreneurs are typically passionate and creative people, but the task of building an early-stage business involves some fairly mundane tasks. For instance, when deciding whether to spend money on designing a logo or doing market research, avoid the temptation to hire a logo designer rather than investing in surveying potential customers. Don't get me wrong: You'll need a logo and a business name to get funding for your enterprise, but market research is more important at the idea stage. And when you speak to members of your target market, you may also discover that the name, logo and business concept you initially considered is off base.
3. Brainstorm a list of supporters. People love to support new business ventures started by people they know. And even if your friends and relatives don't have the financial means to loan you money, they'll want to help you succeed and transform your idea into a business--but you have to ask them first. I know many entrepreneurs who are reticent to ask for help from relatives and friends. Get over it! If you're going to succeed, you'll need to become an expert at asking for help.
4. Refine your kitchen table pitch. In previous columns, I've described how the "kitchen table pitch" is a modified version of the famous "elevator pitch" for entrepreneurs raising money from relatives and friends rather than from professional investors. Read my earlier column to get specific suggestions about how to get financing for your idea by refining your kitchen table pitch.
5. If you can, get resources from a former employer. If you haven't burned bridges with your former employers, consider approaching them about your idea and asking for their support. You might get free or discounted office space--and possibly financial resources for your new enterprise.
6. Don't issue founder's stock until you're ready. There's a lot of misinformation out there about the timing involved with issuing stock to the founders of a business. Some "legal experts" will tell you to do it as early as possible--even before you're certain that your idea will actually become a business. This thinking was developed during the late 1990s when businesses were getting funded very early in the idea life cycle. And even though some investors continue to fund idea-stage businesses, this isn't a sufficient reason for you to rush to spend money on legal fees and issue stock before you know that you'll be devoting your full efforts to the enterprise.
By Asheesh Advani
July 10, 2006
The truth of the matter is, ideas don't get funded; businesses get funded. That became the mantra of the professional investor community after the dotcom bust of the late 90s. However, for most entrepreneurs, getting from the idea stage to the business stage requires capital, and it has to come from somewhere. The following tips will help you use your funds wisely as you move from bright idea to booming business.
1. Create a budget. Budgets are like oil spills: They expand to fit the space they're allotted. That's why I recommend creating a budget before you raise any money. You may find that the total amount of funding you need is more than you initially thought. And when you raise money, your budget will help you make intelligent trade-offs. When I started my business, I decided to hire a web designer as a part-time consultant rather than a full-time employee because I needed to spend money on market research first.
2. Focus on the critical elements, not the fun stuff. Entrepreneurs are typically passionate and creative people, but the task of building an early-stage business involves some fairly mundane tasks. For instance, when deciding whether to spend money on designing a logo or doing market research, avoid the temptation to hire a logo designer rather than investing in surveying potential customers. Don't get me wrong: You'll need a logo and a business name to get funding for your enterprise, but market research is more important at the idea stage. And when you speak to members of your target market, you may also discover that the name, logo and business concept you initially considered is off base.
3. Brainstorm a list of supporters. People love to support new business ventures started by people they know. And even if your friends and relatives don't have the financial means to loan you money, they'll want to help you succeed and transform your idea into a business--but you have to ask them first. I know many entrepreneurs who are reticent to ask for help from relatives and friends. Get over it! If you're going to succeed, you'll need to become an expert at asking for help.
4. Refine your kitchen table pitch. In previous columns, I've described how the "kitchen table pitch" is a modified version of the famous "elevator pitch" for entrepreneurs raising money from relatives and friends rather than from professional investors. Read my earlier column to get specific suggestions about how to get financing for your idea by refining your kitchen table pitch.
5. If you can, get resources from a former employer. If you haven't burned bridges with your former employers, consider approaching them about your idea and asking for their support. You might get free or discounted office space--and possibly financial resources for your new enterprise.
6. Don't issue founder's stock until you're ready. There's a lot of misinformation out there about the timing involved with issuing stock to the founders of a business. Some "legal experts" will tell you to do it as early as possible--even before you're certain that your idea will actually become a business. This thinking was developed during the late 1990s when businesses were getting funded very early in the idea life cycle. And even though some investors continue to fund idea-stage businesses, this isn't a sufficient reason for you to rush to spend money on legal fees and issue stock before you know that you'll be devoting your full efforts to the enterprise.
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