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~~ The Outstanding Results in Marketing ~~
Leading Small Business Marketing Newsletter
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Welcome back to Outstanding Results in Marketing!
In this issue:
1. The greatest secret of why so many businesses are not
successful - revealed.
2. Golden Rule #4 of Successful Advertising.
3. Qualification - the third step in Advanced Successful Selling.
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1. The Greatest Secrets of Why so many
Businesses Fail - Revealed.
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Well… it’s not really such a great secret, as it is very well documented, so Why is it then that so many business’s still Fail?
Well here’s what I have learnt in 45yrs of starting and running many varied business’s, In my opinion, in the order to do well in business you will need to posses or access these four key skill sets:
1. Financial knowledge - so that you are in control of you business’s Life blood - cashflow. A VERY Important thing to remember is that cashflow alone and by that I mean having a huge turnover and a very small if at all any gross profit margin without any net profit won’t make your business successful.
In fact you can be the most successful business by Volume sales but because you tend give discounts, you in fact discount yourself to financial starvation and even bankruptcy because your business fails..
I’ve been working with a client who had absolutely no clue as to what their cash or debt balance of their account is and even worse no idea of their turnover this or previous months.
Do you think this business is going to make profit?
2. Operational knowledge - so that you know how your business works and makes money day in and day out, every single aspect of it. You would need to know how to solve problems; operate the supporting computer systems; deliver your product or services; control the stock; recruit, supervise, train and motivate your staff; purchase products and /or services; make tactical decisions; … the list goes on and on.
3. Marketing knowledge - this one is critical and will make or break your business. Have you heard about or perhaps you even know bad, mediocre, in fact even poor quality products that have excellent marketing systems that ensured the sale of those products, turning billions of dollars in revenue worldwide? Let me give you a hint … a fast food giant…
Marketing skills - You will need to include competitor evaluation; building in, a strong and safe for you guarantees; lifecycle of your product or service; its position in the market; promotions and advertising; marketing strategy. The list goes on and on.
4. Sales skills - This is the CORE activity of Every business.
No matter how good all the rest of your systems are - if you don’t sell there will be no profit, no cashflow, no financial knowledge required (apart form the knowledge - how to liquidate), nothing else is needed because there will be no business.
A Long time ago I learned [The Most EXPENSIVE way possible-trial and Error] that it is humanly impossible to possess all above skills and that; “Leverage is the answer!”
You might be saying “Why Haven’t I heard this one before?” …
OPM - “Other Peoples Money” and
OPT - “Other Peoples Time”, etc” -
You might be thinking “That sounds Complicated, Time consuming and Frankly I can’t be bothered, because I have other things to do with my life”. ..Now I am here to Tell you that would be a MISTAKE! or ….. Well you maybe right, however allow me to share with you a SUCCESS formula that works. Before we go there let me tell you something that you perhaps already know - “Good things take time”, there’s no “Get Rich Quick” in the life. It takes time, persistence and hard work to see good results in your business. “Don’t Believe The get Rich Quick-it Will Cost You Too Much!”
You will need concentrate single mindedly on the project that will create and allow you to see the most visible increase in your profits in the shortest period of the time - the results of this project are guaranteed and if you allow me I can show you how to do it - would that be of interest to you?
In fact this is the key to winning this game - a short project (baby step) that will see your profit increase by 10-30% every single month. Impossible! Well Just Visit: http://www.onlineofflineinformationmarketing.com
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2. Golden Rule #4 of Successful Advertising.
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If you need to get new customers, by far the best (and cheapest) way is to offer a free sample of your product or service. What I am saying is, take the money you would have spent on fancy
advertising and give it to your best prospective customers (the players) in the form of a sample or trial of your product or service. (Warning: Aim your free sampling only at the players - (see rule #3) You can easily test this rule if you monitor the results from your different marketing strategies.
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“On the ladder of customer service importance, ‘customer satisfaction’ is the lowest rung. ‘Customer Loyalty’ is the top rung.” Jeffrey Gitomer
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2. Qualification - the third step in Advanced Successful Selling.
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Assume, You had approached the prospect and s/he is happy to meet/ visit your office/ store. How many times have you heard sales people trying to sell you the ’stuff’? What is your *standard* reaction - No thank you!
Why this approach isn’t successful? Because the golden rule of sales was broken. And the rule is: never ‘Present’ until you ‘Qualify’ your prospect.
You see, nobody likes to be sold, but everyone likes to buy. Have you heard saying - “S/he can sell fridges to Eskimos”? In my mind this is not only unethical but also dumb. Because what goes around comes around. It’s much easier to find that Eskimos need heaters and sell it to them.
The third step of successful sales is Qualification and here what you need to look for while qualifying - I use this as my quick reference guide - just think “MAIN” which stands for;
(M) - MONEY. Obviously if your prospect has no funds to buy your product/ service, it would be waste of time to present it to them, wouldn’t it?
But wait don’t “disqualify” your prospect just yet. Remember this lead cost you money - advertising money that is. It might have cost you $10 or $100 to get them to come into the office/store/calling you. Find out all four “MAIN” before departing/rejecting this prospect. Surely, you’d like to know how to qualify for money in YOUR sales process - keep reading…
(A) - AUTHORITY. Would you agree, that if your prospect can’t make the decision, you would be wasting your and their time presenting? Oh, horrors! We are living in such a politically correct and reserved society - how could we possible ask if the person can make the decision? You can and you MUST!
(I) - IMMEDIACY. would knowledge of when your prospect will need your product/service help you to make your presentation successful? You bet it will. The point to remember here is that Qualification not only helps you to decide whether or not to present but also how to present. The presentation and qualification will be quite different for A, B and C types of clients, don’t you think?
(N) - NEED. Finally we have arrived to the most important letter of the four. If you are coming from ethical sales - NEED is the most important for you as a sales person (and I hope that by now you’ve got use to and made a your peace with the idea that you are in fact a sales person).
There’s no point to try to sell something your prospect doesn’t need. You can, however “Pressure sell to Some People”, in which case I certainly would ask you these two questions:
1. How long do you think you are going to be in business in this case?
2. What are you chances to end up on “Fair Go”? From 1(low)-10(high) Let me suggest 9-10.
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“It is not your customer’s job to remember you, it is your obligation and responsibility to make sure they don’t have the chance to forget you.” Patricia Fripp
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“The top salespeople get emotionally involved with the people they serve. Don’t build a wall between you and them.” Tom Hopkins
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In Next issue:
1. Golden Rule #5 of Successful Advertising.
2. Presenting - the fourth step in Advanced Successful Selling.
Yours for sales and profit,
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And finally two thoughts of the month:
“The difficulties and struggles of today are but the
price we must pay for the accomplishments and victories
of tomorrow.” — William J.H. Boetcker
“Life is too short to spend your precious time trying to
convince a person who wants to live in gloom and doom
otherwise. Give that person your best shot, but
don’t hang around long enough for his or her bad
attitude to pull you down. Instead, surround yourself
with optimistic people.” — Zig Ziglar