Having trouble Scaling your business or being effective in marketing?
Consider the Flywheel and Marketing Inception concepts…
OLD: Marketing funnels are a one-way street – get them in, push them through, until they consume. Nurturing is secondary and still focuses on getting the customer to spend.
NEW: Flywheels are about efficiently storing and efficiently using energy…In business, it refers to a customer-centric model where all energy is focused on the customer, long term, and how the business and can build and increase momentum serving the customer. It revolves around the customer in attracting, engaging, surpassing their needs (delight). Amazon has been touted as a great example where it is a self-perpetuating machine with one thing feeding another always focused on the customer experience and ease e.g. platform to sell products, create products, fast delivery, returns, great experiences lead to more products and more sales, leads to acquisition and expansion… the machine grows and feeds from itself like a tornado gathering momentum. It creates momentum with customers that sustainably increase their Lifetime Customer Value (LTV) to the business through increased purchases and transactions
Marketing inception is a term to describe how the core offering has all components you need for marketing contained within your product offering. Each part or component can tell one part of the story, each part can generate specifically focused leads that fit into a bigger scheme. The benefit is there is rarely one Avatar for a business. Yet many campaigns focus on one holy grail. Inception allows access to all avatars or target audiences and uses singular components or specific messages to address individual pain points or multiple problems of assorted audiences.
All marketing is therefore focused, efficient and the lead costs are reduced. It is great for an ascension model where things are sold little by little and escalated to your big offering, however, it can also work directly with descending models because you can engage audiences at all levels of the spectrum without compromising one offer over another.
Combining the Flywheel and Inception models is a powerful way to scale and efficiently market. It all revolves around your customer. Yes…that old chestnut!
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Businesses are historically not good at mastering their own exit strategy or navigating the sale process. They simply are not prepared mentally themselves or physically with the business requirements. Many stay trapped and have to walk away, close the doors of their business. It doesnt have to be this way!
Internationally there are a massive amount of business owners that will be looking to retire over the coming years.
In Canada, within the next 15 years, over half the small business owners will retire. In the US 12 million Baby boomers who own businesses will look to retire. In Australia, over 35% of small business owners are over 50. Collectively they control trillions of dollars.
If you are looking to Exit your Business then avoid these Failures:
Mistake 1# Failure to maintain confidentiality
Mistake 2# Failure to continue to run your business
Mistake 3# Failure to use proper negotiating techniques
Mistake 4# Failure to secure qualified buyers
Mistake 5# Failure to progress the deal
Mistake 6# Failure to place the proper value on your business
Mistake 7# Failure to properly structure the deal
Mistake 8# Failure to prepare due diligence
Mistake 9# Failure to market the sale
Mistake 10# Failure to get the right advisory team
Mistake 11# Failure to properly package your business
Mistake 12# Failure to control the Deal
Take notice of these mistakes and you will be well on the way to navigating through your Business Exit hurdles. Have these mistakes handled and make your Sale stick, attract the right buyers,and enjoy the next phase of life
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Struggling to get an edge at work and home – People Skills, Awareness, and common sense, Ah yes… the soft skills. I would like to encourage you to “Manage Your Boss”
Understanding the BOSS and what is happening in their world is essential
1. What are their Goals and Objectives (stated or implied)
2. What pressures do they have
3. What is their SWOT (Strengths, Weaknesses – blind spots, Opportunities and Threats)
4. What work style do they prefer
Understanding YOURSELF – Who are you and what are your needs
1. What are your goals and objectives
2. Your SWOT
3. Your Style
4. Your behavior – dependence or resistance to authority
Bringing it TOGETHER and creating the relationship
1. Fit both of your needs and styles
2. Be clear on mutual expectations
3. Keep your boss informed – no one likes a surprise
4. Be dependable and honest
5. Be selective in how you call-on the bosses time and resources
DiSC BEHAVIOR REPORTS are a great way to fast track and understand a person’s Natural style and Adapted Style (Work / Stress). Done individually or in a group can be revealing, insightful, and an absolute fast track to understanding each other
So lift your emotional intelligence, use a bit of conscious behavior and engagement and reap the rewards
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Drip campaigns don’t replace skilled sales teams however they are a compliment. Especially since few sales team effectively follow up and most purchasers respond after multiple contacts…Bring in the Drip Campaigns a series of emails or direct messages (digital, voice, or print) that are delivered to the prospect in a systemized sequence that is automated and used to educate the new prospects. They can also handle high volumes of leads that sales teams cannot effectively handle.
Only 4% of purchasers buy now, the rest 96% take time and multiple touchpoints before they are ready. The drip campaign is a nurturing method that keeps you top of mind until the prospect is ready to buy…if you are top of mind you become a major contender for their business. I like 90% of businesses, you don’t have this process in place then you are not in the race…forgotten.
Here are the top 5 things to avoid:
1. Don’t send (Drip)To Fast – Too many emails send in rapid succession annoy the prospect. Regulate the frequency.
2. Don’t Be Too Promotional – provide an opt-out and remember to provide value by way of education interspersed with well-timed offers.
3. Don’t Duplicate prospects – beware of duplication of your prospects or you can unravel your good work.
4. Don’t forget to Monitor Lead Activity – measure your leads and hot leads should be able to buy immediately or have a salesperson follow them up. Score your leads if they can be measured, they can be managed.
5. Don’t Forget Life after the Drip – always provide offers spasmodically through the campaign, and alternate pathways if a prospect discontinues, or changes their behavior in engaging. Using newsletters or product updates, the industry can assist for long term nurturing.
Drip campaigns allow you to showcase, build trust, authority, and educate the prospect about your offers. You are providing value without an immediate expectation of a return…’The givers gain’
Here are 17 tips to become a world class salesperson:
- Get skilled – Learn to sell and present. Get educated now and ongoing (increases sales by 50%)
- Have a ‘magic number’ of calls and follow-ups
- Track your activity – in your CRM
- Have multiple sales offers – Premium offer, Up-sell, Cross-sell, Down-sell, and bundles.
- Be consistent – cold calls take on average 8 attempts
- Are the calls prioritized e.g. cold calls on Thursdays then Wednesdays, between 4 pm and 5 pm)
- Time management – call in 45 minute sessions
- Research before your call
- Listen to the client – You will stand out
- Follow Up – 80% of sales require 5 follow-up calls.
- Challenge the client it sells, farming doesn’t
- Tell more stories – Only 5% retain facts
- Respond quickly – 30-50% of sales go to the vendor that responds first
- Never discount. It’s lazy. Instead, have alternate offers and bundles
- Give the customer the next steps. If you cant help refer them
- Patience – only 2 % of buyers purchase immediately
- Pause when asking key questions or for the sale
Implement these steps to excel at selling and contribute massively to sales revenue.