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Revealed: How Marketing Inception and the Flywheel Concept can help your Business

Posted by garydamp

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!

See more at www.advancedbc.com.au/guidedtour


5 MISTAKES TO AVOID WITH DRIP CAMPAIGNS

Posted by garydamp

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’


THE TOP 17 SALES SKILLS IGNORE AT YOUR PERIL

Posted by garydamp

Here are 17 tips to become a world class salesperson:

  1. Get skilled – Learn to sell and present. Get educated now and ongoing (increases sales by 50%)
  2. Have a ‘magic number’ of calls and follow-ups
  3. Track your activity – in your CRM
  4. Have multiple sales offers – Premium offer, Up-sell, Cross-sell, Down-sell, and bundles.
  5. Be consistent – cold calls take on average 8 attempts
  6. Are the calls prioritized e.g. cold calls on Thursdays then Wednesdays, between 4 pm and 5 pm)
  7. Time management – call in 45 minute sessions
  8. Research before your call
  9. Listen to the client – You will stand out
  10. Follow Up – 80% of sales require 5 follow-up calls.
  11. Challenge the client it sells, farming doesn’t
  12. Tell more stories – Only 5% retain facts
  13. Respond quickly – 30-50% of sales go to the vendor that responds first
  14. Never discount. It’s lazy. Instead, have alternate offers and bundles
  15. Give the customer the next steps. If you cant help refer them
  16. Patience – only 2 % of buyers purchase immediately
  17. Pause when asking key questions or for the sale

Implement these steps to excel at selling and contribute massively to sales revenue.

Go to www.advancedbc.com.au/guidedtour for more
#sales #businessgrowth #salesskill


14 THINGS TO CONSIDER ABOUT SELLING YOUR AND THE TRANSFERABILITY OF YOUR BUSINESS

Posted by garydamp

It is estimated that only 20% of businesses listed for sale will sell. Of those that are sold many of the new owners will fail to transfer successfully into new ownership. As a seller getting the ‘transferability’ of your business sorted can reward you handsomely for de-risking the purchaser.

Avoid selling stress consider 14 things

The sale value of your business is ultimately bound to how transferable the elements of your business are to someone else. Being transferrable increases your business attractiveness as well as the sale value by providing a higher business value multiple against your EBITDA (Earnings Before Interest Depreciation & Amortization) benchmark.

Here are 7 transfer considerations and 7 Mistakes commonly made

7 transfer considerations:

  1. Is the Business too dependent on you
  2. Can the People transfer (human capital)
  3. Can the Customer relationships transfer (customer capital)
  4. Can the Process and Technology transfer easily
  5. Can someone else learn the process
  6. Can Business continuity and growth transfer
  7. Will the Social Capital transfer – brand, culture, trust, and values

7 Transferability killers are:

  1. Poor or unsubstantiated financials
  2. No clear Market Dominating Position
  3. Owner & keyman dependence
  4. Poor documentation
  5. Lack of transferable systems and process (not repeatable) – No rhythm
  6. Risk – Product Liability, Lawsuits & contingent issues
  7. Customer risk – excessive customer reliance (1 customer responsible for 80% of revenue)

The best remedy is always to start with an end game in mind. Build value throughout the business cycle. Building from scratch with a focus on value, rhythm, and process will help. Behaving in the interest of the shareholders versus just the owner is a must. By following the vision, using discipline, and process the transferability of your business will be enhanced as with the saleability of your business

To learn how to create a great business and enhance transferability go to www.AdvancedBC.com.au/myguidedtour


THE TOP 17 SALES SECRETS

Posted by garydamp

Sales are referred to as a numbers game.

Business is really about maths and knowing your numbers. Sales also reflect this and also the culture and leadership of a company.

Focusing on the right things can make a big difference in increasing your conversion rates, the number of transactions, the Average Sale Value, and margins. 92% of customer interactions happen over the phone.

 

Empowering the sales team

Sales teams need good training, good presentation skills, and the right offers to present to prospective customers. Did you know 99% of businesses are not clear on their market-dominating position? This unique difference is part of the culture and ethos the sales team will reflect on your clients. Do you know the Break-Even of your Sales Offers? Or the dramatic impact of any discounting on your gross profit?

                                 Sales success!

Here are some specific things to do:

  1. Get skilled – Learn to sell and present. Get educated now and ongoing (increases sales by 50%)
  2. Have a specific ‘magic number’ of calls and follow-ups to be made in a month, broken down to weekly and daily amounts
  3. Track your activity – if it can be measured it can be managed. Accurate information in your CRM for follow up actions, campaigns, and deal progression
  4. Do you have multiple sales offers – a premium offer, Up-sell, Cross-sell, Down-sell, and bundles. Don’t get cornered with an objection and one offer.
  5. Be consistent – cold calls take on average 8 attempts
  6. Are the calls prioritized for the job – cold calls and prospecting Thursdays then Wednesdays, the best times are between 4 pm and 5 pm)
  7. Time management – break the call sessions into 45 minute blocks then check emails, etc
  8. Do some research before your call – out of respect and to gain insight for better conversations
  9. Listen to the client – You will stand out
  10. Follow Up – 80% of sales require 5 follow-up calls. 44% of sales reps give up after one follow-up.
  11. Challenge the client (higher conversion rates) on their thought or belief process. Challenging sells, farming doesn’t
  12. Tell more stories – Only 5% retain facts, stories are king
  13. Respond quickly to requests, leads, and inquiries – 30-50% of sales go to the vendor that responds first
  14. Never discount. It is a lazy culture, drastically impacts your gross profit. Instead, have alternate offers and bundles.
  15. Take the customer on a journey always with the next step. If you cant help then give them an alternative.
  16. Closing the deal – only 2 % of buyers purchase immediately the rest will need education and nurturing till they are ready.
  17. Pause when asking key questions or for the sale – silence elicits a response
  18. Drip Campaigns – all client contacts into a systematic routine to stay in touch and ‘top of mind’ with the customer

 

By implementing these sales tips you are on the way to being a world-class salesperson and becoming a valuable contributor to a company’s revenue capability. Your worth has also just increased

 

Go to www.AdvancedBC.com/wrong for more insight or take a look around my e-learning system for a world-class education at www.AdvancedBC.com.au/myguidedtour