Do You Know How Your Client’s Make Decisions?

Have you ever given any thought as to how your clients make that all important decision as to whether or not they will buy your product or service? What is it EXACTLY that triggers their buy / don’t buy button? Is it really price that controls their decision, or are other factors involved?

What you need to know…

Believe it or not, price is actually one of your prospects last considerations. Human nature says that no matter who buys what you sell, they will always want “the best deal.” That doesn’t mean the lowest price, but it does mean they want the most “VALUE” for the price they pay. The perception that your product or service offers extraordinary value controls their final decision.

Why you need to know this…

The key is to create “extraordinary value” as it relates to what you sell. In fact, if you do this, you can even charge a much higher price, providing the perception of value justifies that price. Unfortunately, most business owners don’t have a clue how to create “extraordinary value,” and therefore don’t offer it to their prospects, costing themselves massive market share and a boatload of lost revenue.

To create value, a business must “innovate.” You must understand the things your clients want from your product or service, and then use innovative ideas and solutions to either remove the pain and frustration they normally associate with what you sell, or enhance the benefits they receive from using it.

For example, the daycare mom who feels frustrated and worried when she drops off her child at daycare because she doesn’t kno

w how the child is being cared for finds tremendous relief and peace of mind (extraordinary value) when the daycare installs Web Watch… a 24 camera surveillance system that allows parents to view their child online, anytime.

…The cost to you if you fail to act

If you fail to create “extraordinary value,” then you look like, feel like and smell like your competition. You will be forever doomed to compete with them on price, and when you’re forced to compete on price, you have just lost the battle. There will always be someone willi

ng to undercut your price… ALWAYS!

By innovating your business, you begin to separate your business from your competition. You begin to eliminate your competition from the minds of your prospects… and you will have your prospects literally saying to themselves that “I would be an absolute fool if I bought this from anyone else.”

Innovation attracts your “ideal” clients to your business. These are the clients that will buy more from you at premium prices. They will spend more money and buy from you over longer periods of time. Your revenue and profits begin to skyrocket as you begin to add unprecedented market share.

Look for ways to “innovate” your business and do so in such a way that you create extraordinary value in the minds of your prospects.

If you need help working through this process, check out our FREE test drive for the most comprehensive system of marketing tools and resources.

For our FREE 4 Video series on how to create a 10X increase using a lead generation magnet for your business go to Bit.ly/10xleads and start attracting the RIGHT prospects to your business!!

Please remember that at any time you feel ready and qualified to move forward and acquire the professional help that can enable you to build the business of your dreams, just click here and check out our E-Learning Marketing System™. It’s helping small business owners just like you get the answers and the help they need to build the business they have always wanted.

We created the E-Learning Marketing System™ with the perfect combination of online resources, tools and support to get you out of any financial distress you’re presently experiencing… help you get laser-focused on your highest income-producing activities… and help you develop and then apply the fundamentals that build multimillion dollar businesses. click here to see for yourself.

Regards

James.

How Optimism Can Kill Your Business

Apparently, we as humans, suffer from this little thing called ‘Cognitive Illusion’ – in fact, it affects almost 80% of the population! What is this and how does it affect me and my business?

Simply put, it means we are pre-disposed to ‘Overestimate the likely hood of a good event and underestimate the likely hood of a bad event’….

Based on research done by Dr Tali Sharot, we are far more ‘optimistic’ than we are ‘realistic’….and to make matters worse,we are totally OBLIVIOUS to it!

When questioning newly married couples, they were asked how many of them believed that they would stay married forever…every one said that they would even though statistically 3 out of every 5 marriages in the western world end in divorce! This level of optimism continued when asking an individual who smoked what he thought his chances of getting cancer were – he said 10% when in fact his chances were more like 30%, after getting this new information he was asked the same question, he changed his answer to, yes you guessed it, 13%!!

So what does this have to do with business?

For fun, I thought I would try this with a room full of business owners (ok I am  not suggesting this was an emperical scientific study but it did show how we can be blinded).

37 business owners in a room. We separated out those that had been in business more than 10 years which left a total of 28. We then asked them ‘how many of you will still be in business 10 years from now’?.  Everyone put their hands up. I told them that statistically, over 90% of businesses fail in the first 10 years..I asked the same question and all the hands went up.

In the 5 years since we opened our business I know of 12 business that no longer exist who were in their first 3 years of operation when first opened ours…I let them know this and asked the same question with the same result!

Even in the face of  ‘reality’ we choose to keep our optimism high. Business owners especially are prone to this because they may have been successful doing what they do for someone else, they believe that they can be more successful doing it but for themselves – they allow ‘optimism’ to cloud the realty that being good at the technical work is a recipe for success when in fact it is far from the truth. Facing ‘reality’ and allowing yourself to admit to your flaws and then seeking the help you need to overcome them is how you ‘increase’ your chances of success.

So, am I saying don’t be optimistic, of course not! What I am saying is keep it in check! Being overly optimistic in the face of reality will almost certainly lead to disaster.

If you want to hear more about this, click on the link below and watch Tali’s talk on TED.com

The Optimism Bias

James Lawson – Business Transformation Coach

To download you FREE 3 video series that will show you how to generate $5,000 to $10,000 in the next 90days visit: www.impactmarketinguniversity.com

Please remember that at any time you feel ready and qualified to move forward and acquire the professional help that can enable you to build the business of your dreams, just click here and check out our E-Learning Marketing System™. It’s helping small business owners just like you get the answers and the help they need to build the business they have always wanted.

We created the E-Learning Marketing System™ with the perfect combination of online resources, tools and support to get you out of any financial distress you’re presently experiencing… help you get laser-focused on your highest income-producing activities… and help you develop and then apply the fundamentals that build multimillion dollar businesses. click here to see for yourself.

Telemarketing is NOT the Anti-Christ

Today you’ll learn how to use direct mail marketing and, yes, telemarketing to your full advantage. I know, the word “telemarketing” might as well be four letters, but there is a way to help customers feel like they are getting personal attention and keep them from blocking your number!

With the success direct mail marketing has had and the availability of computers, these can be used as a powerful marketing tool for your success. Telemarketing is best for high priced, high margin products/services.

Here are the key steps to putting together a highly effective direct mail marketing program:

1. List all benefits customers will get from the purchase of your products and services.
2. Pick the single most powerful benefit out of that list.
3. Build an attention-getting headline around that benefit. Remember to use emotion-fulfill the desire to be young, wealthy, desired, popular or successful.
4. Develop a sales letter using the headline you created to grab attention, provide information and motivate customers to act.
5. Put together supplementary items, such as a brochure, order form, reply envelope or note that encourages them to read the letter.
6. Rent or purchase a mailing list.
7. Compare cost of mailing vs. cost per order.
8. Continue to test and refine your direct mail marketing plan.

You can see how direct mail marketing can help you find a local or even country-wide target market to send letters or postcards to and draw in new clientele and customers. Fine-tuning your marketing campaign will bring better results and therefore lower the overall  cost of the campaign.

To be successful in telemarketing you need to:

• Put together a plan, so you know exactly what you want to accomplish during the call.
• Develop a list of topics to discuss and the questions you want to present around these topics.
• Input verbiage checking to see if you are calling at a good time.
• Include enough questions to keep the conversation interesting, but not too many to sound like you are interrogating.
• Start with broad questions and narrow your focus as the conversation continues.
• Offer feedback to show them you are paying attention and appreciate their time.
• Don’t insult their intelligence or manipulate them.
• Listen first, talk second.
• Be relaxed and conversational.

Telemarketing doesn’t have to be the trauma it’s made out to be. You can put together an honest, personal and effective telemarketing campaign that is endearing, informative and gets the job done. Think of how you would want to be treated on a marketing call. Ask your friends and family what they hate most about the telemarketing calls they get and work hard to craft your plan in a better way.

“When selling by telephone, you have approximately thirty seconds to convince the customer to listen to you. You need an opening statement that captures their attention, conveys who you are, what you want and why the prospect should listen.” Jay Abraham

It’s easy to see how direct mail marketing and telemarketing can positively affect your business by bringing in new customers and increasing the level of awareness about your products, services and company branding. Our FREE test drive offers the resources and tools you need to work through these processes and put together the best marketing plan you can.

James Lawson – Business Transformation Coach

To download you FREE 3 video series that will show you how to generate $5,000 to $10,000 in the next 90days visit: www.impactmarketinguniversity.com

Please remember that at any time you feel ready and qualified to move forward and acquire the professional help that can enable you to build the business of your dreams, just click here and check out our E-Learning Marketing System™. It’s helping small business owners just like you get the answers and the help they need to build the business they have always wanted.

We created the E-Learning Marketing System™ with the perfect combination of online resources, tools and support to get you out of any financial distress you’re presently experiencing… help you get laser-focused on your highest income-producing activities… and help you develop and then apply the fundamentals that build multimillion dollar businesses. click here to see for yourself.

Is Your Business YOU Proof?

Is Your Business You-Proof?

Whether you’re planning to sell your company sometime soon or sometime in the future; now is the time to ensure that your business isn’t all about you. From the latest Sellability Score* research involving 2300 companies from around the globe, here are two key factors that are linked to the probability of getting an offer for your business when it’s time to sell.

#1: You’re almost twice as likely to get an offer if your business can survive the “hit-by-a-bus” test.

If you were out of action for three months and unable to work, would your business keep running smoothly? The more your staff and customers need you, the less valuable your company will be to a potential acquirer. One good way to start making your business more independent is to begin spending less time at the office.  Start by not working evenings or weekends, and don’t reply if employees call. Once they get the picture, the best ones will start making more decisions independently. The shift will also expose your weakest employees, the ones that need training or that need to find another job. As for you, it might come as a shock to find out how much your business has become such an essential part of you; but if you’re going to sell your business one day, you need to look at it as an inanimate economic engine, not as something that defines who you are.

#2: Companies with a management team (as opposed to a sole manager) are getting offers at almost twice the rate.

If you don’t have a management team, hiring a 2iC is a good first move. A second-in-command can help you balance the demands of running your company and advance your targeted exit time.

Here’s a four-step plan for hiring a 2iC, thanks to advice from Silicon-Valley-based Bob Sutton, author of Good Boss, Bad Boss. 

1: Identify someone internally. “The research is clear,” says Sutton. “Unless things are totally screwed up, internal candidates have a strong tendency to outperform external leaders.”

2: Give your 2iC prospect(s) a special project, one that allows them to demonstrate their leadership skills to you and the rest of your team. If your candidate or one of your candidates excels, it will be clear to your team why he or she was selected.

3: Communicate your choice. If you pick a 2iC from an internal pool, explain your choice to the rest of your team. At the same time, wrap your arms around those you passed over and make it clear how much you value their contribution.

4: Shift from manager to coach. “The transition from manager to coach is a gradual evolution where the goal is to ask more questions, spend more time listening, and spend less time talking and directing,” says Sutton.

Please leave any comments in the box below!!

How would your business score in the sellability stakes?  take this 14min quize to find out – Sellability Score

Follow me on Twitter : @vabizcoach

James Lawson is a Business Transformation Coach and author located in Fairfax, Northern Virginia. He works with and helps business owners TRANSFORM their businesses from where they are to where they ultimately want to be.

How Often Do Your Customers Come Back To You?

How often do your customers come back to you? The answer can define the value of your business.

Such is the case at Wpromote, an online advertising agency that manages its clients’ online marketing and social-media promotions. Wpromote founder Michael Mothner is not looking to sell, but he did let my colleague Mark Tepper, the founder of Strategic Wealth Partners, and I have a look under the hood of his business to see just how sellable the company would be if Mothner ever wanted to get out.

We found a business that will have the big agency holding companies salivating if and when the time comes for Mothner to sell. Wpromote derives 99 percent of its $11 million in annual revenue from six-month contracts that renew at a rate of 96 percent.

This wonderful article in INC magazine by Built To Sell Author John Worrillow investigates how creating a recurring or subscription based model can radically increase the value of your business and at the same time create a line waiting to buy it when your ready to sell.!!

Buyers will Line Up For This Business Model

James Lawson is a Business Transformation Coach and author located in Fairfax, Northern Virginia. He works with and helps business owners TRANSFORM their businesses from where they are to where they ultimately want to be.

Your Businesses Greatest Asset

There are 2 ways to increase sales volume:

1. Finding new customers

2. Sell more to existing customers

Most companies seem to focus naturally on the 1^st option.

Traditional sales training and methodologies the story could have focused on selling new business, often to the detriment of the development of existing customers. The reality is, however, that it is usually less expensive, and consequently more profitable, to sell more to an existing customer than to win a new customer.

Here’s why.

 It costs less to sell to existing customers

Selling new customers requires a coating. During which time you convince prospective customers to do business with your company.  Once they landed, and assuming that you do an exemplary job of meeting the requirements, selling to them again and again, and more and more, becomes easier.  Plus, they’re so much more existing customers can do for your business.

Existing customers will refer you.

Where they refer you to other divisions of the company, to other companies, existing customers will offer you a valuable source of potential revenue. Referrals generally, only come from existing current customers comfortable enough to stick their necks out and recommend you.

Existing customers will pay more

Existing customers place a value, first, on the time it received in not having to re-educate suppliers but the basics of the organizations working each and every time they need help, and second, on the lesser risk that is attached to doing business with someone they know will address the requirements and quality fashion, on time, And within the budget. This is added value for which they will all gladly pay.

Since it is clearly more profitable to sell more product or services to existing customers than to find new ones it becomes even more critical to keep a pulse check on the relationship., Account teams must take control of relationship development. Be sure they’re not too afraid to hear what they’re doing wrong continually seeking feedback about how you and your product or services are perceived, or too modest to hear what they’re doing right.

1. Ask are we willing up to your expectations?

2 how can we improve what we’re doing for you?

3. Is there anyone else within the organization to whom you feel we should be talking?

4. what new challenges might we be able to help you meet?

It is vital to make all us of questions that you believe will help you either a improve your deliverable product or services or be introduce new products or services to existing customers.

Do it again, and again, and…

Make customer development an integral part of the way you do business. Ensure that everyone on your team understands the partly most playing in maintaining and developing good profitable relationships with your major accounts. With almost every other aspect of your business environment is changing at a rate that makes even medium term planning and difficult, customer relationship management provides a reliable link to a profitable future. Invest in.

To learn how your business stacks up from a sellability stand point, go ahead and take the free business assessment –  http://www.sellabilityscore.com/advicoach/james-lawson

 James Lawson is one of Northern Virginia’s top Business Coaches. He works with and helps business owners TRANSFORM their business from where they are to what they ultimately want, creating value and wealth.