Anything the mind can conceive and believe, it can achieve. -Napoleon Hill

The Power of Discernment in Business

By Michael Walsh

Discernment is a powerful, yet overlooked dynamic in business. The ability to discern or distinguish what makes sense from what doesn’t, often makes the difference whether opportunities turn into profits or not.

It is very important to be able to trust yourself, including trusting your own gut feeling. The ability to notice that gut feeling is discernment.

The ability to distinguish what makes sense from what doesn’t is partly a function of your business experience. You know what the right answer is in a given situation. You might not be sure why you know, but you know.

Ever had that feeling? These are powerful feelings that business owners have all the time. You can’t explain why you are clear on something, but you are crystal clear. Rather than merely some esoteric airy-fairy notion, this “gut sense” is usually based in some very specific dynamics that are constantly at play in your mind.

What are the dimensions of this thing called discernment? It’s composed of three distinct elements:

  1. Your business experience
  2. Your personal experiences
  3. Your sense of intuition

Your Business Experience

I’ve met entrepreneurs who have been through so much in their business lives, that they just know what is appropriate in any given situation. They have been there and seen it. Their level of discernment has been finely honed over the years, based on their experiences, and all the lessons they have learned in business by, well, being in business.

You don’t always have conscious access to what makes sense, but it is there in your subconscious mind. You do not lose the lessons you’ve learned from your business. They are stored in your subconscious.

Your Personal Experiences

Whether you have years of business background or not, you still can discern or notice what makes sense from what doesn’t. This is mostly based on the personal experiences you have gained through your life.

Ever since you were born you have been learning. Your internal barometer for what makes sense in your world has been evolving. You don’t think about this much, but it can be a very powerful ally to you in operating your business.

Your personal experiences grow your core values and they contribute to your level of discernment. The important things are so visceral and automatic to you that you don’t need to consciously think it through. You just know what is right versus what is wrong, for you. That’s not to say that this is true for someone else, but it is part of your make-up.

Some people love adventure. Others only take measured risks. Neither of these approaches to life are fundamentally correct or incorrect. They’re just different. Your personal background and experiences, including what you were taught by your parents, your teachers and others who were instrumental in helping you grow into adulthood, all have an impact on your decision-making.

Similar to business experience, you can’t necessarily pinpoint where a particular decision came from, but you know what’s right for you.

Intuition

This is the most elusive of the three dynamics of discernment. Much has been said about “Women’s Intuition.” It works.  Many very smart men don’t question the women in their lives when they have a gut sense. You call it women’s intuition, accept it and move on.

There have been times in life when I have had my wife say, “I don’t know. I just don’t trust that person,” only to have these words turn out to be prophetic.

Many people don’t believe in intuition. It’s hard to explain. Have you had many occasions where something just drops into your mind, making perfect sense? There are those who say we are all connected and part of one universe. That’s just our way of accessing universal consciousness. Well, I can’t explain it, but I won’t ignore it.

There have been far too many times where something has just come to mind. That sense is what I am calling intuition. Is it based in our business experience, or our personal background, or something else? I don’t know. Here’s what I do know. If I trust my own gut sense, which is a combination of all this, then I seem to make more decisions that are right for me.

Response versus Reaction

Discernment is looking within yourself and seeing what is right for you, or for the situation. This is very different from reaction. Many people operate like a pinball, bouncing from one crisis to the next, reacting to what gets thrown at them. This is NOT discernment. It is reaction.

Don’t get me wrong. Reaction is good, in its place. We can react immediately to situations where there is a threat. This is good. Without this instinctive state, You might not move out of the way when a bus was coming down the street you were attempting to cross. Reaction is what tells you to run from danger, or when to fight to save yourself.

However, most of the events in life are not life-threatening. Some people seemingly love to have opportunities to react. They often get themselves into trouble by overcommitting to things they are really not committed to.

Making Messes

The definition of a “mess” is an obligation without commitment. Have you jumped at things and said yes without the benefit of a “gut-check”? This is the source of many messes in the lives of entrepreneurs. It causes you to waste energy handling a number of things you were not even committed to first.

Slowing Down

Instead of reacting to everything as if it were an immediate threat, what would happen if you slow down enough to gain access to your own internal wisdom? This takes practice. Responding instead of reacting is so powerful that it is too important to overlook.

By slowing down, you are better able to discern what makes sense from what doesn’t, on a much more consistent basis. Your decisions improve, and your business will do better than it does today.

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Filed under Business Development by Michael Walsh.

The Three Elements of Product Differentiation

By: Michael Walsh

Being unique in the marketplace provides distinct advantages.  In fact, if you do not provide something unique, your business will be severely challenged.  So, what are the three elements of product differentiation?

1. Convenience (or timing)

2. Customization.

3. Cost Recovery

Convenience

People don’t want to wait these days.   In order to differentiate your product from your competitors’, consider how you can deliver your goods and services precisely when they are needed.  Often, this means being faster than your competitor — but not always! If I order drapes as part of a renovation project, for example, I don’t necessarily want them immediately.  I may not need them for six weeks.  If I get them too soon, they might get damaged waiting to be hung.

However, I do want them when the time is right for me.  The company that can deliever what I need when I need it will certainly be better positioned to earn my continued business.

Customization

When I order those drapes, I don’t want just any old size or pattern.  They need to fit perfectly to my windows, and I want them in the style and color pattern that goes best in my house.

Customization is an element of product differentiation that cannot be over-emphasized.  The more you know about your customers’ needs — and the better you do in serving those needs to your customers’ satisfaction — the stronger your competitive position will be in the market.

Service-based businesses are particularly capable of customization.

Even with a product-based business, there are still techniques available for individualizing your firm, such as customizing your billings, or special packaging for your best customers.

Product customization is a rapidly growing field for clothing, footwear (ex. sports shoes in school colors), backpacks in the color you want, cosmetics, automobiles, motorcycles, etc.

Cost Recovery

Cost recovery does not mean paying the cheapest price.  It does mean gaining the highest leverage per dollar spent. Often, in fact, it makes more sense to spend a little more to obtain a product or service that most closely aligns with your needs and brings satisfaction.  Too frequently, "I got it cheap" is the consolation prize when you end up with something that really doesn’t properly serve your needs

Summary

These three elements of product differentiation — convenience, customization, and cost recovery — may appear to be simple and obvious.  Unfortunately, they are far too often missing in your efforts to develop and improve your position in the market.  As a result, companies that focus on providing these three elements and improving them steadily will be in a much better position to gain and keep a competitive advantage over their rivals.  To put it another way, paying attention to these three "c"s will yield a fourth: commerce.

Commerce happens when your customers’ needs equal your ability to satisfy them, building a steady flow of continued customer satisfaction and business growth.

Please take a few moments over the next week or so and look to see how well you do in each of these three elements of product differentiation.

 

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Filed under Business Development by Michael Walsh.

Networking: It’s Not Rocket Science

Even if you’re a friendly individual who has good relationships with people, you might still be an introvert who has trouble networking.  In today’s business world, communicating and making contacts is everything, and just about everybody has to do it.  Below are five tips on how to get connected to the right people:

Networking Tip #1: Make a List of Everybody You Know

Everyone you know who is relevant to your professional life, that is.  Keep an alphabetical record of their names, addresses, phone numbers, and emails.  Every few weeks, randomly select one of these names and make contact with that individual over the phone or over lunch.  You’ll be surprised at how these informal meetings will open the door to new possibilities.

Networking Tip #2: Don’t wait

Too often, people wait until they are looking for a new job to start networking.  Don’t fall into this trap – you should be networking on a daily basis, creating contacts and opportunities for yourself while you’re still employed.

Networking Tip #3:  Have Long-Term Relationships with your Contacts

Don’t use your contacts and then leave them when you’ve got everything you need.  Send thank-you notes and follow up with your contacts if they’ve recommended your name to someone or given you advice.  Keep your contacts in the loop if they’ve helped you out, because they’ll be more likely to provide assistance in the future.

Networking Tip #4: Be a Resource for Others

Increase your visibility by becoming known as someone who is a powerful resource.  This way, people will come to you for suggestions, ideas, names of other people, etc.  In turn, they will remember your name and mention it to others.

Networking Tip #5: Set Goals

Many people fear networking because it often involves approaching a stranger and forming a face-to-face professional relationship.  For a lucky few, this is a natural talent.  For most, however, creating these new relationships is a skill that takes a lot of practice.  Set networking goals for yourself: You might try committing yourself to meeting 3 new people and reconnecting with 3 people at the next function you attend.  Instead of being a wallflower, take a risk and spend some energy getting to know someone new.

“You have to give before you get. Many people think networking consists of collecting contacts and then only calling them when you need a favor. No, it doesn’t work that way. For networking to work and be fair, you must develop you contacts over time and find ways to help these contacts well before you need their help.” – Ed Smith

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Filed under Business Advice by Michael Walsh.

Five Strategies for Resolving Conflict in the Workplace

One common reality in every workplace is conflict.  I always say that every human interaction has the potential for conflict, and when a diverse range of people work together every day, conflict is inevitable.  Each person in your organization will have unique needs, values, desires, and perceptions, and these unique factors may at times cause stress or tension in workplace relationships.

It is important to be able to know how to identify, assess, and resolve conflicts.  While conflict arises in both work and non-work situations, we will focus our energy on strategies for conflict at work.

Strategy #1: Don’t Ignore Conflict

Ignoring conflict has many consequences:  increased resentment, escalation of conflict, interference from outsiders, isolation, etc. Addressing conflict early makes a more harmonious working environment and increases team ability and performance.

Strategy #2: Choose the right time and location.

Both parties need to be able to focus all of their attention on the issue at hand, so finding a neutral space and sufficient time for all participants to prepare for the meeting is critical to successful conflict resolution.  One party shouldn’t feel like they are in the other party’s territory, or that they are at a disadvantage because they’ve had less prep time.

Strategy #3: Set ground rules before you begin.

One strategy: I talk, you listen; you tell me what you heard; we agree about what I said; you talk, I listen; I tell you what I heard; we agree about what you said; we identify the problem; we both suggest solutions; we agree on a solution.  There should be no interruptions.

Strategy #4: Be Accommodating

Sometimes by being prepared to accommodate the other person by adapting or compromising, it gives them the freedom to do something reciprocal.  In other words, choose your battles wisely and ensure that you are aiming to preserve relationships and not to isolate or denounce the other party.

Strategy #5:  Don’t get side-tracked on other issues.

Refer back frequently to the problem at hand and decide on what outcomes you and the other party want, otherwise you may be tempted to digress into other territories.  This will only delay or prevent a solution.

Keep in mind that there are many different approaches to resolving conflict. 

Evaluate your own conflict resolution style—try to gain insight about your preferences and tendencies for interacting with others and recognize that not everyone will have the same approach.  Develop your strategies and continue to refine them as you grow your business, and you will foster a much healthier and congenial working environment.

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Filed under Business Development by Michael Walsh.

Thinking Through the Bigger Game (Part Two)

Step 1: Thinking Through the Bigger Game

The first thing to do when you are thinking about the large scale growth of your company is to picture how the business will run at $3 million (using our example).  How will it be attracting customers?  How will the customers buy at that point?  How many people will you have working for you?  What size of facility will you be in?  What will the geographic span be to achieve your new, larger size?

All of these questions and more need to be addressed.  By thinking these things through, you will start to see much more clearly what the infrastructure will need to be to support your organization at its new, bigger size.

Step 2: Draw it Out

It is one thing to answer these questions to yourself or on paper.  Now, draw out your current organization chart, followed by the organization chart that your new company will need to look like if you are to achieve and sustain the sales levels you desire (in this case the $3 million).  Don’t worry about exact names in each of the roles that will be needed.  Start with the roles themselves.  The visual of how many people will be working in what roles will give you a good idea of space requirements, and other supports that you will need.  Don’t worry about getting it perfect.  You can, and will, adjust this as you grow.

Step 3: Do the Math

After you have a potential organization chart, now it is time for the calculator.  Sit down and figure out what your future Profit and Loss Statement will look like.  You may need your accountant’s help with this, but it is worth it.  You already have a rough idea of how many people you will need, from your organization chart.  Now, through the financial statement, you can figure out the space requirements, the sales support needed, as well as all the other levels of infrastructure you will need to achieve the $3 million in sales.  This is critical to catching all that you will need to address, so don’t skip this step.

Step 4: Develop the Transition Plan

You know where you are currently, and you now have a plan for what the future might look like, at triple your current size.  Next is to sort out the transition plan.  You still can’t afford to add all the pieces at once, but you can decide how you will phase them in, as you grow.  Check to make sure you are funding the steps in a manner that makes sense to you.  This is another area where your advisors can really help.  By making the infrastructure changes event specific (i.e. when I hit $1.5 million, that’s when I add the next salesperson, for instance), you can afford your growth along the way.

The difference is that you will have thought it through, including the pieces that most people miss.

By following this approach to large scale growth, you will find it easier to overcome the fear and tap that internal fire in the belly to grow your business consistent with your dreams.

 

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Filed under Business Development by Michael Walsh.

Thinking Through the Bigger Game (Part One)

When business owners start thinking about growing their companies, most have a two-sided reaction: First, they feel a fire of excitement about having the business of their dreams.  Along with that comes a quiet feeling of revulsion that dampers the fire, because they know that it will take a lot of work to take their business to the next level.

The source of these mixed feelings isn’t a mystery: Didn’t it take a lot more than you expected to grow your business to the point it’s at right now?

It’s one thing to have the skills to deliver exceptional value to clients and customers as you grow. Then there are all the things you had to learn about sales and marketing, about finances and, of course, about hiring and working with people. How will these areas evolve alongside your growing business?

Traditional Growth

You now have your business running at a level that pays you well, and it seems to be working (though you still put too much time into the business for your liking).  The idea of growth is both daunting and enticing.

Think about it for a minute:  Usually, a small business will naturally grow fairly quickly up until the point of getting to full capacity in one area or another.  Let’s say you get to $1 million in annual sales.  You have a system that seems to be working, so you decide on a 15% increase, pushing sales to $1.15 million.  Then the next year, you grow a little again, going to $1.25 million.  Then up to $1.4 million.

However, there is a problem here.  Whatever that “natural capacity level” is that was at full capacity is now becoming stretched.  You’re stretching your existing structures past their capacity levels.  That’s when people start to get spread too thin.  They start getting tired and making mistakes.  Then you try to solve that by adding more people, only to find that the efficiencies you enjoyed at $1 million have gone away, and that your costs are getting out of hand, while your customer service levels are slipping.

What’s Missing is Infrastructure

You know you need more infrastructure to make this work – some major capital expenditures, whether it be new software, a new piece of equipment or new space for your people.  But with the increases at the size they have been, you can’t afford to make big changes. If you are at $1 million in annual sales, an  extra $150,000 might only leave you with $30,000 after expenses.  That’s hardly enough to spend the $40,000 to $50,000 on that new piece of financial and accounting software.  It makes no sense.

Anytime you decide to grow by little bits, unless you have excess capacity in all areas – including your own time, by the way – then something will get stretched and possibly break, making the whole growth thing that much more difficult.

The Good News

The good news is that it is actually easier to double or triple a business than it is to grow it by 10% to 15% per year.  Yes, that’s right.  I said easier.  The reason is that while you may delude yourself that you can get by with small growth without changing your systems, there is no way that you will think you can run a $3 million company the same way your now run your $1 million business.  It just can’t be done.

Instead, what people do when approaching large scale growth is to think through the bigger game.  You may not be able to afford that new software program at $1.15 million, but you know for certain that you will need it before you hit $2 million, and definitely by the time you get to $3 million.  And, there are lots of other changes that will need to be made too.

Filed under Business Development by Michael Walsh.

Choosing a Supplier in 5 Easy Steps

 

Getting excellent suppliers is a challenge. Too often when I’m speaking with entrepreneurs, the feedback is inconsistent about their experiences with their suppliers. Whether it is their accountant, an outsourced bookkeeper, their banker, or some other service-based vendor, the reviews that I hear are all over the map.

“She is wonderful. I don’t know what I’d do if she ever retired.”

“They drive me nuts. But I just don’t know where to find someone better.”

“My guy is great. I could never get by without him.”

If your suppliers and vendors are great, then that’s wonderful. However, if they are not so great, you have a problem. It’s very expensive for a small business owner to put up with poor, inconsistent or even OK service.

What if you had a system to recruit and select the best vendors and suppliers?

We just happen to have such a system. Like most systems, it requires a little bit of work up front. By putting in the effort in advance, you will find that you have a much easier go of it later on. The system has 5 steps.

The 5 Steps

Step 1. Get clear on your outcomes.

What are the outcomes that you want to achieve? The more specific you are, the better. The key here is to write these down, and keep getting more specific until you have a clear picture of exactly what you want.

Whether it is an outsourced vendor or supplier, or someone in-house to work with you, you need to identify what specifically, you want them to do (the To Do’s of the service or role).

I recently needed someone to help dress up and pull together some of our materials for the consultant training we are currently conducting in different parts of North America. Initially I thought I needed a graphic designer, and I decided to get someone in-house, either part-time or full-time. When I posted online for this, I got resumes back from a bunch of artists. Not what I wanted or needed.

Then I reread my ad. I saw that I wasn’t specific enough. By changing the ad to attract exactly the skill set I needed and changing categories to writer/editor instead of graphic designer, I was able to find a wonderful person who truly fits our needs.

Step 2. Decide what type of person / company fits your needs.

Once you’re clear on your outcomes, decide what the level of skill or expertise is that you need to accomplish your goals.

What are the alternatives that might fit? Will an in-house person be needed? Is it a small company you want, where you might get more individualized attention? Or do you need a larger organization, where you have more depth of expertise? Perhaps some combination … list the alternatives, as part of this step.

Step 3. Build specific lists.

For each alternative, build a list of specific potential suppliers.

For example, if I want marketing expertise: I could list a number of small, boutique marketing houses; I could list some of the larger advertising agencies that also serve smaller companies; and then I could identify solo practitioners who might do the job.

Listings in the local Chamber of Commerce or your Board of Trade roster can give you access to all of these.

Step 4. Go interview people.

Choose a few people to meet and interview them. When you are speaking with these people, check to see if they meet these three criteria:

  1. Do they have the right skills that you seek
  2. Will they be able to address your priorities?
  3. Are they a fit with your company?

Step 5. Conduct reference checks.

When you are speaking with the references of the shortlisted individuals, listen for any nuances that may give you a clearer sense of how this supplier might be able to assist you. How has the supplier helped the reference? In what specific areas were the biggest differences made? Are these the areas you seek?

By taking time and working through this process, you will be more likely to find solid vendors and suppliers that may assist you as you grow your business, consistent with your goals and commitments in life.

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Filed under Business Development by Michael Walsh.

Perceived Value

Have you read the best selling book Influence: The Psychology of Persuasion by Robert Cialdini? It’s a classic in the field and in my opinion, required reading for a business owner.

In it there’s a story about a jewelry retailer who had brought in a specific line of items that were not selling fast enough. She was going on vacation, but at the last minute decided to leave a short note to her store manager to cut the prices by 50%.

The manager, rushing to open the next morning, glanced at the note and made the changes.

When the owner returned from her vacation, she was surprised to see that other than a couple pieces, all the items had sold. Her manager was beaming when he came in.

I imagine the conversation went something like this… "What happened? Lowering the prices on those items really made them popular, right?"

"Lowering? You’re a great kidder. I’ll tell you what though, doubling the prices on those items was genius. They sold like hot cakes!"

The manager in his rush had thought she meant to double the prices, and customers had snapped up the items in response.

The new price matched the customers preconceived ideas of the value of those items, where the original lower price didn’t. The higher price was in effect, a message to market match.

Value is a relative measure of the benefits you get for the money you spend.

In almost all cases, perception is the most important factor. Your customers preconception that "You get what you pay for" will influence their perception of the value you offer.

Refer to this earlier article:

In summary: The 9 times higher priced of two differently priced glasses of the same wine, actually tasted better to people (measured by their reporting and fMRI brain scans.)

  • So what is your customers perception of the value of services that you offer?
  • What can you do to influence their perception of the value of your product or service?

For instance, pricing, exclusivity, and guarantees are proven ways to influence used by companies. Other ways include free trials or samples, media coverage, thrid party endorsement, testimonials, referrals and positioning (titles like foreclosure, auction, or short sale all automatically suggest value.)

Picking one, how can you make your guarantee be a key influence of your customers perception of value?

Let’s dig deeper into value. What are people pressed for more and more in this busy world of ours? Time?

What if you had an "on time delivery" guarantee. Worked well for Domino’s Pizza and Federal Express. What about a price guarantee, an extended warranty built in, and of course a satisfaction guarantee? Brainstorm with your team about other out of the box guarantees, that would influence your perceived value.

Understanding your market is important. But beware of your own preconceptions. For instance, the only proven way to really know the most effective price, is by testing.

Other thoughts from around the net:

It’s all about the perceived value – One thing that counts a lot for any product is its perceived value. Customers do not buy the product, they pay for the value that the product provides them. The more the perceived value of the product, less relevant is the price tag on …

Improving your product’s perceived value – So what is perceived value, and what does it have to do with your product? Perceived value is what customers think your product should cost, or more specifically, what value they think it has to them and what they would be willing to …

Perceived Value – Here is a quick video that discusses perceived value and the importance of understanding your audience, what you sell to them, and what it’s worth to them. I hope you enjoy it! To your success, …

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Filed under Business Advice by Michael Walsh.

97% of Businesses Fail!

The admittedly grim statistics of business failure can be an amazing resource. The trouble is that many people ignore the facts and don’t use that information to change how they operate their business. Frankly, the stats should motivate you to start thinking about your business in an entirely new way.

In this article, I’m going to give you some proven tips for taking action on your business. These tips will almost ensure that you are not only a surviving, but a thriving business owner category. They’re easy and won’t cost you anything to implement.

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For a number of years I’ve quoted some chilling statistics about business success. For instance, 80% of new business fail within 2 years. And of those left, only 3% make it past 10 years.

If that’s not bad enough, only 1500 out of 10,000 businesses reach a $1 million in revenue.  Only 75 of those get past $5 million and only 1 or 2 of those gets to $10 million.

So clearly, building a thriving business is a rare thing. In fact, with those statistics… building a business would seem to be one of the hardest tasks there is. What’s the secret?

Aside: This is exactly what we do at Kaizen Consulting – take thriving businesses and grow them into $5 – $10 – $100 million dollar companies.

Full disclosure, Safety Tip: You’ve probably heard these before… If you’ve ignored taking action on them, allow yourself to take the opportunity to do it different this time – ok?

Tip One: Take time

Take time each week to work "on" your business, rather than in it. Schedule it now. Make it a regular and re-occurring commitment to take a programmed hour a week (to start) and just think about your business and where it’s going.

Tip Two: What to think about

To take maximum advantage of the time that you are thinking about your business, start to target the areas that will make the most difference to your business. Where’s the pain? Start there!

Some suggestions… how do you do more of what you are best at and less of what you could hire someone else for; specific pieces of your sales process; what are your specific goals for the business, what marketing tactics will deliver ROI, how to hire great staff, using the internet to develop business, etc.

Here’s the system that makes this work.

If you start with a large subject, break it down into the specifics. Address an area each week and think through the ways to improve and refine that specific area.

For instance, look at your sales process. What are all the steps in the process? Prospecting, getting appointments, building rapport, presentation (what to say and how to say it), education based–sales support material, building a relationship, closing, follow up… etc.

Week 1 you start with prospecting: How can you improve and leverage your prospecting time? Well, let’s dig deeper… Who are your best customers?

Who are (and where would you find) your "ideal" customers? Make a list of the top 50 or 100…

What’s the best way to contact these people? It takes 7- 9 touches before your customers might respond so how can you automate some of that – beyond dialing for dollars? Direct mail, email, newsletters, radio advertising, internet advertising (adwords) … etc?

End your session with writing down 3 realizations and 3 specific actions that you are going to implement in your business. Then do the actions!

The next week you think through the next specific piece and break it down into it’s components, so you can keep making progress. After a few months of this, can you picture how you will be systematically improving every aspect of your business?

This is the unbeatable way to grow your business so that you meet all your expectations and dreams.

Like this post? Publish It On Your Own Blog

Some other good thoughts from the web…

Cool site full of great ideas on Business Planning  Right-Brain Business Plan

Top 5 Mistakes that Create Stress and Overwhelm  Work With Ease

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Filed under Business Development, Entrepreneur, Grow Your Business by Michael Walsh.

7 Steps For Effective Marketing

Marketing is an area that can boost your business quickly. In this article, I’ll outline 7 proven steps to kick your marketing into high gear.

Marketing Step #1 — Be different and unique

What is your unique selling proposition? What makes you different – that really unique thing that is difficult for the rest of the competition to copy or do better? (Hint – if it’s price, you’re already in a race to the bottom where everyone loses.)

How are you different? What makes you, your services or products unique? With over 80% of small businesses having a strong service component, this is a critical area – set yourself apart from the rest.

If you are providing a commodity product or service, you might think it’s hard to set yourself apart. Always, there’s something you can find, do or commit to in your business that no one else can duplicate. Be creative, and use a secret weapon… (write this down) Google.

Marketing Step #2 — Stay in Contact

More than 80% of all sales are made on or after five contacts with the potential customer. Yet studies have shown that 54% of all salespeople give up after the first call… and 96% give up after 4 calls.

Many small businesses do not consistently stay in touch with their prospects, referral sources and existing clients. This is a critical mistake.

Develop and use a follow-up system. Write on your blog, publish a weekly newsletter or ezine, collect and distribute interesting articles, regularly send out useful postcards with a short tip and special offer.

There are many inexpensive ways to regularly put your name in front of your clients and prospects. Just get started and do it consistently!

Marketing Step #3 — Be conspicuous

Are you consuming all your time with "busy"? It’s time to develop effective ways of letting people know who you are and what you do. You can tactics to get media and public attention and that can boost your business.

Use free tactics like networking, public speaking, publishing articles and press releases. These are effective of getting the word out. Plus you build credibility by having someone else talk about your business.

A website / blog, radio advertising, direct mail, telephone marketing, and follow up systems can all be very effective… especially when used together. It’s simple: if no one knows what you do, you will struggle to build your business.

Marketing Step #4 — Do what it takes to impress

Marketing guru Jay Abraham defines clients as:
Someone who is under the care, guidance and protection of an expert in a particular field.

It easy to lock in on securing more business. A great way to differentiate is to “Hug” and over deliver to the clients you already have. Would your referral rate increase if you  regularly responded to your clients, like you did on the day they hired you?

You see this is a simple, overall element of marketing and building a brand – consistently  over-deliver. Just being consistent with how you deliver will bring a level of security to your clients and they will come back for more.

Marketing Step #5 — Sell by educating

You are an expert in your market area and field. But you must continually educate your market to both establish credibility and to bring them up to speed on what your expertise will do for them. Most potential clients don’t know how you can help them. Educating them, breaks down their resistance.

Use industry study findings, facts and research to prove that you know more than they do – you’ll lessen the times when you feel like they have all the control. Four more ways to boost your educational element: write articles both online and off, public speaking in your expertise area, offer an email newsletter or write a book.

Marketing Step #6 – Build and use a marketing plan

Doing is the preoccupation of most business owners and professionals. That’s how they get a ton of things done. More often than not though, it becomes a habit… and a blind spot. They are so busy doing that they don’t plan and work "on" their business.

Creating a marketing plan is best done by starting simply. Sure there are a million marketing tactics to try, but start with the basics and expand from there. Build a simple marketing plan so that you take action today.

Start by listing who your ideal clients are. Then think about the top three lead generating strategies to reach them, and then brainstorm out the first few steps to get started with.

List it all one one page. This will get you focused and motivated to take action and the results will follow.

Marketing Tip #7 – Go online

90% of small business web sites are a total waste of time and money. They do not make back the investment that the owners made. You can easily turn your "Welcome To XYZ Company’s Website!" online brochure into a lead and profit generating machine.

A strong online presence is a serious marketing tool, and is easier for a local business. If you’re not sure how to make your web site generate leads and sales, get expert help. That’s not your web developer in most cases. Hire someone with a track record in building leads and sales with web marketing.

Other good stuff from the interweb…

5 Steps to Reach Your Goals – Don’t make the mistake of confusing marketing activity with marketing strategy. It’s the difference between eating high-fat junk food instead of balanced meals; your stomach may feel full, but you aren’t building a healthy future. …

The Most Common Marketing Mistake: Advertising = Marketing – Four Steps to Understanding Your Market. Advertising and promoting are important marketing tactics but they are not nearly as crucial as the process of understanding your market. Marketing is like hunting – advertising is a lot like …

10 steps to powerful personal marketing – How to get started with your own personal marketing campaign. The ten steps below show you exactly how to apply a marketing mindset to achieving your own goals. Want a short-cut? Try just doing #1, #6, and #9 for your first ad. …

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Filed under Business Consulting, Business Development, Entrepreneur, Grow Your Business by Michael Walsh.