Written by: Natalie Ivey, Results Performance Consulting, Inc.
Most business owners have to watch their P&L’s like a hawk, especially in this tough economy. The problem is, many business owners are too busy dealing with “problem child” employees and petty workplace drama.
Every workplace has a few “Betty Crocker” employees—the ones who like to “stir the pot.” A great place to see this in action is at your local doctor’s office. The busy doc desperately wants to get back to see his patient in Exam Room 2…when one of the high drama staff members “gets into it” with a co-worker and pulls the doc in to referee. The doc just sighs and thinks, “If only I could just do my job and not have to deal with these employee issues…”
Well, avoiding employee issues would be utopia for most business owners. However, the reality is that running a business with employees requires balancing a focus on passion, profit, and people.
Most business owners get into business because of the passion and the profit part, not necessarily the people part. For example, doctors get into business because they’re passionate about practicing medicine. Chefs open restaurants because they’re passionate about cooking. And, hair stylists open salons because they’re passionate about beauty. The reality is that business owners, and the managers who work for them, frequently spend too much time doing and not enough time leading.
Too much time is spent on accomplishing tasks, often because of poor delegation skills, and people issues tend to get put on the back burner or avoided altogether. Typically, business owners and managers tend to put off people issues until they HAVE to intervene… This is called the passive-aggressive approach, only jumping in to handle employee issues when the situation becomes intolerable. A good example of this is when the boss “blows a gasket” and barks out at employees, sometimes in front of customers. Not good.
When business owners spend too much time doing (seeing patients, cooking, or cutting hair) and fail to demonstrate good leadership by giving clear direction and confronting difficult employees, the work environment continues to deteriorate. The reason? The other employees get tired of dealing with the high drama employee’s behavior, especially if they’ve tried to handle him/her on their own. So, they complain to the owner, and on and on the workplace drama goes.
So how do business owners balance their focus on the bottom line--and handle employee drama? It starts with improving leadership skills. Business owners first need to learn how to set clear, measurable goals for the business and translate those goals into daily tasks for their managers and employees. Employees need to know what behavior is expected of them everyday and what individual accomplishments they must make to help the owner achieve the bigger picture, company goals.
In other words, owners need to engage employees by giving them a purpose for their work. Employees need to understand and share a similar passion about accomplishing business goals—including why it’s important to increase the bottom line. Why? Because, it’s tough for business owners to make a profit if they’re the only ones who are passionate about making that happen.
Also, business owners need to hold employees accountable who are demonstrating behavior that is detrimental to the business or are performing below expectations. Owners need to sit down with them, giving specifics about what they need to do to correct their behavior and/or improve their performance. Because, the old saying is true: it takes one bad apple to spoil the whole bunch.
Below is a simple technique for giving employees constructive feedback to improve their behavior and performance. This should be prepared, ahead of time, by jotting down notes of specific behavioral examples and/or examples of poor performance. Also, the meeting with the employee must be held in a private area, out of earshot of other employees.
Prior to meeting with an employee, jot down:
Ø What did the difficult employee say or do that failed to meet expectations, or created a problem in the workplace?
Ø What does he/she need to do, specifically, to change behavior or performance?
Ø By when does he/she need to change behavior or performance?
Ø What are the Consequences if behavior isn’t changed or performance improved?
By giving the employee specific examples of poor behavior or performance, business owners focus on the problem—not on the person. It lessens defensiveness and focuses on action steps for improvement. However, keep in mind that if after using the technique an employee is still demonstrating poor behavior or is performing below expectations —it is then time for more serious disciplinary steps.
Like it or not, business owners have to learn how to be good leaders. This means learning how to set employee performance expectations, how to recognize and reward employees—and it means learning how to handle conflict. Remember, running a business with employees requires balancing a focus on passion, profit, and people.”
Natalie Ivey is President & CEO of Results Performance Consulting, Inc. (www.rpchr.com) a Boca Raton-based company that helps employers manage, train, and retain employees. Ms. Ivey is a certified Senior Professional in Human Resources (SPHR), and has more than twenty years of leadership and HR experience with Fortune 500 organizations. She can be reached at (561) 208-6480 or Natalie@rpchr.com.
Tuesday, July 22, 2008
Sunday, July 13, 2008
What is your Marketing IQ?
Written by: Ted Frangos, Victory Business Coaching
Read each statement and score each competency on a scale of 1-10
(1=poor, 10=excellent). Answer every question not only from your
own perspective but as a client or customer would answer for you.
1. I see every contact with my customers and prospects as marketing. My words, attitudes and actions are all intentional and based on my marketing goals.
2. I look at all of my marketing from the customer's point of view. I consistently make time to ask my customers and prospects what is it they really want.
3. I am aggressive in my marketing efforts.
4. My marketing attack includes an assortment of strategies. I make use of many of the 100 marketing weapons.
5. If I surveyed my customers today they would agree that I follow-up in a consistent and timely manner.
6. I consistently use a marketing calendar to track and measure the effectiveness of my marketing weapons.
7. My friends, prospects and customers would all say I am enthusiastic and consistently positive in all my interactions.
8. I focus on having a clearly defined marketing niche.
9. I have a clear and specific marketing plan that guides my weekly action steps.
10. I use online marketing as one of my major marketing weapons. I utilize email, a website and the vast power of the Internet to reach new prospects and communicate with customers.
11. I build strong one-to-one relationships with my prospects and customers knowing that people buy from friends rather than strangers.
12. My business is oriented to giving. We often provide free consultations, tips, gifts and information. We make generosity a part of our overall marketing plan.
13. I look for ways to amaze my customers with exceptional service.
14. I consistently use my imagination to develop marketing strategies that are unconventional and will capture the attention of my target market.
15. I actively work on developing marketing partnerships with other businesses.
16. I take consistent action on my marketing plan. Entrepreneurship is like camping. You're complaining the whole time, but when you look back at it, you think, "That was pretty neat."
The 16 Marketing Competencies
Record YOUR scores to this chart and track your competency scores for the next three Months.
Competency
1. Intentionality
2. Sensitivity
3. Aggressiveness
4. Assortment
5. Follow-up
6. Measurement
7. Enthusiasm
8. Niche
9. Marketing Plan
10 Internet marketing
11. Relationships
12. Giver Stance
13. Outstanding Service
14. Imagination
15. Marketing Partners
16. Consistent Action
TOTAL
160 – 140, Excellent, you should be in the Bahamas.
139 – 109, Good to Fair, you can do better and gain more results.
109, Poor, Get some help or choose to do something else.
Read each statement and score each competency on a scale of 1-10
(1=poor, 10=excellent). Answer every question not only from your
own perspective but as a client or customer would answer for you.
1. I see every contact with my customers and prospects as marketing. My words, attitudes and actions are all intentional and based on my marketing goals.
2. I look at all of my marketing from the customer's point of view. I consistently make time to ask my customers and prospects what is it they really want.
3. I am aggressive in my marketing efforts.
4. My marketing attack includes an assortment of strategies. I make use of many of the 100 marketing weapons.
5. If I surveyed my customers today they would agree that I follow-up in a consistent and timely manner.
6. I consistently use a marketing calendar to track and measure the effectiveness of my marketing weapons.
7. My friends, prospects and customers would all say I am enthusiastic and consistently positive in all my interactions.
8. I focus on having a clearly defined marketing niche.
9. I have a clear and specific marketing plan that guides my weekly action steps.
10. I use online marketing as one of my major marketing weapons. I utilize email, a website and the vast power of the Internet to reach new prospects and communicate with customers.
11. I build strong one-to-one relationships with my prospects and customers knowing that people buy from friends rather than strangers.
12. My business is oriented to giving. We often provide free consultations, tips, gifts and information. We make generosity a part of our overall marketing plan.
13. I look for ways to amaze my customers with exceptional service.
14. I consistently use my imagination to develop marketing strategies that are unconventional and will capture the attention of my target market.
15. I actively work on developing marketing partnerships with other businesses.
16. I take consistent action on my marketing plan. Entrepreneurship is like camping. You're complaining the whole time, but when you look back at it, you think, "That was pretty neat."
The 16 Marketing Competencies
Record YOUR scores to this chart and track your competency scores for the next three Months.
Competency
1. Intentionality
2. Sensitivity
3. Aggressiveness
4. Assortment
5. Follow-up
6. Measurement
7. Enthusiasm
8. Niche
9. Marketing Plan
10 Internet marketing
11. Relationships
12. Giver Stance
13. Outstanding Service
14. Imagination
15. Marketing Partners
16. Consistent Action
TOTAL
160 – 140, Excellent, you should be in the Bahamas.
139 – 109, Good to Fair, you can do better and gain more results.
109, Poor, Get some help or choose to do something else.
Monday, June 2, 2008
Bullet-Proof Your Small Business with Insurance Planning
Written by: Jon W. Ulin, CFP, Advanced Financial Advisor, Ameriprise
Financial, Inc.
Your business represents a substantial investment of your ideas, time, and money (in addition to your sweat and elbow grease). Because your business faces a variety of risks (e.g., property damage, theft, personal injury claims, and natural disasters), you'll want to protect your investment (and
family) with various types of business insurance strategies for reasons noted below.
1. To protect against risks and perils to property Property and casualty insurance protects against the loss, damage, or theft of physical assets such as buildings and equipment which could result in an interruption of the business and maybe even a complete shutdown. The right combination of insurance coverage can mean the difference between a temporary shutdown or a permanent closure.
2. To protect against liability claims
Through contact with the public and through personal injuries suffered on your business premises, your company could face liability claims and lawsuits.
3. To protect human assets
Your business can protect itself against the loss of human assets, such as the loss of services of key employees through the use of company-owned life and disability coverage on key personnel. If a covered owner or employee dies or becomes disabled, the policy provides payments to cover the loss of income generated by that person. Funds provided by the policy can help your business continue operations and remain competitive.
4. To attract and retain employees
Insurance can be used to help your business attract and retain quality employees. Group coverage such as life, health, disability, and long-term care insurance can be offered as part of your company's employee benefits package.
5. Because facility coverage may be required under the terms of your contract If you rent or lease your business facility, the contract with your landlord probably requires that your business carry its own insurance in addition to worker’s compensation.
6. Because businesses are not included in homeowners coverage Businesses are specifically excluded from coverage under a homeowners policy. If you're involved in a business activity in your home, your homeowners policy will not cover you for liability or medical payment issues. This means that your policy will not reimburse you for medical care required by a client who falls off his chair in your home office when you tell him how much tax he owes.
Footer:
The office of Jon W. Ulin, CFP, Advanced Financial Advisor, Ameriprise
Financial, Inc. is located in Boca Raton
Financial, Inc.
Your business represents a substantial investment of your ideas, time, and money (in addition to your sweat and elbow grease). Because your business faces a variety of risks (e.g., property damage, theft, personal injury claims, and natural disasters), you'll want to protect your investment (and
family) with various types of business insurance strategies for reasons noted below.
1. To protect against risks and perils to property Property and casualty insurance protects against the loss, damage, or theft of physical assets such as buildings and equipment which could result in an interruption of the business and maybe even a complete shutdown. The right combination of insurance coverage can mean the difference between a temporary shutdown or a permanent closure.
2. To protect against liability claims
Through contact with the public and through personal injuries suffered on your business premises, your company could face liability claims and lawsuits.
3. To protect human assets
Your business can protect itself against the loss of human assets, such as the loss of services of key employees through the use of company-owned life and disability coverage on key personnel. If a covered owner or employee dies or becomes disabled, the policy provides payments to cover the loss of income generated by that person. Funds provided by the policy can help your business continue operations and remain competitive.
4. To attract and retain employees
Insurance can be used to help your business attract and retain quality employees. Group coverage such as life, health, disability, and long-term care insurance can be offered as part of your company's employee benefits package.
5. Because facility coverage may be required under the terms of your contract If you rent or lease your business facility, the contract with your landlord probably requires that your business carry its own insurance in addition to worker’s compensation.
6. Because businesses are not included in homeowners coverage Businesses are specifically excluded from coverage under a homeowners policy. If you're involved in a business activity in your home, your homeowners policy will not cover you for liability or medical payment issues. This means that your policy will not reimburse you for medical care required by a client who falls off his chair in your home office when you tell him how much tax he owes.
Footer:
The office of Jon W. Ulin, CFP, Advanced Financial Advisor, Ameriprise
Financial, Inc. is located in Boca Raton
Elephants, Deer and Rabbits: Are you hunting the right business?
Written by: Greta, ProActive Training & Consulting
A few years ago, I heard this great story about hunting. Hunting??? Well, only because it’s directly related to sales (isn’t it amazing how everything seems to relate to sales)?
Your ability to sleep at night is directly related to the quality and quantity of new business that you and/or your sales team bring in. That’s a fact. So how do you decide what’s good or not so good? How do you aim in the right direction so that the all-important business comes in?
Here’s a test: list your six best customers. Identify the measurable criteria common to those six (size, profitability, distance, your product fit to their needs, etc.). Now, list the common criteria you can’t measure (what you value about them, what they value about you, etc. Think of things like “they place value on your contributions, they want to partner with you, they don’t beat you down on price, they pay for performance,” etc.).
Now rank the top five criteria on each list. Give each customer a score on a scale of 0-10. Two lists with five items each will yield a possible score of 100 points. Grade each customer and study the results. Now apply the 80/80 test: if 80% of your customers don’t score 80 or more points, your sales force in hunting in the wrong place, the wrong way, or both.
So here’s how to get them hunting the right business:
The first thing to do is have your sales team identify your accounts by category: A, B, or C.
Category C is rabbits. Rabbits are plentiful. In the world of hunting for food, if you shoot a rabbit, you’ll eat for a day.
Category B is deer. Deer are a bit more challenging. You have to be a little savvier, and a bit better than your competitors. But if you shoot a deer, your village will eat for a week.
Category A is elephants. Elephants are tough. Everyone wants one. They’re only in one part of the country. It takes real skill and a long time to develop the strategy and plan the attack to get one. If you shoot an elephant, your village will eat for a month. But if you miss, you’ll starve.
So how does this relate to sales? Because we usually only want the elephant account. We spend all of our time and energy going after this most elusive of prey. So is everyone else! Meanwhile, your plentiful rabbit accounts are always there if you do a good job and get plenty of referrals.
A deer is in the middle. It’s an account you establish a good, strong relationship with. You’re seen as a consultant and you directly help them. They pay you on time because there’s no “red tape”, and you can get directly to the decision makers.
So here’s the big question: why do we waste so much time on “the big gray ones”? It might be ego, or it could be the thrill of the chase. Maybe it’s something else. But here’s the truth: if you only chase elephants, you’ll starve.
So here’s some homework to keep from starving, and to make sure plenty of business is on your table. Take a good look at your accounts and prospects. Categorize them. Who are the elephants? Who are the deer? And who are the rabbits? Once you decide, work your plan. It should consist of 60% deer, 20% elephants and 20% rabbits.
20 million years ago, our ancestors lived or died based on how well they hunted the right opportunities. They had a plan. So how’s yours?
A few years ago, I heard this great story about hunting. Hunting??? Well, only because it’s directly related to sales (isn’t it amazing how everything seems to relate to sales)?
Your ability to sleep at night is directly related to the quality and quantity of new business that you and/or your sales team bring in. That’s a fact. So how do you decide what’s good or not so good? How do you aim in the right direction so that the all-important business comes in?
Here’s a test: list your six best customers. Identify the measurable criteria common to those six (size, profitability, distance, your product fit to their needs, etc.). Now, list the common criteria you can’t measure (what you value about them, what they value about you, etc. Think of things like “they place value on your contributions, they want to partner with you, they don’t beat you down on price, they pay for performance,” etc.).
Now rank the top five criteria on each list. Give each customer a score on a scale of 0-10. Two lists with five items each will yield a possible score of 100 points. Grade each customer and study the results. Now apply the 80/80 test: if 80% of your customers don’t score 80 or more points, your sales force in hunting in the wrong place, the wrong way, or both.
So here’s how to get them hunting the right business:
The first thing to do is have your sales team identify your accounts by category: A, B, or C.
Category C is rabbits. Rabbits are plentiful. In the world of hunting for food, if you shoot a rabbit, you’ll eat for a day.
Category B is deer. Deer are a bit more challenging. You have to be a little savvier, and a bit better than your competitors. But if you shoot a deer, your village will eat for a week.
Category A is elephants. Elephants are tough. Everyone wants one. They’re only in one part of the country. It takes real skill and a long time to develop the strategy and plan the attack to get one. If you shoot an elephant, your village will eat for a month. But if you miss, you’ll starve.
So how does this relate to sales? Because we usually only want the elephant account. We spend all of our time and energy going after this most elusive of prey. So is everyone else! Meanwhile, your plentiful rabbit accounts are always there if you do a good job and get plenty of referrals.
A deer is in the middle. It’s an account you establish a good, strong relationship with. You’re seen as a consultant and you directly help them. They pay you on time because there’s no “red tape”, and you can get directly to the decision makers.
So here’s the big question: why do we waste so much time on “the big gray ones”? It might be ego, or it could be the thrill of the chase. Maybe it’s something else. But here’s the truth: if you only chase elephants, you’ll starve.
So here’s some homework to keep from starving, and to make sure plenty of business is on your table. Take a good look at your accounts and prospects. Categorize them. Who are the elephants? Who are the deer? And who are the rabbits? Once you decide, work your plan. It should consist of 60% deer, 20% elephants and 20% rabbits.
20 million years ago, our ancestors lived or died based on how well they hunted the right opportunities. They had a plan. So how’s yours?
Friday, May 30, 2008
Living with Wildlife in South Florida
Written by: Shelby Via, Director of Animal Care, SPCA Wildlife Care Center
As the human population in South Florida expands and encroaches upon an already diminishing natural and unique ecosystem, wildlife becomes exceedingly displaced as their habitat is destroyed, thus making the education of co-existence between humans and wildlife crucial.
Between the months of March and October, the primary reason wildlife chooses to shelter in, around, and under a home is because they need a safe place to give birth and raise their young. Although you may only see a single animal, during this time of year you should assume that it is a mother with dependant babies. Trapping, removing, and relocating often has tragic consequences for the animal and its babies and is only a temporary solution for your “nuisance wildlife problem”. With few “wild” places left to live in, another animal will simply move in to fill the niche you have just created. The new animal is often more of a “nuisance” than the previous one.
Although trapping and relocating wildlife may seem like a humane solution for the homeowner, it is not in the best interest of the animal. Wild animals do not “settle in” quickly to new surroundings, especially since the new surroundings are, more often than not, another animal’s territory. It now has to fight and compete with the resident animal for a limited food supply and nesting area. In nearly all cases, it is the newcomer that loses. Many die of infections from bite wounds, while others are killed by cars in an attempt to return to their original habitat and their young that were left behind. Meanwhile, the babies are unintentionally orphaned and left to slowly die of starvation.
In addition, trapping and relocating wildlife is illegal unless you are a licensed trapper. If you choose to hire a licensed trapper, make sure that it is a humane trapper, one that doesn’t euthanize unnecessarily. Also, understand that the financial cost of the trapper falls on you, the homeowner, and that this cost can sometimes be upwards of $200 per animal. There is no free government agency that will trap and relocate for you.
We recommend that if you discover wildlife nesting in or around your home, patience is the best solution. You can be assured that once the young are big enough, the birth den will have served its purpose and the animals will move out. The nesting season is short; tolerance and patience until the family has vacated will prove to serve in the animal’s, its young and your own best interest.
As the human population in South Florida expands and encroaches upon an already diminishing natural and unique ecosystem, wildlife becomes exceedingly displaced as their habitat is destroyed, thus making the education of co-existence between humans and wildlife crucial.
Between the months of March and October, the primary reason wildlife chooses to shelter in, around, and under a home is because they need a safe place to give birth and raise their young. Although you may only see a single animal, during this time of year you should assume that it is a mother with dependant babies. Trapping, removing, and relocating often has tragic consequences for the animal and its babies and is only a temporary solution for your “nuisance wildlife problem”. With few “wild” places left to live in, another animal will simply move in to fill the niche you have just created. The new animal is often more of a “nuisance” than the previous one.
Although trapping and relocating wildlife may seem like a humane solution for the homeowner, it is not in the best interest of the animal. Wild animals do not “settle in” quickly to new surroundings, especially since the new surroundings are, more often than not, another animal’s territory. It now has to fight and compete with the resident animal for a limited food supply and nesting area. In nearly all cases, it is the newcomer that loses. Many die of infections from bite wounds, while others are killed by cars in an attempt to return to their original habitat and their young that were left behind. Meanwhile, the babies are unintentionally orphaned and left to slowly die of starvation.
In addition, trapping and relocating wildlife is illegal unless you are a licensed trapper. If you choose to hire a licensed trapper, make sure that it is a humane trapper, one that doesn’t euthanize unnecessarily. Also, understand that the financial cost of the trapper falls on you, the homeowner, and that this cost can sometimes be upwards of $200 per animal. There is no free government agency that will trap and relocate for you.
We recommend that if you discover wildlife nesting in or around your home, patience is the best solution. You can be assured that once the young are big enough, the birth den will have served its purpose and the animals will move out. The nesting season is short; tolerance and patience until the family has vacated will prove to serve in the animal’s, its young and your own best interest.
Monday, May 5, 2008
The Take Away
Written by: Greta Shultz
“Sue, I’m really not sure that what I’ve seen does anything for me,” said Phil, the prospect. “Actually,” he continued, “your color choices are nowhere near as extensive as your competitor’s. In fact, he was just in here showing me some new additions this morning.”
Sue detested this type of prospect. And unfortunately, this is the only type she’d had for the past six months. Sue knew that this would be another one of those meetings where the prospect objects a thousand times and she would have to come up with a way to beat them all down. “There’s got to be a better way to make a living,” she thought.
“I didn’t know you had met with ABC Competition,” Sue said.
“Well I really feel obligated to shop around. And to be perfectly honest with you, their prices are looking pretty good. I doubt you’ll be able to beat them.”
Alright, let’s get started fighting the objections... “Let’s talk about colors. Our colors are by far the…” Sue droned. An hour and a half later, she crawled out of the office exhausted and a feeling of being beaten, but walked in with an order.
Sue’s sales manager greeted her with a “good work” and a pat on the back. But after a glance at the dollar amount sold, he asked “why’s Phil ordering less than he did last time?”
“ABC Competition had a proposal on the table. You wouldn’t believe what I just went through to get that much.” Feeling 2nd rate, she added, “I’m going back there next week to see if I can get the rest back.”
Sue was so afraid she was going to lose Phil as a client that she was prepared to do just about anything to keep his business. In fact, she had the guts to spend another hour and a half confronting Phil’s objections, but not enough guts to ask the questions to find out if all the objections were real or a test on his part.
Taking a sale away, or taking yourself out of the running, and then waiting for a response from the prospect takes some serious guts. This technique is not for those with weak knees.
No one can hold Sue responsible for her commitment to ask. In fact, most salespeople and sales managers would agree that in the situation above, the best thing to do is simply “gut it out.” But there is something else that could have been done. Before Sue began answering every objection Phil had, she could have very simply said, “You know, you mentioned that ABC Competition has more colors, a better price, and they were already here this morning”. So I’m confused, between you and me, why didn’t you order from them? I mean we can’t do all of that so I guess you’re not ordering from me today, huh?!”
In order for “the take away” technique to work, you must honestly be prepared to lose the sale and walk out the door without looking back. If you’re not able to do this, the technique may backfire right in your face. But if you’re 100% committed to making it work, then this technique is incredibly compelling when it comes to eliminating objections. Your task is simply to mirror back what your prospect is saying to you. For example, when they tell you how great and wonderful your competitor is, reply with “So you ordered from them.” Don’t speak until you get a response. If they did already order, it probably really is over for you. But if not, then you deserve to know the reasons why. And while your prospect is telling you why, you’re learning what you need to do to get their business.
The prospect’s famous last line is often “the other guy can do it better for less.” Well guess what…LET HIM!
“Sue, I’m really not sure that what I’ve seen does anything for me,” said Phil, the prospect. “Actually,” he continued, “your color choices are nowhere near as extensive as your competitor’s. In fact, he was just in here showing me some new additions this morning.”
Sue detested this type of prospect. And unfortunately, this is the only type she’d had for the past six months. Sue knew that this would be another one of those meetings where the prospect objects a thousand times and she would have to come up with a way to beat them all down. “There’s got to be a better way to make a living,” she thought.
“I didn’t know you had met with ABC Competition,” Sue said.
“Well I really feel obligated to shop around. And to be perfectly honest with you, their prices are looking pretty good. I doubt you’ll be able to beat them.”
Alright, let’s get started fighting the objections... “Let’s talk about colors. Our colors are by far the…” Sue droned. An hour and a half later, she crawled out of the office exhausted and a feeling of being beaten, but walked in with an order.
Sue’s sales manager greeted her with a “good work” and a pat on the back. But after a glance at the dollar amount sold, he asked “why’s Phil ordering less than he did last time?”
“ABC Competition had a proposal on the table. You wouldn’t believe what I just went through to get that much.” Feeling 2nd rate, she added, “I’m going back there next week to see if I can get the rest back.”
Sue was so afraid she was going to lose Phil as a client that she was prepared to do just about anything to keep his business. In fact, she had the guts to spend another hour and a half confronting Phil’s objections, but not enough guts to ask the questions to find out if all the objections were real or a test on his part.
Taking a sale away, or taking yourself out of the running, and then waiting for a response from the prospect takes some serious guts. This technique is not for those with weak knees.
No one can hold Sue responsible for her commitment to ask. In fact, most salespeople and sales managers would agree that in the situation above, the best thing to do is simply “gut it out.” But there is something else that could have been done. Before Sue began answering every objection Phil had, she could have very simply said, “You know, you mentioned that ABC Competition has more colors, a better price, and they were already here this morning”. So I’m confused, between you and me, why didn’t you order from them? I mean we can’t do all of that so I guess you’re not ordering from me today, huh?!”
In order for “the take away” technique to work, you must honestly be prepared to lose the sale and walk out the door without looking back. If you’re not able to do this, the technique may backfire right in your face. But if you’re 100% committed to making it work, then this technique is incredibly compelling when it comes to eliminating objections. Your task is simply to mirror back what your prospect is saying to you. For example, when they tell you how great and wonderful your competitor is, reply with “So you ordered from them.” Don’t speak until you get a response. If they did already order, it probably really is over for you. But if not, then you deserve to know the reasons why. And while your prospect is telling you why, you’re learning what you need to do to get their business.
The prospect’s famous last line is often “the other guy can do it better for less.” Well guess what…LET HIM!
Saturday, April 12, 2008
During Economic Downturns It’s Time Turn Up Your Marketing
Written by:
Bonnie S. Kaye, President, Kaye Communications, Inc.
When tough economic times threaten, the natural instinct for most business owners is to cut back rather than invest for success. However, true visionaries proactively use the downturn period to re-vision and ramp up investment in their marketing communications to bolster their brand awareness.
They know that, even in a shrinking marketplace, there is ample business out there, and they aggressively pursue their share. Effectively trumpeting their company’s distinctive features, advantages, and benefits in the most targeted way to qualified audiences who want or must use their products or services will propel them to surpass their competition.
Just as businesses rely heavily on the specialized advice of their attorneys and accountants, visionaries know the value of having a strategic communications counselor on their senior “think tank” team. Engaging an outside counselor, such as an integrated marketing and public relations firm, will:
assist in objectively reviewing, evaluating, and re-visioning to best capture market and news media opportunities today, while planning for future growth.
provide thought-provoking outside perspectives to prevent costly tunnel vision
save money (by averting detrimental mistakes in image building, branding, printing/production; and eliminate non-results-generating activities/initiatives)
help grow business by:
developing and managing a flexible strategic plan
identifying and introducing new and untapped markets, referral sources, and media opportunities
recommending on-line diversification and/or repositioning
increasing credibility by serving as your “market” ambassador
interacting with the firm’s established relationships
help avoid or navigate through an unanticipated crisis (The time to search for a crisis manager or plan for a crisis is not while you are in the midst of one!)
You want to engage a communications expert that embodies integrity, has market and media respect, a proven track record, provides one-stop integrated marketing and public relations services to ensure consistency of message, and is up for a challenge (because challenges will surface in this economy!).
To be results-hearted, you cannot be faint-hearted. Be open to new viewpoints, concepts, and technologies; and prepared to commit the sufficient financial resources to “get the job done right”; and be readily accessible and involved in the initiative.
Bonnie S. Kaye, President, Kaye Communications, Inc.
When tough economic times threaten, the natural instinct for most business owners is to cut back rather than invest for success. However, true visionaries proactively use the downturn period to re-vision and ramp up investment in their marketing communications to bolster their brand awareness.
They know that, even in a shrinking marketplace, there is ample business out there, and they aggressively pursue their share. Effectively trumpeting their company’s distinctive features, advantages, and benefits in the most targeted way to qualified audiences who want or must use their products or services will propel them to surpass their competition.
Just as businesses rely heavily on the specialized advice of their attorneys and accountants, visionaries know the value of having a strategic communications counselor on their senior “think tank” team. Engaging an outside counselor, such as an integrated marketing and public relations firm, will:
assist in objectively reviewing, evaluating, and re-visioning to best capture market and news media opportunities today, while planning for future growth.
provide thought-provoking outside perspectives to prevent costly tunnel vision
save money (by averting detrimental mistakes in image building, branding, printing/production; and eliminate non-results-generating activities/initiatives)
help grow business by:
developing and managing a flexible strategic plan
identifying and introducing new and untapped markets, referral sources, and media opportunities
recommending on-line diversification and/or repositioning
increasing credibility by serving as your “market” ambassador
interacting with the firm’s established relationships
help avoid or navigate through an unanticipated crisis (The time to search for a crisis manager or plan for a crisis is not while you are in the midst of one!)
You want to engage a communications expert that embodies integrity, has market and media respect, a proven track record, provides one-stop integrated marketing and public relations services to ensure consistency of message, and is up for a challenge (because challenges will surface in this economy!).
To be results-hearted, you cannot be faint-hearted. Be open to new viewpoints, concepts, and technologies; and prepared to commit the sufficient financial resources to “get the job done right”; and be readily accessible and involved in the initiative.
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