The next series of posts will cover how to take maximizing resources and multiply them for even bigger results.
In this first of the four part series we’ll cover:
- Call in the Troops
- Bring ‘Em Out of the Woodwork
- Black Sheep Clients
Call in the Troops
Finding and securing new clients can be exhausting and expensive. Instead work with other companies to help you find new clients. Find solid companies with secure, positive relationships with their customers/clients. Also, ensure that their products/services are not directly competitive with yours.
Contact prospective partner companies and talk with them about helping promote your products/services to their clients. Always offer them a commission on the sales that come from their client lists.
Make sure to include these key points in your proposal:
- Ensure that your products/services don’t compete with theirs.
- The partnership will not take away from their current or future sales.
- The partnership will increase their profits.
- They won’t have to do nor spend anything on the partnership.
- You will produce all needed marketing materials.
- You will offer an unconditional guarantee on all products/services.
Bring ‘Em Out of the Woodwork
If you take the time to put together a solid referral system you’ll draw new customers/clients out of the woodwork through everyone you already know. You can start doing this through first showing all your current clients how much you care about them.
Then show them how your products/services can significantly improve their lives or businesses. If you can do this consistently, they will naturally and comfortably bring new clients right to you.
Black Sheep Clients
One of the best ways to rejuvenate business is to find your stray clients and offer them something amazing. First you need to understand why they strayed and are no longer purchasing from you. There are generally three reasons why customers/clients leave. They are:
- Unrelated causes that have nothing to do with you
- A problem with their last purchase
- No longer benefit from your products/services
The best way to bring these clients back is to simply contact them. If you don’t make the first move, they’ll never come back. You make an appointment to visit them or call them if it’s not possible to meet in person.
Talk openly with your stray clients. Let them know you noticed they were no longer working with you and that you’d like to talk with them about their experiences with you and how you can improve things to work together again. Take the time to make them feel special and work hard to make sure their experiences with you going forward are the best ever.
This wraps up the first three areas on how to multiply your maximized resources. If you need help working on any of these ideas or processes, try our GUIDED TOUR to work with an experienced business coach.
Next time we’ll talk about the next three areas of multiplying your resources. They include: Olympic-Size Sales Staff, Open Sea Fishing and Call for Back-Up.
In the last post we talked about three more ways you can work on maximizing your current resources. They included:
- Reveal your business’ soul
- From breaking even to breaking the bank
- Stand up and stand out
Today we’ll talk about the last three areas you can work on to maximize your current resources. They are:
* An offer they can’t refuse
* Would you like fries with that?
* Stay away from the edge of the cliff
An Offer They Can’t Refuse
The secret to success is to stay ahead of your competitors- maintain the competitive edge. To do that you need to make it easier for your customers/clients to say “yes” rather than “no”. You do this by eliminating all the psychological, financial, physical, emotional and other roadblocks they may have.
You can take the risks for them by offering warranties and guarantees that make the customer feel more confident in you, your business and your products/services. You also must be serious about your offer and follow through if a situation does arise. The quickest way to the bottom is to play games or take back a warranty or guarantee.
Would You Like Fries With That?
It’s the oldest trick in the book. I mean, really, how many times a week do you fall for it? Every time you sell a product or service, you need to offer an add-on, upgrade or back-end product to go with it. These products must be complementary to the original product being purchased and must create a higher perceived value.
Avoid the Edge of the Cliff
Continuing to test and measure your systems, products, marketing methods and all other aspects of your business allow you to see problems before they happen and therefore avoid falling off the edge of the cliff.
Here are a few specific areas you can test for potential improvements:
- Sales Copy
- Customer Service
- Sales Letters
- Sales Presentations
- Employee-Customer Interaction
Through testing these different areas you will find products/services where you can raise the price, maybe others where you can lower the price or offer that product as an incentive item, and find many other areas for improvement that will better utilize your current resources.
This wraps up our series on how to maximize on your current resources. If you need help working through any of these or the previous areas, try our GUIDED TOUR to work with one of our amazing business coaches.
Last time we talked about the first three areas to work through in maximizing your current resources. They were:
- Recognize the obvious
- Unconventional breakthroughs
- Face the facts
Today we’ll cover the next three, which are:
- . Reveal your business’ soul
- . From breaking even to breaking the bank
- . Stand up and stand out
Reveal Your Business’ Soul
Every business has a soul and you likely felt it the strongest when your business was just starting. It’s that passion, newness and momentum you had at the very beginning. Sometimes that can get lost along the way as your business gets stagnant and set in its ways. You have to break out of that rut and get back to your business’ true soul.
The philosophy of putting your client’s needs above your own is the true key to success. You need to serve your clients not sell to them. They want to build a relationship based on trust, not a used car. Add to these responsibilities your ability to solve problems, handle special situations, be a friend to your clients and focus on offering valuable, high quality products/services. Only then will you get back to the basics and find you have more resources than you thought.
From Breaking Even to Breaking the Bank
One of the classic and most used ways to attract clients is to offer them a ridiculously low price on their initial purchase and lock them in for future purchases. You see this approach with movie or book clubs and even credit card companies who offer lower interest rates for the first six months.
Essentially, you are offering them a deal on their first purchase and then you offer them back-end and add-on products along the way. These are naturally higher prices and will bring them into more of an intimate relationship with you and your company.
Stand Up and Stand Out
You need to stand out from the pack among your competitors. The only way you can do this is through consistency and value. You do this by discovering what your USP (Unique Selling Proposition) is and perfecting it. Here are some tips to help you find and develop your USP:
- Look for unfilled needs in your industry.
- Use preemptive marketing.
- Use a technique that is clear and to the point.
This wraps up this post. If you need help with any of these areas and techniques, try our GUIDED TOUR to access a wealth of resources and tools.
Over the next few posts we’re going to talk about how to take a hard look at your current resources and get the most out of them. This can help your capital go further and increase your profit margin.
Today we’ll cover three different ways to maximize what you already have. These include:
- . Recognize the obvious
- . Unconventional breakthroughs
- . Face the facts
Recognize the Obvious
Sometimes when you are too close to something, you can’t make out the big picture. You need to step back and really take a hard look at the resources you currently have in front of you. You are surrounded by opportunities that can boost your career and help your business become more successful.
Don’t sit around waiting for breakthroughs you need to create them yourself. A breakthrough is merely a new way of doing things or finding a new thing to do for the same or better results. You should be having regular brainstorming sessions and encouraging your team to come forward with breakthroughs or ideas any time they have them.
Some great examples of breakthroughs are:
- A health and beauty company discovers a side effect of a product that can be re-marketed and sold.
- A company creates a roll-on deodorant inspired by the shape and size of a ballpoint pen.
- The founder of Nike poured rubber onto a waffle iron and created the most innovative and successful running shoe ever.
When attracting or strategizing for a breakthrough there are some key objectives you need to keep in mind. They are:
- Look for the hidden opportunity in every situation.
- Look for at least a cash windfall for your business every three months.
- The more value for your client, the better your breakthrough.
- Create multiple streams of ideas to find the best breakthroughs.
- Effective breakthroughs remove all risk or resistance.
Face the Facts
Before you can put your breakthroughs to work you need to face the facts of the processes and systems that are not working for you and work to correct or get rid of them. System analysis is a good way to do this. Once you have a listing of your strengths and weaknesses, you need to compare those to the strengths and weaknesses of your competitors.
There are some great questions you can present to you and your team to get a handle on where your business is right now. They are:
- Why did I first start this business? Why am I in this industry?
- What products/services did I offer then? Which were the most popular?
- Why are my customers/clients buying from me right now?
- How did I generate new customers/clients then?
- Which of my marketing efforts were bringing in the best results?
Once you’ve got some answers to these questions, you’ll know better how to approach your weaknesses.
These three areas we’ve gone over give you a jumping off point for how to utilize your current resources to their fullest potential. If you need any help with your strategic or systems analysis, try our GUIDED TOUR to work with one of our amazing business coaches.
The last 2 posts covered the first four of the killer mistakes you can make that will not only make you lose your fish, but possibly your entire company. Today we’re going to talk about the fifth killer mistake:
Up Cash Creek Without a Paddle.
Even when business is good there’s still a change of running out of cash flow. You have to always be prepared for a slow in sales or a surge in expenses. One of the keys to balancing your cash flow is to get your clients to pay on time. This can seem like a nightmare, but is absolutely essential to a successful business.
Here are some tips to speed up the payment process:
- Always send invoices on time and adjust your records for potential audits.
- Learn how the client processes payments on their side and find out precisely where to send invoices.
- Find out who’s in charge of processing orders and payment, so you know who to contact if needed.
- Have a follow-up procedure in place, just in case.
- As a last resort, call your contact to ask questions.
- Always make sure your invoices are correct before sending them out.
You also need to make sure your cash flow is protected. You can do this by:
- Always know which accounts need paid and when.
- Negotiate with your suppliers for the lowest cost possible.
- Have a bank contingency plan in place.
- Build your own inventor network.
These are all great ways to protect the cash flow of your business and prepare for fish transitions and slow sales. These last few lessons are all about finding and catching your big fish clients. These clients are essential to your success and your need to take the time to work through each of these steps carefully and correctly for the best success.
If you need help with any step of the process of catching your fish or subsequent big fish clients, try our GUIDED TOUR for access to a wealth of great tools and resources as well as our business coaching staff.