Category: Small Business

5 Killer Mistakes – Part 1

There are 5 big mistakes that will kill a deal with a big fish. They are:

  1. Not meeting the client’s expectations
  2. Mishandling a client crisis
  3. Taking on more than you can handle
  4. Putting all your eggs in one basket
  5. Up cash creek without a paddle

Anyone or a combination of these can not only kill the partnership but have the ability to take down your company as well. We’re going to take a bit of time to talk about each one of these, in this lesson we’ll cover the first two.

Not Meeting Client’s Expectations

It’s essential you give your clients exactly what you promised during the negotiation portion of your relationship. If an event does happen where there is no way to meet the client’s expectations, not only do you have to find a way to fix the situation, but you also have to find out where it all went wrong.

A couple of things could have contributed to this problem:

  1. Bad salesmanship. This could mean the salesperson was trying too hard to seal the deal and didn’t listen to the client’s needs.
  2. Lack of communication. This breakdown occurs between the salesperson and your operations department.

In order to avoid these mistakes, you need to put a clear plan of action into place that all of your sales staff needs to follow:

  • Think before you speak.
  • Give yourself a break.
  • Perfect your process.
  • Pre-format over-deliverables.
  • Stay hands-on throughout the entire process.
  • Define success.

Mishandling a Client Crisis

Crises will happen, but how you respond and fix them will define your company and interaction with your clients. You need to respond quickly and effectively. This will help you gain even more trust and confidence from your client.

Some simple tips can help you deal with any client crisis:

  • Take responsibility and apologize for no matter who is at fault.
  • Act swiftly and effectively.
  • Step in and take control of the situation.
  • Never point fingers or place blame.
  • Stay in constant communication with your client.
  • Stay calm throughout the situation.
  • Keep your eye on the ball.

 

Now, that you know the top two mistakes you can make to kill a big fish deal, you’ll know better how to avoid making these mistakes in the first place and know how to put a plan of action into place in case of a crisis.

If you need help with any of this, try our FREE test drive to get all the help you could ever need.

Next time we’ll talk about the 3rd and 4th killer mistakes you can make in working with big fish clients.

Untangle the Red Tape

In the last post we discussed how to introduce the big-company mindset into your business and get your team onboard. Doing this will help you overcome the mental obstacles that might keep you from being successful. The next step we’ll discuss is which big fish to focus on. Before you put a plan together, it’s important that you understand how your potential big client operates. We’re also going to take a moment to talk about the potential “red tape” you may encounter along the way.

 

The most important information to collect about your big fish are their purchasing habits and procedures. There are four main elements to focus on in order to be successful:

  1. Responsibilities: You need to know who has influence over purchasing, who does the actual buying and who could kill a deal if they wanted to.
  2. Get on Their List: You need to know how to get on their list of preferred vendors. Your name needs to not only be on the list, it needs to be at the top of the list and in as many categories as possible for more interaction. Ask about a procurement program and what you need to do to go through the application process.
  3. Lingo: You need to learn the company’s unique language and communications methods. These could include report names, buzzwords and even the nicknames they have for their employees.
  4. Fiscal Budgets: It’s essential you know the fish’s fiscal calendar, so you know exactly when they are planning their budgets for the next year.

Now that we’ve talked about what you need to know about your fish, let’s take a quick look at the potential hurdles. Bureaucracy might as well be a “four-letter” word with the emotions it stirs in all of us. “Red tape” is a necessary evil, but you can learn how to work around it.

Here are two ways to do this:

  1. Analyze their activity.
  2. Review their correspondence.

Being an outsider looking in can have its advantages too. If you hate dealing with the “red tape”, imagine how their employees feel dealing with it. If they need to crunch some numbers, offer to do it. If they need more information, make sure you are giving it to them in a user-friendly way.

 

The topics we discussed in this Blog will help you prepare for the big approach. If you need help with any of this, try our FREE test drive to find the right tools to get the job done. We are there to help and support you! And remember , we work on the basis of ” No-result-No-fee”.

 

And when you want to read a great book about this subject : ” Bag The Elephant” , written by Steve Kaplan

Image result for Bag the Elephant. Size: 137 x 170. Source: www.barnesandnoble.com

Be One with the Fish!

In the last post, we started our series focused on attracting big clients, or “catch big fish,” that will sustain your business over the long run. Today, we will take that a step further by talking about how to understand and think like a big fish company and how that can help you plan your approach and find success.

Before you can start the process of landing big clients, you have to make sure your entire team is on board with your approach and vision.

There are six keys to finding big client success. They are:

1. First Impression: You must remember you usually only have one shot to land a big client. If you make a mistake, they aren’t going to consider you again. Never give them a reason to doubt your abilities. Be Prepared!

2. First Priority: Your fish must always feel like they are your first priority. Return calls and emails immediately and find solutions to their problems or questions as quickly as possible.

3. Flexibility: You need to be flexible in your negotiations. If they need a special service or for you to customize a product, say yes for the benefit of your long-term success. A little hassle now will pay off later.

4. Long-Term Mindset: This goes along with the last one a bit. As you are approaching and negotiating with big fish, you need to think about the long-term benefits for your business. If you go for a one-time big score, you will lose their interest.

5. Have Fun: Work should be fun, even when trying to land big clients. In fact, this should be the most fun. You are sharing your vision with new people and including them in your future success and likewise. People work better in a fun, happy environment. Your passion will also be contagious and pull the fish into your pond.

6. Help Them: If you take just a little bit of time and offer your clients solutions to save money or time by introducing them to potential business partners, this will show you are invested and interested in their business. Strive to find a balance between your business needs and your client’s needs.

Here are some tactics you can use to get your team prepared to catch some big fish:
●Post the six keys described above for all to see.
● Put together a performance-based incentive program.
● Conduct frequent team meetings.
● Use a “right now” policy that dictates big fish calls be answered immediately.
● Offer awards/recognition for big-company ideas and executions.
● Put together a training and certification program based on the six keys above.

These 6 keys and tips will help you instill a big-company mindset throughout your company, which will help you be more prepared and more likely to land your big fish. Once your team is thinking this way, you’ll be unstoppable.

Success, and when you need support, you can always contact us!

Are You On The Right Path?

There are a number of factors to take into consideration when prepping yourself and your company to approach the largest clients you’ll ever work with.

Today we’re going to start with a brief look at the three different paths out there and show you which one is the path to success. Then we’ll talk about the mindset it takes to attract the big fish.

There are three different growth paths a business can take:

  1. Snail Speed
  2. Shooting Star
  3. Catch the Big Fish

 

1. Snail Speed

Businesses end up growing at snail speed when owners think they can find quick and easy success. They work hard doing the wrong things and end up without much reward or success. You may also find yourself following this path when you are afraid of change. The result will be slow or no growth.

2. Shooting Star

This describes a business that shoots to the top so fast that they are overwhelmed and don’t have the right resources to adapt. This can also happen when small clients take up all your resources, and you don’t take the time to find large clients, which is what will sustain your business after the small client sales slow down.

3. Catch the Big Fish

This is the path that allows you to build at a steady pace that you can manage by not allowing your customers to outpace you. You can achieve this by putting these tips to work:

  1. Attract, keep and lock in big clients.
  2. Integrate “big business” culture into your company and employees.
  3. Acquire the expertise you need to grow.
  4. Have the courage to make changes as you grow.

 

Now we are going to transition a bit and talk about the “big fish” mindset. It may sound easy to find and catch that big fish, but if you are stuck in the small business mindset, you may find it harder than you think.

Think of all the benefits of aiming at bigger clients:

  • Inexpensive
  • Highly Profitable
  • Longevity
  • Security

 

To catch the big fish, you need to believe your company can make a difference for theirs. It’s easy to get into the mindset that a large company doesn’t need anything from a small business like yours, but this is entirely wrong!

It is essential to know which types of “Big Fish” are the best fit for your company. You can figure this out by taking a good look at how these big companies operate. One of the best ways to get in the door is by knowing someone on the inside who can put in a good word for you.

If you’re not sure where to start and feel a little intimidated about catching big fish, try our FREE test drive to get help from your amazing business coach.

Another Secret Revealed

In the last post, we talked about the first secret to building a solid customer service plan and how to decide what your vision is. 

Today we’ll talk about the second secret in taking your satisfied customers to raving fans. You must know what your customers want. Know who your customers are and you will know better how to serve them. Demographics are essential here. An upper-class woman in her 30’s is going to have completely different expectations than a blue-collar worker in his 50’s.

There are four main areas you need to consider and plan when figuring out what your customers want:

  • Listen to Your Customers
  • Ask Your Customers Sincerely
  • Offer More than Just a Product/Service
  • Know When to Ignore Them

 These are all important when deciding what your customers want out of their shopping experience. 

Listen to Your Customers

It would help if you listened to both what they say and what they don’t say. Customers may say they want one thing and really mean something else. For example, if your customers are begging for lower prices, you may find out their real priority is quick delivery.

Also, listen to your “silent” customers. These customers don’t bother to complain because the service is so bad they’ve just given up and don’t feel like their voice matters. They feel unwanted, and when a competitor shows up, they’ll be gone.

Lastly, you need to listen to customers who only reply with “fine”. These customers are similar to the “silent” customers in that they are so used to bad customer service they only give a monotone response. 

Ask Your Customers Sincerely

If you aren’t sincere when you ask their opinion, they will see right through you. You may be thinking, “What about the customers who aren’t saying anything?” It would help if you asked them sincere questions that get them thinking about their experiences. Make them feel like you care … and you should!

Offer More than Just a Product/Service

Your customers are looking for much more than a simple product or service; they are looking for an experience that makes them feel good. They grade you on every step of the process. When you consider this and treat them like people, they will feel like they belong.

Know When to Ignore Them

You may think this goes beyond providing good customer service, but in reality, you can’t give them everything, and you will never make some people happy. You have to set limits and stick to them. If your vision and company don’t meet the customer’s needs, they will be best suited somewhere else.

These are the steps and tricks to figuring out what your customers want and how you can use them to work on your customer service vision and plan.

If you get stuck, try our FREE test drive and let us help you through the process.

Shhh… I Have a Secret

Customer service is a hot topic and can make or break your business. Consumers have little patience for lousy customer service and quickly get tired of waiting in long lines, trying to get a live person on the line, going through an interrogation to return something or trying to communicate through a language barrier. 

If you provide them with a simple, efficient, pleasant experience, they will revisit your business repeatedly. More importantly, they will tell everyone they know! 

There are three secrets to good customer service; we will first conquer knowing exactly what YOU want.

You are the captain of the ship and the visionary for the future of your business, so you need to have a clearly defined plan for your business, which includes customer service. There are three main goals you need to consider:

  1. It needs to be easy for your customers to do business with you. You can do this with advertised discounts, kiosks, your website, and other technology-based programs to help them shop.
  2. Doing business with you needs to be a warm and pleasant experience. Your staff has to be knowledgeable, approachable, warm and patient. Your customers need to feel like they are getting good value for their time and money. Perceived value goes beyond the price of the products and extends to their shopping experience.
  3. Change your mindset and ask yourself, “How can I NOT afford to do these things?” This shouldn’t be a question of expenses but making and keeping happy customers.

With these thoughts in mind, you also need to consider a few things when deciding on the actual programs and standards you’ll put into place.

  • Share your customer service vision with the rest of your staff. 
  • Connect your incentive programs and bonuses directly to customer service.
  • Monitor the level of customer service your staff is putting out.
  • Know when you can ignore what your customers want.
  • Continuously focus on your goals.

You now know what you can start thinking about to meet those needs and create a positive customer service experience.

If you’re having a hard time deciding on what you want, the tools, resources and coaches in our FREE test drive will help you define the wants and needs of your company in relation to customer service.

Gather the Troops

 

Today I’d like to chat about the different types of support staff you need and what makes them so important.

There are essentially three key roles that need to be filled to set your business up for success:

  • The Technician
  • The Manager
  • The Entrepreneur

 

All three of these roles need to be filled by different people with the right kind of talent. It’s all about balance.

 

The Technician

This person represents the present and all that needs to be done for the physical aspects of the business building process. They are the “doer”. This is usually the most visible person of the entire operation.

 

The Manager

This person represents the past and works to fix problems through learning from past mistakes. They are the practical side of the business and are in charge of putting together the business and overseeing the planning.

 

The Entrepreneur

This person represents the future and the vision for the business. They are responsible for the creative side of the business and are always considering ways to enhance products/service, business image, branding and more.

 

All three of these characters are essential in the success of any business and to build a solid foundation from the start, you need to work harder to find the right people to put in these roles. Obviously, you need to be one of these key people, but ensure you find the role that fits your skills and talents, not necessarily what you THINK you should be doing.

 

This may be a hard process for you as you will need to relinquish some control over the business and instill trust in people to allow them to do their jobs.

 

Remember, I can help you through this entire process and teach you how to avoid minefields or falling victim to e-myths. Try my FREE test drive and see the true power of combining experience and knowledge.

 

Entrepreneurial Myths?

We will embark upon a journey through the world of Entrepreneurial Myths and debunk them to help you avoid falling into its traps.

 First, let’s take a minute to talk about what an Entrepreneurial Myth is. An Entrepreneurial Myth, or e-myth, is the assumption that anyone can be successful in business if they have: 

  • Desire 
  • Some capital 
  • A goal for success

 This concept sounds fabulous, but it is just not realistic. Compare starting a business to running a marathon. Sure, everyone gets out of the gate at a fast pace, but after a few miles people start to slow down, and some even drop out entirely. Building a successful business takes stamina and agility. The reality is that there are many different facets to a successful business, and if you want to be successful you can’t ignore any of them.

 Now, let’s talk about entrepreneurial breakdowns. These breakdowns are caused by the roller coaster of emotions that comes with starting your business, nurturing it, and the business potentially failing. 

The emotional journey tends to look like this:

  • Exhilaration
  • Exhaustion
  • Despair 
  • Sense of Loss 

 This emotional roller coaster is fueled by the e-myths and assumptions we discussed above. You have set such high expectations for instant success that even the slightest delay or set-back will send you into an emotional tailspin. 

 This also gets emphasized by the stark realization that you can’t do it all and will need help in areas where you lack expertise. Now, faced with limited choices, you may feel like giving up, that’s not necessary! Sign up for our FREE test drive to get the business coaching you need to avoid feeling overwhelmed and defeated.

  

Harm B Stratman , MBA

Business Accelerator

Direct Response or Bust!

Direct response marketing is a type of marketing that demands an immediate response from your potential customers. This type of marketing is used to answer questions, present your branding, products, and why you do what you do. Customers love this, as they are offered the opportunity to respond, whether that be in the way of signing up for a newsletter, posting a comment on your site or blog, or purchasing a product from you.

So, what does direct response marketing look like? Well, it comes in many forms, including:

  • Direct mail
  • Print ads
  • Radio and TV ads
  • Coupons or other incentives
  • Telemarketing

Some of the advantages of direct marketing are:

  • A great way to use free time during lulls in business
  • A productive way to communicate and empower you to create more relationships
  • Great way to up-and cross-sell to current customers
  • A low-cost way to rustle up new business
  • Used as leverage to turn small sales into large sales
  • Supplement your current marketing program
  • A cost-effective way to reach target markets
  • Offers measurable results
  • Reach outside your local area for new business
  • Increase the effectiveness of your sales force

These are all great things that can come from just taking a few simple steps to putting together a direct response marketing plan and executing it.

“I honestly don’t think you’ll ever find a safer, lower-risk, higher-profit method of increasing your business or profession than direct-response marketing.” Jay Abraham

Direct response marketing is one of the best ways to launch your business on a large scale and reach out to everyone in your target market, whether they are in your local area or not. Our FREE test drive can help you put together a great direct response marketing plan and get you on your way to heightened success and become a faster-growing company!

Make it Pop

 

There are 5 major components to good advertising copy (The order of these is essential to success):

  • Command Attention
  • Showcase Benefits of Products/Services
  • Prove the Benefits
  • Persuade People to Embrace the Benefits
  • Call to Action

Advertising is sales in print. So, you need to think about the unique benefits your products/services offer and showcase that in a persuasive way. You need to emphasize results, not features.

Let’s take a minute to talk about each of these components:

  1. Command Attention: This is usually accomplished with the headline. You need an attention-getter that makes people want to know more about your products/services. The best headlines give a vivid portrayal of the benefits or show how a problem can be avoided with your products/services. The headline is the advertisement for the advertisement.
  2. Showcase Benefits: You have to showcase the benefits of your products and services and, more importantly, show how they will solve or prevent a problem. They need to know what’s in it for them. Include useful, factual and clear information to show precisely what the benefits are and how they are going to help the customer.
  3. Offer Proof: This is where you prove what the advertisement is offering. You need to establish you have a method to deliver. Consider information that establishes credibility and past performance.
  4. Persuade: You need to add compelling reasons for your potential customers to purchase your products/services. Use a hard sell approach and create scarcity. This will enact your potential customers to feel like they have to act now. Which leads into the last component.
  5. Call to Action: You need to compel your potential customers to DO something. They need to check out your site, sign up for your newsletter, purchase your products, contact you about services…something.  Offer a freebie, booklet, sample, product, bonus, demo, consult, limited time price…the list goes on. There are lots of ways to get potential customers excited about ordering and help them feel like they are getting an amazing deal.

Good advertisements include all of these components and are not complete without any of them. You can sit down and think through any one of these components, then figure out how to best place them together for the most effectiveness. We can help you with this too. Try our FREE test drive to learn how to put together great advertisements from some of the best in the business.