Category: Target Market

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!

Turn Prospects into Customers Overnight!

Today I’d like to talk about how to turn prospects into customers and retain them for future marketing. While your marketing is doing its job, you need to be working on turning those prospects into customers. There are a few key ways to draw them in and seal the deal. You need to be:
  • Inviting
  • Informative
  • Enjoyable
The biggest fear of most new customers is the dread buyer’s remorse. You want to avoid this at all costs and this should be mitigated if you’ve provided a quality product/service that delivers on the marketing claims you’ve made. However, this can still occur. There are two ways to deal with this:
  • Offer to refund money-no questions asked
  • Offer a bonus they can keep even if they return the product
These offers alone will also mitigate buyer’s remorse because the customer will trust you more, just for offering these things. There are a number of other ways to turn a prospect into a customer:
  1. Offer a special price as an opportunity for you to test the market.
  2. Offer a lower price with the reason of pushing inventory to pay a tax bill, for your kid’s braces, or another tangible reason. Customers love that this makes you feel so much more human.
  3. Offer a referral incentive.
  4. Offer a smaller, more inexpensive product first to build trust.
  5. Offer package deals.
  6. Offer to charge less for their first purchase if they become a repeat customer.
  7. Offer extra incentives-longer warranties, free bonuses if ordered by a set date.
  8. Offer financing options, if applicable.
  9. Offer a bonus if they pay in full.
  10. Offer special packaging or delivery.
  11. Offer “name your own price” incentives.
  12. Offer comparative data or other comparison tools.
  13. Offer a trade-up or upgrade to something they already have.
  14. Offer additional, educational information to help them make the decision.
The options really are as limitless as you make them. You can use these or other ideas to find what works the best for your business, products/service, and target market. Remember this… “By making it inviting, easy, informative, non-threatening, educational, inspiring and fun to do business with you, you’ll loft your company above the competition.” Jay Abraham Need help with figuring out the best strategy for converting prospects into customers? Our FREE test drive gives you exclusive access to the mountain of resources and tools, along with information from some of the greatest marketing minds on Earth.

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!

Stop Wasting Your Resources!

Today you’re going to learn how to find a target market of potential customers so you aren’t wasting precious resources on blitz marketing. So, the two questions you have to ask yourself are:
  • What do people really want to buy from me?
  • What related products are they already buying?
Once you figure this out you will know who is more predisposed to purchase your products/services. Then, you find other businesses with the same customer base who you can customer share with. Come up with an incentive and great arrangement to encourage both of your customer bases to shop at both of your stores. The basic concept is this: You want to find existing businesses who have the customer profile that you are looking for to market your products/services to. Then strike up a relationship with those business owners to work out an incentive for customers to purchase from both businesses. As a result, you have an audience to market to and they generate an added value from their current base. So, how do you figure this out? There is a great formula from Jay Abraham you can follow with great success. LV = (P x F) x N – MC Here’s what it all means:
  • LV is the life time value of a customer
  • P is the average profit margin from each sale
  • F is the number of times a customer buys each year
  • N is the number of years customers stay with you
  • MC is the marketing cost per customer (total costs/number of customers)
Once you know how much you need to spend to attract a new customer, you will know how much of an incentive you can offer to a business to help attract new customers. So, here’s your step-by-step process:
  1. Find companies who already have the customer base you are looking for.
  2. Negotiate an incentive for them to share that customer base with you.
  3. Focus your marketing resources to this group of predisposed customers.
If you need help working through this process, please contact us and we’ll set you up with the most comprehensive system of marketing tools and resources.