2013 in review

The WordPress.com stats helper monkeys prepared a 2013 annual report for this blog.

Here’s an excerpt:

A San Francisco cable car holds 60 people. This blog was viewed about 1,300 times in 2013. If it were a cable car, it would take about 22 trips to carry that many people.

Click here to see the complete report.

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Do You Know How Your Client’s Make Decisions?

Have you ever given any thought as to how your clients make that all important decision as to whether or not they will buy your product or service? What is it EXACTLY that triggers their buy / don’t buy button? Is it really price that controls their decision, or are other factors involved?

What you need to know…

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Believe it or not, price is actually one of your prospects last considerations. Human nature says that no matter who buys what you sell, they will always want “the best deal.” That doesn’t mean the lowest price, but it does mean they want the most “VALUE” for the price they pay. The perception that your product or service offers extraordinary value controls their final decision.

Why you need to know this…

The key is to create “extraordinary value” as it relates to what you sell. In fact, if you do this, you can even charge a much higher price, providing the perception of value justifies that price. Unfortunately, most business owners don’t have a clue how to create “extraordinary value,” and therefore don’t offer it to their prospects, costing themselves massive market share and a boatload of lost revenue.

To create value, a business must “innovate.” You must understand the things your clients want from your product or service, and then use innovative ideas and solutions to either remove the pain and frustration they normally associate with what you sell, or enhance the benefits they receive from using it.

For example, the daycare mom who feels frustrated and worried when she drops off her child at daycare because she doesn’t kno

w how the child is being cared for finds tremendous relief and peace of mind (extraordinary value) when the daycare installs Web Watch… a 24 camera surveillance system that allows parents to view their child online, anytime.


The cost to you if you fail to act

If you fail to create “extraordinary value,” then you look like, feel like and smell like your competition. You will be forever doomed to compete with them on price, and when you’re forced to compete on price, you have just lost the battle. There will always be someone willi

ng to undercut your price… ALWAYS!

By innovating your business, you begin to separate your business from your competition. You begin to eliminate your competition from the minds of your prospects… and you will have your prospects literally saying to themselves that “I would be an absolute fool if I bought this from anyone else.”

Innovation attracts your “ideal” clients to your business. These are the clients that will buy more from you at premium prices. They will spend more money and buy from you over longer periods of time. Your revenue and profits begin to skyrocket as you begin to add unprecedented market share.

Look for ways to “innovate” your business and do so in such a way that you create extraordinary value in the minds of your prospects.

If you need help working through this process, check out our FREE test drive for the most comprehensive system of marketing tools and resources.

For our FREE 4 Video series on how to create a 10X increase using a lead generation magnet for your business go to Bit.ly/10xleads and start attracting the RIGHT prospects to your business!!

Please remember that at any time you feel ready and qualified to move forward and acquire the professional help that can enable you to build the business of your dreams, just click here and check out our E-Learning Marketing System™. It’s helping small business owners just like you get the answers and the help they need to build the business they have always wanted.

We created the E-Learning Marketing System™ with the perfect combination of online resources, tools and support to get you out of any financial distress you’re presently experiencing… help you get laser-focused on your highest income-producing activities… and help you develop and then apply the fundamentals that build multimillion dollar businesses. click here to see for yourself.

Regards

James.

Stop Wasting Your Resources

How do you 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, check out our FREE test drive for the most comprehensive system of marketing tools and resources.

For our FREE 4 Video series on how to create a 10X increase using a lead generation magnet for your business go to Bit.ly/10xleads and start attracting the RIGHT prospects to your business!!

Please remember that at any time you feel ready and qualified to move forward and acquire the professional help that can enable you to build the business of your dreams, just click here and check out our E-Learning Marketing System™. It’s helping small business owners just like you get the answers and the help they need to build the business they have always wanted.

We created the E-Learning Marketing System™ with the perfect combination of online resources, tools and support to get you out of any financial distress you’re presently experiencing… help you get laser-focused on your highest income-producing activities… and help you develop and then apply the fundamentals that build multimillion dollar businesses. click here to see for yourself.

Telemarketing is NOT the Anti-Christ

Frustrated.

Today you’ll learn how to use direct mail marketing and, yes, telemarketing to your full advantage. I know, the word “telemarketing” might as well be four letters, but there is a way to help customers feel like they are getting personal attention and keep them from blocking your number!

With the success direct mail marketing has had and the availability of computers, these can be used as a powerful marketing tool for your success. Telemarketing is best for high priced, high margin products/services.

Here are the key steps to putting together a highly effective direct mail marketing program:

  1. List all benefits customers will get from the purchase of your products and services.
  2. Pick the single most powerful benefit out of that list.
  3. Build an attention-getting headline around that benefit. Remember to use emotion-fulfill the desire to be young, wealthy, desired, popular or successful.
  4. Develop a sales letter using the headline you created to grab attention, provide information and motivate customers to act.
  5. Put together supplementary items, such as a brochure, order form, reply envelope or note that encourages them to read the letter.
  6. Rent or purchase a mailing list.
  7. Compare cost of mailing vs. cost per order.
  8. Continue to test and refine your direct mail marketing plan.

You can see how direct mail marketing can help you find a local or even country-wide target market to send letters or postcards to and draw in new clientele and customers. Fine-tuning your marketing campaign will bring better results and therefore lower the overall  cost of the campaign.

To be successful in telemarketing you need to:

  • Put together a plan, so you know exactly what you want to accomplish during the call.
  • Develop a list of topics to discuss and the questions you want to present around these topics.
  • Input verbiage checking to see if you are calling at a good time.
  • Include enough questions to keep the conversation interesting, but not too many to sound like you are interrogating.
  • Start with broad questions and narrow your focus as the conversation continues.
  • Offer feedback to show them you are paying attention and appreciate their time.
  • Don’t insult their intelligence or manipulate them.
  • Listen first, talk second.
  • Be relaxed and conversational.

Telemarketing doesn’t have to be the trauma it’s made out to be. You can put together an honest, personal and effective telemarketing campaign that is endearing, informative and gets the job done. Think of how you would want to be treated on a marketing call. Ask your friends and family what they hate most about the telemarketing calls they get and work hard to craft your plan in a better way.

When selling by telephone, you have approximately thirty seconds to convince the customer to listen to you. You need an opening statement that captures their attention, conveys who you are, what you want and why the prospect should listen.” Jay Abraham

It’s easy to see how direct mail marketing and telemarketing can positively affect your business by bringing in new customers and increasing the level of awareness about your products, services and company branding. Our FREE test drive offers the resources and tools you need to work through these processes and put together the best marketing plan you can.

James Lawson – Business Transformation Coach

To download you FREE 3 video series that will show you how to generate $5,000 to $10,000 in the next 90days visit: www.impactmarketinguniversity.com

Please remember that at any time you feel ready and qualified to move forward and acquire the professional help that can enable you to build the business of your dreams, just click here and check out our E-Learning Marketing System™. It’s helping small business owners just like you get the answers and the help they need to build the business they have always wanted.

We created the E-Learning Marketing System™ with the perfect combination of online resources, tools and support to get you out of any financial distress you’re presently experiencing… help you get laser-focused on your highest income-producing activities… and help you develop and then apply the fundamentals that build multimillion dollar businesses. click here to see for yourself.

Is Your Business YOU Proof?

Is Your Business You-Proof?

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Whether you’re planning to sell your company sometime soon or sometime in the future; now is the time to ensure that your business isn’t all about you. From the latest Sellability Score* research involving 2300 companies from around the globe, here are two key factors that are linked to the probability of getting an offer for your business when it’s time to sell.

#1: You’re almost twice as likely to get an offer if your business can survive the “hit-by-a-bus” test.

If you were out of action for three months and unable to work, would your business keep running smoothly? The more your staff and customers need you, the less valuable your company will be to a potential acquirer. One good way to start making your business more independent is to begin spending less time at the office.  Start by not working evenings or weekends, and don’t reply if employees call. Once they get the picture, the best ones will start making more decisions independently. The shift will also expose your weakest employees, the ones that need training or that need to find another job. As for you, it might come as a shock to find out how much your business has become such an essential part of you; but if you’re going to sell your business one day, you need to look at it as an inanimate economic engine, not as something that defines who you are.

#2: Companies with a management team (as opposed to a sole manager) are getting offers at almost twice the rate.

If you don’t have a management team, hiring a 2iC is a good first move. A second-in-command can help you balance the demands of running your company and advance your targeted exit time.

Here’s a four-step plan for hiring a 2iC, thanks to advice from Silicon-Valley-based Bob Sutton, author of Good Boss, Bad Boss. 

1: Identify someone internally. “The research is clear,” says Sutton. “Unless things are totally screwed up, internal candidates have a strong tendency to outperform external leaders.”

2: Give your 2iC prospect(s) a special project, one that allows them to demonstrate their leadership skills to you and the rest of your team. If your candidate or one of your candidates excels, it will be clear to your team why he or she was selected.

3: Communicate your choice. If you pick a 2iC from an internal pool, explain your choice to the rest of your team. At the same time, wrap your arms around those you passed over and make it clear how much you value their contribution.

4: Shift from manager to coach. “The transition from manager to coach is a gradual evolution where the goal is to ask more questions, spend more time listening, and spend less time talking and directing,” says Sutton.

Please leave any comments in the box below!!

How would your business score in the sellability stakes?  take this 14min quize to find out – Sellability Score

Follow me on Twitter : @vabizcoach

James Lawson is a Business Transformation Coach and author located in Fairfax, Northern Virginia. He works with and helps business owners TRANSFORM their businesses from where they are to where they ultimately want to be.

How To Increase The Value of Your Business Through Recurring Revenue

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One of the biggest factors in determining the value of your company is the extent to which an acquirer can see where your sales will come from in the future. If you’re in a business that starts from scratch each month, the value of your company will be lower than if you can demonstrate the source or sources of your future revenue.  A recurring revenue stream acts like a powerful pair of binoculars for you – and your potential acquirer – to see months or years into the future; creating an annuity stream is the best way to increase the desirability and value of your company.

The surer your future revenue is, the higher the value the market will place on your business. Here is the hierarchy of recurring revenue presented from least to most valuable in the eyes of an acquirer.

No. 6: Consumables (e.g., shampoo, toothpaste)

These are disposable items that customers purchase regularly, but they have no particular motivation to repurchase from one seller or to be brand loyal.

No. 5: Sunk-money consumables (e.g., razor blades)

This is where the customer first makes an investment in a platform. For example, once you buy a razor you have a vested interest in buying compatible blades.

No. 4: Renewable subscriptions (e.g., magazines)

Typically, subscriptions are paid for in advance, creating a positive cash-flow cycle.

No. 3: Sunk-money renewable subscriptions (e.g., the Bloomberg Terminal)

Traders and money managers swear by their Bloomberg Terminal; and they have to first buy or lease the terminal in order to subscribe to Bloomberg’s financial information.

 

No. 2: Automatic-renewal subscriptions (e.g., document storage)

When you store documents with Iron Mountain, you are automatically charged a fee each month as long as you continue to use the service.

No. 1: Contracts (e.g., wireless phones)

As much as we may despise being tied to them, wireless companies have mastered the art of recurring revenue. Many give customers free phones if they lock into a two or three-year contract.

When you put your business up for sale, you’re selling the future, not just the present. So if you don’t have a recurring revenue stream, consider how best to create one, given your type of business. It will increase the predictability of your revenue, the value of your business, and the interest of potential acquirers as they look to the future.

Please leave any comments in the box below!!

How would your business score in the sellability stakes?  take this 14min quize to find out – Sellability Score

Follow me on Twitter : @vabizcoach

James Lawson is a Business Transformation Coach and author located in Fairfax, Northern Virginia. He works with and helps business owners TRANSFORM their businesses from where they are to where they ultimately want to be.

Strategies and Tactics Designed To Grow Your Business!

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