Monday, August 19, 2013
What Is Your Flight Plan For Business Growth? - Part 6
The Law
Of Preeminence
In this generation, it is difficult to find people a hundred times smarter than everyone else. And, few corporations today have access to superior technical advantages over their competitors. Nor does any one company have superior access to manufacturing, distribution or labour edge.
So why do
certain super achieves gain levels of success so much higher than others?
Super achieves
typically have a better philosophical strategy. They approach everyone they
deal with in a totally different and more effective way than most other people
do.
Super achieves
philosophy is simple, yet so many business practitioners fail to adopt and
apply. A super achiever's focus is less about self and more about others. This
is true when a super achiever owns their own business or is employed by a
corporation.
By simply
focusing on others more than oneself is the most powerful business (and
personal) strategy any person can employ.
This strategy
is known by some as the 'Law of Preeminence', which when used will more times
than not stand out as superior in the minds and hearts of your clients,
employer, employees, colleagues, suppliers etc.
The Law of
Preeminence is simply the ability to always put your client’s needs ahead of
your own. When mastered, your success will naturally follow.
Based on the
tendency of human nature to be typically selfish, it's understandable that it
seems backward to put your client’s best interests ahead of your own. In fact,
that is the reason so many businesses and people in business are unremarkable,
unmemorable and ultimately unsuccessful.
It's
frightening how many people representing companies will say and do whatever
they believe to gain a one-time sale (transactional thinking) rather than
investing the time and interest to understand the client's desired need(s) and
outcome(s).
By approaching
each prospect and client with their best in mind is the best way to demonstrate
credibility, likeability, believability and ultimately trust!!!
The strategy
of preeminence is about the mindset you have towards others. For example, some
people in business think about customers, whilst others think about clients.
What's the
difference?
CUSTOMER: A dictionary definition is... A person who purchases a commodity or service
CUSTOMER: A dictionary definition is... A person who purchases a commodity or service
CLIENT: A dictionary definition is... A person who is under the
protection of another.
The business
person with a customer mindset typically focuses on transactional sales, whilst
the client minded focuses on long term partnership and service.
If your
company uses the word customers, that's fine. But always think of them as
clients. And when you start to serve clients rather than sell customers, the
limits on your business success will quickly disappear.
What exactly
does "under your protection" mean? In this case it means you do not
sell the person a product or service just so you can make the largest one-time
profit possible. You must understand and appreciate exactly what they need -
even if they are unable to clearly articulate the exact result(s) themselves.
Once you know the final outcome they need, lead them to that outcome. You
become a trusted advisor who protects them. Now, you've given them reason to
return to you when necessary and become a long term loyal client.
The strategy
of preeminence doesn't apply only to selling clients your products and
services. This strategy is of equal importance to anyone, in any type of
business situation. If you're in administration, legal, accounting, shipping -
any department - you should use this strategy of preeminence as a basis for
dealing with everyone.
Be a problem
solver, not a problem bringer. Add value to every responsibility you undertake
on behalf of the business you represent.
Whatever you
do, if you focus on giving value and advice instead of manipulating and
maneuvering, you will win over many more prospects, clients, employers,
employees, colleagues, vendors etc.
Unfortunately
many people in business think, "What do I have to say to get people to
buy?" Instead you should think, "How can I best understand and serve
this person. Plus, what benefit(s) do I have to give?"
Selling
yourself or your business has nothing to do with sales trickery or schemes. It
has everything to do with what benefits you give your clients. The more value
you give others, the more value and reasons for doing business with you is
generated.
See yourself
as an agent of positive change. A creator of value. A value contributor.
The strategy
of preeminence is a powerful yet simple strategy that almost single-handedly
can positively transform your business or career.
This strategy makes people enthusiastic to do business with you instead of your competitors. It will give you an uncanny insight into what people want, and why people react and act various ways. It will help you to understand the true needs of your prospects, clients, employers, employees, colleagues and vendors. Plus how to approach them in a way that results in their complete satisfaction and their long-term loyalty to you.
This strategy makes people enthusiastic to do business with you instead of your competitors. It will give you an uncanny insight into what people want, and why people react and act various ways. It will help you to understand the true needs of your prospects, clients, employers, employees, colleagues and vendors. Plus how to approach them in a way that results in their complete satisfaction and their long-term loyalty to you.
All the best
with your business!!!.
If you would like to discuss how to improve your organisations capability in the areas of Leadership, Communication, Presentation & Sales then simply contact us for a complimentary, no obligation conversation.
Go to www.EffectiveCommunication.com.au to find out more
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Sunday, August 4, 2013
COMMUNICATE EMOTION – YOUR FAST LANE TO MOTIVATE BUSINESS ACTION
Can you remember a time when you attended a meeting, only to be lulled into an occasional listening mode because of one dull fact after another?
Just like you, your audience during a presentation will tune out quickly if you don't capture and hold their attention. After all, most business professionals have a lot on their minds.
Presenters who want their ideas remembered must electrify their audience by moving them emotionally throughout their presentation. It is the fast lane to motivation and action. So how do we accomplish this?
1. Verbal Images
Create enough detailed images for your audience to assemble a mental picture of what is being described. For example, if you want to change a policy or procedure, help people to see the dire consequences for not making the change or conversely, the positive responses customers will have to a new process.
Draw word pictures, but remember that the word pictures you have created must be powerful enough for your audience to see the same thing you envision in their mind's eye.
2. Strong Language
Create enough detailed images for your audience to assemble a mental picture of what is being described. For example, if you want to change a policy or procedure, help people to see the dire consequences for not making the change or conversely, the positive responses customers will have to a new process.
Draw word pictures, but remember that the word pictures you have created must be powerful enough for your audience to see the same thing you envision in their mind's eye.
3. Tell Stories Tied to Business Point(s)
People get very involved with stories, particularly personal stories. Sharing your emergency room experience of the ER doctor's inability to access your recent x-rays, would really highlight the need for new technology. Your wild travel story or your child's soccer goal will be remembered long after the fact as long as it is tied to a business point.
Although not personal, client or customer stories or examples are also winning. They explain a lot more than just the numbers. They put a face on the client or customer and motivate people to correct issues affecting people's lives and businesses.
4. Visual Aids & Demonstration
Not to be overlooked are Visual Aids and Demonstrations. Nobody dreams about bullet point lists, but pictures speak louder than words. Easy access to the web means that all of us have the ability to insert powerful images into our presentations.
In terms of demonstrations, imagine the power of holding up a stapler to make a point about the pain associated with testing for diabetes or a large ball of rubber bands to indicate how a client's network is in dire need of an update.
Most people would say they make decisions based on facts, but the reality is emotion is proven to be a stronger and hidden motivator. Vivid images stir the soul to action.
As you plan and review your content for your next meeting or presentation, ask yourself, "Have I moved people emotionally?" “Have I created what I want them to imagine?
All the best with your future business communications!!!
If you would like to discuss how to improve your organisations capability in the areas of Leadership, Communication, Presentation & Sales then simply contact us for a complimentary, no obligation conversation.
Go to www.EffectiveCommunication.com.au to find out more
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WHAT IS YOUR FLIGHT PLAN FOR BUSINESS GROWTH? - Part 5
Are You Looking Outside The Box?
It is incredible how many companies have avoided many costly learning curves plus accelerated progress and success by looking outside the box.
These companies are well aware the majority of companies competing within the same industry are operating very similar (if not, the same) as their direct competition.
These successful companies look outside of their own standard practices and look outside of what their industry typically does in order to borrow success practices from other industries.
Many people you meet and work with have spent years, even decades in one basic business or industry. And, whilst this is not wrong, such a person typically knows only the success practices of just their industry. For example, how marketing, advertising, promotions and selling are conducted within one company or industry.
Industrial manufacturers typically use a field sales force.
Retailers typically place ads in local newspapers and the Yellow Pages etc.
Stockbrokers do virtually all their business by telephone and email.
Doctors, dentists, vets and lawyers rely almost exclusively on referrals.
And so on…
When any business is limited to doing things the same way as industry competition, progress is typically incremental and modest at best. Or worst, the company can lose ground and market share.
By looking outside the box to learn the most effective and powerful breakthrough approaches, you are able to pick and choose approaches that, which might be as common as dirt in one industry, yet can have the power and impact of an atomic bomb in your unrelated industry.
Since, you'll probably be one of the few, if not the only competitor using new breakthrough approaches, your business results can benefit and positively multiply quickly.
Here are some examples of strategies successfully copied from other industries:
Federal Express applied the banking industries method of clearing cheques overnight to the overnight delivery of packages. Banks would send all cheques to a central processing point, and then out to the appropriate branch. FedEx adopted this hub-and-spoke concept, where every package went to a central location (Memphis, Tennessee) before package was flown to its final destination.
A man named George Thomas was searching for an effective way for people to apply liquid based deodorant. He was highly frustrated whilst researching for a solution until he realised the solution was in his own hand... The Ball Point Pen.
Dave Liniger, the founder of RE/MAX Real Estate, grew his company to a billion dollars in sales by using the '100% Solution'. This meant David allowed his salespeople to keep 100% of their commission while charging his salespeople a fee for office facilities and equipment. David's salespeople made so much money, they hardly left RE/MAX.
The story is told that one day David went into his regular three chair Barber Shop. The owner was complaining how hard it was to keep good barbers as they would typically leave to set up business of their own (competition!!!). David explained how his real estate business retained talent using the 100% solution. The barber nodded politely.
At a later date David revisited the barber when upon reaching in his wallet to pay, the barber said, "This one is on me... I took your advice and now we are a 100% solution barber business.”
Depending on any long term or industry standard approach can be a disaster waiting to happen.
A simple analogy: If you are fishing using one pole or the same bait on your hook as other people fishing near you, you will only catch limited fish. But if you use more poles with different baits at the same time, your fishing potential will significantly increase!
All the best with your business.
If you would like to discuss how to improve your organisations capability in the areas of Leadership, Communication, Presentation & Sales then simply contact us for a complimentary, no obligation conversation.
Go to www.EffectiveCommunication.com.au to find out more
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Tuesday, July 23, 2013
What Is Your Flight Plan For Business Growth - Part 4
How To
Increase Your Number Of Sales Per Client
Stock Brokers offer occasional initial public offerings (IPOs) to select clients.
Clothing
stores offer "by invitation only" events for preferred clients
Auction houses
offer "by invitation only" events for preferred clients
Jewelry stores
offer "by invitation only" events for preferred clients
Airlines offer
frequent flyer points reflecting the number of times traveled or distances
traveled with them.
Miles
Laboratories published a small cookbook filled exclusively with spicy recipes,
and then gave the book away for free. Why? Miles Laboratories is the maker of
Alka-Seltzer, an antacid digestive pain reliever.
How many
consumer retail stores now offer loyalty cards i.e. 'Buy 9 and gain your 10th
free" etc.
These are not
just random, unrelated business-increasing anecdotes. Each example represents a
well thought out, documented, income increasing principle or leveraging
strategy.
Now you might
be thinking, "My business responsibilities don't include clients and
selling. I'm in the accounting / human resource / quality control / production
department".
Think again
because the fact is, everyone is in sales!!!
Whatever area
you work in and are responsible for, you do have "clients" and you do
need to influence and "sell".
Think within
your organisation. Typically referred to as internal clients / stakeholders,
who might include the head of your department who you might need to influence
and sell towards your project, your proposal, your promotion, your perspective,
your value, or your pay rise.
Your internal
clients might also be those who work under you, and you need to influence and
sell them towards giving their best, meeting a deadline, thinking out of the box
etc.
Your internal
clients might also be people in other departments who could aid you etc.
Think external
to your organisation. How many vendors, complimentary companies or future
employees do you have to influence and sell to?
When you read
the phrase "selling your product or service", don't just think in
terms of products and services your company sells. In addition, think of your
individual and intangible personal product or service, yes - YOU!!!
You will need
to influence and sell to others your ideas in order to advance your career,
gain more respect and increase your success and income.
All the
success strategies EffectiveCommunication.com.au
shares with you are designed to raise you above your competition. If you work
for a company, you have your company's competition to contend with. You also
have your personal competition - the person down the corridor who you are
competing with for your next big promotion. Or the person who just sent their
resume to Human Resources because they want your job.
Look out for
our future success strategies, which will help you to better influence and make
that sale.
All the best with your business!
If you would like to discuss how to improve your organisations capability in the areas of Leadership, Communication, Presentation & Sales then simply contact us for a complimentary, no obligation conversation.
Go to www.EffectiveCommunication.com.au to find out more
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Monday, July 1, 2013
What Is Your Flight Plan For Business Growth - Part 3
How To
Increase The Value Of Each Transaction With Your Clients
Car companies will always advertise a new car for a 'base' amount, yet how many times have you paid just the advertised price when buying a new car?
Maybe like the
majority of people buying a new car you purchased a few or many extra items
like air conditioning, automatic sun roof, rust protection, scratch protection,
upgraded security, upgraded music system, extended
warranty, financing etc... The list goes on.
Maybe when
going to dinner with a budget in mind you increase the value of transaction
when presented with a better wine than you first considered or when the waiter
tempts you with the dreaded (but tasty) desert menu.
When the
global toy company named Matel gets you to buy a Barbie Doll, the Barbie comes
with only one outfit. How many parents have made additional Barbie purchases
including, more clothes, car, house, the Ken Doll etc. And surprise, the Ken
Doll comes with only one outfit.
Telecommunication
companies offer much more than a standard phone line. They additionally offer
you phones, Internet, fax, call waiting, voice mail, cable T.V, automatic
callback, additional lines for computers, security systems etc.
No telecoms
company holds a gun to their prospects and clients. Instead, they are typically
very effective at offering 'add-ons' and 'upgrades', then people purchase these
because of the better performance and results they offer.
You might be
selling yourself as an employee knowing that increased salary is a by-product
of your management's perception of your value to their business. Therefore,
find something that no other employee across your company is doing (or doing
well) and voluntary add to your current responsibilities.
Every time a
person or company purchases from your business, you have an immediate
opportunity to increase the value of that transaction!
Your motive
must be benevolent and not self serving. This
strategy is not just to add to your short term profit. Instead, this is about
helping your client to gain the optimal number of benefits and outcomes from
your products / services.
During the
1930's the Kraft company tried to market and sell a low priced cheese powder,
but the public were not interested and sales were a failure.
One of Kraft's
sales reps from North America thought 'outside the box' towards unloading his
allotment of powdered cheese. His simple, yet brilliant and profitable solution
was he added individual packets of cheese powder into the boxes of Kraft
macaroni which were selling successfully.
The
salesperson then convinced grocery retailers to sell their customers the
concept of the 'Kraft Dinner'. This concept became so successful the Kraft
company added this 'all in one' dinner to their product line.
How did this
simple solution work in the long term? Recent research shows that more than 55%
of main meals in homes across the United State of America are per-produced.
You have both
the opportunity and responsibility to introduce your prospects and clients to
every option that relate to the benefits and outcomes they hope for.
Introduce your
prospects and clients to 'add-ons' (aka - cross selling) and 'upgrades' to help
them graduate to a more sophisticated or superior option to better serve their
goals with your product / service. They don't have to buy 'add-ons' or
'upgrades', yet you have an obligation to introduce and demonstrate the
improved performance and outcomes.
It's as simple
as incentivising your prospects and clients to trade up!!!
If you do your
part well, then in addition to your client be more impressed and satisfied with
the preference and outcomes the better product / service gives them, your
business makes more profit!!!
Evidently
there are many additional ways to increase the value of your client
transactions and so, look out for our next newsletters.
All the best with your business!
If you would like to discuss how to improve your organisations capability in the areas of Leadership, Communication, Presentation & Sales then simply contact us for a complimentary, no obligation conversation.
Go to www.EffectiveCommunication.com.au to find out more
If you would like to discuss how to improve your organisations capability in the areas of Leadership, Communication, Presentation & Sales then simply contact us for a complimentary, no obligation conversation.
Go to www.EffectiveCommunication.com.au to find out more
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Wednesday, June 19, 2013
WHAT IS YOUR FLIGHT PLAN FOR BUSINESS GROWTH? - Part 2
How To
Increase Your Number Of Clients
It is interesting how many companies when income curves become stagnant tend to whip sales & account management teams to do more of the same, when better incentives might be the simple solution.
For example, a company experiencing income stagnation applied a compensation program that paid the sales person 10% of the profit per sale. So when a $1,000 sale was made the company retained $900 whilst the sales person was compensated with $100.
Upon consultation the company calculated the following 3 simple questions:
- Average worth of
first purchase from new client?
- Average number of
times new client will purchase in the first year?
- Average number of
years client will continue to purchase?
The company responded...
- Average profit of
$200 for each new client first purchase of which the company kept $180
& compensated the salesperson with $20
- Average number of
purchases per year was 5
- Average number of
years new client continued to purchase was 3
Based on this the company accumulated approximately $3,000 profit over the average lifetime of a new client of which the company kept $2,700 and compensated the salesperson with $300.
Upon further consultation, the company was advised to:
- Compensate the salesperson with
100% of the profit from every first sale they produce
- Compensate salesperson with 10%
of every ongoing purchase from new client
- 10% ongoing compensation to
continue ONLY if salesperson maintained new client to continue average
purchases (5 x per year over 3 years)
What do you think happened?
First, the salesperson was compensated $200 instead of $20 for every new clients sale therefore, the sales team was 9 x more motivated
Second, the life time value of each new client was worth approximately $3,000 therefore, with this strategy the company now keeps $2,520 and compensates the salesperson with $480
Ultimately, with the sales team greater motivated, the company TRIPLED it's number of new clients in only 9 months!!!
Evidently there are many additional ways to increase your number of clients and so, look out for our next newsletters.
All the best with your business!
If you would like to discuss how to improve your organisations capability in the areas of Leadership, Communication, Presentation & Sales then simply contact us for a complimentary, no obligation conversation.
Go to www.EffectiveCommunication.com.au to find out more
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Wednesday, June 5, 2013
What Is Your Flight Plan For Business Growth? - Part 1
3 Ways To
Geometrically Grow Your Business
The human brain is a remarkable, creative asset capable of processing and understanding complex and intricate concepts. Yet at times, unable to recognise the obvious and simple.
Some examples of this are:
Ice cream was invented approximately 2000 B.C. Yet, it was almost 3,900 years later (1900's) that someone figured out the ice-cream cone.
Meat has been on the planet at least 6,000 years. Bread was baked since 2,600 B.C. Yet, it took almost 4,300 years after this (1700's) to commercialise the meat sandwich.
The modern flush toilet was invented in 1775, but it wasn't't until 1857 (82 years later) that someone developed toilet paper.
Once these and similar connections are made they seem so obvious and our remarkable brains consider why these ideas were not materialised sooner.
Believe this or not but a number of ideas and unmade connections exist today, even in this generation known as 'Technological'.
Many of the non-materialised ideas and connections are 'right under our noses' in the business world. In other words, you are surrounded by untapped solutions that can dramatically increase your income, leverage, influence and success!!!
The question you must ask yourself is, "do you see them"?
Very simple ideas and connections can quickly develop your and your organisations ability to better lead, communicate and sell in totally ethical, respectful and honorable ways.
EffectiveCommunication.com.au helps to uncover hidden assets, opportunities and possibilities that are not producing maximum results.
Here's one simple idea:
There are only 3 ways to successfully increase your business. Yes, three.
Ice cream was invented approximately 2000 B.C. Yet, it was almost 3,900 years later (1900's) that someone figured out the ice-cream cone.
Meat has been on the planet at least 6,000 years. Bread was baked since 2,600 B.C. Yet, it took almost 4,300 years after this (1700's) to commercialise the meat sandwich.
The modern flush toilet was invented in 1775, but it wasn't't until 1857 (82 years later) that someone developed toilet paper.
Once these and similar connections are made they seem so obvious and our remarkable brains consider why these ideas were not materialised sooner.
Believe this or not but a number of ideas and unmade connections exist today, even in this generation known as 'Technological'.
Many of the non-materialised ideas and connections are 'right under our noses' in the business world. In other words, you are surrounded by untapped solutions that can dramatically increase your income, leverage, influence and success!!!
The question you must ask yourself is, "do you see them"?
Very simple ideas and connections can quickly develop your and your organisations ability to better lead, communicate and sell in totally ethical, respectful and honorable ways.
EffectiveCommunication.com.au helps to uncover hidden assets, opportunities and possibilities that are not producing maximum results.
Here's one simple idea:
There are only 3 ways to successfully increase your business. Yes, three.
- Increase your number of clients
- Increase the average value of each sale per client
- Increase the number of times your clients return and buy again
As a business leader, it's significantly less daunting for you to focus on and develop these 3 criteria. It's so easy that you should take a look at this simple example:
- Calculate your
current number of clients
- Calculate the
average value each client spends per sale
- Determine how
many times these clients purchase from you per year
By way of example, let's say you have 1,000 clients who average $100 per sale and purchase 2 times per year.
1,000 clients x $100 per transaction x 2 transactions per year = $200,000 total income
Now, look what happens when you improve these 3 criteria by just 10%
1,100 clients x $110 per transaction x 2.2 transactions per year = $266,200 total income
Wow, a mere 10% improvement in these 3 criteria increases your income by 33.1%
A 25% improvement in these 3 criteria almost doubles your income to $390,625. Yes, almost 100% additional income!!!
By focusing on this idea alone is one small way organisations improve by increasing income by 20%, 50%, 100% and more.
This simple geometric growth formula works equally as well with non-financial goals. For example, peak performance sports coaches break down every element of a game and it's plays into an identifiable process. They then rate the team per element based on a scale of 1-10. Then by simply focusing on 2 or 3 elements to improve them by only a small percentage produces exponential, compound impact and results.
So you see this simple idea and concept works for business, sports and every area of your life when applied.
Look out for our next newsletter titled 'WHAT IS YOUR FLIGHT PLAN FOR BUSINESS GROWTH? - Part 2'
In the mean time, if you would like to discuss how to improve your organisations capability in the areas of Leadership, Communication, Presentation & Sales then simply contact us for a complimentary, no obligation conversation.
Go to www.EffectiveCommunication.com.au to find out more
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I involved EC with our Westmead Hospital team in a High Performance Team Workshop to better align our project objectives to the performance of each key staff member. This was a critical process as the project team was relatively new.
Accountability Maps were created against each identified objective. The outcome was the creation key performance communication indicators stating the involvement of particular members of the team. We are monitoring this process quarterly to ensure we achieve what we agreed.
The process that EC put us through in
preparation for the Westmead Hospital Workshop assisted in making sure the day
was successful. I have since used this process and EC's input on our 100
Pacific Highway (a commercial high-rise development) project.
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examples above without the preparation work EC put them through leading up to
the workshop. EC are retained on an ongoing basis to conduct training for our
business and to assist on individual assignments as required. I highly
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