Time to High Grade Your Clients…?

Your business exists to serve clients better than anyone else.  Yet, if your client retention, average dollar sale and transaction frequency is not increasing then how much of your day is invested in improving existing clients vs seeking new clients?   

Start with the question, is pleasing your existing clients the best way to attract better clients?  Many times it is.  After all you have an existing relationship to leverage.  So ask, how do you want your clients to change?  Note that I use the word, "Client" vs. "Customer."  A customer makes a transaction.  A "Client" is….

• a partner
• a person with a vested interest in outcome - they win, I win
• a person with an emotional bond
• a person that they won't work with if the "trust is broken"
• the source of my reputation "up" or "down"
• pays the bills
• my life

So select your clients…you're as good - or as bad - as your client list.  We are defined by the people who buy from us…as much as the services/products rendered.

If I'm to be know by my client list then take time to rank your clients into one of three categories

1. Top client is one that makes me grow and defines me to be know by.  A person jointly committed to excellence where I feel, "I love this work!"
2. Tier two - "I can tolerate it and it's what I do for a living."
3. Tier three - I can't stand type of work or person.  "I wish I could get rid of them."

It's ok to fire or lay off a few clients occasionally.  

Create an expectation by connecting with the best.  After all, why let clients that choose not to apply your services to grow deny your dreams of serving more and better clients?  There is no question you can succeed the question is will you matter?  Working with top clients goes a long way to having significance.

If you're having this discussion about your clients and seek further insights on how you can work with the best, then give me a call.  It's what ActionCOACH - Business Coaches do…Think Bigger, Insist on Win/Win and Be First to Inspire!  em:  StephenMarino@ActionCOACH.com ph:  972 709 6776

How to Move Yourself UP to Entrepreneur Level in 2014

If asked what level entrepreneur you are, which definition describes you best?

1.  Entrepreneur - you create money.  Have you had an initial public offering?  You leverage other peoples - money, ideas, distribution and network?  Congratulations you're on top.  If this definition not suitable then you must be…

2.  Investor - you make money with money.  Your stock and bonds, commodity, real estate, and oil and gas portfolios are worth more today than they were six years ago.  Congratulations.  If not then you may be…

3.  Owner - you make money from the company's dividends.  Not a draw, loan or salary but from the excess cash after paying all the expenses.  Congratulations.  If that doesn't quite fit your situation then you may be…

4.  Manager - you earn money from a salary, directing a few people and operate with systems.  By the way your salary when calculated on an hourly base needs to be higher than your lower level employees.  Congratulations.  Still doesn't describe you, then you may be…

5.  Self Employed - you earn when you work hard and long.  You may have employees and systems but if the business doesn't work without you then you work for the business.  

The good news is that regardless of which definition matches your situation, there is a way to move up.  That's what ActionCOACH - Business Coaches do.  Contact me now and we'll get you started for 2014!  eM:  StephenMarino@ActionCOACH.com or ph:  972 709 6776

   

7 Sentences in 7 Minutes to Develop Your Marketing Plan

Here’s a simple 7 sentence marketing plan that can be done in 7 minutes…if it takes much longer reconsider the KISS principle. 

1.    Tells the purpose of your Marketing…to buy a client.  And the purpose of your SOCIAL media marketing…is to build a relationship.  How does it attract them and move them to be advocates and raving fans of your products and services?

2.    States the competitive advantage you'll emphasize.  What is the Solution to a Problem?

3.    Explains who your target audience is…Who are your core relationships?  Who do you know who?  Who do they know who?  Where to find the greatest quantity of those that go beyond want & need to MUST have!

4.    Lists the marketing tools you'll be using.  Which social media tools are applicable? Twitter, Facebook, LinkedIn, YouTube, Google+, eBlogger, etc…

5.    Explains your niche in the marketplace….Not competing on price.  Can increase price…Making it easy to do business with you – Removing Risk – Providing a great Guarantee

6.    Sets forth your identity to your customer.  What experience is created for them?

7.    States your marketing budget, expressed as a percentage of your projected gross sales.   

Completing these 7 sentences ensures your Marketing Plan is communicable and therefore implementable.

Want to know how to make this happen in your organization?  Contact me at StephenMarino@ActionCOACH.com or ph:  972 709 6776.  This is what ActionCOACH - Business Coaches do…Think Bigger, Insist on Win-Win, Be First to Inspire!

How to Attract Top Talent...

Whether your company is experiencing rapid growth or replacing people, knowing how to attract top talent is an essential business function.  

Here are 5 essential steps to this function to save you time, money and ensure a great fit for your company. 

1. Define the position - skills and competencies as well as the cultural fit with your vision, mission and values
2. Attract a large pool of applicants.  In today's job environment there are nearly 90 applicants per job with a well written and placed advertisement
3. Design the recruiting process that mimics the qualities you want completed.  With a large number of applicants, you can manage the process by having applicants demonstrate their competencies and show their desire to go the "extra mile."  Allow your candidate to de-select themselves based on the initial advertisement and instructions throughout your process
4. Once that applicant number is manageable, then invite those selected to a group interview with your team.  Make this a multi-hour session where you share information about your company, the position and get the applicant to step up and perform many of the essential job required tasks
5. Review input from your entire team and decide 

This process is efficient and effective for you and your team because in a relatively short amount of time there is more input and insights gained to help you make a decision on selecting not only for skills and capabilities as well as a cultural fit. 

If you're adding talent to your business this quarter then give me a call and let's discuss how to make this process work for you.  This is one more capability ActionCOACH - Business Coaches have…ph:  972 709 6776 or email:  StephenMarino@ActionCOACH.com  

How Much More Valuable is Your Business When it's Profitable and Works Without You...?

What direction is the value of your business going?  Are the discretionary cash flows increasing year-over-year?  If not, why not?  

How loyal is your client base?  Do they rave about their experience and stay with you even when you reasonably increase your prices? 

How solid are your people and systems to deliver great products and services on time, to spec, on budget and wow every time?  

How accurate and timely are your numbers that reveal the direction of your business?  These go beyond routine bookkeeping into predictive indicators allowing you to see the future cash flows and health of the business.

If you didn't answer "Yes" to these questions how much more valuable would your business be if you made more with less stress?  How about when you wanted to "exit" the business?  People pay a premium when the business works without the former owner there.  Let's have a conversation on how to fortify your business to become a commercial profitable business that works without you always being there.  

Great, give me a call at 972 709 6776 or email at StephenMarino@ActionCOACH.com and we'll have conversation about how you can still achieve the goals you went in to business for originally - to be profitable and it works without you...

How to Determine Pay Mix for Sales Force - Commission vs Salary…

Which variable in your compensation package incentivizes your sales force to deliver the results desired - more clients, higher revenues and gross profits?  The consensus from sales teams globally is that it varies based on whether the salesman must find new customers or delight existing customers or both.  Since it takes at least six times more effort and expense to attract new business than it does to sell to your existing customers, the risk reward relationship favors compensation with a higher commission rate when they must seek new customers.  Here the commission rate range may vary between 50 to 70%.  For those sales consummated with existing customers, the salary percentage goes up and the commission rates goes down.  The salary rate may vary between 50 to 70%.

Of course this is only part of the sales compensation formula with further blogs coming.  If you're seeking to make your sales team perform better then let's have a discussion.  This is what ActionCOACH - Business Coaches do - accelerate your growth.

Call me at ph:  972 709 6776 or email:  StephenMarino@ActionCOACH.com

How to Reduce Sales Cycle 25%...

How familiar is this sales scenario?  After numerous attempts you’ve finally scheduled an appointment with a new prospective customer.  You arrive and after the small talk you’re asked to tell them what you do for them.  Which you eagerly commence your spiel, they look attentive and after 15 minutes they interrupt, indicating they have another meeting to attend.  "Please leave your product brochures," they say and "I’ll get back to you."  

So where do you stand?  Your initial good feeling vanished and left uncertain about follow-up.   Basically, you could have sent a brochure to accomplish the same outcome.  If you’ve experienced this scenario too many times here’s a way to change that.

The salesmans primary objective is to have a prospective customer commit to the next step in the sales process.  Yes, you have objectives to qualify the customer.  But what’s the commitment objective from the customer?  You want them to have that eager want and commitment to have a needs analysis, participation of decision makers and receptivity of a proposal.  Thus your sales process needs specific customer commitments made all along the way.  The benefit is sales productivity.  

Here’s how to focus your sales process by having specific commitments from the customer:

If you're seeking to reduce your sales cycle significantly then let's have the discussion that will make you more productive.  This is one of the things ActionCOACH's do...improve sales and productivity.  

Call me, I'll help you.  Ph:  972 709 6776 or eM:  StephenMarino@ActionCOACH.com

The 4 Business Principles as Powerful and Certain as Gravity...

The business-of-business has 4 timeless principles as powerful and certain as gravity.  Master them and you'll find successful, Ignore them and you'll perish.  It's that straightforward.  They work regardless of industry, size, intentions, geography, culture, economy, hard work, friendships, beliefs or intelligence.

1.   Money - what are the cash flow characteristics of the business, what is the cash gap between expenses and revenues and when and how do you break-even and make a profit?  

2.  Productivity - how effective and efficient are your systems and team delivering your products and services?  

3.  Delivery - how consistent is the business delivering your products and services on time, to spec and on budget after a sale is made? 

4.  Purpose - does the direction of the business and who it serves fulfill the vision, mission and values of the owner?

The good news is just like gravity we know how to master them.  If you are seeking faster ways to master these principles, then let's talk.

Call me at ph:  972 709 6776 or em:  StephenMarino@ActionCOACH.com

Let's get started giving you back control of your business, so you can earn more and work less... 

How to Measure Whether You are Busy vs. Productive...

There's not a business owner, operations manager, marketing or sales manager that doesn't tell me they are busy.  But the business-of-business is not busy-ness, it's productivity.  A better question is how productive are you?  And if the answer given is vague and not specific meaningful and valuable then how are you going to improve?

Here's a table of specific activities that count as productive depending upon your role.  How do you measure up?

Role		Productive Activities
Business Owner	Generating Revenue	Reducing Expenses	Improving the Team
Operations Manager	Producing and delivering products and services on time, to specification and on budget every time	Reducing Expenses	Seeking ways to systematize the routine and humanizing the exception
Marketing & Sales Managers	New customers:   Attracting, presenting and following up...	Existing Customers:  Increasing average dollar sale and number of transactions.  Increasing lifetime value of customer	Reduce the acquisition cost of a customer
Administration, Finance & Logistics	Delivering all back-office actions within budget, specifications and on-time every time	Systematizing the routine and humanizing the exception	Reducing overhead expense
Everyone	Create a customer experience such that they become Raving Fans

If you and your team are having questions about busy vs productive, then let's have a conversation.  This is one of the things ActionCOACH Business Coach's do  - improve productivity.  Call me at ph:  972 709 6776 em:  StephenMarino@ActionCOACH.com 

When was the last time you did something for the first time...?

When was the last time you did something for the first time?  As the business owner you set the rules yet your actions remain constant despite changes in technology, globalization, client expectations, competition and regulation.  You're tolerably comfortable and know radical change is required.  Isn't it time to begin to boldly do things which you may previously never have thought of doing, or been too hesitant to attempt?  What's the evidence telling you with fewer customers, fewer transactions, lower average dollar sale and lower margins?  

So what holds you back?  Business history tells us that what got you here won't get you to your vision.  A new initiative away from relative security, conformity, and conservatism, all of which may appear to give one peace of mind, is in reality more dangerous to the independent and adventurous spirit within an owner than a perceived secure future. The very basic core of a owner's living spirit is their passion for delighting customers.  Hence there is no greater delight than to have an endlessly changing delivery of your products and services to enrich the customer.  

If you're contemplating doing something for the first time and want to brainstorm the implications and overcome the resistance, let's have a conversation.  Because that's what ActionCOACH - Business Coaches do - lead owners to higher performance.  Call me at ph:  972 709 6776.

3 Questions That Reveal What's Important & Urgent to the Business Owners You Serve...

Here's the situation...you're talking to a business owner and have this conversation.  "Well, how's business?"  Answer - "Fine."  It's tough to go far with that answer.  Or do you ask the often repeated, very obnoxious, personally intrusive and never honestly answered, "What keeps you up at night?"  And receive the look stating, "It's none of your business what keeps me up at night."  Not much progress there either.

Here are three questions that spark a meaningful conversation and determine how you can help them best.  The questions are open ended and allow the business owner to share insights on what's affecting them. 

1.  What's the #1 job that needs being done in your business - is it in marketing, sales, operations or team development?

2.  What's your next big project - in operations, marketing, sales or team?

3.  What's you #1 priority in the coming quarter - is it in operations, marketing, sales or team development?

The questions are short and end with specific but broad areas to focus their thinking.  Phrase the question so that their answer is in your area of interest.  So if you're an accountant - you may suggest areas about tax, bookkeeping or management information.  A manufacturing representative mentions inventory, quality, speed, price, efficiency, effectiveness, etc.  You're seeking to understand and appreciate their answers with follow-up questions like these.

I.  Why that one?

2.  Is that important to you?  Why?

3.  What are the consequences of not having it?

4.  Does this concern you?  Why?

To the degree you show genuine interest by allowing them to talk vs. you selling, they'll reveal what's urgent and important and you'll earn the right to ask if they are open to solutions.

To learn more, let's have a conversation - at ph:  972 709 6776.

The Conversation Every Successful Business Owner has with Their Marketing & Sales Team

As a business owner or professional you’re competent and skilled in effectively and efficiently identifying the challenge and implementing solutions in your area of expertise.  But when it comes to the business-of-business especially around attracting and retaining customers/clients/patients we are often incapable of expressing more than, “We need more sales.”  

Ask your team to complete this matrix and have a discussion about it’s implications.  You're guaranteed to gain insights on faster growth.

Marketing & Sales Topics	Topic is Being Used   Yes/No	Rate Effectiveness on Scale of 1 to 5 high	Topic Should be Applied and is Not  Yes/No
Marketing Strategy
Social Networking / Social Media
Go-to-Market Strategy
Differentiation
In-Person Networking
Marketing Partnerships
Marketing Planning
Pricing
Lead Generation
Seminars & Workshops (Running and Promoting)
Lead Generation Process
Generating Referrals
Direct Mail
Tradeshows
Webinars (Running and Promoting)
Cold Calling
Lead Nurturing
Marketing Tactics
Online PR / Publicity
Email Marketing
Podcasting
Website Technology
Search Engine Marketing
Marketing Automation Technology
Client Relationship Management (i.e., client retention)
Targeting & Segmentation
Email Technology
CRM Technology
Website & Landing Page Development
Traditional PR / Publicity
Content Marketing
Blogging
Mobile Marketing
Brand Development
Brand Research
Advertising
Brand Implementation
Selling & Sales Process topics?
Value Proposition & Messaging
Sales Conversations
Overcoming Objections
Cross-Selling / Up-Selling
Warm Calling
Uncovering Needs
Sales Presentations
Sales Negotiation
Value-Based Selling
Sales Process / Pipeline Management
Proposal Writing
Client Relationship Management (CRM)
Client Retention and Loyalty
Client Satisfaction Measurement
Client Selection
Client Feedback
Referral Generation
Strategic Account Management
Thought Leadership
Creating Videos
Writing Articles
Book Publishing
Creating Newsletters
Writing a Blog
Speaking Engagements
Writing & Promoting White Papers

If after your discussion with your marketing and sales team, you are still seeking answers then let’s have a conversation so you can grow your company as fast and effectively as possible.  That’s what we do at ActionCOACH - Business Coaching...ph:  972 709 6776.  This is a complementary session.