Fail Forward Fast - The Innovation Secret

Everything is changing - technology, regulation, transportation, competition, speed, convenience and capability.  And the biggest change are your client's expectations.  Yesterday's "good" is poor quality tomorrow.  

So even if you maintain what you do even for a short time you are going to be out done by others shortly.  Entire industries evaporate at light speed - think of cameras which were historically i.e. till 2012 bought for their specific function are nearly extinct and incorporated into your smartphone that also connects you to the internet, allows to conduct business and make calls.

What got you here won't last long.  The only offense is rapid "innovation" that continually delights your clients.  Rapid innovation requires changing your philosophy about trying stuff and finding quick cost effective ways to deliver delight.  

In work gathered by In Search of Excellence author Tom Peters he's found that the simple formula is get out there and try stuff.  Try lots of stuff and know that there are going to be failures in order to discover what will work faster.  

For many this process inhibits them because of the fear of loss yet without this constant exposure to your clients feedback you'll be usurped by the others often not even a competitor you know about today and likely from a totally new industry who will try.  Thus, an attitude of "rewarding excellent failures and punishing mediocre successes" will be come your new mantra. Your willingness to embrace innovation directly impacts your future profitability, productivity and viability.

Want help rethinking innovation into your mindset and creating an environment where individual and team initiative is supported, then let's talk.  Key is youThat's what I do...we'll discover what it takes to work this way while delighting more clients faster.

Call me at ph:  972 291 5566 or eM:  StephenMarino@ActionCOACH.com

How to Increase Sales by Being a Market & Product Expert

Developing your marketing appeal to the largest group of buyers is the difference between growing slowly or rapidly with more leads than you can handle.  You'll be the rare business owner or entrepreneur that can focus the sales team on both market expertise and product expertise. Here's how... 

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Visualize you have an audience of potential buyers where they are told they had to come but did not have to stay.  How do you keep them in the room?

Research by Chet Holmes in his book, The Ultimate Sales Machine, shows that only 3% of the people who can benefit from your product or services are ready to buy now and another 7% are open to the idea.  Assuming you can identify those 10% cost effectively that’s still a small number?  What if you could arouse the attention of the other 90% and re-educate them about their market vs. trying to sell your product immediately?  

If you use the direct approach with who’s buying your specific product/service you’ll get the 3% response.  What if you go with market approach, “The 5 Ways You’re Wasting Money and Time with ABCD?”  That will grab their attention for a little while and want to know more.  

The premise - offering to re-educate them on something of value vs. simply trying to sell them your product/service positions you as the expert and separates you from your competition.  Can you see how this makes it a lot easier to get appointments and enable you to get in to see just about anyone including the 90 percent who were not buying now.  Since the information was so good, it established the salesperson as an expert rather than merely a salesperson.

Want to serve Your Buyer Better…?  Be a Market Expert vs. a Product Expert

• Market data is far more motivational to your buyers than product data

• How does the market data make your products and services more important
• Apply this research as part of your marketing and sales appeal

ActionITEM:  Do a brainstorming session with your team on what industry market research you can re-educate your buyers on. Look at the findings historically to determine the amount and rate of change.  Give your buyers context that arouses their desire to know more about how your products and services benefit them.  

Want to know more on how to be a Market Expert vs Product Expert?  Then let’s talk.

Call me at ph:  972 291 5566 or eM:  StephenMarino@ActionCOACH.com

And we’ll get your sales team opening doors faster and more easily than directly selling products and services.

How to Avoid Facilitating Your Meetings as a Lion Tamer

Business owners - want to have fewer yet more productive meetings?  

Welcome to “Conversations every business owner has with their team.”  And today’s topic is how to have your people in fewer more productive meetings without you having to be a facilitation lion tamer.  

Situation - “Another meeting, I don’t have time for a meeting.”  “We never accomplish anything.”  You get the sentiments.   Yet you must have meetings to exchange ideas, engage your group, problem solve or coordinate action.  

Let’s assume you’ve done the meeting basics - clear agenda and purpose and invited the right people to participate.

 

Here’s a simple tip to keep your group more productive and engaged at your next meeting or work session.

The crux of the solution is a large sign.  It has an arrow pointing up corresponding to constructive and a down arrow siting a destructive comment or question.  Participants ask themselves to which degree their comment or question moves the agenda forward.  You get the picture.  With these two arrows they can test whether they are about to suggest adding or subtracting from the agendas purpose.  

This doesn’t mean that important or negative views or news is not spoken, quite the contrary.  It’s saying, “Stay on the agendas topic.”  

A simple pointing to or looking at the arrows keep participants on topic.

A Hierarchy of Constructive Comments or Questions are described as:

Destructive  comments or questions are increasingly detrimental if?  

Introduce these arrows and descriptors at your next meeting, explain the meeting ‘rules of the game’ and you’ll improve productivity, increase moral and leave with clear next steps.  That’s everyone’s definition of progress!

Still having challenges making your meeting as productive and positive as possible, then let’s talk.  I offer a complimentary 60 to 90 min session to understand your team dynamics.

I guarantee you at least a half dozen implementable ideas to maximize your time by reducing the number of meetings and improving the effectiveness of the ones held.

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

Let’s get started...building and operation as a high quality team.  You’ll work less and make more.

"Your Price is Too High...!" How does Your Sales Team Respond?

Business owners - how do your sales people react to the objection, “Your Price is Too High?”  Are they amateurs or professionals and can find out what is really holding back the customer?    

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Welcome to “Conversations every business owner has with their sales team.”  And today’s topic covers how your sales team reacts or responds when they receive the price objection.  

“Your price is too high!”  Now, you may be getting somewhere with your customer.  They're acknowledging the need for a solution, so follow up with further questions.

 

Here are 21 responses that will increase the probability engaging the customer and learning what’s keeping them back from purchasing.

Instead of reacting agasped and surprised as an amature, practice responding as a professional and ask with confidence...  

1. Which means?
2. Compared to what?
3. What was your expectation?  
4. If our competitor is much less, what does that tell you?  
5. You can always find a cheaper solution but you won't find both the quality and value.  Isn't that what interests you?
6. I am glad you mentioned price.  Is it the amount or the terms?  
7. It is high compared to what some companies charge.  What does the fact that we have over 500 customers buying from us imply?  
8. You really feel that our price is too high?  Could you explain that for me?
9. It costs only about 15¢ per hour of operation.  What kind of peace of mind does that buy?
10. If it wasn’t the price is there anything else that is getting in the way making a decision to purchase?
11. Our price is high, compared to what some others companies in the field in charge.  But I believe it’s not high enough for what it does.  As a matter of fact, as the economy improves we're expecting a price increase any day.  Why not buy now and get our high quality at today’s price?
12. Have you ever figured the price of not having a high quality?  The price of breakdown, the cost of wasted time, the extra phone calls, the headaches, the repairs bills…you see, high quality actually saves you money in the long run.  Let’s compare when we add these cost?
13. Don’t deceived by today's prices.  You actually pay less because we are giving you more service, more quality, more expertise, and more security.  Isn’t that what you really interested in?
14. The sweetness of low price is quickly forgotten when you have to deal day after day with the bitterness of low quality.
15. We can lower the price right now, but you need to make a decision on what options to cut from our proposal.  Okay?
16. I might get in trouble for saying this, but I know a way to save you a few bucks.  What if I cut my commission on this transaction to lower the price?  
17. Yes, we are not the cheapest in our field; however, we do over $8 Million a year at the same price.  We cannot do that if our customers weren't convinced that this is the best buy.  Wouldn't you agree?
18. Does your company pay you only to buy the cheapest products?  Are they really interested in getting the best value for the dollar?  Shall we talk about value?
19. Our price is too high?  We very rarely hear that, what do you mean?
20. How much too high is it?  Do you realize that if you keep and use your products for 5 years, and most people do, the price difference is only 12¢ a day?  Isn't it worth 12¢ a day to have the very best?
21. If it were cheaper, would you want it?  Good!  Then what you are telling me is that you're interested.  Let's look at some ways you can afford it!

So there you have it, 21 ways to respond and most are questions that get the customer to share what's holding them back from a purchase.  Some of these responses may not be suitable for your situation but use this as a brainstorm with your sales team to come up with the right ones for them.  And then practicing these responses so they ask the follow-up questions confidently to engage the customer vs being argumentative or defensive with the customer.

Obviously, the best sales engagements address price long before it comes up from the customer.  How to avoid the price objection is the subject of another blog.

If your sales team is facing objections like price that's consistently hindering sales, let's have a discussion on improving their effectiveness.

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

Let's get started...improving your sales team’s effectiveness to give you back control of your business, so you can earn more and work less...

Hi Stephen Marino, with ActionCOACH - World’s #1 Business Coaching firm, successfully coaching thousands of business owners globally over the past 20 years through the numerous boom/bust economic cycles to overcome the time, team, money and systems obstacles that get in the way of predictable increasing profits and productivity.

5 Ways to Prepare Your Marketing & Sales Team to Sell Your Brand

Business owners - how do your marketing and sales people describe your products and services?  Are they described in terms that address the customer’s fears, wants, needs and unmet desires?   

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Welcome to “Conversations every business owner has with their marketing and sales team.”  And today’s topic covers how your marketing and sales team communicates with your customers to find solutions.  Can your team describe all the different ways the customer can experience your company’s brand?   

Here are 5 questions to ask your marketing and sales team to discuss your products and services.  Improve performance here and you’ll make more sales...

1.   List the company’s range of products and services offered...this will spark an enlightening conversation

2.   How are the products and services offered and packaged to give customers choices for good, better, best options?  People are more likely to buy when they have options.  Step back look at the display offers.  Do the offers communicate easily the benefits, options, expectations and value to your customer?

3.   How do the sales people engage the customer to determine what problem needs to be overcome?  Do they share a story or follow an outline or script that lets the customer feel understood and appreciated and that you can help?

4.   How do the sales people present solutions to the customer?  How does the marketing and sales material enhance the buying experience?

5.   For your existing customers how do they learn of all your products and services after the first sale.  When do they learn of what else you could offer to delight them?

Review these questions with your Marketing and Sales team and you’ll improve the experience they give your customers and make more sales.  

If you discover the discussion was unsatisfactory, then let's talk.

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

Let's get started...improving your marketing and sales team’s effectiveness to give you back control of your business, so you can earn more and work less...

Hi Stephen Marino, with ActionCOACH - World’s #1 Business Coaching firm, successfully coaching thousands of business owners globally over the past 20 years through the numerous boom/bust economic cycles to overcome the time, team, money and systems obstacles that get in the way of predictable increasing profits and productivity.

How to Humanize B2B Marketing and Sales Conversations

Conversations Every Business Owner has with Their Marketing and Sales Team Series

Today’s question is, “What guidance do you give your marketing and sales team on how to humanize what you sell, especially in a B2B environment?”

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What you sell is stuff – it’s tangible and intangible products and services providing functionality, knowhow, speed, convenience, labor, compliance, feel good and confidence.  What they buy is you and your company’s promise to deliver on-time, to spec, on budget and wow – every time. 

The overarching premise is that you are having a conversation with a person in a company.  Yes, prioritize the person in the B2B environment.  The key to humanizing the discussion is to go beyond logic that gets them thinking and rationalizing and to personal emotion that gets them acting. 

Here are 7 tips get your marketing and sales team focused on humanizing your offering…

1.  Be Human:  Engage authentically, be genuine, show competence, as well as, vulnerability and character

2.  Tell a Story:  People listen to stories especially ones where they can see themselves participating.  Give them a beginning, middle and end with the point on how they benefit

3.  Site Relevant Statistics/Facts:  Research the evidence that describes their problems, the implications and how it doesn’t need to be that way.  You have a solution

4.  Ask your audience what’s important via conversations, interviews and surveys.  Ask what’s their #1 obstacle interfering with their productivity and profitability is it Time, Team, Money and/or Systems?  Why that one?  What would they do to overcome this obstacle?  Dig deep and don’t assume the answer.  They must acknowledge and express the discomfort and only then, can they decide to change 

5.  Show Social Proof:   Capture and document your customer Advocates and Raving Fans doing your selling for you.  “If I got these benefits so can you.”  If you say it, it may be true or not.  If they hear if from other’s it more credible

6.  Be news worthy:  Create events where the media wants to publicize it    

7.  Assure them they are not alone and you’re not going to judge them.  Demonstrate you hear, understand and appreciate their situation

To accelerate implementing how to humanize what you sell in a B2B environment, let’s talk.  I offer a complementary marketing and sales assessment.  And you’ll learn how to sell more by humanizing your marketing and sales conversations vs. competing on price and features.    Let’s get started…

Call 972 709 6776 or Email:  StephenMarino@ActionCOACH.com 

Entrepreneurs Find Happiness When Can They Take the Initiative

Business owners how much of your time is spent reacting, responding and/or initiating revenue generating activities?  

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If the answer was too much reacting, some responding and very little initiating then I can probably surmise productivity and profitability are negatively impacted.  

When you’re reacting too much...you’re consumed with the day-to-day events attempting to make the sale, make the product and make the delivery to develop a solid business base.  You work hard because the systems and people are not capable without you.  Thus, you’re the limiting factor to your growth.  

Assuming you’re able of responding because you’ve gained experience and productivity to deliver, your time is consumed because it’s labor intensive.  Again, you're limiting growth.

It’s only after you have customers, systems and team delivering can you initiate actions to grow predictably.  At this point, you have choices because you’re earning money and you have control of your time.  In essence, it's only when you can take the initiative are you feeling happy.    

Happiness = Initiative

If you’re feeling too much of your time is spent reacting and responding resulting in stagnated growth then let’s have a conversation on how to gain back the initiative. You deserve it. Let's get started...

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

Which is Harder to Calculate - Acquisition Cost of the Moon or Your Customer?

As a kid during the 1960's I was excited and enthralled when President Kennedy declared there would be a man on the moon before the end of the decade.  By then I wouldn't need my parent's permission to go, either. I eagerly followed all of the Mercury, Gemini and Apollo programs leading up to the moon landing on July 20, 1969. I sought out opportunities to retell the story for science class in reports with information covered by national television, radio, New York Times, National Geographic, Time and Life articles as the subject was too new to have books published. I even continued the pursuit with undergraduate studies. I served in the military and kept my options open.  Eventually, the military allowed me to apply and was screened for the shuttle astronaut program in 1981. I didn't make the cut. 

Since that time, I've soared in the business environment while following the NASA missions.  Last week I heard a telling marketing statistic by David Meerman Scott, co-author of "Marketing the Moon: The Selling of the Apollo Lunar Program." "Can you imagine deciding that we’re going to send 12 people to the surface of the moon and it's going to cost 4 percent of the national budget and 2 percent of the national workforce for a decade? So we had to sell it."  Heck, I didn't need to be sold, I bought it.  

Regardless, what he just stated was the acquisition cost to walk on the moon in tangible terms.  Wow, if they can put numbers to that audacious feat why can't most business owners put numbers to what it cost them to acquire a customer?  Or the cost to retain a customer and determine the a customer's lifetime value?

To be fair, I did rocket off an email to the co-authors asking what the lifetime value of walking on the moon was?  I haven't received their number back...

To determine and reduce your customer acquisition and retention cost and increase their lifetime value numbers...Let's talk.  

call ph: 972 709 6776 or em: StephenMarino@ActionCOACH.com