Top 3 Categories of Questions Every Business Owner Must Ask Their Team in July

What are the three categories of questions every business owner must ask their team in July and why?  Watch YouTube...

It’s the start of the second half of the year and let’s cover these three categories of questions.

1. How did we do compared to our ActionPLAN?  
   • Marketing - How many new prospects were attracted to us and for existing customers how much interest was sparked for additional products and services?   
   • Sales - How have our offers performed to add new customers and for existing customers increase average dollar sale and number of transactions?  
   • Operations - How effective and efficient were we in delivering on time, to spec and budget?
2. What did we learn and what are the implications for us?   Ask what are customers telling us?  How are our systems keeping up - technologically, regulatory, competitively?  What skills and competencies should our team be adding?  
3. What do we need to believe to achieve and our second half goals?

There really is a 4th category too.  “How can I, the owner, help you, my team member, best?”  Remember your role as owner is to develop your team to delight your customers and they’ll take care of business and the business takes care of you - the owner.

Now go have July’s conversation. 

If what you learn is that things are not on track or you want to accelerate your growth, then let’s talk.  I offer a complimentary 60 to 90 min session to understand your situation and I guarantee you at least a half dozen implementable strategies to maximize your effectiveness in the 2nd half of the year.

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

Let’s get started...accelerating your growth.  You’ll work less and make more.

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?    

Watch YouTUBE video...

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?   

Watch YouTUBE Video...

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 

Why Calling Everyone in Your Sales Process a "Lead" is Costing You Sales

By calling everyone in your sales process a “lead” you are losing valuable sights on how to improve which results in fewer sales.  

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Here’s a conversation every owner needs to have with their marketing and sales team which starts with,

“What is the company’s acquisition cost of a client?  Is the trend increasing or decreasing?  And what specifically can be done to improve it?”

If you received vague answers then here’s what the best marketing and sales teams do:

1. Build a sales relationship process recognizing these four stages:
• Target audience - your ideal client based on demographic and psychographic data
• Suspects - those that responded
• Prospects - contacted and engaged
• Leads - qualified for your solution and can make a decision
2. Measure your conversions from target audience to suspects to prospects to leads to customers/clients.
3. Evaluate why people move and/or don't move from stage-to-stage
4. Calculate your acquisition cost at each conversion
5. Make changes in marketing and sales scripts to improve effectiveness and efficiency

Need to improve your sales relationship process?  Let's talk.  I'll offer you a Complementary Sales Assessment.

Call me today:  ph:  972 709 6776 eM:  StephenMarino@ActionCOACH.com  Let's get started...

How to Gage When You've Gone Beyond Break-even to Super Profitability

Business owners - How do you gage when your business is beyond break-even and onto profitability?  One answer for break-even is having money in your bank account at the end of the month.  A better answer is covering not only the day-to-day expense and having funds anticipating capital improvements, operational repairs and maintenance, labor cost for additional employees, taxes due, servicing debt, as well as, your marketing and sales.  

YouTube Link to View...

However, many owners with 3 to 35 employees acquiring this number accurately, timely and consistently is daunting.  This requires knowing exactly the fixed cost to operate the business, being able to predict their variable cost to provide their products and services and forecasting their sales.  Where their sales exceed expense, that the break-even point, and everything beyond that is your profit.

Sounds simple...but not easy.  

Knowing your breakeven number is like knowing the score in a ball game.  Without it, you don’t know if your business is ahead or behind and which strategies you’d employ.

If you’re open to getting the knowhow and solutions to understand important numbers in your business and what drives them then let’s have a conversation to move your business toward super profitability.

pH: 972 709 6776 eM: StephenMarino@ActionCOACH.com

Let's get you back in control of your business today...

The 3 Business Coaching Principles Leading to Higher Profits and Productivity

Thinking Bigger, Insisting on Win/Win and Being First to Inspire are three business coaching principles that lead you to higher profitability and productivity.  

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Business owners think back to a time when you were in high school or college when you had a teacher, mentor or coach that got you to perform higher than you thought possible.  They gave you know how, motivation and accountability to go further.  So as a business owner today, where do you get that kind of guidance when you need it the most?  0:04

Hi I’m Stephen Marino with ActionCOACH - Business Coaching.  When we work together in a coaching relationship our purpose is to achieve higher profits and productivity.  To do that, I use three major principles.  

1.  Thinking Bigger - Getting owners to think beyond the day-to-day toward a compelling vision so that when the going gets tough we keep going.  Giving owners confidence gained from proven time tested strategies that get you the result more predictably and less stressfully so you don’t have to go through the expensive and exhausting school of hard knocks.  Then giving owners the courage to act on what they know.  Closing the gap between knowing and doing.  And finally holding the owner accountable to doing the small things all along the way toward the bigger vision of tomorrow.

2.  Insisting on Win/Win/Win - We start with having your customers and clients win.  When they win you’ll attract lots of them and then you win.  When you win then I win.  It’s got to work in that order.  And I want you to win as fast as possible because you control my reputation.

3.  Being First to Inspire - I practice what I coach.  Based on successes and experience from the military leading troops, from corporate sized engineering and development projects to 15 years of business ownership and coaching, you benefit.  You don’t need to make my mistakes.  There are plenty more mistakes to be made.  You just don’t need to make mine.  If I only wish I knew then what I know now.  

If these principles sound like the type of environment where you can see yourself going further faster, then let’s talk.

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