RadioShowPodcast
SHOWNOTES
HowToGrowSales,BusinessDevelopmentandLinkedInStrategyInterviewWith:MrWayneBreitbarth
Episode103
ReleasedtoiTunes:7October2016
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TheBusinessFirmisaninternationalbusinessconsultancycompanybasedinAdelaide,SouthAustralia. Weprovidebusinessservicestocommercialenterprises,governmentagenciesandnon-profitorganisations.
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BUSINESSPLANNINGWewritesophisticatedbusinessplansfororganisationsthatprovideablueprinttoachieveitsobjectives.Documentationiscomprehensiveandeasytofollow,likeanoperationsmanual–stepbystep.Allourbusinessplanningisbasedonfactandrealmarketconditionssotheyarerelevantandachievable.
RESEARCHWeconductmarketresearchtodeterminetheviabilityofamarketorproduct.Wedocustomersatisfactionresearchtofindoutwhatanorganisation’scustomerthinkofitsproductsandservices.Wealsoconductbrandresearchtodeterminetheattitudesheldbythemarkettowardsanorganisation.
MARKETINGSTRATEGYANDBRANDWepreparestrategicmarketingplansforourclientsthatprovideforgrowthofsales,increaseinmarginsandgrowthofthebrand.Ourfocusisnotonlytocreatewealth,buttocreateabrandthatishighlyvaluable,soitisworththemostmoneypossibleintheeventabusinessissold–ortheownerisnolongerinvolved.
ADVERTISINGANDPROMOTIONWeunderstandthemostcostefficientandthemosteffectivewaytospendmoneyonadvertising.Wecreateadvertisingfortelevision,radio,musicaljingles,newspapers,displayads,outdoorbillboards,cinema,online(Google,internetbannersetc.)andforthesponsoringofevents,teamsetc.
eLEARNING,TRAINING&EDUCATIONPRODUCTSWedevelopcustomised,highlyinteractive,game-basedonlinelearningcoursesfororganisations.ThesehighqualityeLearningsolutionsallowanorganisationtoachievefullcompliancewithallindustryandstateregulationsatsignificantcostadvantageandinreal-time.Solves:compliance,inductions,registrations,assessments,workplacetrainingandotherknowledge-basedrequirements.Inperson/classtrainingtoo.
SALESSTRATEGYANDSALESFORCEMANAGEMENTSalesarethelife-bloodofallorganisations;therefore,yoursalesstaff(whomrepresentbothyourbiggestassetandyourbiggestexpense)out-performsyourcompetitors.TheBusinessFirmhelpsyouachieveworld'sbestpractiseinsalesthreeways:bycreatingacustomisedsalesplan;byteachingsuper-effectivesalestechnique;andtrainingtheentireorganisationincustomerservicesoyourclientsonlyeverexperiencetotalsatisfactionandbuyagainwhenitistime.
EVENTMANAGEMENTWeplan,executeandassesseventsfororganisations,suchasproductlaunces,professionalseminars,tradeshows,fundraisingdinners,auctions,conferences,sportingeventsandentertainmentshows.Wewillmanagealllogisticsforevents,includingticketing(bothphysicalandelectronic)aswellasback-endsystemstohandlesales,statisticsandthecreationofaCustomerRelationshipManagementdatabase.
CONSULTINGANDTURN-KEYPLANNINGWewillcreateforyouaworld-class,modernbusinesssystemthatwillscaleseamlessly,allowingyoutogrowalargebusinessthatiseasytorun,issuperefficientandsignificantlymoreprofitable.Wesupportorganisationsfrombeginningtoend:fromresearchtostrategicplanning,itsimplementation,thetrainingofstaffonsystemsuponrollout,systemsoperationsanditsongoingrefinementandimprovement.
DIGITALONLINEANDWEBSITEWecreate:websites,eCommercesolutions,Facebook,YouTube,Twitter&LinkedInsocialstrategies,YellowPagesdigitaladvice,searchengineoptimisation,iTunesworldwidesales,Appleapps(iPhone,iPad,iBooks),Google,Bing,Yahoolistingsandaffiliaterevenueforyou.
FUNDRAISINGSYSTEMSWecreatefornon-profitsorganisations:regulargivingprogrammes,attractsponsorships,membershipgrowth,events&functions,In-Memoriamdonations,majorgifts,capitaldrives,databasemanagement,competitions&socialmediafundraising.
AUDIO,VIDEOANDPODCASTPRODUCTIONOurinhousestudioproduceshighqualityaudioandvideocontentforradio,podcating,television,YouTube,onlinestreamingbroadcasts,education,training,sales,leadgeneration,events,productlauncesandfundraising.
PUBLICRELATIONSANDLOBBYINGWeplanandexecuteproductlaunches,opendays,facilitytours,tradeshows,pressreleases,publicity,mediarelations,pressconferences,lobbying,informationevents,competitions&giveaways.Wealsododirectmailcampaigns.
PUBLISHINGHOUSE(inc.electronicpublishing)Wecreate:magazines,yearbooks,almanacs,manuals,tenders,books,novels,textbooks,electronicpublishing,investorprospectus.Wealsoofferproofreadinganddocumentlayout.Wecantakeyourexistingprintworksandpublishthemelectronicallysotheycanbedistributedworldwide.Thisisthelargestdistributionchannelintheworld.Wehelpyousellyourworksgloballyordistributeforfree.
ONLINEEVENTBROADCASTING,WEBCASTS&WEBINARSWecreateengaging,highconversiononlinebroadcastsfororganisationsworldwide.Wedevelopprofessionalqualitycontentthatconveysyourmessagewithpower.Whetheryouwanttoselltobusinessesorindividuals;educateandinform;influencepublicopinion;generateleadsglobally;streamyourliveeventonlinetotheworld;recordandpostforopenreplay;orrunanonlinesummit;wehavetheproductioncapabilityandonlinevideocapacitytobeaglobalstar.
NEWSLETTERS,MAGAZINES&PROSPECTUSWecreatenewslettersfororganisations,magazinesforindustrygroups,catalogues,syllabuses,investorprospectuses.Wepreparetenders,bids,proposalsandsalesdocuments.Wewillmanagetheentireprocessfromtexttodesktopdesigntoprintingthefinalproduct.
PRESENTATIONSANDMULTIMEDIADISPLAYSWecreatestunningsalespresentationsthathavehighimpactandgetresults.Publicdisplaykiosks(touchscreeninformationdirectories).Educationalinteractivelearningaids.Shopwindowdisplaystosellitems.POSdisplays.Shoppingmalldisplays(foradvertisingandinformation).
About the Podcast WeproduceaweeklyradioshowthatisdistributedgloballythroughiTunesandonStitcherRadioasapodcast.Theshowisdesignedspecificallyfordecisionmakers:entrepreneurs,businessowners,high-levelmanagersandBoardDirectorswhotypicallycontrolsignificantplantandhumancapital.Eachepisodeputsanotherpieceofgoldinyourpocket,representingdifferenttopicsrelatedtorunningahigh-performingbusiness.Youwillgetempiricallyproven,strategicadvicethatwillresultinmoreprofitforyou.Areascoveredinclude:strategicmarketing,businessdevelopment,salesperformance,advertising,publicrelations,socialmediapromotions,eCommerce,large-scalefundraising,researchandhowtobuildaglobalbusinessproperly.Youwillcollecthigh-levelcontentfromhostMrStevenMarioCavallo,TheBusinessFirm'sfounder;andyouwillalsogettheopportunitytohaveabusinessproblemyouaredealingwith,solved.Youcansubmitanaudiorecordingofareal-lifebusinessissuebyemailinganmp3fileto:[email protected]’llalsoenjoyasky-highviewfromtheTowerofSuccesswhereyou’llsitalongsideSteveninTheBusinessFirmPresidentialLoungeandpickthebrainsoftheverybestbusinessthoughtleadersintheworld,duringaninterview.Youareinvitedineveryepisodetolistentointerviewswithincredible,world-leadinginformationsharedbysomeofthebusinessworld'smostexpertthoughtleaders.Guestsincludetoppractitioners,entrepreneurs,ProfessorsfromthegreatestUniversitiesoftheworld,successfulbusinessowners,coachesandmentors,industryleaders,authorsandotherhigh-achieving,credibleindividuals.Ifyoufittheabovedescription,havecontentofvaluetobusinessownersandareaconfidentspeaker,pleaseapplytobecomeaninterviewedguestbyemailingusat:guest@thebusinessfirm.com.auThisistheshowthatwillhelpyouinyourduty,ofbeinganeffectivebusinessleader.TheBusinessFirmRadioShowisproducedinAdelaide,SouthAustraliaweeklyandreleasedinternationallytoourworldwideaudience:thedecisionmakersandentrepreneurswhoarebuildingourglobaleconomy.SubscribetoTheBusinessFirmPodcastoniTunesandnevermissanepisodeagain,asitwillautomaticallyappearforyoutolistentoonyourdevice,atyourownconvenience.Inadditiontoenjoyingthefreeinformationonthepodcast,youarewelcometoafreeseatinthenextWebinar(onlineseminar)whereStevenwillbepresentingvitalaspectsofmarketingscienceandbusinessdevelopment.Topicscoveredinclude:howadvertisingREALLYworksandhowtoonlyspendmoneyonwhatACTUALLYgivesreturns.Learnhowtosell20%morewithoutanyextracustomers;andwerevealthetruthaboutconsumerbehaviourandHOWbuyersactuallychoosebetweenyourbrandandyourcompetitors’.Plus,you'lllearnthethreebiggestpiecesofmisinformationthatwastesmoneyandleadstonothing–thingsthatnearlyeveryonehasalreadybeensuckedintodoing!Thisinformationistotallyunknownbyyourcompetitors(andthefalse'gurus');soknowingitisalucrativeadvantageyoucaneasilygetoveryourcompetitors.Doyourselfafavourandattendthenextwebinar.Itwillendyourvulnerabilitytomisinformationandcanfinallystemtheflowofsomanyunnecessaryexpensesyouareprobablyalreadyincurring.There’snocost,noobligationandyou’llmakemoneyfromtheinformation.Checkwhenthenextoneisonat:www.thebusinessfirm.com.au/webinars.html
Discussion Inthisepisode,StevenMarioCavallodiscussesmanyaspectsofhowtogrowyoursales,howtodobusinessdevelopmenteffectivelyandefficiently;andalsobringsyouinformationaboutcultivatingbusinessusingtheLinkedInplatform–theworld’sbiggestprofessionalnetwork.Todaywefocusonthesystemthatdrivessalesrevenue,asthisisusuallythefocusofmostbusinesses’efforts.Notehowever,thatanincreaseinsalesdoesnotnecessarilyresultinincreasesinprofits,aslargevolumesoftenrequirelowmargins.Let’sfirstbeclearonwhata‘sale’isinthecontextofthisdiscussion:
• Itisthepointatwhichcustomerisconsideredtohave‘bought’yourproductorservice.• Doesnotnecessarilymeanyouhavebeenpaid(althoughinmostconsumermarketsyouwillhave)• Doesnotnecessarilymeanthecustomerhaspossessionofitemyet.• Scopeoftoday’sdiscussionincludes:B2C,B2B,B2G,onlinesalesandsellingtonon-profits&education.• Excludesexchangesdeliberatelymadeataloss;e.g.charitygivesthingsaway,govtspendsmoneywith
noexpectationofacommercialreturn(thesetypesofexchangeswillbecoveredinacomingepisode)Certainmarketconditionsmustalreadyexistinordertomakeameaningfulnumberofsales:
• Marketmustbeofaviablesizeandhavebuyerswiththeeconomicmeanstopurchase• Buyersinthatmarketmusthaveaneedtheywanttofulfilwithyourproductorservice• Buyersmustbemadeawarethatyourtypeofproductorserviceexistsandhowitbenefitsthem
Certainconditionsmustbemetbythefirminordertomakeameaningfulnumberofsales:
• Yourbusinessmusthaveareliablesupplyoftheproduct,orthecapacitytoproducetheserviceyousell• Youmusthaveadequatedistribution(eitherphysicalorvirtual)throughwhichtosell(eitherownedby
youorsuppliedtothemarketviadistributors)• Mostimportantly,yourproductorservicemustfittheactualneedthemarkethas(i.e.itmust
effectivelysolvetheproblem,orcatertotheneedsofthebuyersinthatmarket).CRITICAL:Thebuyermustperceivethatyourgoodorserviceprovidesthemwithmorevaluethanthemonetaryvaluethey’veforgone.(repeatphrase)E.g.simpleillustrationistheVALUEplacedonofabottleofwatercanvarydramaticallydependingonthecontext…(explain).Inthisway,asmallcomponentoringredientthatsavesabusinessamilliondollarsayear(ormakesthemanextramilliondollarsayear)isWORTHalotofmoneytothebuyer,evenifitcostsafewcentstomake.(e.g.infraredheaterforcommercialpaintingindustry).Ifyourbuyersperceivethevaluetheygetislessthanthedollarpriceofyouroffering,theneitheryourpriceistoohighoryouneedtodevelopyourproductfurther(orcreateanewonethatmoredirectlyfillstheirneeds).Bestpractiseistoconductresearchthatgivesyouadetailedunderstandingofwhatbuyersactuallywant,andthengomakeittothatexactspec.Thatway,youhaveanofferingthat‘ticksalltheirboxes’andappearscustom-madeforthem.Thefollowingisnotexhaustive,butisausefuloutlineofthesystemsthinkingrequiredtomanagesalesinanorganisation(i.e.itisasystematicmethodology-thereisnosinglemagicbullet).Yourorganisationshoulduseamulti-prongedapproachtothemarket(i.e.nevertreatthetotalmarketasasingle,homogenousbuyer).
LEADGENERATIONFromamicroeconomicsperspective,youmustknowthemeaningfulmarketsegmentsofyourbuyers
• Consumer• Businesses• Government• Geographic• Demographic(age,income,education)• Size• Cultural• Industryclassification(ANZSICinAustralia,NACEinEurope,UKSICinBritain,NAICSinNorthAmerica)
UnderstandingtheproblemsfromtheperspectiveofeachofyoursegmentsWhetheryouselltoconsumersorbusiness,alwaysbecertainonhowyourproductorservicetakestheirspecificpainaway.Remember,eachsegmenthasdifferentpains/needs/wantssoalterwhatyoutelleachsotheyonlyhearwhatisrelevanttothem.Chooseappropriatepromotionalchannelsandmethods
• Advertisingo Trademagazines(companiesthatsupplytospecifictrades)o Televisionandradio(broadbasedappeal,FMCG,lowestcostperimpression)o Newspapers(abilitytoincludemoredetailinanad,cut-outcoupons)o Online(interactive,controlcosts,abletotargetnicheinterestsviaFacebookads)
• Promotionviaindependentdistributorsorsatellitebranches(pushinitiativessuchasholidaysforhighestperformingvendor)
• Networkingevents(representyourcompanywhereinfluencersare,promotetoindustrygroups)• Referrals.Youmusthaveasoundlydesignedreferralsystemthatgeneratesnewcustomers
automatically.Therearecertainattributesofsuchasystemthatarecritical,soensureyouengageafirmthatunderstandsthoseprincipals.Ifsetupcorrectly,itcanbeextremelypowerfulingrowingyourbusinessasisevidencedinthereferralprogrammeswehavesetupforclients.
• Publicrelations,publicity,eventsetc.(ifyourbusinesshasnotoriety,newinvention,providecommentarytocurrenteventsofcontroversy)
Includeanappropriatecalltoaction
• Tollfreenumber• Visitastoreordistributor• Bookafreeconsult• Gotothewebsite• Clicktoinitiatechatsession• Clicktobuynow(online)• Inapppurchase
SALESMANAGEMENTSalesforceintheorganisationalstructure
• Bestintegratedaspartofthemarketingfunction• SalesManager,AdvertisingManager,PRManager,MarketResearchManager,CustomerServiceManager
allreporttotheDirectorofMarketing• Thisensurescoherenceandthatalloutwardeffortsareunified(e.g.nothingworsethanasalesrepthat
isnotawareofacurrentspecialwhenquizzedbyacustomer)• Ensuresascustomerfeedbackcomesbacktoorganisation,itisproperlyassimilatedintoproduct
development• Mostimportantly,itgivestheorganisationamarketorientation(i.e.everythingisalignedwiththeneeds
ofthemarket)Salesterritories
• EnsurethebasisbywhichyouassignterritoriesisbasedonthecharacteristicsofthePEOPLEthatcomprisethemarket,i.e.thenatureofthebuyers.Thismaynothaveanycorrespondencetocommonlyacceptedgeographicalregions,particularlywithinasinglecity.
• Territorialdesignisatoptimumwhenalldistrictsequalinbothsalespotentialandthesalesreps’workload.
• Whensalespotentialsareequal,thenitiseasiertocomparethesalesperformanceofindividualrepsanditalsoimprovesthemoraleofyoursalesforce.
• Aspopulationdensityshiftsovertime,youmustadjusttheterritoriestomatchorthoseyourelyontocreateyourrevenuewillhavedisputesamongstthemselves.
• Overlayalltargetsfromthedifferentsegmentsontoageographicalareatofullyunderstandthetotalsalespotentialofthatarea.Salesrepsareveryexpensivesoaimtominimisetraveltimewhereverpossible,andtraineachreptobeabletoproperlyservicedifferenttypesofcustomersintheoneareatoavoidduplicationofsalesroutesbymultiplereps.Thiscoulddrasticallyincreasethenumberofsalesperhour.
• Usecomputeraidedtoolsthathelpsolvethetravellingsalesmanproblemwhenindrawingthemostefficientsalesroutes.
• Buildincentivesandrewardstoencouragehighsalesperformanceinyourstaffandavoiddisinterest.Ensureyouhavetheproperamountofsalessupervision
• Enoughtoprovidetrainingandassistance• Adequateenforcementthatcompanypoliciesarefollowed• Monitoringofperformance• Providesrelationship,encouragement,assuranceandrecognitionforyourpeopleoutontheroadalone,
facingrejectionafterrejection.• Formalmotivationaldriverse.g.teamgoals,personalgoals,enjoyableworkculture,jobsecurity,
belongingtoastrongsocialstructure(lookforwardtocomingbacktotheworkplaceattheendofothedaytoseetheirworkmates),respect,involvementinregularstaffmeetingtocontributeandfeel‘ownership’oftheworkathand.
• ImprovesmoraleandleadstogreatersalesperformanceWithsalesmanagementallsetandleadgenerationcranking,youmustbepreparedtoact!
SALESPROCESSLet’svisitsomeofthemostcrucialelementsinpersonalsellingasitpertainsboththeB2CandB2B.Iwilltouchonareasyoucannotaffordtobeweakinasmistakeshereresultwillpreventanychanceforsalesgrowth,nomatterhowfabulousyourproductorserviceis.Readinessofyoursalesstaff
• Aretheyadequatelytrained?o Knowledgeofeachcustomersegmentanditsspecificneedso Uptodatewithallcurrentspecialsandhascopiesofalladvertisementso Guidanceofmostappropriateofferingmatcheseachtypeofcustomero Productknowledgeo Organisationalstrengthsandcompetitiveadvantages/disadvantageso Salestechniqueo FAQ(overcomingcommonobjections,returnspolicy,pricingauthority)
• Indoctrinationandbelief• Salesaids
o Scriptso Brochureso Financialsimulationsthatprovethefinancialviabilityforcustomerstobuyo Demonstrationstocko Video
• ProvideyoursalesstaffandsupportteamwithgoodCRMandtrackingsystemssotheyareinformedofthecustomerdetails,purchasehistory,deliverystatus,financialstatusandcasenotesofpreviousinteractionswithyourorganisation.
• Eventhehigh-endversionsofoff-the-shelfsoftwaresuchasQuickBooksProorReckonPremierorXerocandothisreasonablywell,ifthecreationofyourowncustomdatabaseisnotfeasible.
ConsultativeSellingApproach(asopposedtojust‘pushingyourgear’towhoeveryoucan‘con’)
• Isindicativeofarelationship-basedapproachtoselling• Salespersonfocusesontheneedsofthebuyer(notontheirownneeds)• Theclienthasanissueorproblem,whichisdiscussedandunderstoodbythesalesperson• Theclientistreatedasanequalinthisconsultativeprocess• Thesalespersonthensolvestheclient’sproblemascomprehensivelyaspossiblebysuggestingthe
productsorservicesthatsuittheneedsoftheclient(onlysuggestthingsthatarerelevant)• Ifthebuyerunderstandsthesellercanremovetheirpainandtheproposedproductorserviceis
perceivedasmorevaluablethantheaskingprice…onlythencantheirbeasale.Thesalesmanthattalkstoomuchanddoesn’tactivelylistentothecustomercannottransfertothatcustomerafullappreciationoftheincredibleworkdoneforthem,byeveryoneinyourbusiness.Thefullvalueofyourworkcanonlybeunderstoodwhentheentirepictureisrevealed.Noprofessionalfilmmakerwouldeverallowanincompetentprojectionisttoobscuretwothirdsofacinematicmasterpiecefromtheaudience’sview.Grouppresentations
• Commonwhensellingtobusinesses• Presentationsareoftenmadetoapanelofprofessionalbuyers,eachofwhomrepresentadifferent
functionaldepartmentwithintheorganisation:e.g.operations,marketing,finance,engineering• Ensurethepresentationcoverstheneeds(i.e.solvestheproblems/tickstoboxes)thatareuniqueto
eachofthesedepartments(i.e.hasaspecificpartforeachofthepanelmembers)• Makesureeverypersonfullyunderstandshowyoucansolvetheirproblemorsatisfytheirneed• Muchmoreeffectivetoanswerquestionsthroughoutthepresentation,ratherthanwithholdingthem
untiltheend• Includequantitativeandqualitativeproofthatwillhelpthepanel(orindividual)arriveatapositive
purchasedecision(e.g.calculationsusingtheirrealnumberstogivereliableestimatesofsavings;orphotographsandvideoorbefore/afterresults;andwhereverpossible,livedemonstrationsthatinvolvetheaudiencesuchastorturetests).
Ifyouselltoresellers,clearlycommunicatehowyourproductorserviceiscommerciallyadvantageoustothem:
• Theresale-abilityofyourproductandhoweasyitisforthemtosell• Opportunityforgreatersalesvolumes,moregrossprofitonresaleandischeaperforthemtoacquire,
haslowertransportcosts,canbedeliveredmorequickly,proximitymeanstheyneedtowarehouseasmuchetc.
• Emphasisethatyouprovidesuperbtrainingsupport,marketingsupport,easyordering,easyreturnsforreturneditems,favourablecredittermsandanotherotherbenefits.
Respondingtoobjectionsandproblems
• Commontypesofobjectionso Relatedtothecustomer’ssituationorattitude(e.g.loyaltytoacurrentsupplier)o Relatedtoyourproductorservice(e.g.price,missingfeatures)o Relatedtoyourcompanyorthesalesperson(e.g.companyreputation,repistooyoung)
• Receivingobjectionso Anticipateandprepare(bereadyforthecommonconcerns)
§ Yoursalesstaffmustneveravoidobjections§ Analysetheirbackgroundandcause(tounderstandthem)§ Preparesheetsforyoursalesforcedetailingcommonobjectionsineachsegment,with
theappropriateresponseso Bepositiveandconfident,butnevercocky.Yoursalespeople’sgoalistoprovidegenuinehelp,
notwinanargumento Yourstaffshoulddealwitheachobjectionaswhenitisraisedorthebuyerwillnothearany
moreofwhatthesalespersonsaysbecausetheirmindwillbestuckontheunresolvedissueandsoblockanychanceofasale
• ObjectionstoPrice(3:you’retooexpensive,it’soutsidemybudget,it’snotworththemoney)o Priceandvalue
§ Itisyoursalesteam’sresponsibilitytoensurethebuyerhasafullopportunitytoexaminevalueratherthantheinitialprice.
§ Veryfewbuyerscanbuysolelyonprice(thisispossiblyonlywithcommodities)§ Makethisyoursaleteam’smantra:“Valueofthetotalbenefitofowninga
product/servicecomparedtothetotalcostofowningitӤ Thetotalcostofownershipincludestheinitialprice,plusthecostinmoney,time&
inconvenienceofoperation,servicemaintenanceorrepairs,overitsusefullife.§ Thetotalbenefitofownershipincludesbothtangiblebenefits(workscorrectly,is
reliable,durableetc.)andintangiblebenefits(reputation,vendorsupport,services,prestige,peaceofmind,improvedself-imageetc.).
§ Ensureyoursalesforcehastheabilitytoproperlydemonstratethelifecyclecostingcomparisonsusingreal-lifefiguresoverdifferenttimeperiodsthatprovidethetotalcostofownershipislesswithyourproduct,despitethehigherinitialprice.Itisessentialyouprovidethemthetoolstodothiseasilyandaccurately(e.g.aspreadsheetoronlinecalculator).
§ IhavedonethisverysuccessfullyanumberoftimeswhereIsoldlarge-ticketequipmenttobusinessesthatwerehundredofthousandsofdollarsmoreexpensivethanacompetitor’soffering.Ineverycase,theproductwasgenuinelybetterfortheiroperationsandIwasabletoprovidethemunequivocalmathematicevidenceofthis,usingtheiractualinputvariablesandtoprojecttheresultantsavingstheywouldenjoyoverthenextmonthsandyears.Whatinitiallylookedtothemlikeanoverpricedofferendedupbecomingapurchasetheysimplycouldnotdowithout.EverysaleIpresidedoverwentthrough.
Buildingrelationshipswithkeycustomers
• Yoursalesstaffshouldbeinvestingincustomersatagenuinelevelandshowinterestinthepersonallivesofthebuyerstheycometoknow(e.g.rememberingbirthday,enquiringaboutkids’progressetc.)
• Goodaccountmanagemento Integrationofsalesintothemarketingfunction(keepssalesstaffmoreuptodatewithmarket
trends,givesbuyersagreatersensethatyourorganisationisamarketleader)o Developadocumentedaccountmanagementplanthatincludesallcustomers(don’tallowa
haphazardapproachtocustomercareasitwillalienatecustomersandcausesalesatrophy)o Reduceentryfrictionwhereverpossibleandbuildmaximumexitbarriersforcustomergrowth
andretention.SeeAdditionalResourcesEhrenbergBassInstitute:https://www.marketingscience.infoYourBusiness’AbilitytoAchieveGameChangingInnovation:www.gamechanging.com
Interview
In this episode,wehear fromMrWayneBreitbarth, aLinkedIn trainer and consultant.He shares someofhistremendousknowledgeonhow tobuildbusinessusingLinkedInasaplatform forgrowth.His is a consultantbased inMilwaukee in theU.S. and from there he helps someof the largest companies inAmericawith theirsocialmedia strategy. He is also a prominent speaker on business and is the author of the seminal guide forprofessionalswishingtomakemoney fromtheirLinkedInprofile, “ThePowerFormulaForLinkedInSuccess”.Aboveallofthis,heisagenuinelygoodblokeanditwasapleasureformetointerviewhim.MoreinformationaboutWayneandtopurchaseacopyofhisbook,visithttp://www.powerformula.net
Audience Question Today’s question comes from Bruce, who is a British ex-pat and owns a number of large swimming centresacross France. He asks, “What is the most appropriate advertising he should spend money on to grow hisbusiness?”Answer,firstmakesureyouareproperlysetuptoattractyourcustomers:myguessofthenatureofhisbusiness,hehasfourmaintypesofbuyer:professional,enthusiast,institutionalandrecreational.Understandtheneedsofeachinrespecttoservices(levelofcoaching,games,medicalsurpervision)products(foodandcoffee,birthdaycakes,playequipment,mobilityaids,relaxationchairs,watersafetygear,souvenirsetc.),daysoftheweek,timesofdayetc.Thereisnopointspendingbigdollarsonadvertisingifyouarenotreadywiththerightthingstoselltothosethatrespond.Youcan’tgetanyROIifyouthroughbaitintothewaterthat’snotattachedtoahook!Inrespecttopromotions,useadvertising,butalsousedohighlytargeteddirectmarketing(toeachbusinessunitinyourmostimportantinstitutionalsegments,somepublicrelations(suchashighprofileevents,dospeakingtointerestgroups)andspendsomemoneyongoodqualitycontentmarketing(e.g.articlesandvideosthatexplainthehealthbenefitsofaquaaerobicsasalowimpactsportforretirees).Youaskedspecificallyaboutadvertising,sotheseiswhatIwoulddo:
• Televisionadso Broadbasedappealtogeneralpublic(helpsgrowyourrecreationalsegment)o Lowestcostperimpressiono Highestimpactadvertising(showofffacilities)o Includefootageofapersonrepresentativeofeachofyoursegmentsderivingthespecificbenefit
eachseekso DoNOTshowtheadat3am!Playjustonceaweek(ifthatisyourbudget),butatprimetimeo Goforreach,notfrequencyo SupporttheTVcommercialwithasalespromotionembeddedintoaradioad(playdrivetime)o SupporttheTVcommercialwithasalespromotioninanewspaperad(inSundaypaper)
ListentoEpisode103tohearallofSteven’sadvicetothisquestion.ItcanbefoundiniTunesunderBusiness.ThisisthefavouritepartoftheshowforhostStevenCavallobecausehegetstodirectlyhelprealpeoplewithanactual problem they are having in the areas of business development,marketing, sales or fundraising. Stevenfeaturesoneoftherecordedquestionssentinbylisteners,andplaysbackthatrecordingonair,alongwithhiscommentary.Tosubmitaquestion,pleaserecordyourquestionasanmp3(maximumfilesize10Mb)thatisnolongerthan60secondsandemailitto:[email protected] canaddressyour issueandprovide somevaluable insight forquestions featured;of course,we canonlygointobriefdetailintheminutesavailableinthepodcast,soweencouragelistenerswhowantmoreformaladvice(regardlessofwhethertheirquestionisfeatured)tooutlinetheirspecificproblem/opportunityandemailitdirectlytoconsulting@thebusinessfirm.com.auandyouwillgetareplywithin24hours.
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