Spice Your Business
September 30, 2009 | Leave a Comment
If you would like to:
- become more focused, efficient & effective in growing your business
- improve your profitability
- take your business in new directions
- build a culture of leadership throughout your company
- start a new business the right way
let me assist you!
I have been helping entrepreneurs develop & grow their own companies for over 25 years! It is my passion.
In 2007, the U.S. Small Business Administration recognized my commitment to assisting small businesses by naming me their Women in Business Champion of the Year for the State of Louisiana.
Together, we can identify & evaluate your options – based on your specific strengths & available resources — & craft a personalized development plan that produces the most efficient results possible.
* * *
I can offer your trade association numerous small business seminars or presentations including: 
- Ignite Your Sales with the Business Development Strategy that’s Right for You!
- Creating the Right Spice Blend: Product/Service Offerings that Can Double Your Profits!
- 15 Hot Marketing Strategies that Won’t Overheat Your Budget
- What Were They Thinking? Understanding How and Why Clients Buy
- Taking Ownership: Instilling a Culture of Leadership From the Ground Up
Spice Your Business
September 28, 2009 | Leave a Comment
If you would like to:
- become more focused, efficient & effective in growing your business
- improve your profitability
- take your business in new directions
- build a culture of leadership throughout your company
- start a new business the right way
let me assist you!
I have been helping entrepreneurs develop & grow their own companies for over 25 years! It is my passion.
In 2007, the U.S. Small Business Administration recognized my commitment to assisting small businesses by naming me their Women in Business Champion of the Year for the State of Louisiana.
Together, we can identify & evaluate your options – based on your specific strengths & available resources — & craft a personalized development plan that produces the most efficient results possible.
* * *
I can offer your trade association numerous small business seminars or presentations including:
- Ignite Your Sales with the Business Development Strategy that’s Right for You!
- Creating the Right Spice Blend: Product/Service Offerings that Can Double Your Profits!
- 15 Hot Marketing Strategies that Won’t Overheat Your Budget
- What Were They Thinking? Understanding How and Why Clients Buy
- Taking Ownership: Instilling a Culture of Leadership From the Ground Up
The Power of Priorities
May 18, 2009 | Leave a Comment
What have you said ‘Yes’ to in your work that you probably shouldn’t have?
Successful people realize that they can do ANYTHING, but they can’t do EVERYTHING! Are you trying to do it all? Do you tend to get bogged down in the “thick of thin things”?
My husband and I recently spent an afternoon weeding and pruning the shrubs in our yard. Getting rid of pesky weeds allows the bedding plants room to spread out and thrive. Just as pruning allows the shrub to grow fuller and bloom more abundantly next season, so pruning in your life will allow you to thrive and excel in those areas most important to you.
The key to moving forward fast is prioritizing. Ask yourself,
- Is this the best use of my time right now?
- Could someone else handle this task more efficiently and effectively?
- Is there something that I could be doing that only I can do well?
- Is this activity making full use of my talents and abilities?
How are you spending your time, energy, and resources? Are you making the most of each day? What have you said ‘yes’ to in your work that you probably shouldn’t have?
Essentially it’s all about priorities. The choice is up to you.
To your success,
Jennifer
MINDSET: Sharing The Value of What You Offer By Tiffanie Z. Lyon, MBA
May 12, 2009 | Leave a Comment
It’s important to realize that what you are actually selling is not necessarily a product, a service or an idea, but “THE BENEFIT” the other person will gain from investing in your offering and the ULTIMATE RESULT they will experience. By doing so, you will naturally be more persuasive and have positive influence. Think about this: Almost everything we sell offers one or more of these 5 general benefits:
• Make money
• Save money
• Save time
• Offer convenience
• Provide peace of mind/security
Which ones do your product or service address?
With that in mind, let’s do an exercise to dig deeper into this concept and really help you understand what you are selling. It will make it a lot easier to get excited and share with others. Enthusiasm sells!
Create a three-column chart. In the left column, list the core products and services you offer. Then in the middle column, list the first benefit or outcome a customer would receive after they invest in each of your products/services. Don’t contemplate too long; just write the first thing that comes to mind. Now, as you look at those benefits or outcomes for each service ask yourself, “so what?”, “what does that mean to the customer?”, “what is the ultimate benefit or end state of that?” Take it one step further.
Here’s an example:
Service: Life or Business Coaching
Benefit/Outcome: Clearly defined values and set of goals
Ultimate Results/End State: SUCCESS! Achieving personal, professional and financial goals and faster than you could on your own!
The far right column is what you are selling! THAT’S what people buy. It’s not just a service or a widget, but you are selling that intangible end state, ultimate result. Can you see how easy it is to get excited about selling what you offer when you focus on and demonstrate the ultimate value to your prospective buyer? So, instead of trying to sell the left column, shift your mindset and focus on selling the right column. Combine that with excitement and you’ve crossed the mindset hurdle to sales.
Does Your Small Business Have a Customer Loyalty Program?, by Myra Corrello, PhD
February 5, 2009 | Leave a Comment
Why do casinos, clothiers, hotels, airlines, and grocery stores spend so much attention and resources on their “rewards” programs? Simple, it keeps their good customers coming back for more!
Keep in mind it may cost as much as six times more to sell one unit of a product to a new customer as it does to sell the same additional unit to an existing customer. Therefore, one of the most effective business development strategies is to maximize your sales with existing customers! CLPs are ideal for helping accomplish this goal. The goal here is to spend more on your best customers because the return will be much greater.
Why do CLPs work? Because:
People want to feel special
People want to be treated differently than others
People want exclusivity / “premier” access
People love accumulating “points” for special rewards
People love unexpected gifts
So, what can you learn from the big CLP players? What do they do that you can mimic? Small companies have many options!
Consider:
Partnering with a hotel, restaurant, spa, etc. to purchase discounted packages and award to customers reach X level of purchases
Exclusive showings / parties
Exclusive seminars / demonstrations
Xth visit free programs
What other elements could you incorporate into your own CLP program? What great CLP programs have you seen other small businesses establish?
Myra
Helping Individuals and Organizations Increase Their Image, Influence, and Impact
MyraCorrello.com
How Flexible is Your Selling Style? By Tiffanie Z. Lyon
January 21, 2009 | Leave a Comment
We all are unique individuals. I believe our personalities are shaped both by our DNA and through our upbringing and environment (“nature” vs. “nurture”). We have a style that comes naturally to us, without effort; innate tendencies.
The type of selling I promote, teach and advocate for is just that: natural and genuine. Our prospects and customers can read through anybody being fake, insincere or trying to be something they are not. You must remain “you.”
That said, it’s also important to smoothly and seamlessly adapt to others so that you can build a connection and positive first impression. This goes for when we meet anybody for the first time, social and business networking events and when we’re prospecting for new business.
Here are a few examples to consider:
- If you tend to speak fast, loudly and are naturally enthusiastic and you meet with someone who is soft-spoken, calm and slower-paced, it’s advantageous for you to take your natural style down a couple notches.
- If you tend to be private, analytical and fact-based and the person you are meeting is asking you about your family and expressing broad opinions, you can share only what you feel comfortable and quickly turn it back around and ask them questions about the same.
Your style can be adaptable by reversing the table and letting a talkative person talk. They are bound to like you for that. If you tend to be talkative, friendly and outgoing and the person you are meeting with seems calculated and looking at his/her watch, it would be wise to skip the common pleasantries and get right- to-the-point of your meeting.
Remember, adapting your style to others is NOT being deceptive. It’s showing flexibility to work with others who may be different than you and building a connection with someone as the relationship develops. This is the first impression starting point of being able to naturally adjust your selling style for optimal results.
What do you think your personal selling style is? Do you adapt to others and augment your style depending on how your prospects and customers display themselves? Can you see the benefit of adjusting your style?
Happy Selling!
— Tiffanie Z. Lyon, www.lyonsalesinstitute.com
Understanding Your Sales Cycle- Part 1 By Tiffanie Z. Lyon
January 21, 2009 | Leave a Comment
Your Sales Process or Sales Cycle is what takes you from the introduction of an opportunity to a closed sale. Some sales cycles are short– like a retail transaction such as buying milk in a grocery store, to a longer sales cycles like buying a car or investing in professional services. The sales cycle/process tends to be longer when:
- it’s a high-ticket item; a lot of money involved
- multiple decision makers have to weigh in (i.e committees)
- significant consequences or ramifications if the wrong decision is made; risky
Step 1: Identify the steps of your sale:
It doesn’t have to be 7 steps, but it should be about 5-7. Example: New Opportunity, Approach, Planned to Meet, Analysis Complete, Proposal Submitted, Contract Signed, Follow Up and CRM. Use phrases that make sense to you. Remember: Some sales will combine steps and some may skip steps, but you’ll always have the first and last steps (the intro & close).
EXAMPLE:
New Opportunity– you get that business card of a lead, you see a business on the street you’d like to work with, somebody gives you a referral
Approach– a dialog is started, either in person, via email or telephone
Planned to Meet– you’ve schedule a phone appointment or in-person meeting to “qualify” and understand their needs
Analysis Complete– you’ve met and did a complete needs analysis to see if you can even help them (needs, decision-maker, timing and budget)
Proposal Submitted– you’ve now submitted pricing, quote, terms, arrangement, investment based on their needs, budget and timing
Contract Signed– paperwork is signed, handshake, letter of intent, closed deal
Follow up/Customer Relationship Management– product delivered, services rendered, follow up and cross-selling opportunities
Step 2: Describe what should happen in each step and also what needs to be confirmed before moving to the next.
Step 3: Timeframes: for each step, identify how long (on average) your prospect stays at that step.
Step 4: Allocations: You must always have prospects pretty evenly distributed throughout the sales funnel/process. Keep the sales funnel filled!
Ok, so that’s the 4-step process of identifying and defining your sales process. Do you know what your particular sales process looks like? Are you committed to documenting it? Will you take action?
Now, once you understand your sales process, it’s important to control that process (not “control the prospect”) to ensure prospects move through it quickly….. STAY TUNED… Next post—
“Part 2: 3 Tips To Speed Up Your Sales Cycle.”
Happy Selling!
–Tiffanie Z. Lyon, www.lyonsalesinstitute.com
Winning Pricing Strategies for You and Your Customers by Myra L. Corrello
January 1, 2009 | Leave a Comment
Today we are faced with enormous changes in our economic climate. Prices, in part due to the rising price of oil, are rising on everything. In turn, we are paying more for everything in our businesses. Our expenses are rising.Have you adjusted your pricing to compensate for your increased costs?
Many business owners are reluctant to raise prices for fear of alienating good, long-standing clients. This reluctance can drag on for years and slowly erode your profit margin till you are practically working for nothing.
Raising your prices is one of the most important tools you have in managing your profitability. There are even measures you can take to mitigate any negative reaction from existing customers if you execute them properly.
First, let’s review some important principles of pricing:
- The more distinct your product or service is in a way that your customers care about, the less price sensitivity you’ll encounter. People will pay more for something if it’s giving them what they need or want and they perceive there are few or no good substitutes. Seek to “brand” your uniqueness and find effective ways to communicate your distinction.
- Add value to your existing product or service by combining it with a complementary product or service to create packages.
- Carefully plan a price increase so that you, your staff, and your customers have time to adjust. You can create goodwill, yes, goodwill even during a price increase if you handle it properly.
How do you create goodwill with current customers during a price increase?
- First, start by setting the price increase a few months out. Three months gives you a good working timeframe.
- Next, create a pre-increase sales promotion program. Communicate with all your customers, the more personal the communication the better, about the increase and suggest they stock up on your product prior to the increase. A sense of time-urgency is a powerful motivator.
- Be prepared to have lots of orders the day before the increase! By contacting your customers personally, they will perceive that you care about their welfare and value their patronage.
- Consider offering a bulk-purchase discount, if you don’t already, to make their stock-up strategy even more beneficial.
Raising prices is a stressful issue for most business owners but it is the most efficient way to greater profitability. Just remember to plan your process well, use it to reconnect with your customers in a positive way, and offer your current customers an opportunity to adapt to the change.
What specific activities could you plan for to make a price increase a successful experience?
Myra
Helping Individuals and Organizations Increase Their Image, Influence, and Impact
MyraCorrello.com
