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
Sales Strategies During a Recession- Part 2 By Tiffanie Z. Lyon, MBA
June 16, 2009 | Leave a Comment
PART 2
2. Identify and Nurture Referral Sources
We know how important and effective it is to ask our existing customers for referrals, but are your developing your referral sources beyond our customers?
Who are Referral Sources?
Referral sources can be other sales reps or professionals who provide complementary products/services to what you 0ffer and who have a similar customer base. They sometimes are called Centers of Influence or Contact Spheres. Don’t forget about others within your industry– they are not all direct competitors!
Why are referral sources so important?
• They are another channel, in which to gain information and will facilitate new business.
• With proper strategy and consistent nurturing, it’s behind-the-scenes business development for your business; your sales force.
• When appropriate, their services may be able to add value to your customers.
Ask yourself: Who would be a good referral source for my business?
Start with the general industry category, then identify specific names/companies.
Once referral sources are identified, TAKE ACTION:
• Identify 3 referral sources you’d like to start with this process.
• Schedule a time to call — put it on your calendar!
• Call to set a time to meet — lunch? coffee?; The introduction is all about THEM.
• Conduct an informal interview to get to know one another better. Ask:
Tell me about your business.
Who are your typical customers?
What is an ideal referral for you?
With whom do you compete and how do you differentiate?
How can I help you? How can we best work together?
• Inevitably you will get to explain your business and your ideal referral; be specific.
• Agree to keep each other in mind next time a need comes up.
• Confirm next steps in working together.
• Set a plan to call 3 different referral sources for appointments – 3/month
• Track your activity in a separate process than prospective clients.
What’s your strategy for creating and nurturing referral sources? This is a great sales strategy at all times, but especially during a recession.
5 Simple Sales Strategies During a Recession (5-Part Series) By Tiffanie Z. Lyon, MBA
June 9, 2009 | Leave a Comment
PART 1
1. Develop and Nurture Existing Customers
We all know it’s easier to develop and deepen existing customer relationships than to go out and find new ones, especially during a recession. Now’s the time to look more closely at your existing client base and analyze them. Who spends the most? Who buys most frequently? With whom do you have the best chemistry or relationship and why?
Once you’ve re-connected with your customer base analytically, then reach out to them and discover additional needs they may have. You could be in a prime position to cross-sell or up-sell additional services that they may not have even realized you offer. Conduct a mid-year analysis or review with them.
It’s also a good idea to ask your best customers for a referral. But remember to show that you appreciate their business and also narrow the request down for them. It’s easier to think of people and companies when the universe is narrowed down versus asking, “who do you know who may be interested in my services?” For example, “Tom, you’ve been a long-time customer of ours and we sure appreciate your business. Who do you recommend I speak to in this office complex/on this street/in your Rotary Club who may be interested in our services? A referral from you would bring the kind of people we love to work with.”
Dig deeper within the organizations of your customers. Be certain you know all the players and have a connection “up the ladder.” For example, you may have a great relationship with a key person at the client company, but you really have never met any one else, such as the divisional manager or president. It’s important to have the endorsement of top management in case things change or your primary contact loses their job. A strategic approach is needed since you may be going over the head of your contact. This can be done, if it’s approached the correct way. Ask your contact if they can help you arrange a meeting with them, as well as a couple other key people. You should know who this people are if you know your customers well. Position the meeting as a way you are providing value-added service to your best customers, while stressing the importance of getting to know your customers even better. Offer a mini-training session, a product demonstration or something else considered value-added for them. Also, say that you want their input and feedback on how you can improve your products and services. This should warrant a meeting with several key players and keep your foot sturdy in this customer relationship.
Send your customer referrals when possible and do business with them, when possible. This shows your dedication and loyalty to helping your customers grow their businesses. They WILL remember these small efforts.
Send your customers cards often. In this electronic age, we seldom get snail mail letters and cards. Send a note letting your customers know how much you appreciate their business.
These are just a few things you can do to develop and deepen customer relationships. Keeping current customers happy is important at all times, but especially during a recession. What do YOU do to develop and deepen customer relationships??? Please share!
Profiling Your Existing Customers and Expanding The Business Relationship By: Tiffanie Z. Lyon
June 2, 2009 | Leave a Comment
During difficult economic times, it’s especially important to maximize our relationships with existing customers. We’ve all heard and have experienced first hand that developing and nurturing our relationships with current customers is a heck of a lot easier than going out to get new ones, right? The fact is, we DO need to do both, but this post will focus on our current customers and how to maintain and grow the relationship.
DETERMINING YOUR MOST PROFITABLE PRODUCTS/SERVICES:
Many companies have a gold mine of business sitting right in front of them in their existing customer base; we just need to be strategic in how to “mine” the data. The first exercise before we even begin to profile our customers is to look objectively and deeply at our product/service offerings. You might not be able to answer these questions on your own and/or right off the top of your head, but it’s well worth investigating. You may need to get your manager involved.
List out all the key products and services you sell.
Now, go back through the list and circle the products/services, which are most profitable to the company and frankly, to your pocketbook. Assume the “ideal” customer for each of these products/services. This is where you may need assistance from management. Most companies know (or should know) which offerings are the most profitable. It’s just smart business. Clearly, you will offer what makes the most sense to your customers’ needs at the time, but with all else being equal, it’s good to know what makes us the most money.
Now go through the list again focusing on the products you circled. Next to those, write down the traits or characteristics of the IDEAL customer for each. You should do this for ALL the services, but start with the most profitable. Where are these ideal customer located? How much do they spend? What is their age? income? etc.
So now you should have a good idea of what you have to offer and who is an ideal (and profitable) candidate for each one.
UNDERSTANDING YOUR CURRENT CUSTOMERS:
Let’s look at our existing customers. Run a report on all the people who are considered your customers-current and past. Customers are customers – past or present. It’s a “warm call” verses a “cold call” when you re-connect with a past customer. They trusted and invested in you and your products in the past.
Next, make note of what the product was/is in which they invested, when did the relationship begin, what are the demographics and characteristics of the customer, etc. Really analyze them. What potential do you see? At first glance, can you get an idea of how you could help them make more money, save money, save time, offer convenience, and/or give them peace of mind or security? These are the key benefits most people are looking for in many products and services (as I’ve mentioned in a previous post).
Hopefully once you do this exercise you will re-familiarize yourself with these past/current customers and you will begin to see some potential for additional business from the active ones and ways in which you can re-kindle the “old” ones. What are you doing to re-capture past business? Are you focusing on your most profitable products/services? Why/why not?
It’s All about Connections by Myra Corrello, PhD
May 27, 2009 | 1 Comment
Do you ever find yourself trying to cram 3 weeks of work into 3 days?
Welcome to my world.
When I hop on the plane Friday morning, I’ll probably pass out from exhaustion. Until then, I can only say “thank you” to everyone in my life who has made these days doable.
I really don’t know how anyone can function without the support and collaboration from a professional network.
One business partner reminded me of a critical discount program that I hadn’t bothered to join that, today, is saving me substantial money on one project.
Another partner introduced me to a virtual assistant who seems to have no limits to her knowledge, her talents, and her ability to help you solve your problem – no matter how challenging. She’s now assisting me in bringing projects to fruition that have sat on the back-burner for years.
That VA introduced me to a graphic designer who has stayed up with me till the wee hours of the morning for the last 3 nights finishing more major projects.
Another colleague dropped by Monday with her new illustrator and before I knew it, they were rolling up their sleeves critiquing and revising every piece of my work in process – with remarkable results.
Last week, a professional speaker colleague shared a new publishing source that is, as we speak, helping me create my first magazine – to be delivered, amazingly, this Saturday. Three days turnaround. Unbelievable.
A conference exhibitor expert introduced me to her favorite print broker. Today, she’ll deliver 3 completed print projects that would have taken me months to coordinate and oversee on my own.
Whew! It makes me dizzy to think about the amount of work we all manage at any given time. Where would we be without those around us who seem to have the right answer, the right word, the right resource – when we need it?
Instead of being overwhelmed, I’m overwhelmingly grateful.
Who are your most valued professional resources? What areas of your work could benefit from someone to share a tip, lend a hand, give you a new perspective or connect you to another?
When you feel you’re drowning in a sea of work, don’t forget to ask for help. Be open to whatever comes your way and be gracious in accepting those gifts. You never know when you might be able to save someone else’s day.
Building Customer Loyalty By: Tiffanie Z. Lyon
May 26, 2009 | Leave a Comment
Keeping customers is more important than ever. As everybody knows, it’s a lot easier to keep and grow a customer than to go out and find a brand new one. So, here are some things you can do to build your customer relationships and their loyalty to you:
* Send your customers referrals and leads.
* Do business with your customers, when appropriate.
* Send your customers articles and information you think would be of interest to them.
* Send your customers a card thanking them for their business and on special occasion.
* Offer special discounts and incentives for customers only.
* Cross-sell other services that will benefit them.
* Host a customer appreciation event
* Profile your best customers on your website, e-zine and other venues
* Conduct a focus group, annual review and other customer-only sessions to get to know them better and get their input on new products/services.
Do you have some good ideas or tips for building customer loyalty? Please share!
Everybody Has Sales-Influence By Tiffanie Z. Lyon, MBA
May 19, 2009 | Leave a Comment
It’s important to understand that everybody in your organization touches the sales process- from the first telephone inquiry to the signed paperwork. All “sales” have a sales process (which you may have read in our my other posts) and it’s best to have your team positively influence that process. First impressions can be powerful. How does your receptionist answer the telephone on behalf of your organization? Who puts together information packets to be sent out? Do they look like they’ve been assembled with care? How do you position your company to your prospective customers? Here are a few tips:
• Educate your team on your company’s sales process and discuss where everybody “fits” into that process. This will create ownership and accountability.
• Inform everybody of your ideal customer and the most value-generating products/services the company provides its customers.
• Be certain everybody is saying the sales USP (unique selling proposition or “elevator pitch”).
Selling anything is based on having the right sales attitude, maximizing relationships and having a strategic process (Mindset/Art/Science). Selling is a team effort. So, rally the troops and Happy Selling ☺
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
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
