Marketing & Sales

02

Apr'18

How do I sell my consulting services?

This is an easy one! First, you have to know as much as you can about your prospective clients. What are their needs? What are the problems that gnaw at them and cause them to lose sleep? What things are just annoying and irritating that they have to deal with? Know your prospect. Understand what motivates them and where their “pain” is. Now, how will you, yes you, solve their problems in a seamless, easy, cost-effective way? What will you provide that will give them (almost) instant relief? What is your USP ( unique selling proposition)? Don’t give them some “generalities” or fuzzy answers. You have to be razor sharp on this. You have to be able to prove that you can solve their pain. Otherwise, why would they risk dealing with you? What guarantees or warrantees can you provide ( and remember, these have to be realistic… if you promise too much, they won’t believe you.) That brings us to the next issue: credibility. Why are you, as an individual, uniquely qualified to provide this “relief?” What are your credentials? What experience do you have? What references can you give? What case studies can you provide that prove your …

Read More

18

Mar'18

What influences business cycles? Where are we on the Cycle?

Where are we on the business cycle? It depends upon a lot of factors, because there isn’t just one “business cycle.” There are many: 1. The economic cycle of the world 2. The economic cycle of the country 3. The economic cycle of the region 4. The economic cycle of any particular industry 5. The economic cycle of a particular firm. All of these cycles interact. Sometimes they are in synch, at other times each are at a different phase, and we experience a blended effect. It’s sometimes difficult to distinguish which is what and how they are affecting any one person’s investments or business. The factors which affect a business cycle include these factors: a. Capital availability and cost b. Markets – demand for products c. Innovation and competition – and the value propositions d. Psychographics of the population or target market e. Social narrative and outlook ( such as optimistic or pessimistic, anticipatory of some event, or even what appears to sometimes be a bi-polar attitude expressed by group think) f. Regulation, political and legal structures. Is this all complex? A lot more complex than your college economics class would lead you to believe. The assessment of where …

Read More

04

Sep'17

What can I do to Promote my Business?

You didn’t state what your product or service was, so it’s difficult to answer the question. You also didn’t specify what the LVC ( lifetime value of a customer) was, so we don’t know whether a particular marketing approach might or might not be appropriate. The obvious sales techniques include media advertising,  direct mail (my favorite),  telemarketing (not my favorite),  direct door-to-door sales (brutal),  and signs on the business ( if you have a retail location.) Just doing one thing or another in an un-coordinated shotgun fashion is counterproductive and expensive. To be successful, you must come up with a compelling USP ( unique sales proposition) which leads to a strong “message” and a “brand” which then is used to create a coordinated, cohesive campaign. All that given, here are some ideas that others use successfully: Dinner seminar – you’ve gotten one of those invitations for a free dinner and sales pitch. They must work, because lots of people use it. Signs. Lots of them. Everywhere. Coupons. People LOVE to save money. Remember, the magic word “FREE” followed by the almost magic word “On Sale” Events – One financial planner hosted a showing of a popular movie —- and gave …

Read More

25

Dec'16

How do I find a Good Sales Person?

Whoa! What all of us business / marketing types crave: a craftsman who loves to make things. OK. but you all be careful, y’all hear me? There are a lot of great builders who get burned big time. Ask anyone who was on the Windows development team, or the original Mac development team. If you are the engineer / builder, you must protect your skills and contributions. So, if you like building, and you are the one who is the driving force, then you are the owner. Now, you want to get some marketing talent. The problem is that marketing folks love to sell, and the first person they sell is you. For 50% of the firm, they will sell the hell out of it. STOP. First off, let me say I’ve started over a dozen businesses, taken two companies public, worked for many years as a CPA and adviser to many businesses, start up to middle market, to large public ( Aetna, Union Oil, etc type companies) My approach to management may be a bit German, but that’s my heritage, so it’s in the genes. There has to be a boss, and there have to be troops. Who is …

Read More

16

Dec'16

How do you get your idea from concept to a business?

This is the proverbial chicken before the egg question. How do I know my idea will work? Let’s skip to the bottom line: you won’t and can’t know for certain until you jump in the pool and do it. Anything else is just speculation. What you can do is test your idea. You don’t need to incorporate your company or do any fancy stuff to test your idea. Several ways come to mind: You can test market the idea. So you start really small, make up a few prototypes and see if you can sell them. If your idea is a service, start it in a test market and try it out. See if it catches on. You can “focus group” test the idea, by polling people about whether they are interested in it or would purchase it. Sorry to say, but this is very unreliable. It does give you some “negative assurance” because if your focus group hates the idea and no interest is shown, well, you probably have a dud. You can begin the market the idea taking orders for future delivery. In the software business, this is known as selling vaporware. You have the idea, but the …

Read More

04

Nov'16

What are the Distinguishing Features of a Market Oriented Company?

The business news media often mention that a company is “market oriented” or something similar. Just what are they getting at? Ok, let’s set one thing straight: if a company isn’t oriented toward it’s market ( customers) it’s not staying in business very long. So, by definition, all companies must be market oriented. It’s just a matter of degree. I think there’s far too much hype about “market oriented” — it’s bunk, hype, MBA doublespeak. Ignore your market and you are a dinosaur, waiting for extinction. Regardless of industry, regardless of situation, you must, absolutely must be “market oriented.” So what are the characteristics of “market orientation?” Come on, this is easy. Pay attention to your customers, their needs, and their desires (the two are different). Focus your energies on meeting the needs and desires of your target market (beyond your circle of customers). Pay attention to your competition, and what they’re doing. Execute well. Always be figuring out what the next thing is and develop it. Provide value in excess of what customers pay for and what they were expecting. Care about your customers, and be passionate about what you do. Remember: until something is sold, nothing happens. Market, …

Read More

11

Aug'16

How do I Increase Profits in My Business?

How do companies increase profits? The basic equation: Net income = Sales – Cost of Sales – Overhead

Read More

05

Jul'16

Getting Customers to Pay You

Question:  How do you get payments from customers as early as possible?

Read More

04

Jul'16

Reaching that Prospect

Question:  Which is the best way to reach real estate investors?

Read More

08

Jun'16

How do you approach retail stores to sell your products?

Q: Do you approach the retail stores directly? Or do people usually approach distributors who would do the work of product placement in the market?

Read More


The Small Business Research Institute is a non-profit corporation committed to advancing small business success.

Get the Newsletter

* = required field
top
CEA © 2016 All rights reserved.