Marketing/Sales Archives - Page 2 of 21 - Dr. Ivan Misner®

Follow the Money Trail

How many businesses would you say you’ve supported over the years by being a loyal customer?  Think about it, you could have been solely responsible for the new wing your veterinarian added to her office last year, just from all the money you’ve invested in your pet’s care over the last ten years.  For some businesses, not only may you have been a customer–you may also have recommended them to other people.  When was the last time those businesses returned the favor and helped your business succeed?  There’s a strategy I like to call “following the money trail” which shows you how to leverage the law of reciprocity with the businesses you have financially supported.

Before you read on and get deep into this strategy, go find your checkbooks–both personal and business.  I’ll wait . . . There, now that you have your checkbook(s) in front of you, it’s time to follow the money trail.  Scan your checkbooks for local businesses that you have paid.  You may notice regular expenditures, such as your hair stylist, veterinarian, physician, lawn care service, housecleaning service, dry cleaners, day care, pet resort, or grocery store.

First, let’s put this money trail into perspective.  Start by analyzing just how much you have invested in these businesses.  Get out a piece of paper and draw a table like the one shown below.

29PercentGraphReviewing these figures will help you realize just how much you’ve invested toward the success of some of your favorite businesses.  Staggering, isn’t it?  Now, what can you do with this information?

The law of reciprocity states that if I help you, you will, in time, help me in return.  I would venture to guess that most of these establishments have never been approached by their customers with a request of reciprocity.  What would you say to them?  How would they react?  Why bother?  You might wonder: What could a hairstylist do for me–or for a financial planner–other than style hair?

Seeking reciprocity begins with your willingness to ask the question.  Your request needs to be specific and needs to be supported by how much you have invested in their business over the last year or so.  Are you willing to approach your favorite businesses and ask them to support your business in some way?  If yes, let’s start with the example below and then consider what you could do for your business.

Example: Financial Planner Seeks Reciprocity from Hairstylist

First, the financial planner needs to take the hairstylist–let’s call her Joan–to lunch or coffee and engage her in conversation.

Financial planner:  Thank you for joining me for lunch.  I wanted to get some time with you away from the salon so I could talk with you about your business–and to ask for some help with my own business.  I’ve enjoyed being your client for the last five years, and I’m glad I was able to refer four other people to your salon who have become clients.  I wanted to ask if you might be willing to help support my business as well.

Joan:  I have very much enjoyed you as a client, and I really do appreciate your referrals.  What do you have in mind?

F.P.:  As a client, I receive your quarterly newsletter.  I see that you often have advertisements from community businesses.  Would you give me space in your newsletter for an ad for one year?

J:  Sure, but that would cost about $500 for the year.

F.P.:  I was hoping that you would give me the space for no charge in return for my past referrals and for being such a loyal customer, even after moving twenty miles away.

J:  I see your point.  No one has ever asked me to do anything like this before.  But it makes sense to me since you are actively supporting my business.  The least I could do is give you ad space.  Sure.  I’d be happy to help you.  Is there anything else you’d like me to do?

F.P.:  As a matter of fact, there is.  Could you leave one of my newsletters in your waiting area for your patrons to read while they wait?

J:  Of course–that would be no problem.

In this example, Joan was willing and able to help the financial planner expand her visibility.  Most people, once it’s pointed out to them, understand that the law of reciprocity goes both ways.  If they seem reluctant to help you, it’s time to reconsider your loyalty.  Should you continue to support someone else’s business when he or she flatly refuses to help your business in return?

As a client, you’re giving a lot to someone else’s business.  It’s not unreasonable to ask for something that supports your business in return.  Now think about your business and the businesses you support.  What can you ask of them?  Can you contribute to their newsletter?  Will they display your pamphlet?  Will they post your business announcements?  Can you leave a stack of business cards on their coffee table?  Will they pass out your business’ coupons to their customers at the register?  Will they sponsor your next event?

Make it a point this week to approach at least one establishment for help with promoting your business.  After all, when you follow the money you’ve spent on other people’s establishments, isn’t it about time some of it came back around to you?  Also, I’d love to hear about your experiences with this so please come back and share your thoughts and experiences in the comment forum below.  Thanks!

 

 

Networking Amidst Cultural Differences

Photo Courtesy of Potowizard

Photo Courtesy of Potowizard

Understanding cultural differences when doing business around the world is  becoming more important in a global society.  Even within large countries like the United States, there are definitely differences from one region to another.  When you go beyond that and look at one country vs. another, the differences become even more impactful on business.

When we concentrate on similarities with each other in business, the differences aren’t that important.  Problems arise when the differences appear to be all there are.  When entrepreneurs focus on the perceived differences between each other in business, these differences can become stumbling blocks to developing a strong relationship, which is, after all, the ultimate goal of networking.  When you factor in differences in communication and behavioral styles it exacerbates the perceived differences.

Although many networking basics are universal, if you can factor in these and other cultural nuances you will definitely get a leg up when doing business in other countries.  Your networking etiquette will be greatly appreciated as your business increasingly takes you into other countries, especially if you can learn a few words or commonly practiced traditions of that country.  Showing this kind of respect will go a long way in making a smoother connection with the local business people you are trying to work with.

The old saying “When in Rome, do as the Romans” is very appropriate.  However, one thing I’d strongly suggest–don’t just “do as the Romans,” take the time to actually “ask a few Romans.”  I have had amazing suggestions from local business people I knew in other countries who thoroughly prepped me for the cultural differences in networking prior to my arrival in their country.  Their counseling and coaching made a huge difference in my ability to connect in an appropriate way throughout many of the countries I have visited.

If you have any useful tips or bits of advice for successfully networking in a certain country or region of the globe, please–by all means–share this information in the comments section.  You never know who you could be helping!

Are You Walking the Talk in Your Business?

I recently saw someone’s Twitter update telling me all about how his vitamin line will not only make me skinny and healthy, but will also make me wealthy. While there is nothing objectionable about any of these outcomes, the jarring reality is that the man promoting this wonderful opportunity is neither skinny, nor healthy, and he had just been posting updates about how he was desperately trying to dig himself out of debt!

Do you see the disconnect here? I’m sure you have seen people at networking meetings and events who will stand, introduce themselves, and deliver a promise-filled monologue about how their product or service will bring you all kinds of things which they themselves obviously do not have the benefit of enjoying.

Photo courtesy of marin at FreeDigitalPhotos.net

Photo courtesy of marin at FreeDigitalPhotos.net

What’s missing is congruency. When your professional message is not congruent with your personal situation, your networking efforts will not be effective. If you are promoting yourself as a wellness coach, and yet you are often sick and carrying 20 extra pounds, there is a jarring incongruence for which it will be hard for you to compensate. When I want to refer my colleagues to a wellness coach, I will refer one who is healthy, fit and obviously achieving the results she promises I will receive from participating in her program.

This may seem logical, but I often see people all over the world with incongruent messages. Ask yourself how congruent your message is.  If you’re a professional organizer, is your briefcase a disaster? If you’re a car detailer, how does your own vehicle look? If you have never done so, take stock today of your message. Evaluate what you’re saying the benefits of your products or services are compared to what you are showing people they are.

Ralph Waldo Emerson once said, “What you do thunders above your head so loudly, I cannot hear the words you speak.” In his book Inside the Magic Kingdom, Tom Connellan calls this “walking the talk.” How are you doing when it comes towalking the talk in your business? It will have a definite effect on the success of your networking efforts.

Share a story with me about someone (don’t name names!) whose message was not congruent with their actions.  I’d love to hear other stories.

Referral Marketing Is Risky–It’s Also Rewarding

In a radio interview I once did, the host of the program asked me whether I consider referral marketing the safest form of advertising. Without the slightest hesitation, I confidently answered, “By all means, no.” Based on his response, I’m sure he was shocked by that answer.

Photo courtesy of Zuzzuillo at FreeDigtalPhotos.net

Photo courtesy of Zuzzuillo at FreeDigtalPhotos.net

I went on to explain that I believe very strongly in the tremendous benefits that word-of –mouth marketing can bring. However, there are unique risks associated with referral advertising that are not an issue in commercial or other forms of advertising.

When you give a referral, you give a little of your reputation away. If the business you’ve referred someone to does a good job, it helps your reputation. But if it does a poor job, your reputation may be hurt.

As I said, the payoffs of referral marketing are immense—when it’s done correctly.

But referral marketing involves a really big risk: giving away a piece of your reputation every time you give a referral to someone. When you tell a valued customer that a friend of yours is going to take good care of them, you must have confidence in that friend.

But what happens if your friend lets your customer down? It comes back to haunt you. Your customer begins to lose faith in you and, because of that loss of faith, you just might lose that customer down the road. This is why it’s so important to develop strong relationships with those to whom you’re referring business and vice versa. Once those strong connections are forged you can rest easy, knowing when you tell someone a business associate or a networking partner is going to take good care of him or her, that’s what will happen.

Do you have a story others might learn from about a time when referral marketing really paid off for you, or a story about how you experienced the unique risks associated with referral marketing firsthand?  Please share your experiences in the comment forum below.  I’d love to hear from you–thanks!

 

‘More Money Mondays’–FREE Referral Tips to Shorten Your Work Week

At a recent Referral Institute® Conference, I had the opportunity to talk with my good friend (and partner in the Referral Institute), Mike Macedonio, about a fantastic new (and completely FREE) service which is available to businesspeople and networkers across the globe.  It’s called ‘More Money Mondays’ and by signing up for the service you get weekly referral marketing tips delivered to you via e-mail each Monday which will help you learn how to simultaneously build your business and make your work week shorter and more enjoyable.

Watch the video now to get all the details on this exciting new service and CLICK HERE or go to www.MoreMoneyMondays.com to sign up for your FREE weekly referral marketing tips.  If you’re already utilizing ‘More Money Mondays,’ I’d love to hear what you think of the service it provides–please leave your thoughts and feedback in the comment forum below.  Thanks!

Why Wait for Business? Go out and Get It!

Photo courtesy of pakorn at FreeDigitalPhotos.net

Photo courtesy of pakorn at FreeDigitalPhotos.net

The best referral efforts I’ve seen happen by design, not by accident or wishful thinking.  Many business people view referral generation somewhat like the weather: “Sure, it’s important, but what can I do about it?”

Referrals and business networking efforts can be planned and nurtured.  Anyone, including business owners, entrepreneurs, sales representatives, staff employees, even individuals serving in a volunteer capacity in any field, can accomplish plenty with a well-structured and systematically executed referral plan for a business.

All too often I have seen business people waiting for business to walk through the door.  They think because they are good at what they do, people should be flocking to them. I’m afraid the truth is, it doesn’t work that way! You have to take charge, no matter what business you’re in or how good you are, and bring the business in to you.

I once saw a cartoon strip of two large, ravenous-looking vultures perched on a tree limb, overlooking a dry desert plain. After quite a while, one vulture turns to the other and says, “Wait for something to die? Hell, let’s kill something!” So it is with referral marketing. You can’t simply wait for people to come to you. If you do, one of your competitors who also provides good customer service will most likely find them before they show up at your door-step.  If you want to succeed, you have to go get your business, or better yet, have someone else get it for you through referrals.

So . . . don’t wait around.  Do something!  Think of three things you can do this week to actively strengthen your referral marketing efforts and please feel free to share your ideas in the comment forum below–you never know whom your great ideas might help!

In-Person Spamming

At a recent Referral Institute®  conference in San Francisco, one of the organization’s top trainers, Tiffanie Kellog, took a few moments  to chat with me about the concept of in-person spamming. If you’ve ever encountered people who use networking as a face-to-face cold calling opportunity, so to speak, then you’ve been the subject of in-person spamming.

Watch the video now to learn why Tiffanie sometimes compares networking to speed dating and to get our combined take on the real point of networking, where people tend to go wrong in their networking approach, and how to know when it’s appropriate or inappropriate to give another person your business card.

If you’ve had an experience with in-person spamming, please share your story in the comment forum below.  Thanks!

Getting to the Referral Stage with a New Contact

People often ask me how to move a relationship with someone they just met to the point where the new contact feels comfortable passing them a referral.

I always say that the best way to get to this next referral-passing stage depends in part on how you came into contact with a person in the first place.  Let’s say you met while giving a brief presentation to a group of people who are in your target market.  Assuming you did a good job, then you absolutely have the possibility of receiving a referral, even though you just met.  Why? Because the presentation moved you from visibility to credibility in the new contact’s mind and now they’re probably willing to risk their reputation and recommend you to someone they know.

Photo Courtesy of David Castillo Dominici at FreeDigitalPhotos.net

Photo Courtesy of David Castillo Dominici at FreeDigitalPhotos.net

 

The same thing is true when you’re out networking.  If you have a good conversation with someone and truly add value to the conversation, then moving from visibility to credibility isn’t that difficult, and you’ll be in great shape for getting some referral-based business.  What’s more, it’s not terribly important whether the person is someone you might do business with directly.  Even if your businesses don’t match up, the other person might have information that’s useful or might know other people you’d like to get in contact with.  It’s often worthwhile to develop a networking relationship with people who have little in common with you because they can bring an entirely new network into contact with yours and broaden your business horizons.

 

Just bear in mind that even if there is a strong possibility that you’re going to do business with this new contact, it’s probably not going to happen there at the networking event, where conversations last anywhere from an eye-blink three minutes to a long-winded seven.  Instant business is not likely to be had.  But if you follow up with a quick note a few days later, you can make some one-to-one time and come up with ways the two of you can help each other.  That meeting is where you’ll have your best opportunity for a quick referral.

 

What has your experience been with moving to the referral stage with new contacts–do you have a tactic that seems to be particularly effective?  If so, please share it in the comments section.  Thanks!

How to Zero in on the Benefits of Your Business

Last week I wrote a blog explaining the importance of focusing on the benefits of your products or services (as opposed to the features of your products/services) when communicating with networking partners and potential customers.

Once you have a good understanding of the difference between benefits and features, you can begin zeroing in on the benefits of your business.  In order to do this, your first task is to focus on your best customers.  What problems were they experiencing before they came to you?  What problems did you solve for them?  How did you make their lives easier?  The answers to these questions will begini to connect you with their motives for buying your products or services.  You provided some value to them that was significant enough to cause them to spend their money.  What was it?

An additional task this week is to create a list of the features versus the benefits of just one product or service you offer.  On a sheet of paper, make two columns–one column with the heading “FEATURE of This Product or Service” and the other column with the heading “BENEFIT of This Feature.”

Once you’ve completed this list, begin to include the language of your benefits in your messages to your marketing team, to prospects, and while networking.  It would be a good idea to eventually complete this list for each of your products or services because the more you can communicate the benefits of your products/services, the more people will see the value of what your business provides.

Come back next week to learn how to simplify your message and make it more specific and, in the meantime, I’d love to hear from you in regard to any questions you may have about benefits vs. features and/or get your thoughts on what you may have learned or realized about the true benefits of your products/services through creating your features vs. benefits list.  Please share your questions/thoughts in the comment forum below.  Thanks!

 

Can You Pinpoint the Benefits of Your Product or Service?

Sales training often teaches us that customers make buying decisions based on (1) their emotions (“Sell the sizzle, not the steak!”) and (2) the value the product or service brings to them.  Marketing specialists capitalize on customers’ emotion-based buying habits.  Customers choose a product or service based on its benefits, not its features.  The features are simply the bare-bones facts–the elements or significant parts–of the product or service.  The benefits are its value to the customer–how it will solve their problems, eliminate their pain, and make life glorious.

Image courtesy of adamr at FreeDigitalPhotos.net

Image courtesy of adamr at FreeDigitalPhotos.net

To understand the difference between features and benefits, let’s think about a car:

Features of a car

  • V-6 engine, dual exhaust, front-wheel drive, sunroof, significant interior legroom, heated seats, heated glass

Benefits of those features

  • V-6 engine–ability to pull onto the highway without hesitation (and to impress your friends)
  • Dual exhausts–higher fuel efficiency and more power (and it sounds groovy and also impresses your friends)
  • Front-wheel drive–more interior room because of the lack of a driveshaft tunnel
  • Sunroof–the open feel of a convertible with the safety and security of a sedan
  • Legroom–greater comfort while driving long distances and more room for your growing family
  • Heated seats–cozy motoring on frigid days and nights; greater back comfort on long-distance trips
  • Heated glass–the convenience of not having to scrape icy windows in the winter

The more perceived value a benefit offers, the higher it gets ranked in your decision to purchase.  Objectively, a sunroof is not a significant feature, but if it makes you feel a bit like a race car driver, perhaps that benefit raises its value for you.  Heated seats are nice too, but they might not rank high in value for to people who live in a warm climate and wouldn’t strongly influence their buying decision.  The benefits of dual exhausts, however, might have perceived value for all buyers–better fuel efficiency, more power, and a sound like your beloved but departed ’57 Chevy.

What does all this have to do with your referral marketing message?  Simply this:  Most businesspeople, without thinking about it, talk in terms of features.  As professional experts and salespeople, that’s what they’re most familiar with.  They’re not accustomed to looking at their products or services from a customer’s perspective.

In formulating the message you want your networking partners to convey, your challenge is to put yourself in the customer’s place.  What are the benefits of your product or service?  How will it make the customer’s life or business easier, more comfortable, more satisfying, more profitable?  How can you shorten and simplify your message so that others can communicate these benefits more clearly and surely?

Now that you have a good understanding of the difference between features and benefits, I hope you’ll come back next week to read the follow-up blog post I’ll be doing which will teach show you exactly how to zero in on the benefits of your business.  Until then, if you have any questions about features vs. benefits or any thoughts you’d like to share regarding this post, please leave a comment in the comment forum below.  Thanks!

The Power of Being Specific

In this video, I explain a great technique for getting your referral partners to really hone in on and start passing you more and more of the exact type of referrals that you ideally want. The technique is simply to focus on being as specific as possible.

In order to demonstrate just how powerful specificity can be, I take you through two 10-second exercises which clearly convey how results can be significantly greater when we take care to be specific. You’ll need a pen and a piece of paper to participate in the exercises so be sure to grab those two things before watching the video and please feel free to leave a comment sharing your thoughts on this video and/or any effective strategies you may have which help you focus on specificity with members of your network.

It Never Hurts to Ask . . . Right?

How many times have we heard people say that it never hurts to ask? Surely more times than we can count. 

Well, in this video, I explain why it definitely hurts to ask sometimes–especially if you ask to soon!  I share a personal story of a recent time when a stranger contacted me via LinkedIn wanting to connect and accompanied the connection request with a note asking me something which I found inappropriate to the point that I decided right then that I was never even going to consider connecting with her.

Watch the video to hear the story and to find out why I flagged the woman’s LinkedIn request as problematic on three significant levels.  Let me just say that this is ‘Networking 101’ and if I were her teacher, she would have gotten a failing grade–this is not the way to network!  Whether you frequently participate in face-to-face networking, online networking, or both, you’ll definitely want to hear this story so you never make the three mistakes that this woman did.

I’d really love to hear your feedback on this.  What are your thoughts?  Also, please share any similar horror stories you may have in the comment forum below–I’m looking forward to hearing from you.  Thanks!

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