Archive for the ‘Sales’ Category
Must a Smaller Organization Use Social Media Marketing?
“Can Social Media Marketing Impact Your small Business?”
I’ve almost certainly obtained much more queries within the subject of social media marketing these final couple of months than on any other subject. It really is all the buzz. So precisely what do I suggest by Social Media Marketing (SMM)? It’s using resources and methods to far more successfully construct relationships on the internet. It consists of providers such as Facebook, Twitter, LinkedIn,Yelp!, and blogs, to name a couple of.
Mind Movies bonus
But prior to I dig into on the net social media, look at what is happening with marketing in common. Conventional marketing techniques are waning.
We’ve all been reading through in regards to the plight of printed newspapers. In accordance with Yahoo Finance, 4 out with the five main newspapers are experiencing record declines in circulation. A lot of have currently exited the marketplace. Television viewership is slipping, too. So what’s heading on?
We’re seeing a shift. Suggestions by personal acquaintances and customer opinions posted on the web are now the most trusted types of marketing globally. Nielsen has found that 90% of shoppers trust peer suggestions. This really is in comparison to 14% who trust advertisements in traditional media. And also the ad dollars are following the trend – from offline to on the web. Now, examine what is going on on the internet. Twitter and Facebook are growing in leaps and bounds. Visits to networking Internet web sites improved 53% during the initial week of last September year-over-year. Final year the typical teenager sent or acquired more than 35,000 text messages-about a single message each and every 15 minutes, 24 hours a day, 365 days a year. (Nielsen)
You probably have someone within your family attempting to coerce the rest with the family into receiving on Facebook. Or you might have a friend or business acquaintance who has suggested which you need to become on Twitter. It is getting an effect. Internet users last August spent 17% of their surfing time on social network websites, practically three times the amount of time invested a yr ago.
A particular group of you reading through that is wondering who inside globe has time for this stuff. And there may be another group which is already hooked. But forget the family and buddies for a moment. The huge question is regardless of whether or not being a modest small business you ought to care.
Nicely, let me break the news for you. You must care. That is simply because there are numerous methods to generate cash making use of SMM. Even so, it’s a matter of how lengthy it’s going to consider and at what price.
For now, take into account this. Inside the world of marketing there’s something known as a product adoption curve. As you might expect, when a new support (or technology) turns into obtainable, the rate at which it really is adopted by men and women follows a bell-shaped curve. That indicates that early on, only the adventurous, early-adopters attempt it. But as time goes on, it turns into much more mainstream plus the vast majority then jumps around the bandwagon. Lastly, you’ll often have laggards who are late to adopt something new. SMM is from the early adopter stage for businesses. The early adopters for this technology are primarily really big firms and choose little entrepreneurs. The large, Fortune 500 firms, for instance, almost all have staff with SMM in their career description and they’ve also adopted formal social media policies for their employees.
The good news is that you’re not late! The great vast majority of persons are using SMM for personal factors and couple of are leveraging it for organization purposes. So I encourage you to get available and begin obtaining acquainted with social media. It’s the way on the long term of marketing!
Written by: http://www.Socialprofitformula2.com
Leaders: Is Your Sales Organization Visible, Accountable and Predictable?
Sales Leaders: Is Your Sales Organization Visible, Accountable and Predictable?
By Rick Toma (My friend, Rick Toma, of Metricsboard has some great advice for sales leaders.)
Think about this a minute or two. You are a sales leader. The size of your organization does not matter. The product or the service you are selling, does not matter. Your competition does not really matter. Price or margins do not matter. This question focuses on sales behaviors, culture and communication.
There is an old expression. “What I don’t know won’t hurt me.” I, personally, hate this expression and look at it as an excuse and not a reason for why things are the way they are. Awareness is the cornerstone for action, results and ultimately, accountability. First, one must have that desire to “know” and accept that maybe, just maybe, he or she does not know everything.
In my years of working with and within sales organizations, I have just about seen the spectrum of what makes a good sales organization and what is missing in those that, let’s say, are not that good. Almost in all cases, I hear excuses and not reasons. And, when all the dialogue ends and the dust settles, it fundamentally comes down to the question, above. How visible is the sales effort that is so crucial for business success? Are your sales performers accountable for their degree of effort and the subsequent results? Can you rely on what you are being shown or told that translates into real and sustainable revenue?
Let’s examine these key 3 critical success components, individually.
- Visibility: Visibility is the knowledge of what is going on in all phases or facets of the sales process. I don’t think that I know of any sales organization where there are not one or two (or more) sales people that hold back just a little on their prospect churn or soon to close clients. The reason? It’s the sales performer’s way of managing the boss’s expectations. They would rather delight than disappoint. That unanticipated win makes him or her heroes! And, should that boss be in bliss over the unexpected windfall? That answer should be categorically NO! That is just one example of visibility. Another example includes the maintaining and communication of a complete pipeline by individual performer. A pipeline report is not just the highest likelihood for close of the top prospects. It should include the good, the bad and the ugly. How else can one manage individual performance? And, it is not so bad an idea that those who are long in effort and short on results be known in larger circles than just with the boss. Visibility such as this leads to the next component…accountability. More on that a little latter. In summary, visibility requires standard processes, standard rules and standard measures/expectations for success. All must be thoroughly communicated and understood by all. No exceptions. And those who break or bend the rules risk adverse monetary actions or formal disciplinary action.
- Accountability: How many times have you, as a sales leader, had an individual whose pipeline was always full to the max, had high probability to close projections and when month-end came around, there was nothing? These individuals are self proclaimed students of the art of sales, attend regular training and always are so busy and harried; you can’t corner them for even 10 minutes. These are people who think success is measured by activity and not necessarily by results. Most sales organizations have a smattering of these individuals and they are often, difficult to deal with. There is always an excuse(s) as to why those close projections did not materialize. But, there is always the next entry in the pipeline that will, for sure, close. As common as this is, there is simple explanation for the non-performance. This type of individual has not taken accountability for what that individual has taken on with the role in the first place. That being the closing of business and the generation of revenue. Period. Underlying reasons can vary from lack of communicated and understood goals, to too high of salaries, to lack of feedback or management complacency. The list can go on. However, attracting and retaining sales performers who know what is expected from him or her and signing up or owning up to that expectation is absolutely critical to sales success. They also know that not living up to that commitment means no job. As sales leaders it is incumbent upon each of us to thoroughly communicate and reinforce what is expected of each sales individual, the upsides, the downsides and the support they can expect in order to be successful. Frankly, a sales organization that is not 100% accountable is a sales organization that is doomed to live in one form or another of mediocrity, at best, and be an inexhaustible expense drain with little to show for it.
- Predictable: How perfect a world this would be if every individual sales projection was 100% perfect 100% of the time! Unfortunately, that scenario just does not happen. However, just getting to a “reasonable” percentage for purposes of forecasting is a mega challenge, particularly in today’s economic times. What is a reasonable percentage of projected to actual close? I’ve seen as little as less than 10% and as high as 66%. The challenge is not so much the figure, but what you can rely upon from your sales organization. Of course, you want that figure to be as high as possible. Sales predictability can arguably be a product of the previous two discussions around visibility and accountability.
Given the instituting of process, structure and discipline combined with honest and ongoing communication, you are on the road to having that sales organization that is visible, accountable and predictable.
Now, here is the kicker. This road travels both directions. As you desire and ultimately expect your sales organization to be more visible, accountable and predictable, you best ask yourself if you are visible, accountable and predictable. Anything short of your not walking your talk spells frustration, mixed signaling and falling short of expectations. But, that is the topic for another discussion.
About Metricsboard: We are an online benchmark company that provides free business performance benchmark assessments. The benchmarks are automated and take less than 10 minutes online to complete. In return, you receive a full results report with comparison data on best practices, a maturity rating against your competitors (peer group) and strategic recommendations. There is a complimentary benchmark you can take for Web 2.0 Marketing, B2B Sales, IT Infrastructure, Human Resources, Procurement and Corporate Communications. Your privacy is protected and you will not receive any sales follow-up calls.
http://www.metricsboard.com/blog/?p=251
My friend, Rick Toma, of Metricsboard has some great advice for sales leaders.
The Quality of Your Product Doesn’t Matter (That Much)
Now I don’t like this fact.
By Darren Hardy
I would philosophically argue against this fact. But it is a fact… and the evidence is all around us.
Who makes the best-tasting hamburger in the world? Doubtful you’d anoint McDonald’s with that title, but they outsell everyone else by many billions of dollars.
What is the best wine in the world? Certainly Franzia (which comes in a box!) wouldn’t be your first or 100th guess, but it is the best selling.
What is the highest-quality bottled water? If you tested it, it certainly wouldn’t be Aquafina (owned by www.PepsiCo.com), Dasani (owned by www.CocaCola.com) or Poland Spring (owned by www.NestleWaters.com), but those are the number 1, 2 and 3 best selling.
Nine times out of 10 it is not the best or highest-quality clothing line, automobile, restaurant, CPA firm, real estate agent, lawyer, furniture manufacturer, refrigerator, etc. that sells the most or becomes the biggest—it is the ones who market themselves the best.
This is the business axiom that I witness all around me every day:
The ultimate success of a product or service is 10% the quality of the product and 90% the quality of the marketing.
Now while I don’t necessarily LIKE that fact, as I believe the success of a product or service should be what’s most important and it should stand ENTIRELY on the value it delivers, that is just not how it works in reality.
Even if you are simply an individual in a sales organization this is true. It is not necessarily the best, the highest quality, highest class, most refined people that make it to the top… it is the ones who market themselves, network themselves, position themselves with credibility amongst their peers and demonstrate their growing and developing selves to the circle around them that end up at the top of the sales organization.
Now, let me also add this: If your product or service is bad… or even if you are bad, unethical or without integrity, no amount of marketing will make you or your product or service successful—especially in this day and age of Yelp, Twitter, Facebook and Google. You and your product or service reputation will die a certain and expedient viral death.
Here is a not so funny (literally) great example of this: When the greatly anticipated and greatly marketed movie, coming off the hit Borat by Sacha Baron Cohen, called Bruno was released; it had one of the biggest first day attendance statistics ever. But then people walked out of the theatre and Facebooked, Twittered, blogged to their friends how bad the movie was… the movie died that very day.
So the lesson is, yes you must create a high-value, quality product or service, but even more important to the ultimate success of it will be determined by how well it is marketed. Don’t forget to see the last 90% of the way through to success.
Even though I lack personal experience, I equate it to giving birth to a child. It takes nine months to gestate a child, which is like product development. But when the child is actually born you don’t just set it on the shelf and hope for the best. No, 90% of developing a successful child happens after birth. This is also the ratio of marketing to product development to create a successful product or service (loose analogy I admit, but gives you the picture nonetheless!).
For our August issue of our SUCCESS Audio Series (private SUCCESS partner product—not available for public sale) I interviewed two of today’s marketing wizards—Jay Abraham and Frank Kern. Let me pass on a couple of key tips they shared with me for your (free!) benefit:
1. The heart is closer to the wallet than the head is.
Right now write out a one- or two-sentence description of what you sell (pause your reading now). Is your description a solution… is it an emotional outcome? Or is what you wrote more of a description of your product or a functional benefit?
Peter Drucker said, “People buy with their hearts, not their minds”.
So, is your description trying to appeal to a prospect’s head or heart? Gotta redirect your efforts to the heart.
Homework: Write out the three most important solutions or emotional outcomes your product or service produces and start clarifying and focusing your messaging around that language.
2. Extra! Extra! Read all about it!
Now turn your emotional description into an irresistible headline. This alone could improve your results—not by 10%, 25% or 50%, but by 3, 5 or 10 times. Not just the headline as in a print ad, banner ad, Google Adword or even email. This headline is the attention-getter in every form of communication—prospecting call, sales presentation or stage presentation you do. The response to your headline needs to be: That’s me or… that’s what I need or… I’ve gotta to know what that is… NOT… So what?
Homework: Fashion three sensational headlines that fit your product, service, company, opportunity or presentation.
3. Results in Advance.
How can you help prospects in advance of them actually purchasing or paying for your product or service or getting into your business? What can you give them or help them with? Maybe it is as simple as education, research, a valuable report, connection to resources or other people, a tip from someone else in their industry, etc.
Homework: Think of three ways you can help your prospective clients get results in advance of them even purchasing your product—in a way that will make them want to come to you begging to buy because you have been so valuable in helping them get results—in advance.
Okay, your turn. Contribute one or two great marketing ideas that you have proven to work in the comments below. Can’t wait to read!
When There’s 118 Seconds Between You and Success
Learn the secret of the 118-second pitch in today’s tip from my buddy, expert marketer and celebrity CMO Jeffrey Hayzlett (www.hayzlett.com). It’s from his new book, The Mirror Test: Is your Business Really Breathing?, all about how to best position your company to grow. It’s already on at least three bestseller lists and I highly recommend you check it out after you hit the blog and share your 118. – www.KeithFerrazzi.com
I had him. I knew it. I had been ready with my pitch and when I got him on the phone, I sold him big time. But as soon as I heard he was hooked, I stopped. I didn’t try to close the sale then and there. Instead, I tried to better position myself to take advantage of his interest and asked him for a bit of time a few days later.
“Well…”
“Let me ask you, are you an early morning person or an afternoon person?”
“Morning.”
“Great, so are you a coffee or tea man or do you like juice or water?”
“Coffee.”
“Milk or cream? Light or dark?”
“Milk, light.”
“Bagels, donuts, muffins, or cottage cheese?”
“Bagels.”
“Great. So I’ll see you Tuesday morning at 7:15. I’ll bring bagels and coffee and give you a fifteen-minute presentation of my product as you eat your breakfast.”
Once again, my “118” had succeeded. Now, I could close the sale the way I like: in person.
The 118 is my version of what some people still call “the elevator pitch”-an out-of-date name for the worthy idea that you need to sell what your company offers (and you) in the span of an elevator ride. Problem is that time used to mean up to three to five minutes. Now, it’s mere seconds. Technology has not only made things (including elevators) move faster but also has increased the need for speed and immediate relevance in pitching. You have seconds before I tune you out and maybe two minutes after that to completely sell me with your initial pitch.
The 118 comes from the 118 seconds you actually have to pitch: 8 seconds to hook me and up to 110 seconds to drive it home — less than two minutes with only seconds to spare. The first eight seconds is the length of time the average human can concentrate on something and not lose some focus. It is also the length of time of one of the toughest rides in the world: a qualified ride in professional bull riding. In these first 8 seconds, you must be compelling, strong, and focused to be successful. You must hold on as one of the meanest, toughest animals in the world tries to throw you off – just like any good prospect will. Make it those 8 seconds, and I’ll give you 110 more to drive your message home with no bull. But if you have not sold me at the end of the 118, I will start to tune out. At that point, we are moving forward to a sale or not.
I speak at hundreds of meetings, conferences, and events worldwide every year, and I am constantly amazed by the inability of entrepreneurs, business owners, their managers, or their sales and marketing representatives to deliver a great, relevant 118.
The 118, like the elevator pitch before it, sells much more than a business’s products or services and unique selling proposition (USP). It is an essential piece in building your brand. It conveys who you are, the assurance your business offers, and the promises you will deliver on. Think you have a brand? Brand is the biggest business buzzword, but what does it mean? To me a brand is just a promise made and kept to a customer. Your 118 helps define what promises your brand will build or make. It connects every promise you make to those around you. Too many businesses don’t focus on these promises and eventually they not only fail to build a brand, they just fail.
The 118 connects directly to the foundation of every business’s growth. I’m not saying a bad one means certain failure, but I have rarely seen a good one deployed in the right way fail to help a business grow. How could it not? It conveys to anyone what he or she will get from your business.
This is usually where people start to nod their heads as if to say, “I know.” But I am not looking for an “Amen.” I’m looking for action. This is proof of life, people, and no time to nod in agreement or say, “I know I should do that” or “I’ll get back to that after I keep reading.” Even when business owners can answer the “Why?” questions (and thus know why they are doing what they are doing), the typical stammering and yammering when I ask for their pitches indicates to me a huge inability to convey what they are doing to their team and customers.
So, put the book down and write down your 118. Even if you have a good one, do it. I’ll wait…. Need help? I asked a few top performers about the best and worst pitches they received. Here is what a few had to say:
“I was riding up the Gherkin elevator with Will Harris, the marketing director at Nokia. I asked, ‘What if you could get dozens of user-generated videos for less than $1,000 each with www.mofilm.com?” He signed up before we reached the top floor and then Nokia went on to win the Cannes UGC competition with one of those videos.” – Jeffrey Merrihue, CEO, Accenture Marketing Sciences (London)
“This [insert idea here] gives us competitive advantage (the only factor that leads to profitable growth), and trades on the four things we covet: our core essence (what we know how to do and what our consumers consider our credentials/leverage), speed (because speed kills), surprise (because surprise disorients even smart competitors), and concentration (the only way smaller guys break through enemy lines with ‘fewer resources’).” – Russ Klein, President, Global Marketing, Strategy, and Innovation, Burger King Corporation
“The worst elevator pitch is one I hear frequently. It goes like this: Prospect: ‘What is it that you do?’ Salesperson: ‘I represent XYZ Company.’ Stop! What does that do to help build the relationship we all need in sales? Describe not whom you represent but what you do to help people solve the problems they have. Why not answer with, ‘I help people solve the problems of living too long, becoming disabled, or dying too soon.’” – Robert D. Lowrey, Managing Partner, Northwestern Mutual
“The Best: We make print clickable. The Worst: We do anything and everything a company needs us to do as cheaply as possible.” – Andy and Julie Plata, Co-CEOs, OutputLinks, Inc., Graphic Communications World
Adapted from The Mirror Test by Jeffrey Hayzlett www.hayzlett.com
Tags: Success, keith ferazzi,top performers, business growth, marketing, entrpreneurs, business owners, jeffrey hazlett, competitive advantage,
www.KeithFerrazzi.com