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Bundaberg Chamber News

Write It Down

- posted by Yale Morgan

What’s that old saying? - The faintest pen will outlast the greatest memory/ Of course in this day and age, everything digital (good or not) is stored, somewhere, for eternity!

Lets discuss your marketing plan, regardless of whether you're a one man band, or a multinational, if you don’t have a marketing plan and it isn't written down, then you may be in strife!

A written marketing plan is such an important aspect of your business planning, I simply cant stress just how much! I often come across businesses that don't think they need a properly documented marketing plan (in many cases, there’s no plan at all!) - GASP! Your business is MARKETING!

So if you're a business, any business - a plumber, electrician, dentist, solicitor, lawn mowing, accountant or general store proprietor - You're in marketing (and sales, but we’ll cover that off in another issue). You bet, your job is to MARKET your products and services!

Here’s just how important a written marketing plan is:

1/ It will clearly define what markets are beneficial for your products and services and the type of customers you want to pursue

2/ Your plan will tell you when you've succeeded, when you've fallen short of your goals and when it’s time to review your direction to take advantage of new markets, or fight against the PIA competitors

3/ Your marketing plan is an all purpose document - if you don't have one, how will you know where the business is headed or how you're going to get there?

There is no such thing as “yep, I've got it all up here (pointing to your head)”, if it’s not written down and documented .. how can you measure your results? How can you define who will be interested in your products and services, how will you know what media or methods work best for you, and so on?

Make it a priority, NOW, so you can kick it into gear for you and your team to follow. Your business road map to success. Don't let this one slip - get it done NOW!

If you're unsure where to start, send me an email to yale@betterbusinessgroup.com.au and I’ll shoot over, FREE of charge, one of our Special Action Reports “Creating Your Own Marketing Strategies”

To Your Business Success

Cheers


Yale Morgan

www.yalemorgan.com


Learn To Love Objections

- posted by Yale Morgan

Last article we discussed “How do we sell more at higher prices?” Of course, along the way, you're going to have to cover and fend off objections. Some will be true others will be throwaway objections. In essence there are two main reasons for an objection to come up:
1/ The prospect doesn't trust you
2/ You haven't convinced them you can meet their needs or wants or help them achieve their desired objectives (especially in B2B situations)

Regardless of the reasons, the Golden Rule for Objection management is they are always a request for further information. The fact is, an objection, is a special kind of buying signal. If the person(s) in front of you weren't interested, they'd just walk away right?

I sales, we must learn to love objections and have clear strategies on how to handle them. Each business will have a fairly specific set of objections often used by potential customers/ clients.

It’s important to understand, a persons rejection of your request for them to buy is not a rejection of you, just a rejection of the offer you made. Originally developed by Peter McKeon of “Salesmasters International”, the key to success in handling objections is a 6 point plan. Over the next couple of Articles we’ll run thorough them.

Firstly you must Empathize the objection. Never argue with the objection as thats the fast way to lose the customer from the onset. Accept your potential customers perspective as the point in which you’ll begin the process of managing the objection.

As an example” John I can completely understand you’ll need to think about it, many of our most loyal customers said the same thing - at first”

So as your first action point, get your team together and list 5 main objections they face when selling to customers and start with Step 1 - Empathize The Objection.

I’d love to see what you come up with, feel free to flick over an email with your results to yale@betterbusinessgroup.com.au or leave a comment on the blog page.

To Your Business Success
Cheers

Yale Morgan
www.yalemorgan.com

Break It Down and Sell More

- posted by Yale Morgan

How do we sell more at higher prices? Whilst there are a number of strategies available, I like to go back to an “oldie but goodie”. Perhaps you've heard it before? “Break it down to the ridiculous”. In todays economy, its easy to use coffee as a value, why .. because most of drink it and from a cafe so we’re up on what the cost is plus the frequency.

So what does coffee have to do with sales of your product or service? Let’s assume we have a value of $4.50 for a coffee, straight away we have a measurement. So when we are doing complex sales that involve a reasonable some of money we can put the coffee economy into perspective. Here’s an example:

Builder A is $20,000 more expensive than Builder B. We know on average we stay in our homes for between 7-10 years, but most mortgages are around 25 years so thats how people think when it comes to pricing, here’s what builder A would do.

Knowing that the client wants the additional benefits of Builder A but is struggling to justify the $20K price difference, Builder A should go back to the golden rule which is “People buy on emotion but justify with logic”. Simply builder A would show the client this:

"Mr and Mrs Client (because another golden rule is to have both decision makers at the closing presentation), your new home will be a source of joy for the next 25 years and beyond, do you realise for you to build and raise your family in your dream home, it’s only $2.20 a day, that’s less than a half a cup of coffee …” and then how they manage to close the deal out.

You can use this strategy for any larger ticket purchase based on the length of time the customer/ client benefits from the product, try it out with your team, get some numbers and scripts in place and sell more!


To Your Business Success

Cheers


Yale Morgan

www.yalemorgan.com


How To Write Great Sales Copy That Sells

- posted by Yale Morgan

When you write sales copy, be it for print or online, its important you put yourself in your customers mindset, think and act like they do. Imagine your typical “A Grade” customer and write your copy directly to him or her, just as you would write to a friend or relative. Remember we have talked before about the format of good copy AIDA (Attention, Interest Desire and Action), but this article where the content comes in to play.

Consider these when creating sales copy that gets “bums on seats”, they are:

1/ What your potential customer wants to know

2/ What are they thinking (an educated guess, by knowing your typical customer)

3/ Their potential personality make up (previously we have discussed this as well, important you understand what makes them tick)

Below is a few key check list items you’ll need to expand on for great sales copy:

1/ What is the proposition? - exactly what are you offering?

2/ Whats in it for me? - This is by far the biggest concern, you must explain how they will benefit form the product or service.

3/ Why should I believe what you say? Trust is so important, if your offer seems to good to be true, guess what .. you’ll only attract the wrong type of customer.

4/ How long does it take to receive? Anticipation is great, but don't disappoint by promoting something then letting your customers down with delivery times. an easy example would be the delivery of a product that has to be ordered, but what about promoting a specific service and then turn around and say “sorry, i don't have any available appointments for 2 months”

5/ What will you do if I don't like it or it doesn't suit my needs? Other than statutory warranty, again this is important. I spend a lot of time with clients on Risk Reversal, in essence, you need to take the risk out of buying for them.

6/ Have I made the right decision? - It’s important address this by reassuring them in your copy.

And finally:

7/ How do you want me to respond? Remember the “Action” from above, you need to tell them exactly what you want them to do. e.g. call this number, visit this site, cut out this section etc.

So have fun with your sales copy, always be honest and ethical and if you know your target market, you’ll have success!


To Your Business Success

Cheers,

Yale Morgan


What Will You Do Differently This Year?

- posted by Yale Morgan

As we enter the beginning of an exciting new year, I hope you have given time to reflect on 2015. Whilst there were many challenges, and obstacles, it’s also important we celebrate the triumphs! If you haven’t already, now is the time to be planning 2016 and what opportunities could be.

Maybe you’ve heard the term in business “I Have Met The Enemy – And He Or She Is Me”.

So often this is true but, a very exciting concept because that means as owners or managers, we have the ability to change dramatically, the insides of the 4 walls we call our business.

An article that we have used many times in the past (with updates), originally written by my mentor Damien Parker is something I like to remind my clients as we approach each new year. Titled “This Year”

  • This year I’m, not going to be a procrastinator; I’m going to do things on time every time. This year I’m going to utilise my time effectively.

  • This year I’m going to plan my day in advance – in fact I’m going to write down my job functions every morning – first up! I’m going to prioritise them and I’m going to attack them in the order of importance.

  • This year I’m going to give me and my family the priority we deserve, which is priority 1,2 and 3. I’m also going to concentrate on my health, because a dead me is no good to anybody.
  • This year I'm going to work on my spiritual health by spending time in prayer and meditation

  • This year I’m going to delegate more to my staff but firstly I’m going to find out whether they are suited to the role and then I’m going to train the hell out of them. 
  • This year I’m going to look for people doing things right, and I’m going to comment on their good performances and reward them accordingly.

  • This year I’m going to communicate more effectively with my staff, in fact I’m going to schedule regular meetings to inform them of what’s going on. I’m going to tell them what’s going right as well as what’s going wrong, above all, I’m going to get them involved. I’m going to seek their views and suggestions.

  • This year I’m going to implement a regular program of calling my customers or clients – just to say hello and to let them know that I care about their progress. 

  • This year I’m going to say thanks more often and smile when I say it.

  • This year I’m going to I’m going to keep a positive mental attitude and I’m going to be a motivator of others. 
  • This year I’m not going to make a promise unless I can deliver on it. 

  • This year I’m going to actively look for opportunities. 
  • This year I’m going to concentrate on pleasing my existing customers and be absolutely loving of my big customers.

  • This year I’m going to get everyone in my business to think “Do It Right First Time”. 
  • This year I’m going to concentrate on the rule of “A penny saved is a penny gained” and look for every cost savings idea in every facet of the business. 

  • This year I’m going to concentrate on building up my average sale, by actively up selling, cross selling, down selling and switch selling. 
  • This year I'm going to get smarter on the use of the digital economy in my marketing and become a social media guru

  • This year the entire business is going to concentrate on doing the little things right everyday, and to do this, I need to inform the staff, keep them alert and motivated everyday. We’re going to sweat the small stuff. 

  • This year I’m going to concentrate on building my business on a secure base. 
  • This year I’m going to get serious about training; I’m going to train my staff into a superior outfit. 
  • And This year I’m going to make my staff proud to be associated with my business or division and damn it, I’m going to mighty proud myself when we achieve all the goals we deserve. 



So go to it before your competition does, because within the 4 walls we call our business - there is enormous opportunity.


To a Positive and Prosperous 2016!


Cheers



Yale Morgan



More Tech Tools To Help You In Your Business

- posted by Yale Morgan

For those who follow me know I’m an advocate for business education, but all education must be backed up with practical implementation. No point in knowing all this great stuff unless you apply what you've learned into your business right!

Last week I spent an incredible 4 days in Sydney with the Business Blueprint team. (Hence why I didn't get my article to you) Again, over 300 like minded business owners coming together - powerful stuff.

If you're in business, you’ll probably know the two things most of us have in common, time and reasonable profits, specifically the lack of. Whilst the conference themes were productivity there were a few very cool tech tools that I thought I’d share with you. Little things that could make a difference to your business. By the way, if you'd like to know more about what Business Blueprint does, check out www.newrulesofbusiness.com.au.

Over the next couple of weeks I’ll go through a few of these fantastic little online tools.

The first tech tool is www.dunnnk.com. This enables you to insert your web site or images into graphics that's are already done as templates. This is a great tool for getting more than 25% text into a graphic for Facebook regulations. eh put your screen shot into a laptop image (great for I bedding more than 25% into a graphic)

The second great little tool is www.unlimitly.com. If you're a business that needs a lot of graphic design work, this site will basically unlimited graphic designs done for $150 per month. For one off designs I’d still recommend Fiverr or Upwork.

Thirdly another excellent tool is Automation agency. For a monthly fee (pending your scope of works) they do all the tech work for you.

To Your Business Success

Cheers,

Yale Morgan


The Secret Of Sales Success

- posted by Yale Morgan

How healthy are your teams sales skills? What’s their average conversion rate compared to industry average? Are you happy with the current level os sales now? In many cases, businesses I speak to are not happy with their sales but don't do any thing about it!

Well they may use threats, “if you don't get your target …” etc or they may take the soft approach “Business is just a little tough for everyone right now” .. Blah! No need for you to go bust because everyone else is!

I’ll share two secrets of sales success with you.

Number 1: Find out what people want - and help them get it (stating the obvious, but all too often i see sales people trying to sell what they have or want to sell rather than finding out what their customer is really after)

Number 2: Sales people aren't born - they are created! Yes .. some may have the natural “gift of the gab” but professional sales people are trained and follow a structured process.

Let me share a proven process that all sales people should go through, basically just 7 steps. Depending on the type of sale, the process might be a few minutes (fast paced retail) or days/ weeks/ months (larger corporate style sales). You see, many people enter into sales excited and ready to take on the world, but after a string of “No’s”, they become deflated, disillusioned and downright miserable and often just get up and move on. Never to experience the thrill of helping people get what they want! Here is your process for sales success:


  1. Building rapport and relaxing your client
  2. Setting the scene
  3. The story 
  4. Questioning 
  5. Qualifying 
  6. Presenting the solution
  7. Closing the sale

To Your Business Success

Cheers,

Yale Morgan


Develop A Culture Of Trust

- posted by Yale Morgan

Yes of course your customers must trust you and your business practices should leave no doubt whatsoever in their mind that they can trust your products and services implicitly. This isn't the culture of trust i’m talking about. In the book by Patrick Lencioni called The Five Dysfunctions Of A Team his story is centred around a fictitious company of quality products and services, abundant financing, perfect market conditions etc yet there isn't any growth, in fact the business seems to be imploding.


If you can imagine a pyramid, with the foundation being the largest what would you think is paramount to any business success? TRUST - Among the team.

This isn't an easy thing to do, and far too often I see this in many businesses, the people responsible for creating trust and acceptance in the marketplace .. don't trust each other, crippling the business.

You see, building trust among the team, (including you, sorry to say, but many employees don't fully trust their immediate supervisors, managers and owners), requires vulnerability and the courage to take risks knowing their backs are covered, regardless of the outcome.

Building trust is empowering your team to have frank open discussions and candid debate. Without being too involved in their lives, trust comes from a place of understanding what else is going on outside work, what are your teams hopes, desires, passions and fears. Where are they most vulnerable in the workplace that perhaps you can plug that gap. On the flip side, where are you, the business owner/ manager, most vulnerable, and how can they help you?

Like respect, trust can only be earned. You and your team must encourage each other and stick the hand out when a member is struggling. Be open about where the business is headed, the tasks at hand and be specific about the desired results.

To Your Business Success

Cheers,

Yale Morgan


Does Your Business Workplace Have Tension?

- posted by Yale Morgan

As a general rule the main cause of a tense work environment is either a lack of communication causing distrust or miscommunication. Here are a couple of ways you can reduce the tension in your business.

All too often a business either has no Job descriptions or they are imprecise. In these cases, communication breaks down because one or more people don't have the correct view or understanding of what is expected and by who. The solution is to ensure you define accurately all the job functions (including yours, the business owner) and that everyone is aware of who is to do what, when, where and importantly what the desired results are.

Tighten up loose language, get your team to be precise on their communication. Get rid of words such as “maybe” or “probably” with “yes” or “no”. Another one I like to take away is “I’ll Try” - you will or you won’t.

Get in the habit of double checking all parties understand the message, to do this, simply ask questions.

And finally, tension is heightened when you talk about the issue to everybody else other than the the person who “messed up”. The grapevine will ensure they get the message! Its always better to have that one on one conversation with the individual.


So why not print this out and give it to your team .. ask them if they are clear about their job functions, your expectations and of course, what are their expectations of you.


To Your Business Success

Cheers,

Yale Morgan


Reactivate And Revitalise Your Lost And Inactive Customers

- posted by Yale Morgan

"I need more customers - Sales are down! Please help me with marketing!” is a common call I get. My standard response is great, yes, of course we can do that, but before we spend money, time and energy getting new customers - what are you doing with your existing customers? What is your current conversion rate? (lets face it, if you're only converting 20-40% no point you burning more potential customers!). Another question I always ask is - How about those who no longer buy from you, they once liked and trusted you, lets look to reactivate them.

Obviously the first option of increased marketing to get more customers is expensive and if done incorrectly you’ll only end up with bargain hunters with no long term loyalty to you or your business. In another article we’ll talk about the value of your current customers and increasing conversions etc, but for today lets focus on those who you believe maybe be lost or inactive.

Did you know that a staggering 68% of customers leave because of poor service and their “perceived” indifference with staff or management - Wow! Remember, they once knew, liked and trusted you - lets get them back.

The best part - its simple and profitable! Plus they stay for the long term. Ok, so how do you do it?

Firstly you’ll need to determine what a lapsed customer is and what a lost customer is, this will vary based on industry and traditional spending habits. As an example, a maternity wear store has a limited life cycle of a customer and perhaps only 3-4 purchases over a few months, whereas a hair dresser should have a life cycle until the customer is no longer with us on this earth returning every 6-8 weeks. So .. you determine the life of your customer and the frequency of how often they should re purchase. As an example if they should purchase every 4 weeks and you haven't seen them for 8 I would consider that a lapsed customer, if you haven't seen them for 6 months to a year, consider them as lost.

Once you have determined the parameters, its time to get top work on the database identifying them, but wait - don't just flick out a “special” we want to get back in touch in a nice and unthreatening way. You would also need to know what your “offer” for them to return is (could be a gift of some sort). Once you have these, determine the method and frequency of contact.

Why not poor through your database this week and make a list of those customers who have lapsed and are lost, get your team involved and come up with ways to bring them back to your business.

To Your Business Success

Cheers,

Yale Morgan