I'LL SHOW YOU MINE IF...

I'm looking to start a collection of 'Best Business Tips, from professionals all over the world. It would be great to know and share your number 1 business tip with other business men and women.

I'll start off by sharing one of mine and then look forward to you sharing the best of yours...

MY NUMBER 1 BUSINESS TIP IS - 'Know your target marketplace better than you know the back of your hand'. i.e:-

Work only from highly focused lists. There are many specialist list brokers that will supply them

Keep your internal database up to date and bin non-applicable and duplicated contacts

Use database software such as Access with as many 'search' fields as possible

Keep up to date with your marketplace by speaking to customers, buying related journals, joining associations etc

Please forward this blog to as many people as possible, specialists in sales, marketing, finance, training, venture capital, growth, PR and advertising, networkers, small business owners, large business owners; anyone who can contribute or benefit.

On the basis of 'abundance mentality', we can all benefit from the results.

Mo

Differentiate or Die...

HOW ARE YOU ‘PEARING’ UP?

If your pears look just like your competitior's pears, taste like them, cost about the same as them, why should people buy your pears?

The saying ’Differentiate or Die’ is not a new one but is one that is ignored at huge cost. So many business owners do not give this topic enough time or thought, and yet every ounce of sales and marketing collateral should be built on the strength of them. Your branding should be developed on the back of them.

Put yourself on the spot and write down your top 3 Unique Selling Points right now -and remember, ‘because we’re cheaper’ is not necessarily seen as a USP as it can also indicate lower quality.

How did you fare? Do you think you genuinely listed your 3 major USP’s? Well then my next question is (and bear with me here) ...How do you know? Seriously, many small business owners tend to be very proprietary regarding their business and love it so much that they think everyone else will too. This is a very ground level view when what’s actually needed is a bird’s eye view, some objectivity.

So back to the question of ‘how do you know?’. Have you asked your existing customers why they (continue to) buy from you? Do you know why you lose business to your competitors? Do you keep up with your competitors USP’s? If not then you are probably under-selling yourself and it’s time to look at your business through fresh eyes. Have a look at the USP’s listed below and think about the people that you buy from and why you buy from them.

‘...The only bank with a call centre in this country.’
‘...delivered in 30 minutes or the pizza is free.’
‘...The easy way to buy everything you need at best industry prices.’

If you don't have a USP you can create one by adding something to your business you're not already doing. Is there a gap in your market you can take advantage of, or are your competitors making mistakes that you can profit from? Put yourself in the buyer’s shoes. If you were the buyer, what would it take to get you to sign up?

This above is an excerpt from my December 08 business newsletter 'The Lead' which is full of practical and hard hitting advice for SME's. The December issue includes the article '20 no cost - low cost ways to generate leads'. To receive the full copy please email me directly on mogrady1@gmail.com

LEAD the way to new sales without spending a penny...

OK, focus. The quantity of your incoming leads is flatlining & you need more prospective sales in the pipeline. So, what can you do without spending a fortune? Quite a lot actually.

One of the best ‘no cost’ ways to generate new prospects is to ask your clients for referrals. They have many new channels that you can explore, such as sister companies, resellers, their own customers, acquaintances, family and so on. And all it will take to get the referral is one (well structured) conversation with each client. Take a systematic approach to this, ring everyone at least once a quarter and make sure to include new prospects and clients in your (or your salespeoples) calling. Not only will this generate a lot of new leads, but it will build up goodwill and better relations. To prove the value of this activity.......

...The closure rate for prospecting leads is 5-10%. The closure rate for referred leads is 50-60%

The key to keeping leads flowing is to be creative, take regular action and always monitor the results. Try new things. As the saying goes ‘If you always do what you’ve always done, you will always get what you always got!’

This above is an excerpt from my December 08 business newsletter 'The Lead' which is full of practical and hard hitting advice for SME's. The December issue includes the article '20 no cost - low cost ways to generate leads'. To receive the full copy please email me directly on mogrady1@gmail.com