Category Archives: sales strategies

The Art of Sparking Emotions: Building Desire for Your Brand

By James D. Roumeliotis

Couple in Love

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Whether offering products or services, a business is expected to create connections and engage in conversations with its prospective clients ─ but equally important, with its existing clienteles. While these connections might come in the form of attractive print ads, or utilizing social media/digital platforms, or even face-to-face interactions at various touch points, they should all be tailored to initiate meaningful conversations between brand and consumer. Conversations that can achieve sales targets along with obsessive fan followings which ultimately boost the popularity of the brand.

Customer engagement: the essentials

More than 20 years ago, a popular method for companies to obtain sales was to utilize a sales force and apply pressure tactics. Some companies used the telephone as their tool of choice for cold calling. This was a typical marketing and sales approach. Sales staff where trained in persuasion and closing techniques including answering the most popular objections. This is what is known as a “push” strategy. Today, customer engagement works in reverse. It is the customer, whether an end-user or a business, who decides if and when to communicate with a company. The typical contemporary consumer has the power of the internet and word of mouth in determining great deals and which brands they should be transacting with. Moreover, on the consumer side, there are countries with strict national regulations concerning telephone solicitation. This has had companies scrambling to stay relevant with the times and is considered a “pull” strategy. There is also a refined marketing method known as Permission Marketing” (opposite of interruption marketing) which was coined by marketing maven Seth Godin. As a result, marketers have been adjusting their strategies and integrating them with online and offline marketing activities, along with a laser focused approach with their specific audience. This has resulted in deep customer engagement.

Customer engagement is not a single outcome ─ it is an ongoing dialogue. They have come to expect more personalized interaction, customized solutions, timely results and most certainly a “bang for their buck.” This requires brands to be customer centric ─ with everyone in the organization on-board, in addition to being well versed in the digital age. This includes blogging, Twittering, Instagram posting and viral marketing among others. One other notable trend is towards widespread audio and video production and communication. From podcasting to mobile video, audio and video is predominating in our digital world.

Push vs. Pull marketing

Push marketing and pull marketing are different yet complementary marketing methods for promoting a business – most notably online.

Push marketing is more traditional methods of advertising – essentially, you are pushing your message to your audience, regardless of whether they want to receive your message or not. Push marketing focuses on product features and awaits the audience to respond. Examples of push marketing include email marketing, website advertising, and cold calling.

Pull marketing is more proactive, pulling the customers toward your brand/product with targeted messages they care about. Pull marketing is all about brand building. Examples of pull marketing include media interviews, public speaking, and word of mouth advertising.

The holistic approach

Consumers today are more brand conscience, better informed and with more options. Despite this, there are companies which continue to spend money advertising and selling product rather than brand. They place emphasis on price and quality as differentiators despite these two being overused by many copycats. Successful brands take a holistic approach to selling by exploiting the five human senses which now constitute the brand. This is accomplished by what I regard as “ambiance marketing” and “sensory/sensorial branding”, through a captivating designed setting, yet alluring. This adds character and invites clients to truly feel the brand experience.

The five senses, when applied toward the customer, are regarded as follows:

  • Visual – lighting, decor, colors, layout…you can get a real sense of movement using these elements.
  • Auditory – music, effects, volume, vibrations…you set the tone and the energy of the room with your sonic selections.
  • Tactile – textures, comfort, climate…this is all about how your guests interact with the environment.  This is a big thing to consider when you are designing the layout.
  • Olfactory – fragrance, emotion, ambiance…this sense is under-rated and powerful. Of all our senses, the sense of smell is most closely linked to emotion and memory. You can use something as simple as burning incense or candles to something far more complex like computer controlled scent machines to enhance your environment. This could just be the extra touch needed to set the mood.
  • Gustative – with food establishments, the challenge is in finding the perfect balance between sour, salty, sweet, and bitter during menu designs and beverage selections.  The presentation also makes an impact on the overall image.

Storytelling along with the total customer experience

Standard products and mundane user experiences don’t offer compelling reasons for consumers to do business with certain brands. If a business can’t articulate its USP (unique selling proposition) ‒ as to why anyone should do business with your brand, your product and/or service merely becomes a “commodity” whose price will be the sole determinant in any transaction.  Being formidable and considered top of mind in your B2C sector requires a philosophy – a certain culture which will develop a following by consumers who share your values.

Quality materials, assembly and final product look increase a company’s competitiveness. The quality of a product may be defined as “its ability to fulfil the customer’s needs and expectations”. If the characteristics and specifications of a brand’s product line are equal or superior to its competitors, along with a fair price-value equation, the brand will turn out to be a preferred choice.

Storytelling, on the other hand, builds relationships by the stories that are well told. Stories add personality and authenticity to products which customers can better relate to and feel affinity with. Luxury brands tend to boast their pedigree since their discerning clientele desire a deeper level of involvement and understanding of the history and heritage of the brand when it comes to their luxury purchase. This is referred to as “experiential luxury.”

It is essential that the sales professional be product proficient and adept at assisting and guiding the client to the purchase making use of flattery, romance and showmanship. To illustrate, when selling a niche automobile such as a Porsche, the sales consultant can talk about racetracks, describe road-holding capabilities, build-up a fascinating story – after which time he/she can bring-up reliability and the technical details which confirm to the discerning client what he/she is already aware of.

When consumers are delighted by a particular brand experience, they begin to bond emotionally with it. They become brand loyalists and advocates – purchasing the brand more often and recommending it to others. This behavior serves to build the brand’s reputation.

In the end

With a plethora of marketing noise, differentiation in the delivery of non-evasive communication, personalized service and focus in niche markets will be the determining core value equation for success in attracting and retaining clients.

When consumers are treated with honesty and delighted by a particular brand experience, they begin to bond emotionally with the brand. They become brand loyalists and advocates – buying the brand more often and recommending it to others. This behavior serves to build the brand’s reputation. This approach is priceless –even though it may take longer to take positive effect.

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Why Sales & Marketing Should Coexist: Uniting the Two

by James D. Roumeliotis

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 Linking sales & marketing

In larger companies, how often do we witness bickering between the sales and marketing departments? Too often it seems. In well-informed B2C and B2B markets, especially in a highly competitive sphere, businesses would be wise to make certain that their sales staff and marketing practitioners coexist rather than allow one side to blame the other for a lack of sales. This situation has long been a challenge — although it is not hopeless to rectify. Ignoring this situation certainly affects company performance amongst other adverse factors.

Sales and marketing complementing each other

Marketing as a function supports Sales. Marketing’s function is demand creation, which includes advertising, public relations, trade shows, white papers, and point-of-sales-materials.

The Sales function is to generate revenue. Neither exists without the support of the other. Peter Drucker,  considered the top management thinker of his time, once wrote in The Practice of Management that “the aim of marketing is to make selling superfluous. If the marketing is well done, the products, and its features, sell themselves.” Despite this, sales staff don’t fully comprehend the role and value of Marketers and feel that their needs are being neglected, whereas, Marketers look down at Sales and consider them as merely a function, as well as short-sighted for the sale. In reality, Sales rely on Marketing for the tools to facilitate the sales process. If Marketing understands what the customer wants, then the prospect will purchase the product or service with less effort to sell.

Working in sync has benefits for everyone involved

To work together as a well-oiled team requires each side to contribute to the other, as well as clearly understanding each other’s role and the benefits of teamwork. This works by focusing on aligning sales and marketing to the same vision of how customers’ needs are addressed. This way they will reach a common ground. These days, marketing practices consider their sales force as “customers.” Since the sales force is the front-line, if they believe, they will be able to attract and retain a client base organically.

Collaboration and fusion of sales & marketing

Collaboration and fusion of sales & marketing

The way forward: How do you unite the two plus the customer service department?

The way forward initially requires a strategy with an appropriate execution which stresses communication, understanding and collaboration. The elements to integrate Sales, Marketing, as well as Customer Survive into the equation should include:

  • Conduct one to two training sessions (as necessary) with all 3 sides/departments (Sales, Marketing & Customer Service) to clarify the importance of their roles, along with the company’s values and objectives – keeping in consideration the customer as the key figure in all this and sales performance as a major KPI.
  • A sales & marketing plan should be devised with the input of Sales and Marketing. There should be a common agreement along with management. This compels all sides to be on the same page, creates direction and synergy. It also allows the 3 to define how each one may impact the plan.
  • Establish a committee with Sales, Marketing and Customer Service to meet once a month to continually provide feedback to each other, as well as iron out any issues they may be encountering with one another. This way, any misunderstanding is dealt with and out aside in the same room.
  • When creating marketing campaigns and tools, the entire sales process should be emphasized. Marketing is serving two people – Sales and the Customer.
  • Implement a CRM system. Data sharing technology integrates Sales, Marketing, Customer Service, as well as management/operations and ensures they’re in sync working with the same customer data, both internal and on social media. The CRM also helps manage the sales cycle and track marketing efforts. For the Customer Service side, it provides service cycles, customer preferences and other pertinent information with data retrieval a seamless task.

Sales ought be coached to understand what the purpose and work of Marketing is, whereas Marketing should understand the sales process and helping the sales staff make sales rather than merely focusing on creating fancy promotional tools – whether physical or digital. Working with each other alongside can’t help but excel in their functions which will come to fruition through the company’s increased sales performance, improved morale, sales/marketing ROI, increase accountability and enhance customer experiences, thus retention.

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10 Pitfalls of Start-ups: How to Succeed Through the Initial Three Years and Beyond

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Viewpoint by James D. Roumeliotis

Businessman Taking the Plunge

Prior to taking a plunge in your start-up, you conduct thorough research, plan meticulously, execute strategy flawlessly ‒ but over time, you barely survive, or worst yet, fail altogether. What gives?

According to statistics, as the latest available numbers from the two U.S. government statistical agencies responsible for providing data about new businesses illustrate, The Census Bureau and the Bureau of Labor Statistics, five years after new establishments were founded (1995, 2000 and 2005 respectively), 50%, 49 and 47 percent of them (correspondingly) were still in operation.

Merely reading a business book, this article, or attending a well-regarded entrepreneurship course/program is no guarantee of success in increasing one’s odds of business success. It takes diligent implementation of a viable business plan, focus, determination, consistent and well thought out action, as well as an obsession with the customer, amongst other traits and approaches. Management of a business is not a science, it’s a practice.

SME/SMB business owners optimistic despite odds of failure

A new, independent survey has found that small and mid-size business owners share several distinct attributes that help them live their passions while adapting to the shifting economic landscape.

Commissioned by Deluxe Corp. a publicly traded company and leading provider of marketing services and business products for small businesses and financial institutions, the study surveyed more than 1,000 SMB owners around the U.S. The results showed 86 percent of the respondents believe they can do anything they set their minds to, with 77 percent also stating they would rather learn from failure instead of never trying at all.

Based on the results, it’s no wonder entrepreneurs are known as risk averse and tenacious ‒ or as some would light-heartedly state, “We’re going to succeed because they’re crazy enough to think they can.”

Adult Lemonade Stand

Pitfalls of business failure

On the whole, businesses fail due to its owners’ lack of fundamental business knowledge. Needless to say, failed businesses did not operate the same way as those that succeed. The following are oversights and inaction responsible for their demise.

  • For starters, it’s going into business for the wrong reasons. If the only reasons an aspiring business person desires self-employment is making money and selling a product he/she is in love with, stick to a regular job and conduct business on the sidelines or as a hobby. Making money should not be the sole end goal. Simon Sinek, an accomplished author and adjunct staff member of the RAND Corporation, one of the most highly regarded think tanks in the world, in his popular talks worldwide, including TED, compellingly emphasizes the following:

Why does your organization exist? Why does it do the things it does? Why do customers really buy from one company or another? Why are people loyal to some leaders, but not others?  Starting with “why” works in big business and small business, in the non-profit world and in politics. Those who start with “why” never manipulate, they inspire. And the people who follow them don’t do so because they have to; they follow because they want to.”

  •  The business is undercapitalized: a business with too much debt and a cash flow that doesn’t support it ‒ as a result of overestimated revenues and cash flow with underestimated expenses/cost of business.
  • Lacking business development – sales, the lifeblood of any business. Emphasis mainly on product rather than actually shipping quantity to its target market.
  • No USP/differentiation: another me too product, price sensitive, commoditized, and failure to communicate it in a captivating way.
  • Not focused on a particular market. Confused, and as a result, applying a gunshot approach. Unclear of its business model.
  • Poor execution of business and marketing plan. Lack of clear focus and direction. Moreover, inability to adapt to a changing environment, as well as anticipate future trends and plan for them – market phasing out unwanted items or services.
  • Poor operational management. It can be one or a combination of motives including lack of discipline, internal bickering between partners, owner arrogance, stubbornness, a closed mindset, and/or a lack of work ethic which causes complacency. Many start-ups have a carefree attitude to promote efficiency in the workplace, often needed to get their business off of the ground and persevering long afterwards.
  • Business expansions that are poorly planned and not appropriately financed. Although this growth is normally viewed as a positive development, its timing, execution tactics, and inadequate funding to sustain profitable growth stifle proper business progress.
  •  Failing to control costs – negligent fiscal management.
  • Creating dissatisfied customers: Not in touch with them along with a lack of a customer centric policy and fervent implementation with constant monitoring. Many businesses, small and large alike, offer lip service as they continue to disappoint their customers. It is a fact that the cost of acquiring a new customer is five times the cost of keeping an existing one.

Maze and Businessman

7 principles for business success: Avoid being a failed business statistic

If an entrepreneur is resolute enough to increase the chances of triumph from the outset, he/she should consider several key principles. These seven beliefs have been forged through my personal experiences, those of others I have either researched/interviewed and/or advised, as well as based on long-term practice and common sense seasoned with a touch of academia.

1)    A Viable Product or Service with the Right Business Model and a Passionate Person Behind it

It should fulfill a need, offer a benefit, be innovative and differentiate itself. It’s also imperative that the entrepreneur is passionate about the product/service, empowers his/her staff, as well as practices/conveys business ethics. To excel in the business, the entrepreneur must have the right mindset and attitude. This includes drive, perseverance, tenacity, and an undying belief in himself/herself and the value he/she adds.

2)    Adequate Capital

Critical and can vary depending on the size of the undertaking. Start your capital search with a good business plan that shows investors and lenders your company’s potential. Expect to realistically invest about 30% of your own money based on the total value of the project. Last but not least, cash-flow is the lifeblood of your business if you’re going to sustain the operation financially.

3)    Marketing, Sales and Customer Driven

Advertise, publicize, differentiate, ‒ and be compelling, as well as memorable with your messages. Deliver on those promises and constantly remain customer focused. Sales, on the other hand, is part of the marketing function.  It includes business development and account management. Sales is crucial to business because it is the bottom line, whereas marketing is about getting a product known and the customer keeps your business alive.

4)    People

Don’t simply HIRE well educated and experienced people but most importantly MOTIVATED, dedicated, coachable and with interpersonal skills. Moreover, make certain that the people you hire fit-in with your corporate culture.

5)    Systems and Structure in Place

Every business requires a disciplined way of conducting itself. This way everyone is on the same page. Consider publishing an “operations manual” and continuously enforce its procedures.  However, at the same time, it should include an element of flexibility to avert stifling the organization. Without any structure, the chances of failure increases.

6)    Strict Internal Financial Controls and Adequate Cash Flow

Finances should be closely supervised, borrowing wisely and avoiding overspending. Watch your financial ratios and yields (where applicable). The success of your business is, in many ways, measured by the bottom line. Even if you hired a full-time accountant, you would still need to have a
fundamental knowledge of accounting, how it works, and how to apply its basic principles in order to run a flourishing business. Once again, “cash flow” Cash flow is of vital importance to the health of a business. One saying is: “revenue is vanity, cash flow is sanity, but cash is king”.

7)    Continuous Improvement, Innovation and Sustained Growth

This is by no means a one-time event but rather an on-going process. Innovation encompasses offering distinguished and improved solutions which meet or exceed market requirements and expectations from your customers ‒ whether offering a desirable product or upgrading a service experience.

Business-Success

Keep in consideration ‒ govern oneself accordingly

Entrepreneurs, and inventors alike, may be quite well versed with the products and/or services offered, but not necessarily with running their business including a bucket list of daily administrative tasks. Most notably, sales, marketing and finance/accounting undertakings. This is where honest consideration should be given in either bringing in a partner to complement the entrepreneur’s weaknesses or an external adviser and/or mentor to guide him/her. A sounding board should not be dismissed as an advantage solely for larger organizations. Seeking professional help is an important way to avoid or plan for business challenges.

Prior to drafting a business plan as the roadmap, which assists one in avoiding the pitfalls of running a business, plotting a business model should be considered as a prelude to the business plan.  The idiom “putting the cart before the horse” clearly reminds us of this erroneous and common approach ‒ in this case, the business plan preceding the business model or lack thereof. The business model includes the components and functions of the business, as well as the revenues it generates and the expenses it incurs. It is part of the business strategy.

Typically, small businesses with inept ownership usually fail in the first year or two, but even companies in their growth stage can stumble badly when they outgrow the capabilities of the founding team. Research by the U.S. Bureau of Labor Statistics demonstrates that nearly 6 out of 10 businesses shut down within the first 4 years of operation.

Enterprises spanning a wide array of industries, have earned distinction as “well-” or “best-” managed” by demonstrating business excellence through a meticulous and independent process that evaluates their management abilities and practices – by focusing on innovation, continuous training, brainstorming and caring for their employees’ well-being – as well as investing in meeting the needs of their clients. Marketing maven and renowned author, Seth Godin, succinctly puts it this way:

Many entrepreneurs use an innovation to make an impact, but the hard part, the part that we’re rewarded for, is engaging with the user, the audience, the market. Bringing something to people who didn’t think they wanted it, know about it or initially welcome it, and make a difference.”

In the end, small businesses are started and managed by entrepreneurs, who with all their best intentions, are highly motivated but typically lack training in standard business practices. Thus, entrepreneurs with little more than a great idea, limited funds and a lack of management/operations skills and experience are prone to failure without the resources that can sustain and help grow their business.

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