 I moved from working in my business to working on my business!
Jim White, Founder Savor Dallas http://www.savordallas.com |
 I found a community of business leaders who make being in business a lot more fun and less lonely.
Jeannine Sandstrom, CEO CoachWorks International, Inc. http://www.coachworks.com |
 I now have a place to be open about my business success and future challenges.
Debbie Mrazek, CEO The Sales Company Author The Field Guide to Sales http://www.the-sales-company.com |
Posts Tagged ‘Amazon.com’
Michael Gerber is the father of our age of entrepreneurs. For those of you who haven’t read his ultra-popular book, The E-Myth is a business phenomenon. He wrote, The E-Myth Revisited some years ago, and I’m not even sure the original title is available in print now (you can always check Amazon.com for old copies).
He’s offering a free webinar called the E-Myth Experience seminar. The E-Myth Experience explores the E-Myth point of view and allows attendees to sample the experience of working with a business coach. What a great marketing strategy for you other coaches who want a different way to stand out in your niche!
Sign up at the E-Myth website.
No one would argue that competing for time and attention in today’s business marketplace is a difficult proposition. However – as if this alone wasn’t difficult enough – the company that truly understands the buying habits of current and prospective customers is the one that will most likely succeed in the long-term continuum.
Why? Knowing the reasons why customers purchase from your company is important for positioning your product or service for future sales. Moreover, the way in which this purchasing knowledge infiltrates other aspects of your business is key to customer recruitment, retention and business continuity.
Let’s say, for example, that you retained a seemingly satisfied customer who comes to you for advice or perhaps a product, yet you have never bothered to take the time to figure out why s/he comes to you year after year instead of taking his or her business elsewhere. Did you ever think about asking? Perhaps you thought about it, but were afraid to stir calm waters.
This customer is intelligent, and knows he or she could look elsewhere for similar services, but as it turns out, s/he implicitly trusts your judgment and advice, and truly believes you have rendered good service time after time. What the customer may not know is that you also offer other services or products that could benefit him/her. While you think you may have effectively communicated your company’s entire product or service offering to your customer, and these offerings appear all over your collateral materials and Web site, the customer, still, may never have received the message.
If you knew “trust” was the main reason the customer stayed, you could have cross-sold other products or services, and, in the process, tremendously improved your bottom line. Companies that understand the buying habits of customers can naturally – and easily – transition this knowledge into a more compelling selling proposition.
The bottom line is that you when you are speaking your customers’ language, you will be on the same communication wavelength, and will be able to easily hear clues that reveal your customers’ buying postures.
Look at this from another perspective: Why do you prefer to do business with one bank over another? Is it service, lower fees, location or something else? If bank executives knew why you chose their institution, they could provide more services or products that aligned with these reasons. In addition, bank employees who understand these preferences could be more knowledgeable or helpful in ways that are meaningful to their customers.
A good example of a company that is on its customers’ frequency is Amazon.com. If you’ve ever ordered from the retail giant, you would know that each time you log in, the merchant offers you many choices for similar products you’ve bought in the past. If you are into fitness books, the newest fitness book is likely to be offered to you. Statistics show this is an effective way to “sell” or market to customers.
We’ve all heard Customer Relationship Management (CRM) is a way to increase sales and manage customers, but is CRM really an effective tool for speaking the language, or is it just today’s trend of the moment? Dataquest, a unit of market researcher Gartner, reported that CRM services market totaled $22 billion in 2001, and had grown to well over $47 billion by 2007.
All the money spent on CRM doesn’t translate into future sales if your employees don’t understand why a customer makes the decision to buy. How do you effectively accomplish this, and to what lengths do you go to do it?
One Midwest design and research firm used a process called “video ethnography,” in which the firm videotaped customers while they were in the process of buying so they would get a clearer picture – literally – of the process. We certainly can’t shine the spotlight on customers 24/7, but you might try the following techniques:
• Don’t assume that buying is universal and predictable. Try to gather as much information about the buying or purchasing process as you can. Start from the time your customer decides to ask for a service or makes the decision to buy, and follow the sales process through to calling or contacting your company and making the purchase.
• Think beyond what you offer or are currently offering. Even though you might be selling a product, your customer may actually be buying for other reasons that have nothing to do with your product. Perhaps your straightforward business communication tips the scale in your favor. Or, maybe the customer buys from you because your guarantee is the best. If you think in terms of the purchase “decision,” it is easier to translate buying habits into future sales.
• Use multiple methods to gather information about your customers’ buying habits. Ask your employees to stay on the lookout for patterns in buying and record client or customer comments. Combine this information with customer surveys or other response mechanisms. You’re sure to spot trends within this combined feedback. Strategically leverage this knowledge and you are on your way to dramatically impacting your bottom line.
• Try to understand how people are using the product or service you sell. Understanding why customers buy and what the customer’s desired end result is can uncover opportunities or even new product or service markets. If you sell aloe Vera plants as a medicinal product and your sales increase by 10 percent in just one month, you may find that something is behind this activity. On further inspection, you may learn that a popular glamour magazine touted aloe vera as the next wrinkle defense. All of a sudden, you have a new market that wants to buy your plants.
Training an employee’s ear to carefully tune into the buying habits of your customers significantly increases your odds that the language you are speaking is music to your customers’ ears. The bottom line is that customers find and loyally buy from those companies that make customer concerns and desires priority one. Remember, you aren’t alone. Give us a call. We’ll help you develop a plan of action that can increase future sales, customer retention and buyers’ loyalty.
Every year clients ask me what they should give their very best clients. Every year there’s a struggle between something old and something new, something edible and something material, something memorable and something forgettable.
Which is what got me thinking… Just why is it so hard to gift our clients?
WARNING: I have very strong opinions about what works, what doesn’t and why. Keep reading only if you really want my truth as I see it!
To me, a gift says a lot about the giver. In all relationships – personal and otherwise – the gift selection says a lot about YOU! I believe this may be what causes so much of the fuss around this time of year.
What to do? Well, let’s look at the DOs!
DO give gifts that match the RECIPIENT. Give the gift that speaks to THEM. Match loves and passions to something that says, “Hey, I know who you are and I like it!”
DO give gifts that are memorable. Why waste money on something utterly forgettable? For years I gave away food for gifts. People would say to me, aren’t you afraid they aren’t going to remember you gave them something? I would think… But I’m not thinking about ME, I’m thinking about them and what they might like! I can tell you that if you have every wondered about giving food items for a gift, the key is to get something SUPER MEMORABLE! One year I gave 6 lb. apple pies. Since most of my clients are outside of Texas, the comments came flowing in! Notes like… “They sure do make everything bigger in Texas!” and “I will never forget the look on my wife’s face when she saw that pie!” Now THOSE are memories, folks!
DO give the gift and then detach from any expectation! No one wants to get a gift with strings attached (read this like: Did you get my gift, huh? Huh? What did you think?)
Do give gifts that reflect the value you have for the relationship. Many people believe a million dollar client might require a million dollar gift. While it doesn’t have to be dollars to dollars, you certainly wouldn’t want to send a $15 wood car with chocolates to a client that you are billing $500,000 a year with! Often, high-wealth clients care more about the sentiment than they do the actual gift.
Do give gifts that show how much you know the client. If a client, for example, lost a mother or father during the year, you might make a donation to a charity in that person’s name. The card might say… We are thinking about you this holiday season and have made a contribution to XYZ organization in your father’s name. Sincerity goes a long way and people can feel the intent behind a gift.
DO make it personal. Anytime it is possible, match the gift to the person. It may take a little more time, but it’s often worth the extra effort! If you have a client who is from New York, why not gift a Junior’s New York Cheese Cake?, for example.
Now that we’ve discussed DOs, let’s discuss DON’Ts.
DON’T make the gift about YOU. I believe giving gifts with your name printed on the side is tacky. It’s like gifting advertising. Ewwww. ‘Nuf said?
DON’T be cheesy and DON’T be cheap. It’s better to not give a gift at all or give a simple card than it is to give a cheap gift that speaks volumes (in a very bad way) about you!
DON’T give a gift for the wrong reason. If the only reason you are giving someone a gift is because it’s on the to do list or because someone else is or because someone gave you one, then don’t give one at all. People know the difference and if you think they don’t, then you are missing the boat! People can tell when care was put into the gift selection and when it isn’t!
DON’T just pick something. See the memorable part above – choose something that reflects what you and your client share together. Many of my clients are adventurers, so I love to gift them with adventurous food, crazy toys, interesting and off-the-beaten path books. What do you represent for your clients and how can you share that message in your gift. That way, you are thinking of them and gifting a piece of yourself too!
DON’T be a bah humbug. Oh, you know the types. Bah! Holidays! No one says you have to wear a necklace made of mistletoe, yet there’s something to getting into the holiday spirit. Is this an opportunity to take a client to lunch. Cut out early and hit the links? Whatever the urge – explore it!
DON’T stress and overextend. Do what you can and do what is best for you in the long run. Our world is full of consumers with more ‘stuff’ than they know what to do with (another reason why food works well). If cards are it for you, then choose another holiday to play up client delight – Valentine’s Day, St. Patty’s Day, Spring, Spring Break. Let your creativity take you away!
If you have specific questions about holiday gifting, feel free to email me! I would love to share your question and my response via this ezine or in our new blog!
What’s New
10 Crazy Gift Ideas
I just love the holidays, don’t you? I love to see crazy gift ideas that I can share with everyone. I’m telling you… if you have a person on your list that is hard to buy for, this is the list for you!
Number 10 – Crazy Illustrated Dancing Bobble Heads – There are lots of site out there that allow you to take a photo, cut your recipient’s head off and attach to an illustrated body that dances to the beat. Some of my favs are www.jibjab.com and www.boogieheads.com. OfficeMax has a clever little viral version that you can do too at http://www.elfyourself.com/!
Number 9 – Singing, Dancing Toys – Okay, now this is really crazy, but I have to say it is a huge phenomenon. If you aren’t privy to the singing, dancing toy phenomenon then, trust me, there is one! It started many years ago with the Boogie Bass. Remember the ‘mounted’ bass on a wood backboard that would sing to you? As crazy as that little gadget seems, it and others like it have sold millions and millions worldwide!
Number 8 – Any Food Item That is Outrageous – Hmmm, how about a 8 lb. cheesecake, a 6 lb. award-winning apple pie that takes two hours to bake/reheat (that comes prebaked), or a dozen $3.25 cupcakes? Mix in a little geographic flavor, some exclusivity (you can only get those pies from Neiman’s and a couple of other retailers) and you’ve got a winner!
Number 7 – Stupid Gifts – I bet you didn’t know there are sites dedicated to selling ‘stupid’ gifts. Well, if you are on the search for gag gifts, the completely inane, or the downright wacky, look no further than Stupid.com. Stupidiotic.com sells Be Unseen glasses for those A-listers who would rather be unseen – there’s a little craziness for every generation out there. Or entertain your inner child or someone else’s with gifts from the Perpetual Kid. And, if that’s not enough, I just heard about a little boy from Wimberley, Texas who has taken Fart Gifts to a whole new level! This is a budding entrepreneur!
Number 6 – Electronic Gadgets and Goodies, Oh my! For the electronic gizmo-lovin’ guy or gal in your life, look no further than Engadget.com for crazy electronic holiday gifts. There are holiday gifts for him and holiday gift ideas for her. Don’t forget Apple, Newegg.com, Amazon.com, and Sharper Image.
Number 5 – Anything Extreme from the Neiman Marcus Catalog – Oh, you know you know all about this year’s crazy gifts that cost an even crazier amount of money! This year, the Dallas retailer boasts the news-getting really crazy gifts, and if you go to the site you can click through the Top 100 in your PJs! Anyone for a $615 bath set?
Number 4 – Adventure Gifts – What about giving an adventure that creates memories? Horseback lessons cost about $40 an hour, I’ve heard a couple of people report that you can get a flying lesson for as little as $10 for the first one. Incentive travel packages can be found for as little as $250 for three days and two nights. Use your imagination and go where the adventure is! And if you really want to give your client an experience that is out of this world, check out Zero G.
Number 3 – A Taste of the Best – The home of one of the world’s most expensive chocolates – Noka Chocolate – is right around the corner from where we live. At $854 a pound, it isn’t the most expensive chocolate, but it might be fun to see what $20 bucks will get you. Other items that you can gift for a fraction of the full cost – rent a luxury car for the day, a small portion of fine caviar, a smaller portion of a fine wine. For high wealth clients and those aspiring to high net worth, consider a subscription to The Robb Report, the Global Luxury Resource. Let your creative juices run wild.
Number 2 – Unique and One-of-a-Kind – How can you place a value on unique gifts? You can’t! As Mastercard would say… *Priceless!* Name a star or planet after the recipient, or create a blog (free!) for the writer in your life, secure a web domain for the budding entrepreneur you know.
Number 1 – DNA Artwork – For the really hard-to-buy-for person, here’s the intersection where biology meets art. It’s called DNA11. This really cool site allows you to take a swab of the recipient’s mouth and turn DNA into artwork. Talk about a gift that is personal AND memorable!