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Increasing Your Surface Area to Your Marketplace
Branding
What company logos will look like……
when the financial crisis is finally over.
Entrepreneurship
• One who understands that the outcome is up to them… and wants it that way
Competitive Advantage
• Positioning Your Firm To Achieve Superior, Long-Term Profitability Regardless of Changes in the Environment
Wikipedia:
• surface area is the amount of space covering the outside of a three-dimensional (3D) object.
• The surface area is useful because it tells you how much material is required in order to cover the object -- for example, how much paint is needed to paint a table.
How much “paint” do you need?
• How do you increase the exposure of your business to your target markets?
• How do you create greater touch points to your customers?
• How much does it cost you to land a new customer?
How Much Does it cost you to Land a new customer?
• Meals• Time• Advertising• Web site• Mail-outs• Commissions• Literature
• Showroom• Travel Expenses• Business Cards• Billboards• These luncheons
• ….Lots More Items
Advertising Skepticism
• Radio• Television• Web• Print• New Media• Billboards
What is the Difference ?
•Marketing?
•Sales?
Communication
Interesting Statistics and Data Points
Of all internal communication13% pen and paper49% from email29% SMS text10% Internet Instant Messaging
Interesting Statistics and Data Points
50 Billion emails per day world wide….in 2000, <
12 Billion
Average Company spends $15k paying employees
to read unnecessary e-mail
Many people use 10 words when they could use
3…when communicating
Recent report – workers spend 49 minutes per day
to sort out their in-boxes
Interesting Statistics and Data Points
2 hours and 10 minutes…amount
people waste each day at work…of
which 1 hour and 38 minutes was due
to communication technologies not
being used to good effect
70% of 15-24 year olds say they could
not live without their mobile phone
Pet Peeves
How much information do you share?E-mail salutations Voice mail Business cards
Pet Peeves
Lousy receptionists
Phone mail messages out dated
Lack of knowledge on how to use the phone system
Differentiation
Valu
e
Value
Strategic Triangle
The Big ?Who is your Customer?Who is your Competition?
How would you compete against yourself…..and Win?
If You Ever Sell your Business…
What do Buyers Value Most?
Tangible vs Intangible Assets
Customer List – Who you
Know
Who Would You Keep?
Who survives when times get tough?
Who would you fire last?
3x pay card
Suspects
Buckets in the Selling Process
Prospects
Approach
Presentation
Handling Objections
CRM
• Customer relationship management• From Wikipedia,
– Customer relationship management (CRM) is a term applied to processes implemented by a company to handle its contact with its customers.
Action Steps to Consider
• The Eight R’s– Revitalization– Retention– Reacquisition– Referrals– Regeneration– Rainmaking– Related Sales– Reputation Building
Revitalization
• Rejuvenating your value proposition with new services, sharper differentiation and justifiable premium pricing
Retention• Must hold on to
your high profit customers
• How might you hold on to them longer?
Reacquisition
• Win back your valuable inactive and lost clients
• Most firms do not have a win-back program – odds are 3:1 versus 8:1 on new clients
Referrals
• Network with the right people
• Costs a lot less and takes less time to close referred business than a non-referred prospect
Regeneration
• Rebuild and grow your client base with precision marketing
• Must target and pursue profitable niches and segments where you can become the dominant player or supplier of choice
Rainmaking
• With customer loyalty decreasing, you need superior rainmaking and strategic account management skills to identify and win large profitable new accounts
Related Sales
• Up-Sell and Cross-Sell to Increase Customer Share of the Wallet
• The odds of selling to an existing client are better than 1:2….this better opportunity is poorly exploited
Reputation Building• Brand your business to attract premium business
• A strong brand attracts and retains customers, simplifies buying decisions and differentiates you from competitors.
• A powerful brand also adds anything from 20 % to 300 % on the price premium you can command
Thank You