Posted by Editor on June 13, 2011 under Business advice, Business Coach, Business Coaching, Business Help, Business Mentor, Grow Your Business | 
The most common complaint we get today as business coaches to small to medium sized business owners is that, “we can’t compete with the big guys on price.”
A Good Business Mentor Wll Show Your How to Sell Value to Price Focused Shoppers
The perception in the market place is that people are shopping on price alone. The only reason your customer asks the price up front is because that is what we as business owners have trained them to do.
How many times have you rung or gone into a business not really knowing what model, style, color or features you were looking for and purely asked for the price? At this point did the sales person come back with “that is £29.95” or did they ask you some questions about what you were looking to use the product/service for? In this instance let’s say it is a kettle.
Now in most people’s eyes a kettle is a kettle; but, they have many different features and offer many different benefits. So what if the sales person simply said to you when you inquired about price, “just so I can help you best is it okay if I ask you a couple of questions about the kettle you are looking for?”
Would you have answered yes?
The sales person could then ask questions like:
- Are you looking to replace an existing kettle or is it a gift for someone?
- Do you regularly use your kettle or is it rarely used?
- Would you like a kettle with a quick boiling time?
- Have you seen the cordless options that are available?
- Are you looking for something to match your kitchen?
- So what color are you looking for?
- Is it important that it has an automatic cut off when the kettle is boiled?
- Are you after a stove-top option, or an electric kettle?
- Kettles come in different cup capacity; what cup capacity do you require?
From these questions, the customer gets the idea that the sales person is genuinely interested in their needs and the salesperson is able to offer options in the most suitable kettles for their needs. The price is therefore negated.
It’s just a matter of now asking the customer to buy.
A good salesperson would then ask, “well, based on what we have just spoken about there are two options to choose from, model x and model y, which one suits you best? Great, I can either put that away for now or I can process it on credit card for you and have it delivered to you tomorrow – which do you prefer?”
If the option is credit card, ask, “which credit card is it easiest to process that on?” and make sure the prospect is aware there will be a delivery charge of x amount.
If the option they choose is to have it put away, this gives the sales person the opportunity to get the customers’ name and contact details.
If the customer chooses this option make sure the sales person gets a time frame for them to pick the item up. Be definite with the infinite. If the customer is in your business the sales person then simply takes them to the point of sale terminal and transacts the sale.
This example was based on a kettle, a relatively small value item. How does this apply to your business? This process works equally well on cars, houses, furniture, service based businesses and any other product, including funeral homes.
You just need to work out what your customers are actually looking for when they ask for the price, and what’s most important to them in their buying decision!
And a good business mentor in the form of an ActionCOACH Business Coach can do just that.
Posted by Editor on March 25, 2011 under Business advice, Business Coach, Business Coaching, Business Help |
Goal setting is as important in personal life as it is in business. The most common denominator in all the self-help literature and books is the importance of goal setting. We’re told to set long-term goals, short-term goals, lifetime goals and personal goals.
The benefits of Specific, Measurable, Achievable, Results orientated, Time-framed (S.M.A.R.T) goals have been written about in books for years.
So, it follows that goal setting is obviously a powerful process.
It is about “eating the elephant, one bite at a time” and of turning vision into achievable, actionable things. It’s the common denominator of successful individuals and businesses.
Despite their obvious value, our experience with goals have shown that some are good at setting goals and sticking to them, achieving great results and others can’t keep a New Year’s resolution to stop smoking for two days in a row.
Failure to set goals can be seen as a fear of failure.
That is, it’s blow to our integrity when we don’t reach our goals. When we make and keep commitments, such as setting and achieving goals, it reflects the amount of trust we have in ourselves. We increase our confidence in ourselves to make and keep commitments to others and ourselves.
However, when we don’t achieve our goals we lose confidence in our ability to make and keep commitments and to trust ourselves.
There are many reasons why we don’t achieve our goals. Sometimes the goals we set are unrealistic. New Year’s resolutions are typical examples. Suddenly, we expect to change the way we eat, or the way we exercise just because the calendar changes. It’s like expecting a child that’s never ridden a bike to suddenly jump on and go, or to run a marathon without months of training. These goals are based on illusion with little regard to natural growth.
You must be able to crawl before you walk.
So, how do we set and achieve goals?
Stephen R. Covey says it best in his book “7 Habits of Highly Effective People.”
“To begin with the end in mind means to start with a clear understanding of your destination. It means to know where you’re going so that you better understand where you are now and so that the steps you take are always in the right direction.”
An example of a S.M.A.R.T. goal might look something like the following:
WHAT
My goal is to maintain a healthy body.
WHY
So that:
I can be fit to do the things I enjoy.
I can be an example to my children in health management.
I can build my personal character strength.
HOW
Good Nutrition. I will increase my intake of fresh fruits and vegetables and decrease my intake of sugar, fats, salt and red meat.
Physical. I will exercise aerobically 3 times a week for 30-minute periods.
Focus. I will be aware of my body and look out for any health problems.
Focusing on the smaller, short-term goals and achieving success will give you the confidence to set other goals. So, remember, set your goals based on the S.M.A.R.T. principle to have the best chance of achieving your goals.
If you are interesting in learning more about goal setting and effective business advice for your company, contact and ActionCOACH near you.
Posted by stevezog on December 30, 2010 under Business advice, Business Coach, Business Coaches, Business Coaching, Uncategorized |
What is the biggest challenge facing your business today? Is it not enough customers, lack of repeat business or just not enough time in the day to do everything necessary? Life is full of challenges for small business owners, which is one reason we see so many more Business Coaches helping small business owners than we did just a few years ago.
So why is there more call for Business Coaches now than ever before?
The business world is ultra-competitive. Because businesses and business owners are faced with more challenges, and more opportunities, today than ever before, every company needs to align themselves with quality Business Coaches.
Due to the nature of business today, there is probably more than one challenge in your business you can think of off the top of your head. No matter the situation, it comes down to one important question, what have you done to resolve those challenges your business faces? Have you looked into the field of business coaches to find the one that will work best with you?
The right Business Coaches offer concrete solutions for the problems your business faces, so it is vitally important you find the right coach. Business Coaches who have been trained by ActionCOACH offer your business the greatest advantage over your competition for many reasons.
First of all, Business Coaches from ActionCOACH not only have myriad strategies to focus on all aspects of your business, but they have been trained to understand how to bring balance back to the life of every small business owner.
Whether you’re dealing with a poor company culture, lack of Cashflow, a dwindling customer base or anyone of a number of other issues that plague small businesses every day, there is one way to alleviate your issues and keep your business growing. That answer is to find the best network of business coaches in the world and use them to leverage your business into what you’ve always hoped it would be.
Maybe the most important reason Business Coaches from ActionCOACH are better than the rest is the incredible network of resources available. ActionCOACH has Business Coaches all over the world, helping thousands of business every month.
Because of this network of Business Coaches, there is always somewhere to turn if your challenges simply won’t go away with the usual coaching programs. ActionCOACH Business Coaches have resources that other business coaches can only dream of. That is why these Business Coaches provide the best in service, systems and strategies in 32 countries throughout the world.
Posted by stevezog on December 28, 2010 under Business advice, Business Coach, Business Help, Grow Your Business, Uncategorized |
Get small business tips at actioncoach.com.
Looking for some quick business tips?
If you’re looking for any sort of tips, strategies and tools that have to do with business coaching or business help, ActionCOACH is the place to look.
We found this interesting article on ActionCOACH’s website. Check it out — and check out the company’s full Business Library here.
Posted by stevezog on December 24, 2010 under Business advice, Business Coaches, Business Coaching, Uncategorized |
In the spirit of giving thanks, we thought we’d share some heartwarming testimonials.
At ActionCOACH, we pride ourselves on the fact that we’re not business consultants — we’re business coaches. We’re not hired to fix things and leave, but we’re hired to coach, mentor, advise clients and be a sounding board for all questions and concerns. All problems are tackled together. Business coaching is NOT the same as business consulting!
Listen to hear what these ActionCOACH clients are thankful for, and how ActionCOACH helped their businesses!
Posted by Editor on December 23, 2010 under Business advice, Business Help |
At ActionCOACH, we provide business coaching for companies dedicated to improving their culture, productivity and most important, profitability.
Business coaching can come in many forms, but only ActionCOACH uses hundreds of proven strategies while linking you with an experienced coach.
Your ActionCOACH understands what business advice you need, and part of the business help that your ActionCOACH will provide includes giving you the tools to find balance in all areas of your life.
But if you aren’t ready to make changes, then you aren’t really ready for business coaching, you just want a pat on the back.
Getting business coaching from ActionCOACH isn’t comfortable or easy, but it is rewarding, both personally and financially.
Business help from ActionCOACH will improve your bottom line and quality of life because ActionCOACH knows what business help matters most.
Is your company looking for business tip, strategies or business coaching? Don’t think you have the time to get really relevant business help?
Don’t waste anymore time, now is the time for ACTION!
ActionCOACH is the world-wide leader in providing business help for companies in every field throughout the world and can take you where you want your business to go.
Posted by stevezog on December 20, 2010 under Business advice, Business Coaching, Business Help, Grow Your Business, Uncategorized |
Pssst….want to know a secret? Better yet, 7 secrets?
We’re about to let you in on 7 business tips that business coaches tell their clients when they ask questions about marketing. Marketing is something that’s vital to business, and most clients want to know how they can improve their marketing strategies.
These tips are exactly what a business coach would tell you in a business coaching session…so if you’re interested in learning more, perhaps you should consider contacting ActionCOACH.
Step #1. Marketing’s an Investment not an Expense …
Whenever you place an advertisement, send out a sales letter, or do any piece of marketing you have to make sure your investment pays off. From this day forth you’ll never sell to another new customer again. You’ll BUY new customers, and your marketing budget is how much you’re paying for them …
Before you run any marketing campaign, do a break even analysis and work out how many sales you need to make a profit …
Step #2. Test and Measure Everything …
Test which ads are working, test which headlines work better and you’ll quickly become a marketing genius. In fact, instead of writing just one ad, write 7 or 8 and place every one, find out which one works the best, and keep on running it.
Measuring your results is simple … Just ask each and every customer the question, “Can I just ask, how did you find out about us?” And, keep a tally. At the end of the day you’ll know exactly how many sales you got from each marketing approach.
Step #3. Target … Offer … Copy …
The 3 most important aspects of every marketing campaign … Scoring just 1/10 in an importance rating is the copy, or words you use. It’s still in the top 3 but what you write won’t have much effect unless you get your offer right. It scores 5/10. Simply put, you’ll find it hard selling people something they just don’t want.
Scoring a massive 10/10 is your target market … If your marketing isn’t working, the first thing you need to examine is who you’re trying to sell to. Where is your ad placed, who have you sent your direct mail to and so on …
Step #4. You’ve got to Increase Your Conversion Rate …
Most business people believe they’re selling to about 6 or 7 out of every 10 leads they get … The truth is that when most people test and measure we find it’s more like 2 or 3 out of 10. That’s only 20 or 30%. If you could just sell to another 1 in 10 you’ve added another 30 of 40% to your turnover …
Step #5. Guarantee your Sales and find your Uniqueness …
If you don’t promote a written guarantee your customers are at risk when they buy from you. Remove their risk, and increase your sales by promoting your guarantee.
Also be sure to position yourself uniquely in the market place. If you do everything the same way everybody else does, you’ll have to compete on price. And, that’s like being a wood duck in hunting season …
Step #6. You have to get your customer back …
The reason why most people’s marketing doesn’t make money is that they don’t ask their past customers back. You have to keep a database of past customers, and you have to communicate with them at least every 90 days … Ask them to buy another time and a percentage will. These people are your best target market …
Step #7. Write better headlines for your marketing pieces …
Your headline is 80% of the success of your ad. Put the word YOU in it, focus on your customers, and most importantly, use something other than your company name …
Posted by stevezog on December 18, 2010 under Business advice |
An Business Coach can give you advice that adds proven returns to your investment.
When performance is measures by additional profits and tangible metrics, a good Business Coach is proven to deliver.
How?
Here are some interesting statistics on the results of Business Coaching.
- In one study conducted by MetrixGlobal LLC, companies including Booz Allen Hamilton received an average return of $7.90 for every $1 invested in an Business Coach.
- A recent study of the impact of an Business Coach program in a Fortune 500 firm by MetrixGlobal reported a 529% return on investment and significant intangible benefits to the business.
- A survey by Manchester Inc. of 100 executives found that an Business Coach provided an average return on investment of almost six times the cost of the business coaching.
- An internal report of the Personnel Management Association showed that when training is combined with an Business Coach, individuals increase their productivity by an average of 86% compared to 22% with training alone.
- A Hay Group study of Fortune 500 companies found that 21% to 40% utilize an Business Coach. Business Coaching was used as standard leadership development for elite executives and talented up-and-comers.
- A 2001 study on the impact of executive coaching by Manchester Inc. showed an average ROI of 5.7 times the initial investment or a return of more than $100,000.
Posted by stevezog on December 16, 2010 under Business advice, Business Coaching, Business Help |
ActionCOACH’s goal is to advise business owners to achieve true business success through analysis and systems implementation; forms of business coaching. What that means is that we help the self-employed build a profitable commercial enterprise that works without them. After all, systems should run a business, not the owner.
The first thing business coaches do is to access the business by working with the business owners to determine where they are, where they would like to be, and then helping them implement systems and strategies based on what we, the business coach, find that would be the most appropriate for that particular business’ needs (increase profitability, systems, employee training, controls, etc.).
We will be assessing the business in the five key profit generating areas: Lead Generation, Conversion Rate, Average Value Sale, Average Number of Transactions, and Profit Margins. Those areas are highlighted in the following equation:
Lead Generation x Conversion Rate = # Customers
# Customers x Avg. Value Sale x Avg. # Transactions = Turnover/Revenues
Turnover/Revenues x Profit Margins = £ Profits
So basically, we are looking at the equation for profitability for any business, in any market, in any industry sector. Throughout all of these sectors of business, the equation for profitability stays the same.
We have developed 367 different systems and strategies under these five variables. For example, Lead Generation has 73 systems that can be implemented to help business owners increase their lead flow. In addition, we have 86 systems that may be used to increase your Conversion Rate, and so on down the line.
Once we have established where the business is, we are able to go back and look through our systems and determine which of those would be the most appropriate to implement in increasing the profitability of that particular business type.
We use the information we have gathered on the business to put together a detailed Alignment Report that will serve as our roadmap to success for the next 12 months of Business Coaching.
Once we have established that the business can be profitable, we move on to our secondary goal, which takes place during the Coaching process. That goal is to teach the business owner the difference between working on their business and working in their business. Small business owners can spend 60 hour or more per week just trying to keep their business alive. Most often, what we find is that they are working on the wrong aspects and end up spinning in a relentless circle until the business finally folds in on top of them. Our goal is to help them in working on growing their business instead of concentrating on the technical issues, which are usually counterproductive to growth.
Throughout the process of business coaching we will spend about an hour each week with the business owner (depending on their needs) helping them stay focused on their goals, testing and measuring results, assisting them with potential obstacles for growth, systems implementation, etc. We hold our clients accountable for reaching the goals that we set together, and work diligently to help them achieve great results!
So basically, we teach the self-employed how to become successful business owners. We teach them how to make more money for less effort, and we have been very successful at that.
Posted by stevezog on December 14, 2010 under Business advice |
Being the expert in your business means that you have all the advice to give about your product, so selling should be easy, right? Selling is a tricky thing. Knowing about the product isn’t enough anymore, you need to know the right questions to ask.
Have you ever answered a question with a question? Would that be making a difference to your conversion rate? The answer to the latter is most definitely yes! Asking questions not only increases your conversion rate, but builds rapport with your customer and ensures that the sale becomes their idea and not yours.
Asking questions also means active listening. You can ask questions about your customers work, business, kids or hobbies but make sure that you are listening with sincere interest. It may even be helpful to note down some of the answers – such as the names of their kids, interests etc for future communication. By asking questions and listening, you are building rapport and attaching importance to their conversation.
Also, by asking questions you are remaining in control of the conversation. Once you find yourself doing all the talking you are no longer in control. Just remember that the person asking questions sets the direction for the conversation. If the customer is dominating the conversation by asking you questions make sure you answer the question with a question. However, try to vary the questions that you ask. You may remember from looking after your own children or babysitting that being asked “but why?” over and over again tends to get a little monotonous.
Questions can guide consumer interest, discover a need and give accurate information. There are two commonly known types of questioning – open ended and closed questions.
Building Rapport and Qualifying
Open-ended questions are an excellent way to ensure customer involvement in the conversation and are key to identifying not only what they need but a lot about themselves. You can use open-ended questions to build rapport, to find a need, to discover a customer problem and find the right solution. In journalism there are six key questions used in the interviewing process which is as equally useful in sales – who, what, where, when, why and how.
Here are a few example of open-ended questions which are very useful:
Who are you buying the product/service for?
How often would you use the product/service?
What features were you looking for in this product/service?
This type of questioning yields a lot of great information from your customer and helps you determine which product/service is uniquely suited to them.
Closed questions tend to get one word answers “yes” or “no”. They can be used to gather information quickly – not unlike a check-list. Using closed questions can also confirm a buying detail and help confirm the sale.
By using questions you are encouraging the customer to communicate, building rapport, establishing their needs, directing the conversation, diffusing tension and inviting discussion.
Learning the art of questioning and listening is the key to increasing your conversion rate and well on the way to creating a continuing customer relationship.
