Posted by stevezog on December 10, 2010 under Business advice, Business Coaching, Business Help | 
Our sister blog, BusinessCoaching.com, has some interesting tips for small business coaching.
Business coaching is a form of training and education that helps business owners get better results in their businesses.
With a series of proven system and strategies, business coaching helps guide owners to find their own answers that best fit their company and industry. Business coaching also holds owners accountable for getting results.
Like a sporting coach, business coaching seeks to achieve optimum performance by getting business owners to improve their systems and teams.
Business coaching, like sports coaching, also relies on measuring performance against metrics and benchmarks.
Business coaching is perfect for small-and-medium sized businesses, because the coaching programs are designed as simply as possible and are easy to implement.
In today’s world, business coaching can mean the difference between the success and failure of your company. Check out ActionCOACH’s business tips to prevent failure!
Posted by Editor on December 6, 2010 under Business Help |
Welcome back to the third part in a continuing series we’ve posted on how to boost your conversion rate … which simply means finding ways to turn your leads and prospects into paying customers.
We’ve presented a lot of strategies so far to guide you in helping your business succeed … and here’s a few more.
Remember, the biggest key to all of these strategies is having a system in place to test your efforts and measure your results.
Most owners DON’T do this … so if you do, you’ll not only have a head-start on what works and what doesn’t, you’ll also be miles ahead of the competition in knowing what actually drives the numbers in your industry and business.
Packaging …
The more attractive the product looks, the better chance there is of selling it.
Try re-doing the packaging to make it look more modern, or perhaps even more traditional depending on what you are trying to achieve.
Include benefits and features on the side of the packet as well.
It may also be an idea to package-in value-added products – smaller accessories, which may also service as a lead into another product line.
“Hints and Tips” …
- The packaging should represent the product
- The main aim is to grab people’s attention
- Include SELLING words that people can relate to – think of it as a small billboard.
Display Awards and Certificates …
The funny thing about certificates and awards is that it doesn’t matter what they are, or what they were for.
When people see framed awards or certificates, they think “This place must be good.”
Even team awards will give the impression of quality.
The only really relevant detail is the year.
Displaying something with 1979 prominently showing may damage your chances of making the sale.
“Hints and Tips” …
- Display everything you have won or been awarded (remembering to check the date)
- Talk about accolades with customers
- Enter as many awards as possible…you’d may be surprised at the result
On-Hold Messages …
Putting people on hold can either annoy the heck out of people, or encourage them to buy.
If you have to put people on hold, why not take the opportunity to tell them all about your business – why it’s so good, what you sell, why they should buy TODAY.
“Hints and Tips” …
- Use the tape not only to inform but also to SELL
- Constantly update it including time sensitive special offers – this will make you look pro-active
- Make it conversational and easy to understand
- Where possible, include testimonials read by some of your best customers
Account Applications …
When people are buying, offering them an account can seal the deal.
Offer to run through the application procedure on the spot.
If they succeed (which they probably will), it’s then as simple as saying “OK, I’ll just put that on your account”.
Making it as easy as possible for people to pay is one key to increasing your conversion rate.
Hints and Tips …
- Do the procedure on the spot so they feel valued
- See if you can get a reference from one or more of their other creditors
- Keep meticulous records of all your debtors so it doesn’t become an administrative nightmare
Mail Order …
Allowing people to order from home can give you the edge. If you can take the hassle out of the buying procedure, by letting people simply call and order, many customers won’t balk at a higher price.
In this day and age of ‘time starved’ professionals, the convenience of home delivery is a real bonus.
“Hints and Tips” …
- Do the costing carefully and ensure you pass on the extra overhead to customers – people won’t mind
- Tell the world – mail order is a real selling point
- Throw something special into your mail order bag so when customers get their parcel they also get a little surprise. And it doesn’t have to be expensive to make an impact.
More on this in future posts!
All the Best,
The “Business Help” Team at ActionCOACH
Posted by Editor on December 5, 2010 under Business Help |
In our previous post, we looked at proven strategies to boost your conversion rate, essentially the rate at which you can convert a prospect into a sale (and a customer).
Although we have literally dozens of strategies in place, here is just a sampling of some you can use in your company to help your business today:
Print a Benefits and Testimonials List …
This is a sheet that you can give to every person who comes to look.
It contains the 4 most important things about your product, or the 7 reasons yours is a better choice for them.
Make sure you use it each time.
Alternately, print testimonials on it – that is, direct quotes from your past customers about how good you are.
A mix of both can work very well.
“Hints and Tips” …
- Help people make a decision by clearly explaining how it will positively benefit them
- Use testimonials to show customers they weren’t the first to buy this product…that it’s OK to say YES
- Testimonials help reassure people’s decisions – a real human need
Demonstrations …
If you can demonstrate the product first hand, do it.
People like to see with their eyes, and experience the product before they buy.
If you can’t demonstrate, think of a way you can do something similar – what about before and after photos?
Or what about samples to give to the person to try?
Taste tests are another option.
Who hasn’t gone for the dessert after they’ve had a sample?
“Hints and Tips” …
- Make it real by showing how it works, tastes, feels, sounds, smells
- A demonstration is a great way to swing someone on the edge of a decision – all that’s left is to see it in action!
- Use videos for products that can’t be demonstrated first hand
Quality Brochures …
Having a well produced full color glossy brochure can work wonders.
It gives you the aura of professionalism, and lets people really take their time to look over your offering in detail.
“Hints and Tips” …
- Spend the time and money necessary to make it look professional – a bad brochure does more harm than having none at all
- Use plain English and lots of colorful pictures and diagrams
- Don’t give too much information, this will just confuse
Offers …
To seal the deal, throw in something they didn’t expect – something that gives them the perception that they are getting a great deal.
Then, place a time limit on it, which pressures them into making a decision. Make sure it’s something that they will value highly which doesn’t cost you very much.
We know of a car yard for instance that offers buyers a “full tank of gas” if they sign today.
You’d be amazed how many people are swung to buy a £ 50,000 car because of £30 worth of free petrol.
“Hints and Tips” …
- Look for low cost products that have a high ‘perception’ value
- Stipulate a time frame during which the offer is available
- Make the ‘special something’ either useful or very memorable
More on future posts … and you can always keep up-to-date with the latest strategies and tactics by visiting actioncoach.com.
All the Best,
The “Business Help” Team at ActionCOACH
Posted by Editor on December 4, 2010 under Business Help |
What are some good “tips and tools of the trade” for boosting the conversion rate in your business?
Here is the first in a series of time-tested and proven strategies to help you get more out of your efforts … and turn more leads into sales.
One thing to remember, though …
You MUST “test and measure” results starting NOW.
Our experience in more than 1,000 offices and 32 countries has proven to us that most business owners massively overestimate the percentages …
One example is an owner who once guessed he sold to “80 to 85 per cent of people” who called or came into their business.
After some serious testing and measuring we discovered it was nearer 35 per cent. It was huge shock to the owner.
BUT … it also represents a tremendous opportunity!
Think of the bottom line difference you can make by significantly boosting your conversion rate.
If you can take your conversion rate from 30 per cent to 60 per cent … BAM!
Congratulatons! You’ve just doubled your turnover!
It’s possible, and here are the ways to make it happen…
Written Guarantee …
This is where you write a guarantee addressing the customer’s key frustrations in buying from you.
For example, a hairdresser that guarantees “you will like your haircut and so will 98 per cent of your friends.”
Or, what about the dentist who guarantees you “no pain”?
Pick out the one thing that people are scared of when buying from you, and guarantee that it won’t be a problem.
If it is, offer to refund their money, or put things right.
Once you’ve finalized it, make sure you tell people, and advertise it.
“Hints and Tips” …
- Find out what your customers want above all else, and then promise to deliver just that
- The best way to find this out is by listening to your customers…they’ll tell you
- Include this promise in all your literature and advertising – make it a real selling point
- If you don’t deliver on the promise, make sure your team are empowered to correct it or offer a refund
- Don’t ever promise more than you can deliver
Define Your Uniqueness …
If there’s nothing different about you, people will only buy from you because of convenience, or price, nothing more.
Added to that, you’ll never be able to raise your prices; if there’s anyone doing it cheaper, people will buy from them.
You need to work out what is special about you, then make a big deal about it.
And don’t just say “price” or “quality” – these are empty terms.
Make it very specific, and meaningful.
“Hints and Tips” …
- Sit down and ask yourself, “what is it that makes us stand apart from the rest”?
- Once you know what sets you apart, tell the world, and tell it loudly
- Don’t underestimate the power of uniqueness – simply by doing something different you can get lots of attention
- If there’s nothing unique about what you do, start changing or adding things
Sell Your Own Product Line or an Exclusive Line … If you have something nobody else has, such as your own product line, people will be forced to buy it from you. Of course, you must make sure your products are up to scratch, and genuinely attractive.
“Hints and Tips” …
- Develop or find something no one else has
- Look at what you are already doing – you may have something unique and you don’t even know it
- If you haven’t got anything exclusive yourself, develop partnerships that allow you to offer something special
Increase Range (or Variety) … The more you have, the more options you can give the customer, and the more individual tastes you can cater for
Naturally, you have to be careful you don’t end up buying a bunch of highly specialized stock that you can never sell.
In many cases though, going from, “Would you like an apple or an orange?” to “Would you like an apple, orange or a banana?” can make a big difference.
“Hints and Tips” …
- Look to diversify your range of products
- Keep your eyes open for items that compliment what you currently offer
- Always try to offer more options to potential customers
Provide Quality Products …
People will buy quality when it’s affordable.
By providing the best, you put yourself a cut above everyone else.
And don’t be afraid to mark up the products – people expect to pay more for quality, and they tend to regard higher priced items as being of a higher standard.
“Hints and Tips” …
- People will pay for quality so don’t be afraid to charge
- Have rigorous control checks because once a bad product hits the market the damage is done – reputation is everything
- Scream the benefits and quality of the product – leave no one in any doubt this is a premium item
- Take nothing for granted. If you are offering a premium product, customers also expect premium service
- Sell up to quality, not down to price
That’s enough for now … but there’s a lot more to come in future posts.
And, when you’re ready to explore ways to increase your efforts and effectiveness in other areas of your business, contact an ActionCOACH in your area today.
All the Best,
The “Business Help” Team at ActionCOACH
Posted by Editor on December 3, 2010 under Business Help |
In the past we’ve highlighted the power of a profit strategy and proven business building strategy we call the “5 Ways.”
What you may not know is that ActionCOACH has developed more than 367 different systems and strategies to boost these 5 “multiplying” factors for any company (and yes, that includes yours!).
For example, ActionCOACH has more than 73 Lead Generation systems that can be implemented to help business owners increase lead flow.
In addition, there are more than 86 systems to increase your Conversion Rate … and so on down the line.
The first step in working with an ActionCOACH is to determine where your business really is in terms of turnover, profits, time and team.
Once this “baseline” has been established, we can go back and put together a detailed “Alignment Report” that will serve as our roadmap to success for the time you work with us.
Once we establish that your business can be profitable, we move on to our secondary goal, which
is to teach you the difference between working on your business and working in your business.
Did you know that the majority of small business owners can spend 60 hours or more per week just trying to keep their business alive?
Our goal is to help them (and you) to work on growing their business instead of concentrating on the technical issues, which are usually counterproductive to growth.
Throughout our process, 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 and assisting them with systems implementation.
So basically, we teach the self-employed “how to” become successful business owners.
We also show them how to make more money for less effort … which is the best part of our system and process.
When you’re ready … ActionCOACH is here for you.
All the Best,
The “Business Help” Team at ActionCOACH
Posted by Editor on December 2, 2010 under Business Help |
Did you know there are only 5 key drives that multiply your profits?
If you are looking for a way to not only boost your bottom-line, but multiply it … here is the perfect formula for you and your business.
While most consultants use an accounting formula to get to profit (Revenues – Expenses = Profits) … ActionCOACH looks at a total of 5 key areas to get to profit:
1) Lead Generation
2) Conversion Rate
3) Average Value Sale
4) Average Number of Transactions and …
5) Profit Margins
Those 5 areas are highlighted in the following equation:
Lead Generation x Conversion Rate = # Customers
# Customers x Avg. Value Sale x Avg. # Transactions = Revenues
Revenues x Profit Margins = £ Profits
Why is the “5 Ways” formula so powerful?
Increase each of the above 5 factors by just 10% … and you’ll increase your bottom line profits by 61%.
Don’t believe it?
Take a look:
In your company, let’s say you have either estimated or fully determined the following numbers:
4,000 x 25% = 1000 Customers
1000 x $100 x 2 = £200,000 Turnover
£200,000 x 25% = £50,000 Profit
What does all of this mean?
Simply put, you are running a business that converts 1 in 4 prospects into paying customers, and those customers average two purchases at £100 per purchase each year – and your company enjoys a 25% profit margin on revenues of £200,000.
It also means your total profit for the year is £50,000.
So what would happen if, over the course of the next year, you could increase results by just 10% in each of the 5 areas?
Let’s do it, and then let’s take a look at what happens to your bottom line:
4,400 x 27.5% = 1210 Customers
1210 x £110 x 2.2 = $292,820 Revenue
£292,820 x 27.5% = £80,525.50 Profit
Examine the numbers closely and you’ll see the 10% increase is incremental – which means you could easily nudge numbers up by that amount over a period of months – or even weeks.
The bottom-line is that the new bottom-line looks very interesting, doesn’t it?
Even though we’ve increased each factor by just 10% (including top line revenue), we were able to boost bottom-line profit by 61% – or a total of £30,525.50.
What could you do with an extra £30,000 in your business this year?
Think 10% is impressive?
Do some math on your own and see what the numbers look like if you increase 30%, 50% or even 100% down the line.
The key is that we are multiplying factors – not adding – which has a massive impact on profit.
Contrary to those “mature” and “expert” business owners, the “5 Ways” isn’t a complicated numbers game.
It’s simply looking at your business in a different way and working a set of numbers that exist in every company.
While your competitors will be in an endless cycle of trying to grow top line revenue and cutting expenses to generate more profit, you’ll have at least 5 other factors with which to work.
And there are literally hundreds of strategies you can use (all available in the ActionCOACH system) to boost those numbers immediately and over time.
If you want to do some extra homework, you can work your own numbers and brainstorm ways you could increase leads, get more customers coming back, increase what and the amount they buy and raise your profit margins.
And when you are ready to work with an ActionCOACH Business Coach in your area to make that happen, you can contact ActionCOACH today.
All the Best,
The “Business Help” Team at ActionCOACH
