Posted by Editor on August 23, 2011 under Business Mentor | 
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Here’s a great “Q&A” from ActionCOACH Founder and Chairman Brad Sugars …
If you’ve ever wondered “how much should I charge?” for your product or service, this may help you decide.
Check it out here:
Posted by Editor on June 15, 2011 under Business Coach, Business Coaching, Business Mentor | Be the First to Comment
When it comes to sales your customers quite literally have all the answers …
Asking great questions can help boost your sales
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.
How to build rapport and qualify
Open-ended questions are an excellent way to ensure customer involvement in the conversation and are a 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 examples of open-ended questions which are very useful:
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.
A good personal business mentor in the form of an ActionCOACH Business Coach can guide you in the best ways to ask questions and get better results from your sales.
If you are interested in getting more customers, who spend more, more often, call your local ActionCOACH today!
Posted by Editor on June 14, 2011 under Business Coach, Business Coaching, Business Mentor | Be the First to Comment
There are two things that business people find very challenging …
1) Thinking ahead, and …
2) Doing things in order of importance.
Having a good personal business mentor guide you in the “how and why” of focusing on these two things can make all the difference in your results.
Use the 80-20 Rule to Set Priorities
Plus, doing these two things makes the difference between success in business and just surviving.
The same is true for all areas of our lives.
Most people have heard of the Pareto Principle, more commonly known as the 80/20 Principle. Roughly stated this says that in most businesses 80% of your business comes from 20 % of your customers.
Other examples of the Pareto Principle are:
So… when it comes to your priorities, 20 percent of your priorities will give you 80 percent of your production IF you spend your time, energy, money and personnel on the top 20 percent of your priorities.
When you do this you are getting a 400% … or a four-fold return in productivity.
Every business person needs to understand the Pareto Principle as it applies to the areas of customers, team and leadership.
So … in the area of customers, it is vital to identify the 20 percent who account for 80 percent of your business.
For your team, you must identify the top 20 percent producers.
Spend 80 percent of your people time with these people to develop them to their full potential.
In leadership, take an honest look at the question, “What do I have to do that no one else can do?”
Remember, a leader can give up everything except final responsibility.
You can decide whether you will be reactive or proactive when it comes to the use of your time.
The question is not, “Will I be busy?” but, “How will I invest my time?”
It’s not, “Will my calendar be full?” but, “Who will fill my calendar?”
It’s not, “Will I see people?” but, “Who will I see?”
Do this and watch your productivity and personal satisfaction rise to new heights!
Posted by Editor on June 13, 2011 under Business advice, Business Coach, Business Coaching, Business Help, Business Mentor, Grow Your Business | Be the First to Comment
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:
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 stevezog on January 7, 2011 under Business Coach, Business Help, Business Mentor, Grow Your Business, Uncategorized | Be the First to Comment
Ever wonder exactly how ActionCOACH helps UK small businesses? Watch the clip above!
Posted by Editor on November 30, 2010 under Business Mentor | Be the First to Comment
All too often the cry is heard “you can’t get good people,” or “why can’t I get my people to do as I tell them?”
Well here’s a few ideas that may make life a lot easier …
Consider for a moment the business owner who has 10 people working in the business, yet the owner is the person doing all the work.
What’s the point!?
Firstly, let’s get back to basics.
Most people in business will understand how important systems are.
Systems are usually responsible for having a business that runs smoothly (and profitably).
With systems in place, it’s simply a matter of employing people to run those systems.
Michael Gerber’s fantastic book, “The E-Myth,” really highlights how important systems are for businesses to be successful.
A real life example of course is McDonald’s.
With a food product that at best could only be described as average, it is simply a matter of systems that keep it a hugely successful entity.
The point is, get the systems built in your business.
If you feel like you’re banging your head up against a brick wall, take a look at the systems in your business.
Look at the most basic things from answering the phone all the way through to how you produce your product.
If your systems aren’t clearly defined and easy to understand, how can anyone understand what you want.
Preferably, write them down and turn them into checklists. This is the basic foundation of business and in turn getting your people to work as a team … which means something that equals more than the sum of its parts.
So, the systems have been built and are clearly defined, and now it’s a matter of recruiting the right people to run those systems.
The DISC working personality profile can really help in selecting the right people for the job.
With this knowledge, you can then recruit the right people for the job. However, the real challenge lies ahead. It’s not just a matter of having people who come in, follow the system and get the job done.
What you are looking for now is SYNERGY!
Synergy comes from having people who are committed to a “common goal.”
If people are involved in setting the “common goal,” they are generally more likely to commit.
If you as the business owner are dictating to your team “this is the goal,” don’t expect much commitment.
If your team has ownership, they are much more likely to achieve.
Ownership is also very useful when designing and building your systems, let alone setting goals.
Keep asking the team this question…
“I’m looking for [certain outcome], how do you think we should go about achieving that?”
The successful business owner has team members that say, “I think we should do like this.”
An unsuccessful business owner has team members that say, “I don’t know, you’re the boss.”
Finally, be aware of what you are teaching your team.
By this we mean … if a baby cries and the mother comes running, what will the baby lean to do after a while?
Exactly, let out a cry and in rushes Mum!
All we ask is that you to be very aware of what you are teaching your team.
If you’re saying to yourself “no-one can do it like me,” and you jump in and do it, your team is learning from that.
For further discussion on the above strategy or coaching services, call your local ActionCOACH today.
Posted by Editor on November 29, 2010 under Business Mentor | Read the First Comment
It’s called testing and measuring.
Most people hate it.
That’s because it means “there is a chance, however remote, that every marketing strategy you try will not work the first time.”
In other words, it’s possible you’ll spend money without seeing any returns.
But consider this – you’ve probably been testing and measuring all your business life.
Remember the newspaper advertising you tried that “didn’t work,” and the radio spots that “did OK.”
That’s all testing is… Testing what works and what doesn’t…
The next step is to do it properly; here’s the five steps to successfully working out what ‘works’ and what doesn’t…
1. Start asking people where they heard about you. Start right NOW, immediately. If there’s one thing I stress to business owners when consulting with them, it’s this – if you don’t know what’s working and what’s not, you can’t possibly make informed decisions and you’ll never know which ads to run. You may keep running an ad that never brings a sale, and accidentally kill a good one.
Customers usually come from so many sources, it’s impossible to judge how an ad is working on sales alone. You need to find out for sure. Create a tally sheet, including the ways someone could hear about you – newspaper ads, direct mail, fliers, phone directory, referrals, walk-by traffic, etc.
Every time someone buys, ask them this question – “By the way, can I just ask where you heard about my business?”
Make a mark on your tally sheet in the relevant column. Keep track, and ensure every member of your team does the same. At the end of 14 or 28 days, tally up and get the figures.
Now you can start making decisions …
2. Prune, modify and increase. The first thing to do is see what’s not working. If your ad is getting a very low response (which means the profit margin from the sales is not at least paying for the ad), kill it straight away.
Now you only have one option – improve your ad to ensure you get a great response.
There’s a few things you can do to make the task simpler.
1) Go back over your past ads and think about how well each one worked. Pull out the best couple and see if you can pick what gave them their edge.
2) Next, read a couple of books, or at least flick through them.
3) Last, look at what your competitors are doing. Do they have an ad that they run every week? What can you learn from it?
Go through this process with each marketing piece you are currently using… Kill, examine, modify… Kill, examine, modify…
Remember – the true test of a marketing strategy is whether it pays for itself. If you run an ad that costs you £600 and it makes you £1,300 in profit, then it’s a good ad.
Also run through each of the strategies you know are working in depth, examining why these are producing results and the others aren’t. See if you can pick the one important attractive point about each.
This in itself will teach you a massive amount about your business.
Next, think of a way to use each strategy that is working on a larger scale.
If it’s fliers, the answer is simple – drop twice as many fliers. That should bring twice the sales. If it’s an ad, run it in more papers, or increase its size. If it’s in a phone directory, book a bigger space next time.
But whatever you do, don’t meddle – just do the same thing on a larger scale.
3. Test and measure for another two weeks. Measure the enquiries with the new revised strategies. Also compare this with how much you’re spending on marketing.
You’ll probably find you barely miss those dud strategies and the ‘larger scale’ working strategies are paying out nicely indeed.
If it’s not, return to the original size.
4. Check your conversion. Conversion is the number of enquiries that become sales… So many times when analyzing a business, I discover that poor marketing is not the problem – it’s inadequate sales techniques.
There are stacks of businesses that have ample leads, but no skill to make them sales.
Be honest with yourself – how many leads do you convert into sales? Is it possible to increase this ratio, even just a little?
In almost every case, it is.
You just have to give the customer a reason to buy from your business.
Price is not the only reason a customer spends with your business.
What if the salesperson at the more expensive shop actually took an interest in your needs?
And what if they were that little bit friendlier?
And what if they were willing to back their product with a guarantee?
And what if they offered free delivery?
All of these “what ifs” add up, and can tip the sale your way.
5. Consolidate. Leave it for a month or so, just working on converting the supply of leads you have. A better conversion technique, plus more leads from bigger scale successful marketing strategies should give your business a boost.
6. Branch out. Remember all those marketing strategies you examined and modified? Now is the time to pull them out of the drawer, and give them a run.
Do one at a time, and track the result meticulously. Note down exactly how many leads it brings you, and how many of those turn into sales. Compare that with the marketing cost, and judge whether it has been a good strategy.
If so, add it to your list of ongoing strategies. If not, try it again – testing a different headline, medium, offer, look etc…
If it doesn’t work again, give it another try…
Very soon, you’ll develop a collection of marketing strategies that work, and weed out all the costly ones. Now that’s a business success formula!
For further discussion on the above strategy or coaching services, you may contact an ActionCOACH in your area today.
Posted by Editor on November 26, 2010 under Business Mentor | Be the First to Comment
Most sales trainers agree there are a certain number of steps that need to be taken towards making a sale; typically the steps are something like this:
1. Greet the customer, (or acknowledge, qualify & open the sale, etc.)
2. Probe to discover needs & wants, (or ask questions, sales interview, etc.)
3. Recommend product, (or demonstrate, make alternative suggestion, etc.)
4. Trial close, (or first attempt to open relationship, etc.)
5. Handle objection, (or overcome objection, re-state needs & wants, etc.)
6. Ask for the order, (or close sale, open the relationship, etc.)
7. Farewell and follow through
In these seven steps a variety of nuances are included which allow for deviation so that the sale can be achieved/won at any point.
Too frequently the sales person and prospect are “Fencing” for the advantage and see the sale process as adversarial.
Often an inexperienced sales person is so relieved at getting to “Yes” that the thought of making sure that the customer has everything they need to gain full pleasure, enjoyment, benefit and satisfaction from the purchase by asking them to spend more is simply not an option.
What a dreadful shame to all concerned!
How many times have you been left with a purchase that was exactly what you “thought” you wanted, but left you feeling less than satisfied with your new acquisition?
Let’s play with some examples:
• A camera with a standard lens but no telephoto lens to capture wildlife in Africa
• A tennis racquet with no case to carry it in
• A tin of paint with no brush to apply it with
• A new outfit without matching accessories
• A new car with no paint/rust protection
• A holiday with no insurance
• A McDonald’s burger with no fries!
According to a recent credit card survey, the average number of items on a retail sale invoice INCLUDING grocery sales was 3.3.
Think about that …
If the average grocery sale is, say 30-40 items, then there’s a heck of a lot cameras out there without film or toys without batteries.
So … how do we go about improving our sales satisfaction process?
Well, the first step is having the understanding it’s OK to want to help your customer get the most benefit from what they buy from you.
Let’s look at the camera scenario we described before.
The customer walked into a camera shop and said, “I want to buy a good camera.”
The sales person would have asked several qualifying questions and got answers like:
• Good quality
• Easy to use
• Automatic focus
• Like it to be able to grow as my ability improves
• Must have a zoom lens
With today’s technology, nearly all cameras have a zoom lens as standard.
If the sales person had probed a little deeper we might have discovered the real and immediate need was for a camera with a much longer than average zoom lens.
After all, what the customer needed was a lens that would allow him/her to take great pictures of dangerous creatures from a safe distance where they didn’t become a lion’s lunch.
And by the way, what other opportunities would that scenario present for a sturdy, waterproof carry bag, extra film, assorted accessories etc. … (but that’s another story, about turning customers into raving fans!).
For further discussion on the above strategy or coaching services, call an ActionCOACH in your area today.
Posted by Editor on November 25, 2010 under Business Mentor | Be the First to Comment
Business Coaches with ActionCOACH use the term “testing and measuring” frequently.
This practice forms an essential part of our ongoing mentoring programs with clients.
What are we talking about anyway?
It’s quite simple … read on.
Why is testing important?
We don’t realize it but we test everything in our daily lives. You always take a new car for a test drive before you sign on the dotted line. When you go shopping at the supermarket, clerks are standing in the aisles with samples for you to test before you buy. Waking up in the morning and checking the weather before selecting your clothing for the day is also a form of testing.
See? We do it all the time … we just don’t think about it.
Yet businesses persist in embarking on expensive marketing campaigns with little or no idea of the outcome. These same businesses will spend thousands of dollars on an ad campaign and hope they get a response.
ActionCOACH firmly believes in testing a new ad campaign before the majority of the budget is committed. It may be a whale of an idea … but, face it … no one knows with certainty, the outcome of a daring new campaign.
We at ActionCOACH suggest that our clients commit 10 – 15 per cent of the new campaign budget and test for the outcomes.
This then leads to the balance of the phrase… testing and measuring.
There is little point in going to the trouble of conducting a test in the first place unless one follows through with some type of analysis of the results.
Imagine taking that new car out for a test drive and not paying any heed whatsoever to the quality of the ride, the noise levels and the engine performance.
Not reasonable … is it?
You would instantly compare this new car to your old one or other new cars you were considering… wouldn’t you?
You would have your own form of measurement to compare the car with others. Your taste is a form of measurement when you try those samples in the supermarket.
If you lost your ability to taste … why bother trying the sample at all?
Now, back to our business analogy … there is no point in testing the outcome of any type of marketing campaign with no measurement of the outcome.
Careful measurement and analysis of the results of a test campaign will provide much needed information on which to base decisions.
The results of the measurement will quantify the success of the test campaign.
The results can then be extrapolated to test the soundness of the campaign.
Here’s one example …
Say you have a test mailing to 500 households that yields 10 responses.
Each response results in an average sale of £150 with a margin of 40 per cent that adds £60 to the company’s profits which is £600 overall (£60 x 10 responses).
Let us assume the overall cost of the mailing is £1 each or £500 in all.
The company then made a net profit of £100 (£600 profit less costs of £500).
This campaign appears to be a winner!
For further discussion on the above strategy or coaching services, you may call an ActionCOACH in your area.
Posted by Editor on November 24, 2010 under Business Mentor | Be the First to Comment
Today, quality initiatives, superior service, cost of doing business and succeeding at doing business are commonly shared ownership issues.
Reliance on individual experience and competencies and even greater reliance on fragmented cross-organizational work units can actually prove prohibitive to achieving these.
Proven, positive strategies should be applied to influence people to work together, together towards end results, common purpose and mutual gain.
These strategies and this direction are gaining solid ground and supporting overall organizational framework goals. It is a fact that businesses of all sizes experience greater tangible payoffs and reach levels of optimal productivity when people work together.
Teamwork is all about spirit, attitude, and enthusiasm.
In the corporate sense, people are more inclined to buy into quality outcomes; it gives everyone a sense of pride and companies realize the positive effects on bottom line.
From the earliest days of civilization, the hunters and gatherers demonstrated effectively how working in groups brought greater abundance into their lives.
The underlying strength behind every team is the diversity each member brings to it.
This blending of talent, attributes and experience supports a common and shared sense of purpose: that being for the betterment of the business.
Teams become both efficient and effective in accomplishing work and achieving results. They become effective at doing the right things and efficient at doing things right…
Team members become empowered through their commitment to participate, more co-operative through their intra-dependency and involvement, more communicative and informed which raises their level of contribution overall.
This type of involvement and participation ensures and strengthens a commitment to corporate values and vision.
They see the bigger picture and realize their role is an integral part of reaching corporate objectives.
Teams ultimately become accountable and responsible to implement, measure and monitor results.
A current job description for a team member could read as follows: “Use Your Head” and “Make Yourself Valuable.”
Successful results and attainment of ownership goals are testimony to the impact that teams and teamwork have to produce significant gains in productivity and business success.
Action plans are needed to build team concepts.
Action plans take into consideration the values that drive the business and the strategies necessary to support them.
Team concepts are thriving, strong, and continually striving to develop people in the pursuit of growth and prosperity.
“Action” ..
“Team” …
ActionCOACH principles at work give you more:
For further discussion on the above strategy or coaching services, you may call an ActionCOACH in your area today.
ActionCOACH NEWSROOM Brad Sugars’ Blog
