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jerryking : buyer_choice_rejection   12

How small business can still make waves online - The Globe and Mail
August 8, 2019 | Special to the Globe and Mail | by Kim McLaughlin.

First, it’s imperative that small and medium-sized enterprises (SMEs) have a strategy. When I tell my SME clients this, they think it will cost tens of thousands of dollars. Not so. Many talented consultants can help SMEs develop their strategy for less than $10,000, but here’s the key: Have a road map before you begin because it will save you money and empower serious return on investment.

I recommend that small businesses spend 5% - to 10 % of their marketing budget on the strategic plan and that must come first.

A strategic plan identifies your company’s niche market and your marketing objectives (ensuring they align with the business objectives). It also defines what is important to that specific demographic, and how and where to reach it. A set of key messages drives what kind of content should be created for the company so it can meet its objectives.

For example, I often see professional-service firms trying to expand their C-Suite client database by investing in Google AdWords. The reality is that most CEOs hire professional-service firms based on referrals, not through an online search. Provided the firm already has a solid website and looks credible online, it’s best to focus their marketing efforts on developing the team’s presence on LinkedIn. This kind of activity makes better sense and is cost effective.

When we look at marketing efforts from a strategic vantage point, it doesn’t matter that the big firm down the street has a $50,000 per month AdWords budget. B2B business is based on relationships, not flash activity. For a smaller firm, real-world relationship building is a winning strength to be leveraged.

On the other side of the spectrum, let’s consider a retail company marketing to older teens, and the goal is to increase market share. A limited budget may be better spent sponsoring young influencers on networks such as TikTok or Twitch, rather than attempting to out-advertise big companies on the big networks.

These grassroots approaches are effective and promise to deliver better returns than attempting to compete with big company budgets online.

SMEs can definitely be heard loud and clear in the world of digital marketing, but it takes strategic thinking and a return to strategic grassroots marketing where it’s not the number of relationships that wins the day, but the strength of those relationships.
buyer_choice_rejection  digital_influencers  e-commerce  grass-roots  LinkedIn  roadmaps  small_business  SMEs  social_media  strategy  TikTok  Twitch 
august 2019 by jerryking
7 Closing Strategies to Double Your Average Sale Size
August 11 | Entrepreneur Magazine | Marc Wayshak - GUEST WRITER
Your success depends on closing bigger, better deals. Put your time and energy into prospects with the power to make large investments and introduce you to others who can do the same.

1. Get over your fear.
Many salespeople are simply too scared to sell to huge companies...... large companies face the same problems as your small customers do, just on a bigger scale. This means they need a bigger version of your solution -- and they have the budget to match. Get over your fear.

2. Stand apart from the crowd.
High-level prospects hear from an average of 10 salespeople every day. If you do what everyone else is doing, you’ll never get through to them or earn their trust. To double your average sales size, you must be intentional about standing apart from the crowd in your industry. While others pitch, you should ask questions. While others are enthusiastic, you should be low-key and genuine. While your competitors focus on their products, you should focus on your prospect’s deepest frustrations and show how you can solve them.

3. Stop selling to low-level prospects.
Selling low-level prospects harms your close rate and decreasing your average sale size. Low-level prospects simply don’t have the power or budget to tell you “yes." They’re not the decision-makers. If you want to increase the size of your sales, stop selling to prospects who lack the budget to invest in your solution.

4. Sell to decision-makers.
It’s a best practice to head straight to the top of the food chain and sell to directors, vice presidents, and C-level executives. They have the power and budget to say “yes” to your offer. If someone refers you back down the chain, you’re still landing an introduction to the right person -- by his or her boss, no less.

5. Stop cold-calling.
Cold calls are miserable. Try implementing a sales-prospecting campaign. Plan your calls, letters and emails as follow-ups to a valuable letter or package you send via FedEx. This could be a special report, unique sample or company analysis. These intentional, repeated touches over a series of months will set you up as a familiar name by the time you actually get your prospect on the phone. When a huge sale is on the line, you can afford to invest time and money to catch a single prospect’s attention.

6. Know the decision-making process.
If you’ve closed only small deals at small companies in the past, you might be accustomed to working with just one or two decision-makers at a time. In large corporations, the decision-making process can be much more complicated. One of the biggest mistakes salespeople make is failing to understand the decision-making process. Get a grasp of this early on, and you can stay in front of the right people, build value for them and close your sales at higher prices.

7. Leverage sales for introductions.
When you close one large sale at a big organization, don’t stop there. Ask new customers for introductions to others in their company or network who could benefit from your offering. You have nothing to lose by asking for introductions, but failure to do so will cost you massive opportunity and revenue.
Gulliver_strategies  sales  fear  large_companies  differentiation  sales_cycle  buyer_choice_rejection  cold_calling  referrals  prospects  JCK  executive_management  campaigns  Aimia  LBMA  strategic_thinking  close_rate  questions  thinking_big  enterprise_clients  C-suite  low-key  authenticity  doubling  the_right_people 
august 2017 by jerryking
The Science of Serendipity
Q3 · 2011 | Think Quarterly by Google | WORDS BY Dave Allan, Matt Kingdon. The co-founders of ?WhatIf!, the world’s largest independent innovation company, explain how.

The best innovation leaders are good at asking questions that help make an idea real: what does it weigh? Can I put it in my pocket? What will be the consumer’s experience? What will they stop buying when they switch to our product?

One client of ours wanted to cut the time and expense of launching a new restaurant. They had budgeted $3m and several months. We took $150,000 and in three days had a pop-up restaurant running. We made plenty of mistakes, but we made them fast and cheap and we learned things that saved our client time and money.
innovation  serendipity  pop-ups  buyer_choice_rejection  restaurants  customer_experience  product_development  cheap_revolution  product_launches  questions  Michael_McDerment 
april 2013 by jerryking
Three Questions You Need to Ask About Your Brand
September 2002 | HBR | by Kevin Lane Keller, Brian Sternthal, and Alice Tybout.

Traditionally, the people responsible for positioning brands have concentrated on the differences that set each brand apart from the competition. But emphasizing differences isn't enough to sustain a brand against competitors. Managers should also consider the frame of reference within which the brand works and the features the brand shares with other products. Asking three questions about your brand can help: Have we established a frame? A frame of reference signals to consumers the goal they can expect to achieve by using a brand. Are we leveraging our points of parity? Certain points of parity must be met if consumers are to perceive your product as a legitimate player within its frame of reference. Are the points of difference compelling? A distinguishing characteristic that consumers find both relevant and believable can become a strong, favorable, unique brand association, capable of distinguishing the brand from others in the same frame of reference.
branding  brand_purpose  HBR  brands  questions  differentiation  relevance  believability  evoked_set  choice_set  think_threes  buyer_choice_rejection 
july 2012 by jerryking
At Starbucks, Songs of Instant Gratification - New York Times
By MATT RICHTEL
Published: October 1, 2007

The mobile-payment technology can create a desensitizing and seductive purchase experience, said James Katz, director of the Center for Mobile Communications Studies at Rutgers University.
Starbucks  instant_gratification  music  e-commerce  buyer_choice_rejection  immediacy  purchase_decisions  VISA  mobile_phones  impulse_purchasing 
october 2011 by jerryking
The Best Way to Shorten the Sales Cycle - Sales Strategies - Selling Skills
Aug 1, 2007 | Inc. Magazine | By Jeff Thull.
(Charles Waud & WaudWare)
To shorten the sales cycle, we must bring clarity to our customers. There are three
challenges to address if we want to shorten the sales cycle time. (1)
The "decision" challenge. The customer must have a high-quality decision
process with which to make this type of decision.(2) Is the customer
really ready to address the issue of "change."? (3) Can the customer
measure the "value" /impact of your solution? Does the customer have
enough knowledge or a method to measure the value your solution will
provide pre-sale, and worse, left on their own, are they able to measure
the value they have received from your solution post-sale?
buyer_choice_rejection  clarity  decision_making  high-quality  measurements  ROI  sales  sales_training  sales_cycle  selling  think_threes 
march 2010 by jerryking

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