Bite-Sized Business Marketing Seminar Series

Join me at the Milford Bank on March 16th, to learn more about how I help business owners increase sales and profitability while working more efficiently. My training focuses on sales & marketing including plan development, processes, team building, communication, and financial management. ROI Business Advisors have helped businesses grow more than 40% in one year, helping them become million dollar businesses. 

Hope to see you there! 

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How a “Blue Ocean” Strategy Can Bring Your Business to the Next Level

Fairfield County Business Consultant CT

Do You Know How a Blue Ocean Strategy Can Help You Bring Your Business to the Next Level? 

 

Have you ever noticed how virtually all businesses in the same industry tend to use the same strategies? Then there will be one business which utilizes at least one strategy not used by the others, and as a result experiences greater success.  That success can be in increased sales, greater profit, or a more productive team.  This is the concept of a blue ocean strategy vs. strategy convergence. 

 

Strategy convergence is where all businesses use the same strategies to run their businesses and get the same results.  When other businesses try something different, get different results, (and often gain a competitive advantage), that is a blue ocean strategy. The name comes from the idea that most boats will stay close to shore, which involves less risk, but everyone is fighting for the same fish.  With a blue ocean strategy, you take more risk, go out further from shore, and can catch many more fish because you have an enormous ocean in which to fish without any other boats nearby. 

 

An example is the mortgage industrywhere everyone wants to build relationships with home buyers during the sales process so that they get more business from the home buyers– repeat business from them and referral business from their friends and family.  But after the sale, people remember their real estate agent and few other people involved in the purchase of their home.  To overcome this problem, one mortgage company developed a package of information perceived as valuable to the home buyer, so that they would remember their mortgage company too.  Then five years later when they were moving again, they would remember who helped them with their last mortgage, and how to contact them.  Another mortgage company developed an innovative mail program for their customers to keep top of mind for their next move.  It was unlike any other mortgage company’s mail program, and resonated with customers.   

 

Years ago, two drug companies promoting the same product was unheard of, yet one company in the 1980’s hired another company to help them sell their big drug.  As a result, Zantac became the biggest drug in the country and the company made lots of money.  Today that is a strategy that is used at times by many drug companies, but back then it was a blue ocean strategy. 

 

Working with people in various industries, we sometimes borrow something which is a standard marketing practice in one industry and use in another industry where it has not been used in the past.  Sometimes, this turns into dramatic results. 

 

We have also used strategies which had been successfully used in the past, and then stopped although no one could remember why.  What is interesting is that their competitors did the same thing – successfully used the strategy, then stopped. 

 

Look at your business and sales and marketing strategies utilized today, and think about what you could differently.  Are you happy with the safety of being close to shore, or are you ready to try something different?  What’s your blue ocean strategy? 

 

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A Guaranteed Way to Get More Sales (Really!)

Business Marketing Consultant New Haven and Fairfield CT

Would you like a guaranteed way to increase your sales?  The business principle of getting more of what you want by measuring it may be the answer.   As simple as it sounds, if you measure what you want, you will increase your chances of getting it, and will attain it faster than if you did not measure it.   The saying is that you get what you inspect.  As with many business rules, it is the application of this rule that is the key in determining your level of success. 

Sales performance is a good example of how to apply this principle.  It is not just the final results, such as number of sales closed or dollar amount of sales that you need to measure.  You also need to measure your performance in the interim steps to reach those goals, which are the drivers of your sales success.   

There is a five-step process to do so: 

  1. Determine the metrics, i.e. sales drivers, for your business 

  1. Continue your sales activities 

  1. Test and measure your results in each driver over time, versus before starting the strategy (baseline) 

  1. Adjust sales activities as needed 

  1. See how much your sales increase 

Examples of sales drivers for your business may be: 

  • number of members of your target market who you contact 

  • new (unqualified) leads generated 

  • number of (qualified) prospects that progress to the proposal stage 

  • how many proposals you write  

By doing so you will improve your results in both: (A) number of closed sales: & (B) dollar amount of closed sales. 

The reasons for this are not magic.  They are a combination of psychological principles rolled into one strategy.  This works so well that I call this one of the few guarantees in business.  By measuring your performance in sales drivers specific to your business, you are guaranteed to increase sales over the long term, all other factors being equal.  This works because you get what you inspect.   

Start trying this strategy on your business and see how much your sales increase over time.  Why wait?  Start increasing your sales today! 

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Mailing Programs-How Many Waves are Enough?

The short answer is – it depends. One thing is for sure, mailing out one piece of mail to 3,000 people is far less effective than mailing out three waves of mail to 1,000 people. You may even need far more than 3 waves per person depending on a number of factors, such as complexity of your offer. Test and measure each wave to learn what your response rate for each, then calculate your ROI to determine how much profit you made from each wave and your overall program.

Using a unique code for their responses will help you determine which wave sold your prospects. If the third wave is the most effective (and is profitable) try another wave and continue to do so until your response rate goes down. Also, it is not necessary to change the mailer every time. Sometimes sending the same mailer multiple times produces better results than changing the mailer. The key is to test and measure. If your mail program continues to be profitable, and you have the marketing dollars available, keep doing it. Have fun with it while you are making a profit. What is better than that?

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