Archive for May, 2008

Measuring Marketing Sales Success

Measuring Marketing and Sales Success

1. Successfully implemented programs result in measurable results.
2. Price based incentives attract price sensitive buyers
3. Loyal customers will switch to the vendor with the lowest price
4. Create programs that increase profits
5. Profit is the only true measure of success.
6. Most effective programs let people make multiple commitments

Offering Rewards in Sales and Marketing

1. Reward your sales force for expertise
2. Reward your customers for loyalty
3. Reward new customers for saying yes

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Referral Marketing Network

It is best advice companies to pause periodically and analyze their business, refocus on their mission and philosophy. In business, a constant supply of information to achieve success is key. Staying aware of trends, issues and keeping up with rapid economic and technological change to become and stay competitive is highly important. Information within your network consists of your most knowledgeable sources as well as people who can provide you with knowledge and expertise you need to run a successful business.

It is next to impossible to keep up with all information on your own. There is simply too much and your own inclinations and time limitation will most likely steer you toward some kind of knowledge causing you to neglect others. You will discover that your skill sets will be strong in marketing but weak in legal, personal affairs. The knowledge that you lack is always someone elses specialty which is a benefit so that you are able to rely on other’s for assistance.

Building a referral marketing network based entirely on the sales you make through referrals is a successful goal to attain. Referrals are your most profitable network and the only way to get them is through other people. Not all referrals result in business. Savvy business professionals know and cultivate their likely referral sources to obtain the largest number of high quality referrals.

Only people who believe in you will only go to such lengths to promote your business. It is people who believe in your products or services who can do the most in recommending referrals. Ideas for intensifying your network creates a stronger network. When we tend to overlook or ignore a potential need, it later becomes a pressing need. This is basically human nature and you are usually too busy to think about emergencies that may not occur.

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Referral Marketing Process

By allowing people to send you referrals as an end result goal your clients must know specifically what you do, what product or service you provide and make, how and under what type of conditions you are providing, how well you do it and in what ways you are better at what you do than your competition. If you have the ability to effectively communicate this information to your sources you must also possess the ability to know the same things.

When putting together your referral marketing campaign, ask yourself these following questions in trying to get a clear picture of where your business stands today.

Why are you in business?
What do you sell?
Who are your customers?
How well do you compete?
What is your business mission?
Where is my organization going?
What environment is my organization operating in?
What are my core competencies?
What is it I like to do?
What is the purpose of your product or service?
What needs does it satisfy?
How would you describe it?
How is your product or service delievered to the customer?
How much does it cost?
Under what conditions?
What is your target market?
Who are your most likely customers?
What do your customers come to your for?
What is your area of expertise?
What segment of your business gives you the most pleasure?
What segment of your business gives you the most profit?
How do you differ from the competition?
Are your prices and costs competitive?
Do customers who compare costs come back to you?
Do you compete effectively in terms of product or service quality?

Know your Products and Services

Prospective customers buy from you the first time because they have been referred by your personal sources. They continue to buy from you because they trust you and develop a good working relationship with you. Customers are your customers for a reason, because they need your products and services.

Know your Target Market

Your target market is a specific set of customers whose needs you are trying to meet. Instead of trying to sell your product or service to everyone in a market, you should aim your message toward those who have greater potential need or desires for your product or services. Knowing who your customers are is key, having good practice to step back now and then to reevaluate in perspective your assumptions.

Know your Competitive Position

To find out how you stack up against your competiton, take a little time to analyze your competitive status. By doing so, you will understand your unique selling position, how your company is different and how you can position yourself for the best competitive advantages. Conducting a competitive analysis is mostly just good business sense.

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Staying Motivated in Sales

Staying Motivated in Sales

Common Failure Mistakes

1. Giving up too soon
2. Good prospects will say no several times before they say yes
3. Quitting too soon

80% of customers say yes after the sixth call

Why People Fail at Sales

1. They don’t want to sell
2. Confidence, lack of
3. Expecting perfection
4. Circles, getting stuck in cycles
5. Not having what they want

How To Stay Focused

Release, letting go of the feeling
Notice, sit back and be aware
Respond, make a choice of what you observed
Witness, look at everything from a different perspective
Repeat, repeat the process until you have no emotional attachment
Business is getting the work done

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Strategy Plan Development

For many companies, utilizing appropriate time frame and commitment responsibilities to complete an Internet Marketing Plan can be challenging. An appropriate marketing plan is vital to any company’s survival. Your marketing plan provides you with strategy. As future opportunities arise or your business environment changes, the objective and strategies in your marketing plan will point you toward the best action that you will later chose to implement.

Without developing an Internet Marketing Plan for your company website, you risk becoming unfocused in your company’s marketing efforts.
To be most effective in strategy planning, an Internet Marketing Plan should be in alignment to your company Business Marketing Plan. By aligning online marketing with your offline efforts, you can better achieve overall company objectives. Additionally, you will present a consistent style and message across all points of contact within your target marketing audience.
The specific focus of an Internet Marketing Plan should be based upon your present website as well as future goals for your company. If you already have an online web presence, your plan can focus strictly on marketing specific issues – how to most effectively market using your existing website. If you have a website that needs improvement, your plan should incorporate enhancements into the site’s design in conjunction with marketing activities (While you may not think of these enhancements as “marketing”, in this case, they are instrumental to development of an effective marketing plan.). If you do not yet have a site, you can create one while developing your Web site marketing plan, with your plan focused on launching the website.

In any case, remember that your objective, marketing strategies, and tactics will change over time as your situation and focus change. This is a process, and one that takes time and patience as your business grows to make further changes to your plan.

Elements of an Internet Marketing Plan

A Web site Internet Marketing Plan is similar to a business marketing plan, but with a narrower specific focus. Completing a marketing plan includes developing sales strategies and tactics (also called marketing action plans) that, when implemented, will help you reach your marketing objectives. Plan first, then later implement. Objectives, strategies, and tactics are each progressively narrower in specific scope.

The objective of an internet marketing plan addresses the “big picture”. In general terms, your objective answers the question “How will I overcome my main marketing challenge(s)?” If your company’s main site related challenge is figuring out how to use your Web site to help build new client business, for example, an objective for your internet web site marketing plan could be “To enhance online client service as well as build site awareness and interest with clients.”

Internet Marketing Strategies support your business objectives. Your strategies define the general approaches you will take to meet your objective. For example, internet marketing strategies to support the above objective could include following:

- Improve online communication, information, and education,
- Build site awareness of and interest in your company on the Internet
- Communicate the Web site’s existence and advantages to existing clients.
- Developing strategy and tactics are where the action takes place.

These are the things you will do to bring your strategies to life.

Tactics for strategy could include the following:

- Sharing experience in your industry – emails, Internet, communication
- Listing/submitting your site to targeted search engines and directories.

A well written website marketing plan can help you save money by avoiding unnecessary or impulsive expenditures. By planning ahead, it will be easier for you to decide what works for your business, what fits your budget, and what reaches your audience. Your Internet marketing plan will keep activities and budgets on track year-round.

Developing a well planned Internet Marketing plan will provide you with an effective template that you can derive from in later implementation of the execution of your strategy. Through developing such a plan, you will learn of the process and how to later refine your strategy in the future.
The “lack of a comprehensive Internet marketing plan can lead to dramatic repercussions, not the least of which is a fall-off in sales.”

You may not be tapping all possible means of reaching your audience, resulting in lackluster sales. Having an Internet marketing plan can also help prevent important communications activities from falling by the wayside during even during the busiest times of the year.

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Systematic Referral Marketing Points


Systematic Referral Marketing Key Points

1. Display Literature and Product
2. Distribute Information
3. Make an Announcement
4. Invite to Attend Events
5. Endorse Products and Services
6. Nominate for Recognition and Awards
7. Provide You with Leads
8. Provide You with Referrals
9. Make Initial Contact with Prospects
10. Introduce Yourself to Prospects
11. Arrange a Meeting on Your Behalf
12. Follow Up with Referrals
13. Publish Information
14. Serve as a Sponsor
15. Sell Your Products and Services

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Understanding Buyer Behavior


Understanding Buyer Behavior, Suggestions In What Not To Do:

1. Unable to explain products
2. Too scripted of a pitch
3. Background noise
4. Interrupting the person
5. Refusing to end the call
6. Poor communication
7. Throat clearing
8. Behavior and manners
9. Long, convuled voice mail
10. Calling at a bad time
11. Not taking no for an answer
12. Promising, undelivering
13. Placing person on hold forever
14. Automatic hold

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Adding Product Value

Adding Value To Your Product At Little or No Cost

Analyzing Products, Consumer Buying Through The Web

Product A

- Site loads slow
- Cost is $50
- Flash Entry About 4-5 Seconds
- Information is Quality
- Banners For Product Load as Ads

When you analyze a website like example A, you are only noticing that the product cost is effective enough to profit. Most people that are promoting a product with this type of example are missing out on a great opportunity by not understanding the importance and concepts of adding value and respecting site visitors. This website obviously shows a lack of respect by having its website load slowly to its visitor. If a website fails to maintain credibility then it will most likely fail to attract visitors and customers.

Product B

- Site loads quickly
- Cost is $100
- Information is Quality
- Pop Up Banners Appear, Casino Ads, etc.

When you analyze a website like example B, you are seeing that by having a fast site loading there is respect earned in the waiting time to entry for its visitor. Poor banner ads are negative with loss of diverting customer interest visually with too much pollution.

Product C

- Site loads quickly
- Cost is $200
- No Pop Up Banners
- Extras product features are displayed
- Testimonials and credibility

When you analyze the final sample site C, it provides greater profit for the seller and provides greater value to its buyers.

When analyzing this example, it may seem quite simple however the message that is most important to remember that failing to practice the given marketing principles will result in reaching an unsuccessful impact in your bottom line marketing efforts. By doing so, you will sell more products and services at higher prices with greater results in profits and service.

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Three Part Support Systems

Three Part Support System

What is a network for?
How do you get advice and help when problems arise?
How do you gather the information you need for making important business decisions?
How do you identify your markets and locate potential clients?

Comparison to larger organizations, which in part meaning these type of organizations usually have a formal structure, a management team that meets regularly to oversee and approve key activities and changes before other memebrs of the organization implement them. Its purpose is to ensure that sound decisions are made to facilitate communication and teamwork as well as protect assets. A typical management team might include the heads of the legal, marketing, personnel, operations, security and finance departments.

In small scale business, you don’t have the build in resources to form your own management team. What it is you do need is the functional equivalent of a management team. Having a network is a systematically and strategically selected group of people whom you can call on when the need arises. It is a diverse, balanced, powerful system of sources that will provide referrals, information and spport in key areas of your business or profession.

Systmatic Approach

1. A more manageable approach
2. Diversified balanced support team
3. Overlooking cost effective sources
4. A was to assess strengths and weaknesses
5. Ease of finding, remmebering and accessing sources

Building Networks

1. Categorize your network members
2. Identify your network members

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Systematic Referral Marketing

Systematic Referral Marketing Tactics List

Budgeting for referrals means allocating your time and your money. Systematic referral marketing requires careful planning. You need to be able to budget the time and money you will need for your Referral Marketing Plan.

Scheduling Tactics

1. Spread out contacts
2. Link new contacts
3. Stick to your plan
4. Make each contact lead to the next
5. Schedule predictability
6. Budgeting and allocating costs
7. Set up a calendar
8. Estimate total funds available
9. Determine funding per contract
10.Determine number of contacts per source

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