We are going to embark upon a journey through the world of e-myths, and debunk them, to help you avoid falling into the e-myth trap.
First, let’s take a minute to talk about what an e-myth is. An entrepreneurial myth, or e-myth, is an assumption that anyone can succeed at business with:
• Some capital
• Projected a targeted profit
This sounds great, but it just not realistic. Think of starting a business as a marathon. Sure, everyone starts out of the gate at record pace, but after a few miles people start slowing and some drop out entirely. Building a successful business takes stamina and agility. The reality is that there are many different facets to a successful business and none of them can be ignored if you plan to find success.
Let’s take a minute to talk about entrepreneurial seizure. This defines the roller coaster of emotions that comes with starting, nurturing, and the potential failure of a business.
The emotions that occur, in order, are:
• Sense of self-loss
This is usually caused by the e-myths and assumptions I talked about. You can get your hopes so high on instant success that even the smallest lag and you are sent into an emotional tailspin. This is also brought on by the stark realization that you can’t do it all and will need help in the areas where you don’t have the knowledge, experience, or expertise. Now, faced with limited choices you may feel like you need to back out and hide, but don’t do this.
Use our GUIDED TOUR and then contact us to discuss getting the business coaching you need to avoid feeling overwhelmed and defeated.
It’s extremely important to build partnerships with your vendors and those around you who can refer new customers/clients and help increase awareness of your company and branding.
The people you work directly with on your products and services can also benefit substantially when you find success. By taking the time to build relationships with them, you’ll find a whole host of opportunities you didn’t realize were there.
Look for great ways to offer your vendors rewards for helping and supporting you grow your business so everyone can win. One of ways you can do this is by offering to reward them with longer term purchase commitments like 3, 6, or 12 month purchase orders. This can truly create a win-win because you have shown your commitment to your vendor and they can probably offer lower pricing because of the business security you have given them.
Here’s the step-by-step process to putting together a partnership with a vendor:
1. Approach all the vendors you work with and ask about pricing commitments for long term relationships and if there are pricing tiers based on volume purchased.
2. Put together a purchasing plan and look at the pricing and profit margins from their perspective as well as your own. Work closely with them on the numbers.
3. Develop a clear, concise, and easy to track metric that can be used to increase competition between vendors and therefore higher performance levels and lower prices.
4. By ensuring subsequent sales instead of focusing only on the initial sale, you can build a true partnership with your vendors. With pricing tiers you can give away more of the profit from the initial sale to your vendors and make higher profits off the back end purchases. Engage with the vendor on strategies such as:
• Future sales
• Upsell better and more profitable products/services
• Cross-sell to additional products
5. Create long term, lasting, close relationships with your vendors and suppliers to ensure they will be there for you, and you for them, in the future.
Think of all the vendors you work with and the creative ways you can nurture a relationship that entices them to be part of your business. Use their talents, capabilities, and connections and you’ll both be winners.
Putting together an vendor management plan doesn’t have to be a complicated process. Use our GUIDED TOUR to come up with some great ideas and put your incentive plan together for maximum results.
Today I’d like to talk about how to turn prospects into customers and retain them to be reached by future marketing campaigns. While your marketing is doing its job, you need to be working on turning those prospects into customers. There are a few key ways to draw them in and seal the deal. You need to be:
The biggest fear of most new customers is the dreaded buyer’s remorse. You want to avoid this at all costs and it can easily be mitigated if you’ve provided a quality product or service that delivers on the marketing claims you’ve made.
However, the remorse can still occur. There are two ways to deal with this:
• Offer to refund money-no questions asked
• Offer a bonus they can keep even if they return the product
These offers alone can mitigate buyer’s remorse because the customer will trust you more just for offering these things. There are number of other ways to turn a prospect into a customer:
1. Offer a special price as an opportunity for you to test the market.
2. Offer a lower price with the reason of pushing inventory to pay a tax bill, for your kid’s’ braces, or another tangible reason. Customers love that this makes you feel so much more human.
3. Offer a referral incentive.
4. Offer a smaller, more inexpensive product first to build trust.
5. Offer package deals.
6. Offer to charge less for their first purchase if they become a repeat customer.
7. Offer extra incentives like longer warranties, free bonuses if ordered by a set date, etc.
8. Offer financing options, if applicable.
9. Offer a bonus if they pay in full.
10. Offer special packaging or delivery.
11. Offer “name your own price” incentives.
12. Offer comparative data or other comparison tools.
13. Offer a trade-up or upgrade to something they already have.
14. Offer additional, educational information to help them make the decision.
The options really are as limitless as you make it. You can use these or other ideas to find what works the best for your business, products, or service and then target market.
“By making it inviting, easy, informative, non-threatening, educational, inspiring, and fun to do business with you, you’ll loft your company above the competition.” Jay Abraham
Need help with figuring out the best strategy for converting prospects into customers? Our GUIDED TOUR gives you exclusive access to the mountain of resources and tools, along with information from some of the greatest marketing minds on Earth.
Today I’d like to teach you about the three most important start up marketing tools you need to get and keep new customers.
- In person: It’s essential you meet with customers/clients in person whenever possible. This shows you respect them and take the time to work with your clients to give personal attention to each of them.
- Follow up letter: Always take a moment to send a follow up letter about what you talked about, new agreements or partnerships made and to thank them for taking the time to meet with you. Likewise, you should always send thank you letters or small gifts to partners you find success with.
- Phone call: Use a telephone call to follow up with them to talk again about the matters you talked about in your meeting and offer any assistance you can to help their business run smoothly and more successfully.
None of these will work if you don’t have a quality product/service to back you up!
Here are the key steps for putting together your start-up marketing tools:
- Research potential customers, buyers, competitors and their preferred methods of distribution.
- Talk to potential customers. Take a hard look at your product from a customer’s perspective and see what it needs to be successful.
- Follow up with your 3-step process from above.
- Develop systems for contact follow through, quality control standards and customer service.
- Develop post-sale follow up system to keep lines of communication open is customers and build on your current relationship which increases future purchases.
“Marketing and innovation produce results; all the rest are costs” Peter Drucker, management consultant
Here’s another one I love from an icon:
“If there is any one secret of success, it lies in the ability to get the other person’s point of view and see things from that person’s angle as well as from your own.” Henry Ford, Founder of Ford Motor Company
This lesson has offered you the tools to put together a start-up marketing plan that can be used over and over again to help your customer base and business grow in a manageable way. The tools offered in our FREE test drive offer these very same things.
Today you’re going to learn how to find a target market of potential customers so you aren’t wasting precious resources on blitz marketing. So, the two questions you have to ask yourself are:
- What do people really want to buy from me?
- What related products are they already buying?
Once you figure this out you will know who is more predisposed to purchase your products/services. Then, you find other businesses with the same customer base who you can customer share with. Come up with an incentive and great arrangement to encourage both of your customer bases to shop at both of your stores.
The basic concept is this:
You want to find existing businesses who have the customer profile that you are looking for to market your products/services to.
Then strike up a relationship with those business owners to work out an incentive for customers to purchase from both businesses.
As a result, you have an audience to market to and they generate an added value from their current base.
So, how do you figure this out? There is a great formula from Jay Abraham you can follow with great success.
LV = (P x F) x N – MC
Here’s what it all means:
- LV is the life time value of a customer
- P is the average profit margin from each sale
- F is the number of times a customer buys each year
- N is the number of years customers stay with you
- MC is the marketing cost per customer (total costs/number of customers)
Once you know how much you need to spend to attract a new customer, you will know how much of an incentive you can offer to a business to help attract new customers.
So, here’s your step-by-step process:
- Find companies who already have the customer base you are looking for.
- Negotiate an incentive for them to share that customer base with you.
- Focus your marketing resources to this group of predisposed customers.
If you need help working through this process, check out our FREE test drive for the most comprehensive system of marketing tools and resources.