For the past several weeks we’ve been talking about various ways to increase your bottom line and create more income for your business. Today we’re going to talk about leveraging your marketing dollars. You’ll start by gathering data about where your current clients and customers are coming from.

Do a thorough FACTUAL analysis of where your business comes from and what those sources actually cost. Because your mind can mislead you, don’t base your findings on what you think are the sources of business. Really check and verify what it is exactly that brings you business. In my work with hundreds of business owners over the past fourteen years, this kind of factual analysis almost always offers happy surprises.

Here’s what to do with the results:

1. Put more resources into the strategies that are shown to give you better return on your investment.
2. Eliminate less effective strategies altogether.
3. Carefully invest 10% -20% of your budget into new media that you have not yet tried (such as postcard mailings, endorsed mailings, internet advertising, “pay per click,” and/or online social networking sites.) Let your vendors know that if you get good results you will increase your budget. Negotiate the best deal and then negotiate a little more.

Important: You must monitor the results of EVERY new action you take, and measure the effect of those new actions on your bottom line. This is always a good idea, but is critical when market forces are putting pressure on your business. Every dollar AND minute counts.

Feel free to share with me by leaving a comment below ways you have found to leverage your marketing dollars.

In an established business with consistent sales, many small improvements to the sales process will almost always yield better bottom-line results than a dramatic, expensive marketing strategy. That is because there is almost always room for improvement to raise closing ratios, shorten the sales cycle and/or increase the size or frequency of the purchase. At little or no cost these gains then translate into better results for all your marketing efforts.

Setting targets and then deliberately implementing improvements to each part of the sales process will effectively leverage every marketing dollar you spend.

A client of mine – I’ll call him Jim — is an insurance agent who first came to me to find out how to increase his income, and wanted my help in finding more prospects so he could reach his higher income goal. This is a common misperception: that increasing the NUMBER of prospects is the ONLY way to increase personal income.

In Jim’s case we did a thorough inventory of each part of his sales process and together we determined what type of improvements could give him the most leverage.

We set new goals for select parts of the sales process that represented very small improvements in outcome. So for example, we set a do-able target of two additional appointments per month for his phone work. As a consequence he went from ten opening appointments to twelve appointments.

Then we got to work enhancing his number of second or follow-up appointments. His average was good, about 76%. By having Jim listen to an excellent sales training audio and implementing some of the methods suggested, he increased his numbers by a few percentage points and enhanced his closing ratio.

Jim was already a good sales person but he was open enough to learn a few simple ways to make his closing easier and more conversational. He practiced and applied these methods, and added percentage points of success to his closing.

Next we added 20% to all his product recommendations, so that when he DID close, he had a slightly higher commission on the sale.

Now, notice the pattern.

It would have required a lot more time, money and energy to create those same results simply from marketing and attracting new prospects into the fold. Instead we focused on incremental gains in four areas…

With four minor changes to his existing process his monthly average income went from $15,300 per month to $28,546.

What small changes could you make to your existing sales processes to bring in an additional 4 or 5 figures this month? Please share with me your successes or questions by leaving a comment below.

What’s the one thing you can’t afford NOT to pay attention to during these lean economic times?

Lead Preservation.

Leads are equivalent to a food source in the wild.

Imagine roaming the wilderness, hungry and searching for food. Suddenly you come upon an apple tree with a few crisp, ripe, delicious juicy apples and hundreds of small unripe fruit.

What would the value of that tree be to you? How would you treat it? Would you leave its protection and care to the least experienced person on your team? Would you casually walk away, and do your best to “try and remember” where the tree is? I don’t think so.

Most likely you would immediately entrust the tree’s protection and care to the most experienced, reliable and competent member of your party. You would make sure you knew exactly where it was and you would periodically check to make sure that that tree was given all the care it could possibly need.  And you wouldn’t let the ripe fruit fall and rot on the ground.

That is how to treat your leads.

You can’t afford to carelessly lose or forget any of them – especially when times are lean. But many people do. They meet a “ripe” prospect on Friday night and by Monday they are forgotten. Then in six months when you are cleaning out your purse, wallet or briefcase, you find their business card and it is too late because they are already doing business with someone else.

What’s your biggest struggle when it comes to lead preservation? Please leave your comments and answers to this question below.

If you wanting to brand yourself in any way then its important to always be aware of what is being said or written about you. Google Alerts is a free tool that is super easy to use and will help you keep up with what’s being said about you. Here is a list of things you should set up alerts for:

• your name
• your twitter id
• your company name
• your blogs name
• your product names
• your employees or clients names
• your clients companies
• your competitors
• your competitors’ company name
• your competitors’ products
• industry news
• industry blogs
• industry keywords

When tracking industry keywords think about using this content for future blog posts, articles or newsletters. It helps to use advanced search operators to help you narrow your searches.

For example if you were a commercial Realtor in Miami then you might want to create an alert for [Commercial Real Estate+Miami] so that you got information only about Commercial Real Estate in Miami. You’ll have to play with this feature a bit but after a few tweaks it can prove to be VERY powerful information.

Google Alerts is also great for learning that you’re NOT being talked about. While this can be painful to realize it is an important indicator of your online marketing efforts. One of the quickest and easiest ways to get people talking is through the use of social media like Twitter, Facebook or Blogs. On Thursday, March 25 I’ll be sharing the Secrets of Social Media Marketing that independent professionals, authors and coaches must utilize in 2010 to stay ahead of the competition. Will you be joining us?

To Your Online Success,

Mande White

Founder, FreeSocialMediaHelp.com

Social Media Advisor for Priority Living Systems

Connect with me:

I heard a nice quote about profit margins the other day…”Gross is for Vanity and Net is for Sanity”. Kinda cute huh?  So in today’s post I’d like to explore 5 ways you can increase your bottom line or net profits. After all its easier to squeeze more money from current income streams than it is to go about creating new one.

1. Get to know your customers & their preferences. As best you can, offer things that they are interested in. (A client interview can help you find that out easily.) You can use this information to segment your mailing and emailing lists, and match special promotions to people that are most likely to buy what you have to offer. Matching the offers to the list-members will save you time and money, and make your offers more interesting and compelling to your customers.
2. Focus on tangible transactions and/or tangible benefits rather than concepts. Remember that when market forces put you in survival mode, most of your clients are ALSO in survival mode, which means they need to better justify their purchases as needs rather than wants. This is easier to do if the benefits are tangible. (If you are selling large flat screen TVs, for example, concentrate on the benefit of more enjoyable time at home – versus going out and spending money—rather than the prestige of having the best TV in the neighborhood.
3. Develop Niche Markets – Be really specific about who you can help.
   
4. If appropriate, dress your product as an affordable luxury
5. Target industries that prosper from economic downturns and/or those that are less vulnerable to economic conditions such as:

• debt collection firms
• attorneys
• healthcare and medical services
• debt consolidation/ credit repair services
• process servers
• discount retailers
• court reporting agencies
• repair services
• security-related services
• accountants
• staple goods manufacturers and distributors
• companies that service essential government contracts
• insurance services

See how many of these 5 you can start implementing this week. Please leave a comment below and let me know your question or keep me updated on your successes!

Coaches are USUALLY behind the scenes, kind of like a movie director.

When Apolo Anton Ohno set a world record for most medals won during a Winter Olympics, one of the commentators made a important observation: Ohno’s success in the 2010 games was no coincidence. And it wasn’t simply the result of hard work.

Since the Turino games, Ohno had reached out beyond what he had done before by hiring not one, not two, but several coaches to help him improve his skills, his performance, his state of mind and his endurance. Ohno hired nutritional coaches, sports performance coaches and skating coaches. As a result he stuck to his plan and grew into a version of himself that broke through his previous performance barriers.

This is an important reminder…

*Being passionate and committed is good, but it doesn’t get you the gold.*

To really make the most of your potential, to become the best version of yourself, you need a personalized plan and workable strategies to consistently improve performance.

As importantly, you need objective feedback and expert guidance from someone who has no hidden agendas or ulterior motive — and who knows exactly what to look for when evaluating your progress.

This is true of Olympic coaching, and especially true of Success coaching.

Of course, not everyone has the drive and determination to achieve outstanding success. But if you know anyone who does, they can certainly benefit from having a proven coach on their team.

Here’s what they (or you) can do: Pick up the phone and call my office at 954-587-8873 for an honest conversation to explore the process and possibilities.

To your success,

Mandy Bass
Priority Living Systems
954-587-8873

Dynamic growth in an organization works like atomic energy.

It takes only a MINUTE particle to create a potent process, a chain reaction that releases an enormous amount of energy. The momentum is dramatic and unstoppable!  But guess what! Your business works in the same way.

If little problems are left unsolved it can create an explosive chain reaction that can literally destroy the business.  On the other hand, you can make the exact same principle work for you in a dynamic, productive and positive way. Splitting an atom can create a nuclear blast, or a nuclear reactor that provides millions with electricity. The SAME force is at work.

One SMALL strategic change — even a slight improvement– when applied consistently, can create a powerful chain reaction that releases energy, time and money — for you to use however you want.

Remember…

• Always begin with small changes and then test for results.
• The only way to know if your improvements are really working is to analyze actual results. Not feelings, but real numbers. And those results need to be compared against something. Have before AND after numbers to compare.
• Don’t fall in love with your own ideas — ‘Feelings’ and ‘beliefs’ about what works, are often proved wrong when you look at the facts. Keep good records so you can assess what really works and what does not
• If you make a lot of improvements at the same time and look at overall results, how will you know which of those changes are actually working? Make one change at a time, check the results before moving on to the next thing.

What small change can you make in your business this week that will help catapult you to success in 2010? Leave me your thoughts below!

Do you often feel like you don’t have enough time to spend on marketing activities? Are you lost as to where to start?  Here are 5 quick tips to help you leverage your marketing efforts.

1. Focus your efforts on people who are already predisposed to buy from you instead of wasting your time on long shots.
2. Wherever possible, automate your regular client/ prospect contact. You can use email delivery, teleconferences, postcard follow-up, robo-calling (recommended for reminders or announcements — not for hard sales pitches) and phone texting. When necessary, be sure to get their permission before you start contacting them in these unusual new ways. Not sure you need their permission? Ask for it anyway.
3. If you are going to leverage your marketing dollars into untested media, proceed with caution. Find strategies such as Google Adwords that allow you to measure and test different approaches, while putting a cap on your outlays.
4. If your competitors are retreating, this is a great time to gain market share. Work on building relationships and keep in mind it is often quicker, easier and more cost effective to “buy” business than to build it. Can you buy up or buy out competition?
5. Get ferocious about gaining visibility. Position yourself as an expert in a specific area in your field. Offer yourself as a speaker to clubs and organizations in your target market. Seek opportunities to be a guest on radio or television. Use press releases and press announcements to highlight your expertise. Sign up for Free Speaker Bureau
   

Think you can easily implement some of these?  If you have any questions or comments please leave them below!

Current economic times call for creative thinking.  To help get your juices flowing, here are 8 questions to ask yourself about your current product and service offerings.  Taking 15-20 minutes to answer these questions might help you come up with a new 5, 6 maybe even 7-figure income stream.

1. Can you offer a budget-type option?
2. Can you use letters instead of expensive brochures? (Usually they are more effective anyway!)
3. Can you bundle services to create better value?
4. Can you make your product or service more tangible?
5. Instead of lowering prices, can you offer payment plans?
6. For what tangible reasons should your customers spend money with you NOW? Are those reasons stated succinctly and clearly in your marketing material
7. Who can help you? Get yourself into a good Mastermind group made up of rainmakers in different industries and/or create a board of advisors or people you admire who can become your advocates. As much as you possibly can, be their advocates as well.
8. Who targets your niche market and offers complementary services? Make a regular habit of networking with people who offer complementary services. Doing this continually will keep you aware of opportunities in your field AND alert you to opportunities you can share with others in your network.

Did that spark any creative ideas? Leave me your thoughts below.

DESPERATE FOR MORE SALES RIGHT NOW?

If you are desperate for more sales right now, here is a quick strategy to generate business.

Get a list of all the people that have done business with you in the past two years. Rank them in order with your best customers at the top of the list. Call the top 20% (or if you don’t have very many people on the list – call everybody!) and use this client interview:

The Client Interview

A quick fail-safe strategy for generating business – guaranteed. Select the kinds of clients you would like to clone and conduct a five to ten minute client interview.

The Set Up

You can set the tone for your interview with something like this:

“We are working very hard to grow our business this year and one of our goals is getting more customers/clients like you. Naturally we would really value your input and I wonder if you would mind taking five minutes to answer a few questions?”

Dos and don’t s

Give people time to answer the questions thoughtfully – don’t jump in and put words into their mouths. For best results, use the questions exactly as written:

1. Why did you decide to start doing business with me/us? (This is an important question that reinforces your customer’s decision to work with you.)
2. What do you feel are the strong points of my/our business/practice/service? (This question serves two purposes: it reinforces your strengths in the client’s mind and it elicits why people buy from you. You need to make sure you are communicating these strengths to all your clients and prospects)
3. How do you describe my/our practice or services to your (associates, co-workers, friends or acquaintances)? Note their answer, and then add your own description. Have a one sentence statement ready – one that is concise, easy to say (and repeat!) and is client-focused. Let them know how you describe your business.  (I will cover this specifically in another blog in a few weeks)
4. What changes would you recommend? This gives your customers an opportunity to air their complaints or concerns. And it gives you the opportunity to resolve problems before they threaten your business.
5. Either or both:
   a.  Which of these products/ services would you like to know more about? (Give them a short list of products or services you provide that they have not yet bought from you.)
   b.  What additional services or products would you like us to offer?
6. If you were not doing business with me, with whom would you be doing business? (You need to know who your competitors are so you can consistently communicate your strengths and give reasons why you are the best choice.)
7. Why is that?
8. What things should I be doing to attract more clients like you? (In addition to getting good ideas, customers will often come up with ways they can help you. You will also plant a referral seed in their mind with this question.)
9. Is there anything else I need to do for you to feel comfortable about introducing me to your (choose appropriate combination: advisors, vendors, competitors, clients, friends or family members) who could benefit from our services?
   a. If they are comfortable about introducing you, ask “Is there anyone you know that I should be speaking to now?”
   b. If they have indicated that they are not comfortable introducing you, ask if they would be comfortable introducing you once you’ve handled their concerns about referring you. After you correct the problem(s) let them know personally that you have done so, then ask questions 9 and 9a again.

You will be amazed at how quickly these questions will generate referrals and create new business from existing customers. It also gives you invaluable feedback for improving your business process and your marketing efforts.

To Your Success,

Mandy Bass

Priority Living Systems