The 4C's of Social Media Marketing

For serious entrepreneurs and business owners alike, social media marketing should be all about the 4C's ...

1. Content
2. Connections
3. Conversions
4. Cash

It starts with knowing your targeted customer profile and how to reach prospective buyers through your social media marketing activities. Rich content will help you get the word out and draw the intended audience to your social media sites, drive additional traffic to your web site, and help you establish key connections that can be converted into cash.

For entrepreneurs and business owners in the growth mode, the focus should be on tapping into the viral marketing capabilities of social media to build a stronger brand presence, cultivate key strategic partnerships, open new markets, launch new products and services, and acquire more customers.

In this broader context, social media marketing should be more about following the money and building profitable relationships on all fronts, and less about how many followers and friends you have on Twitter and Facebook.

To fully capitalize on all aspects of social media to grow your business, you should engage a social media expert. A social media expert can help you design a plan that is right for your business, and then work with you to develop targeted content, programs and offers to reach those new prospective buyers through social media.

Keep in mind, whether its social media or any other media, the 4C's should be the focal point in reaching the end goals for any business - more customers and more revenue.


COPYRIGHT © 2010 John Carroll

Five Tips to Help You Sell With Purpose

Today's selling environment is much more challenging and complex than it has been in our history. Buyer's are highly educated, and the Internet has opened up vast reservoirs of information to the consumers and corporate decision makers to enable them to be better informed when making purchase decisions.

To be effective in selling to a more sophisticated, well educated and informed buyer, you must match or exceed the buyer's level of knowledge of the products and services you are selling, and be able to articulate how they will directly benefit them and their organization. You have to be able to sell with purpose.

Here are some tips to help you prepare for that all important first call to a key prospective client to enable you to sell with purpose.

Have a solid plan. You only have one opportunity to make a good first impression, so come prepared with an agenda of topics that are "top of mind" to the prospective client. Make sure to review the agenda with the prospect prior to your first meeting to get "buy-in" and ensure alignment with his/her expectations.

Do your homework. Learn as much as possible about the prospect's business prior to the call. Review all of the available resources including the company's web site, annual reports, quarterly financial statements, D & B reports, Hoover's, etc. to gain knowledge of the business.

Bring something to the table. The best way to build credibility with a prospective new client is to be a problem solver. So, focus the discussion on the known areas of the prospect's business your product or service can deliver the greatest value in solving a current problem or need.

Find an internal champion. Find an internal champion who can help you navigate the decision making hierarchy, provide you with a grass roots perspective of the company's culture, business operations and challenges, and endorse your recommendations at proposal time.

Gain commitment to next steps. Most first calls do not result in a sale, so you need to be able to outline the next steps for the decision maker, and gain his/her concurrence as a part of the first meeting. This will help you stay engaged with the decision maker and keep the sales opportunity moving forward to closure.

The keys to effectively selling with purpose are planning and preparation, consensus building with the key decision makers at each checkpoint, and delivering a solution(s) that adds value to the prospective client's business.

Sell with purpose by being prepared to do business the moment you walk through the doors of the prospective client's office. Good luck and good selling!


COPYRIGHT © 2010 John Carroll

Where Is Your Business Headed?

Depending on whose statistics you believe, 50-75% of all new businesses fail in the first 2 to 3 years. So, if your business is still in its infancy, and your results are lagging, then you should be concerned and prepared to take immediate action to turn things around.

If you look closely at root cause, there are three fundamental reasons for most of these new business failures:

1. Limited resources - i.e. time, people and capital. In a recent focus group we conducted the #1 concern expressed by business owners was time management; having enough time to do all of the important work that needed to be done on a daily basis.
   
2. Focus + planning. Most new businesses try to do too much in the early stages and as a result, stretch their limited resources too thin.
3. No sales and marketing system in place to grow the business. This impacts the two biggest revenue drivers - referrals from marketing and new sales.

Don't let your business become just another statistic; take the appropriate steps necessary to put your business on the right track.

Here are some recommended corrective actions to consider, if your business is struggling or at serious risk of failure:

1. Get help now. Hire a business coach or turnaround expert to help you identify the areas where improvement is needed, and develop the appropriate recovery plans.
2. Survey your customers. Find out why your customers are not buying, or not buying from you. Fix the things that are fixable to improve results.
   
3. Engage outsource partners to help balance priorities, improve execution and free up your calendar to focus on critical turnaround projects.
4. Put more emphasis and budget dollars into marketing your business. Offer new discounts, special incentives or promotional programs to help drive demand.
   
5. Focus on results vs. activities. Set aggressive short-term goals for leads, sales, new customers and revenue growth.
   

Audit the findings and results from the above efforts on a weekly basis, and make course corrections or changes to the recovery plans in real-time, so you don't lose momentum. Above all, stay focused and positive about the future of your business.

Remember, your business did not get to this point overnight. But with hard work, dedication and commitment you can turn things around. Best of luck to your future success!


COPYRIGHT © 2010 John Carroll

Dear New Business Owner: Welcome To Sales!

It's a very exciting time. As a new business owner, you have spent the past several months preparing to launch your new company. You've written your business plan, consulted with an attorney, accountant, banker, etc., obtained your LLC, had your logo, business cards and brochure designed and printed, and your web site is ready to go live.

Now it's time for the fun to begin ... it's time to announce your arrival, and go sell something. So, who is responsible for sales in your bright shining new business? Oh ... that's probably you, isn't it? With all of your hard work and preparation up to this point, how much time have you devoted to sales training to help prepare you to successfully sell your product or service?

The small business owners I speak with devote little or no time to sales training, and most do not have a sales background. They know a great deal about the inter-workings of the business and their product or service, but do not know how to translate all of that knowledge into a selling proposition that is of value to the prospect, and motivates them to buy.

The #1 reason new businesses fail within the first 2-3 years is lack of sales. Successful selling is hard work and requires preparation, planning, in-depth training and experience. Unfortunately, many new business owners find out too late that they are ill-prepared for their new role of salesperson.

So, what can you do to be better prepared to take on the sales role for your company? First, to be successful in sales, you should complete skills training in all of the following key areas; sales planning, cold calling, effective listening, presentation skills, sales negotiation, and closing skills. Check online to find the skills and training programs to fit your particular business and budget.

Next, here's my recommended readings list (in order), to help you learn more about the various aspects of successful selling from the masters:

1. The Art of War by Sun Tzu.
2. How To Win Friends and Influence People by Dale Carnegie.
3. The Greatest Salesman in the World by Og Mandino.
4. The Psychology of Selling by Brian Tracy.
5. Secrets of Closing the Sale by Zig Ziglar.
6. The Complete Idiot's Guide to Cold Calling by Keith Rosen.
7. Selling to the Very Important Top Officer by Anthony Parinello.
8. Swim With the Sharks Without Being Eaten Alive by Harvey Mackay.

Don't just read these sales classics, take copious notes to help you develop a sales "game plan" for your new business.

Third, attend a formal sales training program. Even if you have a sales background, it will help you be better prepared to sell your product or service effectively. Here is a short list of several of the top sales training programs:

• Strategic Selling by Miller Heiman
• Solution Selling by Sales Performance International
• Sandler Selling System by Sandler Sales Institute
• Power Base Selling by Holden International
• SPIN Selling by Huthwaite

Put what you learn into practice, and continue to build on the training experience in your daily prospecting and selling activities.

And finally, hire a business coach who has extensive sales and marketing expertise to help you build a comprehensive sales and marketing system for your new business. By doing so, you will be far ahead of most of your small business competitors, and better positioned to achieve success when you launch your new business venture. Good luck and good selling!


COPYRIGHT © 2010 John Carroll

Improve Results in a Recovery-Based Economy

The economic indicators during the past couple of weeks have given us eternal optimist's a glimmer of hope that the recession has finally run its course, and the worst is now behind us.

Although we should continue to proceed with caution until all signs clearly point to the north, there are some things you can do and should be doing now to improve your business results in the recovery-based economy that is ahead of us.

Take a critical look back. The past 18 months have been tough for virtually all business in every industry segment. So, try to get a clear fix on what got you to this point, and why. What could you have done different or better to improve your performance during the recessionary period? Use the data you compile as an integral part of your recovery planning, and as a vital learning tool for the future.

Have a Prosperity Plan A-Z. During the latest recession, most businesses probably had a Plan A and a Plan B at best. What recent history has taught us is that we need to go well beyond this to cover the contingencies that arise in a shortfall economy. Also, make sure you have the cash reserves to continue to invest in marketing and other key areas of the business that are critical to your evolving growth plans.

Balance short-term and long-term goals. Until your business begins to experience double-digit growth, your horizon planning needs to be fixed on the next 30-60-90 days. Don't get too far out in front of your headlights with expenditures, staff additions, or long-term investments in the early stages. Make up a daily list of your top three priorities, and complete them first before getting involved in other projects, or distractions that could derail your progress.

Reward your customers and employees. Your customers and your employees have stayed with you during the good times and the bad. Let them know how important they are to you and how important they are to the future success of the business. Visit your top customers and thank them in person with a special gift. Do the same thing for your employees. You will be building trusted relationships and friendships for life by expressing your gratitude in this manner.

Grow the "old fashioned" way. Get back to the basics and start the transformation to double-digit growth one order, and one new customer at a time. This is still the least painful and most often, the quickest path to prosperity in a recovery-based economy. Be patient, things are not going to turn around overnight, it's going to take some time. Remember the tortoise and the hare!

Stay ahead of the pack. While you're building your prosperity plans, and making the changes needed to improve your business results, don't overlook the competition. They are smart people too, and are hard at work to find creative ways to acquire new customers, add market share and "capture the flag". Don't let them win! Stay ahead of the competition by being first to market with any new ground breaking product announcements, special incentive programs, etc. This is a great time to innovate.

Finally, stay positive about the future outlook for your business. You have survived the worst recession in decades. Learn from it, and then put the past 18 months behind you. It's now time for you to capitalize on the next growth curve in the recovery-based economy ahead. Best of luck for your continued success!


COPYRIGHT © 2010 John Carroll

Keys to Building High-Performing Sales Teams

Globalization, mergers, acquisitions, downsizing and bankruptcies have collectively turned our economy and traditional business models upside down. However, despite the churn, despite all of the complexities and changes that we have seen to our business ecosystem, there still exists one simple, basic business truth; "nothing happens until somebody sells something".

The sales organization is the most important resource for any business, and your sales people are still the vital life-line to the customer. For any company that wants to achieve accelerated business growth and profits, building a high-performing sales team is absolutely crucial to that success.

In my opinion, there are several keys to building high-performing teams, whether in sales or any other functional area of the business.

• Develop a clear, concise mission statement for the sales organization, and evangelize it.
• Raise the bar on expectations, but make sure the goals are realistic, specific and measurable.
• Empower your team and drive accountability closer to the customer; focus on outcomes and results versus activities and tasks.
• Follow the "golden rule" principles when dealing with people and performance; the carrot works better than the stick.
• Remain open to new ideas; foster a culture that encourages innovation, risk-taking, trust, and respect.
• Link compensation, recognition and rewards programs directly to the business goals; celebrate wins, both large and small.
  
• Communicate (more is better) and stay engaged with the customer and your team; don't be a "drive by" manager.
  
• Stay focused, and keep your sales people focused by minimizing "white noise" and other distractions.

"If you don't know where you are going, any road will get you there", and this is particularly true in a sales environment. So, be clear about the organization's mission, your expectations and keep your sales people involved in all aspects of the sales and business planning to ensure clarity and "buy-in" at all levels.

If your goal is to become a leader within your industry, and in the eyes of your customers, then recognize that it is about more than just making the numbers. It's also about building the competencies and skills of your sales people so they can consistently deliver value to the customer. Make sure your sales people understand this, too, and reinforce the commitment to their professional growth through coaching, mentoring and development.

Finally, "Don't Sweat the Small Stuff". Get comfortable with the 10% that does not go as well as planned. It will make the 90% that does go well that much more enjoyable for everyone.


COPYRIGHT © 2010 John Carroll

Growing Your Business With Partners

Building strong alliances and partnerships with both industry and local partners should be a high priority for any business that wants to rapidly expand its customer base, its products and services portfolio, and dramatically improve sales and profits. There are numerous benefits to selling with and through partners. Here are some of the more significant benefits:

• Receive generous commissions on products and services sales
• Gain access to leading products, services and business building tools
• Receive training and support from branded products and services companies
• Obtain free sales and marketing tools to help you identify new revenue sources
• Strengthen your brand through business relationships with high profile partners
• Expand your market reach without major investments in advertising and marketing
• Extend your value proposition by offering a broader array of products and services

For small business owners, identifying potential partners and cultivating those key relationships should be an integral part of your ongoing networking and business development activities. Formalize these discussions through one-on-one meetings with local business owners who have similar goals, and are open to partnering.

Another great way to start to identify potential partners that are a good match for your particular business situation is to evaluate your current customer-supplier relationships. Who are you doing business with today, and who is doing business with you? See if any synergy exists, and if so, start a dialogue.

Strategic partnerships, if properly developed, represent an indirect sales channel for your business, and provide you with access to potentially lucrative new markets, emerging products and services, and future profits. Listed below are some of the most common partnership designations to help you determine the "best fit" for your business.

• Affiliate. Most common form of partnership within the online business community (i.e. click through sales). The majority of affiliate partnerships require a formal agreement, and pay generous commissions up to 40%+.
  
• Referral. Many referral partnerships are informal or local "hand shake" agreements. One-time cash bonuses or commissions are paid on new sales at a lower rate that an affiliate partnership, and sales tend to be sporadic or event driven.
  
• Reseller. A reseller or VAR relationship is typical within the technology, software and services areas. Reseller agreements can be multi-tiered and offer commission rates up to 45%+ depending on the revenue commitment level.
  
• Joint Venture. JVs are generally complex "one-off" business relationships that enable two or more parties to share markets, intellectual property, assets, domain knowledge and profits, depending on the terms of the agreement.
• Affinity. Affinity partnerships are typically informal, local business relationships tied to a specific program or event. Potential affinity partners can include the local Chamber of Commerce, business or trade associations, clubs, networking groups, etc.
  

The goal of partnering should be to forge "win-win" business relationships that benefit both parties equally as a result of the agreement. For any small business, particularly one just starting up, it's important to strike a balance between the diverse partnership opportunities available to you, and your direct selling activities. Effective partnerships will enable you to profitably grow your business, while offering more options and value to customers.


COPYRIGHT © 2010 John Carroll