14 Freedom, Wealth and Market Dominating Multipliers you can use in your Business today
Results in Advance: Recognize that whatever you’re selling, people aren’t buying the product or service; they’re buying the result. They’re buying protection, enhancement, entertainment, relief that your product or service provides or delivers.
Understand the difference between selling benefits and selling features. It’s important to understand that nobody buys things; they buy results. It’s not the market’s fault that they don’t know why you are the best it’s up to you to make the invisible visible and tell the story in a clear powerful focused way.
Utilize Reason Why: What’s the reason why I should do business with you, trust you and/or choose you? Why should I buy your products or services? If you’re not achieving the results you want because you’re not defining your BIG WHY it’s not your client’s fault. Why are you different, why is it better for your prospect to choose you? What are the ten great reasons that your product or service delivers?
Create a Unique Buying Advantage When FedEx said, “It absolutely positively has to be there by 10:00 a.m. tomorrow.” When Domino’s Pizza first said, “Fresh, hot, delicious pizza delivered to your door in 30 minutes or less. Or it’s yours free.
When the car rental company Avis said, “We’re number two, so we have to try harder and do more.” These are all distinctions. You must distinguish yourself in a way that resonates with the market, so they see hear and feel an advantage before they do business with you.
Know What Value Means to Your Market: Understand what value means to your market; not what it means to you. Most entrepreneurs fall in love with their products and services and try to impose that on their market, but you can’t.
To understand how your market perceives value you need to deeply understand your buyer. You can’t understand your buyer unless you take the time to observe, examine, evaluate, acknowledge, and appreciate how they see the world because no two people see life the same way.
If you want to align with someone, you must understand what their beliefs are. You must connect with them and what’s valuable to them before you can influence them. YOU HAVE TO FIRST FALL IN LOVE WITH YOUR CLIENT…
Use Direct Response: Most people run what I call tactical “rank name, and serial number style clinical and Institutional advertising” is just a vanilla statement, and it doesn’t say anything powerful. Direct Response is designed to promote emotion and awareness causing prospects and clients to be magnetically compelled to take action.
Direct Response is focused on what result your market wants, what benefits you can offer that your competitors don’t; this style of advertising gains market trust. Offer your products or services in a way that will compel your market to act. Focus on evoking an immediate response by appealing and resonating to your target audience.
Be Strategic: Most small businesses are very tactical. They do things erratically. They do things occasionally. They do things that don’t have any congruity. Great achievers are very strategic. Everything they do advances and enhances their End Game Master Strategy.
Everything they do is congruent. They know from the start where they’re going and spend their time only moving in the direction of their goals and not getting bogged down in the mechanical day to day technician duties.
Master Risk Reversal: Any time any two people come together for any reason, one side is always asking the other – not necessarily verbally, but either implied or explicitly – to take the risk. This is a one-sided way to do business and often ends with a No Deal.
Think about creating speed trust by you taking the risk away from your prospect or clients. (Why should they talk all the risk?) There are many dimensions of risk reversal you can use – yet most companies don’t offer any.
Risk reversal is one of the greatest enhancers you can use a 30-day guarantee is better than no guarantee. However, you can enhance it by saying, “We won’t consider your purchase binding for 30 days. All I ask is for you to use the product, and if you can’t honestly say within the first 30 days that you have (X Result), (Y Result), and (Z Result), you will get a full no questions asked refund. This massively strengthens your guarantee.
You could also have a guarantee where you add a bonus to your product or service, and if they don’t like the product or service, they get to keep the bonus. When you add risk reversal and consolidate and fortify it, it multiplies the effectiveness of it.
Test Everything: There’s a lot of possible outcomes in sales and Marketing You can change the headline on an ad and increase the result of the same advertising by as much as ten times.
In one of my businesses, we tested 12 different ways to greet people coming in the door and one way tripled the number of people that bought the same amount of advertising, the same amount of prospects walking in every month, but three times the sales.
I can tell you it was not the standard boring vanilla obnoxious “can I help you” line that provokes adverse (I’m just looking) reactions. Instead, it was “What Brought you into the Store today”
Adding a really good risk reversal can lift your response by as much as 50%. Adding a bonus can sometimes double response. Adding a stronger call to action could double response. Test everything.
Optimize Your Selling System: Your selling system drives revenue, there are multiple ways that you can impact these results positively. For example, if you generate leads, you can either get more qualitative leads, more quantitative leads, or both, by testing different messages. If you’ve got lead flow handled, then you must concentrate on conversion. This is one of the most overlooked areas for most business owners as they are spending big dollars to create a lead and then don’t maximise the opportunity and leave money on the table.
Different conversion approaches and different conversion strategies will produce different levels of conversion. Conversion can be front-end profit – OR – if you have a product or service company that has long term relationships, what you really want is long term. You don’t just want the first sale. You want to make the first sale easy to achieve because the sooner you have the first sale, the sooner you’ll have the second sale, third sale, fourth sale and so on.
Practice Consultative Selling: Consultative selling is being an educator and trusted advisor. When you are consultative and the maven of your industry you have a moral responsibility to not allow a prospect to either buy less than they should, more than they should, in less quantity or quality than they should, or less often than they should. You do this not because you’ll lose the money, but because they’ll lose the benefit.
Put Referral Systems in Place: In almost any business, between 10% and 100% of the business comes from either referral or word of mouth. Yet, most businesses don’t even have one referral generating system or strategy in place that they practice and adhere to continually.
If you have none and you spend all your time and money on outside marketing which is only the outer level of trust-building, it’s highly inefficient and can take much longer to get cut through. If you have just one referral generating system in place, it could double your profits for almost no cost. A referral generated buyer buys quicker, negotiates less, buys more things, buys more often, is more enjoyable to deal with, is more profitable and refers other people.
Reactivate Clients: Many businesses have huge quantities of inactive past clients. People stop buying for three or four major reasons, most of which aren’t necessarily your fault. If it is your fault, that can be corrected. One reason people stop buying is they had an interruption in their life pattern.
Another reason is that they had a bad experience. If you contact them and just ask them if something you or your company did offend them because you never would want that to happen, and you make them a great offer saying that you want the last transaction they do with your business to be a very positive and satisfactory one, you could win back 40% of them. The third reason a lot of people stop doing business with you is they outgrow the need.
Focus on Relational Capital: strategic alliances, joint ventures and relational capital. Most small businesses think that incremental sales are the answer to their problems. However, the truth of the matter is there are so many organizations, businesses and media that have what you need – and you could partner with them. Ask yourself three questions: First ask what else does your buyer buy before, during, after, and instead of my product/service?
All these kinds of companies or products could be your partners. Second, ask yourself who else sells anything to the same target market as you and has the market’s trust? If you find this out, you can partner with them. Third, ask yourself, what do you need that you don’t have and who already has a surplus of it OR your product/service/company is a solution? Again, you can partner with them.
Know the Lifetime Value: Determine the lifetime value of a buyer or prospect. Look at your numbers and determine for every 10 prospects or referrals you get, 8 buy, and for everyone that buys one time, 4 buy over and over again.
You have to look at the lifetime of what a client is worth to you. You must know what different kinds of buyers are worth to you so you can work out your allowable cost to acquire that client. If you know that every time somebody buys from you, they come back and buy five more times, it wouldn’t matter what profit you make on the first sale? Would you know how much you could spend to acquire that client?
If you know that people who buy Service A are five times as valuable as someone who buys Service B, you can spend a lot more on Service A buyers. However, you can’t do any of this if you don’t know the lifetime value and what people are worth. You must know the marginal net worth, or lifetime value, of your buyers.
And to do this effectively you must measure critical metrics in your business.
If you would like to find out more on how to implement these 14 Freedom, Wealth and Market Dominating Multipliers in your business go to www.directormentor.com