HOW TO DOMINATE YOUR MARKET

by | Nov05,2019 | Uncategorized | No Comments

HOW TO DOMINATE YOUR MARKET

In today’s training, I’m going to share with you without a doubt, the most powerful ways to dominate your market in your existing business.

Firstly, some hard truths…

Maintaining the statuesque in your business won’t cut it anymore the market is changing at a rapid pace, and the risk of staying the same is that you will be tarred with the same brush as your competitors.

Meaning the only weapon, you will have to combat them is to drop your prices and that only ends up as a race to the bottom.

Do any of these questions apply to you?

  • Are you continually having to discount prices to make sales?
  • Are you not standing out in the market anymore?
  • Need to attract more clients?
  • Or more quality leads?
  • Not converting the one’s you’re getting?
  • Struggling to keep the clients you do convert?
  • Are you not maximising them while you have them?
  • Can’t find that superstar talent you need to grow?
  • Maybe the revenues are coming in, but your profits are evaporating?
  • Or perhaps you have none of these problems, but your business has cannibalised your life.

If that’s you you’re not alone and I understand, here are the 10 most common comments I get from new clients.

  1. “last year, I had people lining up in to buy my products or ”
  2. “I’m doing the same things but not getting the same ”
  3. “I don’t understand it every month sales get harder to come ”
  4. “I’m working harder and longer but have less to show for ”
  5. There is no loyalty anymore I finally get a client then they leave because the business down the road is $100 cheaper.
  6. I’m bored, uninspired, confused and burned out.
  7. I’m too busy I don’t have the time to work on my business
  8. Why don’t my team just do their jobs in sick of holding their hand
  9. I have these voices of doubt, shame, and excuses swirling around in my head, robbing me of my power and stopping me from taking action.
  10. Sometimes I feel like getting in my car and never coming back or worse.

Most of these problems are caused by a lack of one or all of the following critical business drivers.

  • Lack of leadership and vision
  • Lack of clear strategic goals and game plan
  • Lack of profit in their products or services
  • Lack of want and desire from the market for their products or services
  • Lack of reliable, predictable, sustainable lead generation systems
  • Episodic and random sales conversion systems
  • Inefficient unscalable fulfilment and delivery systems
  • Reliant on only one source of revenue or market
  • Not understanding the threats and disruptions in the marketplace
  • Wrong team members that should have left years ago
  • Right team members playing in the wrong positions
  • Not doing the basics of business consistently and effectively
  • Not measuring and managing sales, production, people, financial results

Please understand the above critical business driver problems generally have nothing to do with intelligence, work ethics, character, credibility, your products and services, and certainly nothing to do with want and desire to make a difference.

Most businesses owners have not been taught the skillsets required beyond the technical mechanical running of the business components that they picked up working in the business and doing what they have done in years gone past.

The harsh reality is that even if you are neglecting even one of the critical business drivers in your business, it can have a profound effect on your results or worse.

And without a doubt is the root cause and catalyst for the frustrations and unfulfilled results you may be experiencing in your business right now.

The good news is it can all be fixed, but first, you need to understand that in this world of low trust, greater choice, speed, lack of differentiation and less expendable income.

The market only has reasons for not buying your products or services, and in today’s economy, they have a BIG LIST.

That’s why now more than ever; you must create a “Buying Criteria” for your clients and prospects so they can make the right buying decisions.

Think about it like this whenever any two people come together to negotiate on buying or selling a product or service, generally one party is asking the other to take all of the risks.

Think about that for a minute; how is that fair? Why should one party take no risk and the other takes all of the risks?

Business owners are asking prospects, customers and clients to take all of the risks expecting them to buy their products or services just because they say they are the best or promise a specific result.

Now what you promise may be entirely accurate, and you may be delivering the best services and benefits in the country.

But it’s not enough because how does the market know you are going to deliver on your promises and that they will get the result?

Just saying “we do great work” and “we won’t let you down” is not enough think about it do your competitors say “we are the worst” “we do bad work” and “we will let you down” no they say the same as you do.

So, who does the market listen to or trust? and how will the market know when you really are the best and that you will deliver on your promises?

The answer is only after they have experienced your exceptional service, products and benefits; everything is working and exceeded their expectations, and you have solved your market’s problems.

Most of the time business owners are not getting a chance to wow their clients because they are keeping most their unique customer buying advantages a secret, by not defining and communicating them effectively, or worse don’t have any.

As I mentioned earlier clients only have reasons for not buying.

So, if you have one weak link in your business chain, you make one wrong move, you keep your significant benefits hidden, you don’t take risk off the table and do go forward with everything you have upfront.

In essence, what you are doing is letting your prospects use their big list of reasons for not doing business with you or returning to do business with you, and they will let you keep your products and services.

Sounds harsh, but that is what we are dealing with in today’s low trust turbulent economy and why it’s so important to have a game plan in place.

After years of building businesses, I’ve distilled down clarified and assembled the most powerful ways to position your business for sales success I call them

Strategic Performance Multipliers

  1. Be Strategic
  2. Distinguish
  3. Differentiate
  4. Reverse Risk
  5. Buying Criteria
  6. Best Payday Clients
  7. Results in Advance
  8. Reasons Why
  9. Consultative Selling
  10. Lifetime Client Value

When executed and implemented correctly, these geometric multipliers create a compelling buying criterion and at the same time, take your competitors off the table by overcoming all reasons for not buying your products and services.

Here is a snapshot of the Strategic Performance Multipliers methodology so you can start to implement in your business today.

Be Strategic: Most small businesses are very tactical and do things erratically and occasionally. They are fragmented with their message and lack congruity. Great achievers are very strategic in everything they create as it advances and enhances their end game master plan. They start with the end in mind and then reverse engineer to the outcome.

Differentiate Yourself by articulating your distinct value proposition in what you offer to your market, so it stops them in their tracks? 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

In a sea of sameness, how does your market decide? small businesses are trying to compete with one another on the same products and services. But what happens when a customer tries to make a decision?

If everyone is the same, they only have pricing as a decider unless you can come up with a “new and improved” version of your products and services by innovating your business and offering extraordinary value.

When you differentiate yourself, you will consistently get businesses and individuals to choose your business over your competitors. Differentiation is any value-added customer perceived benefit or a combination of benefits, that differentiates you from your competitors and does so in a clear, concise way, so your business becomes the only logical choice in the minds of your prospects and customers.

Here are 6 different areas where you can differentiate your business and add value.

  1. Quality
  2. Eliminating risk
  3. Value-adding
  4. Security and safety
  5. Education and training
  6. Speed and convenience

Reverse Risk

Think about creating speed trust by taking the risk away from your prospect or clients. (Why should they take all the risk?) There are many dimensions of risk reversal you can use – yet most companies don’t offer any.

The typical claim of “Satisfaction Guaranteed!” “We are here for you” is very impartial and wishy-washy. It has been so over-used and is not backed up with Ironclad Proof.

It’s important to understand there are 5 levels of risk reversal from mild and weak all the way to complete elimination of risk. So, let’s run through the five levels

Basic Guarantee the basic mandatory guarantee is offering a 30-day refund with conditions; this type of guarantee is required by law in most countries and should be standard.

Extra Time Guarantee this guaranty can apply from 90 days to 10 years or even longer depending on the product and or service you are offering.

Try before you buy Guarantee this type of guarantee is becoming far more effective, allowing you to try out the product for a time period it could be 24 hours or even a month or more.

Guaranteed to get you results or your money back this guarantee is very powerful again as you only pay for the product or service if it works and you get the specified result.

The customer wins every way the strongest guarantee of them all this is where if the customer is not happy, they can get a full refund or even double their money back and still keep the product or service and any accompanying gifts or bonuses.

Buying Criteria 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.

They set a clear line in the sand as to how and why to buy. With that in mind, how can you distinguish yourself in a way that resonates with your market, so they see hear and feel an advantage before they do business with you.

Ultimate Payday Clients all clients are not created equal some clients will run you ragged, always push you to drop your prices and complain. While others are great to deal with will always pay your rates and don’t push back these clients are Ultimate clients and fit into the following criteria, high profit, great to deal with, easy to sell to, easy to deliver to, sustainable and scalable.

Results in Advance a dramatic demonstration of “Results in Advance” that’s the level you need to go to in today’s untrusting world. “That’s what you’re your prospects want and need to make a decision.” How can you show and prove to the market that your products and services do what they say?

Reasons Why what are the reasons why the market should do business with you, trust you and/or choose you? Why should they buy your products or services? Why are you different, why is it better for your prospect to choose you over your competitors? What are the ten great reasons why your product or service delivers results?

Consultative Selling is being an educator and trusted advisor to your market when come from educating you become the maven of your industry. With a moral responsibility not to 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.

Lifetime Client Value what is the lifetime value of your Ultimate client worth to you? Ask yourself what these clients are worth 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? Because you would know how much you could spend to acquire that client?

As you can see implemented correctly, the Strategic Performance Multipliers are a geometric way to increase profits in your business and drive success.

If you want to go deeper in learning how to implement the Power Performance Multipliers in your business simply book your FREE one-hour discovery call with Glen www.directormentor.com

I look forward to talking with you soon

Glen Michaelides

Schedule your FREE call at www.directormentor.com

 

 

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