Finding the gold
that is hiding in plain sight
Have you ever sat up in the middle of the night struck by the realization of something that happened earlier that day?
It could have been a passing comment, a casual glimpse or a chance meeting. There you are, after the fact, realizing that something important went right by you.
It happens all the time. We move through our day missing what's right in front of us. We may notice it, but we don't "see" it. It's like the difference between hearing and "listening".
How many opportunities fall through our fingers because we just don't see them?
You're going to read about some ways to see what's right in front of you. You're going to get some principles (with real examples) that you can use to build your business dramatically.
Assume Your Posture
Assume expert posture with your client. Assert your information with care. Advise correctly.
Be careful not to over-promise (because it strains credibility), but if you do, then know that it is incumbent upon you to over-deliver.
Drive home the point that your client's satisfaction is of paramount importance to you. Listen to them. Study their business. Know their needs. Acknowledge their customer's needs. Respect their bottom line.
Be sure to point out anything they are doing that is not in their best interest.
Example
An interior designer could not afford an extensive marketing campaign to help launch her new business. She'd been taking prospects to lunch to introduce them to her services, but she was not getting referrals as a result.
So, she changed tactics. She invested in a professionally written press release and sent it out to local media as well as design-related organizations and businesses. Next, she attended local business forums in the metropolitan area.
Over the next several months, her passion and professionalism so impressed other business owners that she soon had the referrals she needed to get those first crucial new projects. She was on her way.
Imagine Lifetime Value
Know what you can afford to spend for the acquisition of clients at all times. Don't hesitate to offer a free product or service to open the door for a business relationship. Then offer other goods or services as gifts to show your appreciation.
Example
A home crafts supplier found that his nearly 9,000 customers spent an average of 237 dollars a year on his products. He decided to offer a free product to his customers in exchange for customer referrals.
A year later he had almost 2,000 new customers who spent an average of 315 dollars a year-a 61 percent sales increase in one year.
Know Your Customer
When a prospect becomes a client or a customer returns, you are in the powerful role of "Most Trusted Advisor".
Seize this opportunity and wear this mantle with authority. Doing so will strengthen the business relationship. You can do this by up selling-offering additional goods or services at special values.
You will be pleased to see your income climb with the consistent application of this simple practice.
At every opportunity, ask your customers for feedback and referrals. This shows your interest in your client and expands your market at the same time.
Example
A custom tile artist wanted to increase the average value of his sales. He decided to offer clients their choice of a complimentary kitchen trivet, wine coaster or address tile that matched their custom tile. He also included a feedback form with every gift.
His wholesale clients and retail customers were delighted. As a result his sales nearly doubled within a three-year period. And the gift tiles became so popular that he later added them to his product line.
Win with Risk Reversal
There are three levels of risk reversal you can employ to win clients and gain competitive advantage:
- A conditional guarantee asks your customer to take a limited risk.
- An unconditional guarantee asks your customer to take no risk.
- A gift guarantee asks your customer to not only take no risk but to accept a gift just for doing business with you.
Example
A professional speaker taught public speaking in seminars and workshops.
When he started teaching, he offered a conditional guarantee in which an unsatisfied client would be completely reimbursed provided he asked for reimbursement at the time of the seminar or workshop. In three years, he only had one person ask for their money back.
A while later, he decided to offer a gift guarantee in which any unsatisfied client would be reimbursed plus receive a free book/DVD set. No one has taken him up on this offer yet.
Build Credibility
There are several ways to build credibility with your market; most of them take time.
One way to build credibility is to find a way to associate your business with individuals, groups and companies who have already established their credibility.
Think of how you can add value for them and then ask for their endorsement, propose a joint venture or set up an affiliate program.
Example
A student copy writer who had just finished a professional-level training course wanted to begin her brilliant career by writing for a particular well-known publisher. No other publisher would do.
Undaunted by her lack of a portfolio, she created a direct-mail piece about herself and sent it only to her dream client. In her sales copy, she mentioned all the great copy writers she'd studied and what she'd learned from them. She also included excerpts from her own coursework.
It worked. Her dream client "bought" her presentation and hired her.
Quantify Your Offerings
A lot of the time, people don't stop to think about how much energy and material have gone into a piece of work and what it might be worth in the open market. This is particularly true with freebies, guarantees and courtesy offerings.
Calculate the monetary value of all of the benefits and services that you offer and make this information available to your clients in a non-threatening way.
Example
An exotic car technician, after finishing a repair, always hand-washed his customers' cars as a courtesy.
After some time, he added a short statement about this practice to the bottom of his invoices. In it, he simply described why he used certain methods and products on his customers' cars. He stated the value of his hand car washes at 99 dollars.
Soon, his customers began to buy the products he used. They also began to ask for special interior detailing work. As a result, he saw his business grow by 27 percent without his having spent an extra dime.
Win with Generosity
Generosity is one of the most refreshing elements to encounter because it is so rare. When you show a high willingness to add value to your client and give of yourself above and beyond the norm, exciting events are set in motion. This spirit of conduct injects goodwill into every exchange and returns astonishing dividends to the initiator: you.
Example
A small bioengineering firm cut its teeth on government-managed remediation projects. These projects helped them get up and running, but the paperwork was an unpleasant burden.
As the firm began to win contracts in the private sector, they found that they could help their clients with what they'd learned from all that paperwork they had to do for the government projects. This was information that would save their clients time and money in the future.
This service generated such goodwill that within two years, this firm was working 100 percent in the private sector with more profit and less paperwork.
What This Means
As you read this, perhaps you realize that your business has hidden assets, untapped potentials and overlooked opportunities.
I hope the information here has suggested ways that you can begin to tap into them.
If you'd like to discuss how any of these principles might be applied to your business, or explore other ideas, that conversation is just a click a way. jan@thatgoldenegg.com