Tag: target market

Word of Mouth Tactics – Part 1

Today we’ll start a new series talking all about Word of Mouth and how it can make or break your business in an extremely short amount of time. In this first lesson we’ll get a feel for what exactly word of mouth is.

Word of Mouth is easily the most powerful form of marketing and is absolutely free. People talk about ads they see, experiences they have and the products they purchase. If you treat people right and spread the word about your new products/services in a positive way, you’ll attract the right customers and client who will sustain your business for a long time.

Now, as positive as word of mouth can be for your business, the other side of the coin is how negative it can be as well. Bad news seems invariably to travel faster than good news and if you have a less than high-quality product or weak customer service system, then your customers will tell everyone they know to not buy your products and services.

The age of technology has proven to be an amazing benefit in the world of word of mouth. With blogs, podcasts, online marketing, forums, social networking and all the other online mediums available and making it easier and easier for consumers to share their experiences. And, remember this is all free advertising for you.

Let’s take a minute to talk about the importance of shortening the customer decision cycle to help customers/client choose more quickly and easily. There are three great ways to increase sales by shortening the decision cycle. They are:

Increase the overall dollar amount customers spend on each purchase

Increase your number of customers

Increase frequency of purchases

 

Let’s take a deeper look at decision speed. Offer simplicity, ease and a fun purchasing atmosphere and you’ll help your customers make their decisions quicker and more confidently. When this happens your customers will buy more frequently, spend more money than usual, refer friends and make the decision to purchase more quickly. This can raise your market share by over 100 times.

The time it takes your customer to decide and purchase far outweighs any other component of marketing. When you focus on customer decision speed it forces you to take a hard look at your company and brand image, positioning, value, customer service, guarantees and product quality.

The next area I want to talk about quickly is how to minimize the friction, or stress, involved with decision making. No matter how easily people find decision making there is a certain amount of anxiety we all experience when making a purchase, especially from a new source or for a large amount of money. When you help to minimize this emotional response, you will soothe your customers’ anxiety and they will make their decision quicker and more confidently.

There are a few secrets to accelerate the customers decision making progress:

Your benefits, features, claims and promises must be obvious, clear and concise.

The information you offer must be complete, easy to understand, credible and balanced.

Use comparisons that show a marked difference.

Your guarantees must be rock solid, and more than the customer expects.

Make trial periods easy.

You must have simple evaluations of your products or services.

Testimonials need to be relevant and positive.

Your support, delivery and other operational systems must be perfect.

Your website can be as good as you make it. You can offer more than information; you can offer an experience that guides your customers gently through the decision-making process to make it easy for them to buy. Take it a step beyond by offering toll-free support numbers, software downloads to help with the process or other classy and informative ways to reassure your customers that you are there with them every step of the way and have nothing to hide.

This wraps up the first post in our series on word of mouth. If you need help identifying your target market and the issues they are experience in their purchasing experience that is making their decision time long, try our GUIDED TOUR and work with one of our coaches to come up with the best way to smooth out your purchasing experience.

Also, make sure to check out our new course, Marketing Accelerated, if you’re looking for ways to increase your leads and conversions in addition to making your website and online marketing significantly more effective.

Next time we’ll move forward with word of mouth and talk about the power of word of mouth and what exactly this powerful tool is and can be used for.

The Perfect Bait

In a recent post, we talked about how to learn about your big fish and prepare for the first contact you’ll make with them. This first contact is essential to your success. You need to instill confidence in them. They need to know you can fulfill exactly what you are offering on time, at a good price and at the quality you promise. Today we’ll actually go through the big approach and how to make that perfect first impression. Before you put together your approach plan, you need to choose which big fish you’re going after. Take a look at your notes and the research you’ve done about prospective fish. Then decide which one will be the easiest approach to start out with. There are a series of things to go through in choosing which fish to start with. They are:
  • Position Your Business
  • Compile Your Hit List
  • Select the Best Target
  Position Your Business You need to position your business to make the first move by listing your revenue streams, ID and list your operational procedures, where your fish is initially positioned, your big-customer research, and putting it all together. Compile Your Hit List Start with a list of all the companies you’ve been considering. Then narrow it down to the ones you know could use your products or services. Don’t overlook obvious choices, whether they are big or small. Even small companies could be big fish in the future. Select the Best Target Once you’ve got your list narrowed down, you need to decide which one is the best fish to start with. You need to consider a couple of things:
  • Which have the most purchasing resources to spend?
  • Does their company vision complement yours?
  • What are their employee incentive programs as they relate to your products/services?
  • What’s the company’s real need for you?
  • Will the partnership lead you off-course?
  Now you should have a target in mind to start with. It’s time to plan your approach and execute that plan. Here’s the step-by-step plan to help you make a good first impression:
  1. Build and analyze your database. Divide your leads into three different categories: hot leads, great fits and secondary leads.
  2. Send out introductory mailings to your target to introduce yourself, your company, services, products, and vision. They need to be short, clean and concise.
  3. Follow up with your first phone call 2-3 days after they would have received the mailings. During the phone call find out whom you need to be speaking with in the future and try to set up a meet with the right person.
  4. Follow up your phone call with another mailing that thanks them for taking the time to speak with you and offer more details about your products/services. Use this letter and the opportunity to set up a meeting to do a presentation.
  5. Follow up the letter with another phone call a couple of days after they would have received the letter. This phone call is to help you further develop your relationship with the prospective client. You should also be able to set up a presentation meeting with them.
  6. Call again a week later if they haven’t agreed to a meeting or presentation. Ask if they received your creative letter (the second one) and if they have a minute when you can stop by and introduce yourself in person.
Now, don’t be upset if you don’t seal the deal right away. Some people simply take a little longer to woo. This can all be a little intimidating at first, but when you know you are offering a quality product/service, you can’t go wrong. Once you’ve gone through this process and make the first contact (and hopefully a good first impression) it’s time to put your best face forward, which means sending the right salesperson to seal the deal. If you need help putting together your approach and make a good first impression, try our GUIDED TOUR to work with a coach and have access to a wealth of great resources and tools. You can also join our Inner Circle Mastermind to learn and network with an incredible group of success-focused entrepreneurs.
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