Barry's Upcoming Speaking Schedule

I hope you can attend some of these, guests are welcome at no cost.

Thursday April 4th Noon for Westminster, Colo Rotary at the community college just East of Sheridan (exit Route 36 at Sheridan North) East on 112th Ave. Go in the rotunda shaped building and ask for the Rocky Mountain Room. I will be speaking 30 min on The Customer Experience. and how to grow your business.

Thursday April 25th 7:30 AM for Arapahoe Sales Pros at the Country Buffet near Park Meadows Mall (just South of Denver). Exit I-25 at County Line rd and go West about a mile or less. I will be speaking about 30 min on The Customer Experience and how to grow your business.

Thursday May 2nd 8 AM for the Business Linx group at The Rocky Mountain Calvary Church just North of Austin Bluffs on Academy, Colo Spgs. I will be speaking on Cheap Marketing Ideas, part 1 for your business or organization.

Thursday May 9th 8 AM for the Business Linx group at the Rocky Mountain Calvary Church (see location above). I will be speaking on Cheap Marketing Ideas. part 2 for your business or organization.

More coming ?

Barry Thomsen
Speaker, Author, Business Coach
719-268-9081
idealetter@aol.com
www.idealetter.com

Be Careful With Postal Machines

I was buying stamps from one of the automatic postal machines at the post office when it accepted my debit card but the stamps did not come out in the lower slot. I reached up in the slot and could not feel any stamps. During that time the machine printed my receipt and the screen said Thank You. I had a receipt that my card was charged but no stamps?  What's happening here?

It was during the time when the counter was open so I told one of the clerks what had just happened and she said she would call a supervisor. After waiting about 5 minutes a lady supervisor came out and we walked together over to the machine. She looked at my receipt and felt around where the stamps come out and found nothing like I did. She then told me they policy was never to give a refund and I should just call the credit card company and complain so they would reverse the charge. I told her it was a debit card and they will not reverse the charge. She said that's too bad and I probably just lost the money because the post office will never refund it.

After my complaining more she said, just a minute I'll be right back. She went in the back and came out with a wooden pointed stick and started jabbing up where the stamps usually come out. Finally a small piece of paper came out followed by my stamps. How would anyone else be able to do that? She then said that you use the machine at your own risk and may lose your money.

By Barry Thomsen speaker, international author and business coach. www.idealetter.com

New Customer Buying Dynamics

1. Social proof - follow the crowd. During today's dynamic customer journey, consumers often find themselves at a point of indecision. When uncertain of what to do next, social proof kicks in to see what others are doing, or have done. Survey results show that 81 percent of consumers now receive advice through social networking sites prior to a product purchase.
2. Authority - the guiding light. Perceived authorities guide decision making, by investing time, resources, and activity in earning a position of influence, leading to a community of loyalists who follow their recommendations. Seventy-seven percent of consumers now research online product reviews, blogs, YouTube, Twitter, and Facebook for authoritative guidance.
3. Scarcity - less is more. Greater value is assigned to the resources that are, or are perceived to be, less available. Driven by the fear of loss or the stature of self-expression, consumers are driven by the ability to participate as members in exclusive deals. Seventy-seven percent of people like getting exclusive offers that they can redeem via Facebook or other sites.
4. Liking - builds bonds and trust. There is one old saying in business that is still very true in this age of social media: People do business with people they like. We all have a natural inclination to emulate those we like and admire. Almost 50 percent of shoppers surveyed admitted to making at least one purchase based on a social media friend recommendation.
5. Consistency. When faced with uncertainty, consumers tend not to take risks. Rather, they prefer to stay consistent with beliefs or past behavior. When these do not line up in the decision-making cycle, consumers feel true psychological discomfort. The result is that 62% of online shoppers are brand loyal due to other online satisfaction data.
6. Reciprocity - pay it forward. Perhaps the greatest asset in social capital is that of benevolence. We have an innate desire to repay favors in order to maintain social fairness, whether those favors were invited or not. Every month, over 25 billion pieces of content are shared on Facebook alone, with a major portion oriented toward reciprocity.

Social psychology in general deals with how individuals relate to one another. In today's social networks, the social economy is defined by how people earn and spend social capital. Based on the commerce of actions, words, and intentions (or actions, reactions, and transaction), people build their own standing. Startups earn relationships and resulting stature the same way.

Another aspect of the social psychology of consumer buying today is the four stages where customers take actions that move them toward you or away from your startup. These are sometimes called the four moments of truth:

• Zero Moment of Truth. The few moments before people buy, where impressions are formed and the path to purchase begins. It is that moment when consumers grab their laptop or mobile phone, and start learning about a product or service.


• First Moment of Truth. This is what people think when they see your product and it's the impressions they form when they read the words describing your product.


• Second Moment of Truth. It's what people feel, think, see, hear, touch, smell, and (sometimes) taste as they experience your product over time. It's also how your company supports them in their efforts throughout the relationship.


• Ultimate Moment of Truth. It's that shared moment at every step of the experience that becomes the next person's Zero Moment of Truth. This one is required to generating word of mouth, advocacy, and influence.

So for all you technologists, who routinely focus their resources on a great product ("if we build it, they will come"), it's time to balance the business success equation. Learning how to craft and nurture great customer experiences around your product is critical. The future of your business these days depends on it.
By Marty Zwilling

The Unfriendly Customer

Some people just want to get their business done and that's it. You should be able to pick out these customers right away and fulfill thier wants. You don't know or need to know what else is going on in their life, so complete the sale as quickly as you can and let them go. A pleasant hello, no questions and smile will be enough for this person.

Never force a customer to respond to, "How are you today?" They may not want to answer and it makes them irritated by just asking. Avoid asking any general questions to this type of buyer and just finish the transaction. If you serve and treat this customer the way they want to be treated, you will probably  long term loyalty. Your goal is to satisfy them not to ask questions they don't want to answer.

By Barry Thomsen, more in chapter 11 of the book "90 Days to Success as a Small Business Owner", available in bookstores and online.

What Motivates Millennials?

It is not unusual for older faculty to get a little cynical. I have heard many faculty grumble about how hard it is to motivate today’s students. While I agree with them that it is hard, and have grumbled about this my self a time or two, I have learned that it is quite possible to motivate millennials.
I tried a little experiment a couple of years ago with my grading that has had remarkable results and has helped me better understand what drives this generation.
Students in my senior level Entrepreneurship class work on a business model for most of the semester and at the end they translate what they have developed in the model into a business plan.
In the past I did what all professors do with assignments — I gave each submission along the way a grade. They turned in an opportunity assessment for their business idea — I gave them a grade. They turned in their business model — they got a grade. They turned in their business plan — they received yet another grade.
I began to sense project fatigue by the end of the semester. And on top of that, they lost sight of the fact that each submission was the foundation for the next. When they got a grade, that was that. On to the next assignment. Check off that box on their list of things to get done before they graduate. Now I am overstating it a bit, but there was more of that than I like to see.
So a few years ago I made a change.
They still turn in project updates along the way. I continue to tweak them a bit, but they are always about the same basic steps — concept, model, plan.
But I no longer grade them along the way. I give them LOTS of feedback (reminding them that RED is the color of love). But no grades until the end of the semester on the final outcome of their semester of work on the project. I was a bit nervous that they would push back.
At first they were uncertain what it means to work all semester without getting grades. However, soon they got it. They came to realize that my job was to be their adviser, mentor and critic. My feedback was not given out as “judgement,” as had been the case when I assigned grades to each submission throughout the semester.
Rather, my feedback was meant to help them get their projects as far along as they possibly could with the best finished product they could produce. This is important because 30-50% of our students actually launch their ventures before they graduate. For most, it is their only job. These projects are in fact developing in effect their own job description for their post graduation careers.
And what are the outcomes of my little experiment?

• The projects are much better. They put more into what they do at each step and they take the feedback I offer — and the feedback they get from their classmates –to heart.
• They take their work more seriously. They want their models, their pitches and their plans to be top quality all the way along. Not because they want the best grade from me. But, because they are taking personal pride in their work. They really care about what they are developing.
• More students are starting their businesses. Due to the two outcomes above, we are seeing a steady increase of the number of Entrepreneurship majors who actually become entrepreneurs upon graduation.

It may be something about today’s college students, but they are much more intrinsically motivated than they are motivated by carrots, sticks, and grades.
What joy it gives me to see real learning happening. Not memorizing facts. Not getting a paper done and then forgetting what they wrote about. Instead, most of them are learning for the shear joy of learning.
Source: The Entrepreneur Mind

Tips For a Business Loan

Applying for a business loan can be intimidating and stressful, and it can be confusing to have an application rejected with little explanation. There are steps company executives can take to avoid some of the possible confusion and to develop a more positive experience while applying for a business loan. Three of these steps are described below, and should be completed prior to approaching a financial institution about a loan.
Research Lender Options
Like any business operator, financial institutions want to make money in their business. While they want to lend money, they don't want to approve credit that will ultimately result in loss. Further, regulatory requirements often influence the types of loans that can be approved. As a result, a major concern of any institution considering approving a business loan is whether the owner and the business are good risks.
"Good risks," however, can mean different things to different lenders, which is why it is a good idea to do some basic research on the financial institution you're considering before walking in and trying to apply for a loan. "Not every loan fits into every bank's wheelhouse, so you might be going for a business loan to a company that only does real estate," according to Shawn Frier, CPA, CFE, CMPE, a director and business adviser at accounting firm Freed Maxick. "You need to do your homework."
Articulate Needs and Repayment Plans
According to a recent Pepperdine study, banks and asset-based lenders only rarely cited a company's size or economic concerns as the reasons for declined loans. Instead, the top reasons were tied to the quality of the business's earnings or cash flow, or to the fact that the company had insufficient collateral.
More simply, the borrower didn't meet the lender's requirements.
Business owners and lenders often have mismatched expectations from the start, so it is good to ask a lot of questions to avoid confusion and additional problems. More importantly, lenders desire potential borrowers who approach the bank with a detailed plan for using the money and for repaying it.
"Be prepared," says Wells Fargo Senior Vice President David Booth, who is a business banking manager and the Cary, N.C., market president. "Have a clear vision of what you want." This means being able to articulate how much you need and why you need it.
Is the money for growth to buy a certain piece of equipment or to open a new facility in a neighboring town? Is it for working capital because you're behind on payments to vendors and you're about to get cut off, or is it because your sales have outpaced your ability to finance raw materials?
"We're not afraid to loan to businesses that can clearly demonstrate and articulate the plan - the plan for repaying the loan, for improving cash flow or whatever," says Mark Swanson, acting president and CEO of Northside Bank. "I'm not talking about a 20-page binder. It can be a handwritten single page that says, 'Here's my problem, here's how you can help, and here's how I intend to repay it.' What I want to see as a banker is that you as a business owner understand your business, understand what has caused the problem to begin with, understand how you're going to fix that, understand how the bank can help and how you intend to repay the loan."
Respond to Roadblocks (Potential and Real)
Knowing how a business stands on key financial metrics that predict default is important when a company is considering seeking a bank loan. Sometimes the evaluation process itself will allow a company to address potential roadblocks to a business loan.
For example, a company owner might recognize the need to identify additional collateral for a loan -- stocks, bonds or the owner's house. Or a business owner may decide that the timing probably isn't ideal to seek a business loan, Booth says. "If the person can kind of do their own homework, they may ask, 'Does it make sense to ask for this?'"
The owner may decide to work on extending payables, or to offer a discount for faster payment on receivables in order to generate some additional cash flow that can make a credit request more attractive in a few months.
Checking credit history records ahead of time allows you to address any mistakes or respond to any negatives. But a major way to face potential roadblocks successfully is to take time over the years to talk with your bankers -- to ask questions and learn all you can about them, their processes and changes in the lending environment.
By Mary Ellen Biery

13 Rules for Selling to China

1. Don’t Rely on Gut Instincts
2. You Don’t Know What You Don’t Know
3. Sweat the Details
4. Take the Trust Factor Out
5. Never Do Joint Ventures (JVs)
6. Adapt and Move Quickly
7. Never Compete with Locals
8. Use Multiple Partners
9. Think Long-Term but React Short-Term
10. Don’t Create Competitors
11. Listen to Experts
12. Don’t Rely on Contracts
13. When in Doubt, Ask Questions

Source: an email I received

Your Dun & Bradstreet Report

A main reason to manage business credit is that it is not protected like personal credit. Even though the Fair Credit Reporting Act allows you to view and dispute the inaccuracies in your personal credit reports, the act does not apply to business credit.
Since business credit reports are less transparent than those for individuals, business owners should be diligent in managing their business credit file regularly, since it is much harder to initiate disputes to remove inaccuracies.

In the current market it is building business credit that will allow you as a business to obtain financing and will often be the difference between a company’s continued operations and financial instability.
So what’s in a D&B® Credit Report?
Let’s break it down step by step:
1. Basic Company Information – This information is obtained when you apply for a DUNS Number as well as the information you supply when applying for credit with a DNB trade partner.
2. D&B D-U-N-S Number – The D&B D-U-N-S® Number is used by industries and organizations around the world as a global standard for business identification and tracking. It is the number used to pull your company’s credit report when applying for credit.
3. D&B Scores
a) PAYDEX® Score – D&B’s indicator of how a firm paid its bills over the past year, based on trade experiences reported to D&B by various vendors. The D&B PAYDEX Score ranges from 1 to 100, with higher scores indicating better payment performance. A score of 80 or higher is desired.
b) Commercial Credit Score – A score of 1 – 5, where a one (1) represents businesses that have the lowest probability of severe delinquency on payments, and a five (5) represents businesses with the highest probability of severe delinquency on payments.
c) Financial Stress Score – A score of 1 – 5, where a one (1) represents businesses that have the lowest probability of financial stress, and five (5) represents businesses with the highest probability of financial stress. Financial stress can be define as any of the following:

1. Ceased operations following assignment or bankruptcy
2. Ceased operations with loss to creditors
3. Voluntarily withdrew from business operation leaving unpaid obligations
4. Is in receivership, reorganization, or has made an arrangement for the benefit of creditors

4. D&B Ratings
a) Supplier Evaluation Risk Rating – Predicts the likelihood that a business will deliver goods as promised over the next 12 months. This score is created using business history, payment habits, and industry norms. Scores range from 1 through 9, with 1 indicating the lowest risk, and 9 indicating a high risk of not delivering goods as promised.
b) Credit Limit Recommendation – Provides lenders with two suggestions as to the amount of credit a business should receive:

1. Conservative Limit- a dollar benchmark if your policy is to extend less credit to minimize risk
2. Aggressive Limit- a dollar benchmark if your policy is to extend more credit with potentially more risk

• These recommendations are made based upon the size of business, industry, and likelihood of slow payments or financial distress.
• Recommended limits are useful when dealing with a new customer or prospect with which you do not have a previously established credit record.

c) D&B Rating
5. Trade References – A trade reference is the payment experience information provided by a supplier on its customer. Trade references are comprised of 7 base variables, which represent the credit-worthiness of the suppliers’ customers. The variables are: reporting date or as-of date, manner of payment, rolling 12-month high credit (highest amount of credit used), current total amount owing, current total past due, selling terms, and date of last sale.
6. Suits, Liens, and Bankruptcies
If you have not viewed your D&B business credit report make sure you order a complete business credit report so you can review your company’s complete file today.

Advertising & Marketing Law

 

Marketing and advertising your products or services effectively is key to the success of your business. However, all businesses have a legal responsibility to ensure that any advertising claims are truthful, not deceptive and that your marketing activities don’t break the law.

The Federal Trade Commission (FTC) oversees and regulates advertising and marketing law in the United States. These laws can potentially impact many areas of your business, including how you label your products, how you conduct email and telemarketing campaigns, any health and environmental claims you may make, as well as how you advertise to children.

Below you will find links to useful FTC resources and guides that can help you understand these laws and how they apply to your business.

• Truth in Advertising and Marketing Claims – Refer to this guide to learn how you can ensure your promotion activities are truthful and not deceptive. Areas covered include using endorsements in your marketing, advertising to children, “Made in the USA” labels and health and environmental claims.
• Industry Guides – The FTC has some rules and compliance guides for specific industries including franchises, real estate, clothing manufacturers, and others. Check out this guide for information on laws that could affect your industry or business type.
• Telemarketing – Learn how the National Do Not Call Registry and other laws impact your telemarketing efforts and how to comply.
• Email SPAM – Planning an email campaign? The law is very specific on what email you can send and to whom. Learn more in this guide.
• Advertising Frequently Asked Questions (FAQs) – Answers to small business owner FAQ’s about marketing and advertising law.

 Source: sba.gov

Charisma in Business

Where It All Began

The word charisma comes from the Greeks, who considered it a divine gift or literally, the “gift of grace.” The scientific study of charisma began with Max Weber (1864-1920) who pioneered research in leadership. He defined charismatic leaders as those who can inspire, motivate and attract followers. Furthermore, followers tend to identify with a charismatic leader and seek to emulate the person.

Do you have any charismatic traits?

As noted in the book, The Charisma Myth, there are many types of charisma. For example, introverts can be charismatic because of their ability to focus. Extroverts can be charismatic because of their magnetism. One way or the other, charisma helps people trust and follow you.
According to Weber’s research and that of modern sociologists, there are many traits that are common to charismatic people. Most likely, you have some of these traits:

• Strong core values
• Ability to speak dynamically
• Competence
• A “certain presence”
• Confidence
• Magnetism
• Visionary ideas
• Powerful energy
• Respectful

Why You Should Develop Your Charisma Quotient

There’s a beauty in charisma. It makes a person more attractive in a non-physical way. It allows an individual to bring positive energy into people’s lives, to influence them in an affirmative way, rather than in a manipulative way. Charisma gives someone a tremendous advantage in almost every conceivable situation:

• Business and personal relationships
• Sales calls
• Business meetings
• Enlisting cooperation from others

Wouldn’t your life be easier, if you could inspire, motivate and excite the people in your life?

How to Develop Charisma

Get in Touch with Your Inner Powers
You can learn to develop a certain expansiveness, openness and joy. It means getting in touch with your inner powers and finding the core of your energy. There are many approaches to this. Think of ways that work best for you to focus, get centered and rejuvenate. Many people find that meditation practice, long walks in nature, or creative outlets help them feel “the power within.”
Communicate with Enthusiasm
As you get in touch with your inner powers, learn to open up your voice so that it resonates. Practice speaking from deep within your body. Breathe deeply. Open up by saying “Ahhhhh” (while you’re alone please). You’ll see that your voice becomes more resonant.
Another way to improve your charisma while speaking is to show enthusiasm. Too many adults think it’s childish to show excitement about their interests. We’re not talking about being phony, but learn to feel and express the excitement about things for which you have great passion. Then convey your enthusiasm while you speak.
After enough practice, you’ll see that you can convey your enthusiasm to others. Perhaps your excitement will help you land that next contract.
Be Focused and Decisive
Forget about just getting along and being average. Find ways to be decisive in your speech and this should transform into action. Do you find yourself saying sounding unsure and doubtful? Do you find yourself saying,”I guess” too often? When you break the pattern of speaking with uncertainty, be sure to replace it with a more certain phrase, such as “Yes!” and “I agree!”
The goal here is to remove words of doubt and replace them with words of certainty.

A Final Two-Part Exercise

Part One: Examine Your Own Charisma. Identify the people with whom you seem to have a lot of charisma, such as people whom you know like you and respect you. Now imagine how you could develop even more charisma with these people.
Part Two: Evaluate people whom you feel project charisma. Think about the people you trust, respect and admire. Identify their positive traits that you can replicate, in your own way of course. Be true to yourself, but use them as inspiration.
Just becoming more aware of charisma within yourself and others should help you increase this trait in your life.
Source: thinklikecenter.com

When You Delegate

If you own or manage or own a business you must delegate to get the most productivity from your staff. Many of the routine or minor decision task can and should be done by trusted employees. Her are some ideas to get the best out of delegating

. Select the best person for the task

. Explain the procedure in depth
. Answer all questions clearly
. Set a deadline & expected results
. Give the person control to make small decisions
. Let go & let them work independently
. Show confidence in them
. Be available for more questions
. Give praise when due and often

 

By Barry Thomsen, speaker, trainer and business coach  www.idealetter.com 

How Well Do You Know Your Competitors

You work like crazy to come up with a new product or service, rent a bricks-and-mortar store, design a spiffy website for marketing purposes, and hire talented go-getters to meet customer demand. Yet there are still other businesses waiting to eat your lunch.
As much as you might like to ignore your competitors, the truth is you really can’t run your small business well without a good sense of what they’re up to. The knowledge you’ll gain by doing some research can help you plot strategies for keeping your existing customers and luring a few clients away from the other guys.
To that end, here are six effective ways to learn more about your competition.
1. Do a competitive analysis. This study can be as concise (or as detailed) as you’d like, as long as you answer certain basic questions:

• Who competes for your prospective customers?
• Do their products or services compete directly or are they potential substitutes?
• Do they operate traditional storefronts, or are they strictly web-based?
• What would make customers choose them over you (price, service, reputation, etc.)?
• Do they target the same audience as you do? If not, is their audience worth pursuing?
• Do they have a successful social media strategy?

Your objective here is to understand what makes customers choose one business over another.
2. Check out what your competitors say. Visit your competitors’ websites. Can you quickly determine what they’re all about? How well do they frame their value propositions? What do they say about the features and benefits of their products and/or services? Do their sites seem more successful than yours in enticing prospective customers to learn more?
Another source of information about the competition: their company newsletters. Sign up for their email or print missives, which offer clues about their sales strategies (discount offers, loyalty programs, etc.), service updates, product launches, etc. Keep in mind that wise competitors already subscribe to your newsletter.
3. Conduct a thorough online search. Start with Google, of course. Do a local search for the types of products or services you offer. Focus on the top five or 10 businesses that come up in Google’s search results, along with related results — blogs, videos, and online advertisements. You want to know the extent of each competitor’s online presence (see #4).
Once you’ve identified your biggest competitors, you can keep track of their activities through tools such as Google Trends and Google Alerts. That way, you’ll know when a competitor pops up in the news.
4. Read online reviews and social media commentary. Customers frequently share their experiences on sites like Yelp and Citysearch. Consumer reviews can be enormously revealing about competitors’ strengths and weaknesses — and can alert you to areas of service you might be overlooking.
Meanwhile, investigate competitors’ social media presence: Twitter feeds, Facebook postings, Google+ pages, YouTube offerings, and so on. What kind of content are they putting out there? How many followers do they have and what are they doing to draw more? Do they demonstrate a clearly aggressive social media strategy or is it not a priority?
5. Attend trade shows and conferences. Is active participation at trade shows or professional conferences may be a key component of your competitors’ marketing plans? If so, visit their booths, pick up copies of their handouts, and study them. See what you can learn by engaging their representatives in chats about the business, too.
6. Talk with your customers. Who better to give you insightful intel about your competitors — not to mention your own operation — than your customers? Your clients can tell you why they prefer you over the other guys and why they sometimes take their business elsewhere. Talk to enough people and you’ll get a clear idea of how your business stacks up against the competition.

By: Lee Polevoi

Many NOs of Small Business

For a long time now the practice that many businesses employ is never saying no to potential customers. It’s the aim-to-please attitude that has gotten so many deals closed through the years, taking what would have been missed opportunities into smashing sales many can only ever dream of. Of course, it’s never as simple as avoiding the “N” word. The most important thing, after all, is that the customer doesn’t say no, and if you can’t achieve that then your efforts would have been fruitless. Let’s look at the different types of No’s a customer can give you, because when you know how to recognize them you’ll know what to do when faced with them.

This line likely comes from someone who came into your store with a list of things he wants. He knows exactly what he is getting and how many, which means he’s going to expect to be in and out of your shop in no time at all. Don’t be discouraged, though. A customer’s to-buy list isn’t necessarily carved in stone, and with a little salesmanship skills you can convince him to add some more things to it. And it’s not just to bump up your profit either; customers don’t always know everything you can offer, and if you manage to sell them something else that they would really find useful they will leave the store just a bit happier than they were expecting to be.

That is all I can pay for.

This kind of no is pretty definitive, at least for that particular day that the customer says it. Of course, there is such a thing as credit cards, but you have no business trying to mess with people’s budgets. What you can do, however, is try to work with whatever the customer is willing to spend and try to give the customer different packages, discounts, and deals so that your client can make the most out of their limited budgets. They may be saying no to your more expensive products and services right now, but please them now and they’re more likely to come back the next time. Don’t always think of the here and now. There is always another day looming, and customers won’t always be broke. Of course, it’s not your position to assume whether or not someone can afford your product or not, so don’t sell from your own pockets either.

I don’t want that.

Sometimes, no really means no, and nothing good would come out if you try to offer something else or upsell them. There are always those who will think you’re simply ripping them off, whatever you do, and these people would no sooner listen to a sales pitch than chew off their own foot. In this case, there is usually nothing to do except to simply do what the customer tells you. With any luck, something would catch his fancy and he’ll ask you about it, but otherwise he wouldn’t listen to what you have to say. Sometimes, the best way to make a customer happy is simply to let them shop on their own because hovering over their shoulders might very well just turn them off from buying anything at all.

I want that, but not from you.

Here’s where a little competition comes to play. What if a customer is actually very interested in a certain product but is not interested in buying it from you? There could be any number of reasons for this. Maybe it’s just a little cheaper somewhere else; maybe another store has better perks; or maybe the customer simply likes the employees at the competition better. Whatever the reason, it means that you need to do something to turn the customer’s favour towards you. Customer feedback really matters a lot in this case because if you do not know where you are lacking then you wouldn’t be able to take steps to improve it. It’s never a good thing in business to be behind your competition.

In the end, for every “No” you get, you have to ask yourself “Why not” because even rejections open good opportunities. One final advice is not to anticipate a customer’s refusal, because for all you know, the customer is willing to check out and buy anything you have to offer them. It’s one thing for a customer to say no to you, but another thing for you to say no to them. When customers come with a refusal halfway out of their lips, it is up to you if you’re going to give up or try to turn that “NO” into a “YES”.

Source: Small Business Telegram

Will Twitter Generate Sales?

Twitter is an interesting social media platform. It is a great medium for communicating and getting the word out, but does it bring buyers to your website? (and remember, that was never the original intention behind the creation of Twitter or any of the social medias).
From my research, as well as other research I have read, Twitter is really more effective for business to business selling. So if you are selling jewelry supplies for example, yes, you should be on Twitter because jewelry sellers are there and it is easy to find them (use the #jewelry hash tag) and easy to make them aware of your services simply by following them. Why are jewelry sellers there? One, because they have been told by the marketing world they have to be on there to be relevant, and two, because they are using it to search for new customers as well. I am sure there are other reasons, but, in all honesty, those are the main two.

Now, if you do not sell to businesses but rather to the end user, research has shown that end users for not using it as much for search (but that may change in the future), except on trending hash tags. So if you include a trending hash tag in your tweet, for example #HappyMonday, you can get seen in front of a large amount of people (I covered this in my post, Clever Ways to Use Twitter Hash Tags). But again, sheer exposure is no guarantee of sales, especially if it is not to your target market. I see a lot of wonderful products every day, but if I have no need for them, I’m not going to buy them.
So, are there ways to use Twitter that might lead result in sales?

• If a Twitter account that has a large number of followers retweets one of your tweets or sends out a link to your website, that does expose you to a large amount of people, and if they are your target market, even better. So there is a definite potential here for sales.
• If you have a large following of regular customers and you tweet out a special offer or a new product, that could definitely lead to a sale.
• If you use it to engage in a conversation with someone who is asking a question that pertains to what you sell, that could also lead to a sale (maybe not right away).
• If your followers love you enough to retweet your tweets, that exposes you to new people, which could lead to sales.
• You can also pay and do a sponsored tweet that goes out to a targeted audience (probably your best chance for sales).
• If you tweet something really witty or funny or inspiring, that could go viral as your followers retweet to their followers and then so on. Again, exposed to more people, but not necessarily your target market, could result in sales.

Now remember the steps that must occur in order to lead to a sale: The person on Twitter must even see your tweet, which can be difficult if they are scrolling through an ocean of tweets. Then, they must be interested enough to click on the link in your tweet. If there is no link that takes them to your website, then they must click on your Twitter name. Then they must read your profile to see what you do. Then they must click over to your website from there. Then they must look at your products. Then they must decide if there is anything they want or need. Then they must decide if they want to buy – that’s a lot of steps and you are losing people at each one.
Don’t get me wrong, Twitter can be great for businesses, just not all businesses. So have a presence, because it is free advertising, but keep your expectations in check.
By G B Oliver

Contact Into Customer

One of the key tasks faced by any business person is to develop strong and lasting relationships. These relationships can take many forms and may begin at any stage – for example, an individual who was referred to you personally by a satisfied long-time customer will not require much time investment before they are ready to purchase your product. On the other hand, budding entrepreneurs may have to convince a cautious and sceptical marketplace that their revolutionary new service is worth gambling on – completely from scratch. Clearly these tasks are very different in their scope, but the skills involved are identical. It’s all about informing them of your product, making them feel valued, and making yourself stand out.

Information
The fact is, nobody with any business sense will buy anything that they aren’t completely convinced by. Whilst there are certainly a few risk-takers out there, few are so bold as to jump into a new deal without getting a clear image at least of what they will be getting out of it. If you’re providing something completely new, your task is clear. You will need to explain your product or service; what problem it solves, how it will integrate with the potential client’s business, and the end benefit. If your idea is good enough, you’ve got a good chance of succeeding. Those who are entering a more saturated market face a different issue – you’ll need to convince decision makers that your business is a better supplier than whichever one they are currently buying from. Remember that their main interest is, quite simply, ‘How will this affect our bottom line’? Show that you can increase their profits, whether directly or indirectly, and you’ll have gone a long way towards convincing them.

Valuing Them
It’s well known that retail customers are more likely to shop at stores which offer good customer service. This phenomenon is not confined to that one sector, but is universal. Make your clients feel like they matter and that they will receive a pleasant and personal service, and you can help sway their decision on your direction. Business people are human just like everybody else. Even if competing providers are a little more expensive, most people would prefer to pick up the phone and talk to somebody who’s warm, friendly and straightforward. You can give this impression with simple verbal and non-verbal indications, such as eye contact and a firm handshake. One notable tip is to repeatedly address the other person using their name. Everybody loves hearing their own name, and by directly engaging in this way you can be sure that they’ll remember you as someone who is personable.

Making Yourself Stand Out
This step is fairly simple. To make sure that you’re remembered, you can do one of two things. You can do something unconventional, such as hold a meeting at an unusual venue, or you can supply them with something which will remind them of you. The former approach can take a lot of consideration, but yields long-term rewards. An executive who’s been subjected to 20 years of high-end restaurant meetings might yearn for a discussion at a normal, blue collar bar, for example. You would then be remembered as the person who broke the monotony which had been building up for all that time. Giving them something to remember you buy is comparatively easier, and probably cheaper. For example, promotional golf gifts can round off a game and remind the contact of you and your business every time they tee off.
By Katie Philips  a freelance blogger writing widely on business and tech topics.

Don't Waste Advertising Money

Nothing is more pointless than spending money on an advertising campaign when no effort is made in-house to deliver on the promise to customers.
I’ve had many years experience in the advertising industry. I’ve sold advertising space at radio stations and I’ve been a senior account director for a multinational advertising agency.
When a campaign launched, I liked to visit the client’s premises and ask somebody, “what are you featuring today?” Far too often, the responses ranged from blank looks and shrugged shoulders to a more enthusiastic reponse such as: “it’s all good!”

Instead, use your staff meetings and daily team meetings to enthuse your people about the products and services to be featured in the advertising, this week. Make sure they know about the best bargains.
Feature the products on store displays, and prepare flyers for anybody who may take phone enquiries. Put a sign out on the pavement, if you can.
Get your people to point out the featured products to everybody who enters your store: “by the way, if you’re looking for (canvas prints) they’re our advertised special this week.” That’s not pressure, that’s friendly advice.

Give some thought to running a small incentive on featured products: perhaps a bottle of champagne for whoever sells the most each day. (It’s a nice treat, but not so valuable the sales team will “mis-sell” in order to win.)
It’s not easy to pull together inventory at margins which justify a campaign, so maximize the investment in your advertising and go all-out to make sales.
By The Business Advisor

Sequestration & Your Small Business

 

Will federal sequestration—the automatic budget cuts set to take effect on March 1—impact you? It depends on your business and on who you ask.

What is sequestration?

Sequestration is the name for federal budget cuts (primarily in defense spending) scheduled to begin on March 1 if Congress fails to find way to make required budget cuts to meet a pre-set level. The exact amount of these cuts is difficult to determine; it changes from source to source (I’ve seen mention of $85 billion in initial cuts). Overall, sequestration is supposed to make cuts of $1.5 trillion over 10 years. Also, sequestration means that the federal government is limited in the amount of additional borrowing. Details about the cuts from sequestration can be found in a Congressional Budget Office Report.

Sequestration was suggested by President Obama and agreed to by Congress in the Budget Control Act of 2011 as part of a compromise to raise the federal debt limit.

Which businesses will likely be impacted?

Entrepreneur Magazine said sequestration could result in a “dramatic decrease” in government contracts (how much is unclear). The Chairman of the House Small Business Committee agrees. Many small businesses receive contracts directly or as subcontractors of prime contractors.

A White House blog fact sheet sequestration could result in fewer SBA-guaranteed loans. These are commercial loans that receive government guarantees. The fact sheet pegs the cutback at $902 million.

The New York Times reported that a senior policy analyst with the National Federation of Independent Business thought it impossible to predict the impact of sequestration on small business and whether it would hurt the economy.

Final thoughts

Let’s be realistic about the specter of sequestration vis-à-vis small business. Not every small enterprise is in the market for a loan or is a government contractor. Little else has been discussed on the overall impact that sequestration would have on small business. The actual budget cut resulting from sequestration is only a drop in the federal budget bucket (probably about 2%). Many businesses I know would readily cut their budget by this amount if they didn’t have the funds to pay 100% of what they had previously expected. Why shouldn’t the federal government do the same?

What’s more, even if March 1 comes and goes without further Congressional budgetary action, nothing prevents some activity down the road. Let’s not panic. Let’s wait and see.

By Barbara Weltman

Ways to Be More Creative

One of the reasons that being creative is so challenging is that we naturally drift toward the status quo. Shaking things up makes us uncomfortable and requires risk taking. Here are the 3 simple, non-threatening ways to nurture creativity so you can interfere with that drift.
1. Stop focusing. Make sure you have downtime.
This will be different for each person. For me it is meditating for 15 minutes in the morning, running for a mile at night, or doing yoga. For others it is knitting, driving, taking a long shower, staring out the window or washing the dishes. What it isn’t—focusing and concentrating on work or the problem at hand.
All of our thoughts, ideas and knowledge need an opportunity to shuffle around in our heads so that they can connect up in new ways. Making new connections is critical to creativity.
2. Wonder. Be Curious. Ask Questions.
Creative ideas often come in response to questions. When you are questioning the way things are you automatically interfere with the normal course of events. Ask “What if . . , Why isn’t it possible to . . . ? “Why don’t we. . . ? What does this mean?: Questions like these allow you to take imaginative leaps out of the ordinary and discover possibilities.
3. Hang out with smart, creative, thoughtful people.
One thing you can be sure of is that if you never get away from your desk and your own thoughts, you’ll fall into habitual thinking. Being exposed to people who challenge you; who ask you questions and can offer you a different perspective can give you the jolt you need to think different.
By Ilana Rabinowitz

Marketing Ideas

If you want to keep your business growing and have the ability to replace lost customers & clients (we all lose them) you must keep marketing. That doesn't mean spending a lot of money on advertising or other media but it does mean doing something. Make a few minor changes on your website even if it means just moving things around. Offer a printable coupon or discount code number for people who order soon. Also make sure that you are listed correctly in all the free online directories available. Make sure that your website address or QR is printed on all business cards, stationery and literature.

If you just try to wait out any slow periods you may get behind on expenses faster than you expected. Do be like a deer who freezes in a car's headlights and then gets run over; move and create some marketing. There are many networking groups you can visit as a guest and get a minute or so to promote your business, it's worth the hour or so and costs nothing but your time. There is always a way of marketing on a continual basis and most of the ways are free or cost very little. Take a look at what you are doing today and consider some positive changes.

By Barry Thomsen, speaker, business author and business coach/consultant. www.idealetter.com