The Complete Roadmap Workbook Final Use

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"The Complete Roadmap to Your Business Success” …

"The Complete Roadmap to Your Business Success”
Interactive workbook for Business Owners who want to transform their Busiiness and make more Profit
Work Book

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  • 1. Paula George and Angela Farrell Presents“The Complete Roadmap to Your Business Success” Training for Women Entrepreneurs and Business Owners who want to transform their Businesses for Profit Work Book
  • 2. www.inspiringwomen-in-business.comCopyright – All rights reserved.This resource guide contains proprietary content and must not be duplicated or distributed without written permission.No portion of this material may be shared or reproduced in any manner under any circumstance without advance or written permission from InspiringWomen in Business LtdFor Permission requests contact:Inspiring Women in Business Ltd29 Rookwood CourtPortsmouth RoadGuildfordSurreyGU2 4EL
  • 3. Legal & Earnings DisclaimerNo portion of this material is intended to offer legal, professional, personal or financial advice. The information contained cannot substitute or replaceprofessional services of trained professionals in any field, including but not limited to financial or legal matters. Under no circumstances, will Paula Georgeor Angela Farrell of Inspiring Women in Business Ltd be liable for any consequential damages that result from the inability to use the information orstrategies communicated through the course and its material, or any services given prior or following this course for your decisions, actions and results inlife. You alone are responsible and accountable decisions in life and business; we have however taken every effort to ensure that strategies are representedaccurately with the potential to grow your business. However, we do not advocate this as a get rich scheme and there is no guarantee that you will earnmoney from using such materials. Achieving your success is dependent on a number of factors including your skills, knowledge, ability, dedication, businessfocus, marketing understanding and financial situation. These factors are of course different for every individual. Furthermore, as with all businesses thereare known and unknown risks that may present additional hurdles to your success. Statements in this course are simply our opinions and experiences.
  • 4. Inspiring Women in Business Ltd is a Business consultancy which delivers professional products & services to womenbusiness owners and corporate clients to increase their overall business profits by providing easy step by step tools and strategies that deliver maximum results, and transform every aspect of their business.
  • 5. Mission Statement To Inspire and Empower Women Business owners & Entrepreneurs across the world to transform their businesses & lives by maximizing earnings and profit potentialCreating enjoyment and freedom and developing limitless beliefs whilst embracing the powerful value of their own life experiences
  • 6. 1. Developing Your Entrepreneurial Mindset2. The Business Cycle3. Business Musts4. Quick wins5. Pricing Game6. The Online Game7. The Offline Game8. Combining your Marketing Strategies9. Influencing & Communicating with Personality10. Implementing For Results
  • 7. Developing Your Entrepreneurial MindsetWhat are your  Beliefs …………………………………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………………………………  Values …………………………………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………………………………….  Attitudes……………………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………………………………….
  • 8. You need to have a mindset that supports you - what was said to you around money?Money What was said around money as a childSecurity Can’t afford itTime Money doesn’t grow on treesFreedom Rich people are not nice peopleCharityPeace of mind………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
  • 9. What is your state? ..... If you can’t recognize your state your customers will.So get to grips with it now and complete the Sentences below  When I feel Angry I…..................................................................................................................................................  When I’m Happy I…………………………………………………………………………………………………………………………………………………  When I’m Sad I……………………………………………………………………………………………………………………………………………………..  When I’m fearful I…………………………………………………………………………………………………………………………………………………
  • 10. Some people focus on what they can’t control, that leads to being overwhelmed, stressed, feeling stuck, and frustrated.Whatever you focus on you are going to feel…. So if you focus on the economy and how bad it is….chances are it’s going tobe bad for you. If you focus on that customers are not buying your product then they probably won’t…. You are focusingon the wrong thing….focus on the can do’s and solutions.Understand YOU  If you are changing direction in your business or life do you know why?  What do you want?  What do you need?
  • 11. The Business Cycle:Starting your enterprise - the must do’s 1. Business Plan, Including Financials  Have you a financial plan?  Have you a Business Plan? If you have, use it. If you haven’t, get one and use it: Should be short Should be useable ( simple ) Should be focused – not long Should demonstrate your goals
  • 12. Should demonstrate your pricing structures Should have a timeline Should include your finances Have you a Marketing Plan? What type of insurance do you need? Do you have a solicitor? What type of entity are you developing? Do you have an accountant? Will you be applying for VAT? What about Payroll ?The list is endless please seek advice after answering these questions:
  • 13. Market Niche – Answer the Questions below  Who is your target audience?  What are their needs?  Wants?  Likes?  Preferences?
  • 14. Answer the questions below regarding investment and Capital. How much Capital does your business need? What investment is required to set up your business? Do you have a fallback position? Who will fund the investment?
  • 15. Can you answer the questions below on customer relations?  How important is service? ………………………………………………………………………………………………………………………………  How important is Quality? ……………………………………………………………………………………………………………………………….  What are your thoughts about Guarantees? ……………………………………………………………………………………………………………………………….  Will you segment your customers and how? ……………………………………………………………………………………………………………………………………
  • 16. Skills, Experience, Attitudes  Describe what you are good at? ………………………………………………………………………………………………………………………………………………………………………….  What can you improve upon? …………………………………………………………………………………………………………………………………………………………………………..  Describe what business you could develop? …………………………………………………………………………………………………………………………………………………………………………..  What personal development plans will you put in place for yourself and employees and why? ……………………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………………………
  • 17. How will you validate the structure?  How will you generate business ideas?  What’s your idea? In simple, straightforward terms, write down what your business idea is…………………………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………………………………………………………………  Can you validate the business ideas through feedback, surveys, mastermind & social groups?  Have you set the size or scale of the business operations?  When will you create the business? - When will you start the implementation?  Have you thought about the business in the long term?
  • 18. What does your structure look like? Is there a need for a LEAN or HIERARCHICAL structure? Do you know the pros and cons of both? If you have few employees you may not need one: However, will you need one in the future?
  • 19. What is your vision for the growth of the business?“A clear vision backed by definite plans, gives a tremendous feeling of confidence”Vision – is your goal:I want my business to be the leading:………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………Where has or did your idea come from?……………………………………………………………………………………………………………………………………………….……………………………………………………………………………………………………………………………………………….……………………………………………………………………………………………………………………………………………….
  • 20. What do you believe you have to offer / or are offering?………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………Why is this product / service needed?………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………What do you bring to the business thatcounts?……………………………………………………………………………………………………………………………………...………………………………………………………………………………………………………………………………………………
  • 21. Research QuestionsWho are the major competitors in the market?…………………………………………………………………………………………………………………………………………………………………………………..…………………………………………………………………………………………………………………………………………………………………………………..What’s their current share of the market you’ve identified?…………………………………………………………………………………………………………………………………………………………………………………..…………………………………………………………………………………………………………………………………………………………………………………..Have there been any significant changes in the market share each competitor has had over the past five to ten years(i.e. who’s moving up and who’s moving down)?…………………………………………………………………………………………………………………………………………………………………………………..
  • 22. Which of your competitors address which segments of the market and which of them are strongest in those segments?……………………………………………………………………………………………………………………………………………………………………………………..……………………………………………………………………………………………………………………………………………………………………………………..What are your competitors’ strategies for reaching your target market, as well as any segments on which they focus?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………What do you believe to be your greatest competitive advantage?…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..Why is that important………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
  • 23. So what kind of products and services will the customer buy – these are the 7 Priorities Product Price Purpose Profit Promotion Presence Partnerships
  • 24. Do you have more than one income stream? If not, why not?What are your revenue generators? Income Income Income Stream 1 Stream 2 Stream 3
  • 25. Who are you selling to and what do they want?List the products and / or services that you produce12345
  • 26. How will you market these products and / or services?Online - Discuss:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………Offline - Discuss:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………Combination - Discuss:………………………………………………………………………………………………………………………………………………....……………………………………………………………………………………………………………………………………………
  • 27. When organising your business for success, no matter where the business is in its life cycle, where should you put orspend your resource?Ideally there should be three places  Strategy……………………Vision, positioning, analysis etc  Revenue……………………Costs associated with productivity, management of staff, cars , promotional  Productivity…………………Product or service creation, meetings ( producing the cash flow )Revenue and productivity is about having the right roles and people in the right place, at the right time and of coursefollowing and combining the right strategyWhat would you say are the three most critical areas of your business?123
  • 28. Think business critical - what’s important for growth and do these areas relate to strategy, revenue and productivity?List the ten activities that you carry out day to day or week to day.12345678910
  • 29. Now put your tasks into the buckets above:  What % of your time is spent creating and producing sales?  What % of your time is spent developing the future business and strategy for growth?  What % of your time is spent at the computer or in the car travelling to appointments?  The strategy box contains your management of the business - NOT YOUR PEOPLE
  • 30. When you first start a business the majority of time may be spent in the strategy box, creating your business and themarketing strategy. As the business becomes live, products and services will need to be created which go into yourproductivity box and this area will become more and more important to the business deliverables. Finally, as thebusiness and the revenue grows, there will be additional associated costs with products, services and activityAs sales and marketing increases, more costs are incurred; the gap is your profit margin
  • 31. What is Marketing? Marketing is to understand your customer so well that the product or service fits the client and sells itself Marketing deals with markets that contain potential customers which lead to profits Finding out what customers needs are both now & in the future and designing the product or service that they will buy Creating a campaign that devises a way of getting customers to part with their money Creating promotional material to help customers understand what the business or product does Creating campaigns to create awareness of business and brand
  • 32. So it’s important that as a small business owner or when considering starting up a business, that you learn the basics ofmarketing and understand how to turn prospects into hungry buying customers. If you don’t spend time getting tounderstand which marketing strategies work best for you, then you could end up spending lots and wasting lots of money. There are only three ways to grow any business or professional practice. Jay Abraham A widely accepted and acknowledged business concept 1. Increase your number of customers or clients. This is where almost everybody focuses all their attention. But the second and the third ways are actually where you have the greatest potential for leverage and growth. 2. Increase your average transaction value. This simply means increasing the amount of the sale and the amount of profit that sale produces for you. 3. Increase your frequency of purchase. This means you get more residual value from each customer or client. You get them to come back more often to buy more products or services from you.
  • 33. There are at least 30 marketing strategies that could fit into these three areas - we are going to fit them into three categories Three broad types of marketing strategies:1. Offline (or traditional forms of) marketing Print - like newspapers, magazines, yellow pages, ads, flyers, coupons etc Television and radio Word of mouth (which is important enough to talk about separately)2. Online marketing (with the arrival and development of the internet) Email marketing and press releases Social Networking and Social Bookmarking Affiliate Marketing Banner marketing3. Combination marketing – a mixture of online and offline. However this is a massive opportunity so we are giving it a segment on its own By far the most powerful form of marketing
  • 34. However before sharing the best marketing strategies for your business let’s be realistic because to get instant successyou have to look at the current customer base, especially now whilst the global economy is in free fall. It’s thosecustomers who have bought from you previously who are your most valuable asset.So answer these questions  When was the last time your customers bought from you?  How often do you review their purchases?  After the initial sale, what formal methods do you use to communicate and resell to your existing customers? What are they? If you don’t have any, what should be put in place?
  • 35.  How often do you review their experience of your business? Are you selling all your products and services to all your customers? Have you robbed your best customers of a great opportunity? How much does it cost you to market to new customers? How much more revenue could you bring into your business by selling alternative products and services to your existing customers?
  • 36. Do the sums - Increase your revenue overnight just by reviewing your existing customer base……..Fill in the templatebelow and start increasing your profit margins Today !!!!!! Name A B C D A x x B x C x D x E x
  • 37. So your first priority should be to retain and grow your existing customer base – Here are 5 tips to get you on your way: 1. More Communication – Double your communication. You don’t always have to sell, just provide them with useful information. Invest your time in them, they will feel appreciated and appreciative. It will be you they think of when they need something. Communicate with them by E mail, post and even phone – yes call them. 2. Ask them “Is anything wrong?” Call, visit or write to them and communicate the fact that you recognize that they haven’t bought and would like to understand their reasons why - whatever is wrong you need to know. If they have a problem with you, your product and / or service, you need them to be aware that you want to be supportive, resolve the situation and stand corrected. By investing this time with these customers it will pay enormously both in the short and long term. They will become real ambassadors for your business; you’ll be creating an enormous positive impact on them and their buying relationship with you. You’ll also get real honest feedback that will enable you to positively improve your service and increase your sales. 3. Every business should have a monthly newsletter. Not just sent via E Mail but also printed and sent in the post – it creates a real impact. It is tangible and has low costs associated; surely your best customers who will pay you more are worth it. 4. Stand out from the crowd, good quality gifts, videos online or even have special VIP days for your best customers. 5. Remember the 80/20 rule - 80% of your business profits come from 20% of your customers, so goodness me why wouldn’t you treat them differently… Segment, segment, segment
  • 38. Oh and an extra piece of advice…... SELL…… if you call 100 of your top priority customers and have a good qualityconversation and product to sell, approximately 20% should buy…………….Fantastic you are on your wayCustomer Matrix – helps determine strategies for different segments of customers Good Products Not so Good Products Good Customers develop and find more customers like educate and convert these customers to these - allocate your best resources to good products if beneficial to them, these existing customers and to failing which, maintain customers via prospective customers matching this account management profile Not so Good Customers invest cautiously to develop and assess feasibility of moving these improve relationship, failing which, customers left or up, failing which, maintain customers via account withdraw from supplying sensitively managementCreate your own customer matrix today – See template provided
  • 39. Offline Marketing  How much is the initial sale of a new customer worth? …………………………………………………………………………………………………………………………………………………………………………………………………………..  How much prospecting mail do you mail each month? …………………………………………………………………………………………………………………………………………………………………………………………………………..  To whom, and why? …………………………………………………………………………………………………………………………………………………………………………………………………………..  Does your communication differ depending on the life cycle of the customer? …………………………………………………………………………………………………………………………………………………………………………………………………………..  Do you have database? …………………………………………………………………………………………………………………………………………………………………………………………………………..  How do you test the different types of mailings and different aspects of your mailings? …………………………………………………………………………………………………………………………………………………………………………………………………………..  What is the return on investment for your mailings and how do you think it can be improved? ……………………………………………………………………………………………………………………………………………………………………………………………………………  How often does a typical customer buy from you? …………………………………………………………………………………………………………………………………………………………………………….  How could you use a public relations strategy to complement your marketing?
  • 40. Online MarketingSocial media is fantastic for lead generation and market awareness. Both are important aspects for new and growingbusinesses; however most people dabble with social media, get lost in social media or use the platforms as a businessrather than as a strategy. This can be risky as this is an area that you must understand and use but changes very fast andcan be outdated before you even start, so keep up to date or better still get someone to keep you up to date.How can you get Face Book, LinkedIn, Twitter and the other entire platforms to work for you?  You need to join all and spend at least one hour every day on this strategy  Send out many messages every day  Generate leads form blogs – 4 times per month.. And post to all groups and sites  Set up a face book business page or get someone to do it for you  Make sure that you are in control  Reach out to about 10 new contacts a day  Post 3-5 comments a day  Like about 3 – 5 a day
  • 41. Online MarketingAffiliate MarketingA bit slower to develop than other types of marketing strategies online, the affiliate marketing concept is to further salesby allowing other website owners to promote your products or services and to give them a commission for every sale orlead that they generate for you. This can be a very efficient form of marketing because it’s inexpensive to set up andimplement and if you can get the right fit you could find real experts promoting your brands for youThe Do’s - Ensure that affiliates complement, not compete and pay good commission. You could even use jointpromotionsThe Donts – Make sure you have a good relationship with 3rd parties as lack of transparency; problems over affiliatecommissions, increasingly competitive business and lack of communication are some of the problems that you could face.
  • 42. This diagram demonstrates the emotional upheavals and business upheavals that all businesses are likely to face at somepoint in their development or growthLike all customers and products, businesses also have different stages of development that take you through difficult andprosperous times, including happy and negative periods.So for example : when you first start out on Day 1 you have big ideas, dreams and are extremely motivated and then youhit a road block
  • 43. New Skills 1. Positioning 3) Advanced 2. Distribution Growth 3. Functionality 4 Strategy 5 Succession Use this model to anticipate and grow your own business 4) Plateau Start up 5)Decline Get confidentDay 1 Steady Research Mode Time Incremental Growth Feels good Good times Payback for hard work
  • 44. The Quick Wins Small steps or initiatives that will produce immediate, positive results to your business• Increasing sales and profit fast• Increasing your customer list fast• Increasing your brand awareness fast• Introducing your product to the market fast• Transforming your use of time
  • 45. There are only three ways to grow any business or professional practice (Jay Abraham)• Increase your number of customers or clients. This is where almost everybody focuses almost all of their attention. But the second and the third ways are actually where you have the greatest potential for leverage and growth.• Increase your average transaction value. This simply means increasing the amount of the sale and the amount of profit that sale produces for you.• Increase your frequency of purchase. This means you get more residual value from each customer or client. You get them to come back more often to buy more products or services from you.
  • 46. How to Increase your average transaction value Increase no. of Increase av £/sales Increase frequency Total customers NOW - 1000 £100 2 £200K 10% increase 10% increase 10% increase 1100 £110 2.2 £266K (33.1% increase)
  • 47. ActionsIncrease no. customers 1. 2. 3. 4.Increase av £/sale 1. 2. 3. 4.Increase av. frequency 1. 2. 3. 4.List up to 4 actions you can take immediately to grow your business
  • 48. Quick Wins – Transforming your use of Time - Focus on the 20% that produces results
  • 49. Every action you take has a cost element to it Who are the 20% of your customers and what is the 20% of your activities that lead you to 80% of your profits? Who are the 20% of customers and what are the 20% of activities that give you 80% of your problems? What are the 20% of activities that give you the 80% of happiness in your business?
  • 50. Do you know where your sales are coming from?• Work out the sales by each customer per year• Put them in sales order - highest spenders at the top of your list• Calculate cumulative sales – work down until you have reached the point where you have generated 80% of your sales – more than likely this comes from only 20% of your customers
  • 51. Leverage the potential of your existing clients first Product 1 2 3 4 Customer A x x B x C x D x E x F x G xSavvy business owners know that making your current customers more profitable is just as good andcould be even better than acquiring new onesSo start by ring fencing your existing customers and double the communication with them and communicate to them noless than once each week. Sell more to these customers
  • 52. Increase key skills by 10 % - What skills could that be? • Attitude and self motivation • Time management & focus skills • Referral prospecting skills • Cold calling and appointment making skills • Communication & negotiation skills • Handling objections effectively • Asking for the sale
  • 53. Quick Wins through Social MediaSocial Media can create quick brand awareness and it can get your brand / company in front of millions of potentialcustomers immediately at little or no cost Social Media helps to extend your reach to build relationships and it acts like a viral marketing machine – great for brand awareness (don’t confuse with sales) it can help to build credibility fast and can help to establish you as a leader & expert See the social media checklist and act on today.
  • 54. A few more questions 1. What marketing discipline was most successful for you this year? 2. What marketing discipline was least successful for you this year? 3. Do you know the source and reason for all prospect enquiries? 4. Have you maintained an effective prospect and customer database? 5. What specifically do you need to do to improve your ROMI (Return On Marketing Investment) in the coming year
  • 55. Pricing  The simplest way to make your customers more profitable is by selling to them again and again  Have higher-priced things to sell to them  If you can’t sell a higher priced product, sell them something that’s comparably priced but complementary to their needs  Raising your prices by 10%  Offer a payment plan – more affordable over a set period  Offer a cheaper price if bought within a deadline
  • 56. The Pricing Game• Which pricing strategy are you currently using?• Which pricing strategy could you also use?• Which product or service fits the categories of pricing that have been outlined for you?
  • 57. Product Price Purpose ProfitPromotion PresencePartnerships Pricing could be the difference between brand survival and profit
  • 58. • You must develop a marketing strategy – completed analysis, segmented customers, targeting and positioning of product• You must have made decisions on distribution & promotion you will use• You must have an understanding of the demand needed for the product or service• You must calculate the costs, both fixed and variable associated with the product/service
  • 59. Pricing strategies Sets low price to Gas boards, electricity Penetration pricing increase market share boards high price & then slowly lowers the LCD TVs high launch – Skimming pricing reduced as more enter price make available the market to wider market Competition price lower, price the Retailers , expensive pricing same or price higher furniture Same product line Pricing Strategies different products within different features to Increased profit, Product line pricing the same product range increase price washing life cycle at different price points machines See this in supermarkets bundle BOGOFs BOGTF boots etc the psychology of price Psychological and the positioning of 99p instead £1 price set is high to reflect the Premium exclusiveness of the Harrods product.See Pricing Strategies Template:
  • 60. Pricing strategies available to you Hairdressers – shampoos and Optional pricing: Sells Added extras for turnover conditioners cost of production and distribution, they then decide on Volatile markets were pricing is Cost based pricing a mark up which they would like difficult to set for profit to come to their final pricing decision. Pricing Strategies If it costs £100 pounds to add a percentage to costs as Cost Plus Pricing: produce they add 10% to profit profit margin margin making it £110. Geographical pricing Rarity or export costs Coaching ???See Pricing Strategies Template:
  • 61. • Which pricing strategy are you currently using?• Which pricing strategy could you also use?• Which product or service fits the categories of pricing that have been outlined for you?
  • 62. Make sure that you know your numbers Price Setting : Key Points
  • 63. What you charge in your business is one of the most important key decisions you will evermake and it will ultimately influence all of the marketing youdo for that product or service moving forwardMany businesses under price themselves because they havea fear that if they charge what they would like to customerswill not buy from themIt is important that you become very aware of the potentialfear that you might have about your pricing, because itcould result in you pricing yourself far too lowThe fact that customers are not buying from you probablyhas very little to do with price alone. It is easy for customersto use the price as an excuse to get out of a purchase
  • 64. Questions to Answer • What do I know about the buying habits, the business activities, the business or personal interests of my customers and prospects? • Who else are my customers buying from (either before or after they would typically buy my type of product)? • What superior benefit, advantage, improved result is my business in a position to give to my customer?
  • 65. Sell expensive products to people where price is not an issue – Premium MarketThese customers are focused on getting the best and sometimes their buying Customers 5% Customers TOTALdecision is based on what is the most expensive. There are a huge proportion 1000 50 50of people who could potentially fall into this category in any business and it is Highest Priced 5 Times Priceup to you to seek these people out. They like expensive cars, jewellery, Product/servicedesigner clothes etc. £200 £1000 £50KHow many premium customers have you on your list? You may say you don’thave any of those types of customers, but typically there are about 5% ofpeople on your list who would buy something from you at least 5 times thecost of your current most expensive product or service
  • 66. Don’t get caught up in fear - make calculated decisionsIs it a mistake to reduce prices?Do customers base their buying decision around price?Are your products worth what you are asking for them?What is your position in the market place?How do price objections allow you to demonstrate the benefits of your product / service?
  • 67. Questions to answer • Is there a level of my market more upscale than I’m currently reaching that I should be catering to? • What other products or services, or combination of products and services, could I be offering my existing customers or clients that would be a logical extension or addition to the benefits they already gain by coming to me? • What other products or services do my customers or clients tend to buy or need before, during, and after they purchase their basic product or service from me? • How many ways can I use price inducement to get my customers or my clients to buy more often from me?
  • 68. The Online Game WhyLead Generation + Conversions = PROFIT!
  • 69. • You can reach millions of potential customers• It’s not just about putting up a website• Create a powerful ‘buying’ environment & direct targeted people to that ‘buying’ environment• Don’t expect to sell your services/products necessarily from your website – especially if you are new to the market• A website’s job is to get people to take action• Build powerful relationships through e mail marketing and getting them to call you
  • 70. WebsiteWas it worth all the money you paid or was it just an expense to the business?What changes do you need to make to create more leads?What changes do you have to make to generate more sales?Which customers does your website lend itself to?
  • 71. • What, if any changes, need to happen to your website that will enforce your brand and business values?• Does the home page state clearly what your business does in the first few lines?• Have you added a video, picture etc to the website?• When was the last time it was updated?• What methods have you put in place to capture leads?
  • 72. Use Video Marketing • Why? You get priority listings in hundreds of search engines incl. Google, Yahoo, MSN, AOL • 69% of internet users watch or download video online • YouTube 52.4m • Powerful as more people watching on mobile devices – 70% of world’s population own a mobile phone • Builds great customer relationships • Google loves video (they now own YouTube) helps high ranking • Customers feel they know you • Can educate them on your products/services • Great for conversions – can talk to them about benefits • Builds trust & credibility
  • 73. Online strategies that you need to get good at – Tick the Strategies that you are currentlyusing  Search Engine Optimisation  Opt in  Permission based e mail marketing  Affiliate  Articles  Online PR  Blogging  Social media  Networking – LinkedIn  Pay Per Click  Podcasting  Webinars  Banner Ads  Link building
  • 74. The Offline Game It’s not just about getting new business - you need to be able to maintain & build relationships with existing customers which potentially could be more profitable depending on what stage your business is atIt’s not just about creating ads, brochures etc – but also about meeting customers who can give you referrals and testimonials
  • 75. Mastering the 4 pillars of marketing along with the 4 pillars of marketing activities is key Four Pillars Of Marketing Four Pillars of Marketing Activities •What does the customer want •What is your pricing point •Customer Satisfaction • What networking do you do •How will the product be used •Is the customer price sensitive •Customer Service •Targeted Business development •How will the features meet the needs •How does your price compare •Customer Communication •Market Research •What branding will you use with that of your competitors •Cross Marketing activities •Trade associations and •What is the differentiator from professional bodies competitors Retain and Attract and Product Price Grow Develop Golden Shot Golden Shot Targeted and Recognition Place Promotion and Awareness Effective Communication •Where would customers look for •Where and when is the best time •Brand Identity •Strategic Communication your product •Will you reach your target •Advertising •Data base – CRM or IM •What type – what route audience through, media, TV, •PR •Website Development •Do you need sales people advertising •Timelines & event planning •Trade shows •What are your competitors doing •How do your competitors do it and what influence does this have •Consumer involvement – ask why????? on you
  • 76. Examples of Offline Strategies – Tick the boxes which you are currently using in your business  Direct Mail  PR  Referral systems  Targeted Lists  Special events/Promotions  Unique Selling Proposition  Telemarketing  Education - giving quality, focused on clients needs/not on sale so must ask for the sale  Networking  Drop Cards  Free seminar  Advertising – newspapers, radio, TV  Brand your business ( Car, Posters, Boards, Products )  Speaking
  • 77. Answer these questions • How much direct mail are you posting each month? To whom, and why? • How often do you mail to existing customers and how often new customers? • What is the return on investment for your direct mail, and what do you need to do to improve it? • Do you test the different aspects of your direct mail? • What do you test? Headline, Copy, Offer, Price etc
  • 78. When Advertising • Have you set a budget for advertising (remember exercise session 3: cost of acquiring a new customer) • What type is best for your business & budget? • Is this the most effective marketing route or are you advertising because it’s easy to “shove” an ad in the local newspaper? • Are your ads working? How do you know? • Do you have advertising that a) generates qualified leads & b) converts those leads to customers? • Do you know your conversion ratio (from every “x” number of leads, you get “y” number of customers or sales) • What different methods have you used to improve your conversion rate? • How do you track this rate? • What is your advertising cost per sale (An ad that costs ‘X’ generates ”X” in sales) • Have you tested different approaches to increase this number? • If not, what are the steps you need to take to convert a prospect? • Do you test your advertising? What do you test? Headline, Body copy, Offer, Price, Media coverage, Size, Publication Position or other
  • 79. Combination MarketingA combination of online & offline marketing strategies to maximise sales and profits
  • 80. The most dangerous number in Business is 1 which is why your business should be supported by multiple pillars ofmarketing. You need to use at least 6-8 marketing methods to attract new customers & retain existing customers What methods will you use?
  • 81. What time scale are you working towards for your marketing strategies? January February March April May One piece of Strategy Brand essence, Personality or story Different Routes - Webinars - Papers - E mails CommunicationHave you added your products and marketing activities to the timeline?
  • 82. What are the key issues for your Description of key issues - for example • Google De Listing business? • • Economic Downturn Lack of product pipe line Recommended change Evidence of change Implications on business strategy implications • Sales under performance and • Low morale and lack of focus • Clear strategic focus & loss of market shareThis is the foundation to building a long • Diverse Customer base with • Increase emphasis on targeting of customers with correct product / direction, with processes in place specific individual needs, term sustainable business • increased pressures on pricing Competition launching new • service offerings Lack of opportunities for growth • Superb targeting and customer communication and over reliance on one product • Clear understanding of needs, product line extensions working with Key Segments This information may need long termsolutions however it sets the vision and the thinking needed.
  • 83. Key initiative name: Road Map to your Success – on line coaching programme Help Start Ups’ & Women in Business develop the steps needed to successful & Objective: profitable businesses This is your product, initiative and Associated Products: Fast Track - Offline three day seminarservice template – have you filled yours Rationale Businesses are failing over a five year period, women could contribute 42Billion to the UK economy in yet? Target customer segments Competition advising mainly on a marketing Strategy rather than a Differ- If you have then you are ready to go entiation business framework Poor customer uptake due to none targeted activity Risks Google de listing – Business £6M Mkt – 10% Share = £600k / 76k unit sales = 8% volume share Results Less Scotland = £540k, 68k units = 4% volume share
  • 84. Influencing & Communicating with Personality Negotiator Manager Leader Influencer You are the Boss You have to wear all the hats
  • 85. List what your understanding of what these areas areStrategic Decisions........................................................................................................................................................Sales Decisions.........................................................................................................................................................Infrastructure Decisions.........................................................................................................................................................Self Decisions.........................................................................................................................................................
  • 86. What is your natural style are you a manager or leader – tick the box that best describes youand give an example of whyLeader  Change  Transformational  Leading People  Excitement for Work  Followers  Striving for Excellence  Long Term  Takes Risks   Vision Breaks Rules  Uses Conflict  Sets Direction  Gives credit  Proactive  Sell
  • 87. Manager  Transactional  Stability  Money for Work  Managing Work  Wants Action  Subordinates  Minimizes Risks  Short Term  Makes Rules  Avoids conflict  Objectives  Takes Credit  Plans Detail  Blame  Reactive  Tell
  • 88. Disc Styles for reference Styles D ominance Influence S teadiness C onscientiousnessBehaviour types are not good or bad or • Results • Likes recognition • Security • Concise L ikes • Be in Control • Likes people • Stability • Accurateeven right or wrong for that matter. • Losing control • Hate been • Fast change • Hates criticism D • Being used dropped • Loss of security • defensiveWe all embody a mix of these four styles – islikes • Direct • Self promoting • Predictable • Controlled • Decisive • Enthusiastic • Patient • Careswhich type do you lean towards? T ypes of communication • Assertive • Sociable • Slow to act What will product • Whos using it How will product Why it makes sense W hat their needs are or service do for them • What did they say • Listen to others make me feel more assured Bottom Line • Feelings, What support can Previous history P reference for info Profit • Appeals you provide
  • 89. Do your sales and marketingcommunications take into account allof the customer styles?Based on DISC Styles what visual aidsmight work best for:D..................................................I....................................................S...................................................C...................................................
  • 90. It’s all about the customer Uncovering NeedsSelling is about uncovering and satisfying the customer needs. First you must be ableto recognise when a customer is expressing a need or want:Key words they may use areLike, Want, I’m interested in, If only, I wishIt’s also about reading body language
  • 91. Uncovering Needs – means effective questioningWords to use for open questions – who, where, tell me, when, howand whyWords to use for closed questions – do you, have you, which, are, isWrite down a question that you could ask when wanting acustomer to speak freely toyou......................................................................................................................................................................................................................................................................................Write down a question that you could ask that would limit a customer response.........................................................................................................................................................................................................................................................................................................................................................................................................
  • 92. Are you activelyListening...it’s Critical?Customers like to feel that they have been listened to sorepeat what they say or paraphrase what has been said:For instanceThank you for sharing that with meSo have I heard you correctly when you say.....?
  • 93. Features and BenefitsFeatures describe the physical attributes of the productBenefits refer to the usefulness of the productWrite down two features and benefit statements that you could deliver to your customers1........................................................................................................................................................................................................................................................................................................................................................................................................2........................................................................................................................................................................................................................................................................................................................................................................................................
  • 94. Objections are common and are usually due to inactive listening, incomplete information,preconceived ideas and misunderstanding: These can be overcome by being empathetic,understanding and responding appropriatelyFill in the matrix below describing common objections and how you will overcome theseObjection Reason for Objection How will you respond to the objection
  • 95. Closing the SaleWhy should you close a sale?............................................................................................................................................................................................................................................................................................................Describe an effective close............................................................................................................................................................................................................................................................................................................When do you close a sale?............................................................................................................................................................................................................................................................................................................
  • 96. Implementing for Results
  • 97. What stage and state are you in on the emotional journey?There are two types of people in this world those thatthink they can and those that think they can’tWhich one are you?Fisher Model
  • 98. So what is an entrepreneur - well it’s defined as a person who starts a new business venture; however this doesn’t definethe characteristics of a successful entrepreneur.We tend to think of entrepreneurs as people who have a talent for seeing opportunities and the abilities to develop thoseopportunities into profit-making businesses.You see, being an Entrepreneur isn’t just about having good ideas, being able to recognize opportunities, being thesmartest or for that matter even being the best. It’s about doing something and making it happen. Putting your moneywhere your mouth is and going for it…You are on your way to successComplete this sentenceI am an Entrepreneur because ………………………………………………………………………………………………………………………………………..
  • 99. Write down 3 ways or sources that you reach out to in order to get your inspiration1…………………………………………………………………………………………………………………………………………2………………………………………………………………………………………………………………………………………….3………………………………………………………………………………………………………………………………………….Write down 3 ways or sources that you reach out to in order to get your support & challenge1…………………………………………………………………………………………………………………………………………2………………………………………………………………………………………………………………………………………….3………………………………………………………………………………………………………………………………………….You must look after you
  • 100. Women Entrepreneurs often find themselves working long hours, for long periods of time. Juggling the family alongsidethe business can be and often is exhausting. Alongside this, if you have days when you are feeling a little under theweather your ability to manage any demanding activity is very unlikely and as your energy drops so does any mentalaptitude or stamina.Which is why eating correctly, taking time for exercise and sleeping is important to your business.Answer these questions truthfully 1. When are you at your peak? ………………………..When are you not? .................................................................... 2. Do you have an afternoon slump? .......................... Do you feel good all day every day? ............................... 3. Do you ever have times when your concentration lapses? ………………..If so when? ...........................................
  • 101. As you are solely responsible for your business and its outcomes being sick is often not an option and so looking afteryourself both physically and mentally is a priority. This is whyTaking exercise increases energyEating a breakfast stops you from picking on poor foods that sap your energyDrinking water hydrates you and stops you from having that afternoon dipHaving a break refreshes youSleeping ensures you are refreshedWhat changes are you going to make for the good of your business, family and to your health today?
  • 102. "Striving for excellence motivates you; striving for perfection is demoralizing." –-Harriet BraikerKnow where you are going  Which tasks are critical to your business, which can be outsourced to someone else?  What % of your time is spent creating and producing sales?  What % of your time is spent developing the future business and strategy for growth?Most business owners try to do as much as possible and tackle as many tasks as possible in their business. What’s morewomen congratulate themselves constantly on their ability to multitask; however, once in a while you have to stand backLook at whats in the best interest of your business and yourself over the long term. The most successful businessowners know what they are good at and what tasks they should be delegating. Do you?
  • 103. Use Technology to Assist and not ResistToday we have every application, software, internet, and IT product to aid in creating,assembling, communicating, manipulating and storing and giving solutions to the businessneeds. However there is a caveat and that is to know when not to use it. Technology is meantto simplify and to be advantageous. If you find yourself looking at the screen confused by thesoftware, filling in three electronic calendars and using a hand held diary, never speaking toanyone and talking only through E mails, then you may have lost your focus. There areoccasions when the effort of using technology outweighs the advantages You must be able torecognise when the balance is slipping.
  • 104. Be Present in all that you doWe want you to recognise that not being “present” in your business, not showing “presence” with your customers can andwill have a detrimental impact on your success.People who demonstrate this are super enthusiastic, open to new ideas and opportunities and are constantly looking fornew ways to improve. They will be constantly thinking, have we got the new products and service that my customersneed? They will be ensuring that their sales and marketing funnels are constantly filled.Are you in automated mode, like when your driving the car – going to the same places and not sure how you got there,seeing the same people, listening to and giving the same advice... doing lots, but achieving little?You could be steering your way to disasterGo out of your way to project the best image you possibly can. That means you have to be totally present in what you doand how you do it.It’s only with a clear mind that you can demonstrate creativity and the attention to detail needed when developing andmaintaining a professional image and remember Purpose Leads to Profits
  • 105. Finally“All big businesses start out small, usually a woman (or man) has a good idea and the want and determination to workhard and risk everything to make it a success. And whilst It is true that many businesses fail (50% in the first year and95% in the first five years), It’s important that we recognize that the ones that succeed contribute a substantial amountto the economy, and equally important create an environment of possibilities and beliefs that stretch even farther thanmonetary value – Entrepreneurship has to be encouraged and here is the start of our contribution to making thishappen”