Executive Wisdom Times: The Newsletter No.55
April 2009
A monthly newsletter about business, strategy, people, purpose and processes based on the popular articles, interviews and workshops conducted by Ric Willmot, FAIM FAIPF MIMC.
© 2009 Ric Willmot. All Rights Reserved. You are encouraged to share the contents with others with appropriate attribution. Recommend your colleagues subscribe.
The Executive Wisdom Times is in four sections this month:
- Ponderances - It's a question of marketing
- The human condition - Being rejected is very liberating
- Developmental Opportunities
- Ric's Rant - Don't read this unless you are willing to be ticked-off
Ponderances - It's a question of marketing
As a consultant, much of my professional life is answering questions. Many people ask me questions on how to improve their marketing. Remembering that psychologists have a reputation for answering a question with a question, I cannot help myself. And so, here are a few of my most frequent questions in answering their question:
- Is your language lousy? In any marketing you write, focus on outcomes and results for the customer. Features and benefits are not outcomes and results. You might think they are, but they're not. How is the client better for having paid you? What has been the observed improvement to them?
- Why you? Why not someone else? Why should your prospects be investing their dollars in your product and services? I am not advocating you denigrate the competition; but stridently articulate the value you bring to the client.
- Are you packaging your smarts? Most people have a wealth of experience in their particular industry, profession or trade. What are you doing to effectively share that knowledge with the marketplace? Produce special booklets, have give-away Tips Sheets when customers buy, have down-loadable reports and articles on your website, and even harness your wisdom for free on your own blog - just like this one! You could sell this information for a fee or simply use this information to drive business to your door.
- What do you do? Many people are asking for help in the wrong ways. Instead of putting a frame of reference in people's minds, the information is too ponderous and broad to acutely attain the attention of prospects. When I ask members of my Mentor Program who are your prospective buyers, the reply is nearly always, "Everybody." No they are not. Who specifically can you help, exactly how can you help, and why must it be you to help them?
- Do you have testimonials? When a client tells you something like, "Thank you, this has been excellent work, we really appreciate what you have done for us." That is exactly the time you need to ask for a testimonial. Read my article on how to ask for a testimonial on the Tips & Techniques page of my website.
- What is a customer worth? Have you even considered, let alone measured the true value of every long-term customer? You must focus on the value of long-term customer relationships rather than the revenues of your individual sales.
- Do you have a client management system? Rather than racing around trying to find new customers continually; develop a system to stay in touch with your existing clients. It is not the responsibility of your clients to remember you, it your obligation not to allow them to forget you. It is significantly more efficacious to do business with existing clients than constantly seeking new ones.
If this has you nodding your head, and you would like assistance with your key marketing strategies, call us on: +61 7 3395-1050 or click here and Ric will call you.
We're here to help.
The human condition - Being rejected can be very liberating
A question was put to me: "How do you take criticism, without it making you upset?"
An entrepreneur had offered an invention to be reviewed by a respected catalog for inclusion. After a lengthy period of silence, followed by numerous emails seeking an answer, the entrepreneur was declined for some minor health and safety concerns of the invention. The entrepreneur became incensed and went through the five stages of grief all at once. "Ric, I take rejection hard anyway (who doesn't), but it's things like this that make me want to throw in the towel."
The reality is that we are all going to be rejected regularly in business ... and that is exactly the issue; it's not personal, it's business (in my best Godfather voice impersonation). Rejection is a normal component to business, to entrepreneurship, to relationships, you name it, receiving objections for your services and products will happen. It is how you respond that will determine your longevity. If a buyer doesn't buy from you, more fool them; they are buyers, their job is to buy from you and they didn't. I have been turned down more times than the bed in the Executive Suite of the Marriott; I am still here and doing very well, thank you. If our brave soldiers can be shot at doing their job, you can continue to have your inventions initially rejected for insertion by a catalog.
The son of a close friend, is a pilot for Cathay Pacific Airlines. On 7th January 2008, while captaining an Airbus en route from Brisbane to Hong Kong, with not a spare seat on the plane, the cockpit and cabin filled with smoke. With hundreds of lives depending on him, Michael piloted this mammoth flying missile from 36,000 feet to the ground at Cairns airport in 18 minutes! If he can do that on Flight CX102 we can all handle from our clients some tough questions, rejections and stalling tactics not to buy.
If Dr Victor Chang (who was tragically shot dead by extortionists in 1991) was able to successfully complete heart transplant operations on patients, what have we got to worry about when a prospect says, "No, I don't want you, we can't use your product, or your price is too high"?
I have never been bruised, bloody or broken from being rejected in business. The upside is of course, you now know that prospect is not interested, so you do not have to find the time to continue with them. That additional time you now have at your disposal can be used on marketing to quality buyers who respect and appreciate the value you bring to the table.
Being rejected can be very liberating.
Developmental Opportunities
We have now placed a specific page on our website for Developmental Opportunities. We trust this helps all of you, especially those who suggested just such a page on the site.
One-Day Business Seminar in Brisbane
Surthriving in 09 & Beyond is designed especially for owners, managers & executives who want the best and most appropriate perspective for leading their organisation to success and profit in this rough economy.
- Understand why you should ignore most advice, particularly "consensus"
- Find out why economic downturns are good for you and your business
- Learn about the "Threat of Consequence"
This is a Coaching Club that is accessible no matter where in the world you live!
Our clients benefit from our knowledge, experience, and straightforward advice during good times and bad. They make better decisions ... decisions that have improved their businesses, their careers and personal lives.
- Are you interested in learning about organisations, like yours, that not only survived but thrived during economic slowdowns and recession?
- Are you willing to undergo an objective and truthful assessment of your organisation's capability?
- Are you able to face the brutal facts about today's economy?
- Are you dedicated to the long-term future of your organisation?
- Are you committed to doing whatever it takes to survive and thrive, today and in to the future?
For less than the same price of an espresso per day, here's what you get:
- An educational webinar every month on a business facet that will give you immediate results, even in these tough times.
- A monthly teleconference on business which will include interviews with successful and smart people, tips from me, etc.
- Unlimited access to the "Members-Only" section of my website that contains an enormous amount of tools, articles, information and resources to help you and your business.
- Access to download and keep all of the webinars and teleconferences so you can replay them as often as you like.
- Access to me, to bounce ideas off, ask questions, get second opinions, etc. I am a sounding-board ... a resource to you.
- You become part of a community of like-minded business people interested in thriving and succeeding, not sulking over problems.
This is limited to only 50 people; and 28 have already been secured.
Ric's Rant - Don't read this unless you are willing to be ticked-off
Rumour has it, that a bank (which used to be a building society) has offered a bonus to bank managers for every loan they can recall, whether delinquent or not!
These rough economic times have fueled corporate stupidity to a level not seen in recent times. Organisations spend a fortune in advertising, branding and public relations, only to destroy all that in one imbecilic moment of madness.
Who in their right mind decided that it made good business sense to charge customers $2 for a shopping trolley at ToysRUs on the Gold Coast here in Queensland? $300 worth of toys in the trolley and they want $2 to wheel the purchases out to the car. That builds loyalty and positive word-of-mouth.
A credit union where I have three different accounts telephoned to demand a payment into an overdraft account with a balance of $5,000. I explained that I could easily do that. "Just deduct the $5,000 from my investment account of $40,000 and send me the balance as you close my account!" I could still hear the spluttering as I hung up the telephone receiver.
© 2009 Ric Willmot. All Rights Reserved.
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