Tag Archives: communication

Marketing with Customer Satisfaction in Mind

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Hello, this is Laura Lee Rose – author of the business and time management books TimePeace: Making peace with time – the The Book of Answers:  105 Career Critical Situations – and I am a  business and efficiency coach that specializes in time management, project management and work-life balance strategies.

 

Today’s question comes from a busy professional:

When does marketing meet customer service?

If your marketing and customer service strategies do not meet somewhere, your customers will fall through the gap. Having an understanding of how these two departments come together for the customer experience is critical to delighting your customer throughout their relationship with your company. After all, the customer will look at these functions as coming from the company as a whole, and as independent departments.

With marketing’s job being the first contact with a customer and customer service happening much further down the customer life cycle, these two departments seemingly have no overlapping strategy. But, we know this is simply not true based on research which indicates that the customer expectations set by marketing in the beginning have a significant impact on customer service’s ability to please a customer later on.

 

Thank you so much for your well-thought out question.  Although the answer may be slightly different depending upon the specific market or industry, a good market plan normally starts with two pieces:

  • Marketing with the client in mind
  • Marketing with the product/service in mind

 

Marketing with the client in mind

The market plan begins with the target customer in mind.

  • Define your product/service/company’s differential or niche.
  • Define your target market or specific customer that needs or wants your product and service.
  • Imagine what will attract your target customer base and then create effective campaigns that will attract that customer base.

So – in essence, the entire market campaign is centered on attracting that perfect client.

Marketing with the product or service in mind

You also need to keep your product or service in mind while marketing.   You very well cannot market an automobile when you are selling a cat.  At the same time, some marketing campaigns over sell the product to get that signature on that dotted line.

This is the situation that sets the improper customer expectations. This is the situations that will impact your over customer satisfaction ratings and increase your customer service calls.

Money is in the balance

Customer and Company satisfaction occurs when customer and marketing expectations match.

  • The company makes money when the purchase price of the product outweighs the cost of making the product.
  • The company makes money when the client returns and refers other customers.
  • The client returns (and refers) when their expectations of value have been met or exceeded.

If marketing consistently over-promises to make a “sell”, they run the risk of eventually:

  • Overrunning the budget of time, materials, and resources to complete the task (costing the company more money than they would receive for the project)
  • Missing over-promised deadlines and product features to the client (costing the company the client’s return visits and referrals)

Even if the sales and marketing teams do succeed in this client contract, it’s unlikely that the client will return.

Ensuring Balance

To ensure balance, the marketing sales account manager work together with their production or creating services teams, from the start.

  • Both teams review the client contract or Statement of Work (which the production team is expected to fulfill).
  • Both teams are required to approve and sign-off on the features and delivery commitments.
  • The account manager then meets with the client to explain any changes to the feature list or delivery schedule.
  • The production team can also be available to answer any technical questions regarding the changes.

Once the contract or SOW is signed by the client, the product team can get started on the product or service.

It is also important to note that the account manager owns that customer relationship.  Therefore, once the product or service is completed, the account manager meets with the client to deliver the product, review the changes, explain its usage, review the original contract to illustrate all commitments have been met and get a feel for the client’s satisfaction.

the Main Event isn’t the Sell

Keeping both the company and client expectations in mind – upfront – can lead you to a successful conclusion.  A sell isn’t the main event.  The company is in the business of making money.  Therefore, you must always consider the cost of making that sell.

I know your situation is different.  If you would like additional information on this topic, please contact LauraRose@RoseCoaching.info

I am a business coach and this is what I do professionally.  It’s easy to sign up for a complementary one-on-one coaching call, just use this link https://www.timetrade.com/book/WFSFQ

 

With enough notice, it would be my honor to guest-speak at no cost to your group organization.

How to objectively measure soft skills in employee feedback?

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Last article we were discussing “How to give feedback employees will here?”  In that article, we used very objective examples.  It was easy to measure performance against technical tasks, but how does one determine SMART goals for soft or people skills?

Let’s review the same tips, but this time – with soft skills examples.

Setting the stage

Giving an effective feedback starts with understanding your employees’ goals and career objectives.  Once you understand the “why” the employee comes to work – the better you can connect the feedback to their goals.

For example, if they want to eventually lead the team or become a manager, then focus on the skill sets that will help them achieve those goals.

For example:  Managers require:

  • Problem Solving and Decision Making.
  • Planning
  • Delegation
  • Internal Communications.
  • Meeting Management.
  • Managing Yourself

These business goals need to be S.M.A.R.T. (Specific, Measurable, Achievable/Attainable, Relevant and Time bound).  With SMART goals, it’s very easy for both the employee and manager to agree whether the goals were met or exceeded.

Some examples of SMART PBC might be:

  • Successfully complete management courses XYZ within 6 months
  • Successfully complete time and project management course ABC within 3 months
  • Successfully participate and deliver executive summary reports in 3 executive staff meetings by Dec 15th
  • Speak at (at least) 2 technical conferences regarding how you solved a critical situation regarding this industry
  • Select and mentor at least 1 person to take over some of your coding, debugging and documentation tasks. Successfully hand-of at least one maintenance project to your protégé.
  • Create and implement an internal communication plan for your department within 3 months
  • Successfully project manage/schedule/budget 1 project start from finish (with supervision) during this performance period

 

As you can see, greeing upon this soft-skills SMART goals actually commits the manager to help her employee succeed.

Barriers to hearing

The most prevalent barrier to hearing and understanding feedback is our mindset.  The moment your supervisor releases a perceived negative comment, we automatically go into defensive mode.  Our brain immediately will find situations that negative what was just been said or provide detailed reasons/excuses for the events.

Best advice is to continually focus on the SMART goals or commitments set at the start of the year.  Use the agreed upon PBCs as your starting point.  Since your PBCs will have specific metrics and goals in place for each performance commitment, it will be easy to determine if the criteria has been met.

For example, If one of the PBC goals was to speak at (at least) 2 technical conferences regarding how you solved a critical situation regarding this industry – it is very easy to tell if they accomplished this goals.

Then simply ask the employee if he/she feels if they have met that particular goal.

Repeat this until all the PBC goals are reviewed.

Making sure employees get it

Once you and the employee have agreed upon the status of the PBC goal, ask their opinion on where to go from here.

For instance, if the employee agrees that he/she did not meet this soft skill goal – you can now start a discussion on where to go from here.

The discussion is focused on working on a solution together. Brainstorm on some titles and abstracts they can present.  Show him/her how to search for technical conferences in your industry and advise him/her to start submitting abstracts.  Once the abstract is accepted, encourage him/her to practice on co-workers and local professional organizations.  Encourage him/her to conduct a webinar or video their talk.  The more they practice, the better their soft skills.

As you can see – these discussions then become the foundation of their next PBC SMART goals.

Keep them involved

At the end of the day, keeping your employees involved and engaged in their own career development is key.

 

Working with teams across the world?

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Today’s question came from a busy professional and business owner.

communicationHow do I work with team members located in different parts of the world?

I want to work effectively with team members located in different parts of the world. How do I ensure that location, time difference, culture and beliefs and personality will not affect my work with the team?

 

 

Whether you team members are across town or across the world, creating a Communication Plan fits the build.

Communication Plan

 

Your communication plan includes (but not limited to):

 

1) A directory of your significant members, preferred method of communication, telephone numbers, email addresses, Skype id, Time Zones, etc

2) How you plan to convey regular Status information (daily meetings, weekly meetings, emails, phone calls, etc)

3) How you plan to convey Critical or High Priority information (phone call? text?)

4) Your Service Agreement or Response time expectations (respond by EOD, within 1 business day, within 2 hours).

5) What is expected when someone misses a meeting.  Are you going to have the meetings recorded?

6) Where you are locating your shared meeting minutes, presentations, audios, or other materials.  Will you be recording your meetings and placing them on a shared location for people to refer to, etc.

7) Incorporate weekly or twice-a-month one-on-one meetings with each team member.  Regularly scheduled one-on-one meetings (via phone or in person) eliminate much confusion that email may cause.

8) Supply templates and checklists to assure the work gets completed the way you way, each time.  Consistency eliminates confusion and errors.  If people are getting your status in the same way each week (and vice-versa), they know what to expect and how to respond.

 

Vacation Considerations

 

You communication plans should also consider vacation schedules.  Regardless of your holiday hours, make sure you consider the following:

  • Make sure everyone has all their vacations identified early (by mid-year).
  • Make sure all your project schedules block out for their vacation time.
  • Make sure that all your procedures, outstanding items, and possible issues that may arise during the holiday season is clearly documented and shared with those responsible for handling these issues during the break. This includes creating, publicizing and updating your communication plans.  If you don’t have a communication plan, please setup an introductory consult to discuss that important tool.
  • Make sure the staff has been trained on the outstanding issue.
  • Make sure your clients have been informed about the holiday schedule far in advance.
  • Make sure your clients provide you with all their requirements far in advance so that you can accomplish their goals before the holidays.

 

 

For additional information on this topic, please contact LauraRose@RoseCoaching.info

I am a business coach and this is what I do professionally.  It’s easy to sign up for a complementary one-on-one coaching call, just use this link https://www.timetrade.com/book/WFSFQ

 

Numbers Move People Toward a Decision

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Today’s take-away is that Numbers Move People.

If you need a way to move coworkers, clients, managers, family members or even yourself toward action, consider adding a number to your conversation.

Numbers help people move toward a decision and action.  Whether it’s a calendar date, a meeting time, a price for service or product, salary, or even that pesky number on the bathroom scale; numbers move people into action.

Consider the number ZERO – as in A Complimentary or Free eBook, White Paper, or other offer.  That Zero Cost item attracts many people to share their contact information with you.

Numbers are our friends:

Ways to influence others with number come in many forms.

  • You can assign time limits to performance issues, product deliverables, customer review/approval processes.
  • You can make a recurring calendar date with your manager for weekly one-on-ones.
  • You can devise quality metrics to verify your performance, your service, and your products.
  • You can improve company and product exposure by increasing your social media metrics and website click-through.
  • You can time yourself on certain tasks, to enable you to better estimate and schedule certain activities.
  • You can continually increase your work-out repetitions to improve your stamina.
  • You can chart your weight and measurements to show progress toward your health and fitness goals.
  • You can count your calories and glasses of water.
  • and more.

How to make the numbers to work for you

 

Whether you are in the corporate environment or starting your own business, you need to understand your numbers.

Business owners

If you are in business for yourself, you need to understand:

  • Your revenue goals (how much you want to make this year)
  • Your leads to sales ratio (how many people you need to meet/talk with – to make 1 sale)
  • How many sales you need to make your revenue goals
  • How many leads you need to create to make those sales…
  • And the list goes on

Staff or employee

If you are in the corporate world, you need to understand:

  • Performance Evaluation ratings
  • The performance rating you want to achieve
  • The items and quality metrics required to achieve that performance rating
  • What is required to achieve bonuses and additional compensation…
  • The dates and delivery schedules for your work assets
  • The raise/salary you want to achieve
  • The number of hours you want to devote to work, family, community and self

 

Making numbers work for clients

If you are working with clients, and they are on the fence on something; find a way to add a number to the conversation.

 

Some examples could be:

 

  • Additional discounts or promotional offers tend to help move clients down the buyers journey.
  • Putting a deadline on an offer adds a sense of urgency to the decision.
  • Requesting clients to review/approve by a certain date moves the project along and enables you to make your delivery dates.
  • Assuring that you will follow-up in 2 days in order to answer any additional questions – keeps your product and service on their radars.
  • Having a SLA of always responding to any support issue within 2 business days – sets the proper customer service expectations.

 

These are just a few ways numbers can influence us and keep us moving forward.

 

For additional information on how to use numbers to your advantage, please contact LauraRose@RoseCoaching.info

I am a business coach and this is what I do professionally.  It’s easy to sign up for a complementary one-on-one coaching call, just use this link https://www.timetrade.com/book/WFSFQ

 

The 6 biggest pitch deck mistakes you may not know you’re making

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The 6 biggest pitch deck mistakes you may not know you’re making

 

Today we are very fortunate to have a TV program to emulate regarding the perfect pitch deck. If you haven’t already watched ABC’s the Shark Tank, make the time to watch and take notes.

 

It gives you a very good illustration of pitching to investors. Even though the ABC’s reality show “Shark Tank” is available for all to learn from, I am always surprised when an entrepreneur shows up unprepared.

If you are interested, I have a list of the most frequently asked Shark Tank questions in a separate article Things we can learn from Shark Tank

 

For now, below is a list of 6 big pitch deck mistakes that you may be making:

 

  1. Not knowing your audience
  2. Not getting to the important stuff quickly
  3. Not including a summary
  4. Not knowing your numbers
  5. Not incorporating the investor’s terminology or experience
  6. Having one pitch deck for everyone

We will cover each mistake separately.

 

1.     Not knowing your audience

Many entrepreneurs are so focused on their own product, their own needs, and their own wants – that they forget the true goal of this presentation. Your goal is to adequately interest the investors such that they will want to do business with you.

People do business with people they know, like and trust. And the quickest way to earn trust is to show the investors that you already know them, what their needs and wants are, and how your product or service can help them reach their goals.

In other words, why should they care about you and your products or services?

Use Stephen Covey’s 5 Habit from his top-selling 7 Habits of Highly Effective People: “Seek first to understand, and then be understood”

Spend time researching your investors. Find out what excites them. Find out how they make their investment money back.

2.     Not getting to the important stuff quickly

 

Your prepared pitch should be no longer than 5-8 minute in length. So you really need to get your investor’s attention quickly. If they are interested, they will ask additional questions and will get to know you better. Your pitch needs to interest them quickly.

Once you have a better understanding of your audience, make sure you get to the important stuff as quickly and succinctly as possible. What is the “important stuff”? The important stuff is the stuff that the investors care about (and not necessarily what you care about).

This is where watching the Shark Tank will help. Here are some of the typical questions you need to cover, and a fuller list is available at: Things we can learn from Shark Tank

  • What problem are you solving?
  • How prevalent is this problem? (size of the market)
  • What you need financially to make that much money?
  • Who are you competing against?
  • How are you going to grow? How are you going to use their money?

 

3.     Not including a summary

A pitch presentation falls into the category of a training presentation: “Tell them what you are going to tell them; tell them; tell them what you have told them”. But many forget the summary or “tell them what you have told them” part. Your summary should end with a CALL TO ACTION.

4.     Not knowing your numbers

Investors are interested in a quick return on their investment; therefore, make sure you understand your numbers. And just knowing the dollar figure isn’t enough. You need to be able to articulate where these numbers are coming from, on what platform, are they driven by promotions, and what sort of partners are you working with? Is the marketing working? What does it cost to produce? What are your expenses?

Know your sales information inside and out.

5.     Not incorporating the investor’s terminology or experience

You won’t have much time; therefore, make the best use of that time. Incorporating the investor’s terminology and experience into your pitch will not only eliminate miscommunication but lead them to feel that you already speak the same language. That you are connected.

6.     One pitch deck for everyone

Don’t fall into the trap of creating 1-perfect-pitch-deck. Consider having a “perfect-pitch-deck template”. By understanding your audience, their terminology, and their unique interest in your products or services, you can tweak and quickly customize your single-perfect-pitch-deck template to win-over each unique investor.

Added Bonus

Now that we’ve discussed mistakes to avoid, below is a quick list of things to think about when preparing your “pitch”.

Things to think about when preparing your “pitch.”

  1. What your business makes or does?
  2. What market you serve?
  3. How will this business make money?
  4. How your business compares to similar businesses?
  5. Why you will succeed?
  6. Your ultimate goals for your business?

Conclusion

At the end of the day, there are various Do’s and Don’ts to keep in mind. The best recommendation is to run your pitch deck past a “mock Shark Tank”. One such “mock Shark Tank” panel are the experts at Crowdsourcia. You can’t go wrong with this set of experts.

 

 

Is it better to terminate or reassign an employee?

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Hello, this is Laura Lee Rose – author of TimePeace: Making peace with time – and I am a business and efficiency coach that specializes in time management, project management and work-life balance strategies. I help busy professionals and entrepreneurs create effective systems so that they can comfortably delegate to others, be more profitable and have time to enjoy life even if they don’t have time to learn new technology or train their staff.  I have a knack for taking big ideas and converting them into smart, sound, and actionable ideas.

 

At the end of the day, I transform the way you run your business into a business you love to run.

Today’s comment came from a busy professional and an entrepreneur:

Is it better to terminate or reassign an employee that is not working out?

I have spent a lot of time training an employee. She is a great person, but I have to remind her several times to do something. I am not sure if she is just not in the right role or if she will always need too much oversight. I am curious how others have handled something like this.

You are not alone. Many new business owners struggle with this same question.

One thing to keep in mind (at all times) is that you are in the business to make money. You essentially hire staff to help you achieve your business goals.

You are not responsible for your employees’ happiness or success in their roles and responsibilities. You can encourage, support and train them – but you are not ultimately responsible for their success. They are.

Your Responsibilities:

What you are responsible is to provide clear goals and directives. You accomplish this by several methods:

  • Visible Mission, Vision and Purpose goals
    1. Do you have a company mission, vision purpose statements?
    2. Are they strategically visible where all your employees can see them?
  • Regular and frequent one-on-one meetings with your employees
    1. Are you conducting frequent one-on-one meetings with your employees?
    2. Have you validated that they not only understand the company mission but how it translate to their individual roles and responsibilities
  • Clear directives
    1. Do you have your business goals clearly documented in the form of SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals
    2. Does each of your employees understand how their tasks and business goals support and accomplish those business goals?
    3. Does each of your employees have a PBC (Personal Business Commitment) plan that documents their SMART goals to achieve the company goals?

Once you have clearly articulated and published your business goals and validated each employee’s roles and responsibilities in achieving those goals, you can start determining whether a specific employee is “right” for your company.

Have you provided proper training?

Before you hire staff, you need to verify that your training and orientation materials are in place. If you don’t want to be spending time reminding your employees about the tasks and procedures, make sure they are documented in such a way that they can easily reference.

 

Some examples are:

  • Provide Checklists and document your procedures
  • Conduct frequent status meetings to review their progress and checklist status
  • Institute the buddy system in which a more senior staff is buddies with a junior staff member.
  • Delegate team leaders such that they oversee team progress and staff reports
  • Automate the more tedious and error-prone items to reduce error and rework
  • Automate and optimize items that are done over and over again
  • Optimize the procedures to only items that are MUST DO to bring in revenue, reduce costs or increase client satisfaction
  • If you cannot associate a Business Reason (example: revenue generating reason) for the task, reconsider the need for that task

 

Once you have streamlined your processes and policies, you can be assured that you have provided your employees with the best possible road-map to success.

Is she right for the job?

Once you have done your homework regarding setting up SMART goals, it is easier to assess each employee’s fit. Since you have established your Success Criteria and how you are going to Measure against your Success Criteria, you can determine if your employees are meeting expectations.

Several things that might help further are:

  • Have you documented all the tasks and expectations in a Personal Business Commitment (PBC) document? In other words, have you outlined for each employee – how their role and responsibilities are achieving your business goals?
  • Have you documented their PBCs in the form of SMART goals (Specific, Measurable, Achievable, Relevant and Time-bound)?
  • Do your employees understand the consequences of not meeting those PBC metrics? (for instance: being placed on a Performance Improvement Plan, on probation or fired)?
  • Have your employees signed their PBCs, acknowledging that they understand their commitments and consequences of their performance.

Once you have clearly articulated the expectations for the position in this manner and streamlined the responsibly and procedures, more often than not – it is the employee that will decide if this position is right for them.

For example: A SMART goal would be:

  • If you have to remind her several times to do something – are those
    “things” explicitly documented in a checklist? (Being very specific)
  • Do you have a way to measure or tell if she has accomplished those items, on time and with the quality that you have previously defined? Does she have to report on the status or update a tracking system? (Measurable)
  • Is it reasonable that someone in that position can accomplish that task in the defined time frame? (Achievable) Or would some automation and optimization reduce the error-prone nature of the task?
  • Can you describe the How and Why this task is relevant to bringing in revenue? (Relevant to your business goals)
  • And does this have a time limit. Does she need to do this task every day? once a week? When should it be accomplished? (Time-bound).

If she needs to improve upon her performance – what specific things does she need to accomplish in a certain amount of time.  What are the consequences for not achieving those specific and measurable tasks within the deadline?  (This is what is known as a documented PIP or Performance Improvement Plan)

Conclusion:

If you are “wishy-washy” on your expectations, it’s easy for your employees to give you “wishy-washy” results.  Having your expectations and consequences well documented (and signed by your employee) will make the next steps of performance evaluation much easier.

If you need additional help on this topic, please contact LauraRose@RoseCoaching.info

Or sign up for a complementary one-on-one coaching call, just use this link https://www.timetrade.com/book/WFSFQ

 

How can I show off my personality more through my work?

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Today’s comment came from a busy entrepreneur:

How can I show off my personality more through my work?

Whether you are a staff member in a corporate environment or a small business owner, you will need to make yourself visible to your employers, employees and potential customers.  One thing that is unique to you is your personality.  Therefore, that is one differential factor that everyone can make use of – but how? We will answer this question for both environments.

How can I show off my personality more through my work in the corporate environment?

In today’s global workplace, more and more of our employers and employees are working remotely. Given the fact that fewer of us are actually working physically side-by-side our co-workers and executives, it is critical to differentiate ourselves from our peers in a positive light. One thing that will continue to build a positive reputation is to take advantage of your unique personality, talents and strengths.  You can make these things more visible by doing the following:

1)Add more of the personal touch.  Pick up the phone instead of emailing or texting.  A personal phone call or visit brings your personality to the forefront.  Effective communication is conveyed by 7% words, 55% body language,  and 38% tone.  By limiting yourself to email and text (just words), you have eliminated 93% of your arsenal.

2) Be proactive in illustrating your strengths, talents and knowledge base.  Speaking engagements are great ways to illustrate your personality, while demonstrating your experience, knowledge, and talent.  You can also more easily interact and affect a larger audience of your peers, supervisors and clients.  You can also get immediate feedback.  Consider giving Lesson Learned presentations, Technical Tip Presentation, and Solution-based Proposals.

3) Promote other experts.  Much like the MC of a television program or interview, the host of the regularly scheduled program is seen every week.  Their intelligence and personality is regularly demonstrated while they intelligently and professionally interact with the expert.   You can do this by hosting presentations and Brown Bag Lunch sessions on high-profile topics in your company’s interest by various experts.  This releases your need to “be the expert on everything”, while at the same time providing your company with the much needed training on the next generation focus.

4) Think globally.  Not everyone that you work and correspond with has met you in person.  Add your professional photo to your email-signature; include your individual career mission and vision statement in your internal email correspondence.  Check with your company’s policy regarding external email signatures.  They may have a specific template that you need to follow. 5)Add video.  Consider adding a video status report from time to time.  This will add a face to your weekly status report, as well as your personality. A final recommendation is to think like the owner.  What would the owner of the company like to see from you?  How would he/she like you to be seen by the customer?

How can I show off my personality more through my work as an entrepreneur?

I am working on launching my own photography business on the side. I want my photos to be known for being fun and natural, and have my customers trust me to capture a great moment. How can I showcase all of this in my work? I know this will come with time as I build brand recognition, but where to start?

You can easily translate the above corporate 5 suggestions for the small business owner.
Some additional suggestions are:

1)Publish.  Having a regular blog about your business area tips, your favorite type of clients, your lessons learned how and why you got into your business, etc. If you start a blog or even a video blog (video yourself talking about these things), is a natural way to bring your personality through your work.

2)Teach.  Setup speaking engagement is a great way to show off your personality, your knowledge and your skill. Getting in front of your clients are good ways to elicit customer feedback.  Make use of inviting or regularly interviewing guest speakers (see above suggestions in the corporate section).

3)Ask Questions.  Ask for your client’s opinions and feedback.  Personal interaction with your clients is the best way to show off your personality.

Conclusion:

Keep the end in mind.  Whether you like it or not, you are on stage most of your professional day.  Make the best use of that time.

For more information or help on this topic, please contact LauraRose@RoseCoaching.info

Or sign up for a complementary one-on-one coaching call, just use this link https://www.timetrade.com/book/WFSFQ

Should I focus on just one niche customer group initially?

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Hello, this is Laura Lee Rose – author of TimePeace: Making peace with time – and I am a business and efficiency coach that specializes in time management, project management and work-life balance strategies. I help busy professionals and entrepreneurs create effective systems so that they can comfortably delegate to others, be more profitable and have time to enjoy life even if they don’t have time to learn new technology or train their staff.  I have a knack for taking big ideas and converting them into smart, sound, and actionable ideas.

 

At the end of the day, I transform the way you run your business into a business you love to run.

Today’s comment came from a busy entrepreneur:

Should I focus on just one niche customer group initially?

I have been trying to get feedback from my ideal target audience but I am finding the group hard to reach. There is another target audience that could benefit from my service. I am not as passionate about that group but I think they may be easier to get feedback as I build out my business. Should I focus on both or only one?

 

I recommend that you focus on one target audience. But I also want to caution on your method of reaching those people. If your method of reaching “people” is ineffective or flawed – then it doesn’t matter how many target audience you go after. Maybe it’s not that the group is hard to reach. Maybe it’s the way you are going about it. If the ladder is true – then you will have the same difficulties with the second group.
My recommendation would be to study up on the most effective methods to reach your target market. Find other business owners that are successfully marketing to that same target – and find out how they are doing it. Start partnering with complimentary business that shares the same target audience. Business network with those who are already successful in marketing to your target audience. Learn from those that have achieved what you want to achieve.

Periodically re-evaluate your target niche

Be watchful on who is attracted to your products and services. There may be other groups interested in your products or services. For example, Chris owned a Curves Club for women.   She wanted to have her club hours during the day (9am-1:30pm and 3:30pm-7:00pm). This makes it difficult for younger, working women use her club. She didn’t want to extend the hour, so she mostly marketed it toward retired women.

But if Chris takes a second look at her niche, she could expand it to include:

  • Mothers with school-age children
  • Women who owned their own business
  • Women who worked from home

Conclusion:

Keep the end in mind that your products and services will evolve. Therefore, your target clients will also evolve and change. Review your product funnel strategy to see if different product levels will attract different clients.

 

For more information or help on this topic, please contact LauraRose@RoseCoaching.info

 

Or sign up for a complementary one-on-one coaching call, just use this link https://www.timetrade.com/book/WFSFQ

 

With a business that is not quite working, is it better to start new or to pivot?

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Hello, this is Laura Lee Rose – author of TimePeace: Making peace with time – and I am a business and efficiency coach that specializes in time management, project management and work-life balance strategies. Steve Wynkoop and I talk a lot about designing and managing our professional careers on a weekly interview on SSWUG TV.

At the end of the day, I transform the way you run your business into a business you love to run.

Today’s comment came from a busy entrepreneur:

With a business that is not quite working, is it better to start new or to pivot?

ultimatumIf your business is not working well enough, should you change directions or start a new business? I have been reading up on pivoting your business in a new direction, but how is this different than just starting over? Is starting over with a new brand better? How do I figure out which option is better?

 

The phrase “working well enough” – is a very abstract and vague. I had a client that “felt” her business wasn’t growing “fast enough”. “Fast enough” and “working well enough” are not business owner terms.

When I asked her what her growth goals were, how many clients or products she needed to sell to accomplish her yearly income, or how many leads does she need to convert to sales to make those numbers – she admitted that she didn’t have those types of plans in place.

Know Your Numbers

My recommendation is to know your numbers:

  1. How much money/income do you want to make yearly?
  2. How much income do you want to make quarterly? ( A/4)
  3. How many products/services do you need to sell to make your quarterly numbers? (B/Price of products)
  4. What is your lead to sales ratio? (How many people do you need to talk to or network with to make one sale?)
  5. How many people do you need to network with to sell the right number of products to make your quarterly goals? (D*C)

Once you understand the numbers you need to accomplish your goals, you can start tracking your progress and make the necessarily adjustments.

Pivoting doesn’t have to be a big thing

After you understand your numbers and have a better idea of where you are falling short, you can pivot or change directions in only the areas that need tweaking. You may find that your lead to sales ratio is 25 to 1 (meaning that you need to network with 25 people to sale 1 product or service). To meet your goals, you need to sale 5 products/services a month. This means that you need to get in front of 100 people monthly. Some things you may consider doing are:

 

  • You may decide to add monthly speaking engagements to your marketing strategy to increase the number of people you meet in a month
  • You may decide to increase the price of your products and services to lower the number of monthly sales needed
  • You may decide to improve your salesmanship to reduce your lead to sale ratio

Conclusion:

Without understanding where you want to be and where you are today, it’s going to be difficult to decide whether you need to start new, pivot or tweak. Knowing your numbers is the first step in deciding your next step.

 

For more information or help on this topic, please contact LauraRose@RoseCoaching.info

 

 

 

Or sign up for a complementary one-on-one coaching call, just use this link https://www.timetrade.com/book/WFSFQ

How can I grow my business with more services?

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Hello, this is Laura Lee Rose – author of TimePeace: Making peace with time – and I am a business and efficiency coach that specializes in time management, project management and work-life balance strategies. I help busy professionals and entrepreneurs create effective systems so that they can comfortably delegate to others, be more profitable and have time to enjoy life even if they don’t have time to learn new technology or train their staff.  I have a knack for taking big ideas and converting them into smart, sound, and actionable ideas.

 

At the end of the day, I transform the way you run your business into a business you love to run.

Today’s comment came from a busy entrepreneur:

How can I grow my business with more services?

My recommendation is to take the time to design your Product Funnel Strategy.

product funnel2Product Funnel Strategy

Within each separate brand – you should have a product funnel strategy that leads your target client up your product/service pricing structure. Normally people start off with free samples – to allow the target client to get to know you (like a first date). You may offer a complimentary discovery diagnostic sessions, newsletters, articles, short audios/video for your services.

 

Then you create some low, mid, high end offers that align with your brand and message. For example, you can create group workshops, subscriptions based programs, one-on-one service programs, and then high-end product bundles with some affiliated partners.

 

The idea is to design your road-map of how to start attracting people down that funnel. People may be first attracted to you and your message via some free offers, blog articles, free how-to videos. Then you will want to introduce those people (already taking advantage of your free services) to your lower or mid-range products like a subscription based program, a group consulting/mastermind program, a group workshop series, etc. Then you use your mid-range products to lead some clients to the higher range programs (which can be bundling of several products and services together)
If you take the time to create and design your product funnel upfront, you can better market and up-sale your business.

How do find the time to create these products/services?

Keep the end in mind. Whenever you are working with a current client, find ways to productize that effort. Build these programs as you go along. Reuse and recycle your intellectual property.

Some examples:

  • When someone asks you a question – convert your answer to a blog, an audio, an article, a webinar, a video
  • When you are working one-on-one with a client – create a worksheet, workbook, template or checklist
  • When you create a webinar, convert it to an online course with your webinars videos, audios, worksheets, etc
  • Then start bundling these different products and programs together for the higher priced programs.

Conclusion:

Keep the end in mind. Reuse and recycle your intellectual property and keep it in line with your brand and message.

 

For more information or help on this topic, please contact LauraRose@RoseCoaching.info

 

Or sign up for a complementary one-on-one coaching call, just use this link https://www.timetrade.com/book/WFSFQ