Marketing

Starting a business can be an exciting and rewarding experience, but it can also be overwhelming when choosing the correct entity for your business. Selecting the right entity is an important decision that can have legal and financial implications for your business. Let’s explore the different types of entities and help you determine the best entity for your business needs. Sole Proprietorship: A One-Person ShowA sole proprietorship is the simplest form of business ownership, where an individual owns and operates the business. This entity is an excellent option for those who want complete control over their business and want to keep things simple. However, one downside to a sole proprietorship is that the owners are personally liable for the business’s debts and obligations Partnership: Two Heads Are Better Than OneA partnership is a business owned by two or more individuals who share the profits and losses. This entity is an excellent option for those who want to share ownership and responsibility with a partner. Partnerships can be general partnerships, where all partners share equal responsibility and liability, or limited partnerships, where some partners have limited liability. Limited Liability Company (LLC): The Best of Both WorldsAn LLC is a hybrid entity that combines the flexibility and tax benefits of a partnership with the limited liability protection of a corporation. This entity is a great option for those who want personal liability protection without the formalities and complexity of a corporation. LLCs also offer flexibility in management, taxation, and ownership. Corporation: Serious

Money Talks, But Is It Saying the Right Thing? Are you paying your sales team what they’re worth? This question can make any business owner break out in a cold sweat. As a business owner, it’s natural to feel overwhelmed regarding compensation practices. After all, your sales team is responsible for bringing in revenue and keeping your business afloat. But how do you know if you are compensating them fairly? Fear not; we’re here to discuss how to evaluate your compensation practices and make sure your salespeople feel valued and motivated to bring in more sales. First, let’s talk about the importance of fair compensation. When salespeople feel undervalued or underpaid, they will likely become disengaged and unproductive. This can lead to a decline in sales and ultimately hurt your bottom line. On the other hand, when salespeople feel fairly compensated, they are more likely to be motivated and loyal to your company, leading to increased sales and profits. So, how do you evaluate if you are compensating your salespeople fairly? Best Practice 1: What’s The Competition Doing? First and foremost, industry standards are a critical factor to consider when evaluating compensation fairness. You don’t want to be the stingy outlier in your industry, nor do you want to overpay. So, do your research, and find out the going rate for similar jobs in your industry. Then, benchmark your compensation practices against them. That way, you can ensure your compensation practices are on par with your competitors and remain competitive

As a business owner, you know that customer service is essential. But did you know that proactive customer service can significantly impact your sales success? In a Gartner survey of more than 6,000 participants, only 13% of respondents reported any proactive customer service. But, the same study shows that proactive customer service brought in a full percentage point increase in the net promoter score, customer satisfaction score, customer effort score, and value enhancement score. Proactive customer service is all about anticipating your customers’ needs and providing exceptional service before they ask for it. Let’s find out why it should be a top priority for your business and how you can implement it in your sales strategy. Why Proactive Customer Service Matters Proactive customer service is about more than just making your customers happy. It can have a tangible impact on your bottom line. Here are a few reasons why proactive customer service should be a top priority in your sales strategy: It builds trust: When you proactively anticipate and solve your customers’ problems, you show that you care about their success. This builds trust and loyalty, leading to repeat business and positive word-of-mouth referrals. It differentiates you from the competition: In a crowded marketplace, proactive customer service can help you stand out from the competition. By going above and beyond to provide exceptional service, you create a memorable experience that sets you apart from others. It increases sales: Happy customers are likelier to repeat purchases and recommend your business to

Sales! Sales! Sales! As a business owner or sales manager, your sales team is one of your most important assets. Ensuring your sales team is as efficient as possible can help you close more deals, increase revenue, and grow your business. But let’s face it, sales can be tough, and it is easy for your sales team to get bogged down in mundane tasks or lose motivation. The Stats Before diving into some best practices to achieve sales efficiency, let’s look at some Hubspot stats from the year 2022 for funsies. Top sellers devote an average of six hours weekly to prospect research. 60% of clients say no four times before giving the salesperson a yes. 69% of buyers accept cold calls. 57% of C-Level buyers prefer phone contact. Companies that do not cold call have 42% less growth than those who cold call. The best time to make sales call is between 4:00 to 5:00 PM. The second-best time is between 11:00 AM to 12:00 PM. Best Practices An efficient sales team doesn’t just happen. It takes time and effort to build a well-oiled team. Here are some tips to help you make your sales team as efficient as possible. Define clear roles and responsibilities: This means clearly outlining the responsibilities of each salesperson, including who is responsible for lead generation, prospecting, closing deals, and managing customer relationships. By defining these roles, you can help ensure that everyone is working towards the same goals and that there is no

In the last post we talked about negotiating with your prospects and how to nurture and build on the relationships you are creating. Today we’ll talk about the power your prospect has and how to utilize that for your benefit. One of the most important things that you can do is keep your cheerleader cheering. You need the ally that you created in the company to stay loyal to you so that you can continue a profitable partnership. You can keep your champion going by showing appreciation. Here are some things that you can do: Share the limelight. Help them thank their company with new products and services. Emotionally connect them to your company. Know when to leave them alone. Keep your “family” happy. Stay on the front lines.   Now that you have some ideas about how to build solid relationships, you need to seek out people to build these relationships with. These alliances will help you get bigger clients that stay with you forever. You can often get in the door by offering them something in exchange for something they need: Power Information A better work experience These are all great ways to feed your alliance. You need to go into a relationship considering the things your client can offer you besides money. These can include: The opportunity for your business to expand The opportunity to learn from the experience and find ways to grow The opportunity to improve your processes, systems, and other means of doing business

There are a few things you need to do and consider when preparing for your first face to face meeting: Make a list of what you want to accomplish during the meeting. Anticipate potential concerns from the client. Check to make sure you are completely prepared. Listen more than you talk. Bring support staff with you. Use and respect the clients’ format. Always follow through. Ask for what you need and seal the deal. Simplify your prospects life. Find ways to boost your credibility. Build and nurture relationships. Learn from “no”. Find out what didn’t work so you know how to change it for the next time.   These are all important things to do before and during your presentation and with utilization will bring confidence. The next step of the process is negotiation. This can seem a little intimidating but with a few tips and tricks can become natural to you. Here are some tips to help you negotiate successfully: Build a pricing strategy and stick with it. Prioritize what you plan to offer. This should include what really matters to you and what you are willing to give up. Don’t give in too quickly. Negotiate with a person, not a “company”. Don’t let their answer be that ”they would like to but can’t make a decision”. Don’t sell yourself short. Mitigate your pricing. If you go to low, you won’t be able to raise it back up and you need to make a profit. Don’t sacrifice quality for

In the last post we talked about making first contact with your prospective “big fish” and how to make a positive first impression. Today we’re going to talk about feeling out the personality of that prospect so that you can match them up with the right salesperson. This can be done in two steps: Profile your salespeople so that you know and recognize their personality. Match the right salesperson to the prospect. There are essentially three different selling personality types: The Sage The Pal The Pit Bull   The Sage This salesperson offers knowledge, experience, comfort, and trust. They can make a concerned customer feel at ease. They are comfortable providing plenty of information to the prospect like a demo of the product/service, references and case studies. The Pal Much like it sounds, this is a salesperson that shines at building relationships. They can instantly relate to the prospective client and make them seem like old friends. They work best with clients who are looking for friendship, information and in a similar peer group as the salesperson. This can include anything from age and culture to hobbies and nightlife. While, sharing experiences can be beneficial to creating a new relationship, your salesperson must always keep it professional and dignified. This person is comfortable entertaining (or schmoozing) and may require a budget for these type of activities. The Pit Bull Obviously, this personality type is more aggressive than the others. They are all about business and the bottom line. While this

In the last post we talked about how to research your big fish and prepare for your first contact with them. This first contact is essential to your success. You need to be confident in your product or service and they need to know you can fulfill exactly what you are offering on time, at a good price and at the quality you promise. Today we’ll go through the big approach and how to make that perfect first impression. Before you put together your approach plan, you need to choose which big fish you’re going after first. Look at your notes and the research you’ve done about prospective big fish and then decide which one will be the easiest to start with. When choosing which big fish to start with consider the following: Your Hit List Your Best Target   Your Hit List Start with a list of all the companies you’ve been considering. Then narrow it down to the ones who know could use your products or services. Don’t overlook obvious choices. Even small companies could be big fish in the future. Your Best Target Once you’ve got your list narrowed down, you need to decide which one is the best fish to start with. You need to consider a couple of things: Which have the most purchasing resources to spend? Does their company vision compliment yours? What are their employee incentive programs in relation to your products and services? What is the company’s real need? Will the partnership

In the last post we talked about how to bring the big-company mindset into your business and your team. This approach helps you overcome the mental obstacles that will keep you from being successful. Now we can talk about who your big fish is and what their needs are. It’s important to know about the fish you are looking for before you put a plan together. We’re also going to take a moment to talk about the potential “red tape” you may encounter along the way. The most important thing to know about your fish is their purchasing habits and procedures. There are four main things you need to work on to be successful: Responsibilities: You need to know who has influence over purchasing, who does the actual buying and who can kill a deal if they want. Get on Their List: You need to know how to get on their list of people to buy from. Your name needs to not only be on the list, but at the top of it and in as many categories as possible for the most interaction. Ask about a procurement program and what you need to do to go through the application process. Lingo: You need to learn the company’s unique language and communication methods. These could include report names, buzzwords and even the nicknames they have for their employees. Fiscal Budgets: It’s essential you know their fiscal budget, so you know exactly when they are planning their expenses for the year.

In the last post we started talking about getting bigger clients or catching the “big fish”.  These are the types of clients that will sustain your business over the long run by creating consistency. We’re going to take that a step further by talking about how to understand and think like a big fish company and how that can help you plan your approach and find success. Before you can start the process of landing big clients, you must make sure your entire team is onboard with your approach and vision. There are six keys to finding big client success. First Impression: You have one shot to land a big client. If you make a mistake, they aren’t going to consider you again. Never give them a reason to doubt your abilities. Priority: Your big clients must always feel like they are your priority. Return calls and emails immediately and find solutions to their problems or questions as quickly as possible. Flexible: You need to be flexible in your negotiations. If they need a special service or for you to customize a product, say yes for the benefit of the long term. A little hassle now will be a big payoff later. Long-term: This goes along with the last one. As you are approaching and negotiating with big clients you need to think about the long-term benefits for your business. If you go for a one-time big score, you may lose their interest and the ability to have them as