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Business Growth Masterclass 15 – How to Improve Your Conversion Rate

Create More Success

Hello there and welcome to the 15th instalment of my Business Growth Masterclass. The step by step guide to building the business you always wished you could have.

Today, we’re going to look at a few tips and tricks to increase your conversion rates from lead to paying customer or client.

As ever though, before we get our teeth into today’s material, lets just check on actions from the last Business Growth Masterclass:

Did you do your homework?

  • You have implemented two persuasive writing techniques in your marketing materials.
  • You have elaborated on your list of emotional trigger words and phrases that will inspire your target market to take action.

Now that your target prospects are answering your call to action, how can you get them to actually become your customers?

conversions funnel

A big part of your focus to date has been on identifying who your ideal customers are, deciding how to reach them, and how to communicate with them so that they take action and contact you. Converting leads into customers is your next point of focus, and step two of the five-step process. You’ve spent so much time and money enticing the right people to raise their hands and identify themselves that now all you and your staff need to do is convince them to become your customers. Generally, how your potential customers perceive your business and your staff, as well as how much trust you can build and how fast you can build that trust are the two key factors that impact conversion rates. Secondly, the strength of your sales process and scripts as well as the level of risk involved in purchasing your product or service also have a powerful impact on conversion rates. But before we get into ways you can improve your conversion rates, let’s take a look at where conversions stand in your business right now. I’ll also show you how to evaluate whether you have a strong conversion rate or not – it’s not as black and white as you think.

In this Masterclass we will cover:

  • How your conversion rate impacts the bottom line
  • How to measure your conversion rate
  • How to evaluate your conversion rate
  • How trust and qualified lead generation impacts conversion rates
  • Strategies for improving your conversion rate

Your conversion rate is the second factor in the customer equation.

A conversion rate is simply the number of transactions divided by the number of leads during a specific time period. It’s a ratio between the number of people you attracted with your lead generation strategies, and the number of people who purchased from you and became your customers. So if 150 people come through your store in a day, and 50 of them make a purchase, your conversion rate is 33% for that day.

Converting leads – which is essentially the sales process – is likely the core of your daily business efforts. You’ve spent time and money setting up lead generation systems and strategies, so it stands to reason that you should put equal time and energy into converting those leads into loyal customers. I’m going to show you in a few minutes how you can improve your conversion rate with a few simple strategies, but first I want to show you how increasing your conversion rate alone will have a dramatic impact on your bottom line. Using the five-step formula, here is an example of how a 10% and 30% increase in conversions can impact your total profit.

Starting Point 10% Increase 30% Increase
Leads 4,500 4,500 4,500
Conversion Rate 30% 33% (10% increase) 39% (30% increase)
Customers 1350 1485 1755
Transactions 1.3 1.3 1.3
Average Sales Value £140 £140 £140
Revenue £245,700 £270,270 £319,410
Margins 24% 24% 24%
Profit £58,968 £64,864.80 £76,658.40

What is the average conversion rate for your business?

To figure out your conversion rate, choose a specific time period (day, week, month, campaign) and then divide the total number of sales transactions by the number of people who inquired about your product or service (leads) and multiply by 100. This is a percentage value of your conversion rate. For example, 50 transactions / 150 leads x 100 = 33% conversion rate. Now, if I wanted to look at conversions over a specific time period, the rate would vary:

Leads Sales Conversion Rate
Day 150 50 33%
Week 910 286 31%
Month 4050 1196 29%

If you’ve been tracking your leads over the past few weeks, you’ll be in good shape. All you may have to do is look at your lead tracking sheet, and divide into it your total number of sales over specific time periods. You’ll be able to analyse what your conversion rate looks like over the course of ad or direct mail campaigns, as well as over various weeks in the month. If you haven’t started tracking your leads, you’re going to have to start in order to understand what your true conversion rate is. In my experience, many business owners overestimate what this percentage actually is, so I feel this is an important step in the process.

Keep track of the following items in your conversion rate measurement sheet:

  • Start date and end date of the measurement period (by ad campaign, week, or month)
  • Total number of leads (divided by source – telephone, in store, online, etc.)
  • Total number of sales transactions
  • How trust and qualified lead generation impacts conversion rates

If you’re starting to track leads and sales today, by the end of a week you’ll have a reasonable understanding of where your business stands.

How do you evaluate if your conversion rate is “good” or not?

I have clients ask me this all the time, ‘Once you know what your conversion rate is, how can you tell if it’s “good” or “profitable”?’ Unfortunately, the answer isn’t a black and white one. The truth is that conversion rates vary and depend on the product, service and customer base. Different businesses can have dramatically different rates, yet both rates can mean the respective companies are highly successful. For example, a thriving pound store may have a conversion rate of almost 80%, while a profitable furniture store may have a conversion rate of 30%. Other businesses might have rates of anywhere from 4% to 99%. You can put it into perspective if you think about how differently these businesses operate. Pound stores generally have a high volume of foot traffic and offer a wide variety of products. The price point is low, and most people who walk into a pound store buy something. Furniture stores, on the other hand, offer products of a higher value that usually require more thought prior to purchase. The store generally advertises to attract leads that are looking for specific items and features. Lastly, the product requires a much more substantial investment. So, instead of focusing on how close your conversion rate is to 100%, you need to think of conversions as relative to your break-even point – either for a campaign or for regular business operations. To do this, you need more information than the rate itself. You need to know how many leads you need to convert into customers to see a return on investment. You need to know how much money each lead costs you, on average how much they spend, and how much of their spend is actual profit. For example, if you have £4,000 to spend on advertising and you want to see £20,000 in sales, will a 20% conversion rate be enough to do the job? To answer this, you need more information on other measures in your business. You need to know your average pound sale and average customer acquisition cost. In this example, let’s say your average pound sale is £42 and your average customer acquisition cost is £2.50. (You’ll look at customer acquisition costs in the next Masterclass). If you take your £4,000 advertising budget and divide by your £2.50 customer acquisition cost, you’ll expect to generate about 1,600 leads. So 1,600 leads with a 20% conversion rate would equal 320 sales – not bad. Now, take the 320 projected sales times the average pound sale of £75, and you’ll get £24,000 in revenue. That’s a reasonable ROI for a £4,000 investment! But is the 20% conversion rate a ‘good’ one? To answer this, you’ll have to factor in your profit margin to determine the answer. You wanted to achieve £20,000 from your £4,000 advertising investment. Let’s say your average profit margin is 45.3%. So, on each £75 sale, you made £34 profit. So, let’s look at your actual profit after costs:

320 sales x £34 profit per transaction= £10,880 in take home profit.

So, when the rest of your business measures are factored in, you actually only achieved a 272% return on investment, which is about half of what you were targeting. Therefore, in this case, a 20% target conversion rate isn’t necessarily a strong one for your business.

Now, before you dive into any conversion rate boosting strategies, focus on building trust and generating qualified leads – the cornerstones of a profitable conversion rate.

You probably already know that trust is a huge factor in any exchange with a potential customer. When you first learned about sales and the selling process, you learned about building trust and rapport with the people who are giving you their money. So, trust is therefore a big factor in having a healthy (and profitable) conversion rate. Your prospect needs to trust in the value of your offering, as well as the credibility of the business and the knowledge of the people who work there. The issue here, of course, is the length of time it takes to truly establish trust, or credibility. With all your new leads – practically strangers – walking through the door and picking up the phone, you need to establish instant trust and credibility in order to make the most of the time you spend with each prospect. The other important point I want to make is about the role that qualified leads have in your conversion rate. It’s one thing to have hundreds of leads contact you on a daily basis, but if they’re not qualified leads, they’re less likely to buy, and are therefore potentially wasting your time and squashing your conversion rate.

Here are five ways you can boost your conversion rate with little improvements to your business.

satisfied_customers

1. Build instant trust.

Use testimonials. Ask happy customers to write testimonials about their experience at your business. Use their words (or even their whole letters) in your marketing materials, or post them in your place of business. Testimonials boost confidence in what you’re offering and establish trust in the eyes of prospects.

Showcase your good news. Post awards, accolades, media articles and other ‘proof’ of your credibility around your business and on your website.

2. Create an image of quality.

Consider the appearance of your staff. How do you and your staff members dress? Does your appearance communicate the right message to potential clients about your offering? You don’t need to show up in a suit every day, but make sure everyone’s appearance is professional and appropriate for your business.

Improve the perception of your business. This includes the physical state of your place of business, as well as the quality of your marketing materials and the quality of the service customers’ receive when they purchase from you.

Give merchandise displays a boost. Can you make your products look more attractive through the way they’re displayed or arranged? Put complementary products together, and create feature product displays to create variety and interest.

3. Train and develop your staff.

Give staff conversion targets and incentives. Remember that you’re not the only one who can contribute to an increase in conversions. Involve and support your staff in tracking and boosting conversion rates. Give them individual targets, and incentives for meeting them.

Review and improve sales process. Everyone can improve their sales skills, and refine the process they use to close sales. Take an opportunity to watch and give feedback to your staff members, or hold a brainstorming session to discuss what techniques, phrases, objections are most effective when selling your product or service.

Develop and continuously update scripts. If you’re not using scripts, it’s time to start (you’ll see why in an upcoming Masterclass). If you are using scripts, make sure you’re revising and improving them on a regular basis based on what you and your staff experience during the sales process.

Focus on customer education instead of sales. Face it, no one likes to be ‘sold’ to. Focus your sales process on building a relationship with and educating your customer on the benefits and solutions of your offering. The more they learn, the more they’ll believe what you have to say, trusting the business enough to make a purchase.

4. Improve your offering.

customer-service

Increase quality, exclusivity or range. Can you improve the quality of products or services that you offer? Carry a more exclusive product, or extend your range of products? Take a look at your merchandising mix and service menu and identify areas where you can expand or specialise.

Make great offers. Strong offers can also serve as an incentive for a potential customer to complete the sale. Offer great perceived value, or exclusive and time-sensitive products or services, and you’ll see a spike in your conversion rate.

5. Take away purchase risk.

Provide free trials and demonstrations. Allow your customers to test out your product or service for free, with no obligation to purchase. Or, offer free demonstrations so your customer can see the benefit or solution your product or service provides.

Guarantee product or service performance. Take away the purchase risk from your potential customer, and you’ll have a powerful strategy for closing sales and increasing conversions. This is also an immediate trust and credibility booster – you are so confident in your product or service’s results that you’re guaranteeing them.

Work with your staff on a daily or weekly basis to consistently measure and increase conversion rates.

Post a calendar in the staff room or common area, and track your targeted and actual conversion rates on a daily and weekly basis. This will give you and your staff a visual reminder of the company’s goals, as well as an indication of how the team is performing. You don’t work in your business alone, so involve and motivate your team to support you in growing your business. Give them incentives and help them develop their sales skills, and I promise you’ll see an impact on your conversions. The next step is about customer loyalty – how to keep your clients coming back to make new purchases, instead of continuously trying to buy new clients. As always, let me know if you have any questions.

You can  use the contact form below to discuss and get help with the topics covered in this,or Any of the previous Business Growth Masterclasses.

Until next time, good luck!

Business Growth Masterclass 14: How to Be a (Better) Copywriter

Hello there and a belated Happy New Year to all who follow my blog. Let’s hope for a busy and very prosperous 2014 for us all.

Welcome to the 14th instalment of my Business Growth Masterclass. The step by step guide to building the business you always wished you could have.

Today, we’re going to look at what it takes to write brilliant attention-grabbing copy in all those marketing peices that are so important to the growth and prosperity of your business.

As ever though, before we get our teeth into today’s material, lets just check on actions from the last Business Growth Masterclass:

Did you do your homework?

  • You have created at least two advertisements to use in an upcoming campaign.
  • You have a plan in place to test and measure the success of each advertisement, and make changes based on your results.

Great! You’re all set to go with this month’s Masterclass. Read on.

When writing sales copy, you’re racing to hold your readers’ time.

Unlike novels or news stories, sales copy doesn’t have the luxury of a reader’s patience. No one is going to leisurely sit down with your brochure and pour over every word, or analyse your ad to really understand what it’s trying to communicate.

Writing for sales means racing to catch and hold your readers’ attention long enough to convince them to take action. Every word and every sentence needs to mean something to the reader and support your message.

There are dozens of helpful tips and suggestions in this Mastercllass that will strengthen your ability to write effective copy. Someone once told me that copywriting can never be too long – just too boring. And it’s true. Copy needs to be captivating and easy to read or it simply won’t be read.

As you work through this Masterclass, I encourage you to take a few of your recent marketing pieces – like a brochure, sales letter, an ad or any other copy-heavy document – and identify the mistakes you may be making. There are always opportunities to strengthen your work, so be open to them.

In this Masterclass we will cover:

  • Copywriting myths
  • Tips for triggering emotions and hitting hot buttons
  • Strategies for improving copywriting
  • Persuasion techniques for marketing materials
  • Examples of effective copy

The first step to better copy is to stop buying into these myths about copywriting and copywriters.

I find that there are a lot of misunderstandings out there when it comes to copywriting and copywriters. This is often closely linked to advertising myths, like you have to have a big budget to be successful, or the prettier the ad, the more effective it is. It’s all just hype.

I urge you to let go of these common misperceptions:

1. Good copy needs to be clever and fancy.
Good copy needs to get the message to the right audience. Fluffy words, long sentences and poor attempts at clever humor get in the way of the message. You’re not competing for a copywriting award; you’re competing for customers. Worry less about the high budget ads in Vanity Fair, and more about your audience’s emotional triggers.

2. Copy is the crux of the marketing campaign.
Of course your copy is important to your marketing efforts, but it can’t make the ship float. You need to have your target market identified and your message clearly defined before you can reach out with success. You need to have a strong product or service offer before you can tempt your audience with it. Strong copy is essential, but only after a strong foundation has been built.

3. Only professional copywriters can write effective copy.
As a small business owner, you have a considerable advantage over professional copywriters and big budget ad agencies. You know your product inside and out, and are actually passionate about it. Once you understand the elements of strong copy, you’ll have no problem creating it yourself.

Here are the key points you need to remember when writing sales copy:

  1. Copywriting is persuasive writing.
  2. Use a strong headline to get your readers’ attention and read the sub headline.
  3. Use a captivating sub headline to get your readers to read the first sentence.
  4. Design your first sentence to persuade the reader to read your second sentence.
  5. Repeat until you convince the reader to take action.

Strong copy grabs and holds your readers’ hot buttons, and keeps them reading.

Just like you did when you practiced writing headlines and creating powerful offers, use your knowledge of your target audience to provoke emotional reactions in your sales copy.

1. Use the word ‘you’ twice as often as ‘us’ ‘we’ or ‘our’.
To avoid writing sales copy that focuses too much on the merits of your business, try writing from the perspective of your reader. Focus on answering the question “what’s in it for me?” over and over again.

People love talking about themselves, so let them. Use the word ‘your’ as often as possible, and twice as often as the words ‘us’ ‘we’ or ‘our.’ Pretend you’re having a conversation with one person in your target market, and talk about them as much as you can in that conversation.

For example, if I simply wrote, “Buy our product and receive…” it would not have the same impact as “When you buy our product, you will receive…” Similarly, “Our members benefit from hundreds of pounds in savings” doesn’t hold the reader like “When you become a member, you will save hundreds of pounds…” does.

2. Use emotional trigger words.
Keep your list of emotional trigger words and power words handy when you’re writing. Word choice is a powerful component of successful copywriting, and not because particular words or phrases are unique. A few dozen words and phrases in marketing have been proven to have a stronger impact on target audiences than others. (For examples of some of these “powerful” words, take a look at the list in Business Growth Masterclass 12)

Use the tools that are available to you to continuously update and add to your lists of powerful words and phrases for copywriting. Research ‘power words’ online, or invest in a software programme that will measure the impact of your copy based on a database of statistically measured words.

3. Describe your audience’s problem in detail.
Don’t assume that your reader knows you understand their problem, or the experience they’re going through. Sympathise with them and show that you understand their problem, just like you would with a good friend. This technique builds their trust and confidence in you, so the more specific you can be in your description, the better.

A meal delivery service might consider copy like this: Are you tired of coming home from work, exhausted after a long day, faced with coming up with yet another dinner idea for your family? The copy can then go on to describe how the audience would benefit from the service.

4. Concentrate on benefits.
People buy benefits and results, not features or attributes. No one buys water filters; they buy clean, fresh-tasting water. They don’t buy lawn mowers and fertilizer; they buy a green, well-manicured lawn.

Hit your target’s hot buttons by painting a picture of how the benefit will solve their problem. Describe how cough syrup will ease symptoms, not cure the ailment. Focus on what is bothering or irritating the reader, that’s what they care about. Show how your product will bring about relief.

Use these simple guidelines and techniques to improve your overall copywriting skills.

Tone

  • Studies have shown that conversational writing is remembered more often than formal writing. Write to your audience in the same way that you would speak to friends or family. If you struggle with this, consider taping yourself having a fake conversation with a potential client, and then transcribe what you said.
  • Read every piece aloud as part of your editing process to ensure that it flows smoothly and is easy to understand.
  • Write in a tone that your readers are comfortable with, and used to hearing. Read the publications that they read to gain an understanding of what that tone sounds like.

Sentence Structure

  • Keep sentences to about 16 words or less.
  • Maintain a rhythm in your writing by varying sentence length.
  • Split long sentences into two, and connect them with words like ‘so’, ‘and’, or ‘because’.
  • Limit paragraphs to two or three sentences, or a single thought.

Vocabulary

  • Use clear, simple language, just like you would in conversation.
  • Avoid complicated, overly descriptive words
  • When you read your copy as part of the editing process, take out any and all unnecessary words. Use the least amount of copy to communicate the most information.
  • Avoid any and all industry-specific jargon and corporate clichés
  • Keep language positive and future focused, using words like ‘can’ and ‘will’

Formatting

  • Use headlines and sub headlines to break up your copy into sections
  • Remember that most people only skim information in the newspaper or on websites, so format your writing to be conducive to that habit.
  • List benefits and other important points in bullets or numbers so the reader can quickly identify which parts are of interest to them.

The Post Script

  • Use the Post Script (P.S.) at the end of your sales letters or direct mail letters to reinforce your message.
  • Studies show that reader look first at the headline, then the signature and P.S. before deciding to read the letter.
  • The P.S. can act as a secondary headline, or last opportunity to sell your message. Use it to restate a guarantee, powerful offer, primary benefit or free trial.

Use the following persuasion techniques for a surefire boost in response rate for your marketing materials.

Now that you’ve grasped a few of the basics of copywriting, use persuasion techniques to drive your message home and convince your audience to take action. Compelling or persuasive writing gradually builds an argument and leads the reader slowly down the path to the call to action.

Sales copy is persuasive because, when done right, it:

  • Grabs the attention of the reader from the beginning
  • Supports a main focus or argument
  • Backs up claims with specific proof like stats and expert opinion
  • Makes the reader believe what the copy is saying
  • Convinces the reader to act because there is something in it for them

Use storytelling to hold your readers’ attention 
We’ve all been conditioned to pay attention and respond to storytelling, so use this technique to hold your audience’s attention. Stories are also easier to remember than facts or lists. For example, tap into their empathy and tell them the story of someone who had a similar problem to the one they do, and describe how your product or service provided the solution. Use the story to gradually build proof behind your message.

Use metaphors to communicate imagery 
You won’t always be able to include images in your marketing pieces, so train yourself to write copy that communicates imagery in words. The easiest way to do this is to compare your points to strong images and objects that your audience will relate to and feel emotional about. You can do this with metaphors like sleep like a baby, and brewing like a perfect storm.

Use repetition to reinforce key messages
It often takes several attempts before someone will truly hear and understand what you have to say, so don’t be afraid of repeating yourself in your copywriting. Repeat your key messages several different times, several different ways. You can summarise your points in bullet form at the end of letters or important paragraphs, or use testimonials to reinforce your message through someone else’s voice.

Back up your claims with ‘reasons why…”
Use the word ‘because’ or the phrase ‘here’s why’ to build trust in your statements and claims. Place short lists of proof beneath bold statements; you are more likely to be believed because you went to the effort of backing up what you had to say.

Answer silent objections
Just like in the sales process, attempt to overcome objections before they can even be raised. Based on your experience selling to live customers, address one or two of the common objections in your copy. This shows that you understand the reader’s perspective and relate to their thought process because you’ve answered questions before they’ve asked them.

All successful copywriting taps into a reader’s emotional triggers, and convinces them to take action.

I know I keep coming back to this, but it’s really important. The more you can cultivate your ability to use words and persuasion to motivate your prospects, the stronger your marketing materials will be. All you have to do is practice, and test out a few of the techniques you learned today.

If you like, I can share with you a few tried and trusted templates for getting your marketing message across. All you have to do to benefit from this is fill in the form below and we can get started straight away. These make the job super easy and will save you heaps of time working it all out for yourself.

You can also use the contact form to discuss and get help with the topics covered in any of the previous Business Growth Masterclasses. (Listen, I know some of you don’t like filling in forms like this, but I promise you it will be worth your while. Go ahead!)

Message Sent (go back)

Since you’re probably seeing a big increase in qualified leads by now, we’re going to shift gears in the next Masterclass and move on to step two: increasing conversion rates. Are you ready?

Until then, good luck!

A Little Coaching Exercise for the New Year

Hi everybody,

 

Each year as we approach the close of one year and the beginning of another I go through an exercise with my coach which I find extremely beneficial and rewarding. I have asked if I can share it with my clients past and present, and other close contacts.

 

This is way beyond creating New Year resolutions and is much more about moving on to the future with renewed optimism and focus. I hope you have the chance to do it rather than just read it. It is important that you write down the answers rather than just think them through especially as it is a really enjoyable exercise to complete.

 

Step One

 

Look over the past year and:

A)   Make a list of all the wins, successes and breakthroughs in the past year. Look at all areas of your life. What do you want to celebrate and acknowledge?

B)   Make a list of all the losses, disappointments and breakdowns in the past year. What do you want to forgive yourself for and release?

C)   Bring this list to our session. We will discuss what it means to be “complete” with each item. Incompleteness holds us back from taking on the next exciting opportunity.

Step Two

 

Looking over the past year, what are the 5-7 lessons you have learned?

Choose the lessons that you want to carry over into the New Year.

What learning is there to deepen?

Some examples of learning:

  1.   I learned to windsurf, play bridge or speak Spanish
  2.   I learned that my mistakes do not mean I am a failure
  3.   I learned that more is possible for me than I ever imagined

 

As you review your goals and commitments for 2014, which areas do you want to maintain, bring into the New Year, revise, be complete with?

 

Step Three

 

Consider these questions as you prepare your vision for 1 year from now:

  • As you stand on one of the peaks looking forward, what future is calling?
  • What is the essence of what is next for you?
  • What do you want to achieve or accomplish?
  • What risks and challenges will you take on?
  • What more of you wants to be expressed — for example, self-love, self-compassion, self-value?
  • What self-lies (e.g., “I am not powerful.”) are you ready and willing to end?
  • What new level of abundance and success are you willing to embrace?

 

Imagine one year ahead, and write a list of all the wins, successes and breakthroughs for the coming year. What would you like to learn or accomplish by the end of the next year? Write this list as though it has already happened. Make it as long as you choose, and be sure to look at each area of your life.

Prioritise the list. Look at how each item fits with your values, make plans and set accountability for the next year.

 

Step Four

 

Much like the Chinese tradition that gives names to each year, choose a name for this coming year. Use images, symbols or ideas to name the coming year. What image allows you to step more fully into what you want to be, and are already becoming? Find a name that stretches your imagination and moves you into greater possibility.

Examples: Year of Balance, Year of the Soaring Eagle, Year of the Wild Woman Set Free, Year of the Creative Genius, etc.

Step Five

 

Finally, consider where we are in our relationship:

  • What do you want more of, less of, the same of?
  • In what ways might this relationship and our work better serve you?

 

Please try PRINTING IT OFF and DOING IT… it may not be as artistic or colourful as a Greetings card but I guarantee the positive attitude, actions and focus will last for a whole year.

Have some great time off and a prosperous new year.

Cheers for now,

 

David T Preston

Business and Executive Coach

Business Growth Masterclass No. 11: How to Craft A Powerful Offer for your Business

Hello there, once again, and welcome to the latest instalment of my blog series, The Business Growth Masterclass. This is the 11th in the series and I have called it “How to Craft Powerful Offers for Your Target Market”

As ever, before we get our teeth into this vital subject, I just need to check you have taken on some action fromthe last Business Growth Masterclass:

Checkpoint:

  • You have identified which marketing materials you need, and which you can live without.
  • You have completed an audit of your existing marketing materials, and identified opportunities for improvement based on the criteria in The Business Growth Masterclass no. 10.

Focus on using powerful offers to generate leads, not to close sales.

Powerful offers that drive your audience to take action can be used in your business to do a myriad of things. They’re great for moving old or overstocked product, overcoming buyer objections, eliminating purchase risk, or even just building your customer database.

Well-crafted offers are also fantastic lead generators – which is what we’re going to focus on in this Master Class. In this case, the offer is designed to get potential customers to identify themselves, not to close sales. Once those potential customers have identified themselves – they’ve taken action to redeem the offer – they enter the formal sales process and you can convert them into a loyal customer.

Offers designed to be lead generators drive more qualified prospects to your business. They weed out the buyers who would take advantage of your offer, but who are not otherwise a part of your target market.

I’m going to show you how to speak to your target market’s “hot buttons” and emotional motivators, instead of simply crafting an offer based on financial savings or bonuses. Let’s get started!

In this Business Growth Master Class we will cover:

  • The elements that make an offer ‘powerful’
  • A step-by-step process for creating a powerful offer
  • Types of powerful offers
  • Examples of powerful offers
  • Testing and measuring your powerful offers

A powerful offer is irresistible to your potential customers’ emotional motivators.

In simple terms, a powerful offer gets people to respond, or take action. It will provide enough motivation for the reader to pick up the phone, visit your website, or walk into your store.

Often, powerful offers are called irresistible offers because they seem too good to pass up. They make your target audience think, “Wow! This is the chance I’ve been waiting for!” or, “I’d be mad not to take advantage of this opportunity!”

Using emotional motivators in your offer (and in your headlines and copywriting, which we’ll review in upcoming Master Classes) will drive qualified prospects to your business, and will make the job of converting customers into repeat business easier and more cost effective.

A powerful offer will feature an element of urgency or scarcity as a key motivator for action.

If I offered “2 for 1 Mother Daughter haircuts” every day of the year, chances are I wouldn’t have a stampede of prospects at my door. I would likely draw a few new clients a week, but the majority of those who saw the offer – even if they were interested – would probably put it off for later.

When you create an offer for lead generation, you want your prospect to take action as soon as possible. Now, let’s face it, we’re all procrastinators at heart, so you have to give your audience a reason to take action without delay.

So, instead of just “2 for 1 Mother Daughter haircuts,” I could offer, “2 for 1 Mother Daughter haircuts, Mother’s Day weekend – 20 spots available, book your appointment today!” This offer has an element of urgency – the offer is only valid for a two-day period – and scarcity – there are a limited number of appointments during those two days.

Here are some other ways I could use scarcity or urgency to ‘sweeten’ the offer:

Strategy Scarcity / Urgency Example
Limited time offer Urgency 2 for 1 Mother Daughter haircuts – Mondays from 1pm to 4pm.
Limited supplies available Scarcity Free! Mother’s Day gift (£50 value) with purchase for the first 20 customers on Mother’s Day.
Seasonal specials Urgency Mother’s Day Special: buy one, get one free on any service in our spa, Mother’s Day weekend only.
Free gift with action Scarcity Bring your mom in for a free haircut on Mother’s Day, and receive a salon bonus pack, worth £45, absolutely free!
Daily deal Urgency Book an appointment with us by the end of the day, and we’ll add on a free haircut for your daughter.

Let’s walk through an easy step-by-step process for creating powerful offers that will generate qualified leads for your business.

1. Establish who you are trying to target, and what you want them to do.

Like all of your lead generation efforts, you need to establish who your target market or audience is before you can attempt to reach them. In most cases, this will be the target market you originally identified. In my hair dresser’s salon example, the target market is middle-class women aged 18 to 65 with an interest in the latest trends in fashion and beauty.

You may also wish to segment that group of people into a more specific category. I could limit my target audience to those women in my target market with daughters.

Secondly, you must be clear about what you want your readers to do, and ask them to do it in your offer. Since you’re creating an offer to generate leads, in this case you want readers to identify themselves in some way, and make contact with you. In my example above, I asked customers to call and reserve their appointment today. You may ask your readers to come to the store for a free trial, or place an online order.

2. Identify the emotional motivators or “hot buttons” that will get your target to take action.

Using the categories below, decide why your target market needs or wants what you have to offer. How do they feel in general about your product or service? What problem does your offer provide the solution to?

  • Safety and financial security for self and family
  • Convenience and time management
  • Freedom from worry
  • Self-improvement
  • Acceptance and recognition from others
  • Basic needs, including food, shelter, love, personal maintenance, etc.

In my example, I’m targeting the emotions associated with the bond between mothers and daughters, especially on Mother’s Day, and their common interest in beauty services. The offer alludes to an opportunity to spend time with each other, an activity for Mother’s Day, and a way to save money while doing so.

3. Once you have identified the emotions you will try to target, determine which type of offer will work best.

Free Offer
Ask your potential customer to act immediately for a free reward. This is a great lead generator if you can offer a solution to a common problem for free. Examples would be “Contact me now to receive your free 10-page guide to financial freedom,” or “Act now and get your first month of home security for free – a £99 value!” Try to include the pound value of what you are providing for free to increase the perceived value.

Guarantee Offer
Guarantee the performance of your product or results of your service, and you’ll take away the fear many customers feel when making a purchase. This is a great way to overcome barriers when a customer is making a large or important purchase, or when safety and security are involved.

  • Money-back guarantee: full refund for unsatisfied customers.
  • Double-your-money-back guarantee: double refund for unsatisfied customers.
  • Long-term guarantee: one year, multi-year or lifetime guarantee.

Free Trial or Demonstration Offer
Another great way to reverse purchase risk is to offer a free trial (7, 14, or 30 days) or to provide a free demonstration. This works with all kinds of products or services, and allows the customer to convince himself that he needs what you have to offer. Those customers who are concerned about making the right purchase decision will be put at ease by this offer.

Package or Value-Added Offer
This offer appeals to customers looking for convenience because their needs are met in one place or one purchase, like start-up kits and special packages. Packaging products also increases the perception of value, often without adding costs. For example, offering a free printer with computer purchase.

Premium Offer
Always offer premiums over discounts, as they will better serve your bottom line. Reward purchases with bonus products or services, and you’ll give new customers an incentive for choosing your business over the competition.

3. Draft several hard-to-refuse offers based on these motivators.

Brainstorm as many different types of offers as you can, using emotional keywords or hot buttons. Depending on the type of business you have, and the products or services you offer, you may wish to focus on a single product or service, or open up the offer to all the items you have in store.

Are there any freebies you can throw in? Any overstock that can be handed out as a free gift, packaged with a complementary product? What about bonus services that you can add on to products for a limited time (with limited costs)? Will a simple guarantee make a big difference?

Remember that when you are describing your offer, be as specific as possible and avoid lengthy description of product details and benefits. Your goal is to sell the offer and motivate readers to take the next step, not to sell your product.

4. Evaluate the financial viability of each of your brainstormed offers.

Even though you’re using these offers as lead generation tools, you need to make sure that each transaction will turn an acceptable profit – or at least allow you to break even. The last thing you want to have happen is a store full of leads redeeming an outrageous offer that will leave you broke.

So, for each of your brainstormed offers, calculate your break-even point. If I were offering 2 for 1 Mother Daughter haircuts, my calculation would look something like this:

A. Costs: Determine the costs involved in your offer (hard costs – product or service, and soft costs – advertising or marketing).

Service costs:
Adult Haircut: £20
Junior Haircut: £10

Marketing costs:
Advertising: £200
Flyer Drop: £100

B. Profit: Assess how much profit you’ll generate per sale (price minus hard costs).

Adult Haircut: £40 (price) – £20 (cost) = £20 profit
Junior Haircut: $0 (offered free) – £10 (cost) = £10 expense

Profit: £20 – £10 = £10 profit per transaction

C. Break Even Point: Calculate how many transactions you’ll need to break even (how much profit will you need to make to cover soft costs).

Advertising (total): £300
Profit: £10
Transactions: £300 / £10 = 30 transactions required to break even.

From here you can assess whether or not you can realistically break even, and if your offer is financially viable. In this example, 30 transactions is a reachable target for my salon over the course of a weekend. I may also consider extending the offer over the course of a week, maintaining an element of urgency, but allowing more time to recover my costs.

Keep in mind that their initial purchase in response to your offer may only allow you to break even, but if you are able to convert them into repeat customers, the profit of their subsequent purchases may make up the difference.

5. Select two of your financially viable offers, then test them to measure which works best.

I like to test two offers at a time when I first start to use this lead generation strategy. This will tell me what emotional motivators really work with my target audience, and then I can continue to build on that knowledge.

Use your lead tracking system to measure which offers generate the highest number of leads. If coupons are a part of your offer, put a tracking code on each of them, or make sure that your staff are asking every inquiry which offer they are responding to.

Remember, testing and measuring is a vital component of your lead generation efforts, and it elicits some really valuable information. Once you know what works with your audience, you can use that information on emotional motivators to influence decisions you make when writing headlines and other copy.

Get creative and put together new and exciting offers for your potential clients on a regular basis.

Remember – you’ll need to keep improving and revising your offers to ensure you continue to draw leads from them. Otherwise, your audience will get used to seeing the same offer, assume it is always available, and it may become stale.

Use opportunities like seasons, events, anniversaries and other celebrations to change and renew offers. When you bring in a new product line, feature a new service, or try to go after a new segment of your target market, check-in to see if you can create an offer around the news and bring in some new leads.

In the next Business Growth Master Class, we’re going to spend some time cultivating your headline writing skills. You’ll see that we use headlines in all types of marketing and sales materials, and they’re a powerful – or even essential – component of your lead generation tools.

See you in the next one!

Dave

Oh, by the way, if you would like some help with the ideas idiscussed in this, or any of the previous Masterclasses, or to discuss any other aspect of your business growth strategy, use the following form to get in touch:

Business Growth Masterclass 10 – How to Create Marketing Materials that Work!

Create More Success

Hello again everyone, and welcome to the 10th instalment in my series “Business Growth Masterclass”

As ever, before we begin, lets recap on the main points from the last Masterclass.

Checkpoint:

  • You have established which of your three draft marketing messages is the strongest, and incorporated it into all of your existing marketing materials
  • You have implemented a lead tracking and management system and trained your staff to use it effectively

Your marketing materials are an extension of you and your company.
How are yours working?

You can have a lot of fun creating marketing materials for your business. It’s an opportunity to work on a project that isn’t a spreadsheet, or a graph or an order form. You can really get creative!

Your materials get distributed in the world to send out a particular message (or messages) about your company and what you sell. They’re ambassadors for your business because they speak to your potential customers when you’re not there.

As you probably know, it’s easy to get carried away with marketing collateral. You’re surrounded by flashy, clever advertising everywhere you look, and when the time comes to create your own, you can’t help but feel that you have to keep up with the joneses.

Most of the time this doesn’t work. You spend more money, and see less impressive results. In this Masterclass, I’m going to show you some proven strategies for simplifying and strengthening your marketing materials, and focusing on the materials you need not the materials you think you think you should have.

In this Masterclass we will cover:

  • The marketing materials you really need – and the ones you don’t
  • The mistakes you might be making now
  • The elements each piece of marketing collateral should have
  • What you need to know about the design of your materials
  • What you need to know about testing, measuring and making mistakes

It’s easy to want to match your competition piece by piece – but when you’re trying to stretch your marketing budget, focus on the materials you actually need.

Just because your competition has an eight page, glossy colour brochure, doesn’t mean you need one to run a successful business.

When one brochure has the ability to eat your entire budget for marketing materials, you have to prioritise what’s essential and what’s just a “wish” or want. You need to make sure you’re spending on the items that are going to bring in the most return on investment.

Your marketing materials need to communicate your message to your target and motivate them to act. Do you really need a glossy brochure when black and white flyers will be just as effective? Think about this when making decisions about your marketing items.

Make choices based on how your target audience prefers to receive information. Do they prefer paper newsletters, or electronic ones? Are they environmentally conscious, or technology savvy? Do they appreciate personal contact, or just need to see information in a newspaper? Remember that how you communicate is often just as or more important that what you communicate.

Make green choices – your customers will appreciate it. Choose recycled paper and envelopes when you can, and print double-sided. Produce marketing materials in electronic format (like newsletters), and print limited runs of hard copy materials (like brochures).

What are the marketing materials that your business needs, wants and would like to have?

  • Logo
  • Business Cards
  • Brochure
  • Website
  • Newsletter
  • Catalogue
  • Advertisements
  • Flyers
  • Fridge Magnet
  • Branded Items (pens, memory sticks, etc.)
  • Employee Clothing
  • Cloth Bags
  • Product Labels
  • Signage
  • Email Signature
  • Blog
  • Letterhead + Envelopes
  • Thank You Cards
  • Notepads
  • Seasonal Gifts
  • Company Profile
  • Internal Templates (Fax Cover, Memo, etc.)

Create a list of your essential marketing materials then, below it, create a list of your “wish” marketing materials. You can use your “wish list” when you have a little extra budget, or are looking to create a “wow” piece. The list above is for you to use as a guideline – you may not need all of these items, or want to add your own ideas to the list.

Take your existing marketing materials through this audit, and look for opportunities to improve and strengthen.

Are you fighting for their attention with a powerful headline?
You have about four seconds to grab the attention of your reader with your headline. If you do, you have a few more seconds to convince them to read your subheadline. If you’re successful in doing that, you have a few more seconds to get them to read further. See what I’m saying?

Make sure your headlines:

  • Offer to take away pain or give pleasure
  • Hit your target market’s hot buttons
  • Bring up emotion
  • Are bold, dramatic, shocking or unbelievable
  • Answer the questions – what’s in it for the customer? why should the customer care?

Are you triggering an emotional response to a problem, fear, need or want?
Once you have their attention, you need to continue to keep it. Shake up their confidence in what they’re doing now, or the urgency with which they need to solve their problem. Put their fears, concerns and desires in black and white text in front of their eyes:

Ask them if they:

  • Are doing enough?
  • Can wait any longer?
  • Can sacrifice any more?
  • Are paying too much?
  • Are getting the best product or service for their money?

Are you building their trust or confidence in your ability to meet their needs?
You’ve got their attention, and tapped into their emotions, now you need to build their confidence in you ability to solve their problems and meet their needs. You’ll need to show them your solution, and prove that you can be trusted to do what you promise.

Tell them how:

  • You’re different from the competition
  • You’re highly qualified
  • You have documented results
  • You have a high number of happy customers
  • You get recognised from others in your field

Are you wowing them with your competitive edge?
You may be the best at what you do or have the best product but if your customers can’t get a hold of you when they need you, how valuable are you? Here are some examples:

Tell them how you do more than the competition:

  • 24-hour hotline
  • Housecalls, or free delivery
  • Customer rewards program
  • Other convenience services

Are you overcoming their objections before they’ve raised them?
It makes no difference what business you are in; there will always be objections to buying what you are selling. Most often the biggest objection is the price. You should confront them head-on by explaining why it’s worth paying your price. You need to put their fears to rest before they will be ready to buy.

Are you providing an element of risk reversal with a strong guarantee?
Stand behind what you’re claiming about the quality of your product or service, and offer a guarantee in your marketing materials. Typically, the strength and length of the guarantee indicate the quality of the product in most customer’s eyes, so create a strong one.

You can guarantee:

  • Performance
  • Benefits
  • Longevity
  • Satisfaction

Are you showing them what other people have said about your product or service?
Use testimonials to speak to your credibility and merit. Let the testimonials show your potential clients how trustworthy you are, and how much benefit they’ve received from your product or service. Make sure the testimonial addresses the problem that your customer had before they used your product.

Are you giving them an easy way to contact you?
Make it easy for customers to be in touch with you, or get more information. Clearly display your phone number and website address on everything you produce, and consider including a map of your store location so you’re easy to find.

Each piece should provide the following contact information:

  • Location (with map)
  • Phone / Fax / |Mobile Phone Number
  • Website
  • Free phone number
  • Email address

Are you giving them a reason to act NOW?
The last job your marketing piece has to do is motivate your viewer to take action. You need to make them want to call for more information, visit your website, or just come into your store. Invite them to take action on every page.

To motivate customers to act, you can:

  • Offer special “bonus” offers to quick responders
  • Make a time-sensitive offer
  • Tell them how rare your product is, or what limited quantity you have
  • Offer limited-time added value

Are you telling them what your product or service will give them?
Your customer doesn’t care about the features of your product or service, they only care about the benefit that feature will provide them. Customers buy benefits, not products or services. A client is looking to buy some more confidence from a new hairstyle, not a haircut.

Are you telling viewers the story of your product or service?
Remember that you are painting a story to tap into the emotions of your viewers. Detailed technical descriptions should be replaced with descriptions of how the customer may enjoy the benefit, and how they might feel.

The story will help the reader picture:

  • How they’ll feel after using your product or service
  • What they’ll look like using your product or service
  • What they’ll have time to do once they buy your product or service
  • The relief they’ll experience after purchasing your product or service

Are you giving them a reason to keep your marketing piece?
Give your customers a reason to keep your business card, brochure, newsletter or direct mail piece, refer to it, and pass it on to others to see. If you are selling hair care products, you can give your readers tips on how to combat split ends, frizz, unruly curls and heat damage. If you sell kitchen products, you can provide recipes that use your cookware or tools.

Some ideas for keep-able marketing pieces are:

  • Top 10 lists
  • Tips for product caretaking and longevity
  • Recipes
  • How-to’s

Flashy design is not important to your marketing campaign – but clear and professional looking materials are absolutely essential.

When it comes to the visual presentation of your marketing materials, you need to strike a balance. On one hand, you don’t want to spend all of your budget on design and production. On the other hand, the cost of sending out materials that don’t look and feel professional is usually much higher.

Going back to our discussion on time management, you’ll want to check in with yourself and see if your time is best spent designing your brochures, ads, flyers and direct mail, or if you should hire other resources.

Resources for marketing collateral design and layout include:

Graphic Design Agency This is generally the most expensive option. However, if you can find a small to medium sized agency you’ll typically be able to work within a reasonable budget. This can also be a resource to use for “wow” pieces, or design projects that require a little extra flair.
Freelance Designer Freelance designers don’t carry the overhead that agencies do, so typically their prices are a little cheaper. Try to find a designer you work well with and build a long-term relationship. Ask your network for referrals, or try listings like Craigslist.
In-House Designer If you don’t have the time to design your own collateral, but have heaps of marketing collateral and signage to design on a regular basis, hiring a dedicated employee may be your most cost effective option.

If you’re designing your materials in-house, here are some guidelines.

Consistency Your materials need to be cohesive and look like they come from the same company. Be consistent in your colour choices, font, headline styles and logo placement.
Simplicity Keep your materials simple and easy to read. This will save you money, as little details like full-bleed printing and die-cut edges are more expensive.
Information Hierarchy Think about the information that you need your customers to receive, and the information that is less important. Structure your page so that the most important messages jump off the page, and less pertinent details are at the bottom.
Colour Choice Colors give a visual message to your readers, and have many meanings including cultural connotations. Choose your business colors carefully, and stick to two or three.
White Space Every piece needs enough white space to give viewers’ eyes a place to rest when taking in information. The point here is not to crowd your piece with text and copy.
Photo Choice Put some thought into the photo you select, if you choose to include photos in your marketing materials. Details in the photo can unintentionally communicate messages about your business, so make sure they’re the right ones.

If you’re going to try something new – test, measure and make mistakes in small batches, or online.

You will need to constantly be monitoring the success of each piece of marketing material and looking for opportunities to strengthen and improve it. Since you already have your lead tracking and management system in place, this is a matter of sitting down on a regular basis and reviewing the leads each piece generated, and how many turned into sales (we’ll review this when we get to conversion rates).

Remember, always test, measure and then make choices.
If you’re not sure about a new strategy, do a test run to a limited distribution area, or test the message out online. Do small production runs of brochures or flyers you’re not sure about, so you don’t end up with heaps of flyers that didn’t work.

In the end, the strength of your marketing piece is in what you say and how you say it.

Too often, flashy design gets in the way of the message and you miss an opportunity to attract a customer. Simple, clear marketing materials deliver an easy-to-understand message to your target audience, and result.

If you would like some help with the ideas idiscussed in this Masterclass, or to discuss any other aspect of your business growth strategy, use the following form to get in touch:

In the next Masterclass, we will look at the role of your offer in motivating your audience to take action. A powerful – even irresistible – offer can act as an ace in the hole for your lead generation efforts. I’ll show you how to put one together.

We all know there’s only one way to provide customer service – Isn’t there?

Customer service excellence is a hall mark of all the best and most successful businesses, but it’s not a “one size fits all” solution.

We all know that our customers are unique individuals, but when we deal with them do we really treat them like that?  Do you see customer service as a slick and proven approach that is successful because it treats everyone the same?  I would like to introduce you to 4 of our customers:

  1. Samantha – she is a serious and quiet person who has an interest in detail and getting even the smallest thing right.  Never ask her about her family or social life – she sees it as none of your business and irrelevant to doing business.
  2. Eric – the life and soul of the party – in fact he’s always trying to get us to meet up in town for a “few beers”.  A conversation with Eric always takes longer than planned and is guaranteed to cover the rugby/holidays/weekend every time before we get down to business!
  3. John – it took along while to get to know John – he is quiet, shows little of what he is thinking, but is always polite and calm.  He is quick to compliment good service, but slow to complain if things aren’t going so well.  It wouldn’t be a surprise if he simply took his business elsewhere without saying anything.
  4. Julie – you know where you stand with Julie – she tells you exactly what she thinks, whether you like it or not!  She hates delay, can’t abide excuses and does not tolerate failure to meet deadlines – however small.

You may recognise some of these people amongst your customers.  They all seek excellent service, but the way that you deliver it to them needs to be subtly different.  If people buy from people they like, then it is certainly true that people stop buying from people that they don’t like – or who they perceive as having a different set of priorities to them when it comes to customer service.

If you and your team members could understand your customers’ differences and take account of them when delivering your products or services to them, just think how much more positively your business would be perceived!

The Service Profit Chain

There is no doubt that excellence in service is directly linked to profitability – the most profitable businesses invariably deliver the best customer service.  You can improve your customer experience by understanding their needs and expectations better.  You can achieve this by introducing DiSC to your customer service team.  Let DISC UK show you how.

About DiSC

DiSC is the most trusted behavioural communication and learning instrument in the world. DiSC is based on more than 80 years of research and development and is used across the globe in hundreds of training and coaching applications, with around 70% of FTSE 500 companies either using or having used the system.

For further information about the unique Everything DiSC products, or to arrange to have your own profiles produced, contact us via email david@wallshiremanagement.co.uk or telephone on 01209 613 060 today.

Best Regards
Dave Preston

Business Growth Masterclass 9 – How to Generate More Leads with Less Effort

Hello again everyone, and welcome to the 9th instalment in my series “Business Growth Masterclass”. The subject of this Masterclass is How to Generate More Leads with Less Effort.

As ever, before we begin, lets recap on the main points fromthe last Masterclass.

  • You have created three marketing messages using the step-by-step process
  • You have tested your marketing messages internally – with your staff, management and colleagues
  • You have started or are about to start testing your message externally – using advertising, direct mail or another lead generation strategy.

Has everybody done all that? Good. Ok, lets get started with this month’s masterclass.

What is the current picture of lead generation and management in your business?

Here’s the deal: in order to start generating more leads with less time and financial investment, you first have to spend time setting up systems and making some changes. Your goal after this Masterclass is to establish a solid lead tracking and lead management system, and make small tweaks to your existing lead generation strategies based on the work you completed in the target market and marketing message Masterclass. We’re going to look at many different lead generation strategies in upcoming MAsterclasses, but I want you to see the impact that the work you have already done will have on your existing strategies. I want you to start seeing results more or less straight away.

In this Masterclass we will cover:

  • The current status of lead generation in your company
  • The purpose of lead tracking and management systems
  • Types of lead tracking and lead management systems
  • How to set up a lead tracking and or management system
  • Qualified lead generation
  • How to get more results from your existing strategies

Do you know where your current leads are coming from, or how many you get on a daily, weekly, or by-campaign basis?

If I asked you to tell me right now what your top lead generation strategies are, what would you say? A big part of step-one is gaining a solid understanding of where your business stands right now in terms of lead generation. Otherwise, how are you going to know when your lead generation strategies are working? Or which strategies are working? In a few minutes, I’m going to show you how to set up a lead tracking and lead management system that works with your business. But first, I’d like you to write down what you think your top three lead generation strategies are right now.

Every business needs a lead tracking and management system. Do you have one in place?

A lead tracking and management system is absolutely essential to your business for a number of reasons. One, it is the only way to know which marketing strategies are working, and which ones aren’t. The information your system gathers will allow you to make educated decisions about marketing campaigns and investments. Two, it organises your sales and marketing efforts and manages contact information in a user-friendly way. It’s clear who you called, when, what you said, and when you said you’d follow up. Three, it enables you to manage your sales staff by tracking their progress on several leads at once. You’ll have access to an at-a-glance picture of their sales figures and productivity.

Your lead tracking system needs to:

  • record the leads that arrive by phone, in-store visit, and website visit
  • track the source of each lead over specific time periods
  • record pertinent customer information
  • be simple enough to be used by all staff members

Your lead management system needs to:

  • track your leads through the sales plan or process
  • increase customer communications or contact
  • keep track of correspondences and follow-up requirements
  • make it easier for you and your staff to close more sales

Here is a list of information you will want to gather from your leads.

Depending on the needs of your business and the lead tracking and management system you choose (i.e., do you need a mailing address, or just email address?) some of these items may be optional fields.

  • Company Name
  • Name of Contact
  • Alternate Contact Person
  • Mailing Address
  • Phone Number
  • Fax Number
  • Cell Phone
  • Email Address
  • Website Address
  • Product of Interest
  • Source of Lead (i.e., How did you hear from us?)
  • Reason for Enquiry

If it is appropriate for your business, you also may wish to gather demographic information from your leads – but keep this voluntary. This information would be ideally used in your market research analysis.

Keep in mind that your lead tracking and management systems need to be simple enough for everyone in your company to use.

Unless you are the only person in your company who manages incoming phone calls, greets customers and chases down leads, the systems you implement will need to be used consistently by everyone in your organization. Once you have decided on a system, schedule enough time to train your staff thoroughly and be open to feedback. Since you’re not the sole user, you’ll need to consider their thoughts on the usability of the systems.

Pick a lead tracking and management system that suits your budget, and offers the features your business needs.

Each business will have different requirements when it comes to lead tracking and management. A retail store will have different needs than an estate agents office, for example. The retail store may only need to record leads based on lead generation strategies, and keep lead information for their direct mail or newsletter databases. On the other hand, the estate agent will need to make contact with their leads on several occasions, and need a system that will record and remind them of those correspondences. Software for lead management ranges from simple to highly sophisticated, and can be a great investment depending on the needs of your business. Some CRM (Customer Relationship Management) tools are available online as a web-based system you can subscribe to and have access to on the road. I’ve listed the features and advantages to a number of different systems below – ranging from low-tech to high-tech, paper-based to web-savvy.

Index Cards Variety of sizes: 3×5, 4X6 or 5X8. Basic contact information on one side, notes on the other Easy to organise and sort This is a basic system used to manage leads by those who may be less comfortable with computers. This system will be effective at tracking low volumes of leads.
Rolodex More contacts than index card system Easily organised and compact Basic contact information on one side, notes on the other side Another basic system that will effectively manage leads without the use of a computer. While this system can store a higher number of cards, it is also only effective for tracking low volumes of leads.
Excel Spreadsheets Electronic system that is highly customizable by date, name, source or other variables Easily organised and analyzed Several worksheets in a single file allow leads to be tracked and contact managed Accessible for those with basic computer skills This is a slightly more sophisticated system that will allow you to track higher volumes of leads, and effectively organise the information that you collect into charts that can be analyzed. In Excel, you are able to work with a number of tracking sheets in a single file, and create hard copy tracking sheets for staff to use at point of sale and reception. Excel also has the capability of importing data from Outlook and Maximiser.
Database Management Programs High level of organization Unlimited space for notes and record-keeping Data-entry required Examples include: MS Outlook, MS Excel, Maximiser A more sophisticated system that will interface with Excel and manage high volumes of leads and customer details. Manages distribution lists for newsletters and direct mail campaigns. Primarily manages contact information, and provides space for notes, follow-ups and reminders. Tracking high volumes of leads without recording and inputting customer information is best done in Excel.
Customer Relationship Management (CRM) Software Web-based, and accessible from anywhere with internet access Organises leads and customers by name, company, date, or status Ability to attach documents (like proposals and contracts) to leads Ability to write notes and log correspondence by date View contact history and status Interfaces with e-mail marketing programs Example is SalesForce A highly sophisticated system with advanced features. Tracks a high volume of relationship-based leads, and provides a detailed, feature-heavy system for lead management. Not ideal for retail businesses, or businesses that need to track a high volume of leads with minimal customer information attached.
Website Analytics Monitors and analyzes website traffic and online advertising Tracks number of people who visit your site, where they came from (search engines, online advertisement, website link etc.), how long they stayed, the pages they visited, and which page they left the site from. Google Analytics is an easy-to-use example An ideal way to track and analyze website traffic to complement your overall lead tracking system. This is not a complete system on its own. Requires the insertion of a specific code into each of your webpages, or each of your online advertisements. Monitors usage statistics, and generates reports, charts, graphs, etc.

Bringing qualified leads into your business will save you and your sales team time, and result in higher revenues.

Qualified leads are simply the potential customers who are the most likely to buy your your product or service. They’re not just in your store taking at look at the latest features in refrigerators, they’re in the market to purchase a refrigerator. They’re not wandering in to see what a £500 handbag looks like, they are the kind of person who can actually spend £500 on a handbag. Some of the people who will call you or visit your business will never buy from you no matter how good your sales scripts are or how much time you spend overcoming their objectives. There are a variety of reasons for this – and you’ll never eliminate all of these people – but you will need to focus on bringing in more of the people who are ready to buy. The good news is you have spent so much time and energy cultivating a comprehensive knowledge of your target market, that you’re in a great position to increase the number of qualified leads you bring into your business.

How do You Get Qualified Leads?

The crux of qualified lead generation is making decisions based on the market research you completed on your target market. You basically need to know where to reach your market, and how to speak to them. When you are designing, executing and making choices about your lead generation strategies, always consider these questions.

Who is my target market? Write down your target market description to keep you focused on the specifics of this group of people.
DISTRIBUTION IS EVERYTHING: How does my target market like to receive information? Do they read the newspaper? Pick up the family mail? Spend hours on Facebook? Subscribe to Reader’s Digest? Listen to newsradio on long commutes to work?
What motivates my target market to take action, and how can I tap into that motivation? How will you tap into your target market’s emotional response? What issues or needs will mean something to them, and drive them to your business to solve them.
Where can I place my marketing message so my target market will see it? Look at what you found out in your market research about your target market’s hobbies, activities and interests. How can you place your message or your product or service in their path?
What can I offer my target market to entice them to purchase from me? Can you offer your target market something special, rare, or time specific that will appeal only to them?

I’m going to show you how some little changes will generate big results for your company in short order.

Once you’re set up with a testing and measuring system (your lead tracking and management systems) to evaluate the success of your lead generation strategies, you need to start by looking for opportunities to beef up the strategies you’re currently working with.

Use your new marketing message. Make sure that you have put your new marketing message on all of your marketing materials, where new and existing customers can see it. Revise your standard advertisements to feature the strengthened copy.
Strengthen your offer. Create an offer that’s too good to refuse – not for your entire target market, but for your ideal customer. How can you cater to their unique needs and wants? What will be irresistible for them?
Refocus your direct mail campaign. If you’re sending your direct mail to entire postal code areas, stop and refocus. If your distribution area is that broad, chances are the copy on your postcard or letter is too broad as well. Brainstorm ways to narrow your distribution and only hit your target audience. Purchase consumer lists based on demographics, not just location, or limit distribution to specific housing types. Of course, make sure you rework the direct mail piece to feature your marketing message.
Let your target market’s behaviours dictate your distribution plans. As I discussed above, the more you can tailor your strategy to the needs and habits of your target market, the strong your results will be. Look for opportunities in your existing direct mail, advertising, flyer drop and other strategies to get specific. Narrow the demographics of your list, or place an ad in a niche publication. Brainstorm new ways to target your market’s emotional reactions.
Tap into low-cost advertising. Advertising in places like the YellowPages, classifieds sections, e-mail newsletters and Google Adwords can be a great place to test your marketing message for minimal investment. In an upcoming Masterclass you’ll learn how to place ads in the YellowPages and other listings that stand out from the competition.
Look for some referral business. Referral business is desirable because it usually brings qualified leads into your business. Someone has referred them to you based on a current need or desire. > Provide your customers with an incentive to bring business to you. Reward successful referrals with discounts or gifts. > Create a referral chain by giving each new customer three free coupons for products or services that they can give to their friends. When their friends come into your business, do the same. > Create complementary alliances with non-competitor businesses with the same target market. Cross-promotion or cross-referral strategies will benefit both businesses.
Website sign-up Add a feature on your website that encourages visitors to sign-up for newsletters or other communications. You can also set up your website so that potential customers need to fill out a simple form before they have access to “free” information.
How to Create Marketing Materials That Work The next Business Growth Masterlass will walk you through some tips and helpful suggestions for improving your marketing materials. Revise your existing materials based on these suggestions, and watch your leads multiply.

Stop using strategies that don’t work.

Now that you have a comprehensive lead tracking system in place, you’ll be able to track the leads that each strategy is responsible for generating. When you complete your first few campaigns with the lead tracking system and analyse the numbers, compare the results to the initial predictions you made. Were you correct in your assumptions, or were you surprised by how things shook out. The purpose of testing and measuring using a lead tracking system is to figure out which strategies work, and which don’t, as well as which strategies work best, and which generate mediocre results. This not only will save you money but is incredibly useful information to have when developing marketing budgets and, of course, trying to drive sales.

READ THIS: A quick cautionary note on conversions.

While the focus of  recent Masterclasses has been lead generation, remember the first part of the formula: No. of leads x %age conversion rate = No. of customers. You’ll be working on conversion rates in just a few Masterclasses from now, but my point is don’t lose sight of the relationship between leads and conversions in the overall formula. Remember that when more leads start flowing through your door, you’ll need to have the resources and systems in place to give a high level of customer service and to convert them into loyal customers. You’ve put effort into generating these qualified leads, but if you don’t have the resources in place to give them the attention required, you’ll lose them.

Once established, your lead tracking and lead management system should require minimal time investment…if you keep it up to date.

One last reminder before I sign-off – keep your systems up to date. The biggest pain (and drain on time) is having to go back and enter heaps of data into your database or management system because someone has let it pile up. It’s also a huge missed opportunity! If you fall behind on your lead tracking system, because you won’t be able to effectively evaluate your campaign or strategy. Or, you may have missed a lead because you didn’t follow-up soon enough. Be diligent, and set a strong example for your staff members. Good luck!

Does “True Grit” Actually Exist?

Research suggests it may decide how much we achieve in life

 

Have you got what it takes to succeed (True Grit) and realise your dreams?

Do you have to be born with it, or can it be bred into you?

When the going gets tough, do you get going?

 

Why is having “true grit” important and what can you do if you don’t think you’ve got it?

 

  • Having true grit is a trait among high-achievers, scientists claim
  • ‘True gritters’ show perseverance, tenacity and think success is important

 

He's got it: Jeff Bridges as Rooster Cogburn in the True Grit remake
He’s got it: Jeff Bridges as Rooster Cogburn in the True Grit remake

 

John Wayne had it too – more than Jeff Bridges Some will say. But far from being an intangible quality – scientists claim ‘true grit’ can be measured.

They say those with the trait show a ‘perseverance and passion for long-term goals’, and are tenacious, not easily distracted and not discouraged by setbacks.

And the scientists claim a simple test is enough to see whether a person possesses the dogged determination exhibited by Marshal Rooster Cogburn in the Hollywood Western  True Grit.

Those who take it have to rate how closely eight statements apply to them. These include ‘I finish whatever I begin’ and ‘Setbacks don’t discourage me’.

Wayne received an Oscar for his 1969 portrayal of the fearless American civil war veteran who helps a 14-year-old girl track down the man who had killed her father.

Bridges showed a similar single-mindedness in a recent remake.

And scientists say that if you too have true grit, you may do better in life.

Those with true grit show a ‘perseverance and passion for long-term goals’.

They are tenacious, not easily distracted and not discouraged by set-backs.  Theyalso place importance in success.

 According to studies, gritty children spell better, gritty teachers get the best out of their pupils and gritty adults get higher marks at university.

Put simply, grit could explain why some people try harder than others. To work out who has true grit, scientists have devised a test designed to measure focus and perseverance.

Those who score highly aren’t distracted from the task in hand by new opportunities, nor are they discouraged by setbacks. They are hard-workers and find it easy to spend months focusing on a single project. And, as diligent types, they like to finish what they begin.

So does she: 'True gritters' are tenacious, not easily distracted and find success very importantShe has it! ‘True gritters’ are tenacious, hard-working and find success very important

 

Long-term, this may lead to them achieving their goals. But in the very short-term, the effects can be seen on the body.

When psychologists who wanted to test their grit got men and women to do tricky mental manipulations, they saw differences in the activity of the heart between tenacious types and those who give up easily.

Researchers said: ‘Grit, a recently proposed personality trait associated with persistence for long-term goals, predicts success in part in promoting self-control, thus allowing people to persist in repetitive, tedious or frustrating behaviours that are necessary for success.

‘People high in grit are more passionate about their goals and more dedicated to accomplishing them.’

True Gritters would align very nicely with the high D behavioural style within the DiSC behavioural profiling approach – a tool we use extensively here at Wallshire Management.

If you want to find out whether you’ve got “True Grit”, we can help you find out.

Secrets of Leadership – What True Leaders Say to Their Teams

Leaders have a tremendous impact on their organization, because the phrases they share with their teams can either produce distrust and apathy or ignite passion and commitment. Everyone is a leader. And what you say to the people that you work with will influence their work ethic and attitude. A strong leader will recognize this, and take advantage of every opportunity to be an encouraging and inspiring flame that his people want to be near and benefit from. Yes, HOW you deliver the words are a very important part of your communication… but these are likely the 12 most inspiring things you can share with your team to ensure that they are fully invested and feel themselves to be a valued and contributing part of something larger and more significant than themselves.

1. You were right about…

Great leaders are quick to praise productive decisions or ideas. It isn’t about who is right, leadership is about deciding what is right. Instead of having to be the fountain of knowledge and wisdom for their organization, strong leadership acknowledges the contributions and comments that the people around them offer — and by doing so, you encourage future innovation and give other the gift of recognition.

2. I’m glad you are here

People don’t want to be appreciated… they NEED it. Money may be the reason they took a job, but they will leave that job when they see a chance to get more recognition and feel more valued by their superiors and peers. The simple but powerful (and FREE) action of telling your people that you are glad that they are on YOUR team can be a much more impactful phrase than you might first assume. We all want to belong, and telling your team that you are proud to have them as part of the crew can work wonders.

3. I trust you

Some people want to lead by doing everything themselves. But the more you do, the less your people feel needed or competent to manage. Part of your job as leader is to delegate and give up responsibility to those who surround you. People usually live up to (or down to) the expectations we set for them. When you trust them with something important, instead of treating them like children, you insire their loyalty and best efforts.

4. You earned it

Rewards are nice. Despite Daniel Pink’s conclusions about the ineffectiveness of carrot and stick motivation, people do want to be rewarded occasionally for their efforts. The team you lead wants recognition — but only if it is sincere and valid. Saying this with only a weak reason to may undermine it’s intended effect… but sharing a nice unexpected gift after a truly deserving performance can be incredibly powerful. What gets rewarded often gets repeated.

5. Let’s have some fun

All work and no play makes jack a dull boy — and makes your workplace a dull environment. While productivity is important, it is the job of leadership to build a culture of smiles, laughter, enjoyment, and lighthearted fun. A day away from the office together, or a fun business teambuilding event can do wonders for morale. You may be surprised to see how much that productivity improves when you encourage your people to do what they do and have a little fun along the way.

6. I believe in you

People are like certain species of fish. Their growth is determined by the tank that you place them in. If you encourage them and consistently remind them of your faith in their judgment and abilities, they will grow into the person that you want them to be. Don’t treat them as they are — help them to see the person that you see them becoming, and let your words paint a picture of the skills and traits that you know they can demonstrate.

7. That is interesting

No matter how strong or impressive the employee, athlete, or coworker — at times he or she will say something that you either don’t agree with of think is completely ridiculous. It is at times like those that you need this line. Let them know they have been heard. Let them feel that you are weighing their suggestion or comment. And let them feel comfortable and safe in offering ideas in the future by not criticizing them and killing the instinct to contribute.

8. How can I help?

The single most significant role of a leader is to give your people a job and then be a resource that is available, not hovering. If you do a good enough job of removing obstacle and allowing your people the time to work on what you have given them as a project or activity, you have been a good leader. Tell them what you want and then get out of the way — but use this phrase to let them know you are there as a supportive and helpful resource for them.

9. What do you think?

Asking for opinions is one of the wisest things a leader can do. Nobody is wise enough by themselves, and the message you send by asking for the input of your team is that they are intelligent and creative and valuable members of the project instead of just hourly employees and mindless drones. You don’t have to take their advice most of the time — the simple act of asking them about their perspective, though, communicates your interest in getting other ideas and may even provide a surprising and valuable insight.

10. Come on in

Everyone has an opinion on open-door policies. Just because you leave your door open does not mean that your team feels comfortable entering the room and sitting down to discuss things with you. A great leader connects enough with his team that people feel safe sharing their situation and ideas and challenges. When you share this phrase with sincerity, and are truly interested in having a conversation and building relationships and understanding, the loyalty and commitment your people feel toward you grow exponentially.

11. Thank you for…

If you are a leader, people are going to work seeking to please you. Your team wants to feel validated and appreciated for their efforts — especially when things are tough. Sharing a short thank you can be powerful — but I would encourage you to NEVER share a simple thank you. Always share a SPECIFIC thank you. Let them know exactly what it is they did that you appreciate, and the more detailed your thanks, the more likely it s they will really feel like you noticed their efforts.

12. Have a great day!

Attitude reflects leadership. Strong leaders accept that their people often take a cue from and are at the very least influenced by the team leader’s attitude each day .Greet your team every opportunity you have, and share a smile and a positive comment to remind them that things are good. Encourage a positive attitude and perception of things by being an example of positivity and optimism. If you are determined to make it a great day, that attitude will filter down to every one in the organization. Your team wants to be inspired. No matter how gruff or self-sufficient they may seem, every one of the people on your team remember moments in their lives when someone said something to them that mattered. You can add another moment to that list of memories if you make it a point to take advantage of opportunities to share these 12 phrases with your team. They don’t cost you anything extra, other than a bit of thoughtful consideration for those that surround you — but their impact can be tremendous. And once is never enough. Motivation doesn’t last forever. Zig Ziglar says it’s a lot like showering in that respect — that’s why he recommends it often. Remember that you do well what you do often. Looking for ways to share these 12 most inspiring phrases with your team may be challenging at first, but the impact it will have on your team culture when you start incorporating them into your conversations may amaze you.

3 Things You Need to Know in Order to Become a Highly Successful Business Owner

When you build a home, you follow the specific steps outlined in the blueprint. And when you do, you build the home of your dreams. This applies to your business as well. In order to build a highly successful and profitable business, you need to develop a business blueprint.

As with most home blueprints, there are 3 major considerations that must be addressed to create that dream home. There’s the foundation upon which the home will be built… there’s the overall structure such as the walls and roof that creates and defines the interior living space… and finally there’s the basic components that complete the structure such as plumbing, wiring and so on.

create-more-success

 

 

 

 

 

 

Here’s what you need to know…

The main reason prospects buys what you sell is that they “want” it. Prospects want to feel special, so they will buy a product or service that meets their “unique wants.” Then they will buy it from you, but only IF you offer them the most value. If you aren’t unique, and you don’t offer extraordinary value, then you’re forced to compete solely on price. A business simply won’t thrive unless it’s unique, offers exceptional value and communicates both to prospects and clients. Your business is no different. There are 3 structural components that every business must have to attain success. The business must be unique (foundation)… it must offer value (structure) to prospects and clients… and it must be able to communicate (components) that it’s unique and offers value.

Why you need to know this…

Highly successful businesses find ways to separate their business from their competition. They find ways that enable them to literally dominate their market. They learn the process that can make them unique; help them create extraordinary value and be able to communicate both of those in every marketing message they create.

Building a highly successful business is simple. In fact, it’s nothing more than a step-by-step process. However, it does take some effort on the part of the business owner. Unfortunately, they don’t know what they don’t know, so they must find a way to gain the specific knowledge, skills and support they need to be successful. The Wallshire Management Services Marketing System™ does just that.

The cost to you if you fail to act…

Do you want to spend the rest of your life competing on price?

Do you know specifically what your prospects “want” from your business?

Do you know how to properly innovate your business?

Do you have any idea how to tell if your proposed innovations will produce a positive Return On Investment (ROI)?

If you don’t innovate, and are forced to forever compete on price, what will be the future costs to your business if that happens?

How would you like to learn how you can develop these critical skills?

The process to learn these skills is actually quick and easy and could be the best thing you do throughout the whole history of your business.

The problem that most small business owners have is they don’t understand how to make their business unique… create extraordinary value… or properly communicate their message to their prospects.

If you want access to our revolutionary new marketing system, drop me a line via the website (www.wallshiremanagement.co.uk)

To your success,