Over the next few posts, we’re going to talk about how to take a hard look at your current resources and get the most out of them. This can help your capital go further and increase your profit margin.
Today we’ll cover three different ways to maximize what you already have. These include:
- Recognize the obvious
- Unconventional breakthroughs
- Face the facts
Recognize the Obvious
Sometimes when you are too close to something, you can’t make out the big picture. You need to step back and really take a hard look at the resources you currently have in front of you. You are surrounded by opportunities that can boost your career and help your business become more successful.
Don’t sit around waiting for breakthroughs. You need to create them yourself. A breakthrough is merely a new way of doing things or finding a new thing to do for the same or better results. You should be having regular brainstorming sessions and encouraging your team to come forward with breakthroughs or ideas any time they have them.
Some great examples of breakthroughs are:
- The founder of Nike pours rubber onto a waffle iron and creates the most innovative and successful running shoe ever.
- A company creates a roll-on deodorant inspired by the shape and size of a ballpoint pen.
- A health and beauty company discovers a side effect of a product that can be re-marketed and sold.
When attracting or strategizing for a breakthrough there are some key objectives you need to keep in mind. They are:
- Look for the hidden opportunity in every situation.
- Look for at least one cash windfall for your business every three months.
- The more value for your client, the better your breakthrough.
- Create multiple streams of ideas to find the best breakthroughs.
- Effective breakthroughs remove all risk or resistance.
Face the Facts
Before you can put your breakthroughs to work you need to face the facts of the processes and systems that are not working for you and work to correct or get rid of them. System analysis is a good way to do this. Once you have a listing of your strengths and weaknesses, you need to compare those to the strengths and weaknesses of your competitors.
There are some great questions you can present to you and your team to get a handle on where your business is right now. They are:
- Why did I first start this business? Why am I in this industry?
- What products/services did I offer then? Which were the most popular?
- Why are my customers/clients buying from me right now?
- How did I generate new customers/clients then?
- Which of my marketing efforts were bringing in the best results?
Once you’ve got some answers to these questions, you’ll know better how to approach your weaknesses.
These three areas we’ve gone over give you a jumping-off point for how to utilize your current resources to their fullest potential. If you need any help with the current state analysis of your client engagement management strategies and resource utilization, CONTACT US to work with one of our business process improvement design experts and profit acceleration advisors.
In the last post, we covered negotiating with your big fish and how to nurture and build on the relationships you are creating. Today, we’ll explore the power your fish has and how to utilize that for your benefit.
One of the most important aspects of this is to keep your cheerleader cheering. This refers to the champion you created in the company. He or she needs to stay loyal to you so you can continue a profitable partnership with your fish. You can keep your ally going by offering or doing a number of things to show appreciation. Examples include:
- Share the limelight.
- Help them thank their company with new products and services.
- Emotionally connect them to your company.
- Know when to leave them alone.
- Keep your “family” happy.
- Stay on the front lines.
Now that you have some ideas on how to build solid relationships, you need to seek out people with whom to cultivate these relationships. These alliances will help you get bigger clients that stay with you forever. You can often get in the door by offering them something in exchange for something they need, such as:
- Better work experience
These are all great ways to feed your alliance. Additionally, you need to go into a relationship considering the things a big fish can offer you besides money. These can include:
- The opportunity for your business to expand.
- The opportunity to learn from the experience and find ways to grow.
- The opportunity to improve your processes, systems, and other means of doing business.
These are some of the best ways to keep your alliances going strong and your partnerships fresh and content.
Lastly, thank you for your continued readership of the RevSherpas Growth Academy blog and for diligently following along our blueprint and extended case study and blueprint for pursuing, landing, and partnering with the big fish.
Don’t forget to also follow our other blog on our main company page, too!
Though many businesses focus solely on attracting new customers, you NEED to spend a good chunk of your time retaining current and former customers. After all, these are people you already know to be a good sales potential…they’ve already bought from you!
Take the time to market and sell new products to your old customers and less time trying to sell old products to new customers and you will see a drastic change in your sales, customer quality and branding position.
Here are a couple of key elements to use to retain your current customers:
- Stay in contact: This means by phone, email, e-newsletter, in person-by pigeon if you have too!
- Post-Purchase Assurance: This means you need to follow up with customers. Your customers need to feel like they are being supported for their purchase and with the item they purchased. How many times have you purchased a product, then felt completely abandoned? Something as simple as a Thank You note with your contact or customer service information can go along way in retaining a great customer.
- Deals & Guarantees: Always offer your current customers the best deals and guarantees you have. Show them you appreciate their business or even come up with a club specifically to reward loyal customers. You can also do this with a preferred pricing option.
- Integrity: Using good business practices and simply upholding integrity, dignity and honesty go along way with customers. Let’s face it, there’s a lot of swindling and junk out there and the safer and more confident you make your customers feel, the more they will trust you and that makes for an amazingly supportive and loyal customer.
There are three cornerstone ideas to a successful business:
- Quality product/service
- Offering useful products/services that solve a problem for or enhance the life of a customer
- Offer subjects your customers find interesting
Use this approach of educating your customers and offering them real information and insight and you will be rewarded with loyalty and success.
Stop wasting all your time on new prospects while your current customers fall by the wayside!
As Jay Abraham says, “Your best prospects are your existing customers. If you’ve been putting all your marketing efforts into acquiring new customers, stop and divert some of your resources into reselling, upselling, cross-selling to those same customers. In every way possible – through package inserts, regular mailings, special offers – stay in touch with those customers and get them used to buying from you.”
So, there it is! Remember, our FREE test drive can help you put together the resources and tools to do exactly that. We can help you educate your customers and you can watch the benefits pay off many-fold.