Archive for April, 2010
You've made a sale. The customer's credit card has been approved, you've booked their seat or ordered their product, and you've added your new customer's email address to your newsletter list. You're already tallying your net profit in your mental bank register, and you're resting comfortably in the pleasure of another sale well-done.
Not so fast…
If there is any time lapse between the closing of the sale and the delivery of the customer's product or service, at some stage you will need to address the "buyer's remorse" phenomenon.
If your customer falls under the weight of buyer's remorse, he or she might have feelings of guilt associated with a high price tag, credit extension, or disapproval by others. The client might begin to fall off of their "purchase high" and start to consider their new, reduced spending power; or they might wonder if they should have done more research or waited for a better, newer version of your product or service.
Your job is simple: you must keep buyer's remorse from ever showing its face…by using a Stick Strategy.
A Stick Strategy is simple. It involves offering a gift that fulfills your customer's need for instant gratification, and then staying in touch with them to reinforce the benefits of their decision, until they receive the product or service that they purchased. In other words, remind them regularly that they've made a good decision.
Example of a High-Cancellation-Risk Sale:
A motivational speaker offers two types of events: a 1-day workshop and a 2-day weekend seminar. She starts marketing and taking reservations for the 1-day workshop only 6 or 8 weeks in advance. But for the weekend event, she starts accepting bookings up to 4 months ahead of time.
Her customers who book 4 months prior to the 2-day event are much more susceptible to the effects of buyer's remorse. A lot can happen in 4 months – people move, their family situations can shift, their employment might change – and that might prompt them to eliminate her seminar from their new schedule.
It's especially important that this business owner stays in contact with her weekend seminar customers during those critical 4 months – to make sure that those clients remain interested and on-board, without regrets.
Follow these simple steps to keep your waiting customers on-board:
• Immediately following your customer's booking, make a good-will gesture (e.g. a digital report, an insider preview of your service, a free sample, coupons to use in the meantime, or anything that will reinforce their spending decision as a good one).
• Keep a list of people who have signed up for one particular service, and use that list to send industry tips, answers to commonly asked questions, or special bonus offers throughout their wait – and be sure to reference the date of the upcoming service in every piece of correspondence. This will keep their interest piqued, their energy levels high, and will shoo away that bothersome remorse bug.
• You can also send a friendly note part-way through their wait. A simple "Hello, can't wait to meet you at the conference," or, "Here's the seating chart and your nametag." can boost their obligation to the commitment that they've made.
• Keep customers-in-waiting involved. Maybe you're thinking about making an addition to your service – send a note asking for their opinion on the change. Or, ask them for feedback on the booking process. In short, make them feel that their opinions are important.
Maybe you have felt buyer's remorse yourself. If you have, think about how much better you might have felt if you'd gotten a free gift right away, or if someone had contacted you to ask for your input. Would you have been more willing to "Stick?"
Make your customers stick with you…all it takes is a healthy dose of communication and a little dollop of good-will glue.
Bernadette Doyle created Client Magnets Ltd to help self-employed people solve one of their biggest business problems: attract a steady stream of clients. If you’d like to receive invaluable tips and advice on how to attract clients with ease, register at http://www.clientmagnets.comTweet
You're gathering a database of prospects and marketing to those who have shown an interest in what you're selling… you're sending out direct mailings and e-mails, and you're promoting your next event… you're taking calls, you're booking seats, and you're realizing profits that are just short what you've dreamt of.
STOP. Every method listed above is a piece of the money-making puzzle, but there's at least one element listed there that can be expanded to include an explosion of profits – profits of a caliber that you may have not considered possible.
That element is the "call." If you're talking to one person on the phone, answering his questions and moving closer to a single booking, imagine the potential it could have if you were speaking to 50, 100, or even 150 people at once. And furthermore, imagine if you were charging money for each of those people to participate in that call.
Hadn't considered the teleseminar until now? Here are a few points that demonstrate the profit-making ability of these super-calls. You can:
• Charge a participation fee: When every person that's participating in a teleseminar (or simply listening to you speak), has paid a fee (e.g. $50), you make a significant profit. Just think, a mere 10 participants equals a cash realization of $500. If you can book 150 participants, that a whopping $7,500 for 1 or 2 hours of your time! $50 is a small investment for each individual caller, but equates to an astounding profit realization for you.
• Charge for transcripts. You can make participation in your teleseminar free, but then sell written documentations of the content after it's over. For this method, you must ensure that your content is so fascinating (and packed with indispensable information), that a generous portion of the audience can't resist owning their own copies for future reference.
• Charge for recordings. Much like the selling of transcripts, you can sell recordings of your teleseminar. Remember to make your seminar worthy of a second listen.
• Charge for transcripts or recordings in packages. Maybe a caller has dialed into her first teleseminar, and is so fascinated that she wants more information from past teleseminars. Or, maybe your call times aren't ideal for a few of your patrons. In cases such as these, you can wrap up packages of transcripts and/or recordings and sell them to bring in profits.
• Recycle teleseminar information. Use your teleseminars to compile the information necessary for writing a book, an e-book, newsletters, or articles. Again, you can realize profits above and beyond that initial call.
There are plenty of reasons to get excited about the teleseminar – including:
• the contagious energy that comes with speaking to a large audience
• the ability to take questions that simultaneously satisfy hoards of people
• the platform to spread the word about upcoming events
• and the chance to get the feedback that's indispensable to your marketing plan
But possibly the biggest motivator? The enormous cash-making potential of the teleseminar.
Utilize these tips and come up with your own ways of making teleseminars profitable for your business. The goal is to do the work once, and to then develop ways to use that information again and again – and to generate profit with each turn.
Bernadette Doyle is a marketing specialist who helps entrepreneurs become client magnets and attract a steady stream of their ideal clients. She publishes a free, weekly newsletter for trainers, speakers, coaches, consultants, complementary therapists and solo professionals. If you’d like to receive invaluable tips and advice on how to attract clients with ease, register at http://www.clientmagnets.comTweet
When you consider the meaning of the term "stepping up" in the figurative sense, it means to increase, improve and intensify. It means saying "yes" to propelling yourself and your business forward in a BIG WAY! If you want this to happen for you and your business, you need to understand the steps behind stepping up. You need to know the valuable key to staying motivated and excited. While it's not always a smooth process, each step you take will move you closer and closer to your ultimate goals…
• Master your inner game. There are always going to be challenges. That's part of growth. Know that you have the strength to handle whatever comes your way.
• Dare to dream the things that you right now think you don't deserve. You can't move forward or step up if you don't think you have the right to.
• Make the decision to raise your game. Feel the burning desire that caused you to begin your business in the first place.
• Focus on your vision of what your business is supposed to look like. If you didn't start out truly visualizing, do it now. Commit it to paper so you can remind yourself: How much money do you want to make? How many hours do you want to be working? What kind of lifestyle do you want to lead? What difference do you want your business to make?
• Develop your plan. Seeing your vision of your business is one thing, making it a reality requires purpose and preparation.
• Evaluate your assets. Your resources are likely right in front of you. Look to your existing clients for feedback, referrals, sales and product upgrades. Build your prospect lists to increase exposure. A good team that gets your business going, products developed, and website running goes a long way in stepping up your business, as do joint venture partnerships which help to increase exposure. Products are probably your best asset as an independent source of additional revenue that can really step up your business.
• Design your products, programs and solutions for the top 20% of clients because that's where 4/5 of your income will come from.
• Think in terms of project income, not monthly income. Plan for the year, instead of planning month by month. Plan around big projects.
• Remember: just because you can doesn't mean you should. If you try to do everything you think of, everything that you know you can do, you will do them all half-way. Choose only the best of what you can do and you will step up your business.
• Take the first step without knowing what the next one will be. Take the leap of faith without a safety net. You can only see the next step after you take the first one.
• Grow bigger than your obstacles or problems. Move forward in spite of the challenges. They are inevitable. Everyone who has experienced success has experienced obstacles. They just chose to move past and overcome them.
• Recognize that the changes you experience when you are stepping up, in your life and in your business, won't always feel good. They can be uncomfortable at first because they will be unfamiliar. But, they will be worth it.
Bernadette Doyle specializes in helping entrepreneurs attract a steady stream of ideal clients. If you want to get clients calling you instead of you calling them, sign up for her free weekly e-zine at http://www.clientmagnets.comTweet