Archive for the ‘Marketing & Sales’ Category

7 Steps to Selling Your Business

Monday, November 24th, 2014

1. Determine a Realistic Price Range — If you price your business too high, you’ll scare away buyers. If you price it too low, you’ll risk selling at a bargain basement discount. Your goal is to figure out a range that’s realistic. Get a valuation done as that can be used to help market your company.

2. Understand the Tax Consequences — Taxes can take a huge bite out of the money you receive for your business. You’ll need help from a CPA or other tax expert.

3. Prepare for a Sale — The getting-ready process, of course, includes sprucing up your business premises — everything should be attractive and orderly. But more important is getting your numbers in good shape. Consider recasting your tax-return numbers for prospective buyers. This involves, for example, adding back to your profits discretionary expenses.

4. Seek Potential Buyers — Finding buyers may not be easy. Usually you’ll need to reach out to a big pool of potential buyers. The more interest you get, the better offer you will get. You may want to engage a consultant or broker to reach more buyers.

5. Negotiate The Deal — Once you attract an interested buyer, you need to work out the terms of the sale. The key issues are whether you want the whole business or some of the assets? How will you be paid? What are the terms of payment? Will you continue with the business as an employee or independent contractor? Will you have to sign a non-compete? If the deal is an installment sale or earn-out, how will the buyer guarantee or collateralize the payments? Of course, you need to have professionals help advise you through this process.

6. Sign a Sales Agreement — Once you’ve worked out the key terms with the buyer, you need to put the deal in writing. The deal should be written by a professional and reviewed by a business lawyer to make sure you’ve covered all the bases.

7. Plan for the Closing — The closing is the meeting at which you transfer the business to the buyer. To reduce the chance of last-minute hassles, make a checklist of all the papers you’ll be bringing and all that the buyer is expected to bring.

 

It’s More Than Just Price: How To Position Your Service Value

Friday, November 21st, 2014

At the end of the day, price is the elephant in the room. On the business front, it traditionally carries the most weight in any Leadership Team’s decision-making process. We know the budget-savvy CEO will ask herself: why pay extra for a service when it’s offered half price elsewhere? This tends to be the case in many business transactions.

However, other points of value have increasingly entered the conversation: turnaround reliability, industry specific knowledge, creative innovation, etc. If a service provider is able to effectively communicate their multiple points of value, chances are that budget-savvy CEO will pay a little more for the higher quality service. The webinar “Transforming Price into Value for Your Service,” hosted by InfoTrends’ Barb Pellow and sponsored by Canon Solutions America, breaks down how service providers create meaningful conversations in order to achieve long term partnerships with clients. John Smilanich, National Sales Director at First Edge Solutions, expands on Pellow’s overview with concrete examples on how his company has solidified their position as a partner versus vendor. The webinar covers topics including: what buyers want, price versus value delivered, the evolving definition of ‘value’, and how to communicate that value.

Specifically, I found the section on the differences between ‘vendors’ and ‘partners’ to be quite helpful in understanding how to position one’s business goals to a client. As outlined, vendors promote or exchange goods and services for money; however, partners go a step further to participate in a relationship in which each member has equal status regarding a project. Vendors have customers; partners have clients. Vendors provide data, but partners take their provided data and interpret it, analyze it, and make recommendations. Vendors take orders and make sales, where as partners work to build mutually beneficial relationships and to determine why their clients want what they ask for.

Once the service provider has determined what role they want to play, i.e. vendor or partner, it is important to present additional components of value to the service already requested. Helping the client understand these additions in real dollar value can only strengthen the service provider’s position against a competitor’s. As Barb highlights: “Value is now associated with setting up the business model. You now help set up project data bases, manage campaigns, and help execute or market the campaign.” To accomplish this, John suggests to “make it as individual as possible.” By defining your buyers and by defining your niche, you create a knowledge base that down the road surpasses the weighted value of ‘price’.

Not only were Barb and John’s tips helpful in breaking down the price barrier, but their examples, case study references, and self-assessment questions offer tremendous insight on how to increase value proposition. If you’re looking to broaden your communication skills and positioning insight, this is a must see!

Transforming Price into Value for Your Services from Canon Solutions America on Vimeo.

Making Inbound and Content Marketing Work for You

Wednesday, November 12th, 2014

Do inbound and content marketing mean the death of the salesman? There’s no doubt that the landscape of sales has changed dramatically over the last few years, with traditional tactics such as cold calling or door to door sales waning in popularity thanks to inbound marketing and the rise of content marketing. This is good news for customers, who can find what they want when they want it instead of fielding unwanted calls. It’s good news for businesses too, making it easier to focus on the customers who are most likely to buy. But where does that leave your business sales force? Is there a place for the salesman of old in the new landscape of inbound and content marketing and encouraging the customers to come to you? The answer is a resounding yes, if you employ some flexibility and make the best of both worlds.

Selling Has a New Face

Make no mistake about it, an important part of content and inbound marketing is driving sales, but in a more connected and less pushy way. Good inbound marketing acknowledges that increasingly more people are looking online for what they want and that your job is to have useful, engaging content ready for them when they reach you. Good quality content and well planned inbound marketing don’t replace sales – they help to drive them. By giving your visitors the information they want, you are encouraging them to do business with you. That’s where inbound marketing and traditional sales meet.

A Warm Welcome and Useful Follow Up

Inbound marketing doesn’t exist in a vacuum. Rather, part of your marketing plan should be to foster good connections with your customers by giving them a strong sense of your brand’s personality and the people behind your online presence. A welcoming presence that makes your customer feel valued is a key part of any marketing, inbound or outbound. As well as in your content itself, consider how you can generate that feeling when following up on leads generated by your inbound marketing efforts. Engaging with customers who have shown strong interest in your content means utilizing your sales force to talk directly to people who are already interested in what you have to sell. By looking at the content that piqued their interest, your sales force can start a conversation that hones in on a customer’s immediate problems, concerns and needs.

Invite Your Customers and Be Ready When They Arrive

Instead of seeing your marketing and selling departments as separate, it’s time to realize that the two can offer each other valuable insight. Your marketing department understands your customers and can craft the content that will invite them to your digital doorstep. Your sales department understands how to qualify leads and how to talk to your customers to hone in on their needs, figure out how you can help, and close the sale. By working together, your marketing and sales people can formulate a cohesive strategy for catching the attention of customers who are looking for just what you are selling, and communicating clearly with them when they arrive. You’ll still be selling, but in a much more focused and responsive way that is better for you and your customers.

11 Reasons Why Selling Owners Won’t Sell

Monday, November 10th, 2014

The Selling Owner (workimus maximus sellimus minumus) is a breed in and of itself. Generally appearing at dawn and disappearing late at night, this is an active beast and one that wears many hats: Customer Service, Accounting, Delivery, Press/Bindery Stand In, and often, Janitor.

The one hat that gathers dust is that of Sales.

Very often, the Selling Owner lets that one sit undisturbed until it is absolutely, positively necessary. It certainly wasn’t in the job description way back when. Clients would come in, hand over a job, and chat it up in a Mayberry RFD kind of way. Good times. Today, sadly, it’s sell or die for the Selling Owner and yet too many sit frozen staring at the quiet phone, wondering when Opie is going to come in and order some copies of Aunt Bea’s new book: Things I Found in My Hairdo One Day.

Why won’t the Selling Owner sell? There are probably more reasons than these, but here are the top 11 that I hear in my conversations, both verbal and electronic:

  • Don’t want to
  • Don’t see the need
  • No time (perception and reality)
  • Don’t know who to call on
  • Don’t know what to say
  • Too many distractions—everyone and everything else comes first
  • Lack of commitment
  • No accountability
  • Procrastination (“I’ll do it first thing” becomes “I’ll do it before lunch” becomes “I’ll do it before I leave” becomes “I’ll do it first thing” and the cycle repeats)
  • “I’m not a sales guy” or “I’m not the type”

But, I must say, the number one reason why Selling Owners won’t sell is Fear.

Calling on the Unknown Customer is terrifying and it keeps them frozen. Necessity being the mother on Intervention, their shrinking profits might be the one thing that gets them out there, but hopefully they won’t wait that long.

Picture yourself as a child standing on the edge of a pool. You look at the water and think, “I’ll bet it’s cold.” You stand there for a while trying to talk yourself in to jumping before your Accountant or Spouse comes along and pushes you. Either way, once you finally do leave the safety of the edge, you find it’s not as bad as you thought. The water actually feels good and you remember how much fun you had the last time you were surrounded by water. You move your arms and legs and not only stay afloat, but actually do some laps, correctly asking yourself “I was afraid of this?

Are you on the edge? Is Fear holding you back? Well, I have a suggestion: Take the plunge and come on in. The water’s fine!

What Does the iPhone 6 Mean for Printers?

Wednesday, November 5th, 2014

As a print service provider, your services help your customers build their business and their client base. To stay competitive, it’s vital that you stay ahead of the game, keeping abreast of changing technology that can change the way you do business and the services you offer your customers. That’s why you need to know about the new iPhone 6 and its NFC (Near Field Communication) technology, brand new for this iPhone model. NFC technology offers your print customers even more opportunities to make use of mobile devices to build stronger and more profitable relationships with their customers, while adding extra value to your print and marketing services.

So, what exactly is NFC, and why do NFC and the iPhone 6 matter to your print business? Click here to find out out in my latest post on WhatTheyThink!

5 Common Landing Page Mistakes and How to Fix Them

Wednesday, October 29th, 2014

Ideally, your landing pages have the ability to act as one of your strongest marketing and sales tools for your business. The best part about them is that once they are created, they begin the sales process for you. By creating a simple landing page,  you have generated more contacts and potentially more sales leads for your company.

However, throwing together a mediocre landing page with critical mistakes and hoping it will do all the sales work for your company is unrealistic. So, how can you be sure your landing pages are the best they can be?

Start by asking yourself if you’re making any of the following mistakes:

  1. Weak Appearance
  2. Lack of a Value Proposition
  3. Long Forms

Learn more about these mistakes and others, and discover what you can do to easily fix them by downloading, Fixing Your 5 Common Landing Page Mistakes.

Please take a moment to read and share this article at http://ilink.me/5Mistakes. Have you run into any other problems when creating landing pages for your organization? Let us know in the comments below, and we can work together to come up with a solution!

Combating “Unsubscribes” with Direct Mail

Tuesday, October 28th, 2014

I just read a fantastic case study from Data Services Inc. that reinforces the value of direct mail in a world going increasingly electronic. Direct mail goes (and succeeds) in places email cannot. That includes the world of unsubscribes.

Belgium-based Outlet-Avenue, an online overstock retailer targeting younger, fashion-conscious consumers, was finding that it was losing previously loyal members of its exclusive email club. Was it ennui? Over-full email boxes? Traditional short loyalty span among this group? Regardless, 45% of its email list had gone dormant.

The challenge with reactivating unsubscribes is legal. Once unsubscribed, the marketer cannot email them again. However, Outlet-Avenue had mailing addresses for these former subscribers. It sent an inexpensive postcard personalized to the unsubscriber with a welcome message, “We miss you!” and offering a discount on their next purchase.

The company attributed an increase in online orders of 4% to the postcard and calculated an ROI of 2.4 to 1.

In addition, after-campaign research found the following:

  • 62% recall rate
  • 59% read rate
  • 84% message retention rate
  • 64% of recipients had or intended to resubscribe to the program

The message for marketers: “In some cases, those ‘chronic non-responders’ are the result of the medium of communication and not due to a lack of affinity to your products/services.”

Well done, DSI!

 

 

Web-to-Print: Selling from a User’s Point of View

Friday, October 3rd, 2014

It seems that I’m seeing user stories about Web-to-print everywhere recently. I’ve written here about best practices, the most important of which, I have argued, is getting the user buy-in.

At Graph Expo, I attended a press conference by CHILI Publisher, and one of the elements of the conference really struck me. It was the promotional video at the opening of the press conference. The video didn’t talk about the features or benefits of the solution. It showed real business owners, real distributors, real consumers using it.

The video showed a brand owner, a retailer, a product distributor, and father and his daughter all creating a variety of elements that promote different aspects of the brand. Whether logging in on a laptop while sitting behind the retail counter or sitting on a couch with an iPad, the diverse range of users logged into a portal and customized documents, sliding and resizing elements like you’d do on a touch-screen mobile device.

The brand owner created a custom catalog. The retailer created custom product labels. The distributor created signage. A father and daughter created and received branded merchandise delivered to their homes.

There were banners, displays, and mailing labels for boxes — a wide variety of products created by multiple individuals within the marketing and distribution chain, each serving a different role, all creating products with the appropriate branding.

In just a few minutes, the video showed — not told – the benefits of an online document creator and editing solution.

This focus on “how this benefits me” is what has been sorely lacking in the Web-to-print discussion for a long time. We, the industry, understand how this solution ties everything together, saves customers money, and facilitates branding (especially in a decentralized marketing environment), but how well is that being communicated to customers?

I have blogged about the Webinar produced by What They Think and how both large brand marketers (The Toro Company and LifeLock) only recently invested in W2P after having the broader content marketing, document management, and time/cost savings demonstrated to them, not by a printer, but by a software vendor.

This is another example of a software vendor doing a great job of illustrating the benefits of these solutions. It’s an example that I think many printers could benefit from.

More on my perspective on Web-to-print.

Stop Marketing and Start Selling.

Wednesday, October 1st, 2014

When it comes to marketing your business, always keep in mind one simple fact: your customers want you to make their lives better. Whether in business or outside of it, your customers are looking to you to improve their life in some way. Does your marketing clearly let them know how you can do just that? Or are you merely telling them facts about how great your product is and hoping something will stick?

If you want to streamline your marketing for greater effect and greater returns, it’s time to stop marketing and start selling. In other words, cut out over-inflated marketing that talks up a storm about your company and product, and focus on selling the value you can bring your customers.

In order to increase your profits as 2014 is wrapping up and you prepare for the new year, download, Stop Marketing and Start Selling, FREE for The Digital Nirvana readers.

Please take a moment to read and share this resource at http://ilink.me/Selling. Do you have any other tips for boosting sales? I’d love to hear in the comments below!

Want Web-to-Print business? Attend a MARKETING conference

Friday, September 19th, 2014

Available on the What They Think Webinar archive is a Webinar titled “Web-to-Print Is So Yesterday.” It’s fascinating, and if you haven’t seen it, I highly recommend it.

The speakers are from The Toro Company and LifeLock, and both talk about their reasons for investing in their own W2P solution, how they came to make the purchase decision they did, and the value of the solution for their companies now. Some of it may be familiar. Some of it may not be.

Part of what’s interesting is where these companies are finding the real, bottom-line benefits, and they are not always where the printing industry tends to focus. The other part of what’s interesting is that, despite the high-profile nature of these companies, they were largely unaware of the capabilities of W2P until they went to a marketing conference and saw presentations by the software vendor.

Both indicated that, while they were convinced by the vendor’s presentation, if they’d heard about it from their printer in the same way it was presented to them at the marketing conference, they would have jumped on it from them. Since they didn’t, they installed it in-house.

Here are the takeaways:

  • There are still opportunities in W2P.
  • Marketers are looking for content management, not print management.
  • They heard about W2P from printers, but it was so print-focused as to be irrelevant.
  • When they heard about the full capabilities of W2P focused on their actual needs, they jumped on it. “Why didn’t we know about this before?”
  • Only 50% of their volume flowing through these systems is print.  But since the installation of the system, their print volumes have increased.

If you haven’t watched this Webinar, it’s worth your time. And if you aren’t going to marketing conferences, interacting directly with the people who need your services, why on earth not?

 

Should an M&A Outreach be Done by the Client or by Outside Professionals?

Wednesday, September 17th, 2014

Very often a client has identified 7 to 10 potential companies that they wish to reach out to for prospective acquisitions. Usually they are competitors or companies that a vendor has identified as possibly being up for sale. I tell my clients that they are much better off having an independent third party do the Outreach Program for them. Competitors are very uneasy about sharing information and usually do not want their competition to know that they might consider a sale. The independent can ascertain whether a company would consider an acquisition without identifying the client. A Non-Disclosure Agreement can be put in place that very often mitigates the prospects concerns. After this has been accomplished, the third party has usually developed a relationship with the candidate, who then is more likely to open up.

In addition, I strongly recommend that the client not limit the Outreach Program to just the 7 or 10 they have identified. They should work with the independent to develop a profile and then have the independent review their data base to determine who else might fit the client’s needs. The odds for success are much greater as you increase the number of potential candidates.

How to Execute a Strong Integrated Marketing Campaign

Wednesday, September 17th, 2014

Executing a strong integrated marketing campaign for any business or brand is essential when trying to grow an entity or expand its overall reach. Knowing how to properly craft marketing campaigns to reach specific a specific audience is a way to successfully advertise your business, brand, or message to any set demographic you have in mind. Utilizing a few tips prior to launching your next marketing campaign is a way to ensure you are maximizing reach and exposure for your brand.

Create an Image and Voice for Your Brand

Creating an image and voice for your brand is essential to properly convey any message you want to share with potential customers or clients. Choose a logo, color scheme, and mission statement that is most fitting for the business you are trying to promote. Use magazines, online communities, and other well-known brands to spark inspiration to modernize any business or brand you are building.

Select Ideal Marketing Channels

Selecting ideal marketing channels for a demographic you want to reach is also imperative. You can advertise locally with newspapers, magazines, and newsletters, or maybe you prefer alternative online advertising channels. Online marketing ranges from PPC (pay per click) campaigns to third-party advertising services, direct advertising, and social media.

Keywords and the Importance of SEO

Implementing specific keywords into the content and headers of your website and blog is necessary to improve search engine rankings and results within search engines such as Google, Yahoo!, and Bing. Select keywords that are most relevant and trending in your market to boost page ranking with each new update or marketing campaign you launch.

Cross-Promotion Using Multiple Advertising Platforms

Using multiple advertising platforms is one of the most effective methods of growing a brand, regardless of whether you are promoting a local shop or an international online eCommerce store. Using social media, local advertising, third-party ad systems online, and affiliate marketing is not only a way to share more about your brand, but it is also a way to make a name for yourself in your designated industry and field.

Having an understanding of how to use various advertising channels to run a successful marketing campaign is a way to reach any audience or demographic, regardless of the industry you are working in or representing. With the ability to successfully promote a brand, image, message, or product, it is much easier to maintain a professional image and positive reputation in your line of business.

Rise in Omni-Channel Shopping- What Printers Need to Do?

Wednesday, September 3rd, 2014

Printers are used to thinking of themselves as (at least in times gone by) as craft-based manufacturers. The rise of the information age coupled with mobile commerce has meant that printers are quickly moving to embrace web-to-print and e-commerce. Printers should also consider a team, perhaps a wholly separate team, thinking like retailers. So read this article from that retail perspective and note that omni-channel shoppers AKS “Gold Standard Consumers” buy more when they “See More” channel options:

According to a recent study by IDC Retail Insights, omni-channel shoppers have become the gold standard consumers. A multichannel shopper will be spending on an average 15 to 30 percent more than a consumer who uses only one channel. However, in case of omni-channel shoppers, the spending is more than 20 percent than that of multichannel shoppers.

Store sales which come from online customer research are around four times more than the total ecommerce sales. This implies that retailers should provide a complete package in the form of a united multi channel shopping experience to the consumers. If they fail to do so, they might risk the loyalty of the consumers and have a negative impact on the overall sales.

Print fueled AR drives mobile commerce and provides reach to  multichannel shopper.

Got Mail? How to Boost Your Mailing Revenue

Wednesday, September 3rd, 2014

As a mailing house, you provide at time-saving service for your clients that makes their business run that much more smoothly. But, no business should rest on its laurels, so it’s always a good idea to turn your thoughts to what you can do to make your business that much more successful and see some great results in terms of increasing profits.

The key to kicking your revenue into high gear is to take a two-pronged approach: streamline your service to provide the best service you can in the most efficient way, and look at what you offer your clients to see how you could help them and increase your profits at the same time. Follow these steps to increase your profits as 2014 is wrapping up and you prepare for the new year.

  • Streamline Your Service
  • Expand What You Offer
  • Let Your Customers Know Why They Should Choose You

To see these steps further explained and learn how you can increase your sales, download, Got Mail? How to Boost Your Mailing Revenue.

Please take a moment to read and share this resource at http://ilink.me/GotMail. Do you have any other tips for boosting your mailing revenue? I’d love to hear in the comments below!

Revamp Your Sales Model

Thursday, August 28th, 2014

Your business ebbs and flows. Good months followed by an ‘OK’ or a not so good month. How do these results compare to your plan, what’s working and where is either the plan or the execution falling short. We could be talking about a few of your reps or the entire business.

Too often the plan has not been thought out as well as you’d like it to be and the story is that the outside environment-the clients, the competitors, the ‘markets’ aren’t playing nice or playing fair. Well, that’s the norm for today. Nothing is fair and logic is not what it used to be. Maybe it’s time to revamp the sales model. We see company’s overcoming these obstacles by doing a few things differently.

  • They have gotten closer to their clients and have a better understanding of their updated buying processes. This has enabled them to modify their sales model and increase their sales effectiveness.
  • They have achieved buy-in from their sales department, their senior management team and all client-facing staff to the plan, the company’s plan.
  • They have targeted growth opportunities in vertical markets that they can repeat their sales process to effectively communicate, build trust, present real-world business solutions and earn business from these new clients.
  • They’ve incorporated a suite of metrics to measure and report their successes in achieving the sales goals their going after.
  • Accountability. No plan is perfect, right? When they see elements of their plan not generating the results they need they are not hesitant to tweak the plan and make adjustments (sooner rather than later).

While no plan will cover all the moving parts of an industry that is transforming, without one it becomes increasingly difficult to adapt both the sales effort and the business to opportunities in the marketplace.