Consultants can bring diversity of thought to a company, they also bring new terminology that at first glance may not make sense. We use a customer acquisition framework (CAF) to describe how a business wants a potential customer to learn about, and then accept its offer. It might be called sales and marketing and in other places it’s called marketing and sales. Regardless, the biggest change we have noticed in this area are the options available to your company relative to just five years ago. That is why it is one of our themes for 2019. It might make sense for you to revisit your strategy.
In 1995 the phone and the fax machine were the money makers, and having a toll free number was a big deal. You might have had a marketing department, but you didn’t know what worked and what didn’t and the magazine ad salespeople were really happy about that.
Today marketing executives can show up to a meeting with real data that tracks and predicts future behavior by your target customers.
What does this mean for you?
It means you have more leverage with your marketing dollars and your sales team. Just ten years ago you were still guessing with your marketing dollars and the sales reps could hold you hostage with the relationships they initiated.
In the House Tour image below think through how far you could have a potential customer get without the help of a sales person? As an owner you have an incentive to get them as far through the house as you can. Get this right and your cost of sales will plummet and your profitability will rise.
Email continues to be the killer app for developing and maintaining a respected position with your clients, customers and prospects. Recent data shows that enterprise and individual customers spend the vast majority of their time reading and communicating inside of an email application.
What does this mean for you?
It means that unless you have a business which really wants to attract a customer that it doesn’t know and offer them a commodity (think owning a McDonalds franchise) you don’t really need to spend a ton of money on social media. Your best course of action is to have a well-developed email communication plan that integrates with your website and sales team.
The frequency of your email communication should depend on the type of service or product you are delivering. It can range from a travel service emailing you multiple times a week, to an estate planning law firm that shares its findings once a quarter. If you want our advice on what your cadence should be, click here.
Hopefully you kissed some of the joy of summer as it flew by, put the memories in a jar, and blessed them with gratitude. Being able to do this, regardless of how full your jar is can be vital as you shift your focus to the fall. Here are a few helpful nuggets in three areas of work:
IF YOU HAVE A BOSS: Put yourself in their shoes and think through how they are looking at the next 18 months of their life. Understanding begins with observation, and if you are looking for a primer to help you in this area consider using our mapping your boss template.
IF YOU ACQUIRE CUSTOMERS: If you acquire customers for your company and have an annual sales number this time of year can be fantastic or frightful. Careful pipeline and funnel management will help you decide where to allocate your most precious asset: your time. Here are a few questions for you to review:
Five years ago we started Banyan with an eye for helping companies improve their performance, and we have sat in on numerous goal-setting sessions. Goals can make people be sick to their stomachs, and goals can be used as a weapon, but isn’t that kind of missing the whole point?
Today, we offer you a new way to look at goals and hope you might consider giving it a try in one area of your life. It starts with a mindset that focuses on goal attainment and uses the concept of school grades to dole out the rewards. If you reach 90% of the goal you get an A, 80% you get a B and so forth. C’s get degrees in school and historically is considered the average.
Yes, we can hear you thinking, that may be good for school, but this is the real world. If you don’t hit your goal, you might get fired!
Here is why you might want to take a closer look at this mindset if you are a leader. When you give your team a goal, you have 'goaled' them. This rhymes with scold. We think you should keep.....
One of the major headwinds to a great summer is if you are only 50% of the way to your annual goal by now, you are actually behind the number. This is because you will lose ground in Q3, and may not have the time to catch up in Q4. Being below goal is not a happy place, and could even be considered mediocre. If you are the leader it is easy to blame your people, but in a recent article by Joseph Grenny he articulates why it might be the leader's fault, and he shares a couple of ways to bring the big middle of your team up a few notches. Grenny is the co-author of one of our favorite books “Crucial Conversations, tools for talking when the stakes are high”. In this article he wrote for the Harvard Business Review he shares several ways to help the team visualize what their indifference could cause.
We think this hits the spot when it comes to larger group activities. The big middle is too....
We recently observed a sales meeting for a software company and were asked to listen to a new inside sales rep role play to learn what to say to a prospect. The tone and confidence were there, but we didn’t get the sense that the conversation was going anywhere. When asked for feedback I wanted to come up with an image that wasn’t tied to sports, so asked the new employee if they had ever been on a house tour like Mt. Vernon where George Washington lived. She replied in the affirmative and so I asked, do you think the tour guide is in sales? From this question a nice dialog ensued where I was able to get my point across that different types of dialog have different pace to them almost like a music score. In the case
If your network is the sum of all your shared experiences, and your production is the outcome of your efforts, than we would like you to consider that your personal flywheel is the combined influence of all of your connections. The great thing about having a network of people you have shared life experiences with is that they are a primary source on you and your character. Another benefit is that your network also cares deeply about their own success, and they are actively growing their own careers. As the calendar year turns towards the summer months, consider allocating some of that lost time of production to feeding your relationships with genuine inquiries regarding well-being and current plans. We wrote a white paper on this topic so if it feels awkward, you can follow our script. The interaction with your network will keep your activity and acuity levels at game-ready speed at a time of year when things can slow down. The norms of reciprocity will also be in your favor, as you seek to understand what’s new with them, they will return the inquiry. Give it a shot and let us know how it goes.
Next read our post on The Long Tail of networking on LinkedIN
The Golden State Warriors haven’t just taken the NBA by surprise, they’ve knocked it completely on its side. From our vantage point it is another example of highly adaptable Bay Area executive talent deploying a winning strategy, and we would like to share one element that you can use with your team. The NBA’s history of success had been Jordan as the star with a Pippen on the side, or Larry Bird as the star with DJ or McHale on the side, or LeBron with a strong second in Wade even won a title. Yet, coming out of San Antonio over the past ten years is a different model. It is less about the one star and more about a fully functioning team of 9 to 10 players getting meaningful minutes throughout the entire season.
There may not be a “Money Ball” book out yet on the this strategy, but the ownership of the Warriors brought Steve Kerr in to run a system similar to the Spurs, and it works on many levels. The correlation to your business that we would like to highlight is that you should be taking more people out on sales and service calls. Nothing is more painful than watching a loyal bench warmer thrust out on the court and struggle at crunch time because they haven’t seen the light of day for months. The ball is moving differently than in practice. The heat of the moment melts them on the spot. Have you not seen this on your work teams? The back office person left stammering because the prime time player is out on vacation or is sick.
We view this as a mistake by leadership to not develop all members of the team to be able to “leave the building” and go see a client or customer. It doesn't have to be an everyday occurrence, but having a system in place to keep all team members on the court will do wonders for your company. We hope the Warriors go all the way this year. Just remember, get the ball in as many people’s hands as you can during the regular season so they won’t drop it in the playoffs!
Try out our blog post next titled "Designing Your Team From Scratch"
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Drew Sanders Blog
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