In the last post we started our series on word of mouth and talked about how to make your customers purchasing experience a short, easy one. We are going to continue with that theme a bit today. We’re going to talk about the power of word of mouth and how to mold it to your advantage.
The reality is everyone needs an advisor to guide them to make a decision. We rely on the expertise of others to make the right decisions as they are explained to us. When you take the time to understand exactly what and how word of mouth works, you’ll see all the great advantages it has to offer you. Remember this path when working to understand word of mouth:
- Accelerate the decision making process for increased profits.
- You can accelerate product making decisions by making the process easier.
- Instead of low-ball advertising and the used car salesman approach, try delivering on your word of mouth promises.
Traditional advertising draws about one response for every thousand ads and most of those are to ask for more information before the customer even considers purchasing. When you get information from a friend, you are more likely to take their word for it and act. On average customers purchase two out of every five recommendations their friends make. That’s a HUGE difference.
So, what exactly is word of mouth? Well, we know how powerful it can be, but to define it: Word of mouth is a communication that happens between a customer and a potential customer. There is usually a relationship of some kind between these two people with an established level of trust.
Now, compare this to advertising where you are providing a message to a potential customer where they have not established relationship with you or level of trust. Who are they more likely to take advice from? The answer is clear!
We talked above about the benefits of word of mouth now let’s take a look at some reasons why it works. Some of these are:
- The information is custom tailored to the potential customer because of the friendly relationship of the referrer.
- It’s more personal, relevant and believable.
- It’s customer driven.
- It’s self generating and can take on a life of its own, especially with the information age of the Internet.
- It becomes part of the product’s description.
- The source of word of mouth can be important and more effective when coming from an expert.
- Word of mouth saves you time and money.
To fully utilize word of mouth you need to understand:
- Where is your word of mouth coming from?
- What products are being affected by word of mouth?
- How is your word of mouth traveling?
Once you know these things you can work out a plan on how to trigger more word of mouth. This wraps up this lesson on word of mouth. If you need help understanding word of mouth and how it can impact your business, try our FREE test drive to access our wealth of resources and tools.
Next time we’re going to dive into the nine levels of word of mouth. These levels help you understand which word of mouth is positive and which is not.
To Your Success,
Today we’ll start a new series talking all about Word of Mouth and how it can make or break your business in an extremely short amount of time. In this first lesson we’ll get a feel for what exactly word of mouth is.
Word of Mouth is easily the most powerful form of marketing and is absolutely free. People talk about ads they see, experiences they have and the products they purchase. If you treat people right and spread the word about your new products/services in a positive way, you’ll attract the right customers and client who will sustain your business for a long time.
Now, as positive as word of mouth can be for your business, the other side of the coin is how negative it can be as well. Bad news seems invariably to travel faster than good news and if you have a less than high-quality product or weak customer service system, then your customers will tell everyone they know to not buy your products and services.
The age of technology has proved to be an amazing benefit in the world of word of mouth. With blogs, podcasts, online marketing, forums, social networking and all the other online mediums available and making it easier and easier for consumers to share their experiences. And, remember this is all free advertising for you.
Let’s take a minute to talk about the importance of shortening the customer decision cycle to help customers/client choose more quickly and easily. There are three great ways to increase sales by shortening the decision cycle. They are:
Increase the overall dollar amount customers spend on each purchase, Average $$ per Sale.
Increase your number of customers
Increase frequency of purchases
Let’s take a deeper look at decision speed. Offer simplicity, ease and a fun purchasing atmosphere and you’ll help your customers make their decisions quicker and more confidently. When this happens, your customers will buy more frequently, spend more money than usual, refer friends and make the decision to purchase more quickly. This can raise your market share by over 100 times.
The time it takes your customer to decide and purchase far outweighs any other component of marketing. When you focus on customer decision speed it forces you to take a hard look at your company and brand image, positioning, value, customer service, guarantees and product quality. This is the time taken from when your prospects enter your Sales Funnel to when they exit and graduate to a shopper, their first purchase!
The next area I want to talk about quickly is how to minimize the friction, or stress, involved with decision making. No matter how easily people find decision making there is a certain amount of anxiety we all experience when making a purchase, especially from a new source or for a large amount of money. When you help to minimize this emotional response, you will soothe your customers’ anxiety and they will make their decision quicker and more confidently.
There are a few secrets to accelerate the customers decision making progress:
Your benefits, features, claims and promises must be obvious, clear and concise.
The information you offer must be complete, easy to understand, credible and balanced.
Use comparisons that show a marked difference.
Your guarantees must be rock solid and more than the customer expects.
Make trial periods easy.
You must have simple evaluations of your products or services.
Testimonials need to be relevant and positive.
Your support, delivery and other operational systems must be perfect.
Your website can be as good as you make it. You can offer more than information, you can offer an experience that guides your customers gently through the decision-making process to make it easy for them to buy. Take it a step beyond by offering toll-free support numbers, software downloads to help with the process or other classy and informative ways to reassure your customers that you are there with them every step of the way and have nothing to hide.
This wraps up the first post in our series on word of mouth. If you need help identifying your target market and the issues they are experience in their purchasing experience that is making their decision time long, try our FREE test drive and work with one of our coaches to come up with the best way to smooth out your purchasing experience.
Next time we’ll move forward with word of mouth and talk about the power of word of mouth and what exactly this powerful tool is and can be used for.
To your Success,
The last few posts have talked about how to multiply the resources that you’ve worked hard to maximize. So far we’ve covered:
- Call in the Troops
- Bring ‘Em Out of the Woodwork
- Black Sheep Clients
- Olympic-Size Sales Staff
- Open Water Fishing
- Call for Back-Up
- Go Big Online
- Bartering with the Best
- Give Away the Farm
Today we’ll finish up this series with the last three ways to multiply your maximized resources. We’ll cover:
- Finding Your Pot of Gold
- Stay at the Top of Your Game
- Wealth from the Inside Out
These areas are all key to keep up the momentum you’ve found in making what you have work harder for you.
Finding Your Pot of Gold
You must always have a goal you’re working toward in order to stay on course. Your goal needs to be something you can attain and utilize your full potential. Don’t be afraid to aim high, just make sure you are clear on what your goal is and exactly what you need to do to get there. You need to continue to hold yourself accountable to your goal and raise the bar as you accomplish the steps to your goal.
Stay at the Top of Your Game
Once you’ve mastered these areas, you need to make sure you are staying competitive and constantly coming up with new ways to use your new tools. Don’t rest on one success when there are more on the horizon. To continue to be successful your business must continue to learn and revolve.
Wealth from the Inside Out
Wealth and riches are defined within yourself, not by your profits or the world beyond. You can use all these strategies in both your business and life to find a greater level of success. When you naturally reflect who you are and what you mean, you will automatically attract the right people to you. This will happen in life and in business.
You are capable of reaching your goals as long as they are well-defined and a solid road is built to them.
Throughout the last seven lessons we’ve talked about how to take a hard look at the resources you currently have right in front of you and maximize them to get the most out of what you already have. Then turning around and multiplying those maximized resources to take them to the next level.
If you need help with any of these areas, steps or processes, try our FREE test drive to gain access to our resources, tools and business coaches-All there to help you succeed.
To your Success.
Last time we talked about how to start multiplying on the resources you worked on maximizing. We covered the following areas:
- Call in the Troops
- Bring ‘Em Out of the Woodwork
- Black Sheep Clients
Today we’ll talk about the next three:
- Olympic-Size Sales Staff
- Open Water Fishing
- Call for Back-Up
Olympic-Size Sales Staff
Now we all know you can’t have a sales staff of 10,000 who work around the clock for free, but there is a tool that will do exactly that-direct mail marketing.
Direct mail is a written piece of sales and informative copy that offers information about your company and your products/services to potential customers/clients. You can write sales letters, brochures or proposals that can be mailed out to a list of leads.
This approach can not only open your door to thousands of new customers/clients, it can save you thousands of dollars in advertising.
Open Water Fishing
You have to be careful not to waste your time on clients who are simply not interested. You have to focus on bigger fish. Remember, the lessons we talked previously about how you should always be targeting higher-quality prospects.
To do this you have to take the time to research and learn about your potential clients to make sure you are targeting the right companies to work with. Make sure they are companies who will benefit from your products/services over a long period of time.
If you’re not sure where to start in finding big fish clients, go back over our previous lessons or look into purchasing a direct mailing list that specifically targets the clients you need. You can purchase or rent lists with name, title, job specs and contact information. This gives you a jumping off point in finding high-quality clients.
Call for Back-Up
Don’t be afraid of telemarketing. It’s a powerful tool that can be done tastefully and be highly effective. However, keep in mind, when not handled correctly can bring about negative reactions. To be successful with telemarketing you need to use these tips:
- Your first line of defense should be mail marketing.
- Test before you start a telemarketing campaign.
- Set the price for your offer.
- Use a progressive approach with your campaign.
Progressive contact helps build trust and allow the potential customer/client to establish a positive relationship with you. These are the progressive steps you should take:
- Put your prospect at ease.
- Present your offer in a natural, conversational way.
- Avoid being argumentative or pushy.
- Always be honest.
- Perfect your 30-second elevator speech.
- Clearly state your name, business name, reason you’re calling and where you got their information.
- Offer the benefits of your products and services.
- Mention one of the features that back up the benefits.
- Ask preliminary questions that gives you information about the prospect.
These step-by-step methods can help you be successful with a telemarketing campaign and avoid a negative response which could stigmatize your business forever.
This wraps up these three areas of multiplying your resources. We’ll continue with this series for the next two posts to give you all the resources you need to get the most out of your current resources.
If you need help working through any of these processes or areas, try our FREE test drive to get access to our wealth of resources and tools.
To Your Success
Last time we talked about the first three areas to work through in maximizing your current resources. They were:
- Recognize the obvious
- Unconventional breakthroughs
- Face the facts
Today we’ll cover the next three, which are:
- Reveal your business’ soul
- From breaking even to breaking the bank
- Stand up and stand out
Reveal Your Business’ Soul
Every business has a soul and you likely felt it the strongest when your business was just starting. It’s that passion, newness and momentum you had at the very beginning. Sometimes that can get lost along the way as your business gets stagnant and set in its ways. You have to break out of that rut and get back to your business’ true soul.
The philosophy of putting your client’s needs above your own is the true key to success. You need to serve your clients not sell to them. They want to build a relationship based on trust, not a used car. Add to these responsibilities your ability to solve problems, handle special situations, be a friend to your clients and focus on offering valuable, high quality products/services. Only then will you get back to the basics and find you have more resources than you thought.
From Breaking Even to Breaking the Bank
One of the classic and most used ways to attract clients is to offer them a ridiculously low price on their initial purchase and lock them in for future purchases. You see this approach with movie or book clubs and even credit card companies who offer lower interest rates for the first six months.
Essentially, you are offering them a deal on their first purchase and then you offer them back-end and add-on products along the way. These are naturally higher prices and will bring them in to more of an intimate relationship with you and your company.
Stand Up and Stand Out
You need to stand out from the pack among your competitors. They only way you can do this through consistency and value. You do this by discovering what your USP (Unique Selling Proposition) is and perfecting it. Here are some tips to help you find and develop your USP:
- Look for unfilled needs in your industry.
- Use preemptive marketing.
- Use a technique that is clear and to the point.
This wraps up this post. If you need help with any of these areas and techniques, try our FREE test drive to access a wealth of resources and tools.
To your Success,