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Word of Mouth Tactics – Part 2

Posted by adamvital

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 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:

  1. Where is your word of mouth coming from?
  2. What products are being affected by word of mouth?
  3. 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 our 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.  For a complimentary consultation on ways to grow your business, contact me at  adam.vital@avbgs.com or (281) 817-7391.


Word of Mouth Tactics – Part 1

Posted by adamvital

Word of Mouth Tactics – Part 1Word of Mouth

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, the 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 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

Increase your number of customers

Increase the frequency of purchases

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Maximize Your Resources – Part 3

Posted by adamvital

Maximize Your Resources – Part 3Maximize You Resources

In the last post, we talked about three more ways you can work on maximizing your current resources. They included:

  • Reveal your business’ soul
  • From breaking even to breaking the bank
  • Stand up and stand out

 

Today we’ll talk about the last three areas you can work on to maximize your current resources. They are:

  • An offer they can’t refuse
  • Would you like fries with that?
  • Stay away from the edge of the cliff

An Offer They Can’t Refuse

The secret to success is to stay ahead of your competitors- maintain the competitive edge. To do that you need to make it easier for your customers/clients to say “yes” rather than “no”. You do this by eliminating all the psychological, financial, physical, emotional and other roadblocks they may have.

You can take the risks for them by offering warranties and guarantees that make the customer feel more confident in you, your business and your products/services. You also must be serious about your offer and follow through if a situation does arise.

Would You Like Fries With That?

It’s the oldest trick in the book. I mean, really, how many times a week do you fall for it? Every time you sell a product or service, you need to offer an add-on, upgrade or back-end product to go with it. These products must be complementary to the original product being purchased and must create higher perceived value.

Avoid the Edge of the Cliff

Continuing to test and measure your systems, products, marketing methods and all other aspects of your business. This process allows you to see problems before they happen and therefore avoid falling off the edge of the cliff.

Here are a few specific areas you can test for potential improvements:

  • Marketing
  • Sales Copy
  • Customer Service
  • Sales Letters
  • Sales Presentations
  • Employee-Customer Interaction

Through testing these different areas you will find products/services where you can raise the price, maybe others where you can lower the price or offer that product as an incentive item, and find many others areas for improvement that will better utilize your current resources.

This wraps up our series on how to maximize your current resources. If you need help working through any of these or the previous areas, contact me at (281) 817-7391 or adam.vital@avbgs.com.


Maximize Your Resources – Part 2

Posted by adamvital

Maximize Your Resources – Part 2

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’ Personality

Every business has a personality 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 character.

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 into 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. The 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:

  1. Look for unfilled needs in your industry.
  2. Use preemptive marketing.
  3. Use a technique that is clear and to the point.

This wraps up this post. These three areas we just covered give you a starting point for how to utilize your current resources to their fullest potential. If you need any help with your strategic or systems analysis, contact me at (281) 817-7391  or adam.vital@avbgs.com.


Maximize Your Resources – Part 1

Posted by adamvital

Maximize Your Resources – Part 1Maximize Your Resources

Over the next few articles, 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. Just step back and really take a hard look at the resources you currently have in front of you. You may be surrounded by opportunities that can boost your career and help your business become more successful.

Unconventional Breakthroughs

Don’t sit around waiting for breakthroughs; you need to create them yourself. A breakthrough is merely a new or more efficient way of doing things for the same or better results. You should be having regular brainstorming sessions, encouraging your team to come forward with breakthroughs or ideas any time they have them.

Some great examples of breakthroughs are:

  • A health and beauty company discovers a side effect of a product that can be re-marketed and sold.
  • A company creates a roll-on deodorant inspired by the shape and size of a ballpoint pen.
  • The founder of Nike poured rubber onto a waffle iron and created the most innovative and successful running shoe ever.

When strategizing for a breakthrough there are some key objectives you need to keep in mind:

  1. Look for the hidden opportunity in every situation.
  2. Look for at least one cash windfall for your business every three months.
  3. The more value for your client, the better your breakthrough.
  4. Create multiple streams of ideas to find the best breakthroughs.
  5. Effective breakthroughs remove all risk or resistance.

Face the Facts

Before putting your breakthroughs to work you need to face the facts of the processes and systems that are not working for you and then either correct or get rid of them. System analysis is a good way to do this. Further, once you have a good understanding of your strengths and weaknesses, you need to compare those to the strengths and weaknesses of your competitors.

There are some questions you can present your team to get a handle on where your business is right now:

  1. Why did I first start this business? Why am I in this industry?
  2. What products/services did I offer then? Which were the most popular?
  3. Why are my customers/clients buying from me right now?
  4. How did I generate new customers/clients then?
  5. 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 maximize your strengths and address your weaknesses.

These three areas we just covered give you a starting point for how to utilize your current resources to their fullest potential. If you need any help with your strategic or systems analysis, contact me at (281) 817-7391  or adam.vital@avbgs.com.