How To Use Sales Power To Fuel Funding
March 5, 2008 | Leave a Comment
Written by Debbie Mrazek
Which came first? The chicken or the egg? When it comes to raising venture capital, it’s hard to tell whether a companies sales lay the golden egg or are the golden egg. On the heels of a dot com slowdown, a tried and true business model is reemerging and offering an effective, proven way to approach investors.
It’s no secret that not so long ago investors, eager to cash in on an exploding Internet e-conomy, happily funded technology companies headed by strong teams offering futuristic wares. Some of those companies came to the table with a viable business plan and others hoped that funding could command their business model. It didn’t take investors long to learn the technology ropes. Now, high-tech companies looking for funds have to wow investors the old fashioned way – with an impressive product offering, savvy professional team, investment-worthy business plan and financial data worthy of securing the dough. Funding in the new millennium is hardly an undertaking for the faint of heart.
Next, enter sales. What if tech companies incorporated their Plan B into their Plan A? Ah, yes, now we are talking. Plan B, of course, is to start selling the product or service – just in case the VC doesn’t come through. Spin that idea around and marry it to Plan A and you have a tech formula for success.
Sales could be your key to the VC vault. Venture capitalists are looking for a revolutionary product or service that can offer them a handsome return on investment. If your company sales prove that your product has a market – we’re talking customers here – and you have the plan to take it successfully to that market, then you are that much closer to securing the funds you desire.
Powering up sales to ignite funding offers more than a safety net. In one instance, a company incorporating a sales plan with the path to funding found that company sales funded the business sufficiently enough that venture investment/funding was no longer needed. The team redirected more energy and effort into sales and increased the company’s return exponentially. If the company moved along the funding path, it could still be waiting for VC instead of running an explosively successful operation today.
So what does it take to put your sales vehicle in motion? You need to start with a plan. As critical as your business plan is to your venture, so too is your sales plan for your sales activities. Time is money and, as an emerging company, you have to maximize both. Unless you successfully have managed the sales process, it’s wise to spend the money and invest in a person or a company that has a track record in your industry for growing companies such as yours. Be sure that the sales pro knows how to work with the resources you have available.
When you meet with prospective sales consultants, be honest about your situation.
- How many people can focus on sales activities?
- What, realistically, is your sales budget and how long can you commit to the plan once it is developed?
- How much time can company leaders devote to tracking, follow up and redirection?
Next map out who, what, when and where.
- Who will develop the sales strategy and plan?
- Who will execute it?
- What is the process?
- What are the goals?
- When will you start? When will you review your results?
- Where will you begin your action plan?
- Where will you find the operating funds to keep the show afloat until you realize tangible results?
Then, put your plan on paper and commit to it. Set your weekly, monthly, semi-annual and annual sales goals. Execute and analyze. What’s working? What isn’t? What can you do better – smarter? What was a miss and why? Log all activity into your sales journal and tweak the process until you get it right.
Once you are on the sales track, reach out to mentors or others you know who have successfully grown their companies through increased sales. In sales, the goal is to work smarter, not harder. Tap into your true sales potential and you will be on your way to growing your company and securing funding – through VC or, at a minimum, your own sales power.
iJustine
March 4, 2008 | Leave a Comment
What’s 23 years old and read all over? Justine Ezarik, that’s who. Who is Justine Ezarik you may be asking. She’s a dynamic Internet “it” girl who made her debut far and wide with her 300-page iPhone bill. She is also one of the hottest bloggers on the web and her blog – tastyblogsnack.com – is moving her popularity far and wide.
So why do I want you to know Justine? Simple. It’s because blogging is here to stay, I know you’ve got something to say, and finding your unique way to speak to those looking for you is the way (to total marketing dominance)!
The point is that not everyone is a writer. Some of us are talkers. Some of us are performers, and some of us speak in our own combined language of these. Find your way, get your blog and git going. It only takes about 10 minutes a day!
Justine is a great example of one girl who is letting her voice flow and though by all accounts she is a drop-dead-gorgeous example, there are many others out there who aren’t and have lots of people tuning into to see what they have to say, too.
Make your mark – and check in often to see what tips iJustine has to share with you!
Top 7 Ways to Recession Proof Your Business
March 4, 2008 | Leave a Comment
Written by Debbie Mrazek
Good companies and good products are in demand no matter what the economy is doing. Just because there is a recession, it doesn’t mean that everyone is experiencing the same effect from it.
The key to riding out the recession is to create a plan to address it. Simply planning ahead is one of the best strategies companies can use when experts begin to whisper recession.
Recession-proofing your sales begins with you, and being proactive is one of the best ways to ride high when others are crashing.
Put these seven easy strategies to work for you and you’ll soon find that recession or not your sales are soaring!
1. Lock in client loyalty. Remember, you aren’t the only one facing a possible recession. What can you do to serve your best clients? Call and ask.
2. Dig out lost proposals. You never know if those lost proposals went to another company that may not have been the perfect fit.
3. Make time for Face Time. It’s easy to slip into the habit of staying in the office and doing business by phone and email. Drop by or schedule a time to meet with clients. Listen for opportunities where you can offer a solution for their problems.
4. See a Need and Fill It. In a possible recession, sometimes luxuries are the first to go. However, if there’s a need, there’s usually money to pay for a solution. Can you create products or add-on items that fill a need?
5. Create package options. In hearty economic times, there’s more to go around. When companies face a possible recession, slashing expenses is one of the first things companies do. To stand out from others, create package deals that offer lots of value-add for the buck. This way you will stand out as a good deal.
6. Do more for less. We aren’t talking about giving away the farm. We are talking about doing just slightly more for the same amount. If you would normally tack on fees for an item, throw it in for free. Gifting ignites the law of reciprocity and loyalty follows.
7. Put systems, marketing campaigns, and people in place sooner than later. Businesses that take a proactive approach will feel less blind-sided. Create your plan now and implement it. And whatever you do, don’t cut back on sales and marketing initiatives!
Recessions are part of the economic landscape. They won’t be going away anytime soon. The best thing you can do is plan now instead of later. Determine a plan of action and work that prior to and through the tougher times.
Updated Authority Black Book 2.0
March 2, 2008 | Leave a Comment
For those of you who may be new to the blogging world, there are a few great ‘veterans’ who can share a wealth of information. We’ve found that you can become a veteran in short order by actually applying yourself to the blogging world. Still, if you are looking for a crash course, a quick hit to tap into the latest trends and best tips, then look no further than Jack Humphrey’s Authority Black Book 2.0 – all new and revised for 2008.
I heard about Jack when I listened to a recent interview Joe Vitale had with David LeDoux about all things blogging. Jack was the ‘expert’ blogger that helped David’s blog, DidYouSmellThat.com go from new blog to well on its way in about four months. Since that time, I’ve seen Jack in many places on the web, and am eager to recommend his updated Authority Black Book for those of you who want to tap into the power and benefits of social networking.
This report offers great tips about link baiting, developing a social maven strategy and much more. It’s not a 1-2-3 guide for those who are complete novices; however, it is definitely worth more than the price of admission – FR.EE.
Mashable.com is the #1 blog serving the social networking phenomenon. It also is a Technorati Top 100 blog. Mashable ranked the Authority Black Book the #1 FR.EE eBook for Bloggers last year. With more updates, it’s a must have.
Think Your Sales Are the Problem? Think Again
March 1, 2008 | Leave a Comment
Written by Debbie Mrazek
If you are struggling to increase sales revenue, you may think the answer is just to get more sales. Or maybe the answer is to sell more. However, as a sales consultant and coach, I can tell you that isn’t always the answer.
Sometimes when sales are the focus of declining profits, it’s helpful to work with a sales consultant with business knowledge and understanding. With both sales expertise and business know-how, we can identify when the problem really is sales — and when it isn’t.
Let me share with you a story about a client. Recently, we sat down and looked at his business. It was going well, but not great. It seemed like every time he would turn the sales corner, something would push him back. It didn’t take long to see that it wasn’t his sales efforts that were impeding his success. It was his team’s inability to deliver his company’s services. He had some employees who were very nice people, but who were just not cut out for providing his service. When we fixed that part of his business, we could more readily focus on the business of his sales. His company has grown more than 30 percent in the last year. Needless to say, he’s ecstatic.
So how do you know when you’ve got a legitimate sales problem and when your problem might be somewhere else?
There are some tell-tell signs to look for:
- Actual sales figures are up, but profits aren’t
- Referrals are drying up
- Clients don’t return from one year to the next
- New clients come but they don’t stay
- The amount of sales is decreasing
Any or all of these can indicate that something is amiss somewhere else in the customer delivery system. Like it or not, if you are in sales, you are also in the business of customer service. After all, if your customer doesn’t come back because they aren’t happy with someone else in the company, it’s not that someone else who pays — it’s you who pays.
One way you can keep a pulse on customer satisfaction is to build into your sales system a ‘check up’ with new customers. You might check with the new customer at 30 days and again at 120 days. Don’t let too much time pass between you and your hard-earned customer. It’s you they trust so be sure to cultivate that relationship.
Entrepreneurs who wear both a sales hat and customer service hat will appreciate that there’s more than signing contracts, the signed contract is when the real work begins of keeping that client for life!
Is Networking Enough
February 29, 2008 | Leave a Comment
Written by Debbie Mrazek
So you’ve decided to do some networking. You attend an after-hours event, arriving early with a stack of business cards. By the end of the evening you’ve met a lot of people and exchanged a lot of business cards. On the way home, the faces are all a blur. You’re stressed out—all “networked out.”
A few days later, in a better frame of mind, you call each person you met, working your way through the stack of cards you collected. You ask each one if they need your product or service. Most say they do not. You’re exhausted again.
This could give networking a bad name.
But is this what networking is all about? Does it have to be a nerve-racking, enervating process that leaves you with an empty feeling? No, it doesn’t have to be. In fact, it can be a fun, fulfilling process.
“Fun?” you ask. “Walking into a room full of strangers is your idea of fun?” Trust me, it can be fun, but first you’ll have to make a paradigm shift, move beyond networking into what I call the “R Zone”—the “R” stands for “relationships”—to a place where you’re not really networking so much as building relationships.
Here comes the simple, unadorned truth: One of the most effective ways to build a relationship is to help the other person get what he or she wants first.
This “give first” approach will turn everything you’ve ever known about networking on its ear.
And it’s very simple: Just go into a room full of strangers telling yourself, “All I’m here to do is to help each person I meet get what they want.” Obviously, that requires that you first find out what they’re looking for, and that you actively listen and ask questions that help you understand their needs. Also, that you be resourceful when it comes to coming up with contacts and possible options for your new contact.
When you’re in the “R Zone,” you’re not talking to people about high school reunions or past jobs. You’re not searching to find names of people you know in common. You’re not discussing current movies. You’re not even being witty. You’re focused on only two things: What the other person is looking for and how you’re going to help them find it. When you come up with the name of someone they can call—even if it’s only someone who can point them in the right direction—it’s amazing how they’ll warm to you.
There’s an old adage, “It’s not what you know, but who you know that counts.” While the statement is true, it also oversimplifies. For, as many will tell you, simply knowing an important or powerful person is no guarantee your calls will be returned. The other person must perceive you as worth knowing. That’s what gets calls returned. And, there’s no faster way to be perceived as someone worth knowing than to give first.
Here are some other thoughts that can guide you as you develop your ability to work in the “R Zone.”
- Do less better. One reason so many people finding networking exhausting: They get frantic. They feel obligated to meet everyone at a given meeting. They have to “work the room.” Leave working the room to the professionals. Go into a networking event with limited objectives. Just tell yourself, “I’ll count this as a good experience if I can have five quality conversations with five quality contacts.” And after you meet five, don’t feel obligated to hang around and meet more …unless you want to. Pace yourself and do less better.
- Speak with confidence. Don’t be shy when it comes to telling new contacts about what you can do for them. Speak with calm conviction. Project confidence. Believe in yourself. If you don’t believe what you’re saying, no one else will.
- Prepare a memorable introduction. In a quiet moment, reflect on why clients or customers like to do business with you. Then, write down what you would like to say that sets you or your business apart—the benefits more than the features. The introduction should begin with your name followed by your business name. Then it should tell them, from their point of view, why they should want to do business with you—in 20 seconds or less. Practice saying your “introduction” in front of a mirror. You don’t have to repeat it word for word each time. Feel comfortable with the general concepts and phrases. Then begin saying your introduction to new contacts.
- Join a contact group. Whether it be an industry association, a charitable organization’s board, or a religious group, make an effort to put yourself in situations where you meet new people.
- Tell people what you want. Although in this article I’ve focused mainly on helping other people get what they want, when building a relationship you should be clear about what you’re looking for, as well. When you give first, it’s amazing how quickly people look for ways to help you find what you need. An effective strategy is to tell people what you’re looking for right after your introduction—something like, “And this week I’m looking for someone who can introduce me to …” or “This week I’m looking for companies who need…” naming a specific person or need.
- Practice putting yourself in the R Zone. When meeting new people, make an effort to really listen to what they’re saying. As much as possible, find out what they want. Put yourself “at source” to help them find it.
Networking really isn’t enough because it’s not enough just to make contacts. To be effective, we must build relationships, something that sounds easier than it is. It takes genuine caring and listening skills that make you a valuable asset in any work situation. Don’t always assume that a person you meet at a networking event is looking for a new client or a job. The person may really be looking for a golf instructor, an electrician, a PC technician, a new car … or even a friend! Be there for them. And stay in the R Zone.
Getting The Right Sales Mindset
February 28, 2008 | Leave a Comment
Written by Debbie Mrazek
Have you ever noticed when it comes to daytimers or pocket organizers, there are three kinds of people? One kind buys the next year’s daytimer in September so they can hardly skip a beat moving from one year to the next. Yet another group of people pony up to the sales register with organizational tools in hand. They aspire to be organized, yet never seem to get the shrink wrap off. And, finally, there are those who have just accepted they will never be organized and they will have to come to terms with their constant state of disorganization.
And what does this have to do with sales? Simply, put, it’s the same way with sales. Are you the type of person who absolutely hates sales and believes you can’t sell? Or the type who buys all the latest sales books yet hardly cracks the spine? Or do you take sales on with the vigor of an Olympic athlete?
Let me just say, as a member of the 1% club (the top 1 percent of sales professionals), there was a point where I HATED sales (and selling). The last thing I wanted to do is sell. We all move through phases of sales power. Some days it seems like we could sell ice to eskimos. Other days, it takes all we can to summon the courage to pick up the phone to make the calls we know will result in the filled pipeline that we need to continue to be successful. And, then, there are days when we just want to throw in the towel.
And that’s okay. If there’s anything I would like for you to know today it is the idea that you CAN sell and, if you don’t give up, you WILL accomplish your sales goals. I think Woody Allen said it best. Eighty percent of success is just showing up. Be honest with yourself, do your best and it will come. Accept that there will be ups and downs on the way to the finish line.
I wish there was some super magic bullet I could give you that would be the panacea for all of your sales ills. But there’s not. And, truthfully, anyone who says there is may be thinking they have some oceanfront property in Arizona they may like to sell you. The reality is that sales are not a ‘one point’ process where things happen from doing ‘one thing.’ It takes consistent, forward motion to excel in sales.
The best advice I have for you from the field is for you to stay in motion with intention and focus. Do one thing each and every day that adds to your company’s (and your) bottom line. If you stay focused today, tomorrow’s results will take care of themselves!
The 4-Hour Work Week
February 26, 2008 | Leave a Comment
Want a whole new mindset about how to work smarter and not harder? Get this book immediately. Or read a PDF overview now to see if it’s worth a trip to Amazon.com.
29-year old Timothy Ferriss came out of nowhere with his runaway bestseller hit #1 on the New York Times Bestseller list without the aid of any advertising. Utilizing social networking and the power of blogs and other online media, Ferriss’s book has become a subculture phenomenon among entrepreneurs.
If you are an entrepreneur feeling trapped in your own business, The 4-Hour Workweek promises to be the compass for a new and revolutionary world.
Forget the old concept of retirement and the rest of the deferred-life plan—there is no need to wait and every reason not to. Whether your dream is escaping the rat race, high-end world travel, monthly five-figure income with zero management, or just living more and working less, this book is the blueprint.
You can have it all—really.
Join Tim Ferriss, popular guest lecturer in entrepreneurship at Princeton University, as he teaches you:
- How to outsource your life and do whatever you want for a year, only to return to a bank account 50% larger than before you left
- How blue-chip escape artists travel the world without quitting their jobs
- How to eliminate 50% of your work in 48 hours using the principles of little-known European economists
- How to train your boss to value performance over presence, or kill your job (or company) if it’s beyond repair
- How to trade a long-haul career for short work bursts and frequent “mini-retirements”
- What automated cash-flow “muses” are and how to create one in 2-4 weeks
- How to cultivate selective ignorance—and create time—with a low-information diet
- Management secrets of Remote Control CEOs
- The crucial difference between absolute and relative income
- How to get free housing worldwide and airfare at 50-80% off
- How to fill the void and creating meaning after removing work and the office
The 4-Hour Workweek also includes the sample e-mails, voicemails, and real-life deals (with dollar figures and all) you will need to master the new world of luxury lifestyle design.
And, if you are interested in hearing all about how Tim worked his magic on the social networking scene, email me, and I’ll give you information about how to tap into his secrets!
Google.com and Goog411
February 26, 2008 | Leave a Comment
Tired of paying a buck and a quarter for every information call? The planet’s greatest mover of information has an answer for you. I tried this out just a few days ago and was stunned at how easy it was to use, and how fast the voice recognition software worked. “Wow!” was all I could say.
Just dial 1-800-GOOG-411 (1-800-466-4411) from any phone, and Google411 takes it from there. Simply state the business name or type and location. Then choose your number from the list of numbers provided. Once you choose, Google connects the call for free. It’s super easy and it’s f r e e!
Play Dates Pay Over and Over Again
February 25, 2008 | Leave a Comment
If you are like other entrepreneurs, according to recent statistics, you are likely to be working a lot more hours. The question is, “Are those hours working you or are you working them?”
Many books have been written on various ways to cut the hours, to increase productivity, and to do more in less time. Not as much has been written on ways to rejuvenate yourself, and reenergize after long periods of burning the candle at both ends. No matter how much we love what we do, we must still take time to let our mind, body and soul rest.
Some clients have shared they feel guilty about taking time off when there’s so much to do. Others have said they can’t relax when there’s work to do so why bother. Yet others say that playmates seem like child’s play and aren’t responsible.
Play dates pay you back in many ways. First, they give all the parts of your mind a chance to catch up to each other. This means that some of your best ideas will come when you finally stop to take a break. Edison, Einstein and other great creative geniuses knew the secret behind focusing intensely on work and following it by a break.
Second, play dates allow you to check out and detach from your business in a good way. When you let go, all of those things that you’ve been holding onto so tightly have a way of finding answers. You may feel that by working on something harder you will get the answers, but consider whether or not that is really true.
Third, by taking a break, you can be a better you. That means a better boss, a better spouse, a better parent, a better technician, a better sales person, and a better marketer. This one pays dividends upon dividends – improved relationships, improved life, and improved sales.
Last, but not least, when you take a play date to take care of yourself, you give others permission to take care of themselves. The big façade is that successful people work themselves into the ground, but really successful people have figured out that when they push away from the table, they really increase how effective they are. There’s a reason why Richard Branson does business from a tropical oasis, and why Oprah steals away to Hawaii.
Three Steps To a Great Play Date
- Schedule Time During the Week. Plan your break during the week, and make it a special time for yourself. Do plan your time off. You can of course take a break when an appointment cancels, but when you plan it, you can breathe easy that people aren’t looking for you. A good play date is at least two hours long, but could be several days if you like.
- Make it personal. Do something you’ve been putting off because you haven’t had the time. Choose something that you will really enjoy – golf, visit a museum, take in a movie, hit the spa, or just spend some time alone. If you enjoy being with a favorite friend, invite your friend to come with you and see how much the two of you can do in an afternoon!
- Unplug – completely. A play date isn’t relaxing if it is interrupted by a Crackberry or a cell phone. Turn off the phone, put an auto responder on your email, and unplug so you can be fully present for your play date. Enjoy this time you’ve given yourself knowing that everything is a-okay.
- Take notice. When you return to the office, take notice of what happened that was unexpected. What pleasant surprises popped up? Did a sale go through? Did a problem correct itself? Consider making a note of these – mental or written – so you can remind yourself how valuable these breaks can be.
- Be great-full. When you return, share your rested, vibrancy with everyone. When people comment on how great you look (and they will), share your secret, and encourage them to do the same. When you are grateful, your greatness is fully available to others to see. When you give to yourself, you give to others as well.
Play dates don’t just happen. They require your attention. If you’ve been secretly feeling like you would like to steal away, pull out the calendar and schedule your play date. It’s time!
