Archive for Business Development’ Category

11

Dec
2014
Comments Off on The Price/Value Matrix

The Price/Value Matrix

ID-10055285

 

Your customers purchase from you, or from anyone or any company for that matter, because they have a need or a want, that is a given. You will hear until the cows come home that you must sell your product or service to help your consumer overcome whatever their pain is. The greater the pain, the greater value they place on overcoming that pain. You can see that every time there is a gas shortage; the prices for gas go up.

When looking at our company, the problem people come to us with is how to overcome their obstacles to growth, whether that is through sales, marketing, changing their business model or creating an expansion plan. The pain they have is the obstacle. However, notice there is another dimension – they want to get to a better place. So it isn’t a single message or single desire that they would have with us. Either approach has been appropriate to win new business.

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4

Dec
2014
Comments Off on If You Aren’t Catching Anything – Perhaps You are Fishing in the Wrong Pond | Extraordinary Business

If You Aren’t Catching Anything – Perhaps You are Fishing in the Wrong Pond | Extraordinary Business

Business Development – ensuring that you are approaching the right target

wrong-customer

 

I remember going to the department store as a younger man. While walking through the appliance area, it was almost inevitable that a sales person would approach me and say, “May I help you pick out a refrigerator?” I would think to myself, “Why would a need a refrigerator? Especially the $2,000 refrigerators they would want me to purchase?” I was not their customer. Perhaps someone that looked just like me at the time, but not me.

As you know, that isn’t an uncommon scenario; many times, people in your target markets aren’t going to be ready to purchase what you are selling when you are ready to sell to them. So if we know who our customer is and how to communicate with them, the next thing we need to work on is narrowing that list down to those who will have need for our services. As opposed to those who have immediate need for our services.

Think about some of the travel companies. They know that most of the time, most people aren’t going to be ready to take a vacation right now. Yet, they offer flash sales and discounts almost all of the time. What they are actually doing, if you think about it, is solidifying in your mind that they are the company to go to when you are ready and that you will more than likely be able to find some discounts on where you are going.

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20

Nov
2014
Comments Off on The Right Message The Right Way | Extraordinary Business

The Right Message The Right Way | Extraordinary Business

Message in a bottle

Tapping into more effective marketing by understanding how your audiences consume information

Have you ever been out to dinner and seen the member of the wait staff that simply seems to be in the wrong business? How about going to a auto repair shop and seeing all of the mechanics standing around smoking and broken cars in the parking lot? What about going to the grocery store and seeing insects crawling or flying?

All of these thoughts play into your head about whether or not you want to do business with these companies. Essentially, you are consuming information about these companies in order to make your buying decision.

In the same way, you target audiences will consume information about your company. Therefore, when you are doing your business development activities, you will want to take into consideration what your message is, how you will deliver it and how often it is delivered.

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7

Nov
2014
Comments Off on Multidimensional Approach to Customer Engagement| Extraordinary Business

Multidimensional Approach to Customer Engagement| Extraordinary Business

Considering how customers engage, buy and refer

Upset sad, skeptical, unhappy, serious woman talking on phone

 

In conversation with a gentleman recently, we talked at length about business development, different ways to go to market, fill the pipeline and the challenges associated with it.

Fun stuff. Good lunch, too.

The conversation ended with, “you know this conversation will never end, right?”

It’s true – successful marketing is dynamic – it is a constantly moving target. As soon as you’ve gotten it down – have your systems in place, executed consistently, have a good customer flow – something changes.

Look at it like this…if you see marketing execution that another firm is doing well – something that your firm could adopt – wouldn’t you adopt it? As soon as you adopt it, you have potentially reduced the level of effectiveness of the original firm’s marketing activities.

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