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Most Businesses are Selling the Wrong Thing

Whether you own a retail business or a service business, chances are you’re selling the wrong thing.
Let that sink in.
What comes to mind? Are you skeptical? Then let me ask you this…
Do you have double-digit conversion rates? If not, I can tell you why. You’re selling the wrong thing!

Most of us have grown up surrounded by companies that show off their products features. “Open 24 hours.” “This TV is high-def.” “This meal can go from frozen to the table in 3 minutes flat.” The problem with that line of thinking is that unless your customer is looking for that specific feature, at that specific time, they just don’t care. You can’t help them. And when they do need those features, they don’t remember you. You didn’t make an impact. That’s why feature selling is wrong.

 

Stop Selling Your Product and Start Selling the Problem it Solves

 

When you sell the solution instead of the feature, you disrupt people. They pay attention. They remember you.

Rather than telling your customers that you are, “Open 24 hours” you tell them, “We’ll be here for you when your child wakes up at 2am with poison ivy. “We’ll be open when your pregnant wife wants ice cream at midnight.” By selling them a solution you’ve connected with them on an emotional level. You’ve made every man with a pregnant wife pay attention. Every mother with an adventurous child will remember you.

 

We Teach You to Connect to Your Customers on an Emotional Level

 

One of the first things we do with our new clients is to define a list of emotional problems their customers face. We test and measure these emotional problems by asking their current customers to rate their concerns. Those survey responses are then compiled to produce the top concerns their customers want addressed. Only then can you develop a marketing strategy devoted to solving your customers’ problems.

 

What Makes You Better Than Your Competition?

 

Most of the time, this question can be easily answered by selling the solution while your competition continues to sell their features. But sometimes we have to dig deeper. We have to build an emotional profile.

An emotional profile defines the prospects that have an emotional reason to buy. These emotionally driven people are the most likely customers to purchase from you over and over again. These consumers are most likely to spend more money in your business. These are the customers that breathe brand loyalty. We call them your “A-list” customers. They are better described by saying they are the 20% of your customers giving you 80% of your profits.

When you put these customers first and focus your attention on solving their emotional needs, you turn them into customers who want to buy from you rather than your competition.

Can you persuade someone to buy you in 60 seconds or less?

One of the most often asked and poorly answered questions in business is, “what do you do?” As an entrepreneur, you should be ready to answer this question anywhere, to anyone at any time.

 

Most responses resemble a definition of what ones job title is. For example, ” I’m a hairdresser.” “I do drywall.” “I’m a singer.” But these answers represent who you are and NOT what you do. Which is why they begin with, “I’m a, and I do.” The correct answer to the question, “what do you do?” is a well-constructed, succinct, and persuasive sales pitch often referred to as an elevator pitch.

 

What’s an Elevator Pitch?

 

The name elevator pitch comes from the idea of being stuck in an elevator with someone important to your future like a potential client. Imagine you have a certain number of floors that the elevator must pass through and the time that it takes to do that is a perfect time to gain a customer. If you can shape your conversation in a way that seems natural and unobtrusive, you just might land a new account or client by the time your reach your floor.

 

What’s the Point?

 

A strong elevator pitch will allow you to extract the purest form of who you are and what you offer. But more importantly, a strong elevator pitch will identify a problem your customer faces, show them how you intend to fix it, and explain why you are more likely and better suited to fix their problem than anyone else is. This can only be achieved by exploiting the emotional tools and 4 key steps outlined in this article by Insight Business Coaching.

 

TOOL #1: Hot Button Issues

The most crucial part of any effective elevator pitch is your answer to your customers Hot Button Issues. Hot buttons are the needs, wants, fears, concerns, desires a potential buyer feels before deciding on someone or something in your industry.

 

TOOL #2: Unique Selling Proposition (USP)

A unique selling proposition is what separates your product or service from its competitors. A successful USP promises a clearly articulated benefit to consumers, defines why competitive products can’t or don’t offer it, and is compelling enough to attract new customers.

 

Now that we’ve told you what tools you’ll need to bring to the table, let’s discuss the steps that you need to take to write your elevator pitch.

 

STEP #1: Interrupt!

The first line of your elevator pitch must stop them in their tracks by using empathy to identify their emotional Hot Button Issue.

 

Step #2: Engage!

Provide them with vital information that explains how you will solve their concern.

 

Step #3: Educate!

Confirm and detail your solution using examples that explain why your solution better solves their problem than all the rest.

 

Step #4: Offer!

Offer them an irresistible opportunity to invest in you.

 

As we stated earlier, a successful elevator pitch will only be successful if it seems natural and unobtrusive. If you sound like you’re trying to sell, you’ll turn off your potential client before you finish your first sentence. So it’s important to know how to structure these tools and steps to be genuine and effortless. We can help you perfect your elevator pitch because we’ve developed a series of trigger questions and statement that make your pitch flow naturally. If you would like to learn more, give us a call at 248-449-5100 or email is at info@insightbusinesscoaching.com.

6 Tips that Inspire Customer Loyalty

1.) With all the ways we have to interact these days, it's important to meet your customer where they are, not where you want them to be. Some people prefer to communicate via social media, while others want to email, text or call. There are few things more annoying to a customer than asking them to fit into your comfort zone. Do you want the sale or not?

2.) With tip #1 in mind, make sure that you are communicating quickly and effectively. Be easy to get a hold of and respond quickly! When you don't respond, customers move on (to another company). 

3.) Your reputation is invaluable and a bad reputation can destroy your business. So, do what you say, when you say you'll do it. 

4.) Few things in business are stagnant. If you find yourself standing still, you're really falling behind. Keep innovating. Keep creating. Keep challenging yourself.

5.) People like to be around people who make them feel good and a good mood is contagious so make yours worth catching.

6.) Never give up! Behind every "overnight success" is years of hard work and failure. 

Building Your Business Legacy

Your Business Legacy is the continuous process of your actions, decisions, and the structure that is created through the course of your businesses existence. It details every action and reaction from where you start to where you end up.

So, what do you want your business legacy to be? Were you hoping to pass your business on to your children in order to provide a stable income for their future? Are you hoping to sell your business in order to take care of your family? Or, are you looking to collect residual income in order to fund your golden years of retirement? Whatever your forecast, you are going to need a robust set of systems in place.

Businesses are less valuable when they are owner dependent.

Did you know that most businesses fail because of the detrimental effects of owner dependence? Did you know that the sale price of a business is considerably lower (if the sale happens at all), when the business is dependent on the owner for day-to-day operations? In fact, the business brokerage industry reports a mere 20% success rate for businesses trying to sell. That means only one out of every five businesses that want to sell will actually succeed.

The reason? In most businesses, an enormous amount of information for running the business is unwritten knowledge that exists only in the minds of the owners and key managers. This unwritten knowledge isn’t just related to day-to-day business practices; it extends to logistics, inventory, sales, customer relations, employee relationships, hiring, training practices, and roll clarity. Which is why, if you want your business to be valuable to anyone other than yourself, you must employ a strong strategy of systemization.

What is systemization?

Systemization is the written art of organizing and detailing the day-to-day processes, structures, and strategies to empower your employees and customers- ultimately constructing a financially valuable business.

At Insight Business Coaching we are well versed in writing systems. When we write and apply these systems to your business you will see extraordinary benefits. Your sales and profits will increase- giving you more money. You will see an uptick in productivity which provides you more time. Your employees will feel empowered which delivers your customers better service. We can even teach you how to write your own systems as the needs arise. But most importantly, when it comes time to sell, your business will be owner-independent which increases the value and marketability of the sale by 100%. And, you won’t need to stick around and train the new buyer. You can – literally – cash your check and walk away.

Your Ability to Manage People Will Make or Break Your Company

We’ve all heard the saying, “One bad apple can spoil the bunch.” It’s as true in business as it is in everyday life. And while most of you will read this sentence and start focusing in on your employees, more often than not, the problems are usually the result of bad management.

According to a study done by Gallup, less than one-third of Americans are engaged in their jobs and 50% of employees leave their company to get away from management.

What is employee engagement?

Business dictionary defines employee engagement as the “emotional connection an employee feels toward his or her employment organization, which tends to influence his or her behaviors and level of effort in work related activities.” The key word in this definition is, emotional. Strong employee engagement is directly linked to the emotional connection they have with management.

In the study titled, Employees Want a Lot More From Their Managers, more than 7700 people were asked to rate their managers behavior specific to communication. The objective was to determine how well their managers were able to communicate their goals and objectives for each assignment or project, their required needs and wants from each employee, and their ability to learn and encourage their strengths.

Surprisingly, what the Gallop study uncovered is that employees want more. They want their supervisors to be invested in them on a personal level. They want them to learn about their lives outside of work and show a genuine interest and empathy in their home life as well as their hopes and goals for their careers. When managers did this, their employees showed high levels of engagement, a strong work ethic, and an increased level of loyalty towards their employment organization.

Take it from Gallup CEO Jim Clifton, "The single biggest decision you make in your business — bigger than all the rest — is who you name manager. When you name the wrong person manager, nothing fixes that bad decision. Not compensation, not benefits — nothing." People leave people – not companies. In other words, strong leadership is the single best thing that you can do for the long-term health of your company.