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Actioncoach Mark Raciappa Business Coaching
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Capital Circle NE
E. 7th Avenue
E 6th Avenue
Industrial Plaza Drive
N Monroe Street
Mark Raciappa, Licensed Business Coach
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Actioncoach Mark Raciappa Business Coaching updated their address.
Actioncoach Mark Raciappa Business Coaching updated their address.
Last call for GrowthCLUB! It's time to plan for Q3 and there's so much to consider. Don't miss this - get focused and organized now! Sign up at: www.actioncoach.com/markraciappa/promo/gc.
Business Tip: Sell an Exclusive Label
Start stocking a label or brand that your competitors do not have access to. Selling an exclusive label is important if your customers are price shoppers, yet also very interested in buying something with quality. Occasionally, people want something unique – if your customers are like that, this could be the way to go.
An exclusive label gives you the opportunity to increase your margin because your clients simply cannot go anywhere else to buy your product. Do not be too greedy. It is also important to remember that you may have to spend money to introduce the line to your customers – this may involve advertising and direct mail.
Business Tip: Keep an Accurate Database
This means that you ensure your database has current names, addresses and contact details. It is especially critical if you base much of your business on e-mail or direct mail.
If your database is out of date, you can waste a lot of time and money contacting inactive customers, or sending mail to an old address after your clients have moved. By regularly updating your database, you can be sure that your time and money is being well spent.
Business Tip: Publish Your Organizational Chart
You have a team playing the game of business. Would you play any other game without everyone understanding the position of each player on the team? Regardless of how simple and straightforward you think your business structure is, consider the young employee just starting their life in business. People with experience who join your organization come with the organizational structure of previous employers in their mind. Ensure they know how your company works. It is not enough to tell people how things work, letting them see the structure of your organization is more important. “A picture is worth a thousand words.” Team communication is one of the underlying principles of a great company.
Business Tip: Stop Discounting
If you constantly discount, why have a regular retail price? This applies to businesses that are always discounting instead of coming up with decent marketing, or an actual reason to buy. Discounting not only costs you money, but it gives the impression that your normal prices are too high. Customers may also hold off buying, thinking that the item that is $100 today may only be $80 tomorrow. It is better to not discount and simply offer more add-on value.
Business Tip: Update (or Create) Your Company Profile
This can work as a serious sales tool – you create a one to two page document detailing what makes your company so great. More importantly, talk about why your company is the best choice for the prospect – and what you plan to do for them! A company profile can give the consumer confidence in you, particularly if you have just opened your business in a new area. Let people know what your history is, and where you company is headed. If you explain the benefits of dealing with your company, you are sure to get extra sales.
Survive & Thrive - Through COVID19 Economic Crisis - Brad Sugars & Nick and Arcelia Dove
Business Tip: Sign up for How To Survive & Thrive: a free webinar conducted by ActionCOACH Founder Brad Sugars. The event is today (Monday, April 20) at 1:30 pm Eastern time. Here is the link: https://attendee.gotowebinar.com/register/6072994552439499531
Survive & Thrive - Through COVID19 Economic Crisis - Brad Sugars & Nick and Arcelia Dove Every business owner needs to come together right now. We're here to help you and with this link you can help others. Please share with your customers, clients, members in your chamber - anyone that you can pass on this vital information to today!
In 2 Action Newsletter
Forgot to include the link for the newsletter (anybody ever do that?!)
In 2 Action Newsletter - Here's the latest to help you navigate these challenging times.
Business Tip: Contact Past Customers
Right now is a great time to reach out, by telephone, to past customers. Tell them you miss them and are thinking about them. Ask how they and their families are doing. Ask if there's anything you can do to help. It will be appreciated.
Business Tip: 2 Big Reasons to Continue Marketing
Even with our pandemic-challenged times, we must continue to market our businesses: 1. Because some of our competitors will stop (wrong knee-jerk reaction); 2. This reassures our existing customers that we're still in business. More to come tomorrow on how.
***UPDATED*** Crisis Averted - 11 Updated Steps Your Business Must Do to Survive AND Thrive
I'm here to help during these challenging times. One of the resources available is regular update from our ActionCOACH Founder Brad Sugars. Follow the link below for 11 Steps to Survive and Thrive. Reach out to me if you need help.
***UPDATED*** Crisis Averted - 11 Updated Steps Your Business Must Do to Survive AND Thrive Since so much has changed in the last 11 days, it is critical to update everyone on what you need to be doing in your business RIGHT NOW. Where in my previou...
Business Tip: Write a Book
This is an instant way to develop credibility, and it is actually fun too. While it is good for your ego, it also positions you in the marketplace as a leading authority in your field. By becoming a published author, you may soon find customers trying to seek you out.
If you are not capable of writing your own book, approach somebody to do it for you as a ghostwriter. This will cost you some money, but you can lessen your initial outlay by offering them royalties from any books sold. This form of marketing can be extremely effective, allowing you to market yourself as an expert. You may even decide to give the book away free, in order to generate leads. Of course, it does not need to be a long book – a small 10-page booklet could be just enough.
Crisis Averted - 11 Steps Your Business Must Start Today for the Coronavirus COVID19 Economic Panic
Business Tip: Watch this informative webinar from ActionCOACH Founder Brad Sugars on the 11 Things You Need to do Right Now to move your business forward through the pandemic. Follow this link: https://youtu.be/o1oAe8ZDFtE
Crisis Averted - 11 Steps Your Business Must Start Today for the Coronavirus COVID19 Economic Panic The stock markets are falling, oil prices are plummeting, people are getting quarantined … unless you are selling toilet paper or sanitizer, your business wi...
One of my favorite quotes from Marshall Goldsmith: " The best time to change is now. Look at the trend line - sanity does not prevail. There's a good chance that tomorrow will be as crazy as today." If you've been putting off things that you know you need to do, make the commitment TODAY to get started.
Business Tip: Hire & Train Your Salespeople
Hiring more salespeople can be one of the smartest things you will ever do. The most important consideration is whether the sales reps will pay for themselves. Offering a low base salary and a generous commission is the ideal way to ensure this. If they sell a little, you break even. If they sell a lot, you do well.
Generally, you should not have any trouble getting effective salespeople, providing you have a good training system in place. You also need to have sales scripts for them to use. These need to be tested and measured. Remember, if your sales rep is not getting results, chances are it is a bad script. By paying attention to this key area, you can turn almost anybody into an effective sales rep.
Business Tip: Use Networking to Build Your Business
These can be extremely effective. People buy from people they like, know and trust. If you get to know someone on a social basis, it is more likely that they will do business with you.
This method can outstrip every other promotional method if done correctly. You need the right mix of genuine friendliness and salesmanship. Do not be too pushy, but be pushy enough. You want to build the type of relationship where you can go and visit a person a few days after the function.
Go to networking functions fully prepared. Make sure you know the type of people you want to meet and what you intend to discuss with them. Simply going is not enough; you have to be prepared to work. You need to listen to your prospect closely and really enjoy the conversation. However, you need to be careful not to waste the whole night talking to someone who is never going to do business with you in the first place.
Spend just enough time with each person to build a relationship, and get the appointment you are after. That does not necessarily mean you set an exact time and date – just get their permission to come and see them in the near future. If you do not know whom it is you should be talking to, ask friends to point them out, or better still, ask them to make the introduction.
Business Tip: Build Strategic Alliances
Join forces with other businesses and help each other out. You could either market yourselves under one name, making your joint business a “one-stop shop”, or just have a verbal agreement to share customers, and refer them to each other. These alliances can pay off significantly, especially if you find it difficult to get to your potential customers.
This works most effectively if the businesses involved are similar, but not competitive.
Business Tip: Update Your Website
The Internet is good for virtually every type of business today, including complex products and big decision products to generate leads. People use the ‘net’ to research purchases and to identify potential suppliers, so a web page is absolutely necessary.
The Internet can be a major distribution channel for software, music, books, travel and other commodity type products that people do not need to touch and feel before purchasing. You can also implement cross selling on the Internet by advertising another company’s products and vice versa. The Internet is also great for opening up new markets from across the country or even around the world. The cost of setting up a website versus the potential revenues is very low. A website can act as a powerful feedback tool for current customers and a way to interface with your services such as product ordering and updating account information.
Business Tip: Develop a Host Beneficiary
This involves asking to promote your business directly to the customers of another business. There are many ways to set this up. You could offer their customers a gift voucher (and say that it is from the other business owner), offer to pay for the business owner’s mail out, offer the business owner commission on any sales the strategy generates, or offer the favor in reverse.
This can work exceptionally well for almost any type of business and it is especially good when you are friends with other business people who have customers that fall into your target market.
To make it more attractive for the other business, explain that you will pay for the printing of the letters and flyers that are to be distributed. Many people will be suspicious and will not understand the effectiveness of this strategy in the same way that you do. Put their mind at ease by guaranteeing them you will only use soft sales techniques with their customers. You can also explain the advantage to them of how they will build greater rapport with their customers.
Business Tip: Give Away Promotional Items
This is where you have pens designed with your logo on them, or something similar. The gift could be as large as a set of golf clubs. Ideally, the gift should be useful and of good quality.
Business Tip: Submit Press Releases
This is where you send a newsworthy story about your business to a media outlet. However, to get the story published it must contain a newsworthy angle that is well written.
Bear in mind that journalists have to fill a certain amount of news space every day/week/month. If you make their job easy and provide them with a good story, it will be considered for publication. It is always best to call first, saying, “I am just sending through a really good story idea.” Then send it.
In addition, follow up afterwards with another telephone call to see whether it was received. Remember, almost any business can take advantage of this form of promotion.
Business Tip: Develop a Referral System
Referrals are one of the most powerful lead generators in the world. People spreading the word are an inexpensive and very effective means of lead generation. Obviously, this can be achieved by offering exceptional value and service, but it can be further promoted by using special referral programs.
For example, you may reward someone who introduces his or her friends with a free membership or “referral” compensation, paid in the form of a gift voucher.
The key is that referrals are very valuable and you should reward those who are your best ambassadors.
Business Tip: Use a Contract or Agreement
This will only work in select industries, but it is certainly the most potent way to keep people coming back. This is especially good in industries where you will be working with the customer over a long period of time, or doing the same thing day in, day out. You simply write a contract, which states all the great things you will be doing for them. It also states the way in which they agree to do business with you. You both sign. Make sure you include a clause about ‘separation’ or ‘ending the business relationship’ – ask for notice, or reasons, or whatever you think appropriate. Assuming you continue giving good service, the customer will never leave you.
Business Tip: Collect a Database
Collect names at all costs.
All you need to do is say, “I’d like to add you to my mailing list – is that ok?”
Alternatively, you could just ask, “we regularly send specials to our customers – would you like to receive them too?”
You can also run a competition, or just go through your invoices. Once you have a database, there are an infinite number of things you can do with it. It gives you the power to contact your customers and make offers directly. You can even categorize your customers so you only mail to the people that you are confident will buy.
Business Tip: Send Out a Newsletter
Sending out a news-style leaflet every 1-3 months can make people feel as though they are part of your business.
This is essential for businesses where people only buy once every few months or so. You must keep in regular contact, and a newsletter is an ideal way. Not only can you advertise any product you want, you can also include tips, articles and more.
If you include enough good information, people will read, and more importantly, they will buy.
Business Tip: Measure Quality and Timeliness of Delivery
Your customers love on-time, quality delivery (product or service), so make sure they are getting it.
When it comes to business, the quality of your delivery service can make it or break it. It is no use delivering an item that is damaged on route to your customer. It is also no good delivering a purchase later than when it was promised.
By taking some simple steps to ensure this aspect of your customer experience is not found wanting, you will be going a long way to ensuring repeat business.
Business Tip: Send Special Occasion Cards
You can build the relationship further by sending out cards on the customer's birthday, anniversary, during the holidays and on other important dates. A periodic touch shows that you care.
Business Tip: Measure Service Delivery
The more you measure it, the better it gets. It is a simple step.
By keeping the quality of your service delivery operation under the spotlight, you are sure to improve its level of professionalism. However, you need to ensure you have a good measurement system in place. By constantly measuring quality and professionalism, you would also be constantly improving the delivery system, which in turn will improve the performance of the relevant team members. Their professionalism will increase, their jobs will get easier and they will perform better.
Business Tip: Run Paperless Systems
If you can run it via the computer and can avoid handling documents in triplicate, you will save a mountain of time.
You will also save heaps of money. Paper is expensive, and so is storage space. Massive filing systems are difficult to manage and find documents in. They also need to be cataloged and expanded each year. Then there’s archiving to be done every five years or so.
Electronic systems are easy to set up and manage. Data needs to be backed up regularly and stored off site. Specialist firms can take care of this area cost effectively and without fuss. On the other hand, you can do it yourself.
Business Tip: Apply the 80/20 Rule
This is an extremely powerful tool that can be used in all facets of your business as well as in your personal life. Many of us are familiar with the idea that 20% of our product or service produces 80% of our sales. Do you realize that this imbalance occurs throughout all areas of business and life in general? Consider wealth for example – only a small minority of people controls the vast majority of the wealth. Through application of the 80/20 principle, you can drastically change the performance of your business. Consider the way in which a major supermarket is merchandised: successful retailers know which 20% of their products generate 80% of their sales, but they also know which 20% of their products generate 80% of their profits and use this information very effectively.
Business Tip: Measure Your Acquisition Cost
How much does it cost you in advertising dollars to generate a customer? Through a simple ”Break Even Analysis” procedure you will know how cost effective your efforts are. Your goal is to acquire customers at the lowest possible cost; preferably reaching a point that every dollar spent on marketing produces a profit. You will have an unlimited marketing budget at this point.
Business Tip: Measure Lifetime Value of Your Customers
Understanding the real value your customers represent to your business over the years they deal with you is important. If your average sale per customer is $75 and you think of that customer as having a $75 value to your business, you are underestimating their true worth. For example, if a customer spends $75 on average every time they purchase from you, but the average number of times they buy from you is four times per year, and they will be buying that product for a span of 10 years, their lifetime value is $3000. How much in dollar profit is that customer worth to your business? How much would it cost to keep a current customer coming back? It is often far less expensive to keep a customer coming back than it is to attract new customers.
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