Category: Target Market

How To Increase Your Business By Getting To Know Your Vendors!

It’s extremely important to build relationships with your vendors and those around your vendors circle.
They can bring you in new customers/clients and increase awareness of your company branding.
The people you work directly with on your products and services are really the ones
that have the most to gain when you find success. By taking the time to get to know them,
you’ll find a whole host of opportunities you didn’t realize were there.
Look for great ways to offer your vendors rewards for helping you grow your business and
everyone wins. One of ways you can do this is by offering performance based incentives
that are much larger than their normal charges.

Here’s the step-by-step process for putting together a partnership with a vendor:
1. Approach all the vendors you work with and offer an incentive based on
performance.
2. Put the generous incentive plan together from their perspective, even take
suggestions.
3. Develop a clear, concise and easy to track incentive plan, this will increase
competition between vendors and therefore increase performance levels.
4. Encourage and offer a better bonus for subsequent sales instead of focusing only on the initial sale.

By doing this you can give away more of the profit from the initial sale to your vendors
and make higher profits off the back end products.

Encourage:
• Future sales
• Up-sell, better and more profitable products and/or services.
• Cross-sell to additional products
5. Create an incentive plan that’s irresistible to your vendors by offering generous,
exclusive compensation.

Think of all the vendors you work with and the creative ways you can put together an
incentive plan that entices them to be part of your business. Use their talents,
capabilities and connections and you’ll both be winners.
Putting together an incentive plan doesn’t have to be a complicated process. If you’d like my help

in coming up with some great ideas and putting your incentive plan together
for maximum results schedule a call with me.

Turn Prospects into Customers Overnight!

Today I’d like to talk about how to turn prospects into customers and retain them for
future marketing efforts. While, your marketing is doing its job, you need to be working on
turning those prospects into customers. There are a few key ways to draw prospects in and
seal the deal. You need to be:

• Inviting
• Informative
• Enjoyable

The biggest fear of most new customers is they dread buyer’s remorse. You want to avoid
this at all costs and this should be mitigated by providing a quality product/service
that delivers on the marketing claims you’ve made.
However, this can still occur. There are two ways to deal with buyers remorse:

• Offer to refund money-no questions asked
• Offer a bonus they can keep even if they return the product

These offers alone will help mitigate buyer’s remorse because the customer will trust
you more and respect your integrity more, just for offering them.

There are number of other ways to turn a prospect into a customer:

1. Offer a special price as an opportunity for you to test their type of market.
2. Offer a lower price with the reason of pushing inventory to pay a tax bill, pay for your
kid’s’ braces, or another tangible reason. Customers love that this makes you
so much more human and they will relate to you better.
3. Offer a referral incentive.
4. Offer a smaller, more inexpensive product first to build trust.
5. Offer package deals.
6. Offer to charge less for their first purchase if they become a repeat customer.
7. Offer extra incentives-longer warranties, free bonuses if ordered by a set date.
8. Offer financing options, if applicable.
9. Offer a bonus if they pay in full.
10. Offer special packaging or delivery.
11. Offer “name your own price” incentives.
12. Offer comparative data or other comparison tools.
13. Offer a trade-up or upgrade to something they already have.
14. Offer additional, educational information to help them make the decision.
The options are really only limited by your imagination.

But, I recommend you test every offer to a small number of your prospects before you do a full roll out.

You can use these or other ideas to
find what works the best for your business, products/service and target market.

Remember this…
“By making it inviting, easy, informative, non-threatening, educational, inspiring and fun
to do business with you, you’ll position your company above the competition.” Jay Abraham

Need help with figuring out the best strategy for converting prospects into customers?
Our FREE test drive gives you exclusive access to a mountain of resources and tools,
along with information from some of the greatest marketing minds on Earth.

Stop Wasting Your Resources!

Today you’re going to learn how to find a target market of potential customers so you aren’t wasting precious resources on blitz marketing. So, the two questions you have to ask yourself are:
  • What do people really want to buy from me?
  • What related products are they already buying?
Once you figure this out you will know who is more predisposed to purchase your products/services. Then, you find other businesses with the same customer base who you can customer share with. Come up with an incentive and great arrangement to encourage both of your customer bases to shop at both of your stores. The basic concept is this: You want to find existing businesses who have the customer profile that you are looking for to market your products/services to. Then strike up a relationship with those business owners to work out an incentive for customers to purchase from both businesses. As a result, you have an audience to market to and they generate an added value from their current base. So, how do you figure this out? There is a great formula from Jay Abraham you can follow with great success. LV = (P x F) x N – MC Here’s what it all means:
  • LV is the life time value of a customer
  • P is the average profit margin from each sale
  • F is the number of times a customer buys each year
  • N is the number of years customers stay with you
  • MC is the marketing cost per customer (total costs/number of customers)
Once you know how much you need to spend to attract a new customer, you will know how much of an incentive you can offer to a business to help attract new customers. So, here’s your step-by-step process:
  1. Find companies who already have the customer base you are looking for.
  2. Negotiate an incentive for them to share that customer base with you.
  3. Focus your marketing resources to this group of predisposed customers.
If you need help working through this process, please contact us and we’ll set you up with the most comprehensive system of marketing tools and resources.