Can you thrive on this yearly profit? If not try another service or product that may have a higher potential share of the market, transaction profit or transactions per year or a combination of all.

The trick is to focus, maximise profits and have the same awesome customers coming back, again and again. The net result will be greater profits for less work.

Here's what happens:

• You gain expert status and become more attractive to prospective customers.
• You confidence grows, you have much more clarity.
• Your profits grow
  The Art of Selling - Preparation
  Having been involved in sales for most of my career, I can attest to the many successes and failures of various colleagues. In trying to determine the root of those that had problems selling, it can be summed up in a few words; lack of preparation. These poor people would knock on a door or make a call with almost no idea of what they were going to say or how the sales call should go. What they needed was an outline and some general knowledge of the company regarding whom they were calling. With the advent of the Internet, this is inexcusable. The a
  Some say, diversify - Make sure you have every possible service and product available - Give yourself every opportunity to make a sale - Make your shop a 'One Stop Shop!'

  I don't call this diversifying, I call it de'worse'ifying!!

  The truth is, when you try and be everything to everyone, you spread yourself so thin, that you end up being, nothing to no-one.

  Proceed with caution - One stop shops are for the big boys. The big players, with huge budgets to spend on marketing. In small business, the trick is to do exactly the opposite to one stop shops. And that is to specialize and become exceptionally good at this area.

  Specializing means better focus on one area. It allows you to research deeper and become an expert in that area. Experts are usually paid much more. An example is an Electrician turned Home Theater Specialist. By doing this the Electrician increased his rates by 40% overnight!

  Specialists are, on average, more profitable and attract customers faster. But how do you decide what to specialize in, and, if you will survive?

  Well, start by:

  1. Defining which is your most profitable service or product you presently offer.
  2. Define who your ideal customer is for that service or product.
  Do some research. Find out how many of those ideal customers are reachable, willing, and able to invest in your services and/ or products. Then write down a detailed description of them:
  • where are they located?
  • what age group are they?
  • what do they read?
  • where do they socialize?
  • how often would they have the problem you are solving?
  • how quickly will they pay?
  • and more.
  Make sure you know your ideal customer like the back of your hand. The more you know about them, the easier it will be to market to them.

  And then research your competition. Make 2 lists:

  1. Direct Competition - they are also specialists offering exactly the service or product you do.
  2. Indirect Competition - they offer a similar service.
  Your likelihood to thrive will depend on a quick calculation. Divide the amount of ideal customers you believe you can reach by the amount of competitors (including yourself). The answer to this will be your potential share of the market.

  For example: Number of customers I believe will require my service = 300. Competitors = 3. Therefore my potential market is 300 divided by 3 = 100. It will probably be more, because I know how to market more effectively, but we'll use 100 for this calculation.

  Now calculate your potential yearly profit by multiplying your potential share of the market x your average profit per transaction x your average transactions per year.

  For example: Potential share of market = 100 x $120 (average profit per transaction) x 12 (average transactions per year) = $144,000 (potential profit per year.)

  Can you thrive on this yearly profit? If not try another service or product that may have a higher potential share of the market, transaction profit or transactions per year or a combination of all.

  The trick is to focus, maximise profits and have the same awesome customers coming back, again and again. The net result will be greater profits for less work.

  Here's what happens:

  • You gain expert status and become more attractive to prospective customers.
  • You confidence grows, you have much more clarity.
  • Your profits grow
    Do Your Organisation's Measurements Support Its Goals?
    Organisational Overview In very general terms, organisations process inputs received from resources into outputs delivered to their stakeholders. For business concerns the inputs are capital, labour, materials and technology. These are converted into products and services for customers and financial returns for investors and other financial stakeholders. Visit the url below for illustration.http://www.leapfrogalliance.com/ezgrphx/biz.jpgSystematically Decide What to Measure: The most obvious sour
    s you to research deeper and become an expert in that area. Experts are usually paid much more. An example is an Electrician turned Home Theater Specialist. By doing this the Electrician increased his rates by 40% overnight!

    Specialists are, on average, more profitable and attract customers faster. But how do you decide what to specialize in, and, if you will survive?

    Well, start by:

    1. Defining which is your most profitable service or product you presently offer.
    2. Define who your ideal customer is for that service or product.
    Do some research. Find out how many of those ideal customers are reachable, willing, and able to invest in your services and/ or products. Then write down a detailed description of them:
    • where are they located?
    • what age group are they?
    • what do they read?
    • where do they socialize?
    • how often would they have the problem you are solving?
    • how quickly will they pay?
    • and more.
    Make sure you know your ideal customer like the back of your hand. The more you know about them, the easier it will be to market to them.

    And then research your competition. Make 2 lists:

    1. Direct Competition - they are also specialists offering exactly the service or product you do.
    2. Indirect Competition - they offer a similar service.
    Your likelihood to thrive will depend on a quick calculation. Divide the amount of ideal customers you believe you can reach by the amount of competitors (including yourself). The answer to this will be your potential share of the market.

    For example: Number of customers I believe will require my service = 300. Competitors = 3. Therefore my potential market is 300 divided by 3 = 100. It will probably be more, because I know how to market more effectively, but we'll use 100 for this calculation.

    Now calculate your potential yearly profit by multiplying your potential share of the market x your average profit per transaction x your average transactions per year.

    For example: Potential share of market = 100 x $120 (average profit per transaction) x 12 (average transactions per year) = $144,000 (potential profit per year.)

    Can you thrive on this yearly profit? If not try another service or product that may have a higher potential share of the market, transaction profit or transactions per year or a combination of all.

    The trick is to focus, maximise profits and have the same awesome customers coming back, again and again. The net result will be greater profits for less work.

    Here's what happens:

    • You gain expert status and become more attractive to prospective customers.
    • You confidence grows, you have much more clarity.
    • Your profits grow
      Accountability or Confusion - Why Use a CRM
      How many times have you purchased leads from an Internet lead provider or direct mail vendor, only to wonder…Where are my leads? Has anyone called my lead? Did we sell cars from our leads? Are there any referrals?At the end of the month did your lead provider leave you with more questions than answers? What happens with your lot-ups? Are there follow-up and closing opportunities at the bottom of your sales rep’s drawer? What about those phone calls that come straight into the dealership? Is your lead on the back
      products. Then write down a detailed description of them:
      • where are they located?
      • what age group are they?
      • what do they read?
      • where do they socialize?
      • how often would they have the problem you are solving?
      • how quickly will they pay?
      • and more.
      Make sure you know your ideal customer like the back of your hand. The more you know about them, the easier it will be to market to them.

      And then research your competition. Make 2 lists:

      1. Direct Competition - they are also specialists offering exactly the service or product you do.
      2. Indirect Competition - they offer a similar service.
      Your likelihood to thrive will depend on a quick calculation. Divide the amount of ideal customers you believe you can reach by the amount of competitors (including yourself). The answer to this will be your potential share of the market.

      For example: Number of customers I believe will require my service = 300. Competitors = 3. Therefore my potential market is 300 divided by 3 = 100. It will probably be more, because I know how to market more effectively, but we'll use 100 for this calculation.

      Now calculate your potential yearly profit by multiplying your potential share of the market x your average profit per transaction x your average transactions per year.

      For example: Potential share of market = 100 x $120 (average profit per transaction) x 12 (average transactions per year) = $144,000 (potential profit per year.)

      Can you thrive on this yearly profit? If not try another service or product that may have a higher potential share of the market, transaction profit or transactions per year or a combination of all.

      The trick is to focus, maximise profits and have the same awesome customers coming back, again and again. The net result will be greater profits for less work.

      Here's what happens:

      • You gain expert status and become more attractive to prospective customers.
      • You confidence grows, you have much more clarity.
      • Your profits grow
        Evolution of Managerial Practices
        The Industrial Revolution, or as it is often known as – the mechanization era, did set a solid starting point in Taylor’s scientific management theory. Rapid technological innovations such as water, electricity, steam engines, and machineries have transformed many small scales individual operations into large scales power driven manufacturing industries . At the time, railroads and cotton mills were considered to be good investments. Moreover, mass factory productions have enabled people to acquire consumer goods cheaply. In overall, standard of liv
        d to thrive will depend on a quick calculation. Divide the amount of ideal customers you believe you can reach by the amount of competitors (including yourself). The answer to this will be your potential share of the market.

        For example: Number of customers I believe will require my service = 300. Competitors = 3. Therefore my potential market is 300 divided by 3 = 100. It will probably be more, because I know how to market more effectively, but we'll use 100 for this calculation.

        Now calculate your potential yearly profit by multiplying your potential share of the market x your average profit per transaction x your average transactions per year.

        For example: Potential share of market = 100 x $120 (average profit per transaction) x 12 (average transactions per year) = $144,000 (potential profit per year.)

        Can you thrive on this yearly profit? If not try another service or product that may have a higher potential share of the market, transaction profit or transactions per year or a combination of all.

        The trick is to focus, maximise profits and have the same awesome customers coming back, again and again. The net result will be greater profits for less work.

        Here's what happens:

        • You gain expert status and become more attractive to prospective customers.
        • You confidence grows, you have much more clarity.
        • Your profits grow
          Targeting Inactive Customers With Postcards
          You probably know that a prospect needs to see your business name an average of seven or eight times before they trust you enough to buy. When you consider the high cost of advertising and the lifetime value of a customer, it makes sense to try to recapture your inactive customers (people who have not purchased from you in the last six months to two years).Postcards can be an inexpensive means of accomplishing this goal. However, to make your campaign effective, you need the following: (1) a good list, (2) strong offers,(3)an eye-catching c
          f market = 100 x $120 (average profit per transaction) x 12 (average transactions per year) = $144,000 (potential profit per year.)

          Can you thrive on this yearly profit? If not try another service or product that may have a higher potential share of the market, transaction profit or transactions per year or a combination of all.

          The trick is to focus, maximise profits and have the same awesome customers coming back, again and again. The net result will be greater profits for less work.

          Here's what happens:

          • You gain expert status and become more attractive to prospective customers.
          • You confidence grows, you have much more clarity.
          • Your profits grow with much less effort.
          • It is easy for people to refer you to others and the one stop shop will refer customers to you.
          • Your job becomes easier, as systems and procedures are streamlined for that service or product.
          • Marketing becomes laser focused and the same material can be used over and over again.
          • Hiring staff becomes easier.
          • Bigger supplier discounts can be negotiated because of bulk buying.
          • and more.
          Do you see that by narrowing your focus you could easily triple your income?

          Granted some industries are harder than others to do this in, but I have never seen an industry where this is not possible. It's often just a business owners belief, that they need to be doing and selling everything they possibly can, if they want to survive.

          If that's your belief then hopefully I've convinced you to 'Change It Today!'

          Copyright 2006 Ian McConnell