Know Yourself and Your Competition cont...

Last week, I wrote about the characteristics of successful sales people and I asserted that in order to succeed, you need to understand the environment you are working in, who you are up against, who your customers are and what they need before you can go out and capture their loyalty and their business.   To that end, you’d better start by doing your homework.  Following are some key points to cover as you build a sales plan:
1.    Identify your competitive position – Identify your competition and gather as much information on them as you can.  Use the Internet, the library, professional publications, groups, etc.  Based on your research answer this question: How do you measure up and what sets you apart from your competition?
2.    Identify your niche – Now that you have identified what sets you apart, use this information to define your niche.  Your niche is your competitive advantage.  It could be your service/product; the way you provide the service/product; it could be pricing or value.  The possibilities are limitless, but it must be something that will capture your customer’s attention and that they are willing to pay for.
3.    Describe your targeted client base - Based on the researched you have done so far and what you know of your product/service, describe your targeted customers.  What are their demographics, likes and dislikes, hobbies, how do they stay abreast of news, where do they hang out, etc.  All these things will be critical to building an effective sales and marketing campaign.
4.    Describe what you will offer these clients – This may seem like a silly step.  You know what you’re selling, but write it down in detail.  List out everything that comes to mind about your product or service.  All the features and functionality no matter how small.
5.    Identify what you will tell your clients about your product/services – Now take the information from the previous step and write out what exactly you will tell people about your product or service.  What is the benefit that your service or product is providing?  What are people willing to pay you for?  Remember, you aren’t selling a button; you’re selling a clothing closure device.

So, you’ve done all this, now what?  Well, you should now have an idea of how you will market your product/service. You should also know who your targeted customers are, as well as, where and how you might contact them.  It’s time now to use this information as the basis for your sales and marketing plan.  A good sales and marketing plan will increase your chances of success and it’s all about Building Business Success!

Know Yourself and Your Competition

Recently, I was asked to speak to a group of sales representatives.  This is a group of folks who historically had gotten all their leads from “Corporate” and their new boss was trying to educate them on the advantages of developing their own leads and growing their business through other avenues.  So, how to talk to a group of sales representatives, typically social, outgoing, ADD types about the not too exciting subject of planning and business strategy.  I mean, let’s face it; most people would rather have a root canal than listen to someone talk about a systematic approach to business growth. 

As I was thinking about it though, it dawned on me that the most successful sales people I have known have one thing in common.  That is, they run their territory like a business.  When you ask them a question about their territory, they typically respond with facts and figures.  They know their competition and how they stack up.  They know their sales goals as well as their historical sales.  They know their customers - who pays on time and who stretches their terms; who requires more attention and what their hot buttons are.  They know what factors affect their commissions and have a pretty good idea of what their future income will be. They do more than go out and convince people to buy their product or service.  They follow up after the sale.  They insure that the delivery was on time and that the pricing was accurate.  They are a one stop shop and an invaluable resource for their customers.

So, how did they get to be the end all for their customers?  The same way any business owner does it and it all starts with research.  That’s right, you first need to understand the environment you are working in, who you are up against, who your customers are and what they need before you can go out and capture their loyalty and their business.    Next week I'll give you some pointer on how to do this.

Plan, Monitor, Repeat continued...

Last week I told you a story about my failure to plan for, of all things, my vacation - gasp!!!  I pointed out that "everyone" plans their vacations, but a vast majority of business owners don't plan for their own businesses' future.  Here are 7 simple rules for successful planning in business that will give you a distinct advantage:
1.    Set clear specific goals.  Keep them simple, measurable and time bound.  You don’t need or want too many goals and you shouldn’t make them unobtainable.  Make them a stretch, but realistic and keep the number of goals to those you can realistically work on.
2.    Define the detailed tasks that will be required to accomplish your goals.  Now that you have set your goals, what are the things you are going to do that will make them a reality.  How much will it cost? Who will do them? What effect do you expect them to have toward achieving your goals?
3.    Develop a task timeline. Develop a simple annual calendar that lists when you will complete each task that you have identified.  Be sure to include the cost, so you can plan for the expenditure in addition to the time it will take.  Try to get at least the high level tasks on a one page calendar, so you can review the upcoming year at a glance.
4.    Set up a system to measure the results of your efforts.  Are the tasks having the desired affect on your goals?  Remember, your goals are measurable and time bound.  So measure them! 
5.    Constantly review your progress towards your goals. If you are making progress toward your goals, understand what is causing it.  If you aren’t making progress, understand that as well.  
6.    Adjust your activities as necessary to ensure you achieve your goals.  You’ve gone to all this trouble, now do something with the information.  Are your tasks having the desired results?  Do you need to shift resources away from what’s not working towards what is?  Do you need to come up with new ideas?  Have things changed so much that you need to rethink your original goals?
7.    Repeat!  Remember, nothing is ever perfect. 

Taking a systematic approach to planning, goal setting, measuring and monitoring your progress will greatly enhance your chances of success in today’s competitive environment.  You have to remain flexible and responsive to what is going on, if you expect to succeed.  And at the end of the day, that’s one of the reasons we’re in business, isn’t it?

Plan, Monitor, Repeat

I woke up one morning last month with the overwhelming desire to take a vacation.  I just needed to get away from it all, so I packed a bag, kissed the hubby and the dog goodbye and jumped in the car.  Suddenly, I realized that I hadn’t made any plans for this little excursion.  Actually, this dawned on me as I was packing.  I didn’t know where I was headed, so it was hard to figure out what to pack.  I just packed my favorite clothes – what I liked to wear when I was having fun.  Now I was faced with my second decision – how to get wherever it was that I was going…  I headed for the airport.

I have to admit I got some pretty strange looks when I asked the ticket agent (yes, I actually had to stand in line to buy a ticket) what flights they had leaving in the next couple of hours and where they were going.  Needless to say, it took a long time and I got a lot of dirty looks from fellow travelers, before I had purchased a ticket and was on my way to Waco, Texas.  Waco, Texas, you might ask?  Why the heck would someone go there?!?  Well, I had packed my favorite clothes, I had decided to fly and that I wanted to leave in the next few hours, so, in short, I had limited my choices.  I could go to Waco or Anchorage and I didn’t have the clothes for Anchorage.

Okay, so at this point or more than likely by the end of the first paragraph, you were probably a little skeptical about my story.  As you should be, who in their right mind would go on a vacation with no planning?  I mean, really, we don’t get nearly enough time to enjoy ourselves, so why wouldn’t we take the time to research and plan for our enjoyment.  Right?!?!  Yet the truth is, a vast majority of business owners don’t take the time to research and plan for their business the way they do for their vacations.  They put more planning effort into what they will do with one week of their time than they do with the remainder of the year.  And it is the remainder of the year that feeds and clothes them and their families.  Seems a little backwards, doesn’t it?

The moral of the story?  Plan, plan, plan for your business future! Statistics show that companies that plan have a higher chance of success than those that don’t.  Tune in next week for 6 simple steps to successful planning...