C-Suite Network™

Menu
Search
Close this search box.

Category: Sales

Categories
Best Practices Entrepreneurship Human Resources Investing Management Marketing Negotiations Sales Skills Women In Business

Do You Know How to Stop Your Negative Thoughts?

“Either you control your negative thoughts, or your negative thoughts will control you.” -Greg Williams, The Master Negotiator & Body Language Expert

He worried about the worst-case scenario and his stomach became queasy due to his negative thoughts. He thought, “I’m through if this doesn’t work.”

I’m willing to bet that you’ve had such occurrences in your life – I know I’ve had them. Have you thought what causes us to focus on negative thoughts?  Do you know how to stop your negative thoughts from pummeling your mind?

What causes people to have negative thoughts?

Negative thoughts stem from our brain attempting to protect us. Thus, if it senses something that caused us angst in the past, we become guarded. We may do that even if our latest perceived threat is only loosely associated with a past occurrence. If we become obsessive, our thought may become negative.

To thwart the thoughts of past negativity, consider the fact that you survived whatever trauma came from it. More than likely you learned something new, something about yourself, and a new way to cope with negativity. I’m not suggesting that you haphazardly discount negative thoughts, I’m suggesting that you not allow them to debilitate you.

You can prevent negative thoughts from overwhelming you by:

1. Focusing on something more positive.

2. Getting drunk! You’re probably shocked I said that. I’m just joking. But that’s an example of how you can alter your thoughts. You can shock your mind, which will take it off the negative thought. While this may be temporary, you can do this over a longer period. Just keep thinking of more shocking thoughts.

3. Preparing for a worst-case scenario, know that you’re prepared if it occurs, and ridding your mind of the negativity associated with that thought.

4. Focus on what’s positive in your life. While doing so, negativity will take a back seat.

5. Use negative thoughts as a source of motivation. If something is nagging at you, realize that it’s doing so for a reason. Something is probably lurking in the subconsciousness of your mind. Elevate it to your state of consciousness. Then, you can deal with it. Once done, banish it to an island of loneliness.

Negative thoughts are the killer of wellbeing and advancement in life. Once you learn to deal with your negative demons, you will have slain a hidden source that prevents you from moving to higher points in your life … and everything will be right with the world.

What does this have to do with negotiations?

If you’re focusing on negativity during a negotiation, you’ll be more likely to play defense. You’ll be less likely to go on the offense and take advantage of momentary openings. The latter will be due to your hesitation to act at that moment. More than likely, you’ll get stuck in an analytical mode. Before you realize it, the opportunity will have passed.

When you find you’re focusing too much on negativity during a negotiation, take a break and clear your head. Assess the cause and source of your thoughts. Create a strategy to deal with negative occurrences. Above all, never negotiate while in a negative frame of mind. Stop your negative thoughts.

Remember, you’re always negotiating!

After reading this article, what are you thinking? I’d really like to know. Reach me at Greg@TheMasterNegotiator.com 

To receive Greg’s free “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here http://www.themasternegotiator.com/greg-williams/

#Negative #Stop #Thoughts #Emotion #Business #Progress #SmallBusiness #Negotiation #NegotiatingWithABully #Power #Perception #emotionalcontrol #relationships #HowToNegotiateBetter #CSuite #TheMasterNegotiator #ControlEmotions

Categories
Economics Marketing Personal Development Sales

Five Myths About Price and Discounting

I can’t think of any concepts more misunderstood than price, pricing, and discounting.  An alarming number of businesses price poorly.  We even teach falsehoods about price at the college level.  Let’s discuss five myths about pricing, and its Mr. Hyde alter-ego, discounting.

I usually start breathing fire on this topic, so buckle up.  If this starts feeling a little too close to home, don’t get mad.  Get better.

Myth #1:  Price should be related to your costs.

Price should relate to customer value, period. Cost-plus pricing (your costs, plus some margin should equal price) is only useful to set a minimum, or a walkaway, not your actual price.

Take this one question quiz: Your customer wants a price that is below your costs.  You tell him so.  Question: is the average customer more likely to:

A: Erupt with a sympathetic “Oh, in that case, tell me what you want me to pay!”

B: Let you know, politely or otherwise, that your costs are not his/her problem, and (gently but?) firmly give you some version of “take it or leave it”.

So, if your costs are none of the customer’s business at the low end– and you know it – why should your costs be any of your customer’s business at the high end?

Customers will only pay any price (high or low) voluntarily – at least in the long run.  The reason they pay the price they do is that they find sufficient value in the outcomes your offer delivers.  Figure out your value, quantify it, and then set your price accordingly.

Myth #2:  Dropping your price will increase demand.

This myth is taught in economics classes the world over, up through the college level.  Economists build mathematical models using the law of demand.  Here’s the catch:  The law of demand assumes a few things in order to get the math to work:

  • All consumers and all producers have all information about all alternatives at all times – for free, and without effort.
  • All buying decisions are made without emotion…buyers are all Dr. Spock-like in a world that still uses money.
  • Related to “emotionlessness”, price is merely a number. Offered price does not communicate value to any buyer at any time.
  • All products and services are perfect substitutes for each other. They are absolute commodities, with no differences. There is no such thing as differentiation.
  • It costs nothing to switch vendors. There are no costs to qualify a vendor, and the human bias toward the status quo does not exist.
  • …there are a bunch more, but isn’t any one of these good enough to make my point?

Real life example: If your offer’s ROI is often north of 500% at similar clients, a hesitant customer isn’t going to be motivated by price. Price isn’t the problem with the deal.  Discounting is only going to convince your prospect to doubt the numbers.  Well, OK…not “only”.  There are the financial consequences, too.

Myth #3:  Price is just another feature…no more or less important than any other.

My jaw drops every time (yes it’s happened) a sales “professional” says “It’s the company’s job to make money at the price I sold”.  Then they wonder why nobody in the company invites them to the grownups’ table.

Psychologically, price is the final comparison against value – (value=desirability of your offer’s differentiation). Therefore, it’s the counterbalance against the value of all the differentiated features.  Companies with pricing savvy have proved this for decades, and in many industries – even “commodities” like steel and money.

This is so deeply embedded in the human psyche that price actually communicates value.  Buyers look more favorably at high-priced alternatives – assuming there must be a reason for the price. Dropping price perceptually diminishes every other feature in your offer.  No other feature can do that kind of damage.

If you’re unable to build value in the customer’s mind for the other features, then, sure…go with myth #3.

Myth #4:  You can “make it up on volume”.

The mathematical argument here is that by increasing unit volume at a lower contribution margin, you’ll not only get back to break-even, but get further above it.  (if it isn’t going to end up as more profitable, why work harder for the same – or fewer — profit dollars?).

The mathematical argument assumes your fixed costs won’t rise too.  Let’s think that through.  Say you’re a manufacturing leader and need to double capacity because your company decided  to “make it up on volume”.  The math assumes that you accomplish twice as much using the same plant, equipment, staff, utility bills, G&A, etc.  How many seconds of business school does it take to sniff out the fallacy?  Sure, in an infinite universe with infinite possible realities, it must be possible to “make it up on volume” somewhere, but I haven’t seen it anywhere in this dimension.

Here’s some independent research:

  • McKinsey & Company analyzed the entire Fortune 1000, and on average, a 1% drop in average pricewould cause an 8% drop in profit.
  • Mara and Roriello,in Harvard Business Review, studied an even larger sample, and founda 1% drop in average pricewould cause an 1 % drop in profit.

So…”make it up on volume” disciples:  how much do you discount before down becomes up?

Myth #5:  You can discount for “one time”, or for a “limited time”.

This is the myth of the “limited time offer”.  Your pricing policy is one of the easiest things to train customers on. No reputable company will really give a discount just once, and everyone knows it.  Nowadays, every customer just assumes it .  In fact, it’s actually harder to convince a prospect that an offer really isa one-time thing than it is to simply sell the value in the first place. Plus, the easy option is more profitable.

It gets even worse: customers are very hard to “un-train” on a new pricing policy. Once you go into the discounting tar pit, you might only get out as a fossil.

Worst of all: People change employers.  When one of your customers gets a job elsewhere, they carry knowledge of your discounting behavior with them.  See why it’s a tar pit?

Extra Value Bonus:  

Myth #6: If a customer says “Your price is too high”, it must be true.

Whenever somebody took the time to tell me what they think of my price, they  signaled that talking about my offer and its price was worth their time.  What they are really saying is usually “your value is too low”, or “I don’t understand your value well enough”. The other popular option: “I want your product, but am just checking to make sure I’m not paying any more than I have to.”  This is simply a due diligence step, not an actual price issue.

The customers who really think your price is too high don’t even return your calls.

Bottom Line

As I said, if this article started feeling a little too close to home, don’t get mad.  Get better. If you want to get better, contact me.

To your success!

Categories
Body Language Entrepreneurship Human Resources Management Negotiations Sales Skills Women In Business

How to Out-Negotiate and Understand Powerful Handshakes

“When someone shakes your hand, take note of what their other hand is doing. Their other hand heightens the meaning of the handshake.” -Greg Williams, The Master Negotiator & Body Language Expert

“During our introduction, I felt uneasy. There was something in his handshake that made me think that he was attempting to project himself as being powerful. I wasn’t really sure what that handshake meant but I knew he was sending me a message.” Those were words spoken by a team member when recalling how he felt at the outset of a negotiation.

Handshakes convey hidden meanings. They are one aspect of body language that people should pay more attention to. They can make you feel powerful, be perceived as powerful, or make you appear weak.

Continue reading to discover the hidden meanings conveyed simply by shaking someone’s hand.

Meaning of Handshakes:

  • Hand on Top – One hand on top of the other person’s hand

    • Normally, the person whose hand is on top is signaling superiority. But, allowing one’s hand to be on the bottom can be a ploy to allow the other person to believe he’s in a superior position.

  • Hard – One that appears to be overbearing

    • A hard handshake can be a sign of attempted intimidation. It can also stem from someone that is naturally strong and unaware of the strength they convey when shaking someone’s hand.
    • One’s perception is what denotes the degree that a handshake is strong or overbearing. If you’ve had prior encounters with the other party and have shaken their hand, you have a basis for comparison in the present situation. If you don’t have that comparison, consider what a normal handshake would be like from someone of the same size, gender, and background.

  • Weak – Lacking power, dainty, gentle

    • Weak handshakes convey the exact opposite meaning of those that are hard. Again, don’t necessarily infer that someone is weak because they deliver a weak handshake. It may be the way they wish you to perceive them at the outset of your meeting.

  • Hand/Arm Jerk – While shaking the hand, a quick movement is made that pulls the hand quickly in a jerking motion in one direction and then pushes it backward in the opposite direction.

    • Sometimes, in a playful setting, friends will engage in such banter. In negotiation settings, this gesture is most likely a subtle signal that the one exhibiting it plans to keep the other negotiator off guard. Take note when receiving such gestures and compare it to what follows.

  • Firm – Not too hard, not too soft, both hands parallel to each other

    • In a negotiation, negotiators state through this gesture that they’re equal and respectful of each other.

The person holding the handshake the longest is the one controlling it – they’re stating that they’re not ready to let go. A normal handshake usually lasts for 3 to 5 upward and downward movements. Any more is excessive, which means it’s being done for a reason.

Here’s the rub. Just because someone extends a weak handshake doesn’t make them weak, nor does a strong handshake make them strong.  It can all be a ploy. That means you can use this ploy as a tactic in your negotiations.

By understanding the meaning of handshakes, you understand more of what’s occurring. Thus, when someone shakes your hand, you can respond based on how you wish them to perceive you. That will alter the setting of any negotiation. That will also empower you … and everything will be right with the world.

Remember, you’re always negotiating!

After reading this article, what are you thinking? I’d really like to know. Reach me at Greg@TheMasterNegotiator.com 

To receive Greg’s free “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here http://www.themasternegotiator.com/greg-williams/

#Handshake #Power #Powerful #Emotion #Business #Progress #SmallBusiness #Negotiation #NegotiatingWithABully #Power #Perception #emotionalcontrol #relationships #HowToNegotiateBetter #CSuite #TheMasterNegotiator #ControlEmotions

Categories
Best Practices Investing Marketing Personal Development Sales

So Close But Still So Far: Discounting while Perspective Selling

Conclusion of a Five Part Series.

Are you selling with great perspective but still find your sellers discounting to win opportunities?  Don’t worry, you aren’t alone.  Selling with perspective (or insight, sometimes challenging) wins revenue by uncovering value. In the right hands, that can deliver benefits all over your company. In the wrong hands though, it means producing unprofitable revenue: making your company work just as hard for less reward.

Throughout this series, I’ve discussed perspective,  knowledge or insight that expands a customer’s understanding of one or more business issues. When a seller provides perspective, they apply customer-valued (not just any) insights and expertise about unanticipated outcomes. That might mean improving a decision, or achieving a previously unknown outcome.

Selling with perspective breaks sales professionals out of a death spiral.  That spiral: “since salespeople don’t add value to my decision, I’m going to self-inform. Then, I’ll invite them to bid on my self-defined solution.  As a result, they will have a hard time adding any value”. Using perspective selling to break out of the death spiral is critical. Great, even.  It helps win more opportunities, which is critical.

The thing is, a great perspective seller is most of the way to being able win those same opportunities at much higher margins—combined with higher customer preference.  Perspective selling while discounting iso close, yet so far.

I maintain that any company (including a non-profit, if you think about it) has the same fundamental mission — the core purpose of business:

Any company exists to generate higher customer value than it cost to deliver.

To recap, perspective selling allows sellers to uncover and develop additional value – the very essence of a successful business. Since value is the basis of price (OK, strike “is”. “should be the basis of price”), perspective sellers are perfectly positioned to sell value-based prices. They just need to take their game to the next level.

The Three Pillars/Legs of the Perspective Selling Stool… and Value.

Remember the three foundational “pillars” of expertise (or three legs of a stool) a seller should master:

  1. Business Acumen...This was the focus of part two. Basically, business expertise helps evaluate a prospective customer’s (or any company’s) operational efficiency and effectiveness, then identify value gaps.
  2. Solution Acumen. Feature/benefit selling is dead.  As discussed in part three, solution expertise improves perspective selling by translating a product or service into results/outcomes for a prospective buyer.
  3. Customer Acumen…In part four, we described world-class customer acumen.  It’s expertise in facilitating a group buying decision.  At elite level, sellers incorporate decision criteria players from any (even unusual) role with a valued outcome connected to their solution.

The ingredients of selling a value-based price are all right there above…emphasized in boldface.

Perspective (plus insight selling, and to a lesser extent Challenger Selling) harnesses the most compelling buying process: causing a customer to visualize unrealized, desirable outcomes for themselves. Adding on, valuable outcomes are the foundation of priceable value.  Finally, priceable value is the base of value-based pricing (Unfortunately, this isn’t as obvious as it should be. For proof, just look at how many dollars in discounts you gave out last year).

Can You Please Just Finish the Layup?

Done correctly, perspective selling is uncovers customer-valued outcomes throughout the entire selling process.

Unfortunately, most perspective selling doesn’t explicitly teach asking that one more question: “what will this outcome mean to you…monetarily”?  The exact wording of that basic question varies depending on personal style and situation but could sound like:

  1. What is [this situation] costing you every [year/month/etc.]?
  2. It sounds like that [situation] is causing [other department/role] to spend [hours/dollars/resources] on [current work-around]. Can you tell me about that or get me in front of them to ask directly?
  3. I just saw this at another company. For them, [describe improved outcome], resulted in X% reduction in [risk/cost/waste/etc.] and a [savings/cost avoidance] of $Y.  What kind of result do you think might be realistic in your situation?
  4. …you get the idea. Express the outcome as a result preceded by a [dollar/euro/yen/pound/yuan/rupee/etc.] sign.

Thankfully, this isn’t a “keep selling until you lose” situation.  Perspective sellers uncover value early and often — way before the proposal/price negotiation stage.  Remember, that’s the whole point of being an insight seller. It’s like great perspective sellers are leading a fast break with the basketball.  They only need to finish the layup by helping the prospect monetize their already-expressed valued outcome.

The Three Pillars of Perspective Selling and Value Price Selling are the Same. They’re Just Used Differently.

Now, re-read the boldface text on the three pillars above.  Next, go back and read the typical questions just above.  Then, notice how the three pillars help a seller:

  1. Understand the cost impact on the customer’s business? (hint: business acumen, possibly solution acumen)
  2. Predict a secondary/related business result, (business acumen, solution acumen), then recruit a new buying influence with something to gain (customer acumen).
  3. Refer a prior success (solution acumen) into the current prospect’s situation (business acumen), then start one persona on the path to monetizing the problem in their own world (business, solution, and customer acumen).
  4. …you get the idea. It takes all three legs of the stool to support both perspective and value price selling.

Perspective selling carries your conversation widely and effectively around an organization. However, Value price selling can carry your conversation more effectively into the C-suite.

Perspective selling uncovers and clarifies value drivers. In contrast, Value selling monetizes drivers.  Full Value Selling pushes sellers to monetize every single value driver they possibly can.

Perspective selling wins opportunities.  Better still, Full Value selling builds so much monetary value for your solution that your higher price is a better bargain to the customer than the exact same proposal sold only with perspective.

Selling value is one of those areas where less is less.

More value is more price. Importantly, price is profit.

Your company exists to generate higher customer value than it cost to deliver.

If you aren’t happy with your current results, could it be because your sellers are trained — and compensated (that’s another blog post, or several careers) – to go after exactly the outcome you pointed them toward?

Contact me if you want to talk about it.

To your success!

Categories
Best Practices Body Language Entrepreneurship Human Resources Investing Management Marketing Negotiations Sales Skills Women In Business

Do You Want to Know How to Negotiate Better?

“You should only seek to negotiate better if you seek to acquire better outcomes in life.” -Greg Williams, The Master Negotiator & Body Language Expert

Are you aware that they’re specific components that go into a good negotiation? Those components determine the probability of a negotiator’s success. If you would like to know how to negotiate better, note the components that follow.

Observe Body Language and Nonverbal Signals:

Being able to accurately detect body language and nonverbal signals allows a negotiator to hear and see the unspoken thoughts of the other negotiator. Most negotiators can detect when “something’s off”. But most miss more signals than they catch.

As the basis to reading body language, understand that one’s body always attempts to stay in a state of comfort. Thus, when a stimulus causes it to be out of that state, the body reacts to being out of balance. Therefore, to note when the body transfers from one state to another, note its cause.

Pre-Negotiation Probing Questions:

Negotiations are about control. It flows between you and the other negotiator throughout the negotiation. You can control that flow through questions.

Before engaging in the negotiation process, ask yourself deeply seeded probing questions (e.g. what you’re seeking from the negotiation, why do you want the outcome, what will you do if you can’t achieve it, what does a winning/losing outcome look like, etc.). The purpose of this is to uncover hidden thoughts that might drive your actions at the negotiation table. You should also put yourself in the shoes of the other negotiator and pose similar questions from his perspective.

Negotiation Strategies:

Be prepared to address the following occurrences in the negotiation.

Opening: Start by making sure that you and the other negotiator know what you’re negotiating for. Do this at the beginning of the negotiation by stating your understanding. You’d be surprised at the number of miscommunications that occur due to the negotiators not being on the same page.

Dealing with offers:

The first offer – Depending on your negotiation abilities, you can make the first offer – it will set an anchor. The tradeoff about making or not making the first offer really lies in your abilities to out-negotiate the other negotiator, due to the anchoring effect that the first offer provides.

Counteroffers – Make counteroffers with the degree of deliberation required for the situation. If the offer has a substantial bearing on the negotiation, don’t give the impression of countering it with haste. Remember, you’re conveying subliminal messages through your actions throughout the negotiation.

Take it or leave it – Don’t make this offer unless you’re serious about exiting the negotiation. This type of offer has a sense of hardening a negotiation if it’s not accepted. It also places you in a difficult position if you must retreat from it.

What if – The ‘what if’ offer can be used to test the other negotiator. It’s akin to being behind a shield. Because, if the other negotiator does not accept your offer, you’re not obligated to commit to it. Plus, you gain insight into his thoughts per what he will or will not accept.

Closing – You should be very vigilant in the closing phase of the negotiation. It’s the point that some negotiators make concessions to keep the deal together. Thus, savvy negotiators will take the opportunity to make a ‘slight’ request at that time. All the time, they’ve been planning for just this moment to do so.

As you know, they’re many moving parts to a negotiation. Thus, the more you can flow with the altering terrain that occurs, the greater the chances of success. Utilize the insights above and you’ll heighten that probability … and everything will be right with the world.

Remember, you’re always negotiating!

After reading this article, what are you thinking? I’d really like to know. Reach me at Greg@TheMasterNegotiator.com

 To receive Greg’s free “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here http://www.TheMasterNegotiator.com/greg-williams/

#power #powerful #Negotiate #Negotiations #bodylanguage #Negotiator #Business #Management #SmallBusiness #Money #Negotiating #combat #negotiatingwithabully #bully #bullies #bullying #PersonalDevelopment #HandlingObjections #HowToNegotiateBetter #CSuite #TheMasterNegotiator #psychology #NegotiationPsychology

 

Categories
Best Practices Entrepreneurship Industries Leadership Marketing Personal Development Sales Technology

Virtual Reality and Subliminal Marketing

Virtual reality (VR) has become a reality, as nearly every tech company has created a product that features it, and it is now seen by many as mainstream. Facebook-owned Oculus Rift, PlayStation VR, and the HTC Vive are just a few examples of household names that have launched us into the future of the immersive experience.

There is little doubt that VR has the potential to revolutionize the entire entertainment, tourism and even learning industries if audiences adopt the concept of strapping a device to their heads. At the same time, there will be those who feel instantly compelled to compare the technology to such fads as the first 3D television.

However, if the masses embrace VR as predicted, should we be concerned that this completely immersive experience could lead us once again down the dark road of sinister subliminal advertising?

Applied to VR equipment and other, similar technology, subliminal advertising has the increasing capability of wielding a much deeper impact on the unknowing user. given the vast, immersive characteristics of the VR environment. Consider one concept we’ve seen, where music apps and a smartwatch claim to play subliminal messages at a frequency overlaying music that cannot be detected by the ear, but only by the subconscious brain. This seemingly harmless idea could be incredibly valuable to savvy advertising agencies, as well as to candidates running for office.

Removing the everyday distractions of modern life and locking consumers away in an entirely immersive experience is every marketer’s dream — so before “plugging in,” we should all consider the potential implications of the use of this unregulated technology to manipulate us.

When we take a closer look at the advertising that surrounds us, it’s obvious that subliminal messages are real and powerful, as seen in one 2015 example created by a Brazilian advertising agency. The advertisers placed a billboard of people yawning at a busy metro station in Sao Paulo. This “contagious billboard” was fitted with a motion sensor that automatically detected when commuters were passing by and then displayed a video of somebody yawning.

The campaign aimed to convince passers-by that they were tired by using infectious yawning. The billboard followed the yawning video with this message: “Did you yawn, too? Time for coffee!” If it is possible to convince busy commuters to buy coffee by broadcasting a subliminal message, can you imagine the power potentially wielded within an immersive virtual reality experience that is completely free from distraction?

The gathering of data from our online purchases already allows subtle messaging for influential purposes, so the adverts that pop up and the messages we receive are certainly no accident or coincidence. Everywhere we turn, we are unwittingly subjected to product placements in video games and movies, but we congratulate ourselves on being able to see the messages and resist their pull. However, would we be as resistant to such messages if they appeared while we were completely immersed in virtual reality?

There is an enormous responsibility for any advertising agency considering bringing any form of advertising or marketing to virtual reality. If the consumer experience is in any way tainted by the out-of-date and detested marketing messages from our past, consumers will fail even to adopt the medium.

The main problem is that the current method of advertising is broken, and billions of dollars are wasted on ads that are either not seen or deemed irrelevant to a consumer’s lifestyle. This change in customer behavior is ushering in a new era of marketing called “targeted display advertising” (TDA) that uses consumers’ own data to deliver personalized ads that resonate with them.

Organizations finally have a handle on big data, and they will be able to leverage our mobile devices to learn what we’re interested in even before we clearly know ourselves, based solely on our browsing histories.

As we drift between devices and screens, we have surrounded ourselves with wave of white noise that has become a frustrating obstacle for any advertiser striving to stand out amongst all the distractions. However, a headset that removes any form of outside interruption by pumping sound into a consumer’s ears and preventing his or her eyes from wandering could make subliminal messaging hard to avoid.

Before becoming paranoid about what’s to come, it is important to understand how this technology can also be used for the greater good, too.

Virtual reality can make a positive difference in our lives by opening up fantastic opportunities for learning, rehabilitation, teaching and tourism. But I would like to see more conversations and debates about how subliminal marketing messages should be used in that environment, to help solve any problems before they occur.

What are your thoughts on the immersive experience virtual reality delivers to audiences, and about the benefits and downsides of its being leveraged to deliver subliminal messaging?

Categories
Best Practices Entrepreneurship Industries Marketing Personal Development Sales

PR & Marketing Secrets for a Successful Book Launch

The 7 Absolute Musts to Boost Book Sales

Finally! You finished your book and it is ready to publish! You’ve spent months – possibly even years – perfecting this literary masterpiece and now that the hard work is over, it’s time to sit back and let the royalties roll in…

If only it were that simple.   

Whether you decided to self-publish or if you chose the traditional route, if you launch your book without a marketing plan, the truth is FAR fewer people will read it. With over 4000 books published each day in a growing crowd of competition, it takes careful planning and an action-oriented marketing strategy to get your book the attention it deserves. Even if your publishing company has its own marketing department, remember, no one will fight for your book as much as you will.

So now that the launch date is set (or almost set) what do you need to do?

Google provides an overwhelming list of book launch to-dos, but our team of book marketing experts whittled it down to the 7 ABSOLUTE MUSTS for a successful book launch. The following advice shows both self and traditionally published authors how to stand out from the crowd and get more eyes on their book.

1. Create a Launch & Marketing Plan:

Your launch plan is a blueprint to your entire book launch. It outlines what you need to do, when you need to do it, and the resources, people, and tools you will need to get it all done. A successful book launch begins with a marketing plan. (Luckily for you, the following list is everything you need for your marketing plan.)

2. Create a Media Kit:

When a journalist or reviewer asks about your book, you need to be prepared. The purpose of a media kit is to grab the attention of journalists and producers and make them want to write a review, article, or do an interview with you. The media kit should be a one-stop shop with all the information needed to get this done.  

The basic information you should include in your media kit is:

  • Contact Information: Your name, email address, phone number.

 

  • Book Facts: Website, release date, retail price, purchasing information.

 

  • Book Details & Author Info: Brief author bio, and a short book description or synopsis. (Remember, brevity is key. Your bio and the book synopsis should only be a few sentences each.)

 

  • Attention Grabbers: This is where you can get creative and really sell your book!  Why do people want to read it? Does it fill a void or respond to a current trend or need? Perhaps you want to include a bulleted list of interview talking points, or a few article headlines or pitch ideas. At the very least, include a few sentences describing the main reason to buy.

 

  • Reviews / Awards: What are people saying about your book? Has it won any awards or gotten positive feedback? The media should know! The review doesn’t have to come from a famous critic or top news outlet – but if you have one, that’s great! –  A positive Amazon or Facebook review works perfectly.

 

  • Images: One or two high resolution photos of the book cover and one author headshot.

 

  • Media Release/ Press Release: Almost all of the above items can be included in a media release or press release. A press release is formal in tone. It is written like a news story and includes information that is more factual than promotional. Even if you are not sending it out on the official wire (through a service like PRweb), there are specific style and formatting guidelines you should follow to ensure journalists can read your information quickly and easily. In contrast, Media releases are less formal and more visually appealing. They can be sent via email to media contacts and in our experience, these are the best way to get interviews and print placements.

There are a variety of different ways to organize the above information in a media kit.  Some authors make giant media kits filled with every document, pdf, and picture related to the book. Others include only the nitty gritty. We recommend organizing the information into 2 PDFs (one fact sheet and one media release) and several images.

3. Get your Social Media in Order:

You likely already have a personal profile on Facebook, but creating a public author page is also important. This tip might sound obvious, but because we see so many authors make this mistake, the case for public profiles had to be included in this list. So here it is:

In general, public pages have better tools for advertising and promotions and they have more capabilities and plug-ins which will give your fans (or anyone who views your page) a better experience. Pages give you the ability to add “call-to-action” or “buy-now” buttons, review pages, landing pages, and so much more. They provide in-depth statistics and insights into your fans’ behaviors so you can better target ads.

In addition to just looking more professional, Facebook pages are optimized so that people can find you more easily (and since many people today use Facebook like a search engine, this is important.)

4. Website and/or Sales Page:

You don’t need to be an internet wiz or spend a fortune hiring HTML coders, but a good landing page is crucial for book sales. Your website should include a compelling description of the book, photos, reviews, and information about you as the author. Above all, it should contain all purchasing information and links with a clear “call-to-action” to buy.

5. Get Book Reviews:

Reviews aren’t just important, they are vital. Reviews give books greater visibility and a greater chance of getting found by more readers. They provide social proof that your book is worth buying. Your reviews will go in your media kit, on Amazon, on your website, and more. You’ve probably received ringing endorsements from your friends and family – (and if you haven’t, or if you haven’t gotten them in writing, what are you waiting for?!)

Remember, the more people that read your book, the more reviews you will get. Send advanced copies of the book to everyone in your close network and ask them to review on Amazon, Facebook, or other social platforms. Even a positive feedback sent via email is great for your arsonal of endorsements.

Amazon and Facebook reviews are great. What’s even better? Reviews from trusted news sites or medias authorities. To get your book reviewed or featured by established media outlets, send advance copies of your book and media kit to book critics, bloggers, and review sites. If you don’t have access to a media list or database like Cision, you will have to do some Google research to find the right person to speak with. Also, be sure to include a personalized note explaining who you are and why you think they would be interested in your book.   

6. Get the Word Out – Media Attention:

Media attention is the best way to boost sales and get the word out about your book. Doing author interviews (radio, podcast, tv), writing a newspaper opinion piece, or getting quoted in a magazine will give you more credibility and social proof than anything else.

A compelling media pitch is key to landing these placements. Your pitch should outline why your story would be a great fit for their show (or magazine, news site, etc) and what their audience would gain from what you have to say. Remember, unless you are reaching out to the media with an explicit request for them to review the book, your pitch can’t sell the book too hard. (Pitches that are too promotional get sent to the sales department to buy ad space.)  Instead, your pitch should sell you and your message and they should be customized to fit to the outlet/contact that you’re pitching.

Once you have a killer pitch, make a media list of who to send it to (include outlets on both the local and national level.) Again, if you don’t have access to a media list or database like Cision you will have to do some Google research to find the right person to speak with (usually a journalist, editor or producer.)

7. Recruit a Launch Team:

When launching a book there is so much that needs to be done. The above list includes only the most important items and even this list is overwhelming! That’s why you need a launch team. Whether they are hired help or volunteers, your launch team will help you pull everything together (from soliciting reviews, booking interviews or media appearances, scheduling bookstore events, organizing the launch party, and promoting on social media…even just hearing you vent.) Recruit a few close friends and/or hire a professional to ensure things run smoothly and you make the most out of your big day.  Remember, behind every successful author is a great support team.

Have marketing questions?  Want to strategize? Need to vent?

Farrow Communications has got your back.

Call us at 866-949-6868 or click HERE to schedule a free strategy session.

Categories
Best Practices Entrepreneurship Management Marketing Negotiations Sales Skills Women In Business

How Do You Know When You Make Good Decisions?

“Decisions are the stepping stones you make to move from one phase of your life to the next. To be successful, know where each step leads.” -Greg Williams, The Master Negotiator & Body Language Expert

When called into his boss’ office, he was glowing with pride. He thought, “I took a gamble, made the right decision and now I’m going to get that promotion.” As he walked out of his boss’ office for the last time, with his head hung low, he said to no one in particular, “How do you know when you make good decisions if they’re good decisions?” He was fired for making a decision that caused the company to lose its biggest client.

So, what criterion do you use when making decisions? And to what degree do you know or think you’ve made a good decision at the time you make it? Decision making can be dicey. Consider the following when engaging in your decision-making process.

Overall Goals:

Every decision will lead in one direction versus another. The variation may be slight. But, if you make a drastic decision that takes you further from your goals, you will have wasted valuable time and effort. Because that will put more distance between you and your goals. Before implementing major decisions, consider the impact that little decisions will have on your goals.

Where Does It Lead:

To be more mindful of the decisions you make, question yourself about where a decision may lead. Ask yourself, what will be the outcome of the decision you make and how will it impact other decisions? Will the possible outcome be too costly to bear? How will I and those that I care about feel emotionally about the outcome? If you sense a feeling of dread during this phase, it may be a warning to abandon the decision(s) you’re contemplating.

What if:

Play the ‘what if’ game when considering the decisions you’re contemplating. Ask yourself, what would happen if I didn’t make the decision – where would that leave me? Where would I be if I made it? What would happen next? By posing such a series of questions to yourself, you’ll gain deeper thoughts about where a decision might lead. If it leaves you in a place you rather not be, don’t make it – abandon it.

Consequences:

Decisions have consequences. Consider the ones that are more important more carefully. In part, assess the impact a decision will have on your life or those that significantly impact your life. For greater assessment ask yourself, what combined impact will my decisions have on others and how might that affect me, good or bad?

What does this have to do with negotiations?

During a negotiation, you’ll evaluate a countless number of decisions. Some will be easier to make. Because you will have discovered the paths to take during the planning phase.

For those decisions that might bear strong consequences, consider the outcome carefully. If you think a decision may leave you in a good place now but challenge your position later, it may behoove you to forgo it. There’s always another side to consider when considering decisions. Don’t ignore the consequences of that other side. Don’t make decisions in haste – there may be unforeseen consequences.

Even when a decision can appear to be the light at the end of a tunnel, that light can be a train coming at you. Be mindful of how, with who, and when you make decisions. The more you examine the possibilities of where they may lead, the better a handle you’ll have on the decisions to make … and everything will be right with the world.

Remember, you’re always negotiating!

After reading this article, what are you thinking? I’d really like to know. Reach me at Greg@TheMasterNegotiator.com 

To receive Greg’s free “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here http://www.themasternegotiator.com/greg-williams/

#Decisions #Emotion #Business #Progress #SmallBusiness #Negotiation #NegotiatingWithABully #Power #Perception #emotionalcontrol #relationships #HowToNegotiateBetter #CSuite #TheMasterNegotiator #ControlEmotions

Categories
Best Practices Entrepreneurship Management Marketing Sales Skills

The 3 Levels of Customer Acumen and Which One You Want

Part Four of a Five Part Series.

Customer acumen the third essential pillar of perspective selling.  Consider this situation: you know your prospect’s business in-depth and how your solution perfectly connects to their situation. Still, you can’t seem to make progress on the deal. Why? It’s all because you can’t figure out how they are going to make a buying decision for your proposal.  While also you need the other two, you can’t sell with perspective unless this third pillar, customer acumen, is strong.

To recap, perspective is knowledge or insight that expands a customer’s understanding of one or more business issues. When a seller provides perspective, they apply customer-valued (not just any) insights and expertise about unanticipated outcomes.

This series discusses three foundational “pillars” of expertise (or three legs of a stool) a seller should master:

  1. Business Acumen…The focus of part two. Basically, this expertise helps evaluate a prospective customer’s (or any company’s) operational efficiency and effectiveness, then identify value gaps.
  2. Solution Acumen. Feature/benefit selling is dead.  From part three, perspective selling means translating  your product or service into results/outcomes for a prospective buyer.
  3. Customer Acumen…The third pillar

Customer Acumen: Expertise in Customer Decision-Making

In contrast to business acumen, which helps you understand a prospect from a business/operational standpoint, customer acumen seeks to understand your customer from a social/human standpoint.

I recall a former colleague saying that “every [B2B] customer makes every decision differently…every time”.  By this, he meant that every group buying decision dynamic changes over time, sometimes subtly, but always importantly.  Even if your current opportunity pursuit seems like a straight clone of the last pursuit at the same customer, you shouldn’t simply clone your opportunity pursuit.  Mindlessly repeating the past is one of the easiest – and most serious – mistakes you can make.  To avoid this mistake, customer acumen gives sellers the ability to master each buying decision on a case-by-case basis..

The best sales people approach each new opportunity trying to learn the group decision dynamic currently in play…including in repeat buyers.  Perspective sellers approach each new sale on the lookout for key changes.  Sales methodologies (OK,  shameless plug for my favorite, Miller Heiman Group’s Strategic Selling® (…now,) with Perspective®)  help sellers tailor each pursuit to the needs of each opportunity.

Customer Acumen: Good, Better, Best

Upon examination, customer acumen isn’t a binary “you either have it or you don’t” property. Instead, it grows by degree.  Look at the good/better/best descriptions below.  While reading, try to determine where you and your sales organization land:

Basic Customer Acumen:

For clarification, “Basic” is not the same as “zero”; basic customer acumen represents progress for some organizations.  Here are some characteristics to help you identify that you’ve progressed to this level:

  • Sellers no longer pursue “single-threaded” opportunities with a single persona, counting on that person to facilitate a decision within their own organization..
  • At least for the main value proposition communicated by marketing and sales leadership, sellers regularly learn all the relevant players, what is each trying to solve for, and their motivations.
  • Even at this level, sellers can provide value-adding perspective, facilitating a buying decision among a group of buying personas making an unfamiliar decision. Thus, it’s useful, but far less than possible

As an aside, the HBR article Dismantling Sales Machine, derived from The Challenger Saleby the same authors, make valid criticism of “sales process” by falsely characterizing  that all “process” exists at this level.  While selling activity-based process often tops out at this level, methodology is just kicking in (click here) to learn the differences in more detail).

Basic customer acumen is better than none at all, but it those aren’t the only two options.

Elevated Customer Acumen:

As they elevate customer acumen, selling organizations emphasize mastery of the customer’s buying dynamic.  Where basic customer acumen focuses on understanding individuals separately, elevated customer acumen seeks to understanding a group dynamic…then successfully navigating that dynamic with the customer.

Sophisticated consensus selling methodologies emphasize this level of customer acumen.  Characteristics of this level look like this:

  • Sellers have — and use — tools to discover the group decision dynamic and solve for it.
    • They uncover if there is a ‘bully” in the group herding them along, or its softer cousin, the “first among equals” player.
    • Sellers learn to uncover any rivalries shaping the dynamic, using personal credibility and coaches.
    • They learn how the budgetary authority makes their decisions, who they consult most closely, who their key lieutenants are, what criteria they emphasize etc.
  • A key indicator of elevated customer acumen is that sellers focus on of customer buying processes, and follow metrics to make sure that their selling efforts are aligned with the customer’s buying process.
  • Additionally, sellers articulate a common theme, or customer objective — for everyone, focusing stragglers back on task, and reducing mission creep.
  • Sellers can effectively introduce new decision criteria to the group, but generally as simple extensions of the main/core value proposition contained in feature/benefit marketing materials.  At this level, though they seldom if ever introduce unconventional value or new personas relating to it (and their accompanying criteria) to the group.

At this level of customer acumen, adding perspective happens in two ways. First, sellers can add value to the decision by helping the group make a case for change.  Second, sellers can introduce new value/unanticipated outcomes to the customer…generally restricted to the core value proposition.

World class customer acumen:

Often, a solution delivers value outside the conventional value proposition(s) communicated in basic and mid-level solution acumen. For example, piece of hospital equipment (typically sold to lab personnel, doctors, finance, and purchasing) could reduce error rates, the third leading cause of hospital deaths.  Unsurprisingly, risk managers — well outside of the core value proposition, and outside of the typical collection of personas — cares deeply about. While good sellers can communicate value to the familiar buying personas, elite sellers articulate these next-level outcomes to personas outside of the typical buying group.

World class customer acumen has a few defining characteristics:

  • Sellers understand their offer’s value picture outside of the conventional selling box.
  • Whenever it yields a value advantage, sellers recruit new personas into the decision dynamic,  They can discuss value in a persona’s language, describing persona-specific outcomes. As the prior two parts of this series indicate, solution and business acumen are key foundations.
    • As a result, world class sellers regularly “pack the court” in the decision group by adding players supportive of their solution.
  • They can discuss any and all value drivers at C-suite level, translating it into C-suite language and outcomes.
  • Truly elite sellers can sell so effectively at the executive level that they get “introduced down”

Elite sellers introduce unanticipated value.  They are skilled at adding new personas to a decision team in order to leverage that value. Certainly, most selling methodologies teach sellers how to contact new personas and have meaningful conversations.  Unfortunately, I see too few teaching why or when, much less how to have conversations in a new persona’s language.  Without business and solution acumen, your selling organization will struggle to bridge this gap.  This is why the three acumens form a three legged stool that topples if any leg is missing.

So…

So…where did you land?  Do you know how to elevate yourself and your team to the next level?  Want to talk about it?

Excellent sales people are strong at all of the levels described above.  High-performing sales organizations develop all of these capabilities in their people.

How do you build customer expertise into your sales force? If you’re interested in learning more about how World Class organizations generate their exceptional results, share your questions or comments below. Feel free to contact me directly for more information.

To Your Success!,

Categories
Best Practices Entrepreneurship Industries Management Marketing Personal Development Sales Technology

Using Mobile Apps to Transform Business Processes

As our need for just-in-time information flourishes, our reliance on traditional technological processes has decreased significantly. The shift from personal computers to mobile devices has picked up now more than ever. It is difficult to determine whether stationary computers will vanish into obscurity; however, there is no doubt that mobile devices are here to stay. Our reliance on these ingenious pieces of technology is overwhelming. Tremendous time and energy are saved through the use of a mobile device, as we can access information anywhere with ease.

The expansion of new types of tasks that are carried out using mobile devices has arrived. Smartphones can solve nearly every need of their users, from providing detailed directions anywhere around the globe to enabling access to the cloud at all times. We take these benefits for granted as the opportunities provided by our devices become more and more integrated into our everyday lives.

The information that we seek is not freely floating on our devices. Mobile applications are the key to the success of these devices, as they provide a gateway to our needs as consumers. Whether it’s the weather forecast, the highest-rated local coffee shop, a traffic report, or a stock market update, it’s an app that provides the answer.

At just over one hundred billion, the number of app downloads around the world to date is astonishing. And this number is expected to grow even further in the coming years.

Although mobile applications are commonplace today, most consumers think “personal use” when they think of apps. We all understand that there is an app for our favorite social media site or a card game app we can kill time with while waiting, but in what other ways can apps be leveraged, and who can benefit from them?

The answer is businesses.

I have seen businesses of nearly every size begin to see the potential behind creating an app for customers. Retailers can now move even further online to adjust their business model to the changing times. Transportation services have created apps that convenience users by helping them navigate routes and times, all while providing pricing. Some financial institutions allow their customers to scan and digitally deposit checks from their smartphones. These applications are beneficial; however, they are far from the only practical mobile business apps.

Mobile applications for business processes are now more prominent when it comes to how businesses run from day to day. Applications created specifically for the operational side of an organization have gained traction. The benefits of employing an app for use on a mobile device to transform a business process begin with the very reason we use apps in the first place: convenience.

For example, instead of handwriting notes on data or inventory while out of the office, an application that allows data to be entered on the spot by typing or talking removes an otherwise lengthy process. That saved time can then be better spent visiting clients and prospective customers, providing convenience in an otherwise tedious operation.

Another example of a mobile app for a business’s internal use is one that facilitates mobile sales. For deals that close quickly or unexpectedly, organizations can have contracts signed electronically, no matter where a meeting may have taken them. Presentations and data can be displayed at a moment’s notice if needed, as well. Data on previous deals made with a customer can be easily accessed while heading to meet with him or her.

Mobile apps can streamline processes, including supply chain, purchasing, distribution, or maintenance processes, so that a business can run as productively as possible. With information available on demand via mobile device from one accessible location, organizations tend to increase productivity and identify areas that need further improvement, which can reduce cost inefficiencies while increasing revenue.

Communication and collaboration are improved through mobile apps for business processes, as employees begin to more clearly understand roles and discuss the discrepancies highlighted by the application. Employees instantaneously become more productive, as time is saved through the assistance that mobile applications provide.

Business applications can be purchased and modified by organizations, or designed from scratch to fit the unique needs of a business. By creating a mobile app tailored to its business, an organization gains a competitive edge from having something unique in its industry. There are dozens of businesses that specialize in creating mobile apps to fit the unique needs of their customers.

The ways in which mobile applications can be used is seemingly endless, and right now, mobile apps for business processes represent a growing Hard Trend that every organization should address, as such apps can streamline internal processes. If productivity and effectiveness are your long-term goals, ask yourself how you can use mobility to improve every business process.

Innovation leads to disruption, not being disrupted. Learn more with my bestselling book The Anticipatory Organization. I have a special offer for you.

Pick up your copy today at www.TheAOBook.com