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Category Archives: Sales

Business Failure

The flipside of "success” is "failure” and it’s the latter that every business owner and manager strive hard to avoid. By definition, the term "business failure” refers to the cessation of a company’s operations following its inability to generate enough revenue to cover expenses without adequate reserves. In the recent times, there are many examples of strong businesses that have failed to adjust to the changing markets and economic times or to take advantage of opportunities – and this has ultimately led to their downfall. Based on my 26 years experience working closely with business owners, here are my 9 key tips to avoiding business failure: 1. always ensure that you target your marketing. Too many businesses have an undifferentiated product/service offering and fail to understand who their target customer is and what they require. Don’t be undifferentiated, make sure you’re speaking the right language and...

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Tailoring your Marketing to your Consumers

I recently posted about an interesting ad campaign from Canada using Porsches in a wealthy suburb in Toronto. Let's expand on this concept of really understanding your target market and personalising your approach to them. In the video, the advertising agency Lowe Roche in Toronto Canada thought of a way to make advertising more direct and more personal for client - Pfaff Porsche. They drove the Porsche to a neighborhood of affluent families in Toronto (which was their target market), parked the Porsche in driveways and took photos. After the pictures were taken, the team from the advertising agency produced tailored marketing pieces for each address using mobile printers. They then distributed the print outs and the residents of the neighborhood received a personalized direct mail piece. From this creative and very unique campaign, 32% of people responded to a website where they booked a...

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To Tweet or Not Tweet

To Tweet or Not to Tweet Social networking has indeed changed the world. Since its introduction, this modern phenomenon, which is also referred to as social media, has provided a new and faster way for people to connect, interact and go about with their daily lives. Social networking may have started out as a fad, but its massive appeal has transformed it to something even bigger. And today, almost 50% of the world’s IT literate population, under 30 years old, is on social networking sites such as Facebook, Twitter, Linkedin and more. Social networking has affected almost every person in the world in one way or another—good or bad. In fact, many people’s personal lives have changed because of it. Research shows that 1 out of 8 US couples have met through social networking sites. With things like this happening because of social media, the...

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Lifting Sales Performance

For many businesses, the period of strong growth that has preceded the downturn, meant that sales skills and management did not get the attention that they deserved. As the economy slows, competition for scarce resources increases and sales are no back on the agenda - the shoe is now firmly on the other foot! Selling in difficult times It is worth noting some key points raised by Neil Rackham (of SPIN Selling fame) in his article: "Selling tactics for difficult times" There are several other reasons why business managers don’t plan: Only 50% of sales people have sold in difficult times - if you have a young sales force then this proportion will be much higher; In an economic downturn, sales cycles (from start to close) are typically 40% longer; Many people believe that in tough times, customers buy on price - this is a...

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