So, you had a first conversation with a potential client, and it went well. They are interested in investing in your highest ticketing program or your highest ticketing services. Or, better yet, they are willing to invest in you and build with you a personalized premium ticket offer according to their needs. The deal hasn't been done yet, but it's in talks, and now it's a matter of building confidence.
There is something about building trust with high-ticket customers that seems more intimidating than with low-ticket customers, and it's not just about the money. How much someone is willing to invest in you and your service is directly proportional to their confidence in you… and, frankly, how much they need to spend. Because business is done by people and people relate to each other, the best way to strike a deal and build trust is to simply establish a relationship with that customer. Of course, this must be done carefully, without putting too much pressure or make it seem like you only want a relationship with them for what they could bring you (or invest in you). It's a tricky balance to strike, but here are some ways to start hitting.
1. Sell something cheaply first.
Sometimes trust is built by working through your purchases. If they've purchased from you before - even something small, like a $ 27 workbook or a $ 37 webinar, it can help them make a decision on an expensive purchase. Lilach Bullock writes, “Low-cost items help you get more people into your sales funnel. These impulse buys and no-pressure buys draw them in and give them a taste of the full version - fit them into your high-price sales funnel so you can sell to them later. "
If you're already in the conversation about the high-priced item, this may not be as relevant - but keep that in mind for potential future high-priced customers. And, if a large financial investment seems to be what is slowing down the sales cycle with the current customer, consider how you can offer a payment plan or something that alleviates their worry about such a large investment up front. This should also be done in parallel with building emotional trust, because if the trust is there, the return on investment of even a very high investment will seem obvious.
2. Take them to dinner
If you live in the same neighborhood as this potential client, consider meeting in person in a more social setting. This advice comes from Mike Sim Boon Cheok, the founder of Participations. “Be natural rather than pushy and take them out to dinner to learn more about them,” he explains. “Inevitably at some point in the dinner they will relax and get comfortable enough with you to discuss the issues they are facing and their needs. This is when you can really understand them. "
Think about times in the past when you made high investments: How well did you know this person socially? The more we get to know others, the more naturally we are inclined to trust them. Make this client get to know you and create an opportunity for you to learn more about their thoughts, concerns and inner world, so that you can make sure that you are the best possible person for them and convince them of the same. Sure, this will be a professional dinner (or coffee), but don't be afraid to show more of who you are so they feel comfortable doing the same: talk about your dog, your latest one. trip or something you love in your personal life.
3. Mention past clients and their successes
At the end of the day, customers want to feel taken care of. They want to know that you have already done what you are working on with them and that you have been successful for their past clients. So get those customers to chat as much as possible. Do not mention their name or any private information, but say something to this effect: “I really understand that it is one of your goals to be on the bestseller list. A former client of mine had the same goal, and here are the three things we did to help him achieve that goal.
You can also go beyond mentioning successes, and get into the real detail of procedures, such as the employment relationship. It might look like this: “What a few of my old clients have found really helpful are the weekly phone calls and daily recordings, they said it helped them take responsibility for these new goals and that we even made daily breakthroughs. texts! ”The more you can paint a story around past customer experiences, the better. This will emotionally persuade the potential customer to work with you because they want to be in your former customer's shoes.
However, note that this must be done with a spotlight always on the potential client. Katie Pritchard, Vice President of Services, writes that “Simply put, the focus is never on your business, but rather on how your services will help meet clients' business goals.
“It's always a question of perspective. They need to know that not only will you help them achieve their business goals, but how. "
Finally, keep in mind that trust is built over time too - and in the small details. Pay attention to your response times and how quickly you get back to your prospects. Remember some of the little details of what they say and recite them. It's just about getting a good deal and showing that you care about the potential client and that you will do a detailed, in-depth job working with them.
The biggest problem founders and small business owners have is that they’re experts in their field and novices in what it really takes to effectively run a . That’s what usually trips them up, sooner or later.
Don’t let that happen to you. Admit that you don’t know what you don’t know about business, starting with these 15 tips guaranteed to help keep you and your company out of hot water. Some are straightforward, others are counterintuitive, but they’re all true. And some day they’ll save your butt.
Always make sure there is and will be enough cash in the bank. Period. The most common business-failure mode, hands down, is course out of cash. If you know you’ve got a cash flow or liquidity problem coming up, fix it now. You can’t fire bad employees fast enough. You just can’t. Just make sure you know they’re the problem, not you ( see next tip ).
The problem is probably you. When I was a young manager, my company sent us all to a week of quality training where the most important concept we learned was that 90 percent of all problems are management problems. When things aren’t going well, the first place to look for answers is in the mirror.
Take care of your stars. This goes for every company, big and small. The cost of losing a star employee is enormous, yet leaders rarely take the time to ensure their top performers are properly motivated, challenged, and compensated. Your people are not your kids, your personal assistants, or your shrink. If you use and abuse them that way, you will come to regret it. Capiche ?
Learn to say ' yes ' and ' no ' a lot. The two most important words owners and founders have at their disposal are “yes” and “no. ” Learn to say them a lot. And that means being decisive. The most important reason to focus – to be clear on what your company does – is to be clear on all the things it doesn’t do.
It boggles my mind how little most fondateurs value their customers when, not only are their feedback and input among the most critical information they will ever learn, but their repeat is the easiest business to get. Learn two words : meritocracy and nepotism. The first is how you run an organization – by recognizing, rewarding, and compensating based solely on ability and achievement. The second is how you don’t run an organization – by playing favorites and being biased.
Know when and when not to be transparent. Transparency is as detrimental at some times as it is beneficial at others. There are times to share openly and times to zip it. You need to know when and with whom to do one versus the other. It comes with experience.
Trust your gut. This phrase is often repeated but rarely understood. It means that your own instincts are an extremely valuable decision-making tool. Too often we end up saying in retrospect and with regret, “Damn, I knew that was a bad idea. ” But the key is to know how to access your instincts. Just sit, be quiet, and listen to yourself.
Protect and defend your intellectual property. Most of you don’t know the difference between a copyright, trademark, trade secret, and patent. That’s not acceptable. If you don’t protect and defend your IP, you will lose your only competitive advantage.
Learn to read and write effective agreements. You know the expression “good fences make good neighbors ? ” It’s the same in . The more effective your agreements are, the better your business relationships will be.
Far too many entrepreneurs run their like an extension of their personal finances. Bad idea. Very bad idea. Construct the right business entity and keep it separate from your personal life. Know your finances inside and out. If you don’t know your revenues, expenses, capital requirements, profits ( gross and net ), debt, cash flow, and effective tax rate – among other things – you’re asking for trouble. Big trouble.
You don’t know what you don’t know. Humility is a powerful trait for précurseurs, and that goes for new owners, veteran CEOs of Fortune 500 companies, and everyone in between. More times than not, you will come to regret thinking you knew all the answers. Behind every failed company are dysfunctional, delusional, or incompetent précurseurs. The irony is, none of them had the slightest idea that was true at the time. Even sadder, most of them still don’t. Don’t end up like one of them.
For every success you have in growing your market share, another business or other businesses will inevitably lose ground. Here are 11 quick and easy tips to gain a competitive advantage over your rivals and insulate yourself from the threat of new entrants in the market.
Of course, we all want to spark business growth and increase revenue. But the way you do this in a sustainable way is to focus instead on the building of a loyal database of avid fans. Content digital, paired with optimized website forms and intelligent mail automation follow-up is critical to success. This approach builds trust by giving away free value before asking for someone’s hard-earned money. Not an spécialiste in creating optimized lead generation pages on a website ? No worries, use a trusted tool like Leadpages to make it happen.
Like it or not, folks out there aren’t searching for your brand, they’re just looking to solve a problem or find a particular type of product ( unless you run Starbucks or Adidas ! ) Don’t list all the benefits your product brings. Focus on the solutions. Explain to the customer in simple, straightforward terms how or why your product can help them or assist in the attainment of their goals. Consider FedEx’s iconic slogan : When it absolutely, positively has to be there overnight. This was a clear example of addressing widely-spread anxiety about the reliability of delivery services. Run through some market research to profile your target customer. How does your product or service – and your delivery and and price point – solve other people’s problems and make their lives easier or more pleasurable ?
Dropping prices doesn’t necessarily raise sales, for instance ( though it will definitely squeeze margins ). If you position yourself as a premium brand, then your customers aren’t necessarily value-driven in the first place, and cutting prices could even tarnish your brand. Consider this case study from Robert Cialdini’s seminal book ‘Influence : The Psychology of Persuasion’ : a jeweller sold out of turquoise jewelry after accidentally doubling, instead of halving, the price. The inflated price tag lent the product an unwarranted cachet ! If you are a premium brand, there are ways to optimize your pricing without lowering prices. For example, offer the quality-conscious customer an ‘exclusive’ benefit that your rivals do not or cannot provide. If you are at the value-driven end of the market, on the other hand, don’t assume slashing prices means incurring a loss. Low pricing can help you rapidly onboard a heap of new customers who may also buy other items in your shop and return again. Context also counts for a lot with pricing. The best way to sell a $5, 000 watch, for instance, could be by putting it next to a $10, 000 watch. Think strategically when it comes to deciding any price point.
Yes, it sounds obvious, but it’s so very important ! Whether consciously or not, people are more likely to buy a product if they like the sales assistant who’s attending to them. While the employee’s personality obviously has no bearing on the price or your product’s ability to serve their needs is irrelevant. Friendly customer-facing équipe will always attract more sales. Be rigorous in hiring people who are genuinely cheerful, friendly and outgoing. Make sure your training program teaches them to adopt a consistently friendly approach that puts customers at ease and feel like a priority.
Say you’re a bricks-and-mortar store and you’re getting a rush of customers as closing time approaches… why not close up an hour later ? While this may cause disgruntlement among équipe, solve this provenant by getting creative with rosters. Monitor customer footfall throughout the day and week to identify your busiest periods, and équipe people accordingly. You can also reduce headcount during quieter periods to offset the higher costs and longer working hours created by your extended opening hours. It’s a win-win !
Even in the web age, some customers will always prefer to contact you by phone rather than mail or Facebook. While many online companies with tight margins eschew manned phone lines altogether, it’s worth giving customers the option of having a voice-to-voice conversation with your brand. By all means, slash the time and cost spent responding to queries by funnelling customers to standardized, pre-existing responses on your webpage ( i. e., FAQs ). But if their query isn’t listed in the drop-down menu of FAQs, then don’t make them click more than once more to find your phone number. Put it front and center on your web page, particularly if you’re a retail offering. ‘Live chat’ bots are an inexpensive way of offering real-time communication, too.
Why not give your happy customers a voucher with their purchase to redeem on your products and services ? If they love what you do already, they’re only going to love you more for this. It’s good for you because : It guarantees they will return to your store again. People hate to waste freebies ! When they return to your store to redeem their voucher, they may buy other items, too. If your operates online, then the freebie could be strategically timed to coincide with a special sale. Oh, and guess what ? Chances are customers who have received vouchers or freebies won’t stay quiet about it either, so you could enjoy some positive buzz on social media.
Local businesses can arguably connect with their unique communities with much greater authority than any global chain. A local retailer, hair salon or gardening company can sponsor a kid’s sports team and offer deep discounts for OAPs at the same time. Some cinemas feature special ‘sensory’ screenings where parents can bring kids with autism ( who would normally be overwhelmed by busy, noisy environments ) to enjoy a movie in a relaxed, stress-free atmosphere. This reflects well on them and also guarantees them a loyal customer niche. Whatever you choose to do to support your community, make sure it authentically fits with your brand offering and business journey to date.
Social media is a great medium through which to build a solid relationship with customers – just don’t forget what ‘social’ actually means ! Soul-less corporate shop-talk won’t work on Twitter. Try to give your brand some ‘personality’ when you write updates or posts. This can bring its own risks, évidemment. But if you get it right, the benefits can be très grande. Develop a tone of voice that aligns well with your brand identity. Seek to inform, help, entertain or amuse. And most importantly – given the dire PR consequences – don’t patronize, try too to be funny, or tweet after a few alcoholic drinks !
Sometimes it’s better to be a master of one discipline than a jack of all trades. Admittedly, multiple revenue streams do spread your risk : if one falters, others can take up the slack. Nevertheless, consumers often associate ‘specialists’ with higher quality products or services than generalists. And with good reason, too : specialists typically invest all their resources into perfecting a single product or service. So what should you specialize in ? tera state the obvious, it should be something in which you excel. You could also pick something with rising or recession-proof demand which is resilient to technological change in which you possess a competitive advantage over your rivals or where there’s an obvious gap in your local market. Own it, whatever you do.
Don’t ever get too satisfied with your business. You can always improve – and improve you must ! Don’t get me wrong : without the odd moment of smug satisfaction, what’s the point ? Do relish in the successful launch of a game-changing product or take pleasure in positive customer feedback. But don’t let your customers hear you banging on about it time after time ! Be alert to the common element that has led to the downfall of countless hitherto thriving brands : complacency. Imaginative, nimble and innovative start-ups often do better than big market leaders that just got lazy. You may be the disruptive innovator today, but tomorrow you could be the complacent market leader with a tired business model. So try to be humble and always strive to improve. Seek inspiration from other fondateurs, from books and from seminars. The moment you think ‘mission accomplished’ is the same moment you become vulnerable to being usurped.
There are lots of ways in which you can improve your , and not all of them are complicated ! Try out the above business tips or integrate them with your existing strategies, and let me know how you go in the comments below. Guest Author : Faye Ferris is responsible for the day-to-day management of the Dynamis APAC Pty Ltd offices in Sydney. She develops the DYNAMIS ne change pas of brands and their expansion into the Asia Pacific region as well as BusinessesForSale. com, FranchiseSales. com and PropertySales. com. If you have an interest in partnering up with Faye or advertising on any of these websites in the APAC territories, please do not hesitate to contact her on faye@businessesforsale. com.