Today we’ll start a new series topic on Word of Mouth and how it can make or break your business in the blink of an eye. In this first lesson we will provide a clear definition of word of mouth and what it means for your business.
Word of Mouth is easily the most powerful form of marketing and is absolutely free. People discuss ads they see, experiences they have, and the products they purchase. If you treat people well and spread the word about your new products and/or services in a positive way, you will attract the right type of customers and clients who can sustain your business for the foreseeable future.
Not only can word of mouth be extremely beneficial for your business, it can equally be as negative. As we all know, bad news travels fast, and if you have a subpar quality product or customer service system, your customers will be sure to tell everyone they know not to do business with you.
The age of technology has proven to have a tremendous impact on the world of word of mouth. With blogs, podcasts, online marketing, forums, social networking and the plethora of online mediums available, it has become much easier for consumers to share their experiences. So if you play your cards right, this could be free advertising for your business.
Let’s quickly touch on the importance of shortening the customer decision cycle to help customers and/or clients make up their mind quickly and easily. Here are three great ways your sales can increase by shortening the decision cycle:
Let’s delve more deeply into decision speed. If you offer simplicity and a pleasurable purchasing atmosphere, your customers will be able to make decisions quickly and confidently. When this happens they will make decisions about purchases more quickly, buy more frequently, increase the amount of money they spend on each transaction, and refer your business to their circle of contacts. This could essentially raise your market share by over 100 times.
The time it takes your customer to decide on and purchase a product far outweighs any other component of marketing. When you focus on customer decision speed, you will be compelled to take a critical look at your company and brand image, positioning, value, customer service, guarantees and product quality.
The next area I want to touch on is how to minimize the friction, or stress, involved with decision-making. Regardless of how easily people find decision-making, there is a certain amount of anxiety experienced when making a purchase, especially from a new brand or for a large sum of money. When you help mitigate this emotional response, your customers will be able to make their decision faster and with more confidence.
There are a few secrets to accelerate the customers’ decision-making progress:
Your website will be as good as you make it. You can offer more than information, you can offer an experience that guides your customers through the decision-making process to make it easy for them to make a purchase. You can even take it a step further by offering toll-free support numbers, software downloads to help with the process, or other classy and informative ways to reassure your customers that you are supporting them every step of the way and have nothing to hide.
This will conclude our first post in the series about word of mouth. If you need help identifying your target market and the issues they may encounter that prolongs their purchasing experience, reach out to me for assistance.
Next time we will continue our discussion on word of mouth and explore the power it has and how it can be utilized.
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Sales results are the fastest way to turn around cash flow in your life and in your business. Too often sales people don’t know the key behaviors that they need to track in order to create the success they are after. There are two key areas that are crucial to sales success.
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Most business owners don’t know where their marketing dollars go. They don’t track the numbers. Sometimes it’s because they don’t have time, sometimes they just don’t know which numbers are crucial for their marketing success. We build a tool that contains the marketing metrics that are crucial for you and we track the results. After we have begun to track our results, we modify our strategies and tactics to match what marketing vehicles are the most successful. Your marketing should generate business for you. Through coaching, focus groups, customer surveys and employee questionnaires, we can assess where your brand is, where it should be compared to your competitors and your plan of action to get there.
What is that one thing keeping you from going to the next level in your life? Do you know what it is? Most people don’t. They have tunnel vision. They don’t have clarity of the big picture. They don’t know what their life calling is. They know they want to leave a legacy that spans many decades of time, but they don’t know what they could do that would actually achieve this. All of these things keep us from our true destiny. In life coaching we look at the behavioral, emotional, mental and physical elements that are keeping you from going to the next level. We help you see your greatest faults, your biggest strengths and how you can leverage them to create momentum. Life coaching can create massive change in short periods of time and can sustain it through ongoing accountability.
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What is truly holding your business back from going to the next level? Is it you? Is it your sales? Your processes? Your team? Your cash flow or profit?
Business Coaching helps you look at five key aspects of your business:
Business coaches know the questions to ask to find the metrics that are important to you. They can help you find risks. They help you see problems. They know how to take a business to the next level. They can help you find how you are getting in the way of your own business. They help you see what you don’t know even when you don’t know it. They see the common patterns that we all make in our businesses. Not only are they aware of the greatest things holding you back, they know how to create action that will create lasting and sustainable results.
A good business coach should be able to pay for themselves within 6 months of you hiring them.