Monday Mornings with Madison

Yearly Archives:
2017

Growing a Business

Most companies are in growth-mode. Successful businesses are always looking for ways to increase sales, revenue and – ultimately — profits. And there are a multitude of ways for a company to grow. A company might be ready to expand its geographic reach and open another location or hire more sales staff. Or it might want to diversify its products or services. Or it might have won a major government contract that necessitates operational expansion. Or it might be looking to franchise its operations. Alternatively, it might want to license its products so it can be sold by other companies. Or it might want to form an alliance with a partnering organization or merge with another business entity. These are all valid approaches to grow a business.
While approaches for growth vary, the elements to grow a business are usually the same for most companies. In fact, the variables for growing a business are somewhat similar to growing a garden or harvesting a field. Just as with a garden, there is an ecosystem or market in which a company will grow. A garden must have the right space and soil to expand and a business needs the right facility, plant, office space or storefront to grow. And a garden must be properly fertilized and watered, while a business needs marketing and advertising to nurture the business. Also while a garden must have the right amount of energy or sunlight to grow, a business needs the right sales and business development support to generate orders. And just as there must be a strategy to keep all manner of bugs and pests from destroying or consuming what is produced in a garden, businesses need to keep competitors and regulations from eating away at profits. Gardeners must have some level of training and experience with agriculture or horticulture, a company’s employees need training and expertise in the business’ niche. And they must not only know what they are doing, but they must be efficient and effective in their work to maximizer the ROI. There must also be a way to harvest the yield in a timely manner. And the quality of what is produced must remain high, and be as good as or better than the competition’s produce or else no one will want it. Just as only the best gardeners are successful expanding a small garden into a thriving, productive farm, only savvy, shrewd business owners can grow a company.
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Under-Promising and Over-Delivering

It’s been said (many times) that companies should strive to under-promise and over-deliver. Under-promising and over-delivering is seen as a good philosophy to control customer expectations and ensure that every customer becomes a raving fan when they get more than they expected. On the other hand, there are those who would argue that this is a great way to drive a business into the ground. Some see this as a formula for failure because it lowers the bar internally so that what is considered “above and beyond” is really nothing more than what the competition does on a regular basis without breaking a sweat. It therefore encourages mediocrity. Which is true?
Should a company seek to under-promise what it is offering clients? And should a company try to over-deliver, going above and beyond what is standard? Or should they set the bar high and strive to go above and beyond that? This is the conundrum with which leaders have wrestled since companies first began competing for business. There is no easy answer. The truth is that it depends. In certain situations, it is helpful to under-promise and over-deliver, but there are also times when under-promising and over-delivering actually hurts business. Understanding when it is good to do this and when it isn’t is the key.
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11 Things Salespeople Should Do but Often Don’t

Ask any salesperson and they will tell you that selling is hard work. In fact, anyone who has ever had a job in sales will likely admit that it’s the hardest work they’ve ever done. If a salesperson gets a yes immediately, they haven’t really sold anything as much as taken an order. Selling starts the moment a prospect says no. Selling is what happens when a salesperson turns a No into a Yes. And yet, most salespeople make common mistakes throughout the sales process that keep them from making a sale.
There are a myriad of things that sales people should do… could do… would do… but don’t for a multitude of reasons. Sometimes salespeople are taught wrong. They are told to do things a certain way even though those techniques, approaches and strategies haven’t worked for half a century. Sometimes salespeople are taught the right things to do and they just don’t do them, either because they don’t believe the sales program is effective or they think their way is better. But a lot of the time, salespeople aren’t taught at all how to “sell.” So they emulate the worst examples of salesmanship, which just makes the job of sales even harder than it already is. The following are things a salesperson should do to make the sale.
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Staying Top-of-Mind… For Better or Worse?

It is difficult to live life completely unaffected by what other people think or say. Like pollen, the attitudes and opinions of people blow into the lives of others, shaping their perspectives and influencing their decisions. This is especially true in the age of technology, with digital winds blowing every bit of information farther and faster than ever before. When those opinions and messages are positive, it can be a valuable thing. In business, arguably nothing is more valuable to a salesperson, exec or company than for a customer to share a positive review with others. Customer and vendor recommendations are like gold. They yield a harvest of opportunity and good will over time. But what happens when the opinions and attitudes are negative? What happens when people are talking but what they are saying is not good?

In a world obsessed with being remembered and staying top-of-mind, the goal is to be talked about, no matter what’s being said. In fact, some like to say that there is no such thing as bad publicity. But that is just not true. Not all publicity is good or beneficial and there are countless examples of how bad publicity can be really bad for business or careers. For professionals and businesses alike, bad publicity can hurt in a multitude of ways. Consider the cost.
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Staying Top-of-Mind… For Better or Worse?

There’s a saying that goes: “Talk good about me; talk bad about me; just as long as you’re talking about me!” It is also kiddingly said that the only thing worse than death is to be forgotten.  This may seem extreme, but it is emblematic of the pressing need to be known and remembered; an epidemic that has spread to all industries. Overwhelmed by constant digital noise, companies and business people struggle to be remembered and stay connected with contacts. It’s referred to as “staying top-of-mind.”

Staying top-of-mind is the great challenge in business today. Companies search for ways — from the legitimate to the trivial — to keep in touch with all of the customers and potential customers possible. Webinars. Blogs. E-mails. Advertising. Junk mail. Billboards. Sky writing. Commercials. The messages scream “Know me! Remember me!” All of this effort to stay top-of-mind is contributing to the white noise that, in turn, is making it ever harder to stay top-of-mind. It is the quintessential vicious cycle. So, is all of this effort really necessary? Or worth it? Most would argue “Yes!” Not only is it worth it, but it is absolutely necessary. So what strategies can a company or business person use to stay top-of-mind?
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The Video Revolution – Part 4

In a world where reading has become increasingly passé, video is emerging as the go-to tool for businesses to deliver information quickly and easily. Videos give customers information about a product or service without overwhelming them with text. In thirty or sixty seconds, a prospect can learn a lot about a business through a short, impactful video. If a picture paints a thousand words, then a video paints a million.

The upside is that creating videos has become ever easier. Thanks to technology, almost anyone can create an affordable video. Anyone with a smartphone can record video segments. There are also countless vendors that use software programs to create animated explainer videos. But easier and cheaper is not always what is best. Perhaps more than ever before companies must create marketing videos that connect with their audiences. They must have a refined balance of information, visuals, sound, and action. So, what should a marketing video include?
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The Video Revolution – Part 3

When we think of the work that salespeople do, we generally think of one-on-one selling. For anything that is not a commodity, a salesperson will speak face-to-face to another person and “pitch” a product or service. The ‘traveling salesman’ is the quintessential image of sales. But, obviously, that kind of selling is limiting. It is limited by how much time and how much distance a salesperson can cover. Even in dense cities like New York, Chicago, or San Francisco, a salesperson can only make so many sales calls in one day. And in cities or metropolitan areas that are more diffused, such as Los Angeles, Atlanta, Triangle Park or Miami, traveling from place to place for sales meetings can consume huge swaths of each day.

Because of that, sales teams have always looked for ways to compress the sales cycle and use technology to assist in the sales process. Call centers. Robo-calling. CRM systems. Email. Text messages. And now, video is emerging as a useful sales tool as well. When done right, videos can speak directly to prospective clients and guide them through the sales funnel. But some still wonder if video can really be effective in the sales process. And there are many questions surrounding how to construct sales videos. Should a video sales pitch focus on a product / service features or should it focus instead on the benefits / solution? Can a sales video or series of sales videos help move the sales process more quickly toward the close? And can a sales video actually close a deal? If sales videos are effective, can a company just create sales videos and not have salespeople? Here are what the experts think.
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The Video Revolution – Part 2

Two of the biggest challenges that regional and national companies face are training new hires and then keeping all staff up-to-date on company changes such as new software programs, updated policies, and evolving procedures. Just getting corporate office staff trained and keeping them current is enough of a challenge. Training takes time and consumes resources. A lot of information is thrust at employees at one time. Meanwhile, productivity drops or stops during training. Customer service suffers and employees are tasked with keeping up with the workload while making time for training. If doing that for corporate staff is hard, then training regional or national employees is even more difficult, especially when some or all of those employees are working remotely from small regional offices, executive offices or home offices. This is particularly difficult in the U.S. due to the country’s vast geographical size. Bringing a cadre of regional or national staff together to one location for training incurs a lot of hard costs and generates a lot of down time not just for training but also for travel.
The challenge for training new hires is even greater. Managers need to share a great deal of information with new employees in a very short amount of time. New hires often report that it is like drinking from a fire hose. This is not the ideal way to retain new information or make a new hire feel comfortable and confident. Bringing all new employees to one central location for in-person training is also hard and expensive. New hire training often can make or break an employee’s effectiveness for years to come.
To tackle both issues, companies are discovering the value of training videos. Video facilitates training and ensures that training is effective. Live Webcasting and dynamic on-demand training modules that employees can watch and process at their own pace help increase retention. And video-based training can be done without travel—at employees’ exec suites, home offices, or even a nearby Starbucks. This minimizes disruption and costs. Here are tips and best practices on how to use video for training.
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The Video Revolution – Part 1

The video revolution has been six decades in the making. The first video cameras to capture color images were used only in television studios in the late 1950s. They were huge, clunky and connected by wires. In 1982, Sony successfully released the first Betamax camera for news outlets, but this also ushered in the age of portable video camcorders anyone could use. These recorders used uncompressed tape, which limited how much video could be recorded on one tape. In 1986, Sony created the first all-digital video camera but the format was still uncompressed. In 1993, Ampex developed the first compressed digital video camera, allowing hours of video recording on one tape for the first time. That was less than 25 years ago. Compressed digital video opened a floodgate of video products and innovations. Thanks to those innovations, video has become an increasingly useful tool.
The next big leap happened when video recording capability was added to smart phones. Video went from being a useful tool to becoming a vital, ubiquitous device to tell stories, capture moments, save time and even save lives. And new social media sites made it possible to share amateur videos with the world. Indeed, as of 2015, 300 hours of video were uploaded to YouTube every minute. Today, that number is thought to be closer to 500 hours per minute. Police are increasingly using “body cameras” to increase transparency and trust with the public as they serve and protect. Homes and buildings are using surveillance cameras 24/7 to watch over people and property. Video cameras have been installed at traffic lights to deter (or catch) drivers who run red lights. Businesses are increasingly using video to market products and reach today’s video-driven audiences. Now, even HR departments are starting to use video in the recruiting and hiring process, and for good reason. It saves time and money for the company… and its applicants. But beware, there are some possible pitfalls to avoid. Continue reading

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The iGen and the Alpha Generations

The first rule of sales is “Know Thy Audience.” Anyone who deals with sales and marketing probably knows at least a little about the various generations living today. For business purposes, there are currently six generations or audiences alive today. The frugal Silent Generation, born from 1929 to 1945 and now in their 70s and 80s, grew up during the Great Depression and World War II. The free-spirited Baby Boomers (born from 1946 to 1964), who grew up during the Civil Rights movement and the Cold War, are now beginning to retire and are redefining what that means. The GenXers or Boomlets (born 1965 to 1981) were the latch key kids who grew up during the race to Space and the Vietnam War. Theirs was the first generation to transition from an analog to a digital world. Generation Y — the now much discussed Millennials (born between 1982 and 1999) — were the first generation to grow up as technology natives and watched terrorism become a global threat. They are currently the biggest generation living. But there are two more generations emerging. Meet the iGens and the Alphas.
The iGeneration, also known as Generation Z or Post-Millennials, are those born after 2000 who are not just technology natives but also social media natives. This generation is comprised of those born roughly between 2000 and 2012. The oldest of this generation are about to become adults and the youngest are in Kindergaarten. While most iGens haven’t begun to work yet, they benefit a lot from and have access to their parents’ considerable spending power. And right on the heels of Generation Z, the next generation is already emerging. Dubbed the Alpha Generation, they are comprised of today’s babies and preschoolers. Most haven’t even been born yet. While this generation has absolutely no buying power and has hardly had time to be shaped or affected by the world around them, some things can already be gleaned about them. Here’s more about the two newest generations that will be shaping our collective future. Continue reading

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