Tuesday, November 27 2012
In the past 10+ years Drip Marketing, Inc. has helped thousands of business owners, sales leaders, marketing pros and salespeople become more effective sales and marketing machines. Not only have we watched many companies grow, we have seen a number of companies stall and falter. And as you can imagine, you start seeing a pattern as to why this happens.
To help you avoid these same pitfalls, I have listed some of the top sales and marketing mistakes companies make.
Mistake #1: Having A 'One And Done' Mentality When It Comes To A Marketing Campaign - To succeed at marketing, you need to target the most qualified prospects on a continuous basis - especially since 97% to 99% of your prospective buyers are NOT ready to buy what you are selling.
Mistake #2: Keeping Poor Performing Salespeople On The Company's Payroll Too Long - It will behoove you to provide your salespeople with a written goal of what they need to produce in sales to be employed at your company. Although this can sometimes be a grey area, you do need to provide salespeople with written guidelines to help set their expectations (and to light some drive in them too).
Mistake #3: Not Building An Accurate Database Of Customers, Past Customers And Prospects - Successful businesses know that having an accurate database of prospective buyers to target will give them the greatest ROI on their sales and marketing efforts.
Mistake #4: Not Creating A Business Development Center For Your Salespeople - Salespeople need to not only have ad slicks and brochures at their fingertips to send to a prospective buyer, but they also need sales tools like whitepapers, articles, press releases, customer testimonials, success stories (cost-saving or money-making), etc. That said, create an "electronic" folder they can all tap into for this resource.
Mistake #5: Not Creating A Hunter's Mentality For Your Sales Team - There are many elements that go into creating a hunter's mentality; however, one of the best things you can do is to give you salespeople a high commission/spiff on a new sale.
Mistake #6: Not Focusing On A Niche Market - One of the best things you can do for your sales and marketing team is to focus on a specific vertical(s). Do this, and you will be surprised to see how quickly you can increase your sales.
Mistake #7: Not Having A Sales Follow-Up System In Place - Companies that have the most sales success have a formal follow-up system in place - a system that integrates both their sales team and their marketing campaigns.
Mistake #8: Not Measuring The Right Sales Metric For Their Salespeople - It is not all about measuring the number of telephone calls or appointments a salesperson makes, it is more about measuring the events, e.g., webinars, demos or decision-maker meetings, that trigger the sales process.
THE #1 MISTAKE YOU NEED TO AVOID IS THIS:
Mistake #9: Not Willing To Change Or Modify Their Current Sales And Marketing Strategies, Tactics And Behaviors - If you are not willing to change your current sales and marketing efforts, don't expect to see things change in a positive direction any time soon.
Mistake #10: Relying Upon Salespeople To Stay In Touch With Their Database Of Prospects - Our research has proven that 50% of all salespeople stopped contacting, for at least 9 to 12 months or altogether, a prospective buyer after their FIRST unsuccessful attempt at getting the sales process started or moved forward. This number skyrockets to 99% after their third unsuccessful attempt. If you are the sales leader for your organization, don't think YOUR salespeople will perform any differently.
Executive Summary: There are many costly sales and marketing mistakes that ALL businesses make -- including yours and mine. If you take a really close look at your organization, you will see how you can overcome a lot of the challenges listed above.
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Tuesday, November 27 2012
Whenever we run a boot camp on e-mail marketing, our goal is to help people think both strategically and tactically about writing content for their e-mail marketing campaigns. That being said, we will always ask everyone in the room to write down the answers to these questions:
- What is your e-mail marketing strategy?
- What is your strategy to increase the size of your e-mail marketing database?
- What type of information would make your target audience want to open/read your e-mail?
- What type of offer would get someone (the Tire Kickers and Immediate Buyers) to take the next step in the buying process?
The Key Is To Think Strategically.
For most everyone reading this e-mail, they tend not to think about what they can send to someone to buy RIGHT NOW.
Unfortunately, this oftentimes yields a low result (especially if not followed up with a phone call) because of these very realistic marketing statistics:
- 75% to 85% of your e-mail marketing database DO NOT WANT to buy/learn about what you selling.
- 8% to 15% of your e-mail marketing database are Tire Kickers (active and passive) - meaning they are ONLY interested in very low-risk offers and often times are in the INFORMATION GATHERING stage.
- 1% to 3% of your e-mail marketing database WANTS TO BUY in the very near future and will be open to high-risk offers (this means they will be receptive to your phone call and/or take advantage of your offer/s).
Now that you know these stats, you can see that 97% of the people you are e-mailing DO NOT WANT to buy what you are selling right now; however, 9% to 18% DO have an interest. That said, you need to ask yourself a few more questions.
Three (3) Questions That Will Help You Develop Content For An e-Mail Marketing Campaign.
As you read these questions, write out as least five (5) answers to them. I recommend using a whiteboard if you are in a group situation.
- What type of information could we send that would help a prospect make a better buying decision (on what we sell)?
- What type of content could we send that would motivate someone to open/read our e-mail?
- What type of call to action or offer could we premiere on a campaign? Will it be of value to the Tire Kickers or just the Immediate Buyers in our database?
After you answer these questions, you can begin to take the next step in developing content that will be of value to your database of e-mail subscribers.
Executive Summary:When creating or updating your e-mail marketing strategy, recognize that only 1% to 3% of your database wants to buy from you in the near future. Although it is tempting to send an e-mail that sells, sells, sells, you should consider a series of e-mail marketing campaigns that DO NOT SELL BUT EDUCATE AND INFORM.
Tuesday, November 27 2012
10 Ideas That WILL Grow
Your Payroll Service
On Monday Morning
There are tons of ideas to market your payroll service but in reality, many of them WILL Be a waste of money for you. Therefore, the key is to do the things that will make you money; however, don't think for one-minute that putting out a shoddy marketing message will generate a lead/sale.
- Word count for this issue: 498
- Approximate time to read: ~2.0 minutes @ 250 words per minute.
Keep Your Marketing Simple And Cost Effective; But Don't Stop Marketing.
To help you jump-start your sales on Monday morning, I have listed below a few ideas that could pay you huge dividends - the key is to be consistent, have a great marketing message and then follow-up on it.
INT: Print this list and pass it to your sales and marketing staff for further discussion.
- Show People The Things That Make You Different. Take a quick look at what you are saying and ask yourself, "Do we look like another small, me too payroll service with what we are saying?"
- Focus On A Niche. Niche marketing allows you to develop a more focused database and sales message.
- Survey Your Customers. Have you ever asked your customers what they would like for other services? How about asking them how well you are performing? Do this and your leads will soar.
- Use A Combination Of e-Mail Marketing AND Direct Mail. Sure, e-mail marketing is dirt-cheap; however, only 10% - 25% of your subscribers are opening/reading your message; therefore, 75% - 90% ARE NOT. Don't commit marketing madness by exclusively relying upon e-mail marketing.
- Use The Postal Service. If it makes sense for your target market, send a low-cost postcard to them. Better yet, send a lumpy mail campaign (page 145 in my book) to a select group of prospective buyers.
- Send A Thank You Card. Sending a thank you card is a great way to remind people you appreciate their time and/or their business.
- Provide People A Low-Risk Way To Learn More. No matter what you sell, always promote some type of special offer to your target audience.By the way, it doesn't have to be a dollar off or discount to buy what you sell.
- Pick Up The Phone. The fastest way you can increase your sales is to pick up the phone and call someone AFTER they have received one of your marketing campaigns.
- Change The Way You Do Things Starting Monday Morning. If you want to change your sales results you need to change the things you are doing today. The key will be to drop the one that don't work for your business and fine-tune the ones that do.
- Don't Always Lead With A Payroll Message. Many payroll service salespeople fall victim to calling a prospect about their "payroll service." Why not change the message once a while and lead with an ancillary business service discussion like time and attendance, HR outsourcing, etc.
Executive Summary: Being consistent AND persistent with a finely tuned (and creative) marketing message will be you success. Remember, some people take 30 touches/calls before they talk with you while others could be just a few. Just because someone doesn't want to talk with you today doesn't mean they won't tomorrow.
Tuesday, November 27 2012
5 Ideas To Win
More Payroll Sales
(For Business Owners)
- Word count for this issue: 416
- Approximate time to read: ~1.7 minutes @ 250 words per minute.
If you are a business owner or leader within your payroll service, you no doubt realize the importance of creating a positive culture within it. However, savvy business owners know how important their employees' mental and fiscal health is to the growth of their business.
To help you and your executive team to create a rewarding company culture -- a culture that can have a positive impact on your sales, we have listed below a few tips (and yes, there are many more to list) to ensure everyone's success.
5 Ideas To Help You Win More Sales And Increase Profits.
1. Embrace The Advantages Of Being Small. Smaller sized companies have some very big advantages over their largest competitor. First, they tend to be quicker to react to market conditions instead of being caught-up in the establishment. Second, and most importantly, they are willing to use innovative ideas, strategies, and tactics.
2. Hire Good People. For the most part, great employees don't walk through your door, they are developed. Sure, you need to make good hires, but you need to ensure you find enthusiastic, confident and honest people who are willing to learn. The key is giving them an environment in which they can.
3. Use Performance-Based Compensation Programs (For Non-Salespeople). Most employee compensation plans are based on a dollar rate but not on your company's success and/or production. Many successful owners offer bonuses based on hitting sales goals, cost savings or customer retention. With a progressive compensation program, successful managers and staff can't afford to leave.
4. Pay Your Salespeople Handsomely: If you want to create a hunter's mentality within your sales team, reward them handsomely for a new sale (one that isn't heavily discounted either). Do this, and you will find that it will be easier to recruit new salespeople and motivate your current sales team. Remember, it is their production on generating new business that you really want.
5. Ask Your Salespeople For Their Input. If you want to know what a new change will do to your product or service line(s), float the idea past your best salespeople. This will allow you to get some honest (and raw) feedback based on their direct interaction with your client base.
Executive Summary: A business owner's role is to create a rewarding environment for his or her staff. One that rewards people mentally and fiscally. To build a business, have a vision and hire the right people to implement it - one that rewards them handsomely too!