Speed and agility are what get businesses on their journey from contract to contract. Many leaders and businesses master this craft by creating pivotal roles in ensuring consistent growth through robust and scalable processes. To a growing organization, success is not a goal but a process. Leaders win the small processes of understanding the market, the customer’s psychology, the right pricing of the product or service, the technological requirements…etc in order to arrive at a larger success for their organization.
Kent Billingsley, author of Entrepreneur to Millionaire has a lot to say about this topic through his book. Let’s dive in.
What can companies do to increase speed from contact to contract, and save millions?
The simple answer is to create higher quality new client demand. The greater the demand for what you do the faster people will buy it. Think of when Apple offers a new phone and people line the blocks to get it. Those people don’t spend hours of time in the store and then think about it – they buy the new phone right then and there and rush out of the store. How to do it is the roadmap in the book. By following the sequence of the principles in the book from the marketplace problem, to the model, from the model to revenue streams. From those steps, identify the perfect client, package to excite and motivate them to buy, and then message them to buy now. That creates more demand. One last really key point. The chapter on Competitive Dominance is absolutely critical to fast buyer decision making. When your company can convince the prospect or buyer there is not other choice the buyer buys. When the buyer can’t see clear differentiation, they are hesitant to make a decision or they never do. The book shows many ways to help the buyer buy and buy now.
What is the most important marketing principle and why hasn’t it changed even with the advent of technology?
First, to have amazing success, you have to offer something different, unique or that people can’t get somewhere else. You can’t offer a “me too” product or service and make a fortune. When the market sees offerings that appear similar the buyer defaults to price or brand.
Second, even if you offer something unique or different – a value proposition – you now have to create demand for what you offer. Now you must create a compelling value proposition. A reason to buy now. And that is what I discuss in the Phase called Market Ready. It is the principles of targeting, packaging, messaging and pricing to convert interest, contacts or prospects into customers and clients as fast as possible. We have clients who are using old school methods – radio advertising and physical events to generate huge amounts of new client demand and turn that demand in to new business. In too many cases, entrepreneurs are overly reliant on digital marketing, SEO and other tools believing that provides some kind of value or separation. It doesn’t.
How can businesses transform their mushy communications into motivating messaging?
It’s a process to understand the angle or frame the fundamental marketplace problem they want to solve which is the first principle in the Revenue Ready phase. Next is creating the right model and revenue streams. Once Revenue Ready is complete, it’s critical to is identifying the specific target market (PCP), the first principle in the Market Ready phase. That last step is critical as demographics about the buyer dictate the language, words, colloquialism, and characterization that audience will relate to. Then finally craft the messaging tools – symbols, written and oral tools with positive and negative emotional based words to create motivate and drive for the buyer.
Most entrepreneurs and business leaders either do it themselves or hire a PR or advertising firm to revamp their messaging. And what they get is new messages. But sadly, those new messages are not compelling, differentiating and motivating. It’s critical to work through the phases and principles as each step strengthens the message content and aligns the language to the perfect buyer, setting the company up to make a fortune in sales and profits.
What’s the first step anyone could take to start applying your advice tomorrow?
Shameless plug – buy enough copies of the book (50) to get a free video conference with me. If they don’t have that many employees, then give the book out as gifts to anyone in business or a business association helping entrepreneurs. I say that tongue in cheek but in reality, if they have read the book and I meet with their team, I can quickly identify million-dollar mistakes and offer methods on how they can fix them. Second, if the book is out, read the book all the way through. And even a second or third time to start to “own” the concepts, principles and then language. Next is start at the very beginning. Analyze the last several major decisions made. Were they based on “more from more” or “more from less” (but not the perverse “more from less”). Then start following the chapters as a recipe.
It’s important to know the sequence brings all the power and optimization. At the same time, we’ve had many clients that have taken a single principle or chapter and went to put that in place immediately with our help. Without knowing someone’s situation or issues, I just don’t know which principle to apply first. Our clients like most business want it all fixed “right now.” But that’s not how the world works.
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