Business – Page 2 – A-Head for Success

A-Z of Business: U – USP – Why You Need One

August 19, 2013

Do you really need a Unique Selling Point? What happens if you don’t have one? Well, unless you are in an industry with no competitors then your USP is what will set you apart. It will give your prospects a reason to go with you instead of someone else.

In a struggling economy, you need all the competitive advantage you can get. And if you are looking for a job, you need that competitive edge too.

So, why should someone buy your product? It is no longer enough to say “we are the best”, you need to say how. And it needs to be based on reality rather than an aspiration that you are working towards.

There was a wonderful sign displayed which went like this:

“We offer three kinds of service – Good, Cheap or Fast. You can pick any two. Good and cheap won’t be fast. Good and fast won’t be cheap. Cheap and fast won’t be good. ”

At the gym yesterday, my personal trainer said the best advice he was given is to always think of yourself as number two so that you would still strive to do better. This reminded me of the Avis USP which is “We are number two – we try harder.” What a great USP which succeeds in turning a negative into a massive positive.

Apple’s USP is to think differently – they are the company best known for their innovation, having broken many technological boundaries. They can be relied upon to be innovative, fun and customer-focused.

If you are finding it difficult to identify your USP, go back to testimonials you have been given by your customers. It is easy to forget these but hopefully you have kept a log of them. Also, consider what your competitors are doing and what they are promising. How are you different to them? What are the problems you are solving for your customers?

Let’s take an example. For an IT support company, their customers may suffer from not being terribly IT literate, having to wait a long time before an engineer can fix their problem, or their technology is stopping them from getting on with their work

Let’s look at the customers’problem, potential USPs and their corresponding straplines:

Waiting a long time for an engineer
- USP – getting their IT problems solved quickly
- Strapline – Your IT Support within 24 hours or quicker
Not very IT literate
- USP – use jargon free communication so that the problem is easier to understand
- Strapline – Taking the Jargon out of IT Support
Technology stopping them from working
- USP – getting you up and running quickly
- Strapline –Helping you to work when your computer doesn’t
Frustrated that every problem seems to mean a new computer
- USP – providing the simplest, most cost effective solutions
- Strapline – Simple Solutions to Complicated Problems

Whatever your USP, do make sure that you live and breathe it. You don’t want your USP to be “tried and failed” – it should enhance your reputation, not undermine it.

About Tricia Woolfrey – click HERE to find out about the author.

Business, Image, Marketing, Products, Sales, Strengths, Success

Business, Customer service, Marketing, Product, Sales, Services, Strengths, USP

A-Z of Business: R – Return on Investment (ROI)

June 17, 2013

Return on Investment (ROI) You’re in business to make money, so understanding the return of your investment is critical. You can do this in advance of your decision to invest and also to see how your investment is performing over time. A related measure is the timing of your break-even point. Can your business bear that delay as you wait for the returns to roll in?

A simple ROI calculation is the amount of financial gain divided by the amount invested multiplied by 100. So, if you invested £10,000 to develop, manufacture and sell a new product, and the sales of that product achieved a revenue of £11,000 in year one, that would give you an ROI of £11,000 ÷ £10,000 = 10%. That return is quite modest and, with related costs could signify a loss for your business. What would it take to increase that to, say, 25%? Or 50%? And what about the potential sales year-on-year?

Sometimes the returns are less tangible, or less direct. Instead of focusing on increased revenues, the return may involve a reduction in cost, an improvement in quality, an increase in customer satisfaction levels, enhanced employee morale, etc. These should all have a consequent effect on your bottom line in time, though it is difficult to determine whether this improvement is as a direct result of the investment, or some other measure such as improved hiring decisions or the introduction of sales incentives.

These days a lot of marketing decisions have a longer term view. For example, free applications being built as a loss leader to attract users to upgrade to more profitable versions of a product.

When planning the return on your investment, do be aware of the hidden costs which can erode your profits. Costs such as legal fees, administration costs, equipment, maintenance, staffing, training, office space, design, manufacture, packaging, advertising, warehousing, distribution and also the cost of delays. When budgeting and contracting services, do think about having project-based quotes with penalties for delays to preserve your investment.

Those of you that know me well will also know that I couldn’t write about ROI without mentioning the importance of thinking about the return of investment of your time and energy into a particular activity. I wonder how much time and energy you spend on things which have little or no impact on the success of your business? Just busy-ness getting in the way of business? This impacts your bottom line too.

About Tricia Woolfrey – click HERE to find out about the author.

Business, Finance, Investment, Profit, Return on Investment (ROI)

Finance, Loss, Profit, Return on Investment (ROI), Tricia Woolfrey

A-Z of Business: EQ – The Difference Which Makes the Difference

May 13, 2013

In this A-Z of Business series, we have reached the letter Q. Now, I could have talked about quotas, quoting or questions if I was being a purist. But, if I look at the balance of what’s been written and what’s missing, I think that EQ (Emotional Intelligence) is far more important. Anything which omits this key area of business success is lacking. So I decided to break my own rule and hope that’s OK with you?

In case you haven’t come across this before you may be wondering why it’s called EQ when it refers to Emotional Intelligence (EI)? The Q refers to “quotient” which is the amount of a specific quality or characteristic, in this case, emotional intelligence. But, what does it mean? It is the capacity for self-insight, for understanding and managing your emotions and having empathy for others’. In this way you can better manage your relationships and your stress levels.

It is such an important skill that it is thought to be more important than IQ in helping to get you promoted, in creating sales and in building collaborative effort. Research suggests that it accounts for around 90% of managerial success as opposed to IQ which only accounts for 20%. Not that IQ is not important. Of course, it is. But you need both. The ability to put your knowledge, your expertise, your skills into effect in the most constructive way possible is said to be the difference which creates the successful business person whether you work for yourself of for an organisation.

So, ask yourself:

How well do you respond to setbacks?
How well do you understand people’s different motivations and behaviours?
Do you have a balanced view of your own strengths and weaknesses?
To what extent are you able to control your responses in situations which challenge you?
Are you good at building collaborative relationships?
Could you be described as someone who is level-headed, positive and flexible?
Do you inspire trust?
Do you manage conflict well (rather than avoid it)?
Are you self-motivated?
How good are you at bouncing back when things go wrong?

You can learn more HERE on our website.

Emotional intelligence is one of those concepts where you need a lot of it to know you have it. So if your EQ isn’t as high as you think it is, it will almost certainly be inhibiting your progress. To be sure what your level of EQ is, why not book an assessment? It’s well worth it and can put you on track for success like nothing else. Call me on 0845 130 0854.

About Tricia Woolfrey – click HERE to find out about the author.

Business, Emotional Intelligence, Performance, Success

Business, Coaching, Customer service, Emotional intelligence, Employees, Performance, Stakeholders, Success, Tricia Woolfrey

A-Z of Business: O – Objection Handling – The Ten Essentials

April 2, 2013

Objections are an inevitable part of any selling process – whether you are selling products, services or an idea. It is the part of the sale which leaves all but the very best sales people, influencers and negotiators trembling behind a façade of the “this-doesn’t-bother-me-at-all” faux-smile. It’s what keeps most would-be sales people hiding under a duvet of busy-ness so they never get to make the call which could result in the rejection they fear so much. And this is because they personalise the “rejection”. They make it about themselves rather than a legitimate (or smoke-screen) concern.

Sales is really a numbers game and you need to get through so many rejections before you can make one sale. Objections are often a signal for more information and here are a few ideas to help you through with greater ease:

First and foremost, don’t take it personally. You can no more be an effective salesperson without objections as you could be an effective car without wheels. Think of objections, instead, as “feedback”.
The second “secret” is to build emotional resilience. That’s a big subject to which I devote a whole chapter in my book “21 Ways and 21 Days to the Life You Want”. However, one quick way of building resilience is to view every experience as a learning opportunity.
Prepare by listing all the objections you think you may receive – here are some common ones:
- Price
- Delivery terms
- They already have a current supplier
Practice active listening so that you really understand what they are saying, not what you want to hear or what fits into your well-prepared script.
The easiest objection handling technique (and there are many) is the shopping list technique. It flushes out any possible objections up front. To do this, you need to elicit all their wants in advance and write them down. When they have finished, ask “Anything else?” until you are sure you have everything. Then say “So, if we meet all these needs, you will want to go ahead?” This, of course, is assuming that you’re actually speaking to the decision maker.
Think of your offering in terms of features and benefits. Let’s say that you are selling a gardening magazine. The feature may be that it is full of interesting articles by some of the country’s top experts. The benefit might include some of the following: that it will provide easy-to-follow answers to all their gardening problems right when they need it so that they can enjoy a beautiful garden all-year round; they will spend less money on plants which were never suitable for their garden in the first place; they will be able to enjoy a hobby rather than be frustrated by the lack of progress; they will learn new skills, and create a space where they can relax/have fun with their kids/entertain friends/grow organic vegetables to make healthy meals for their families; they will have more time to enjoy being in their garden rather than working on their garden, etc. The idea is to find out what they want and sell to those rather than have a blanket list.
Avoid giving too many benefits because you dilute the message – just focus on their specific wants and needs.
Move them through negative states into the positive state you want them to experience, ie. from cynicism to curiosity to openness and finally to enthusiasm. I cover this in my ‘Influencing for Better Business’ course.
Once you have taken them through each of their shopping list items, ask if there is anything else they need. Then, for any ongoing objections ask “If I could deal with this, would you be ready to go ahead?”. Then come up with a solution to the problem that they are happy with.
When all objections are handled, ask for the sale. You will be surprised how many people miss off this important element.

I couldn’t finish this article without my bonus tip – limit your sales calls and sandwich them in between enjoyable activities that give you a sense of achievement. This helps you to stay resourceful and to maintain your energy levels and resilience.

If you would like to learn more about how you can handle objections, why not book for a coaching session, or onto my next ‘Influencing for Better Business’ course? Investing in yourself in this way can really yield exceptional results. Call 0845 130 0854 for more information on how to accelerate your success.

About Tricia Woolfrey – click HERE to find out about the author.

Business, Customer, Influencing, Negotiation, Objection handling, Problem Solving, Sales

Achievement, Customer, Customer satisfaction, Influencing, Negotiation, Objection handling, Problem solving, Sales, Success

A-Z of Business: K – Knowledge – Your Competitive Edge?

January 17, 2013

It is estimated that 15% of success is from your technical skills whereas 85% is through gaining trust and respect. So, what has knowledge to do with this? Plenty, as it happens. Knowledge covers the whole spectrum. Good technical skills are, of course, important. But not if the knowledge is out of date. Technology is changing all the time – as are trends – and it is essential to keep abreast of what’s going on in your market place and in your profession.

Solicitors and doctors go through years of training in their profession before they are able to practice. Yet, how much training have you had to run your own department, or your own business? How much knowledge have you acquired to help you be successful? Whether you are running a department or a business of your own, the knowledge you need to be effective is extremely broad and most people simply muddle through. In the meantime, what happens to the trust and respect essential to 85% of your success?

The following table helps you to understand some of the fundamentals for trust and respect and the kind of knowledge you need for them:

TRUST AND RESPECT	KNOW-HOW
Good people and rapport skills	Influencing and leadership
Doing what you say you will do	Planning and organising
Doing an excellent job	Technical and delegation
Managing complaints effectively	Problem solving and conflict management
Meeting your obligations	Business acumen and resource management
Emotional intelligence	Understanding of people and yourself and how to manage yourself and your relationships in times of stress

Business knowledge – such as sales, marketing, finance, operations – is important whether you run your own business or manage a department as you need to see how everything fits together. These will help you to exploit strengths, minimise weaknesses, seize opportunities and handle threats from a point of strength.

So, how can you increase your knowledge? Through coaching, training, reflective learning and study. Often, you don’t know what you don’t know (in the case of business, ignorance is not bliss) and it is helpful to have someone there who can help you see your blind-spot. Having your own coach and mentor is an excellent step to take to help you stay on top of your game. For more information call 0845 130 0854 for a no obligation chat.

About Tricia Woolfrey – click HERE to find out about the author.