Do You Know Your Vendors Well Enough to Create a Vendor Incentive Program?

Posted by billgluth
Vendor Incentive Plan

It’s essential to build relationships with your vendors. The vendors in your local market can bring in new customers/clients and increase awareness of your company branding. This can easily be done with a vendor incentive program.

The people you work directly with on your products and services are those with the most to gain from your growth and success.

By taking the time to get to know vendors, you’ll find a whole host of opportunities you didn’t realize were there.

When you create a number of ways to offer your vendors rewards for helping grow your business, everyone wins.

One of the ways you can do this is by offering performance-based incentives that are much larger than your vendor’s standard charges.

Here’s the step-by-step process for putting together a partnership with a vendor:

  • Approach all the vendors you work with and offer an incentive-based on performance.
  • Put a generous incentive plan together from their perspective, even take suggestions.
  • Develop a clear, concise, and easy to track incentive plan; this will increase competition between vendors and, therefore create higher performance levels.
  • Encourage subsequent sales instead of focusing only on the initial sale. By doing this, you can give away more of the profit from the initial transaction to your vendors and make higher profits off the back end products.

Encourage:

  • Future sales
  • Upsell better and more profitable products/services
  • Cross-sell to additional products

Create an incentive plan that’s irresistible to your vendors by offering generous, exclusive compensation.

Think of all the vendors you work with and creative ways you can put together a vendor incentive plan that entices them to be part of your business. Use their talents, capabilities, and connections; you’ll both be winners.

Putting together an incentive plan doesn’t have to be a complicated process.

Use our GUIDED TOUR to discover great ideas to put your incentive plan together effectively for maximum results.

How to Turn Prospects into Clients

Posted by billgluth

In this article, we’ll look at how to turn prospects into clients and provide you with 14 ideas you can use today to kick-start your business development program.

Your marketing is doing its job when you have a new prospect. Now let’s look at how to turn prospects into clients.

There are a few essential methods that draw prospects in and seal the deal.

Strive to be:

  • Inviting
  • Informative
  • Personable — engaging

Before we get too deep into drawing prospects in, it’s vital to understand the significant fear prospects grapple with as they look at purchasing from you.

The biggest fear of most new prospects is the anticipated dread of buyer’s remorse.

It’s vital to avoid buyer’s remorse at all costs. You will ease doubt by providing a quality product or service that delivers on the marketing promises you’ve made. However, buyer’s remorse can still occur.

There are two ways to deal with it:

  1. Offer to refund the money with no questions asked (for service-based businesses).
  2. Offer a bonus they can keep even if they return the product (for product-based businesses).

Making these offers upfront will alleviate buyer’s remorse because your prospect will trust you more due to having made the offer.

“Like it or we’ll give you your money back” is a powerful guarantee. In business development, this is called “risk reversal” and ensures prospects are comfortable buying from you.  

Now let’s take the next step and provide 14 ideas on how to turn prospects into clients

Consider these ideas:

  1. Offer a special price as an opportunity for you to test the market.
  2. Offer a lower price for a reason like overstocked inventory, to pay a tax bill, for your kid’s’ braces, or another tangible reason. Clients love this because it makes you feel more human.
  3. Offer a referral incentive.
  4. Offer a smaller, inexpensive product first to build trust.
  5. Offer package deals.
  6. Offer to charge less for their first purchase if they become a repeat customer.
  7. Offer extra incentives such as; longer warranties or free bonuses if ordered by a set date.
  8. Offer financing options, if applicable.
  9. Offer a bonus if they pay in full.
  10. Offer special packaging or delivery.
  11. Offer “name your own price” incentives.
  12. Offer comparative data or other comparison tools.
  13. Offer a trade-up or upgrade on something they already have.
  14. Offer additional, educational information to help them make the decision.

The options are limitless. You can use these ideas or find other ways to engage your prospects. Your goal is to try different ideas until you discover what works the best for your business, products or services, and target market.

Remember the wise words of a marketing legend.

“By making it inviting, easy, informative, non-threatening, educational, inspiring, and fun to do business with you, you’ll loft your company above the competition.”

Jay Abraham

Do you need help to figure out the best strategy for converting prospects into long-term clients?

Our GUIDED TOUR gives you exclusive access to a mountain of resources and tools, along with information from some of the greatest marketing minds available.

I’d enjoy hearing your thoughts and ideas on this article. Feel free to leave a comment.

Make it Pop! Small Business Advertising Strategies

Posted by billgluth

When you look at small business advertising strategies, there is no shortage of information. In fact, when you search the term on Google you get 353,000,000 web pages that discuss the topic.

All that information can lead to a lot of confusion for small business owners. So in this blog post, we’ll break down the the major components, so you can start acting on the information right away.

There are 5 major components to good advertising copy: (The order is essential to success)

  1. Command Attention
  2. Showcase Benefits of Products/Services
  3. Prove the Benefits
  4. Persuade People to Embrace the Benefits
  5. Call to Action

Advertising is sales in print. So, when you consider your small business advertising strategies you need to think about the unique benefits your products/services offer and showcase that in a persuasive way. You need to emphasize results, not features.

Let’s take a minute to talk about each of these components:

  1. Command Attention: This is usually accomplished with the headline. You need an attention-getter that makes people want to know more about your products/services. The best headlines give a vivid portrayal of the benefits or show how a problem can be avoided with your products/services. The headline is the advertisement for the advertisement.
  2. Showcase Benefits: You have to showcase the benefits of your products and services and, more importantly, show how they will solve or prevent a problem. They need to know what’s in it for them. Include useful, factual and clear information to show precisely what the benefits are and how they are going to help the customer.
  3. Offer Proof: This is where you prove what the advertisement is offering. You need to establish you have a method to deliver. Consider the information that establishes credibility and past performance.
  4. Persuade: You need to add compelling reasons for your potential customers to purchase your products/services. Use a salesmanship-like approach and create scarcity. This will inspire your potential customers to feel like they have to act now. Which leads into the last component.
  5. Call to Action: You need to compel your potential customers to DO something. They need to check out your site, sign up for your newsletter, purchase your products, contact you about services…something. Offer a freebie-a booklet, sample, product, bonus, demo, consult, limited time price…the list goes on. There are lots of ways to get potential customers excited about ordering and help them feel like they are getting an amazing deal.

Good advertisements include all of these components and are not complete without any of them.

You can sit down and think through any one of these components, then figure out how to best place them together for greater effectiveness. We can help you do that too.

Try our GUIDED TOUR to learn how to put together great advertisements from some of the best in the business.

Direct Response or Bust!

Posted by billgluth

Direct response marketing is marketing that demands a direct response from your potential customers. This type of marketing is used to answer questions, present your branding, products, and the reason you do what you do.

Customers love this, as they are offered the opportunity to respond, whether that be in the way of signing up for a newsletter, posting a comment on your site or blog, or purchasing a product from you.

So, how does direct response marketing look? Well, it comes in many forms, including:

  • Direct mail
  • Print ads
  • Radio and TV ads
  • Coupons or other incentives
  • Telemarketing

Some of the advantages of direct marketing include:

  • A great way to use free time during lulls in business
  • A productive way to communicate and empower you to create more relationships
  • Great way to up-sell and cross-sell to current customers
  • A low-cost way to rustle up new business
  • Used as leverage to turn small sales into large sales
  • Supplement your current marketing program
  • A cost-effective way to reach target markets
  • Offers measurable results
  • Reach outside your local area for new business
  • Increase the effectiveness of your sales force

These are all great things that can come from just taking a few simple steps to putting together a direct response marketing plan and executing it.

“I honestly don’t think you’ll ever find a safer, lower-risk, higher-profit method of increasing your business or profession than direct-response marketing.” Jay Abraham.

Direct response marketing is one of the best ways to launch your business on a large scale and reach out to everyone in your target market, whether they are in your local area or not.

I’d love to hear YOUR thoughts, questions, and experiences with direct response marketing. Feel free to comment below.

Our GUIDED TOUR can help you put together a great direct response marketing plan and get you on your way to heightened success.

Kick Start Your Marketing

Posted by billgluth

Today I’d like to teach you about the three most important start up marketing tools you need to get and keep new customers.

  1. In person: It’s essential you meet with customers/clients in person whenever possible. This shows you respect them and take the time to work with your clients to give personal attention to each of them.
  2. Follow up letter: Always take a moment to send a follow up letter about what you talked about, new agreements or partnerships made and to thank them for taking the time to meet with you. Likewise, you should always send thank you letters or small gifts to partners you find success with.
  3. Phone call: Use a telephone call to follow up with them to talk again about the matters you talked about in your meeting and offer any assistance you can to help their business run smoothly and more successfully.

None of these will work if you don’t have a quality product/service to back you up!

Here are the key steps for putting together your start-up marketing tools:

  1. Research potential customers, buyers, competitors and their preferred methods of distribution.
  2. Talk to potential customers. Take a hard look at your product from a customer’s perspective and see what it needs to be successful.
  3. Follow up with your 3-step process from above.
  4. Develop systems for contact follow through, quality control standards and customer service.
  5. Develop post-sale follow up system to keep lines of communication open is customers and build on your current relationship which increases future purchases.

“Marketing and innovation produce results; all the rest are costs” Peter Drucker, management consultant

Here’s another one I love from an icon:

“If there is any one secret of success, it lies in the ability to get the other person’s point of view and see things from that person’s angle as well as from your own.” Henry Ford, Founder of Ford Motor Company

This lesson has offered you the tools to put together a start-up marketing plan that can be used over and over again to help your customer base and business grow in a manageable way.

The tools offered in our FREE test drive offer these very same things.