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Pillar 5 Lead Conversion And How To Increase The Number Of Orders You Receive

Pillar 5 Lead Conversion And How To Increase The Number Of Orders You Receive

This is a big category. Here are links to the other pages – page 23 – 4 – 5

The ABCDEF Rule For Competitive Advantage

You will know that you need to have a competitive advantage or competitive edge as the basis for your unique selling proposition.

Are you clear on the dimensions?

For years, I talked about this as the ABCD Rule.

Your Advantage needs to be Better, Cheaper or Different.

Then I came across an article I wrote on the difference between vertical differentiation and horizontal differentiation where I went further.

I said your Advantage needs to be Better, Cheaper, Different, Easier or Faster.

This became the ABCDEF Rule.

This gives you five broad directions to think about when you are considering your customer value strategy and your customer value attribute map (also known as the strategy canvas in Blue Ocean Strategy). These will help you to be clear on which factors are your order winners and which are order qualifiers.

 

 

in 3 – Your Strategic Positioning, 4 – Lead Generation, 5 – Lead Conversion

The Purchase Tipping Point

The Purchase Tipping Point refers to the buying decision and how it tips from uncertainty about which is the best choice to certainty that you have made the right decision.

It’s not to be confused with the Profit Tipping Point, the name of my free report to help business owners make more profit.

You’ll have experienced the purchase tipping point yourself many times and there are two different decisions.

  1. The decision to buy something.
  2. The decision to buy the particular item.

Your internal dialogue will go something like this…

“That’s nice.

So is that.

I can’t afford both and I probably shouldn’t buy either.

But I deserve a treat.

Then one of

  • I’ve done very well recently
  • I’ve worked hard this week
  • I have resisted temptation and not bought anything for ages
  • I’m feeling down and I need cheering up
  • I really need it – my current one is old, shabby, broken or worn out

Which should I buy?

[Notice the first purchase tipping point decision has been passed because you’ve gone from not buying to deciding to buy something]

I really like both.

That one’s more practical but the other is so stylish.

I wish I could buy both.

But I can’t. I mustn’t.

Come on which do you want most?

That one.

[This is the second purchase tipping point as you move from a generic purchase decision to a specific one.

How Do You Influence The Purchase Decision?

I’m planning to write a lot more in my blog about how you influence the purchase tipping points:

  • The decision to buy a generic product or service
  • The decision to buy a specific product or service

I believe not looking through the customer’s eyes is a common failing in many marketing and sales books and courses. I’ve argued for a long time that your job is to make it easy for a customer to buy.

It may seem obvious but when you look back at your own buying, you’ll see how often businesses stand in the way of you buying and stop you from tipping positively at either or both of these purchase tipping points.

The Purchase Tipping Point & Mistakes In Communication

One thing businesses are very bad at is not understanding where you are in your buying cycle as a potential customer. This means you get a mismatch in communication.

There are only four combinations – two right and two wrong.

  • Before purchase tipping point 1 (deciding to buy generic)
    The right way – to explain why a generic purchase is right and lay the groundwork for why you should make a specific choice.
    The wrong way is to concentrate on why the customer should buy from you. The customer isn’t ready to be sold, just helped to make the initial tipping point decision.
  • After purchase tipping point 1 but before tipping point 2 (deciding to buy a specific item.)
    The right way is to explain why your specific product is right for them and is different and better than those products available from competitors.
    The wrong way is to explain why buying the generic product is the sensible thing to do.

The Purchase Tipping Point & Emotional & Logical Reasons To Buy

The idea of the purchase tipping point can also be applied to the emotional and logical reasons for buying. You can see this in my sample of internal dialogue above.

To make the purchasing decision, you want ticks for both logic and emotion.

You can know you need something and not want it.

You can want something and not need it.

Either way, you can find that you can’t justify buying.

The Purchase Tipping Point & The Pain Of the Problem Versus The Pain & Gain Of The Solution

Pain and the desire to reduce or avoid pain motivates you to make decisions but there is also pain involved with buying solutions to the underlying problems.

I don’t smoke but it’s well established that smoking is bad for you so the logical thing is to give up. But there is pain involved in quitting (withdrawal symptoms, increased tension and irritability, gaining weight). People who continue to smoke haven’t been able to reach the decision tipping point and to stay on the right side. In this case not smoking is considered more painful than smoking and suffering the high risk of serious health problems in the long term future.

I am overweight and, after losing a few kgs, it seems to be creeping back up. Not as high as it was before I was ill, so I still have plenty of clothes to wear. I’d like to lose weight but I haven’t hit the decision tipping point where my exercise goes up and my calorie consumption goes down. Just like in the internal dialogue above, I find myself thinking “I’ve been a good boy. I deserve a treat” and I have another chocolate bar.

Two Questions

Have you noticed that you have this internal dialogue as you work your way through the two tipping point decisions involved in buying? Have you noticed how some companies and sales people help you “tip positively” towards making the buying decision whilst others seem to do their best to get in the way?

Secondly, if you’re selling a product or service, have you identified ways that you can;

  • Help your customers to tip towards making a buying decision?
  • Identified ways that you might get in the way and then put together an action plan to stop these things happening?

In particular, pay attention to the understanding where the customer is in his or her buying journey and make sure that you are selling the generic product when you need and educating the customer on choosing their appropriate buying criteria and then selling your specific product as different and better than your competitors.

in 3 – Your Strategic Positioning, 4 – Lead Generation, 5 – Lead Conversion

Jay Abraham & The Three Ways To Grow A Business

I want to tell you about Jay Abraham’s Three Ways To Grow A Business.

This is very different from the famous Ansoff Business Growth Model which can be thought of as the four ways to grow a business.

The Power Of Business Models

One of the big advantages of uses a “business model” is that it helps create a shared view of the way the business works and the way it can be improved. That’s the same when you use a strategic model to look at the environment like Michael Porter’s Five Forces.

I make this point in my Profit Tipping Point Report but there is a tendency to over-complicate business and focus on too many tactics without getting the bigger things right.

The Three Ways To Grow a Business

The three ways to grow a business are:

  1. Increase the number of customers who buy
    .
  2. Increase the average sales transaction value
    .
  3. Increase the number of times a customer buys

It’s a very useful framework because often when you look at strategies to grow the top line, the automatic focus is winning more customers (method 1) and little attention is given to getting more sales from the existing customers in terms of selling more and more often.

The Three Ways To Grow A Business Video

Here is a link to a short video of Jay Abraham explaining the three ways to grow a business.

The Three Ways To Grow A Business Model Helps You Look Beyond Getting More Customers

If you don’t have many customers, then attracting more will inevitably be your main focus but if you already have many customers, it’s well worth looking at the second and third ways of growing the business.

How Do You Use The Three Ways To Grow A Business Model?

You sit down and brainstorm the two questions:

  • How can we persuade customers to increase the value of what they buy? This will lead to answers ranging from “have a price increase” to cross-selling existing products in a much more structured way through to adding new products into the range which your customers will buy before, at the same time or after they buy your main product.
    .
  • How can we encourage customers to buy more often? Your answers will depend on whether you meet primary demand (where customers are free to buy from you as often as they want e.g. a restaurant) or secondary or derived demand where they only need to buy when they sell (parts for original equipment manufacturers). The restaurant can encourage customers to visit more often by having special events and experiences, the OEM parts supplier needs to looking at ways to win more share or find some way to help the OEM sell more.

Jay Abraham’s three ways to grow a business model has been around since Jay became established in the eighties. It is well proven and underpins many of the consultancy/coaching frameworks, even if we’ve tried to give our own unique approach to it.

in 4 – Lead Generation, 5 – Lead Conversion, 6 – Revenue Regeneration

The 6 Factors Of Influence & Persuasion

Robert Cialdini, the acknowledged expert on influence, has created a doodle video to help explain the six factors of persuasion.

You may have already come across these ideas but the video is a great reminder because it puts the concepts across in such a powerful way.

Robert Cialdini Doodle Video

Do You Use These Six Factors Of Influence In Your Marketing & Selling?

It’s many years since Robert Cialdini first popularised these ideas but how well do you use them in your marketing?

My advice is to take a sheet of paper and draw a vertical line down the middle and head up one column with “do” and the other with “can do”.

Then work through the six factors – reciprocity, liking, authority, consistency, scarcity and consensus (social proof) – and look at how you currently use the ideas in your business and then, how you could use the concepts more.

in 4 – Lead Generation, 5 – Lead Conversion

David Deutsch has long been regarded as one of the very best of the A-List copywriters. I’ve seen him providing support on trainings from John Carlton and he attended Harlan Corben’s course on NLP Copywriting.

Up until now, he’s kept many of his secrets to himself. There’s no widely distributed book and there hasn’t been a course. A few years ago I bought a series of interviews David did with other copywriters as they talked copy which also meant I received a pdf copy of a book he did write called Million Dollar Marketing Secrets.

Now David has produced a course called…

A-List Copywriting Secrets

[continue reading…]

in 4 – Lead Generation, 5 – Lead Conversion, Copywriting, Small Business Training Programs

Brian Kurtz Lessons From The Titans Of Copywriting

Brian Kurtz is a direct marketing legend who worked with Marty Edelston to turn Boardroom, Inc. (now Bottom Line Publications) into a remarkably successful information publisher. They did it by finding the very cream of copywriters.

Here is an interview between Brian and copywriter Roy Furr. Roy is the copywriter Brian choose to write the copy for a memorial event to celebrate the life and achievements of Marty Edelston. It was called The Titans of Direct Response.

Here is how Roy describes this recorded interview:

“I asked Brian to come up with ONE BIG LESSON he got from each of the Titans.
… One big reason why he’d invited each to take part in the event.
It turned into a rapid-fire session of lessons on marketing, business, and life.”

It’s 55 minutes long but it’s a great way to spend the time.

I’ll also take this opportunity to recommend Brian’s book called Overdeliver (link to Amazon.co.uk or Amazon.com). I’m not sure where my 5 star review has gone as it’s not on Amazon or this website. Sometimes I have had trouble posting so, hopefully, my tablet has captured it.

 

in 4 – Lead Generation, 5 – Lead Conversion, Copywriting

The full title of this book by Charles E. Gaudet II is

The Predictable Profits Playbook: The Entrepreneur’s Guide to Dominating Any Market – And Staying On Top

In my review posted on Amazon.co.uk, I gave the book a 5 Stars rating. This means it is Excellent.

Here is my book review.

An excellent guide to business growth

I bought and read this outstanding book back in 2015 but for some reason, I didn’t review it [continue reading…]

in 3 – Your Strategic Positioning, 4 – Lead Generation, 5 – Lead Conversion, Best Business Books

How to Price Your Platypus by David Abbott

The full title of this book by David Abbott is

How to Price Your Platypus: Using an Understanding of Customer Psychology to Maximise Prices

In my review posted on Amazon.co.uk, I gave the book a 4 Stars rating. This means it is Good to Very Good.

Here is my book review.

A plain talking, practical guide to pricing

Pricing is a major lever for improving profitability by adjusting margins and sales volumes but there are many factors to consider.

That’s why simple but sub-optimal pricing techniques like cost plus (standard markup) and charging the same as your competitors are often chosen even if it means leaving profit on the table.

This book goes into plenty of the issues but does it in an easy-to-read, plain-talking way that guides you through practical techniques for setting your prices.

Inevitably this means there are compromises made and the scope of the book is wide. There’s a big difference between setting your own prices and forcing potential customers to make the buy or don’t buy decision… or where prices are “negotiated” with a powerful buyer like the supermarkets.

I recommend this to business owners. Marketing consultants will need something more substantial.

You can buy the book from Amazon.co.uk or Amazon.com

There are many thousand of business books, you can see the full list of my reviews at Business Books Reviews by Paul Simister (Please click). I've also narrowed these down to a list of the 12 Best Business Books For Business Owners & Entrepreneurs (Please click).

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[sos]

Don't forget to download and read my FREE Report - The SIX Steps PROFIT Formula: The Simple Rules That Every Small Business Owner Needs To Know available to download at Six Steps Report (Please click).
in 3 – Your Strategic Positioning, 5 – Lead Conversion, Best Business Books

Are you frustrated that your business isn’t growing as quickly as you want?

You’ve probably fallen victim to one of the 7 major areas of marketing constraint. Read on to find out what they are and what you can do to escape their stranglehold on your business.

Your Current Marketing And Sales System

You have a marketing and sales system in your business made up of your decisions and actions. (And perhaps your inactions and indecisions.) It may not have been designed consciously but something is there, with good bits and bad bits.

This “system” determines how many enquiries you get, how well you convert these enquiries into customers and how much these customers spend with you.

This leads to one simple conclusion.

If you’re not getting the enquiries and sales you want, there are one or more constraints in your system. These cause your marketing to get stuck at a level that disappoints and frustrates you.

Fortunately, with help, you can identify why you have problems attracting the customers you want.

If you own a business based in the UK, I can offer a Business SOS. This is a 90 minute advice and coaching session to help you understand why you’re not getting more sales revenue and, just as important, what you can do about it. For details, please click over to Business SOS with Paul Simister.

There Are 7 Major Areas Of Constraint

There are seven major areas where problems can arise and where you can make improvements. The details are explained below but first, I’ll explain how these constraints dampen down your marketing results..

If there is only one constraint, you can think of it like the weakest link in a chain. No matter what you do away from this weak link, your improvements will be limited because the entire chain depends on the weakest link.

If there are several major constraints in your marketing system, then think of it like a three lane motorway with several roadworks on your route. These cause one or two lanes to be shut down, limiting the flow of traffic to a crawl. Eliminating the first roadblock helps but there’s still another bottleneck causing trouble ahead. To reach your goal of a smooth-flowing marketing and sales system, you need to improve all the roadblocks.

The 7 Critical Factors And Possibly Major Constraints In Your Marketing & Sales System

Let me satisfy your curiosity and tell you about the seven vital factors in attracting customers and keeping them buying. This way, you can see how they fit together and how problems cause constraints.

I present a contrast so you can see the good and the bad and get a feeling for where your business fits in-between.

Critical Factor 1 – You Must Find Your Starving Crowd: The Market Constraint

This is about your choice of target market.

If you’ve got it right, there are plenty of potential customers who want exactly what you offer. You may not be able to attract these customers but at least they exist.

You have this constraint if you haven’t found your starving crowd i.e. you’re not clear about who is your target market and exactly what they want. You need to know who has a strong desire to solve the problems you can fix.

The Business SOS advice can help you find your Starving Crowd.

(If you’ve seen enough and I’ve covered what may be your biggest constraint, click to Business SOS and you’ll be taken to the right section.)

Critical Factor 2 – You Need To Make An Irresistible Promise That’s Good For Your Customers And Good For You: The Customer Value & Offer Constraint

This is about your offer – what customers get and what they pay – and what you say to communicate it.

If you get it right, the right people will pay attention to your marketing messages, decide your offers appeal and take the action you want.

There is still the potential problem that not enough of your target customers see your marketing message often enough (constraint 3). However a reasonable proportion of those who do see it will take action and make contact and become qualified leads, predisposed to buying.

A lot can go wrong in your marketing message and offer yet it’s often an area that isn’t given enough time and attention by business owners.

You suffer from this constraint if only a small proportion of the right people who see your message then make contact. There are two symptoms to look out for:

  1. If you’re always under pressure to reduce your price.
  2. If you struggle to explain why people should buy from you and not from your competitors.

The Business SOS advice can help you to develop your Irresistible Promise.

(If you’ve seen enough and I’ve covered what may be your biggest constraint, click to Business SOS and you’ll be taken to the right section.)

Critical Factor 3 – You Need To Get Your Irresistible Promise In Front Of The Eyes And Ears Of Your Target Customers And Do It Often: The Marketing Media Constraint

This is about the choice of marketing media you use to communicate your marketing message and how often your prospects see the messages.

If you get it right, your customers will regularly see a compelling marketing message from you. As well as solving the timing problem where wants and needs are suddenly switched on, familiarity with your brand name and message builds trust. When it’s the right time for them to buy, they will make contact with you.

For many, the choice of marketing media is what marketing is all about.

It’s not. It’s only one of the seven critical factors.

How often have you been told “you must have a website” or “you must use Facebook” or Instagram or the other forms of social media? Or perhaps direct mail or telephone based selling and prospecting (that’s setting up appointments)? Or advertising on the local radio, in the newspapers or specialist magazines. Or…or….or…

The truth is, there are potentially many ways to get your messages in front of your prospective customers. Some will cost more than they earn which is why you must trial small, test and measure your success so that you can continually refine your choices of marketing media and message

This constraint is a serious problem if your targeted customers aren’t seeing your marketing messages often enough to build up credibility and not seeing your messages at the right time, i.e. when they want to buy.

The Business SOS advice can help you to understand which media are likely to make sense for you to use. I’ll also encourage you to measure and test.

(If you’ve seen enough and I’ve covered what may be your biggest constraint, click to Business SOS and you’ll be taken to the right section.)

Critical Factor 4 – You Must Deliver A Great Customer Experience: The Customer Service Constraint

Do you realise a customer is assessing your business and its suitability every time he or she comes into contact with it? This happens before they buy, while they are buying and then after they buy and use the product or service.

These touchpoints are often known as your moments of truth.

Do you deliver well at each of them?

If you get it right, the customer has a positive experience every time there is contact and builds more confidence in your business, your products and your services.

There are a lot of things that can go wrong in these touchpoints which is why recruiting the right people and training them properly are important along with having clear systems and processes. Potential problems will vary widely with the type of business you have.

To get some idea of how your customers might feel when they deal with your business, do you remember the times when things went wrong when you were a buyer and how how frustrating even little things can be? I bet it affected your opinion of the supplier.

You are trapped in this constraint when your prospective customers come into contact with your business and are left disappointed.

The Business SOS advice session can help you to identify these moments of truth and think through the standards you want to set for your business to deliver consistently.

(If you’ve seen enough and I’ve covered what may be your biggest constraint, click to Business SOS and you’ll be taken to the right section.)

Critical Factor 5 – You Must Take Opportunities To Sell More To Customers: The Revenue Regeneration Constraint

This means making sure that the customer buys what they really want at the start. After that, they should have the opportunity to keep buying while they satisfy their want or need.

This is about helping your customers to get the very best value from what you offer and helping yourself.

If you get it right, your customers are happy to keep buying from you because they continue to get more value back than they pay out.

This is an area where you may be holding your business back. Are you worried about coming over as “salesy” and only out for yourself?

The example I often use is when you’re having a meal in a restaurant and the offers of extras from the waiter help you to have a great experience. I’m sure you don’t resent being asked if you’d like to see the wine list, to have a drink from the bar, a dessert or a coffee. It’s part and parcel of offering good service.

This constraint hampers your business greatly if you aren’t clear about what the customer really wants at the start and you don’t continue to make offers that are good for the customer.

The Business SOS advice session can help you to see how you can make additional offers that genuinely help the customers.

(If you’ve seen enough and I’ve covered what may be your biggest constraint, click to Business SOS and you’ll be taken to the right section.)

Critical Factor 6 – You Must Encourage Happy Customers To Refer And Recommend Your Business To Others: The Referrals Constraint

Your customers can be your best salespeople through their referrals, reviews and testimonials.

If you get this right, a steady stream of qualified customers will come to you with little effort from yourself.

One of the big benefits of the Internet for buyers is that they can get behind the slick marketing messages and find out the opinion of other customers. Instead of relying on the experience of family, friends and colleagues, there is now a much wider circle of influence.

This can be a huge constraint if you receive negative “word-of-mouth” comments and reviews. Alternatively, you miss out on a good opportunity if you don’t get positive reviews and referrals.

The Business SOS advice session can help you to improve your reputation and find ways to encourage more customer referrals.

(Just one more to go but if you’ve seen enough and I’ve covered what may be your biggest constraint, click to Business SOS and you’ll be taken to the right section.)

Critical Factor 7 – You Must Have A Positive Marketing Mindset That Allows You To See Opportunities And Possibilities And Then Take Effective Action

How you think and feel about marketing will have a major impact on what you do.

If you get this right, marketing is fun, satisfying and even fascinating.

There is a chicken and egg problem here. Your marketing mindset may struggle because of the results of your marketing or your disappointing marketing may have been caused because you don’t have the right marketing mindset.

If this is a constraint and stays a constraint, you will remain stuck. You won’t approach your marketing in the right way, you won’t know enough and you’ll reach for easy solutions. This will probably be new or changed marketing media solutions that people convince you are the right ways to go. Yet, if you don’t solve constraints in the other areas, you’re stuck in the “weak link in the chain” situation.

The Business SOS advice session can help you to improve your marketing mindset.

In Summary

There are seven main marketing constraints you may be suffering from:

  1. You might not have found your starving crowd – the market constraint.
    .
  2. You may not have identified your irresistible promise – the customer value and offer constraint.
    .
  3. You might not get your message in front of enough of the right people as often as you should – the marketing media constraint.
    .
  4. Prospective customers and customers may get a poor experience from their dealings with the business – the customer service constraint.
    .
  5. You possible don’t ask your customers to buy what they really want or encourage them to buy often enough – the revenue regeneration constraint.
    .
  6. You probably don’t get enough positive recommendations and reviews – the referrals constraint.
    .
  7. You might not have a positive marketing mindset that lets you take advantage of opportunities – the mindset constraint.

Do any of those sound or feel familiar?

Things may not be as black as they appear. If you have some happy customers, you’re doing some things right.

You probably need a Business SOS call.

The aim is to resolve the areas where your business is seriously constrained and to build on what you do right.

We won’t have a chance to work on all these issues but we can have a good look at one of them or a less detailed look at a few.

If you’re sick and tired of disappointing email and you’re ready to do something about it, email me, ask for a Business SOS and tell me about your business.

 

in 4 – Lead Generation, 5 – Lead Conversion, 6 – Revenue Regeneration

Video Summarising the Mr X Book By Jay Abraham

I gave a very positive review to Jay Abraham’s Mr X Book, more properly known as “Money Making Secrets of Marketing Genius Jay Abraham and Other Marketing Wizards“.

Last week, I found a three hour video summarising the key lessons from the book.

It’s been out together by Joseph Rodrigues. It’s been featured on Jay’s own website and he has some connection with Jay as he goes along to Jay’s conferences.

Here is the video. Watch and enjoy.

If you want to know more about Joseph and his book summaries, you’ll find him at his YouTube channel and he also appears on the podcast channels as Insight Perspectives.

in 4 – Lead Generation, 5 – Lead Conversion, 6 – Revenue Regeneration