Some of the more common challenges come with:

• Not identifying your ideal client demographics well enough.
• Not identifying what your ideal client thinks and their purchase motivation (Psychographics)

Demographics give you their characteristics that identify their abilities, needs and interests of your customers; Psychographics identify their motivation or reason for making the purchase.

Demographics: who is buying your service

Psychographics: why they are buying your service

Where are you missing the mark?

All too often we see people jump straight into the sales process without building a relationship with that potential customer or even communicating with them in a way to suit their pace and relationship style.

If we are to look at this further have you really defined your ideal client Demographics and Psychographics enough?

To define these further we need to also look at when and how they communicate.  The type of language they use, at what speed and format it is delivered in, where they source this information from and how much creditability they place upon it.

By examining it further you may well discover that the information you have for your ideal client is too long and wordy or not even in a language they understand.  Worse yet you may be selling the benefits or features of your product rather than how your product or service actually provides a solution for their unique challenge.

If you convert this to lost leads, this may be the reason your marketing information is not performing as well as you wished.  Is it in the wrong language at the wrong speed for the wrong audience selling features not solving challenges?

Take the time to revisit your ideal client profile.  Once this is streamlined and perfected, you can then duplicate it across to another service or product.  Just like most franchises do, they start with one systemized product and then drop an almost identical product into their client base.   The language they use to capture the young children is much different to the language etc  used to capture the family meal market.

Sit back, Take a moment to reflect and get some outside perspective on your Marketing.

John Burkhardt

• Why don’t we sell our service or product quality?
• What are you competing on?
• What is your differentiation in the marketplace?
• Why are your clients dealing with you?

Society has been conditioned to barter or ask for a discount.  Why bow to the pressure of discounting.  Look for alternatives to sell your differentiation or Unique Selling Proposition (USP).   Are you able to offer better quality and service; add options of extended warranties, payment plans or upgrade bonuses?

Explore and extend your unique product or service experience by marketing that which is your advantage.  (Exploit it)

By having a marketing communication plan, you will have already looked at the positioning of your product/service and its rightful place in the marketplace.  A pricing strategy is critical for long term business viability and the covering of business overheads in addition to cost of goods (COG).

Sit back and reflect as to why you are really discounting.

Don’t get me wrong, certain times call for a form of discounting. Bundle services with an applicable saving; pass on freight savings due to volume discount you receive on larger deliveries.  All great selling points are where your service now takes the focus off the price.  The customer is getting quality service as well as a competitive price.

Don’t sell yourself short and compete purely on price.

John Burkhardt – Gold Coast Business Coach

Does your business structure support your long term business goals?

Do you really understand the use of Companies and Trusts in achieving these goals and ultimately achieving your exit or succession plans?

Start with the end in mind! Realistically nearly all of us get into business because we are great at what we do…  When reality strikes, we are usually not that great at the non “my stuff” functions of business.  It is never too late to align your business structure with your long term personal and business goals.

If you would like to discuss this, please let me know and I can introduce you to some great professionals in that field.

In the current monetary climate there is more and more focus on making sure you know what your money is up to.  With a slower economy (apparently) there is now the focus on even more control on your expenses and how to (market) maximize your income?  This is a great time to become more financially literate.

Do you know how to effectively read your Profit & Loss Statement and challenge some of the items on it?  Do you do this regularly (a minimum of once per month if not weekly)?

Is your Balance Sheet up to date or is it an item that the Accountant does up and it remains in your tax return for them next year?  Do you know what it is for?

Financial literacy is also about knowing how your business structure works and ensuring it matches your long term business and personal goals without you getting caught in capital gains tax or stamp duty penalties.  If you don’t know what structure you have and how to benefit from it, now is the time to talk to you financial advisor to learn!

Do you know what your competitors pricing is for the products you stock or service you offer?  Are you positioned to take advantage of their challenges?  Is your mark-up rate standardised and can be implemented quickly to ensure that you don’t eat into your gross profit?

Financial control is about 1/7^th of the business functions performed and should be treated accordingly.  Be informed; be ruthless in your decisions.

Yesterday I had the immense pleasure of attending a workshop called “Marketing Magic” by Tony Melvin of The Knowledge Centre fame and other great ventures. (More about that in a later post)

During the day it became increasingly evident that Tony Melvin not only has a sense of humor but is able to create great analogies and draw upon personal experience to explain different methodologies.

His latest book is “From Red to Black” and is available at www.solvencymakers.com

It is a great book, easy to read being written in plain english with plenty of practical examples and graphs to visually impact the message.

Here’s a taste of what’s inside:

1. How to maintain a good credit rating

2. How to control your money

3. How to communicate with creditors

4. How to deal with legal firms

5. How to avoid going bankrupt

6. How to organize your life and minimise stress

7. How to achieve your financial goals

8. How to develop successful money habits

9. How to play the Game of Investing and WIN!

(c) 2009 Tony Melvin

I was blessed with a train ride back to the Gold Coast and opened up the book during the trip.  Last night came and went and yes, the book is great. It has very relevant and easy to understand information.

Do yourself a favour and learn how to manage money.

Have fun out there!

John Burkhardt

Upon my wife’s insistence, I joined the local library.  We have only been at this location for 18 months, so I’m excused from rushing in.  Haven’t things changed since I last joined a library.  We all know that business systems are incredibly important in running efficient business as well as training your staff in using them.  I was impressed.  The counter was full, but a “spare” staff member spotted me and came across to assist.  She then asked how she could help and listened.  (Rare indeed)  Anyway, she stepped me through the process, the ID required, the rules (well scripted) and checked for understanding before moving on.  I was then presented with a card with my name newly printed on it and asked to read the terms and conditions prior to signing the card.

What a great experience! To be honest, I wandered around the Library trying to make sense of the Dewey system (will have to research Google and the library website) and was still in a bit of shock.  I did find a couple of books about life coaching and why talent is not enough to take home.  My daughter happily added to my stash with a language book and CD.  Upon getting to the loan checkout, I was confronted with self serve or staff assisted service.  Ummm, a little old lady was finishing off on the self service section, maybe I could risk it?

Yes, a touch screen. Swipe the card; yes, so far so good (after two swipes to get it around the correct way).  Place all the books on the grey mat; yes, I can handle that. Do you want a receipt? Yes – but what the.  A list of the books appeared on the screen and the receipt printed off.

Yes, I’m still in shock and wandered off.

The beauty of systems. The amount of books being managed by well defined systems and competent trained staff was brilliant.  Even the staff were smiling.

Now, back to working out the Dewey system!

John Burkhardt - Amplio Business Solutions