In the last post we talked about the first secret to building a solid customer service plan and how to decide what your vision is.
Today we’ll talk about the second secret in taking your satisfied customers to raving fans. You must know what your customers want. Know who your customers are and you will know better how to serve them. Demographics are really important here. An upper-class woman in her 30’s is going to have completely different expectations than a working class man in his 50’s.
There are four main areas you need to consider and plan when figuring out what your customers want:
Listen to Your Customers
Ask Your Customers Sincerely
Offer More than Just a Product/Service
Know When to Ignore Them
These are all important when deciding what your customers want out of their shopping experience.
Listen to Your Customers
You need to listen to both what they say and what they don’t say. Customers may say they want one thing and really mean something else. For example, if you customers are begging for lower prices, you may find out their real priority is quick delivery.
Also, listen to your “silent” customers. These are the customers don’t bother to complain because the service is so bad they’ve just given up and don’t feel like their voice matters. They feel unwanted and when a competitor shows up, they’ll be gone.
Lastly, you need to listen to customers who only reply with “fine”. These customers are similar to the “silent” customers in that they are so used to bad customer service they only give a monotone response.
Ask Your Customers Sincerely
If you aren’t sincere when you ask their opinion, they are going to see right through you. You may be thinking, “What about the customers who aren’t saying anything?” You need to ask them sincere questions that get them thinking about their experiences. Make them feel like you really care, and you should!
Offer More than Just a Product/Service
Your customers are looking for much more than a simple product or service, they are looking for an experience that makes them feel good. They gauge every step of the process with a value. When you take this into consideration and treat them like people, they will feel like they belong.
Know When to Ignore Them
You may think this goes beyond providing good customer service, but in reality you can’t give them everything and someone people you will never make happy. You have to set limits and stick to them. If your vision and company don’t meet the needs of the customer, they will be best suited somewhere else.
These are the steps and tricks to figuring out what your customers want and how you can use them to work on your customer service vision and plan.
If you get stuck, try ourGUIDED TOURand let us help you through the process.
Customer service is a pretty hot topic and can make or break your business. Consumers have little patience for lousy customer service and easily get tired of waiting in long lines, trying to get a live person on the line, going through an interrogation to return something or trying to communicate through a language barrier.
If you provide them with a simple, efficient, pleasant experience they will revisit your business over and over. More importantly, they will tell everyone they know!
There are three secrets to good customer service, the first one we’re going to conquer is knowing exactly what YOU want.
You are the captain of the ship and the visionary for the future of your business, so you need to have a clearly defined plan for your business and that includes customer service. There are three main goals you need to consider:
It needs to be easy for your customers to do business with you. You can do this with advertised discounts, kiosks, your website and other technology based programs to help them shop.
Doing business with you needs to be a warm and pleasant experience. Your staff has to be knowledgeable, approachable, warm and patient. Your customers need to feel like they are getting a good value for their time and money. Perceived value goes beyond the price of the products and extends to their shopping experience.
Change your mind set and ask yourself “How can I NOT afford to do these things?” This shouldn’t be a question of expenses, but making and keep happy customers.
With these thoughts in mind you also need to take a few things into consideration when deciding on the actual programs and standards you’ll put into place.
Share your customer service vision with the rest of your staff.
Connect your incentive programs and bonuses directly to customer service.
Monitor the level of customer service your staff is putting out.
Know when you can ignore what your customers want.
Continuously focus on your goals.
Now that you know what you want you can starting thinking about how to meet those wants and create a positive customer service experience.
If you’re having a hard time deciding on what you want, the tools, resources and coaches in our GUIDED TOUR can help you define the wants and needs of your company in relation to customer service.
“No matter what had happened the night before – good game, bad game, soreness, fatigue – he was up working out every morning while most of the other guys slept.”
That was Tim S. Grover talking about Michael Jordan, in his book Relentless.
He continued, “Kobe is the same; he’s insatiable in his desire to work. Some days we’ll go back to the gym twice a day and once more at night, trying different things, working on certain issues, always looking for the extra edge.”
“My staff would meet at 8:30 AM at our facility before a practice or game to prepare for the coming day. More often than not, by the time I pulled in, Kobe would already be parked in the car next to my designated spot, taking a nap. He would be in the gym well before that, maybe by 6 AM to get his pre-practice workout done before anyone else showed up. That was the trademark of the final 10 years of his career.”
What are you doing to separate yourself from your competition?
Michael Jordan, Kobe Bryant, these guys were the best at their game. Was it just their God given talent that made them that way? Absolutely not! It was also their work ethic, their drive and dedication and their love of the game.
One of the biggest secrets to success lies in the answer to this question. What do you do when no one is around? What are you doing to get better, move to the top, or stay at the top?
It doesn’t matter if it’s in sports, business or something else, if you want to be the best, there is so much that you have to do on your own. You can’t do it for recognition or praise. You put in the extra practice for yourself, not for anyone else.
Last weekend Drew Brees set the new NFL record for most career pass touchdowns. Brees has the same mentality and work ethic as Jordan and Kobe. What was he doing the night before the game where he broke the record? The same thing he does every night after practice has ended and the rest of the team has left. He goes through his own workout.
This video from Reggie Bush was taken the night before his last game.
This is what it takes to be great.
What are you doing to be great?
How much time do you dedicate towards practice each week?
Do you practice with intent?
Be honest with yourself. Are you doing everything you can to be the very best at what you do? Are you settled and ok with where you are at? What changes do you need to make? Are you willing to make them? Check out ourGuided Tour and see how we can help you achieve this.
In the last post we talked about the first three of the 7 specific areas you need to consider in your franchise prototype process. Here are all seven again:
These 7 areas will fine turn your plan for the ultimate level of success. Today we are going to cover the last four.
Think of constructing your business model like planting a tree. At first, it’s so small and weak you wonder if it will even make it through the night. But you keep watering, fertilizing and nurturing it. Your ideas will grow the trunk and each of these strategies will extend out as the branches of your now strong tree. Finding the perfect support staff, employees, vendors/suppliers and other relationships will make your tree flourish with leaves and flowers.
The way you structure your management team is not only essential to your growth, but the happiness of your employees and, ultimately, your customers/clients. This strategy is results-oriented and doesn’t depend on the people, but the actual system that’s in place.
A management strategy is, in short, a set of standards that include goals, rules, a mission statement and other concrete things that tell your employees how to act, your management how to grow your business and your customers/clients what to expect.
These should all be in perfect alignment with your business goals.
You need to put together a people strategy that shows your employees how you feel about their job performance and dedication to your business. They also need to understand “why” they are doing specific tasks. This helps them to personally connect to their job which in turn leads to better production and a happier workplace.
There are a number of strategies you can use to keep it interested at “the office”:
Performance Incentive Programs
Contests that reward high performance
Employee of the Month
These are just a few of the ideas you can use. One of the best ways to appreciate your employees is by calling a meeting and asking them how they would like to be rewarded. Think about it for a while and put the best strategy into play. Keep it fresh and change up the strategy you use from time to time to keep your employees guessing. Once they get used to the prize, it’s time for a whole new approach.
You need to build a community within your company. There needs to be support, appreciation, and respect. The more “at home” an employee feels, the better they will perform and the higher their level of loyalty.
Marketing is, of course, essential to the success of any business, but it also must work cohesively with the other strategies you’re using. There are two major pillars of a successful marketing strategy-the demographic and psychographic profiles of your customers.
The psychographic tells you what your customers are the most likely to buy and the demographic tells you who they are, which can help you learn why they buy specific items. Without this information it simply doesn’t matter how good your business prototype is.
There are three types of systems in every business:
Hard systems refer to inanimate system or systems that have no “life”. Soft systems are those that could be living. Information systems which are, of course, everything else, including customer data, product information, financial…anything with data and numbers.
The most important of all three systems is the soft systems because it includes the sales systems your business uses. In your sales system, the two keys to success are: structure and substance. Structure being what you sell and substance being how you sell it.
All three systems are essential to the success of your business and while they all have their own very specific roles, they all must work together to get the job done. This also goes for your entire business development program.
I want to take a moment to recap on the ideas we went over through the business develop lessons.
An entrepreneurial myth, or e-myth, is an assumption that anyone can succeed at business with:
Projected a targeted profit
There are essentially three key roles that need to be filled to set your business up for success:
The four different stages of a business life cycle are:
There are a few things we are going to talk about:
Business Format Franchise
The Franchise Prototype
Franchise Prototype Standards
There are three main areas of business development:
7 specific areas you need to consider in your franchise prototype process. Here are all seven again:
We can help you work through all of these areas and give your business a jumpstart that puts you ahead of your competition right from the start. Use ourGUIDED TOUR and work with one of our coaches, plus gain access to a wealth of tools and resources.
The 7 specific areas you need to consider in your franchise prototype process:
These 7 areas will fine turn your plan for the ultimate level of success. In this lesson, we are going to cover the first three.
It’s essential in business development to set goals and see a vision for the future. This needs to go beyond the business and you need to think about what you want out of life. What do you dream about? How do you see your success unfolding? Knowing and understanding these things will give you the momentum to get started and the stamina to see it through. Even take a minute to write them down and tape to your desk for a constant reminder of what you’re aiming for.
These are essential in taking your business from surviving to thriving. All of these objectives should offer solutions for how to get to your primary aim. There are many things you can use to set strategic objectives, but here are a couple of the most popular:
Money: Setting monetary goals is a great, simple way to see how you are doing at any point in the game. It’s easy to measure and easy to find adjustments to help meet this goal.
Worthy Opportunities: When considering partnerships and other business opportunities you need to think about whether or not they will help you reach your primary aim. Those that will are the best opportunities to seriously consider.
The key in setting standards and goals is not to limit you or stress yourself out. You need to find some quantifiable things you can use to measure your progress toward your primary aim. These are just two suggestions, but make sure no matter what standards you set you are paying attention to the details, as these are one of the biggest keys to your success.
The strength of your organizational structure can make or break your business, so it’s important to take the time to put together a solid structure for your business to grow from. Generally, a company is organized around the roles and responsibilities that need to be taken care of on a daily basis and the personalities that need to fulfill those roles.
No matter what roles and responsibilities you’ve defined for your employees, you must always keep your personal primary aim separate from your company’s primary aim or mission statement. Once you’ve identified the primary aim for your company it will be easy to set up a position structure that will work.
Don’t forget to put together position contracts. Your employees should sign a statement of their roles and responsibilities. This helps keep them clear for you, the employee and other employees/vendors or other individuals.
You can see how these areas all work together to build a solid structure on which to build your business. If you need help defining any of these areas, you can check out the resources, tools and speak with one of our fantastic coaches during your GUIDED TOUR.
The end of the year is fast approaching. This is always an exciting time to be gauging the progress you’ve made and preparing to enter the new fresh year ahead.
As we approach the end of 2019, how have you done?
Have you achieved the goals you set for yourself at the beginning of the year?
Are you where you thought you would be? Where you want to be?
What can you still accomplish before the end of the year? Is there anything that just requires a little more focus and effort that you could achieve?
How are you approaching 2020?
Don’t wait until January 1 to get started.
Start planning now.
Set your goals now.
Start taking action on your plans and goals, now.
Get started and build momentum to hit the new year going full speed. Give yourself the unfair advantage of starting now and get a head start on 2020.
As we look back on the past year and start to prepare for the new year, it’s a great time to take a step back and look at where you are.
Where are your relationships at?
What are your personal circumstances?
What are your professional circumstances?
In each of these areas are you a giver or are you a taker?
What changes do you need to make?
Eric Thomas said, “If you are broke in any area of your life, it’s because you’re not adding enough value in that area.”
I want to focus on the topic of relationships. What value are you adding to your most important relationships?
How are you adding value?
When talking about the value added to a relationship, Eric Thomas suggests thinking about your five closest friends. Out of that group of five, you have to get rid of one, which one would it be? This question can usually be answered fairly fast. You know who it would be. It’s the one that is not adding as much value to the relationship as the others are.
There are people in your life that you can cut loose and it won’t change your life
If this is the case for you, it’s the same for everybody else too?
So, when you are looking at your relationships, ask yourself who you are in other people’s lives.
Who are you adding enough value to that they need you to be there?
Are you adding enough value to the relationships that you consider to be important?
If someone is willing to end their relationship with you, it’s not because you are adding a lot of value to the relationship.
The more value you can add to others, the more that will come back to you.
As you are setting your goals and planning for 2020, take a look at all of your important relationships.
Are you currently adding enough value?
What could you do to add more value?
Include this as part of the goal-setting process.
As you continually look to add value with no expectation of anything in return, you’ll have an opportunity to see an abundance of value being added to your life.
If you would like to join a group of success-focused individuals who are always looking to add value to others, check out our Inner Circle Mastermind and joining our weekly conversations. You can click HERE to find out more.
I’ve been having some conversations with someone about some potential business opportunities that we could have together. As we’ve gone back and forth, there have been some things come up that I could get real excited about. There is great potential for us to work together and have it turn out very well for both of our companies.
Yesterday I asked to set up a time we could get together to work out some of the details and get going. I was surprised by his response, but as I thought about it, I started to wonder how many other businesses do the same thing he’s doing.
When I asked for the meeting he informed me that he’s swamped right now with things he needs to wrap up before the end of the year. This, I can understand. But it was the next part of the conversation that has been on my mind since we talked. He told me that he’d rather wait until January to meet because their company basically looks at December as a write-off month. He said they all start to get in holiday mode and don’t do much before Christmas, and then as it gets closer to the 25th most of them start booking time off until the end of the year. For those that don’t take the time off, for the amount of work they do they may as well have taken the time off.
Is this how you approach December? I hope not!
Why not use the next 27 days to finish this decade off strong and set up 2020 to be great? What you do this month can really determine how your next year goes. Now is the time to get focused and get a jump start on your competition to start the new year.
If you give the following four areas your best effort, you can end 2019 strong and get a great start on 2020
This is a habit you need to work on daily throughout the year. But as we get closer to the holiday season and the distractions around you increase, you’ll need to be even more disciplined to keep focused
How much time do you actually spend being focused and working? With so many distractions so close to you I can be difficult. Taking a quick look at your inbox can turn into an hour of reading and replying to emails. Looking at one of your social media accounts can turn into mindless scrolling. Phone calls, employees, texts… The list of distractions can go on and on.
Identify the things that distract you and determine how you can prevent it from happening while you put all of your focus into your work for a specific amount of time. Turn off the phone. Close everything on your computer. Lock your door. Do whatever it is that you need to do so that you can completely focus for whatever amount of time you’ve scheduled.
You can start this today by determining your top three priorities for tomorrow. When you start your day tomorrow, your number one task is to complete the things you have identified as your top three priorities. Don’t look at your emails, texts, social media or anything else that will distract you until you accomplish your top three priorities.
Fill up your January calendar now. With so many people wanting to put things off until January, they’re going to be swamped when it rolls around. People are more likely to set January appointments in December than they are in January when things get crazy.
Too many people are just on a day-by-day schedule. They put more time and effort into figuring out their vacation schedule than they do with their daily schedule. Don’t come into Monday and wonder, “what am I going to do this week?” Don’t come into any day without it already being set up and planned.
Someone should be able to take a look at your calendar, and what you are trying to achieve this year is obvious. You have the meetings, events, presentations, follow-up and prep-time scheduled to make you succeed. It’s not about scheduling every second of every day, but it is about moving forward with intent.
What are you doing next Tuesday that is building your business?
Build and Strengthen Relationships
This is a great time of year to make the emotional deposits into your most important personal and professional relationships
Simply taking the time to call someone or take them to lunch can mean a lot to your relationship. Do you or your company give gifts at Christmas? Send cards?
Take some action today. What can you do today to strengthen a specific relationship?
As we approach the end of the year, now is a great time to give this some extra attention to help you to be ready for 2020!
How you start 2020 will determine how you finish it.
Schedule some time for reading, attending courses, working with a coach, or anything that is going to help you improve your personal growth and skill development.
Take a look at our Guided Tour and learn how our online coaching system can help you grow and succeed both personally and professionally as you transform your business.
In 27 days we begin a new year. Those 27 days are going to come and go regardless of what you do. Don’t waste them. Do the things that will amplify your business and your life and allow you to finish 2019 strong and to build the momentum you need to begin 2020 and make it great!
Don’t forget to join our list, HERE, so you don’t miss any new articles.
In sports, there are only two ways to end your season. For the majority of players and teams they don’t end it on a happy note. You either keep winning your games, make it through to the championship game and come out victorious, or like the majority of teams (if you even make playoffs), you lose a game and that is the end.
Fortunatly, the American Leadership Academy, Queen Creek Patriots football team that my son, Daxon, plays on made it all the way to the Arizona State 3A Championship Game and they came out victorious.
As parents and fans we are proud of Daxon, his team and coaches for the success they have had this year. Good luck to all of the seniors who are moving on or ended their football careers after that championship win. For those who will be back, get working and good luck, you have a title to defend next season!
This Success Strategies video is a clip taken from the November 20, 2019 Inner Circle Mastermind Call. To find our more about the Inner Circle Mastermind, you can visit http://bit.ly/MastermindSpecialOffer
Transcript of Video:
But I also want to talk a little bit about the confidence factor. Belief and certainty is basically to me, what confidence is. Confidence in yourself that you’re going to be able to do it. And again, that’s where the power of the mind is so effective. But you’ve also got to recognize that confidence is an emotion that can come and go. It’s not something that we have. It’s something that we need to create. I’ve heard, well this morning, I heard Brandon Bouchard, use the example that a power plant doesn’t have energy. It creates energy. And that’s what we need to be like with our confidence. We need to continue to build our own confidence in various areas of our lives.
To do that, we’ve got to start by deciding we are going to be confident. And sometimes that’s all you need to do is be able to decide I’m going to be confident in this area and go about doing it. But as we decide to be confident, and we start to do things over and over, that’s when we’re going to be able to build it. The more you do something, obviously the more you can gain your confidence in it. As you get more experience, the more you practice something, turns into a skill, turns into a competency, and it just grows from there. I think you can see that in pretty much any area of your life, from a baby trying to walk to an adult. The more you do it, the more you have confidence in it.
One of the factors that I’ve heard people talk about with confidence is fear. If you’re confident, does it mean you have no fear? My belief on that is no. It doesn’t. Look at a firefighter. Firefighters will fight fires, and that doesn’t mean they’re not going to have fear. But they are going to be confident in their ability. A Navy SEAL. A Navy SEAL is still going to have the anxieties and fears that go along with their job, but they know what they can do. And they’re going to be confident in their abilities.
Going back to my rodeo days as a steer wrestler, I had a lot of confidence in myself. I had tremendous confidence in myself. But there is also a lot of times … I can remember some specific times that as I backed into the corner ready to go, I was confident in my ability, but the anxiety, and maybe not fear, but whatever it was, I could feel my heart pounding out of my chest. That doesn’t mean I didn’t have the confidence.
The fact that you have fear doesn’t diminish the confidence. That’s one thing that we just need to make sure that we can keep a handle on and understanding of. Then a lot of it comes down to your own mindset. And that includes not only the things that you’re telling yourself, but your body language, all the different things that when you’re conscious of it, you can control it. It’s the words you speak to yourself, your body language, and just the thoughts that you’re allowing to happen. As we focus on creating more powerful rather than disempowering thoughts, we can build our own confidence. We’ve talked about this many times in different inner circle masterminds is there’s nothing more powerful than what we can do with our mind. Once you can start believe in yourself, believing in yourself, you’re going to be able to have a lot more confidence. And that’s going to roll into the cycle of belief and certainty. That’s the entire cycle of where success will build.
Hey, thanks for watching. This was a clip taken from our inner circle mastermind call earlier this week. You can learn more about becoming a member of our inner circle on the next screen. Take note of the website that’s there, and if you have any questions, email me at firstname.lastname@example.org. Thanks, and have a great day.
The E-Learning Marketing System is the most powerful and dynamic do-it-yourself client attraction program ever created!
We created this program with the perfect combination of online resources, tools and support to get you out of any financial distress you’re presently experiencing… help you get laser-focused on your highest income-producing activities… and help you develop and then apply the fundamentals that build multimillion dollar businesses.
The E-Learning Marketing System was created to give every small business owner unrestricted access to the tools, resources and support they need to build whatever size business they want.
Today I’m going to talk about the life cycle of a business and how to get the most out of each cycle while also extended the lifespan of your business.
The four different stages of a business life cycle are:
We’ll talk a little about what each of these cycles means and how they can each help expand your business’s lifespan.
This is generally considered the technician’s phase, which is the owner. At this point, the relationship between the business and the owner is that of a parent and new baby. There is an impenetrable bond that is necessary to determine the path your business will follow.
The key is to know your business must grow in order to flourish. You cannot stay in this stage forever.
In this stage, you need to start bringing your support staff together to delegate to and allow growth to happen. The first line of defense is your technical person as they need to bring a certain level of technical experience. This cycle really belongs to the manager though. The planning stage needs to start and a relationship should be built with the entrepreneur to plan for the future.
There’s a point in every business when business explodes and becomes chaotic. This is referred to as growing pains. It’s a good problem to have, but a problem nonetheless. You are often faced with a number of choices:
Avoid growth and stay small
Push forward into the next cycle
The last cycle is maturity, though this doesn’t mean the end of your business. Your passion for growth must continue in order for your business to succeed. You need to keep an entrepreneurial perspective in order to push your business forward.
You see how all three of these cycles are connected and depend on a strong foundation for each one of them for your business to be and continue to be successful. All three of your key roles must also work together to work through these cycles.
If you’re having trouble putting together your business life cycles and figuring out which of the key roles you fit into, try our GUIDED TOUR and work with one of our amazing coaches.
In business, in life, in whatever you do, achieving and sustaining success is difficult
When you reach the top there’s always someone or something trying to knock you down or overtake you.
I was visiting with a friend last night, engaged in his stories of his days playing basketball in college. He had a great NCAA Division One career that began at the Junior College level. His JuCo team was great. They made it all the way to the national championship tournament. He was an amazing point guard with a great shot. He achieved success and reached the top, breaking the record for most three point shots made in a game with 9! What an incredible personal achievement. I’m not sure how long the previous record stood, but now he was the one people would be gunning for. He had the record to beat. That incredible achievement, setting a new record was hard to achieve and was accomplished by all the dedication and hard work he put in for years up to that point. He sat at the top of that throne until the next game of the tournament, where someone else made 13 three point shots. When you get to the top, there will always be others trying to knock you down.
On the path to success you’re going to hit walls and face challenges. This is where many will fall off the path and the crowd gets thinner. As you get past each wall, the weak are eliminated and it’s the achievers who are still going. The more difficult it is, the less competition there will be. But those left to compete against will be the best. The weak have been left behind. The more walls of difficulty along the path, the less that will stick with you and the further you separate yourself from the competition.
Accept the fact and understand that the path to success will be hard. But as you get past those hard things it becomes easier. But know that when you feel the coast is clear, or that you are at the top, there’s more coming that you need to be ready for.
Success is going to require you to do hard things. Start today by doing the hard things first. Climb over that first wall today and keep going. The more you do this, the more you will separate yourself and achieving your success becomes easier.
If you are hitting these walls in your business, I can help. Take my free guided tour and learn about my E-Learning Marketing System. You can learn more HERE!
Chapter Two from my book, “45 Minute Business Breakthroughs,” to download a copy of the entire book you can do that HERE
Do you currently have any established joint venture partnerships?
JV’s involve two or more businesses who decide to form a partnership to share markets or endorse a specific product or service to their customer base… usually under a revenue share arrangement. The key to creating successful joint ventures is to find partners who service the exact same type of clients that need or want what you sell.
Let me give you an example and I’ll use one we’re both familiar with… a florist. One of the most financially lucrative product lines for a florist is providing flowers for weddings. The average floral bill for a wedding often exceeds $3,000. But what we discovered about florists is they fall into what we refer to as an “event chain.” An event chain simply refers to a series of businesses that customers purchase from in a specific sequence.
For example, a wedding will never take place until an engagement ring is purchased from a jeweler. So jewelers are at the forefront of every wedding chain. Once the young lady accepts that engagement ring, this event chain kicks into high gear. First, this young lady knows EXACTLY where she wants to get married, so number one on her agenda is to book the church, chapel or synagogue where she wants the ceremony held.
Second on her list is to line up her wedding planner. Weddings today are a really big deal, and often women like to use the services of a professional wedding planner. Next up, she wants to secure the venue for her reception.
She knows most venues book out months in advance, so locking in that venue is high on her priority list. After that comes the wedding dress, so she begins the search for the perfect dress at an affordable price.
Next is our florist. The bride-to-be will want to begin selecting her floral arrangements for both the wedding and the reception. Then after the florist comes the wedding cake… the printer for the invitations and thank you cards… and depending on the financial ability of the bride to be, she may also be interested in hiring a limo… a DJ for the reception… a travel planner for the honeymoon… the hotel… catering and so on.
This event chain is typical of this industry. And for the florist, it specifically identifies a multitude of potential and very lucrative JV partners. But here’s why this becomes so important.
Every business ABOVE the florist has the potential to ENDORSE and SEND prospects to the florist. Unfortunately, the florist has NO control over that flow of prospects. Every business above the florist controls the JV relationship, so it’s critical the florist create such a compelling offer and relationship with these businesses that they feel obligated to send prospects their way.
But here’s what’s even better. The florist controls the prospect flow to ALL the businesses BELOW them in the chain, and by establishing specific processes and procedures to make sure their customers use those businesses, the florist can negotiate compelling offers with those business owners as well. So consider these numbers.
Let’s say this florist cultivates a JV relationship with at least one of each business throughout this entire chain. Staying ultra-conservative with our estimates, would you agree this florist… since they have NO control over the flow of prospects from these businesses… is it likely they could obtain at least ONE referral each month from just one of the businesses above them?
OK, would you also agree conservatively that since the florist controls the flow of prospects to the businesses BELOW them… that they could easily send at least ONE referral to EACH one of them every month? Keep in mind these are VERY conservative estimates we’re using here.
Since the average floral bill for a wedding is $3,000… then just ONE referral per month from those businesses ABOVE the florist increases their annual revenue by $36,000. Now let’s consider the businesses BELOW the florist where the florist controls the referrals. Let’s start with the wedding cake maker.
The average sales price for a wedding cake is also $3,000, and the florist could easily negotiate a 10% referral fee. So, just a singlereferral per month produces an additional annual increase of $3,600 for the florist.
Now consider the printer. The average sales price for printing is $1,000, and the florist again could receive a 10% referral fee, so that single referral per month produces an additional annual increase of $1,200.
If we stop there, this florist has just increased their annual revenue by more than $40,000… and that’s using ridiculously conservative numbers. Imagine if you continued to add up the revenue produced by all the additional referral fees the florist would earn from all the other vendors in this chain.
This same process holds true for businesses that aren’t in a chain. But just like the florist, they simply identify partners who service the exact same type of clients that need or want what they sell. Now I realize this looks easy, but it’s not… and here’s why.
You not only have to properly identify who would make an excellent joint venture partner for your business… but you also must determine the order to approach each one… how to approach them… and when to approach them. It’s critical you do this properly or you wind up burning through all of your potential JV partners and come out with nothing in return.
Let me ask you a quick question. Just off the top of your head, how many potential JV partners would you estimate might be a fit for what you sell? Would you believe that I could identify more than a dozen for your profession? So conservatively, how many referrals would you estimate might be possible if a dozen other businesses were compelled to refer their customers to you for additional purchases?
Conservatively, let’s say you only get 3 referrals every month that buy from you. That’s less than one per week. How much additional revenue would that add monthly? Now multiply that by 12 to see your annual revenue increase.
One more thing before we move on. Remember earlier we discussed the critical importance of creating a highly compelling informational offer that would promise so much value to prospects that they would knock your door down to get it?
Suppose the florist offered this informational offer in their marketing, “5 Things Every Bride Should Know to Avoid Disaster on Their Wedding Day”. This offer would place TONS of prospects into their drip campaign and result in a tremendous increase in sales. Those new sales can then be referred to their new JV partners and they collect multiple referral fees every month.
This would absolutely dwarf the revenue we just uncovered for the florist in this example. What I find really exciting about JV’s is this is a strategy I help my clients implement immediately… and it begins generating instant cash flow for them right out of the gate.
In a recent case study I conducted, I found $75,000 in additional annual revenue just using the JV strategy.
And again, that’s revenue that business will generate year after year after year.
$75,000 in additional annual revenue increases the valuation of that business somewhere in the range of $225,000 – $300,000.
This article was taken from my book, “45 Minute Business Breakthroughs,” to download a FREE copy of the entire book you can do that HERE.
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One of the hard parts about being an entrepreneur is the psychological weight of being the key decision-maker. Every decision and metric depends on you.
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