Speed Up Your Sales – Customer Incentives That Deliver

What influences your customers to make that all important purchase decision? The truth is your customers’ purchase behaviours hinge on many different factors — the most common being the “Four C’s“: Cost, Confidence, Competitor offerings and Calendar (i.e. timing).

But, you can have a dramatic impact on the purchase behaviour of many of your prospects and existing customers by providing the right incentive at the right time.

In episode #68 of the BusinessCast – Incentives that Sell  Robert and I provide some practical guidelines for developing and offering incentives that leverage your customers’/prospects’ state-of-mind.

Some of the key lessons from incentive ‘best practices’ include:

  • Begin developing incentives by mapping out your prospects’/customers’ purchase cycle and then matching that with your sales cycle.
  • Define what your incentives are based on. In other words, decide if you are offering incentives based on a particular ‘type’ of customer or on a particular purchase history (e.g. dollars spent, frequency of purchase or recency of purchase).
  • Address at least one of your buyers’/prospects’ key issues/concerns.
  • Make sure you have the support to handle any sudden or drastic increase in purchases that accompany an effective incentive or incentive program. Keep in-mind that also means spikes in the demand for customer service and its associated costs.
  • Track the success of your incentive program.

Listen to BusinessCast podcast episode #68 – Incentives that Sell – and get pushing the right buttons.

Remember: Subscribe to the BusinessCast Podcast at iTunes

Fine Tuning Your Business – Part 1

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Who’s got time to develop a business plan?!? 

 

If you’re like most entrepreneurs, you can certainly support the idea…but, when push comes to shove, you’re focusing on the day-to-day activities more than planning where your business should be going.

 

When we tackle the need for Fine Tuning Your Business – show #58 we are sensitive to that reality. At the same time, we know there are so many conventional resources available for developing business plans that it is often very hard to get excited about pulling a plan together – one that you’ll want to update during critical stages of your business such as expansions, increased competitiveness and/or calamities.

 

Rather than suggesting you adopt a traditional business plan, we recommend you create a “Passion Plan” – a plan that tells the inspiring and unique story about your business – within a business plan structure.

 

Why? Because, only plans that effectively capture your energy and enthusiasm will really take root in the hearts and minds of those who have to live the plan each and everyday – i.e. your employees, your investors and of course…you!

 

Listen to Fine Tuning Your Business – show #58 and you’ll get other real-life practical suggestions that will help your business plan – and therefore your business – achieve new heights!

 

Remember: Subscribe to the BusinessCast Podcast at iTunes