Monday, August 22, 2011

Secret Sales Tricks

via Toilet Paper Entrepreneur by Mike Michalowicz on 7/22/11

A sales team is the backbone of many companies. In order for your company to profit and grow, you need an effective sales team to bring in the big bucks! But figuring out how to go about having an effective sales team can be a job in and of itself. You need them to find ways to get the business, or at least a chance to give their pitch, and following established methods just doesn’t work the way it used to.

If you have a sales team that could use a little help, it may be time to think beyond the “smiling and dialing.”  Instead, consider these eight unexpected ways to get sales booming:

1.      Join a board. Have your sales team members join the board of a not-for-profit, as there are usually a lot of powerful decision-makers on the board. This will give them a chance to have at least the opportunity for an introduction and meeting.

2.      Go for voicemail. You rarely get people live on the phone, so most of your competition is reverting to e-mail these days. Ironically, voicemail is the better option, as it is targeted to the person you want to talk to, and your voice message typically gets their individual attention. Plus, you can master your message (as long as it sounds personal) and leave the same message for a number of new prospects.

3.      Focus on vendors. Have your team focus on calling on vendors, rather than prospects. This way, they can put their efforts into building referral networks.

4.      Pitch outsourcing. Have the sales person scour the job ads of big companies. Once they locate the ads, have them place a call to the company that is looking to hire employees and suggest that perhaps your company could fill that need instead.

5.      Lumpy mail. Have you ever noticed that bulky mail gets put on top of the stack? Take advantage of the fact that lumpy mail always gets noticed! Have your sales person send a piece of mail that is not a standard envelope. Maybe they can send a shoe and then include a note that says, “Now that I have one shoe in the door… let’s meet.” 

6.      Volunteer. Let your sales people volunteer for fundraisers or other events where your key prospects will also be in attendance. It is a great way for them to get some face time and build relationships.

7.      Become a journalist. Have your sales person conduct interviews of prospects for your website or blog. The interviews must be genuine, and you should post them to your site. It will allow you to build a foundation for ongoing dialogue, which is exactly what sales people need.

8.      Clip articles. When a prospect is highlighted in a newspaper or magazine, have your sales person clip the article, mail it to the prospect and congratulate them on the exposure. Have them include their business card; if nothing else, they will likely get a thank you, and it will start the dialog. Alternatively, send along an article that you think will be of interest to the prospect.

If you follow the old-school method of sales, you have your sales team making cold-calls or stopping by someone’s office. But that’s no longer the best route to take. Try using some of these other active routes.  They may just bring your sale team that much need victory.  Plus, if your old method of sales isn’t working, just doing more of it won’t fix things.

 

 

By Mike Michalowicz, Author of The Toilet Paper Entrepreneur

Could You Be A Good Fit For Pop-Up Retail?

via Toilet Paper Entrepreneur by Mike Michalowicz on 7/29/11

    We see it happen every Halloween and Christmas. Stores set up shop, let everyone know they are there, get lots of traffic and yet, before you know it, you can’t remember what business used to occupy the now-empty building space. But if you look a little closer, you may notice that these stores that come and go – usually specializing in a single product, theme or niche – are around much more than just around the holidays.

     

    Walk through any mall and you will see these “pop-up” stores, as they are referred to, in the form of kiosks selling the latest nail-bed oil, the hottest gadgets that all the teens are after, or even temporary bookstores selling a collection of close-out books.

     

    At the outset, it may seem that these pop-up retailers are more of a headache than they are worth. But if you really look at what is going on with this trend, it becomes clear that the transaction is a win-win situation for all concerned.

     

    How it Works

    Pop-up stores work by someone setting up a temporary store, either in a kiosk or by renting retail space. Just like any long-term store that opens, the business moves in, stocks its shelves and then opens its doors to the public.

     

    The only real difference between a pop-up store and a permanent one is that the pop-up store knows it is only going to be there for a set amount of time. The traditional store, in all honesty, has no idea how long it will be there, because that is largely dependent upon its ability to sell a lot and not see its lease go through the roof when it comes up for renewal.

     

    Many commercial retail spaces are sitting empty, in today’s economy, and more businesses close their doors each month, adding to the problem. Building owners who may have been reluctant to do short-term rentals in the past are now, shall we say, much more open to the idea of short-term rentals. Gone are the days of being bullied into one- or two-year-long lease agreements.

     

    Why it Works

    In short, pop-up stores create big time buzz. When people see them, it’s something new and exciting, and they stop in and purchase. The stores give the public a crack at what you are selling, but with more of an urgency to buy, simply because the consumer knows that what you are selling won’t be there in a week.

     

    Pop-up stores are highly effective, not only when it comes to selling holiday-related items, but also for specialty items, trendy products, limited-edition goods and believe it or not, restaurants! These stores provide entrepreneurs with a chance to test their product on the community, without having to make long-term commitments in the form of lengthy leases and agreements. It also gives you a chance to let people know you are a real person and company, to get your name out there, collect your prospects contact info and then to continue those sales online.

     

    Deep down, we all know that some businesses may only thrive this way, which is not necessarily a bad thing; it really comes down to knowing your product and your audience. If you are selling Halloween costumes, for example, you will spend 11 months out of the year simply chewing through what you made during the month of October. A Halloween costume retail store would have a difficult time being profitable each month of the year.

     

    Let It Pop

    So think about what you have to offer, and whether a pop-up store would be the better route to take. If you love to make fudge, for example, open a pop-up fudge shop mid-November and close it down January 1st. (We all know that everyone starts their diet then.) If you like to make watermelon boats for backyard picnics, set up shop just during the summer months. You may be amazed by how much you can cash in over such a short amount of time.

     

    Pop-up stores may not be the best route for every type of business. (I mean, who wants to hire a pop-up pool installer, for example?) But stores like this are a sensible approach for many types of businesses. And, in our current economy, they provide a win-win situation both for entrepreneurs and for those trying to lease retail space. So let the popping begin!


     

    By Mike Michalowicz, Author of The Toilet Paper Entrepreneur

    What Makes a Good Leader: An Interview with John Assaraf

    via Under30CEO by Under30CEO on 8/22/11

    john-assarafAs a teenager, John was involved with a negative ‘street’ lifestyle that could’ve easily led to jail or the morgue. In his quest to overcome these challenges, live a purposeful life and become a millionaire he studied brain science and quantum physics – as they relate to achieving success in business and life.

    Through consistent focus and application of what he learnt he was featured as one of the experts in the hit film and book The Secret. He is a New York best-selling author and has landed appearances on Larry King Live, The Ellen DeGeneres Show, Anderson Cooper 360°, and many other major media outlets.

    In the last 20 years he has built several multimillion dollar businesses, and is the founder of REMAX Indiana, a company that has 1,500 sales associates, who collectively generate $4.5 billion a year in sales.

    We interviewed John to find out the importance of leadership within an organization.

    Having started and built many multimillion-dollar and a billion-dollar business, how important was it to have the right leadership within your organization?

    Having the right leadership is absolutely critical, it is no different to setting off on a military mission. You can have the biggest mission, vision or goal but unless you have the right people to buy into the mission and others who have the specific skills to execute the strategies and tactics you can never really achieve the goal.

    People will work 8 hours a day for a job that they love, 12 hours a day for a boss they love and 24 hours for a mission that they buy into.

    They say anyone can become a leader. Is it really possible? Aren’t their people who have traits that make them unfit to be a leader?

    I personally think that in order to be a leader you must first have the propensity and desire to be a leader. Leadership to me is being able to bring out the best in other people. It’s not telling people what to do its showing people and giving them the opportunity to get it done, this is a skill that as a leader you have or you don’t.

    What is one characteristic that you believe every leader should possess?

    Empathy and compassion; if you can empathise with another person’s emotions and situation and be compassionate in the way you lead, then that to me is most important.

    What is one mistake you witness leaders making more frequently than others?

    Not paying the right people what they are worth.

    What do you think is the biggest challenge facing leaders today?

    Hiring and keeping great talent. The market place is very competitive and companies have realised that the biggest assets within a company is human capital, not their product or service. So to find the right people, train them, give them the right roles and responsibilities and compensate them fairly is the biggest challenge most leaders face today.

    What are the dangers of having the wrong leaders within an organization?

    If you have the wrong people executing the right strategy you will never succeed.

    Can someone be a good leader, but not a good manager? Which is better for a company?

    I happen to be one of those people, I am a very good leader but not a very good manager. I don’t like to manage processes and systems, I like to inspire and lead people with my vision, behaviours and work ethic. One of the things to recognise is to know what your core strengths, competencies and unique abilities are so you know what type of leader you are.

    What are you doing to ensure you continue to grow and develop as a leader?

    I read at least a book a week, go to at least four events per year and hire a private consultant to help me grow and develop into a more skilled and powerful individual.

    What advice would you give someone going into a leadership position for the first time?

    If you are going into a leadership role for the first time, the first thing you must understand is that people do want to be lead. People don’t want to be lead in a way that causes them to feel badly about themselves, they want to be lead in a way that will enable them to grow, love their role and take full responsibility for their actions and results.

    People don’t mind being told when they don’t do something right, but don’t challenge who they are as a person, challenge the job that they did and show them that they are capable of doing better.

    Alex Pirouz is the founder of RIDC Advisory Pty Ltd. A Business and Sales Advisory firm partnering with Australia’s largest and fastest growing companies to further increase their revenue. Visit www.ridcadvisory.com.au for more details.


    teenagebusiness@gmail.com has shared: How Can I Find a Good Name for My Business?

    How Can I Find a Good Name for My Business?
    Source: entrepreneur.com

    Mike Michalowicz, author of The Toilet Paper Entrepreneur, with three tips to help you decide on a business name.

     
    teenagebusiness@gmail.com sent this using ShareThis.

    teenagebusiness@gmail.com has shared: How Can I Find a Good Name for My Business?

    How Can I Find a Good Name for My Business?
    Source: entrepreneur.com

    Mike Michalowicz, author of The Toilet Paper Entrepreneur, with three tips to help you decide on a business name.

     
    teenagebusiness@gmail.com sent this using ShareThis.

    Miramax Brings Streaming Movie Rentals to Facebook

    via Mashable! by Lauren Indvik on 8/22/11


    Miramax joined fellow studios Warner Bros., Paramount and Universal Monday by launching its own video rental service on Facebook, making many titles available for online viewing for the first time.

    The Miramax eXperience offers 20 rentable titles to U.S. consumers, and 10 to both the UK and Turkey (full lists below) in what PaidContent notes is the largest Facebook streaming movie venture to date. Rentals are to be made available to France and Germany in the near future.

    In addition to rentals, the app also contains a soon-to-be-launched Casting Call game that lets users cast friends as characters in Miramax films. Participants can unlock bonus content as they play.

    Rentals cost 30 Facebook credits, or $3, of which Facebook keeps a third. Rentals can be saved for 30 days, although users only have 48 hours to watch a video after they begin playing it.

    The app did not perform well in initial tests. I was charged three times and was still unable to watch Adventureland in Firefox. And while Miramax says the app has also been formatted for watching movies in the browsers of Google TVs and iPads, I found the experience on the latter largely unworkable — the dropdown menu often didn’t respond, and when I clicked to play a preview clip of Adventureland, I was told the file could not be found.

    We’ve reached out to Miramax to see if these issues are universal and if it will be issuing a fix.

    UPDATE: A third-party spokesperson recommended that iPad users access the app via apps.miramax.com/ipad.html for now, as it is currently experiencing some redirection issues on the device.

    In a blog post, Miramax CEO Mike Lang said that in addition to streaming rentals, the company’s ultimate goal is to give users the ability to buy and store films “in their own cloud-based digital locker,” which they could then access from a variety of devices.


    Titles, U.S.


    1. Adventureland
    2. Chicago
    3. Clerks
    4. Cold Mountain
    5. From Dusk Till Dawn
    6. Extract
    7. Gangs of New York
    8. Gone Baby Gone
    9. Good Will Hunting
    10. Jackie Brown
    11. Kill Bill
    12. Kill Bill 2
    13. No Country for Old Men
    14. Pulp Fiction
    15. Shall We Dance (2004)
    16. Sin City
    17. Spy Kids
    18. Swingers
    19. The Switch
    20. Trainspotting

    Titles, UK


    1. Chicago
    2. Cold Mountain
    3. From Dusk Till Dawn
    4. Good Will Hunting
    5. Jackie Brown
    6. Kill Bill
    7. Kill Bill 2
    8. Shall We Dance (2004)
    9. Sin City
    10. Spy Kids

    Titles, Turkey


    1. Adventureland
    2. Chicago
    3. Clerks
    4. Cold Mountain
    5. From Dusk Till Dawn
    6. Gone Baby Gone
    7. Good Will Hunting
    8. Jackie Brown
    9. Spy Kids
    10. Swingers

    More About: facebook, miramax

    For more Media coverage:

    Sunday, August 21, 2011

    How Are People Using Twitter? [INFOGRAPHIC]

    via Mashable! by Charlie White on 8/20/11

    Okay, I admit it. I’m addicted to Twitter. But this infographic made me feel a lot better, because it shows me that I’m not alone.

    Take a look at Lab42‘s findings, all dolled up for you in an infographic that asks 500 Twitter users how they use the service, how they determine who to follow and a whole lot more.

    Meanwhile, I’ll be looking for an appropriate 12-step program, and you can humor me (or add to my torment, depending on your point of view) by following me on Twitter @charlie_white.

    One thing’s for sure: This is one infographic I’m going to tweet about:


    Infographic courtesy Lab42, used with permission

    More About: infographic, statistics, trending, twitter

    For more Social Media coverage:

    Do You Have a Skill? Make Some Money With it on Skillshare

    via Under30CEO by Under30CEO on 8/19/11

    skillshare logoA recent article on MSN’s Business on Main blog spoke with Michael Karnjanaprakorn, the founder of Skillshare, about the project. If you don’t know about Skillshare it is a marketplace for just about anyone to learn or teach anything. If you’re teaching something you actually schedule a physical class in your local area and sell seats to it, or hold it for free if you choose. This opens up numerous doors for small business owners who many times are grasping for different ways to pull in cash in the early days.

    In true entrepreneurial fashion Skillshare was founded on whim a after Michael was asked to teach a few people poker. Michael had been a professional poker player and competed in the 2010 World Series of Poker. Afterwards his friends kept asking him to teach them so he posted a class to Eventbrite which is when the light bulb went off for the idea of Skillshare.

    A quick look through classes in NYC turns up a few titles that many small business owners would be able to teach.

    • Social Media Branding for Startups, Freelancers, Small Biz Owners – $15
    • How To Launch your Startup Idea for Less than $5,000 – $40
    • How to Get Shit Done While Bootstrapping – $15
    • Website Bootcamp for Creative Professionals – $75
    • Your goals matter. The secrets to setting goals that stick. – $10

    Now remember it’s just business classes. You can literally teach anything!

    • Food Cart Tour – $40
    • Fermented NY Craft Beer Crawl – $60
    • Pick Up Skills: Seducing Women – $25

    So as you can see there are many ways to make a little extra cash with whatever skills you possess. This could really come in handy for many business owners just starting out  who are cash strapped. Will you make a living? Probably not. But a couple hundred bucks each month doesn’t hurt.

    Learn more about how Michael started Skillshare and what his plans are. Read the full article here.

    This article is brought to you by MSN’s Business on Main

    Entrepreneurs Need to Think Global From Day One

    via War Room Contributors by Martin Zwilling on 8/20/11

    New entrepreneurs who want to survive, and optimize the growth of their startups, need to think globally, and act locally, from day one. This approach, popularly known as “glocalization,” means you have to design and deliver global solutions that have total relevance to every local market in which you operate.

    Recognizing this is as much about culture as about language, ensures an understanding of regional motivators, cultural taboos and local customs – so that your solutions are ideally designed and marketed to deliver value that has genuine local relevance.

    What all this doesn’t mean is that you should roll out your product in every country at the same time. But it does mean that you think about the global implications at every step of the process:

    • Pick your company and product names carefully. Don’t pick a name for your company or product that has a negative or totally different meaning in another language. Remember when the Chevy Nova required a rename, once Chevrolet realized that Nova meant "no go" in the Spanish market (not a great name for a car).
    • Anticipate greater growth outside of North America. Not every international market matters, but some are larger than life. The middle and above-middle class population of China will grow from 172 million in 2010 to 314 million in 2015. Just the middle class in India is equal in size to the entire population of the United States. And aging populations in Europe and Japan will join the retiring baby boomers in the U.S. with demands for new products and services. Be ready.
    • Reinforce your brand in international markets. An international brand will command higher prices and additional customer demand. This is called brand goodwill, a hard-won value resulting from the trust that a strong name engenders among buyers and partners. As you begin to saturate the demand in domestic markets, let your brand take you international at low cost.
    • Balance your business between geographies. When buyers in one region start to slow down, look for buyers in other geographies to take up the slack. Companies with diversified portfolios can focus their energy on other global markets that are doing well.
    • Speak the customer’s language. People tell me that a multi-lingual website can double your local online business in many parts of the U.S. These days, customers begin their buying cycle online, where they can get answers to their frequently asked questions, product information, and transactions — all in a language they really understand.
    • Find global sources now. This may not be politically correct these days, but smart startups are looking globally to source their products from the very beginning. Software can be developed “offshore” for a low cost, manufacturing volumes are quickly available from China, and European designs have increased opportunities in every country.
    • Selectively protect your intellectual property worldwide. At present, no world patents or international patent process exists, so you need to apply in every relevant country. Trying to get patent protection worldwide at the beginning is prohibitively expensive, so pick your geographies and timing carefully and strategically.

    These days the world is a single market. It is both homogeneous and heterogeneous. The communication revolution and the advent of the Internet has brought about a new age of globalization. Easier access to international markets is creating limitless sales opportunities on a worldwide basis.

    The result is that every startup company now needs to consider every aspect of management, sales and service on a global basis. However, to gain a true competitive edge, you still need to implement effective solutions first at the local level. Don’t try to do it all at once.

    Marty Zwilling

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    What's the easiest thing you can do to dramatically improve your health?

    via War Room Contributors by Eric Barker on 8/21/11

    Forgive:

    Research has revealed that forgiveness may have beneficial effects for the forgiver's health. The present research explored whether reductions in anger underlie such effects, or whether forgiveness has beneficial health effects above and beyond the effects of decreasing anger. State and trait forgiveness were examined, along with styles of anger expression, for their relationship to physiological responses during recalled betrayal, and to self-reported health indices. State and trait forgiveness were negatively associated with anger-out; however, with one exception, no other styles of anger expression were linked with forgiveness. Both forgiveness and anger-out were associated with systolic blood pressure, heart rate and rate-pressure product. Partial correlations revealed that trait forgiveness accounted for significant variance in mean systolic blood pressure and rate-pressure product, and state forgiveness predicted mean heart rate, even after gender and anger-out had been controlled. On the other hand, anger-out fully mediated the trait forgiveness–heart rate and state forgiveness–rate pressure product effects. Trait forgiveness was significantly associated with fewer medications and less alcohol use, lower blood pressure and rate pressure product; state forgiveness was significantly associated with lower heart rate and fewer physical symptoms. Neither of these sets of findings were the result of decreased levels of anger-out being associated with forgiveness. These findings have important theoretical implications regarding the forgiveness–health link, suggesting that the benefits of forgiveness extend beyond the dissipation of anger.

    Source: "Forgiveness, physiological reactivity and health: The role of anger" from International Journal of Psychophysiology, Volume 68, Issue 1, April 2008, Pages 51-58

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    Tuesday, August 16, 2011

    Is Your Idea a Good One?

    via Under30CEO by Under30CEO on 8/16/11

    The thing about working in the Silicon Valley is that start-ups are like opinions; everyone has one. At co-working spaces, networking functions and launch parties everyone lays claim to the next Google or Facebook. The unfortunate reality is that not all ideas are created equal. How do you know if yours is a good one?

    The Obvious Need

    If you’re like me, you find an opportunity in every observation and each interaction. I started peggsit.com because many of my friends were without jobs, but needed a quick way to make money. With the unemployment rate topping 10.1% in October 2009, finding temporary work was an obvious need. Unfortunately most of us miss what is right in front of us. The key is to always remain vigilant.

    But looking is not the same thing as seeing. To really determine what a community needs you must observe today, question the past and imagine the future. Every good idea starts with a problem, and it’s your job to solve it.

    Either everyone gets it, or no one does

    If you asked me if I needed an online community to supplement my real world interactions I would have answered with a resounding NO, yet Facebook has succeeded with more than 750 million members. Before Twitter I had no desire to update complete strangers on my feelings, thoughts and concerns, but there are more than 200 million tweets per day. After finding out what people need, it’s an entrepreneur’s challenge to transform that need into a want. I figure, the best thing to do is ask.

    Oscar Wilde once said that whenever people agree with me, I always feel I must be wrong. In a similar vein, entrepreneurs must test the waters but not be surprised when an idea falls flat. By nature, we create that which does not exist so you cannot fault people for not seeing. In fact, when they look and do not find there’s an opportunity for your first pitch. How did they respond, were you able to communicate the value and did the light bulb eventually go off? Chances are they’ve heard it all before, or maybe you’ve won your first customer.

    I can’t be the only one who has thought of this

    You’ve heard the saying that there’s nothing new under the sun, only reinvention. Successful entrepreneurs find ways to solve problems cheaper, faster and to a higher quality than the competition. It’s important to recognize others who are addressing the same problem to gauge what they’re doing right, and what you could do better.

    Recognize that every venture is made up of people, and those people drive your competitive advantage. It is the relationships, experiences and skills that we bring to the table that increase the probability our success. Entrepreneurs leverage all the tangibles and intangibles to differentiate the business, team and themselves.

    It isn’t you, its Me

    Ultimately everything comes back to you as the Entrepreneur. You could have the next big thing, at the right time and the perfect place but you must be able to leverage your resources, assemble a team and execute on a vision. There are no bad ideas, but there are opportunities that are better suited for your skills and background. An idea is only as good as its ability to be executed, and the success or failure of that idea lies in you.

    Author: Michael Peggs, CEO & Founder, peggsit.com