Developing a Sales Strategy

Developing a sales strategy is one of the most important things you can do to increase your profits and strengthen the health of your business. A sales strategy is a pro-active means of identifying prospects. It is a carefully designed group of products that meet the needs of customers. It is an intentional effort to usher prospective customers into paying sales. In a day of increased competition, reduced barriers of entry, and overwhelming regulatory burdens, small businesses can no longer sit back and wait for customers to come to them. They must pro-actively see out sales by developing a sales strategy.

Business Hacks, Sales HacksAdam WitmerJuly 1, 2014sales, Strategy

Martial Arts Marketing: Analyzing a Taekwondo Sales Funnel

As I have been recently writing on the topic of developing an effective sales process, I thought I would show a few examples of how successful sales funnels have been applied. In my post on How to Design a Service Industry Sales Workflow, I broke down the process of how to design a sales funnel for a business in the service industry. Businesses that offer a service, rather than a product, have some unique challenges over businesses that sell physical products. Martial arts marketing can be challenging on a number of levels. Therefore, I think it is worthwhile to take a close look at a business that has done a good job refining their sales funnel. This business is my son's taekwondo academy.

Case Studies, Business Hacks, Sales HacksAdam WitmerJune 19, 2014sales, funnel, innovation, strategy

Starbucks College Tuition Reimbursement

The retail industry in the United States has long been criticized for paying wages that no one can realistically live off of. Many retail workers must work multiple jobs and struggle to get ahead in their careers. One of the greatest challenges that retail workers face is that those who want to get ahead by attending college to earn an advanced degree really can't afford it. With rising tuition costs and increases in living expenses, earning a college degree while working in the retail industry has become a very, very challenging task. For this reason, one company has decided to offer an innovative solution to this problem; the Starbucks college tuition reimbursement program provides up to two years of paid college tuition.

Business Hacks, Case StudiesAdam WitmerJune 16, 2014Starbucks College, innovation, strategy

Eccentric Employees as a Competitive Advantage

Employees can make or break a business. Finding and retaining superstars who excel can be extremely challenging; like finding a lost diamond on a beach without the use of a metal detector. This is a difficult task for any business, but especially for small businesses and entrepreneurs who have so much at stake with any one of their few employees who make up their limited workforce. Therefore, many small businesses end up turning down an eccentric applicant who may seem to otherwise fit the bill, but doesn’t look the part of the job they are hiring for. But should these applicants be passed up merely because they may not fully conform to the boring culture we have established in our businesses? What if there was a way to leverage eccentric employees for a competitive advantage?

Every employer can create a competitive advantage with eccentric employees by taking one of three approaches.

Business Hacks, Leadership HacksAdam WitmerJune 12, 2014strategy, Competitive Advantage, innovation

How to Create a Sales Process; Workflow in the Service Industry

Every business should have a sales process. A sales process is a formalized plan to evolve a prospect client into an ideal customer; it is an intentional strategy designed to systemize sales so that each potential client is given an equal opportunity to become an ideal customer. Without a clearly defined process of how a customer will evolve over time, the lifetime value of a customer will not be as effective as it could be. In my recent post on How to Design a Sales Process in 3 Steps, I discussed general methods on what should be done to develop such a process. In this post, however, I am going to specifically focus on designing a sales funnel for a service-based business.

Case Studies, Business Hacks, Sales HacksAdam WitmerJune 10, 2014sales, process, innovation, funnel, strategy

How to Create a Sales Funnel in 3 Steps

A sales process is one of the greatest assets of any organization. It can increase the lifetime value of a customer, help the customer make a decision, ensure you offer the sale every time, help you reach goals, and allow you to perfect the process. The reasons to implement a systematized sales funnel are compelling. But actually executing a sales process can be challenging. Therefore, I would like to share with you three steps that you can take to design a formalized sales funnel for your business.

Business Hacks, Sales HacksAdam WitmerJune 5, 2014Sales, process, funnel, innovation, strategy

Create a Sales Process: 5 Reasons Why You Should

I recently met a friend for coffee. We were visiting a place that both of us had been to previously, but neither of us were regulars. We had been chatting when we first walked in, so I wasn't really paying attention to the menu posted on the wall behind the cash register. No problem. I always get the same thing; a berry herbal tea. But when I asked if they had any herbal teas, they handed me a huge book of options. Some of the teas on the list were highlighted, some were scratched out, and some had no markings. It was explained that they didn't carry every tea in the book and were out of some that they do carry, but I could tell by the markings in the book. At this point, I was feeling the pressure of the line of people behind me and couldn't even tell what my options were due to the very complicated process.

This business could greatly benefit from implementing a formalized, intentional sales process. A sales process is a defined step by step plan on how to help a customer move from being a prospect, to making a decision and purchasing a product or service. When effectively implemented, a sales process can actually be one of the most valuable assets of an organization. Therefore, every business should implement a formalized sales process for five reasons.

Three Ways to Compete with the "Big Box"

In a recent post, I discussed the importance of being aware of economies of scale. I explained that it is important to be aware of economies of scale so that we can strategically innovate our businesses to gain a competitive advantage. This becomes increasingly important as big box corporations are able to cut prices further and further so that we can no longer compete on price. The good news is that big box companies leave many "holes" in the marketplace demand that need to be filled.

Every small business can compete with the "big box" by implementing three big business hacks.

Business HacksAdam WitmerMay 22, 2014Innovation, Strategy, Competitive Advantage

Economy of Scale Example: How to Compete

Competing in the age of big box stores can be overwhelming. "Mom and Pop" stores have been run out of business by huge corporations like Walmart, Home Depot, Kroger, and yes, even Amazon. Yet, many consumers want to "shop local" and support business owners. But how can a small business compete with the big box giants of today? By applying strategic innovations to their businesses.

But first, we must understand why it is important to have an awareness of economies of scale.

I first learned of the concept of "economies of scale" in my high school business class. It was explained to me in basic terms that big businesses gain efficiencies from being large that make it difficult for small businesses to compete. While economies of scale include things like a knowledge base, expertise, distribution, partners, and advertising, one of the biggest challenges small business owners have in competing with giant retailers is price.

Several years ago, a friend of mine owned a game store where they sold all types of games, both common and unique. He was able to dig into a niche market and were experiencing success.

At the time, the game "Apples to Apples" was brand new and building momentum. My friend started offering this game early on before

Business HacksAdam WitmerMay 20, 2014Innovation, Strategy, Competitive Advantage

How to Design a Business Model

I recently met a fantastic artist. Scott Stearman is a sculptor who specializes in bronze work, such as life-size statues and memorials. The process he goes through to create the end product truly is amazing. Long story short, Scott actually starts his process with a very small clay model. This model is then magnified and processed to create a mold for the bronze, which is then finished. The part of this process that I found most intriguing is that the large finished product is being made from a very small model. This means that any errors that are made on the model are magnified multiple times when it is enlarged to create the bronze mold. Having a half inch error on a model can result in a four inch error when the model is magnified to become eight times larger.

I have found that the same is true with a business model. If a business does not fully refine their strategy on the small scale, it becomes magnified as the business grows. This is not always a bad thing, but how much more effective could a business be by being intentional? If a business model is not intentionally designed, the business will ultimately default on a business model that may, or may not be the most effective model for the business.

Regardless of the size of a business, any business owner can be intentional about the design of their business model by refining four strategies.

Pricing Hacks in Snow Removal; Innovating your Income Stream

This winter has been brutal. We have had more snow than the "blizzard of '78," which I have heard about for as long as I can remember. All kinds of records have been set this year: most snow, coldest days, most school days cancelled. But one thing I haven't heard about is how all of the trouble this winter has caused can be an opportunity for innovation. Innovation opportunities always exist, but when we experience something as extreme as this winter was, innovation opportunities are even more present; the extreme amount of snow that we saw this winter has provided a great opportunity for snow removal businesses to hack their pricing models.

The opportunity that exists is based on an innovative best practice from another industry. Specifically, the hack is to...

Business HacksAdam WitmerMarch 15, 2014Pricing, Hacks, Small Business, Business Hacks

Innovation as a Discipline

Innovation can transform an industry. It can provide a competitive advantage or even solve a problem. It can even be considered an artistic masterpiece. But innovation doesn't usually happen overnight. It happens over time as an organization develops and cultivates an idea. Innovation is the result of strategic discipline and is just like any other skill. The more you work on an innovation, the more you master it.

Innovating the Light Bulb

Thomas Edison is usually credited as the inventor of the light bulb. This however, is not a completely accurate statement.

Business HacksAdam WitmerNovember 7, 2013innovation, innovation forms and types

Welcome to my blog.

This is where you will find many short stories on business strategy.

Innovating the Light Bulb

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