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

Mapping Business Processes; The Benefits

Policies can be frustrating. Bureaucracy can slow efficiencies and make us less effective in our jobs. Procedures and systems can seem especially ridiculous when we don't understand why they were established in the first place. And I agree that many policies and systems actually decrease effectiveness and efficiencies. But mapping business systems can be beneficial on a number of levels. Specifically, to systematize through policies and procedures can enhance your customer service, and ultimately the customer experience.

Adam WitmerJune 26, 2014Business Systems, process

Building Relationships in Business: The Benefit of Relational Equity

Over the years, I have worked with quite a few detail people. These employees are great with systems, operations, and "back room" functions; functions that are essential to every business, but require a certain personality type to complete. While these employees excel with crossing every "t" and dotting every "I", however, they often struggle with relational skills such as sales and communication. They struggle to understand the importance of building relationships in business.

Leadership HacksAdam WitmerJune 24, 2014building relationships in business, leadership

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.

Productive Meetings In Three Steps

Everyone seems to despise meetings these days. And for good reason. Countless hours are spent holding our top-paid executives hostage, often spending more time than necessary and including people who really don't need to be there. Meetings, however, are a reality for all businesses. The challenge leaders face is to ensure that each meeting they hold is great. The good news is that any leader can hold a great meeting by taking three simple steps.

Leadership HacksAdam WitmerMay 29, 2014Meetings

Target's Business Model

Walmart leads the world as the largest and most powerful retailer. Their big box stores offer low prices and a large selection to their customers who line up to take advantage of the savings. As I explained in a recent post, Walmart has been able to offer such low prices due to their economies of scale. But it has come at an expense; their customer service is often nonexistent. And this provides an opportunity for other businesses to gain a strong market share in Walmart's shadow. One of these businesses is Target.

In this article, I am going to dissect Target's business model focus of customer service and how they have found a competitive advantage to compete with Walmart without (completely) slashing their prices.

Case StudiesAdam WitmerMay 27, 2014Competitive Advantage, Innovation, Strategy

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

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