Knowledge Bank
Marketing Tips
Forget trying to ‘sell’ your business or using the event as a hard sell opportunity – its very off-putting. There is nothing worse than a pushy sales person trying to sell you something at a networking event. Use the opportunity to sound out potential leads and starting a relationship, not converting them. (9/1/12)
Your website can be your most powerful marketing tool, delivering a steady stream of new business leads and filling your sales pipeline. Make sure your homepage clearly communicates what your company does and the audience you serve. Speak to your web developer, if you have one, or contact me and I can put you in contact with a number of excellent providers of this service. (9/1/12)
Have an automated referral system that your customers can use to send your e-mail to their friends. Since the e-mails will be sent from your customers, they’re less likely to be regarded as spam mail. We aim to be utilising this better in the weeks and months ahead. (9/1/12)
Many companies fail to make use of the data they have. A company’s prospect data base is a continual source of contacts for lead generation initiatives. A good lead generation campaign should revisit people who were contacted in the past but who were probably too early in their buying cycle. (16/12/11)
Ask visitors to your website to refer others in exchange for a reward. (16/12/11)
When you’re asked how someone can help you, have an answer ready. Be able to articulate what you are looking for and how others may help you. Too often people in conversation ask, “How may I help you?” and no immediate answer comes to mind. (16/12/11)
Give people a reason to talk about your business, products or services. It has to be a reason that isn’t completely self-serving to you. People won’t mind helping you to build your business if they’ve had a good experience, but they’re not going to go out of their way to do it. (05/12/11)
Invite your best clients to an event at your premises (or a nearby venue), and ask each of them to bring a friend along. On the invite, include a list of the type of clients you help which will help them to know who to choose to bring along. (05/12/11)
People will be far more receptive to you and the idea of using your product or service if you begin by focusing on their business. Find out what is going on in their industry and their company so that you can get a good grasp of what their needs are. This will help you to decide if your product or service can solve their particular problem or challenge, or if you know of another business that would meet their needs. (05/12/11)
The best way to do this is stay in touch with your network. Referrals don’t cost anything and statistics show that a ‘referred’ prospect is 7 times more likely to buy than a cold un-referred prospect. (18/11/11)
Ask then, send out brochures or samples of your work to your suppliers and remind them that as your business prospers so will theirs. (18/11/11)
This means questions that ask who, what, where when and how rather than those that can be answered with a simple ‘yes’ or ‘no’. This form of question opens up the discussion and shows listeners that you are interested in them. (Thanks to Peter Motley of The Business Network) (18/11/11)
Invitations are a way presenting an offer that feels personal and important. The invitation doesn’t need to be fancy in any way: you can invite people to an event with a letter, postcard, flyer or e-mail. The point is to make people feel that they are special and that not everyone is being invited. (7/11/11)
Pass along jobs or contracts your company can’t handle to your competitors and ask them to do the same. (7/11/11)
There is nothing more flattering than someone who listens carefully and shows sincere interest in other people. (7/11/11)
Print up a flyer on ordinary paper, fold it in thirds, attach a mailing label and a stamp, and post it. It’s cheap but effective and it’s particularly good for small local businesses (or businesses that want to appear small). Put your main message on the inside with teasers and your mailing information on the outside. (20/10/11)
Establish a way of tracking the referrals you send and receive. Give leads in return. Its one of the best ways to get referrals. Only recommend businesses that you know will deliver a quality product or service – your reputation is at stake too. (20/10/11)
Wear it on your right side so that people can easily see it when they shake your hand. (20/10/11)
Set up a system to swap referrals with businesses you deal with. Offer to send referrals to them and vice versa. (26/9/11)
These are easy to print and cheap to post. They are particularly good for generating a quick phone call or for driving people to your website. Since post cards are small your offer should be simple and direct. Your phone number or web address should be big and bold so people can’t miss it. To maximise response tell people exactly what you want people to do and how to do it. (26/9/11)
Smile and ask a provocative question like “What’s the most exciting thing that’s happened to you since we met?”, “What is your biggest recent success?” or “What are you most looking forward to?” and never feel afraid to say, “The last time we met, we had such a great conversation. Will you remind me what your name is?” (26/9/11)
Identify a problem, present your solutions, and offer to send your free brochure, sample, demo, or an evaluation form or information kit. It allows interested prospects to identify themselves and provides you or your salespeople an opportunity to develop a relationship. The simplest letter mailing includes a one or two page letter and a reply card in an envelope. You can enclose anything else you like, but keep in mind your goal is to get people to ask for more information, not to close the sale immediately. (12/9/11)
If you can afford it, offer discounts on future purchases to those who refer your company to others. For example, offer the referring customer 10% off the next job order if they refer someone to you and that individual uses your services. Discounts are a great incentive for many to refer companies to potential clients. This has worked remarkably well for us, with 2 clients now paying nothing for this years accounts services. (12/9/11)
If you are like me repeating a persons name not only helps you to remember it, but it also shows that you’re making an effort to hear the name properly. (12/9/11)
If you do not intend to follow up on a lead, say, “No Salesperson will call.” If you intend to follow up the lead on the phone but not in person, say, “No Salesperson will visit.” (14/7/11)
Don’t pay beyond what the referral is worth – experts suggest a reward valued at no more than 15% of a project’s revenue. (14/7/11)
Enter the room with a smile. No matter how nervous you feel and however much you might be quaking inside, do your best to appear confident. Breathe! When you meet someone, smile and shake hands firmly. Make lots of eye contact (but not in an unblinking scary way). If you have a smile on your face, people will see you as approachable, enthusiastic and friendly (and you will feel a lot better too). (14/7/11)
If you want a large volume of leads you must motivate prospects to take action. The offer of a sales presentation is not very enticing – actually it’s more likely to repel prospects. They want information, solutions, help, advice, samples, ideas, designs, savings, quality, service, support, assurances or guarantees. When you make your offer more enticing, more prospects will take action. (28/6/11)
They can range from a free estimate, sample or consultation to a discount on future purchases or extra goods or services at no additional cost. (28/6/11)
If you arrive early the number of people will be smaller and more manageable. (28/6/11)
One of the best ways of increasing your sales and profit is networking and as such I would like to extend a personal invitation to you to attend a quickly growing 4Networking group that meets every second Tuesday between 8:00am and 10:00am at :-
The Mallard
South Mead Way
Uttoxeter New Road
Derby
DE22 3HN
(Opposite the new Royal Derby Hospital)
It would be great if you could attend our next meeting. Come and have a look and if it suits you become part of an extremely successful format.
Alternately drop me an e-mail Tony@Milestone-Solutions.co.uk and I will be more than happy to book you on. For more details visit the website at www.4Networking.biz
Or you could just call me on 07974-418819 I'm happy to help.
Ensure your business card accurately describes what you do. People might not remember you, but your card might be enough to get them to phone you. Print on the back of cards. Make your cards memorable.
Design a referral form and include it in your outgoing mail, with your newsletter, and e-zine and post it on your website.
Since people are often unsure whether their contacts will find your product or service useful or relevant help them by asking questions that relate to the benefits your product or service provide (for example, “Who do you know who would benefit from…..?” or “Who do you know who needs help with [the problem that your product or service is resolving]?”
Many good lead generation efforts go to waste due to poor follow-up. Some studies show that response rates to a follow-up call can diminish by 50% if you wait just 48 hours, and as much as 90% if you wait a whole week.
What is your purpose for attending a particular event?
Is it: to meet certain people; to find prospective customers; to find a resource you need; to make a new friend; or to nurture existing relationships.
Expand your referral process: at the end of your printed material, e-mails and website say, “We appreciate referrals” to remind your customers that you want referral business.
Write to your clients and ask them to refer a new customer to you.
When they do that, thank them for the recommendation – people like acknowledgement. It doesn’t have to be an extravagant gesture: a simple phone call or a personal note to acknowledge what they have done will have an enormous impact.
If you have the budget for bigger rewards then offer something more. (See Terry Dorr of Impress Promotions if you are short of ideas.)
Timing is everything: ask your customers at the point of delivery, when they are feeling most euphoric about your product or service: ‘Is there someone you know who also has ……' (the problem that your product or service is solving).
Once you have written one of these, send it to publications within your industry or market. Trade magazines and industry newsletters are usually in need of quality content. An independent publication will carry more credibility in the eyes of your prospects.
Your 'elevator pitch' is what you would say about your business in the time it takes to get from the bottom floor to the top floor in a lift.
This is a one sentence summary of what your business is about and how it can help your prospects. It should break the ice and start a conversation going.
Allay the fears of any potential clients by offering an iron clad guarantees (for example, a full, no-quibble refund). Let your clients know that you offer this guarantee so that they are more likely to take the risk to recommend you to their clients.
The most obvious and credible source you can use to convince prospects about the value of your service or products is your existing customers.
Customer success stories are always effective, but some are more powerful than others. Make sure that their story describes the problem that the customer is solving with your solution. Give lots of detail. Make the customer, rather than your product or service, the focus of the story. One of the easiest ways of collecting testimonials is by using LinkedIn as this has a specific function to allow you to do this.
Each day before a networking event, take a few moments to imagine yourself there. Think of it like a movie playing inside your mind: ‘see’ yourself looking confident, smiling and meeting lots of interesting people; and ‘hear’ yourself sounding confident and talking with ease. Make the mental picture as vivid as possible. Keep doing it until you have a completely positive ‘movie’ in your mind.
Never ask for, or accept, a person’s name or number on a business card. A name on a business card is not a referral – it’s a cold introduction. The next time a contact hands you someone’s business card and suggests that you call because “they may be interested in what you do”, suggest that they arrange a meeting for you. Personal introductions will always trump cold introductions, and you should strive for this level of commitment from others who express an interest in you.
People love buying but hate to be sold to. They are suspicious of anything that seems like a sales pitch.
What they are looking for are credible sources that help them make informed decisions. They want to learn and even be entertained and unfortunately, most sales pitches are neither educational nor entertaining. So rather than telling prospects how great your product or service is and offering them brochures and data sheets, you can help buyers get educated by enlisting the help of more credible third party sources, such as industry experts and analysts.
In my continuing quest to grow the business and increase my marketing skills, I have recently come across the National Association of Business Owners (NABO). This is a marketing organisation helping small business to maximise their marketing potential. It is a membership organisation, but membership is currently free and they offer the following for joining:-
- A full-day marketing, business and internet seminar. “The 7 Lost Secrets of Sales and Marketing Success”
- 21 specially researched, business-building reports written by leading experts.
- The 12-page monthly NABO newsletter packed with easy-to-apply advice
- A free book “Unsung Business Heroes” – how 17 small business owners succeeded.
To join just go to www.nabo-members.com when you are on there just type my name in to the “Introduced by” field. It's as easy as that and absolutely free.
Or you could just call me on 07974-418819 or e-mail me Tony@Milestone-Solutions.co.uk and I'll be happy to help.
If you want to expand your business you need to make new contacts and you can do that through networking. With 4Networking being the perfect vehicle for this.
You might be reluctant to do this, thinking it’s going to seem very pushy, most people will be flattered to be asked, especially if you explain it's part of your expansion plans.
Business owners often set vague targets such as ‘more opportunities’ or ‘more sales activity’ which are impossible to measure and ultimately unobtainable. So set specific goals such as ‘3 face to face meetings a week' or ‘5 leads from our website’ – these are eay to grasp, measure and support. Track your progress weekly.
Tax and Accounting
HM Revenue and Customs has issued a warning about a scam involving fraudsters who telephone taxpayers to inform them they are due a tax rebate, then ask for their bank details so they can use them to try to withdraw funds from their account. The warning comes amid a surge in tax scam phishing e-mails, which has resulted in HMRC closing down more than 180 websites in the UK and other countries for sending out fake tax rebate e-mails over recent months.
If you receive suspicious e-mails or telephone calls you should report them to phishing@hmrc.gsi.gov.uk Advice on online security and links to current security messages and examples of scams are available at http://www.hmrc.gov.uk/security/index.htm
Do not get conned into these scams, a good basic rule is that HMRC will only currently contact you by snail mail (normal post), not by any other method.
These have recently changed such that for companies with accounting year ends after 31st March 2010 your Corporation Tax Return must be filed on line, this is something that we now do for all our clients automatically. On top of this your Corporation Tax payments must be made electronically, cheques will no longer be acceptable, with cleared funds in the Revenues account by the due date, i.e.) 9 months and 1 day after your year end.
From May 2010, the Revenue have been able to impose penalties on businesses that do not pay their PAYE on time. The penalty can be up to five per cent of the amount that is due.
The requirement is that employers must pay their PAYE and National Insurance contributions by the 19th of each month, or the 22nd if paying electronically. For smaller companies there is a Quarterly scheme but these dates are the same for the end of each quarter. My recommendation here is if you have a payroll then mark the 19th of each month in your diary to ensure that you do not incur any penalties or interest.
Should any problem arise with your cash flow which results in you not being able to pay your tax at any time then the most important thing is to contact the Revenue straight away, via the information on their website at www.hmrc.gov.uk, to negotiate a time to pay plan or get your accountant to do this on your behalf. The worst thing to do is ignore it and bury your head in the sand.
P11D
When it comes to end of year forms, completing the P11D is one of the most dreaded tasks. You keep putting it off. When you do get round to it, if you get it wrong and the Revenue is likely to show no mercy, in fact they are tightening up their procedures right across the board and now carry out more inspections than ever. At the top of their agenda is checking that you have reported all of the expenses paid and benefits provided for directors and employees alike.
A P11D employee is one who is earning at a rate of at least £8,500 per annum (including benefits) or is a company director even if earning below this rate, to ensure compliance it is recommended that a form should be completed for all directors whether they have taken a benefit or not.
The forms must be with them by today 6th July 2010, with the deadline for paying any resulting Class 1A National Insurance being 19th July 2010, to avoid any penalty and interest charges. A penalty of up to £3,000 can be applied, even if the submission is made on time, if the subsequent submission proves to be faulty.
Where do I turn for help? The Revenue publishes its view and guidance on expenses and benefits on its website’ For:-
- The P11D Guide (2010), see www.hmrc.gov.uk/guidance/p11dguide.pdf- 4 page document.
- Booklet 480 (2010): Expenses and benefits. A tax guide, see www.hmrc.gov.uk/guidance/2010/480.pdf- 105 page document.
- CWG5: Class 1A National Insurance contributions on benefits-in-kind, see www.hmrc.gov.uk/guidance/2010/cwg5.pdf- 36 page document
Companies House
For financial years beginning on or after 6th April 2008, the normal time allowed for filing accounts was reduced from 10 months to 9 months for a limited company and the penalties were increased as per the following table.
|
Length of delay |
Old Penalty |
New Penalty |
|
Not more than 1 month |
£100 |
£150 |
|
More than 1 month but not more than 3 months |
£250 |
£375 |
|
More than 3 months but not more than 6 months |
£500 |
£750 |
|
More than 6 months |
£1,000 |
£1,500 |
Also the amount in the above table will be doubled if the previous year’s accounts were also submitted late.
The quickest way of checking your filing dates is to visit the Companies House website www.companieshouse.gov.uk and using the Webcheck field select your company name or company number.
VAT
On a slightly better note, the Revenue have not published this widely, because I suppose that they do want you to take advantage of this relief, but if you have debts six months older than your normal payment terms then you can legitimately deduct the VAT associated with the debt from your next VAT Quarters payment and only subsequently pay over the VAT if the debt is collected.
If your business has an annual VAT exclusive turnover of £100,000 or more or you registered for VAT on or after 1stApril 2010 then you now must file your VAT Returns online and pay VAT electronically for accounting periods starting on or after 1stApril 2010.
If you are still paying by cheque the change is that in the past your payments were considered as on time if the cheque arrived on or before the due date now they will only be considered on time if the funds are in the Revenue’s bank account on the due date.
The Revenue state that a cheque takes three bank working days to clear – that excludes Saturdays, Sundays and bank holidays. If your payment arrives after the due date the revenue can apply penalties and surcharges and have started writing letters to this effect, it would seem that your first “offence” only gets a warning..