Author: Duncan Mercer

5 STEPS TO CREATING YOUR MARKET DOMINATING POSITION

The majority of small businesses are established in response to market demand for a product or service. Many build their businesses by serving that demand and enjoy growing profits without putting much effort into long-term planning or marketing.

Every choice you make when buying a product or a service represents a point of differentiation between one company and their competitors. These differences, whether subtle or distinct, determine which customers will buy what they sell.

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Consider the well documented case of Domino’s Pizza. Why did Domino’s become a billion dollar behemoth in an overcrowded market in just a few years? Did Domino’s make the best pizza? Not even close! Did they offer comfortable in-house dining? No way! Did they offer the largest selection on their menu? They offered the exact same pizza as ALL of their competitors!

They dominated by adopting and implementing one major strategy. They created a market dominating position, which was fast hot pizza, targeted specifically for hungry college kids.

So now ask yourself what, if anything, makes your business different from your competitors as perceived by your targeted prospects and customers?

Everyone can add value to their business. And adding value doesn’t have to blow your marketing budget or take up hours of your time. There are many ways to enhance your business in the eyes of your clients.

CREATING A MARKET DOMINATING POSITION INVOLVES A FIVE STEP PROCESS.

Step number one, determine your strategic position in the market.

What specific niche market or segment of the marketplace should your business focus on? Determining this involves combining the skills your business has with the unmet needs of your targeted prospects and then designing your produc

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t or service to fulfill those needs.

Domino’s strategic position was “fast hot pizza for hungry college kids.” For Starbucks, “delicious hand-crafted beverages that makes life better.”

Step number two, determine your primary market dominating position.

This is the most dominating advantage that separates you from your competitors. Domino’s claimed it could deliver its pizza in 30 minutes or less, or they would give it to you for FREE! This was the primary advantage that met the needs of their newly defined market position – hungry college kids that wanted food fast.

Step number three, determine your supporting business model.

How will you specifically deliver what your strategic position and primary market dominating position promises? What changes, if any do you need to consider making to your business to ensure you deliver consistently on your position and your promise?

Domino’s built a supporting business model that enabled them to consistently provide their promised primary advantage, which was fresh hot pizza delivered within 30 minutes. To make good on this promise every time, they were forced to create a supporting business model where they built low-cost, plain vanilla stores strategically located near college campuses.

Since college kids aren’t the most reliable workers on the planet, they were forced to hire additional delivery staff and have additional drivers on a stand-by basis. Together, these innovations allowed them to consistently meet and often exceed their primary market dominating position.

Step number four, determine your secondary market dominating position.

What additional competitive advantages does your business offer that your customers will perceive as being different from your competition? Domino’s secondary benefits might include special pricing, assorted sizes, a much broader selection of toppings or additional menu items.

Step number five, create your market dominating position statement or elevator pitch.

This is a simple statement you can create by combining steps one through four. This helps you to state unequivocally what differentiates you from your competitors to your targeted prospects and customers.

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Domino’s market dominating position is neatly summed up in its slogan, “fresh hot pizza delivered in 30 minutes or less, or it’s free.” An expanded version of this might say: “Domino’s provides busy customers with fresh hot pizza and other food items within 30 minutes or less. Our assorted pizza offerings combined with our value pricing makes Domino’s affordable to everyone.”

This presentation will focus on helping you to define your market dominating position and then we can help you create a powerful and compelling elevator pitch that will effectively communicate your value to your marketplace.

Learn more on my FREE Online Focus Group on Tuesday 30th June 2020 4-5pm. Register here :

https://www.eventbrite.co.uk/e/discover-the-fastest-ways-to-skyrocket-your-business-growth-tickets-109946035552?aff=LIBlog

If you’re reading this after the 30th June 2020 – then you can access to all the info you need to grow your business at :

www.yourbusinessgrowth.co.uk

By Duncan Mercer – https://www.linkedin.com/in/duncanmercer/

10 Tactics to Profit Acceleration

As a business owner I know that in this day & age that you’re busier than ever – revenue and profits are critical to the survival of your business but you lack the time & resources to take your business to the next level.

I understand the need to quickly introduce effective ways to increase both revenue & profits with as little out of pocket expenses incurred as possible – these can be implemented with the smallest amount of effort, time & expense. Each strategy will impact your overall revenue and profits dramatically, even if each one produces just a 5% increase in sales.

This is the power of exponential growth – you’ll be able to see this for yourself as you implement each strategy. A 5% increase is a very conservative number – my clients often see far higher returns, but I like to under-promise and over-deliver.

Here are 10 effective strategies to achieve this growth :

1 – INTERNET MARKETING

There are numerous ways to grow your business through the internet and the possibilities are growing by the minute.

ADVERTISING – the benefit of this strategy is that you’re not limited in geographic reach and you can be highly selective with your target audience.

SOCIAL NETWORKING – this provides increased brand recognition and loyalty along with higher conversion rates because you’re being social and a cast decrease in marketing costs.

BLOGGING – zero cost to do but your time this really increases your rankings online with links.

SEARCH ENGINE OPTIMISATION (SEO) – this is the practice of getting your website ranked at the top of search engine results without advertising.

ONLINE PRESS RELEASES – provide credibility and could lead to interviews with the media, on average 1 media interview could have 5 times the impact of a paid advert.

VIDEO MARKETING – If a picture is worth a thousand words, a video can have an even greater impact on your target market.

You don’t have to be an expert in all these options, but you could do with the knowledge in house or outsource to those that do have the knowledge.

2 – DOWNSELL

Downselling means backing off from your original offer when your potential client appears to reject it – offering something less expensive or of lower quality, then once you establish the buying relationship, upselling and cross-selling at a later date.

The key idea is to get the buyer to enter into a long-term relationship by at least persuading them to buy something. It is much easier to sell to a client than to sell to a prospect.

First time buyers are always sceptical – but the fact they have come to you in the first place is something to be celebrated, therefore you have their momentary trust no matter how guarded.

For example have you ever been offered a full year membership to an online subscription or health club etc. and when you don’t take it up you’re offered a 3 month initial membership or even a 30 day free trial?

The odds of you staying or continuing to buy if you accept a downsell goes up exponentially.

Once a client enters into a buying relationship, no matter how small, you then need to think long-term as to how you can serve that customer best to keep them on board and buying.

3 – DRIP CAMPAIGN

When a prospect doesn’t buy what you sell, how many times do you follow up with them?

Small business owners focus on generating leads – but less than 1% of prospects are now buyers the other 99% are not ready to purchase at that specific time, but many could buy at some point in the future if you continue to nurture them and stay in contact with them in an ongoing basis.

Why is this important? 80% of ALL sales occur between the 5th and the 12th point of contact.

If you give up after 1 or 2 attempts then what you’re selling must not be very important!

This is where the drip campaign and follow up sequence comes into play. A drip campaign automatically delivers a form of communication to customers or prospects on a predetermined and scheduled basis.

4 – MARKETING & ADVERTISING SECRETS

Do you have a website?

Do you know for sure how many leads it generates each month?

Do you know for sure how many sales it produces each month?

Most business owners have no idea – can I show you why your website isn’t generating any leads or closing any sales. The key to success.

You must be able to enter the conversation taking place in the minds of your prospects.

or

You must be able to address the number one question on your prospects mind at just the right time.

It’s easier than you think – the question in all prospects mind revolves around 2 major points:

There’s a problem they have and they don’t want and there’s a result they want but don’t have.

CONVERSION EQUATION : INTERRUPT -> ENGAGE -> EDUCATE -> OFFER

INTERRUPT = Headline – first thing someone see’s or hears.

It must address the problem your prospects have and don’t want.

ENGAGE = Sub-Headline – 2nd thing they see or hear

It must address the result your prospect wants but doesn’t have

EDUCATE = Information you provide – presents evidence to your prospects that you and your product or service are superior in every way to your competition..

OFFER = Must create a compelling offer that makes it so irresistible your prospects can’t turn it down.

5 – JOINT VENTURES

Joint ventures involve 2 or more businesses that decide to form a partnership to share markets or endorse a specific product or service to their customer base. Usually under revenue share basis.

The key is to find partners who service the exact same type of clients that need or want what you sell. You can find other businesses in your event chain.

For example a florist can get referrals from above them in the event chain i.e. jeweller, church, wedding planner, reception venue, dress. But also pass on referrals to cake makers, cars, dj / band & accommodation.

This is a strategy that can be implemented immediately and it begins generating instant cash flow.

6 – INCREASE PRICING

Ever asked yourself how much more could I make if I simply increased my prices?

Optimising pricing is difficult and could be dangerous if you simply go for an increase of 5% across the board approach. You could lose some or all of your business.

How can you raise prices and get away with it? BUNDLING

This is the process of grouping together certain products to create packages which you then sell.

Eliminating the biggest complaint small businesses have of competing on price – you’re now offering more value. Customer shop value not price.

Bundling increases the perceived values o prospects buy more.

7 – UPSELL & CROSS SELLING

Easy & simply way to explain this strategy is using McDonalds as a case study – when you go in and order your meal, what do the staff always ask you?

Would you like to go large on that? – This is upselling

The same member of staff will then ask

Would like apple pie or a McFlurry with that? – This is cross-selling

These strategies are worth an extra $1.6 billion in revenue to McDonalds every year !

Upselling means offering a higher grade or quality or size of the item that the customer may be interested in at the point when the customer is ready to buy.

Cross-selling means offering other products or services which complement the item the customer is interested in, at the point the customer is ready to buy.

34% of prospects will buy additional products or services at the time of their original purchase if they’re asked to do so – if you don’t do it they won’t !

8 – REACTIVATE FORMER CLIENTS

Why do clients stop doing business with you? It may have nothing to do with the way you conducted business together in the past. There are many possibilities some of which could be

  •  They’ve been busy
  •  They’ve had something happen in life that has distracted them
  •  They simply forgot

Other things in life just come and get in the way – because these clients already know so much about you, unless their circumstances have changed dramatically or they had a bad experience with you in an earlier transaction, they could well be prepared to do business with you again.

As an example – a yoga studio had 200 paying members and 400 past members, so they sent an email to the past members and 30 started again giving an instant increase of 15% !

Three keys to effective implementation

  1. Clearly communicate your most compelling benefits – show them they’d be foolish not to come back to you.
  2. Make them an offer to help them feel valued and special – bundle something else in.
  3. Be systematic and persistent in your effort

Remember this is not just about the sell – you’re there to rebuild an ongoing buying relationship with your client.

9 – POLICIES & PROCEDURES

This is the most boring and non-sexy of all the strategies, but finding an impact may be one of the easiest ways to optimize your profits.

Ask yourself – are your marketing and sales processes documented so that sales are predictable?

To what extent are all your system, processes, policies and procedures in place?

Without policies and procedures your business can never maximise on all the opportunities with which you’re presented.

Policy example :

Each person in your business must write a “to do “ list at the beginning of the month – divide this into weekly action plans and then you have daily to-do lists.

The supervisor will inspect each monthly to do list, each weekly plan and daily to do list.

What do you suppose happens to the productivity of that staff member, if they know they are going to be held accountable to their own created list ? This Creates focus and keeps staff accountable much like a Business Coach for business owners.

On average this will increase productivity by 20% which in turn increases revenue & profits

This strategy takes time and hard work – and is ongoing to make sure they are monitored and adhered to, but this is the key to running a great company and to great marketing.

If you incorporate policies, procedures and rewards or consequences for your staff to follow, and you follow through on them what impact would that have on your business?

What about policies & procedures for a client call format? For follow up? Post sale reassurance? Relationship building? Enforcing upsell, cross-sell and downsell strategies? To reactivate former customers? To ensure drip campaign is working? For cost cutting? For all internet marketing initiatives?

No cost involved but your time.

10 – COST CUTTING

This is the one guaranteed way of keeping more money in your bank account. Good business owners will review their costs and try cutting those costs at every available moment.

To better get to grips with this you need to understand the difference between Gross Profit and Net Profit.

Most business owners use Net Profit to determine the extra revenue I find them – this is a mistake because net profit is determined after ALL costs are taken out.

However, adding additional revenue which does not incur an increase to fixed costs such as rent, salaries etc. will increase profits by the gross profit margin i.e. the revenue minus any direct costs eg sales commissions, credit card fees etc.

The additional revenue you gain from following my strategies will count as gross profit not net profit, but the better news for every penny you cut off your costs, goes straight to your bottom line. You get to keep all 100% of your cost savings.

Areas where you can save money :

  • Financing
  • Suppliers
  • Hours of Operation
  • Cash Management
  • Inventory
  • Transportation
  • Marketing

I’ve just explored, from a high level, 10 of the 25+ ways I know how to dramatically increase the revenue and profits for any business – I’ve kept the potential increases conservative, allowing under-promising and over-delivery this makes sure the strategies are realistic, believable and achievable.

I hope you can see that these minor increases over the 10 areas are easily attainable by any business and would more than double your profits.

If you incorporate more than 1 of these strategies, which are easily duplicated by any business, consider the exponential growth you’ll experience within your business.

If you’re ready to double or triple your profits and would like to know more then just contact me and let’s get started !

For more information and detail on this CLICK HERE

How can a Business Coach help me ?

Many businesses use a business coach. Others may be considering the benefits while some may not have any idea what it is all about. What is business coaching, and how can it help?

Business coaching is a process that can help take a business from where it is to where it wants to be. A dedicated business coach will assist and guide the business owner in growing the business, mapping out the best routes towards success and guiding them in the right direction.

A business coach differs from a consultant; while a consultant will scope a project, consider alternatives and implement the required actions themselves, a business coach equips the business owner to do it by teaching them new skills and providing knowledge of the market and the journey ahead.

THE BENEFITS OF BUSINESS COACHING

Impartial advice – While a business owner no doubt often relies on the support of family, employees and friends, ultimately, they will all have some form of vested interest. So, it can be difficult for them to be impartial. That’s where the business coach comes in. A coach can provide a confidential, objective sounding board to help solve the challenges ahead. Additionally, they can be relied upon to react to your ideas and methods honestly and tell it straight, are working on a process that could be improved.

Focus your attention – A business owner’s time and attention can be stretched in so many directions that it’s hard to focus on the key tasks that relate to your business goals. A business coach will help you to organise your tasks and schedule, leaving your business well organised and efficient and giving you ample time to work on the next stage of business growth.

Make you accountable – Sometimes it’s hard to keep promises, especially those you have made to yourself. A business coach will challenge you to achieve the objectives agreed and help you to channel your efforts towards achieving them.

Push you outside your comfort zone – When there are difficult decisions to be made or tasks to be completed, it’s easy to fall back into the comfort zone where you feel safe and secure. For many business owners, this means working in your business when you should be working on your business. A business coach will guide and support you beyond your comfort zone and push you to new heights, while also helping you develop your staff, allowing them to competently stand on the front line in your place while you’re working on growing the business from behind the scenes.

Two heads are better than one – Brainstorming ideas with your business coach can add a different perspective to your way of thinking. We all kn

ow that old saying, two heads are better than one, but a business coach can go far beyond that. A good business coach will explore your ideas from every angle, question your thinking, and provide alternative answers. This can often lead to finding better or more innovative solutions that you may not have previously considered.

Ask any successful athlete what factors contributed to their success, and most – if not all – will cite their coach as a primary influence. So why should it be any different in business?

So now you know what I do – if you’re interested in taking your business to the next level then contact me for a quick review call.

duncan.mercer@magnatec.net

Download your FREE copy of my book :

www.yourbusinessgrowth.co.uk

Or perhaps you’d like to take a look at my new online DIY academy?

www.magnatec-marketing.co.uk

 

(source : https://www.emc-dnl.co.uk/business-network-magazine/ )

Getting Smart With Costs

Being aware of your costs and buying smart is a key component of running an SME – costs can be crippling and CASH IS KING !

Let me give you an example of an internet based distribution business that with a nudge in the right direction managed to significantly reduce their annual costs.

This business sent out it’s products every day in cardboard boxes bought from their local stationary store, purely for ease of stock control – they bought them at a retail price of £3.91.

The irony of being an internet based business and not taking the small amount of time to Google search a wholesaler, set up an account and reduce their box cost by £2.36 to £1.55 is unfathomable. We’ll leave out the added saving made on fuel getting to & from the store to collect the boxes!

On top of this saving it was worth cross checking the Google search with businesses that were available on the cash back sites i.e. TopCashBack or QuidCo which both provided a further 9.45% cash back on their purchase of boxes.

The business sent out on average 5 items per day, therefore with this small amount of effort the business started saving £12.55 per day which equals £3,263 per year saving.

A saving is always nice when you’re running a business, but could there be more savings achieved with a little further investigation – of course !

The business used to use the most well know obvious choice for delivery of their items. Another internet search provided a courier broker that allows smaller businesses access to the discounted prices achieved with higher distribution numbers.

It allowed the firm to save £8.21 per parcel and delivered within 48 hours. Consider that on 5 items per day and all of a sudden there is a further saving of £41.05 per day adding a further £10,670 saving per year.

Just by getting just a little bit smart about costs, taking the time to search for better deals rather than convenience, allowed this particular business to add close to £14,000 per year to their profits.

This was just one area of their operations – a true eye opener to the statement “Look after the pennies and the pounds will look after themselves”.

I invite you to take a look at 4-5 items you always buy regularly for your business and see how much you can save, I guarantee you’ll be surprised.

When you do, come back and let me know in the comments I’d be interested to see some other successes.

 

( Source : A Pocket Guide to Small Business Success – Rob England )

WILL YOUR BUSINESS COSTS PASS THE T.E.S.T ?

WILL YOUR BUSINESS COSTS PASS THE T.E.S.T ?

Do your business costs keep you up at night? It doesn’t matter if you run a big or small business CASH IS KING & COSTS CAN KILL.

Business owners are always on the look out for ways to cut down their costs. If you reduce your costs you automatically become more profitable and will ultimately be more successful.

This isn’t always an easy task, it can sometimes require creativity, culture changes and take you to the edge of your own comfort zone. So here’s another question :

CAN YOUR BUSINESS COSTS PASS THE T.E.S.T ?

T = Telephone

E = Energy

S = Space

T = Tax

These can be 4 of the biggest costs on a business and are always the subjects that can take you our of your comfort zone.

TELEPHONE

Do you still have landlines in our business? If you answered YES take a moment to think about how many times you & your business actually used a landline in the last 6 months or a year even.

Landlines are an outdated method with which to use the communication channel of speech. I would like to reiterate that speech is still a very important form of communication in business.

Of course everyone has a mobile phone but beyond that there are numerous FREE VoIP services that can not only be used on your laptop but via smart phones as well.

Do yourself a favour get rid of the cable that is business cost noose around your neck and holding you back.

ENERGY

A huge drain on the business and of course this is not something you can simply get rid of. This is where some creativity comes in.

The world is trying to reduce the carbon footprint, as a result there are new technologies coming on to the market every day that can help reduce your carbon footprint as a business and an individual. Investigate them – ultimately, reducing your carbon footprint will reduce your energy bills.

This may well require some initial investment but to look at this over a 3-5 year period and you’ll be surprised at how it can help reduce these costs. We all know about changing lightbulbs to LED etc. but the creativity comes in on items you may think you can’t reduce, for example your IT estate – check this product out : https://www.ipmplus.co.uk

SPACE

Yes, I am talking about your office. The previous 2 points can be wiped out if you implement this point, so it works as a sliding scale really.

If the majority of your team work remotely then why keep an expensive building. If you require regular meetings / get-togethers there are plenty of options nowadays and most are better for morale of the staff if you coincide it with a social as well.

There are options for virtual offices with all the services you require e.g. postal address & handling, telephone call handling, printing even the meeting room space you need from time to time.

All the options are available to use or not and have a cost associated but all will far more cost efficient compared to keeping a building running.

TAX

The scariest subject when it comes to business for 2 big reasons :

1. It’s one of the biggest costs.

2. It has legal ramifications if handled incorrectly.

There are more and more scary words to describe the black box that is tax – avoidance, evasion, compliance & haven etc.

I am certainly not suggesting the implementation of illegal tax reduction – but do you as a business make the most of the deductions & credits available to businesses to help reduce their tax bill.

Understanding what your company is owed or can claim goes a long way reducing costs via the tax bill during and at the end of your accounting year.

So how did your business fair in the T.E.S.T. ?

Perhaps these few points are new to you or you’ve been reminded about items you’ve been meaning to sort out, either way managing your costs is a great way to keep more money in your pocket.

This is what I help my clients to do. I provide the gift of time and savings on a plate.

Get in contact with me via the website : https://yourbusinessgrowth.co.uk/contact/

Or simply connect with me on LinkedIn : https://www.linkedin.com/in/duncanmercer/

HEADWAY DERBY IN THE CLOUDS

IT Selection for Charity

“Magnatec’s input has made a massive difference to us. It was just the push we needed to work through our challenges” – Debra Morris, Headway Derby Chair

IT Review & Consultation

Headway Derby – Award Winning Charity

Headway Derby are an award winning local charity providing a range of therapeutic support and rehabilitative development services for brain injured people, their families and carers in Derby, Southern Derbyshire and East Staffordshire.

Headway were looking to improve their IT estate and move as much of their day to day processes, reports and paperwork onto cloud based IT systems.

This was to include:

  • Document storage & management

  • Staff, Trustee, Donor & Member profiles

  • Finance & Reporting

When considering the IT solutions the budget had to be a big factor but, as a charity, Headway Derby already had Office 365 installed at zero cost. They had also investigated various other solutions that offer their software for free to NGO’s.

Other considerations were that the software had to be user friendly and have the availability of good remote training materials & support.

The Challenges

1. Document Storage & Management

a. Some of the documentation is currently stored on an external drive with no back up facility.

b. OneDrive started being used but in an unplanned design with no selective user access to the folders & files. Consequently this has not continued to be utilised.

2. Collaborative Working

a. Managing tasks, projects centrally.

3. Staff, Trustee, Donor & Member Profiles

a. The majority of this data is currently in hard copy paper format.

b. No easy or quick access is available to the information required.

4. Finance Control & Reporting

a. Financial records are stored and controlled within Excel.

b. Knowledge is held by a single point of contact, opening exposure to risk and potential errors.

c. Reporting takes days and uses person hours to complete.

The Solutions

  1. Cloud Document Storage All cloud SaaS solutions have simple user logon. Allows for increased security and multiple person editing with audit trail. Headway already have free access to Microsoft OneDrive and this was considered the best option to move forward with following a simple awareness session.

  2. Collaborative Working Headway had already trialed and liked the cloud solution Trello – this has since been fully integrated into their day to day processes.

  3. Staff, Trustee, Donor & Member Profiles Numerous web-based cloud solutions are available and were investigated, reviewed and trialed by Magantec. These can include as much or as little functionality as required by Headway. There are solutions available, specific for charities, that include HR & CRM etc. capabilities. Headway opted not to move forward on any of these for the time being as they were the most costly of all the solutions needed at this moment in time.

  4. Finance Control & Reporting Online Cloud bookkeeping has become the norm in recent years – it allows any size of organisation to provide reports & audit information at the click of a button. Read only user logons are also available to facilitate appropriate controls. The central management of the finances will also make this process secure and risk free. Clearbooks was considered a suitable solution, this was advised over the likes of Quickbooks because they offer good discounts for NGO’s. Headway like this software but believe they need to take each step in turn and will look at moving to this when ready.

Summary

This was a great project to work on with some clear challenges and solutions available. Headway have made a good start on their move to the cloud and are now regularly using the full functionality of Office 365, in particular, OneDrive to make their work more accessible and secure.

They have also fully integrated Trello into their day to day work.

The journey is just beginning but they are on the right track and in time will no doubt be fully integrated into the Cloud which will lead to better control and gains in operational efficiency.

If any of Headway’s challenges resonate with you and your organisation then why not contact us and see how Magantec can help you.

“We are so grateful for the support and inspiration. We are in a much better place now than we were 2 months ago, before we met Duncan” – Rebecca Manship, Headway Derby Operations & Development Manager

www.magnatec.net

duncan.mercer@magnatec.net

Full Company Strategic Overview

Infomatrix Enterprise Solutions Ltd are an I.T. company providing industry expert consultancy along with their unique product offering of an Information Portal called OneView.

Following a change in their ownership and board they have accelerated the R&D for their product and, last year, turned their focus to the sales of their services. Their initial low level success was a constant headache to their CEO and so they asked Magnatec to perform a review for all the elements of the business.

Subsequently, we were installed as a Consultant Commercial Director tasked with making IT cost savings and increasing sales and presence within the market.

It is fair to say that this is an ongoing engagement but the initial points tackled were :

The primary focus was around lowering costs – this was achieved by looking at all costs, where the CEO could not see the wood for the trees, as to where the money was going every month. Simple analysis of legacy and redundant services allowed an initial cost reduction on various services, this was followed up by contract re-negotiation on the services that were still required. In some instances gaining 35% lifetime discounts.

The next obstacle was to increase sales and presence within the market – this is not a simple exercise but we started making changes to the way Infomatrix were approaching certain aspects of their business. As an example we set up a monthly business development meeting to start brainstorming the approach to market and creating a sales pipeline. It took a few months to get the format, agenda & personnel right for the meeting but now it is an invaluable insight for all areas of the business.

The creation of company social media and an investment in staff training for the likes of LinkedIn etc. were done to help create presence.

This is a great success story of operational consultancy that isn’t complete – (as of May 2019) we are still working with infomatrix moving them forward on various sales and now starting to look at the organisation structure of the business, there will be more for this story ……..

Duncan from Magnatec (blue shirt) in full session with Infomatrix

Supplier Rationalisation

Everyone knows the state of politics at the moment and everyone is fully aware of the pressure that is being put on local governments to reduce their costs & budget over the next few years.

So many of these local governments have already done an excellent job in reducing their costs but most have exhausted the obvious cost cutting options. They are now looking at other, less obvious, cost reduction opportunities within their organisations.

Magnatec we’re engaged as an IT Consultancy by the Derbyshire County Council to take a look at their ICT Suppler List. An area they believed substantial IT cost saving could be made. They faced the issue that, with head count being lowered, the remaining staff had too much day-to-day work on their plates to take a step back and look at the possibilities.

This is where we can step in with a clear task and give an unbiased 3rd party view of the situation – if you or your staff simply don’t have the time to look at such items then the services we provide are just what you need.

We were able to cast an eye over all the ICT suppliers for the County Council, for every department, software, hardware etc. We analysed the data and produced a report for the council detailing where & how savings could be made to the tune of several million.

This is the power of an impartial, external, 3rd party – it provides an objective view point that organisations, departments or even individuals might not be able to see.

The task was performed accurately and in a timely manner with the report being delivered before the deadline.

Kick Start Your Marketing

Today I’d like to teach you about the three most important start up marketing tools you need to get and keep new customers.

  1. In person: It’s essential you meet with customers/clients in person whenever possible. This shows you respect them and take the time to work with your clients to give personal attention to each of them.
  2. Follow up letter: Always take a moment to send a follow up letter about what you talked about, new agreements or partnerships made and to thank them for taking the time to meet with you. Likewise, you should always send thank you letters or small gifts to partners you find success with.
  3. Phone call: Use a telephone call to follow up with them to talk again about the matters you talked about in your meeting and offer any assistance you can to help their business run smoothly and more successfully.

None of these will work if you don’t have a quality product/service to back you up!

Here are the key steps for putting together your start-up marketing tools:

  1. Research potential customers, buyers, competitors and their preferred methods of distribution.
  2. Talk to potential customers. Take a hard look at your product from a customer’s perspective and see what it needs to be successful.
  3. Follow up with your 3-step process from above.
  4. Develop systems for contact follow through, quality control standards and customer service.
  5. Develop post-sale follow up system to keep lines of communication open is customers and build on your current relationship which increases future purchases.

“Marketing and innovation produce results; all the rest are costs” Peter Drucker, management consultant

Here’s another one I love from an icon:

“If there is any one secret of success, it lies in the ability to get the other person’s point of view and see things from that person’s angle as well as from your own.” Henry Ford, Founder of Ford Motor Company

This lesson has offered you the tools to put together a start-up marketing plan that can be used over and over again to help your customer base and business grow in a manageable way.

Stop Wasting Your Resources!

Today you’re going to learn how to find a target market of potential customers so you aren’t wasting precious resources on blitz marketing. So, the two questions you have to ask yourself are:
  • What do people really want to buy from me?
  • What related products are they already buying?
Once you figure this out you will know who is more predisposed to purchase your products/services. Then, you find other businesses with the same customer base who you can customer share with. Come up with an incentive and great arrangement to encourage both of your customer bases to shop at both of your stores. The basic concept is this: You want to find existing businesses who have the customer profile that you are looking for to market your products/services to. Then strike up a relationship with those business owners to work out an incentive for customers to purchase from both businesses. As a result, you have an audience to market to and they generate an added value from their current base. So, how do you figure this out? There is a great formula from Jay Abraham you can follow with great success. LV = (P x F) x N – MC Here’s what it all means:
  • LV is the life time value of a customer
  • P is the average profit margin from each sale
  • F is the number of times a customer buys each year
  • N is the number of years customers stay with you
  • MC is the marketing cost per customer (total costs/number of customers)
Once you know how much you need to spend to attract a new customer, you will know how much of an incentive you can offer to a business to help attract new customers. So, here’s your step-by-step process:
  1. Find companies who already have the customer base you are looking for.
  2. Negotiate an incentive for them to share that customer base with you.
  3. Focus your marketing resources to this group of predisposed customers.
If you need help working through this process, please contact us and we’ll set you up with the most comprehensive system of marketing tools and resources.