Intellitrain

Four Strategies for Keeping Customers

Paul Eldridge — Tue, 13 Dec 2011 00:04:07 +0000

There are at least four separate strategies an enterprise can use to improve customer retention, and each is effective in its own way, depending on the nature of the customer base and the enterprise’s capabilities.

In order of their increasing effectiveness, they are:

1. Customer recognition
2. Loyalty purchasing
3. Product quality and customer satisfaction
4. Customization and collaboration

1. Customer Recognition. Recognize MVCs ["Most Valuable Customers"] with some sort of special treatment. This approach can be especially effective in a high-end, personal service business. Qantas produces personalized luggage tags for its most valuable customers. When a flight check-in person sees such an emblem, he or she pays immediate, special attention to this customer.

The elements of a customer recognition program should be both personal and practical.

If a customer is an MVP then he is almost certainly valuable enough to warrant some level of actual human contact, or at least a zero-defects, customized letter.

2. Loyalty Purchasing. This is what frequent flyer programs are all about. Because they have escalating awards rates with mileage earned, frequent flyer plans are good examples of how to gain greater customer loyalty as individual customer volume increases.

Buying customer loyalty is the first instinct at most large firms when they are faced with significant customer attrition.

But as a tactic it has limited long-term utility. It is easily matched by the competition, and it often smells to customers like just another cheap marketing promotion. In the long run, purchasing a customer’s loyalty is not much different from reducing the price to attract new customers.

3. Product Quality and Customer Satisfaction. There is no substitute for quality. No customer will return for more of a bad product, so having product quality at least on par with the competition is essential to have a chance at success.

Keep in mind, however that customer satisfaction by itself is usually not sufficient to generate loyalty.

Studies have shown that it is not enough to achieve satisfaction ratings that are merely good (satisfactory satisfaction?). Only stellar performance seems to have any measurable benefit in terms of customer loyalty at all.

4. Customization and Collaboration. By far the most effective strategy for keeping customers is for a firm to customize its service to each individual customer’s needs, allowing the customer to “teach” the firm how he likes to be served, and then giving the service or product back to him according to those specifications.

In this way, the more the customer teaches the firm, the more difficult it will be for him to obtain an equivalent level of service from another firm. The firm then gives back the service or product back to him according to those specifications.

This is the nature of a “Learning Relationship” with a customer, a relationship that gets smarter and smarter with every interaction.

Learning Relationships are based on the deceptively simple idea that when a customer spends time teaching your firm, the customer himself develops a stake in the benefits of this learning.

Any firm seriously interested in improving customer loyalty should be on the lookout for products and services that can be tailored to individual tastes and needs, and then it should use these products to lock customers into Learning Relationships.

Intellitrain provides online and face-to-face training courses for the Certificate IV in Mortgage Broking, Diploma in Mortgage Broking, Diploma in Financial Planning as well as Cert IV in Bookkeeping and Sales Training Courses in Adelaide, Brisbane, Canberra, Melbourne and Sydney.

Three Essential Sales Skills – Part 3

Paul Eldridge — Wed, 26 Oct 2011 00:38:47 +0000

Author: Paul Eldridge, CEO Intellitrain

Part 3 – Be Good at What You Do

Seriously folks, if you are not committed to what you are currently doing, stop it. You’re wasting your own time and invariably giving a sub-standard level of service to your clients. If you are writing home loans and you’re not committed to being a professional then you are possibly even in danger of ASIC knocking on your door.

Not only that, your clients can tell when you are not engaged in the process.

They can tell that you don’t really care about them. They can tell that you’re only in it for the money and importantly, they won’t refer you. Conversely, if you are really committed to each and every client, to ensuring you do the best possible job for them, you are more likely to get the business in the first place, you are much more likely to be putting the right deal to the lender and you are much more likely to get referrals from the client.

If you can say YES to the following items then you are good at what you do and you will succeed:

You have a plan of what you’re business is going to look like. How much you are going to earn, what you need to do in order to earn that income.
You are in business for the right reason. If you just want to make money and you will do any job that you think will get you there, then chances are you will not be passionate about what you do. People who are passionate about what they do have a high correlation to success because they are prepared to invest the time and energy needed.
You have a strong morale compass and operate with integrity at all times.
You invest in your own education as you understand it is only through learning things that you don’t now know that you will continue to evolve personally and professionally.
You have a business mentor or a coach, someone who holds you accountable and gives you ongoing coaching. A mentor or a coach who has a proven track record in building their own businesses.
You understand the importance of building referrals both from your clients that you have already done a great job with and you are also dedicated to bringing on professional referral partners.
You are a professional and you are not lazy. You keep up to date with lender policies. You don’t submit deals without doing due diligence and ensuring they meet with lender policies. You take your role as a broker seriously, which means that you use a wide variety of lenders. You don’t just learn 1 or 2 lender policies and stick to those because you don’t have the motivation to continually monitor what other lenders are doing.
You understand the value of EQ (Emotional Intelligence Quotient). You understand your behavior style and how that impacts other people, what your strengths and weaknesses are as an individual and you mitigate or address those.
You understand the need to cope with change and you are inquisitive and able to adapt. You constantly seek out new information.
You are committed to helping other people achieve their goals because you understand that it is only through becoming good at helping others that your own goals will be achieved.

Intellitrain offers sales and marketing courses as well as, Certificate IV in Mortgage Broking, Diploma Mortgage Broking, certified bookkeeper training courses and BAS Agent qualifications across Australia.

Three Essential Sales Skills – Part 2

Paul Eldridge — Tue, 18 Oct 2011 00:32:50 +0000

Author: Paul Eldridge, CEO Intellitrain

Part 2. Have a Plan

Without a doubt, the most successful people in business always, let me repeat that, always, have a plan. There’s a great quote I heard that the nice thing about not planning is that failure comes as a complete surprise.

In a room of finance professionals, invariably only 10% have clear plans and objectives for their business. They know what their goals and objectives are. They know what they want to end up selling (exit strategy).

It really is pretty simple, take some time to think about your business and what you where you want it to be. How much do you want to earn? What resources and structure will you need to put in place to enable you to earn that amount?

As an example, if you want to earn $300,000 per annum. That’s great, but the reality is you will become your own bottleneck. You can only do so much. At some point you will need staff to help. In my case, my business really took off when I hired a PA. This freed me up to concentrate on the stuff I was good at – selling to clients.

If you don’t work out what you want and how you are going to do it, you will end up like 90% of the people around you, no real idea how they are going to achieve their dreams.

Three Essential Sales Skills

Paul Eldridge — Fri, 14 Oct 2011 00:32:33 +0000

Author: Paul Eldridge, CEO Intellitrain

It never ceases to amaze me how I can travel around the country at events and talk to finance people and some people will tell me that business is tough, its never been quieter and others, from the same city say that business is booming.

Get good at these 3 skills and you never have to worry about the economic climate.

1. Qualify Correctly
There are many things in selling that you do not and will not be able to control. The one thing that you do have control over is your time and how you choose to use it.

You don’t necessarily want everyone as your customer. I once had a conversation with a husband and wife who owned a Mortgage Broking Franchise. They were working themselves to death and couldn’t get ahead.

When I quizzed them, it turns out that they had taken on a client who was never going to service (especially during GFC) and because of all their hard work, he was sending them referrals of other clients who were equally financially unsound and couldn’t get a mainstream lender to lend them money. They were expending all their energy and time fighting battles that most of the time they couldn’t win. Even the one’s they did win didn’t compromise them for their time.

This couple were ready to give up.

I asked them what their ideal customer was. They described them. I then said – “now go find them”. If you don’t work out what customers you want and you take anybody, you have no control over the quality of your business and where you spend your time.

Two months later, I was back at this particular client’s Professional Development day and this couple were the top of the leaderboard for loans submitted and settled. They had completely turned around their business.

Body Language as a Sales Tool

Paul Eldridge — Fri, 07 Oct 2011 01:36:18 +0000

Using Body Language as a Sales Tool

Usually, people are aware that the way you dress can influence others.

But you can wear the most expensive business suit and still not convey confidence, approachability and, perhaps most importantly – sincerity.

People who want to improve their sales ability need to focus on one of the key elements in sales – people buy you, in other words, you need to sell yourself first before your product or service. One of the mechanisms you can use to help sell yourself is to be aware of your own body language – how you come across to other people.

Every human being consciously or unconsciously gives visual signals based on their body language, and these signals are subconsciously picked up by each person engaging in conversation.

Signals include posture, eye contact, gestures, facial expression and other factors. An effective salesperson needs to know how to master the subtle cues of body language as the signals you are sending can make you appear not to be in control or not confident – both of which are usually deal killers.

Tips for communicating with your client -

Swaying or rocking can be distracting for your prospect. So if you tend to sway or rock while speaking, spread your feet shoulder width apart with your toes pointed straight ahead – this will give you better stability.
Stand up straight. If you slouch it sends a signal to the other party that can be interpreted as a lack of confidence. It may even be interpreted as lacking professionalism and motivation.
Keep your hands open. If people cant see your hands it can be interpreted as dishonesty.
Maintain eye-contact. A good idea is to look at the centre between the other person’s eyes rather than staring straight into their eyes constantly as this can be disconcerting. Importantly, when first greeting someone and when finishing a conversation you should look people in the eyes confidently and for a few seconds. If you cannot do this, you appear to lack confidence, conviction in what you believe in and integrity.

Have someone observe you during a sales presentation and take note of your body language. You may have some habits which detract from your overall style that can be easily adjusted.

Practice makes perfect and old habits can die hard so be aware.

However, remember that what you are screams much more loudly than what you say.

Intellitrain offers sales and marketing courses as well as, Certificate IV in Mortgage Broking, Diploma Mortgage Broking, certified bookkeeper training courses and BAS Agent qualifications across Australia.

Four Tips for Getting Client Testimonials

Paul Eldridge — Tue, 04 Oct 2011 01:08:18 +0000

It is one thing to tell a potential customer or referral how great your product or service is, but quite another to get him or her to believe you.

Here are four tips for getting your customers to sell for you:

Record Skype Video Call – Testimonials.

Ask your best clients if you can interview them via a Skype video call about the positive experiences they’ve had with you/your business. When you start the interview, introduce yourself and the person you’re interviewing. Mention the particular product or service the client is using. Have the client talk about the reasons he or she chose to go with your company and how your product has fulfilled his or her needs.

Post these videos on your website or blog. It’s hard for people to argue with a real life short video from one of your customers.

This is great for believability of your testimonials – a common complaint amongst those who are sceptical.

Use a Story Reference List

Stories are very powerful from a memory perspective – put simply – humans remembers stories much more easily and readily and for a longer period of time. This is why stories have been used for centuries to pass on culture. Write short profiles of your customers’ including which of your products they use and what problems you helped solve. This gives potential new customers a chance to identify with people who are like them who have similar problems.

Use Specific Statistics

Lots of marketing people will use descriptions like “we can improve your business leads” or “over 100 happy customers” to try and leverage their previous success. Instead of being so broad, use specific statistics like “we have helped more than 300 first-home buyers in Hawthorn get the finance they needed to purchase their first home”.

Get Permission

Ask you client to sign a permission form that allows you to use their testimonial for marketing purposes. Ensure you keep these permissions on file.

Getting and Using Customer Testimonials

Paul Eldridge — Fri, 30 Sep 2011 01:56:32 +0000

It is one thing to tell a potential customer or referral how great your product or service is, but quite another to get him or her to believe you.

Here are eight tips for getting your customers to sell for you:

Record Taped Testimonials.

Ask your best clients if you can interview them on tape about the positive experiences they’ve had with your product or company. When you start the interview, introduce yourself and the person you’re interviewing. Mention the particular product or service the client is using. Have the client talk about the reasons he or she chose to go with your company and how your product has fulfilled his or her needs. You then will have a taped testimonial of your company’s excellence to present to prospects.

Ask for Reference Letters.

Ask for a reference letter from each client that you interview on tape to confirm the validity of the taped interviews. Highlight key points. Call your clients and ask if they are satisfied with your product. Take some notes, get a copy of their letterhead, type up their comments and bring it in for them to sign.

Use a Story Reference List.

Expand your list of reference names and numbers to include mini-stories that describe how your product or service has worked for your customers. Write short profiles of your customers’ businesses, including which of your products they use and what problems you helped solve. This gives prospects some insight into which of your customers are similar to them and makes your references stand out from your competitors’.

Ask for Mini Business-card Testimonials.

When you make a sale, ask your customers for a business card. Then ask them to jot down on the back of the card one or two main reasons they bought from you. Slip collected cards into a sheet of plastic sleeves, which you can buy at any office supply store. This is a convenient way to show prospects the variety of your present customers and their handwritten testimonials.

Use Specific Statistics

Lots of marketing people will use descriptions like “we can improve your business leads” or “over 100 happy customers” to try and leverage their previous success. Instead of being so broad, use specific statistics like “we will improve your new leads by 35% in less than 30 days” or “we have 106 clients who have used our services more than once”. These specific statements will help you stand out from the average marketing stategy.

Use Photographs

Whenever possible include photos of your clients in your brochures, newsletter and websites, and try to use images of both sexes.

Use Videos

Video are the MOST powerful way to provide customer testimonials, because of the perception of how real they are. You can also upload the video to YouTube which is one of the most visited websites on the planet, so there are millions of potential clients searching these videos every day.

Intellitrain provides training in sales and marketing, financial services, insurance and bookkeeping.

Learn to Overcome the Eight Main Sales Objections

Paul Eldridge — Sat, 10 Sep 2011 02:53:35 +0000

How Often Do You Get Objections When Selling?

I’ve often found that if I don’t get any objections I don’t get the sale. To me, an objection is someone saying “I would buy, or I’d think about buying if it weren’t for this (reason)”. If I can draw out the objection and overcome it/them, I usually get the sale.

It’s the introduction of an objection that can spark the specific flow of information which can help you further qualify a sales opportunity and better understand the needs and current environment of your prospects.

For this reason, you should work hard to embrace and understand the true objections you might be come across with future clients.

When people have an objection to making a purchase, it’s usually one or some combination of the following eight scenarios which the potential customer will use.

Review them… know them and prepare answers for them. Sometimes even bringing up an objection as part of the sales pitch can be a great way to get it out of the way quickly.

But, when you’ve hit a wall as we all do, fall back on your preparation and understand even the best sales people in the world don’t win every sale..

By understanding the true objection(s), you will be one step closer to where you want to be; whether that is getting to the next stage in the sales process with your current prospect or investing your time elsewhere.

the objections for study:

1. lack of perceived value in the product or service – contrary to what you may believe – price is usually not the issue it’s the value that the person has placed on your services or your product.

2. lack of perceived urgency in purchasing the offering – there is no reason to ‘act now’. People are generally very good at procrastinating. It’s why rug companies are always going out of business – buy now before we run out of stock!

3. perception of an inferiority to a competitive offering – you haven’t solved your clients concern over the value of your offering versus your competitor or one product over another.

5. lack of funds to purchase the offering – they simply don’t have the money yet and don’t want to tell you.

6. personal issue with the decision maker(s) – there is a conflict between you and one or both of the decision makers – i.e. the wife doesn’t like you but you haven’t picked up on it. You need to improve your ability to ‘read’ your customers ‘tells’ and you need to learn how to more effectively build rapport.

7. initiative with an external party – they have already signed on with another service and are having the meeting with you out of politeness.

8. “it’s safer to do nothing” perception – this is the procrastination thing again – people don’t like making decisions. Its your job to help them to arrive at the logical conclusion to your interview – ie. – if everything lines up, there should be no reason to progress the service with you.

Got a Referral? Here’s a Preferred Approach…

Paul Eldridge — Fri, 09 Sep 2011 01:19:48 +0000

You got one – the most coveted prize in sales besides a sale – a referral!

How do you approach this person? How do you maximize the selling power of this referral?

Here are eight rules to ensure your success:

Rule One – Go slow – Timing is everything.

Don’t appear to be too anxious to get the sale (money). Proper set up (giving some value first) will breed a long term relationship (more money) instead of just a single one-off sale. Despite your excitement, step back and make a plan.

Rule Two – Arrange a three way meeting.

Setting the stage for the first meeting/communication can be make it or break it. All three people (you, the referral, and the person who referred them) together sets a perfect stage.

Here are the preferred methods of a first meeting with a referral and customer in order of preference (and effectiveness):

**Arranging a meal together (breakfast and lunch are more business, dinner is more open-ended and casual).
**Arranging to meet at a networking event.
**Arranging to meet at a social event (theater, ball game).
**Getting a personal (in person) introduction.

If those methods are not possible or practical, try these:

**Getting a phone call to the referral from your customer telling of your impending call.
**Getting a letter of introduction.

Note: These methods provide the best chance for success. A third party to sing your praise in front of the referral provides HUGE leverage toward getting a sale. One third party endorsement is more powerful than one hundred presentations.

Rule Three – You don’t have to sell at the first meeting if your customer is with you.

In fact the less selling you do, the more credible you will appear. You only have to establish rapport, some confidence, and arrange a second, private meeting where you can get down to business.

Rule Four – Don’t send too much information in the mail.

The mail, like the phone is not where a sale is made. It’s just a sales tool. Send just enough to inform and create interest.

Rule Five – Write your customer a note of thanks.

Include a gift if the sale will be of some significance (a quality ad specialty – something with your logo printed on it, or two tickets to a ball game). Your thanks and gift will encourage the customer to get you another referral.

Rule Six – Over-Deliver!

Failure to follow up and deliver as promised makes you and your customer look bad to the prospect. Failure to deliver also eliminates any chance of another referral. This rule is the most important of them all, it is a breeding ground for your reputation.

What kind of delivery-reputation have you got?

Rule Seven – Make it a Meaningful and Personal.

One final “real-world” note. The least preferred or least productive way to use a referral, but the way it seems to happen most often, is a stone cold call (or letter) to a name, address and number given to you by a customer or friend. It is where the referral is lost. PLEASE: Be creative.

Get some information about the referral and his company before the first contact is made. Don’t fall into the trap of calling or writing and saying “I was given your name by…” That sounds horrible.

Say instead, “Hi (hey), my name is Jeffrey, my company is XYZ. You don’t know me from a sack of potatoes, but I’ve been doing business with (name of customer) for some time now, and he/she thought I might be able to help you in the same way I’ve helped him/her. I just wanted to introduce myself and get your address to send you some information I think you’ll find to be of interest.”

Now say something CREATIVE to establish personal rapport from the information you were given by your customer. Try to get the referral to laugh. Then say, “I’ll call you back in a few days, and maybe we can talk over lunch.” “Thanks for your time.”

Don’t be too windy. You’re not going to make the sale on the phone. Say just enough to create interest and arrange an in-person meeting.

The referral is the easiest prospect in the world to sell. Ask any “professional” who hates selling (accountants, architects, lawyers) – they’ll and tell you that 100% of their new business comes from referrals. That’s because they’re not capable of making sales calls and rely on the “fall-in-your-lap” method of selling.

Take a lesson from these professionals – the referral is the most powerful sales lead on the planet.

The real secret is how do you get them? Simple two-word answer; earn them.

Intellitrain provides training in sales and marketing, financial services, insurance and bookkeeping.

10 Tips for Networking at Functions

Paul Eldridge — Tue, 06 Sep 2011 00:46:22 +0000

As a self-professed networker, I’ve discovered 10 networking *musts* that when used correctly, will help you build your business, make new friends, and maybe even help you find a tennis partner!

#1-Have a Plan.

Before you attend that alumni function, board meeting, or association lunch, decide what you want to accomplish before arriving. Are you there to contact a long lost client, build your database, or meet two new people and get to know them? The key is, have your goal in place, before you arrive.

#2-Dress Appropriately.

Is your objective to blend in with the wallpaper or make a statement? It’s up to you and it’s all part of the plan. Here are just a few hints: Black is a power color, almost always intimidating. Navy is softer and friendlier. Add a red scarf or tie and you will look more approachable. If you want to say “meet me”, wear teal. (Oh, yes, and don’t forget to smile.)

#3-Read the Room.

We’ve all gone through personality style identification. When you arrive at the get-together, find a type who is just like you. Talk with him/her and you’ll find any bit of hesitation or nervousness will quickly disappear and you can really enjoy yourself. Then mingle with confidence!

#4-Introduce Yourself in a Professional Manner.

Smile. Have a warm, firm handshake (but not too hard), make good eye contact, and say your name clearly. Remember to repeat their name to imbed it into your mind.

#5-Engage in Conversation.

How has the question, “So, what do you do?” worked for you in the past? It is a little boring and short, so try and be a little more creative. What do you have in common with the person you just met? Look for anything that will give away something about their past or their interest. Look out for class rings or coat pins which might offer something to comment on. If nothing else, start a conversation by asking them to tell you more about their company and the role they play in the company and go from there!

#6-Listen 60% and Talk 40%.

Most of us talk too much. We think we’re more interesting than the next person, or we attempt to fill an uncomfortable void in the conversation. If this is you, see #5.

#7-Exchange Business Cards.

Everyone knows this. But do they know how? The business card should always face out, towards the recipient, as a sign of respect for them and for your company. Keep your cards in your left pocket and the ones you receive in your right. That way, you’ll never end up handing a new contact someone else’s card.

#8-Hand Written Notes.

I somehow remember learning this skill in the second grade. Because we all have word processors, be different. Write a sincere note in longhand. Include just a small bit of personal information about the person you met. And don’t worry about your handwriting, even if it is illegible, it’s the thought that counts.

#9-Use a CRM Database System.

Who wants to keep 3,245 cards in their rolodex? Use a system that makes sense, your computer. That way, you’ll find who you need, when you need them.

#10-Follow Up and Keep In Touch.

Now we can get back to the communication methods. Everyone is busy and we all have at least eight methods to stay in touch. So, e-mail, phone, fax, or go through snail-mail to stay in touch with the people you meet. Make sure to send an immediate follow-up email within 24 hours of receiving any business cards.

You’ll be amazed at how much business will come your way!