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New Views From The Coach

 

June, 2013

Greetings!    


Ready for a vacation? Schools are winding down, the weather is warming up, and outside events are on the increase. There's an innate conflict between working and relaxing, so how can you find a balance that works?

 

You've probably noticed the new look. That's a balance thing too. I'm starting to use the corporate identity instead of the franchise identity. More about that in the Transitions section. 

 

Driving ROI

 

Roi is a French word meaning king. In business it's an acronym for Return On Investment. You should think of them as related. Just as a good monarch rules based on the needs of his subjects, your ROI should be based on the long term needs of your business.

 

Most businesses want loyal customers, people who will buy over and over again and also recommend the business to others they know. Your initial investment in winning that customer will be paid back over the life of that customer's transactions. When my clients ask about doing one of those deeply discounted online coupon deals, the first question I ask them is how they plan to get those customers to buy again in the future. You've just told them that you are willing to discount your product or service by 50%, so how are you going to get them to pay full price in the future? You will need a strategy better than crossed fingers to get them to return.

 

Relationship and value are the keys to keeping customers. The same is true of employees. Think about the jobs you've held in the past and why you left them. Was it just for better pay or was something else driving the decision? Very often employees leave when they don't feel their efforts are valued by their employer, when they have responsibility without authority, or when the employer "doesn't care". If you can see these issues as problems, you are one step closer to solving them. Communication is key to keeping customers and growing employees. Invest time in better communication.

 

ROI is not really about the money you spend, it's about the time you invest and the strategies you create. There's a very simple question you can ask yourself every time you wonder whether it's worth it: "Is what I'm doing right now leading to a greater sustainable profit in the future?" If it isn't, then do something that will.

Focus on Sales

ABC - "Always Be Closing" is not a bad mantra, but it needs to be tempered by your long terms goals. Telemarketers make money when they make a sale, it's not about the relationship, it's about the sale. Do you want to be seen as a telemarketer or a trusted advisor? It doesn't require a huge investment of time and energy to be different. Make that investment and notice the return.

Networking Tips

By definition, networking takes time. Establishing goals will help you to determine which networking events work for you and which don't. Tracking results will demonstrate the return on your investment. If the networking events you are attending aren't providing the return you expect, find some that do. It's your time, invest it wisely.


If you have ideas for future issues or questions on this one, let me know. Who do you know who would enjoy reading these articles? Use the "Forward to a friend" link below.

 

To your returns,


Dave Ferguson
The Growth Coach
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In This Issue
This Month's Inspiration
Focus on Sales
Networking Tips
Quick Links

Transitions

I've had to make some decisions of my own about my time. I was offered a full time position at Aon Hewitt and decided to accept the offer. This doesn't mean I'm giving up coaching, it just means my appointment schedule will be changing.

 

I have gradually changed my focus and target market to startups. These are the people I feel I can help the most because I can provide them with a great return on their investment.  

 

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The little book of big ideas