Business Entrepreneur7
Entrepreneurial Business
Be A Solutionist
by "Coach Bud"
For some strange reason, Webster's Dictionary doesn't contain, nor define, the term Solutionist. However, in Coach Bud's MarketingU glossary of terms it is at the top of the list. In basic terms a Solutionist is one who provides solutions. Like a lot of concepts it's a simple one to understand but often tough to implement. It often requires a complete change of mindset by everyone in the company…beginning at the top.
With a negative economic impact of the past year's events, we all have to re-think ways to fulfill our purpose and keep our "entrepreneurial spirit" alive and well. Because of the slowed economy and the "filter down" effect on small and medium sized businesses, we have to closely examine the strategy we implement. A strategy that worked six months ago may be obsolete today. Here is a strategy that, if you truly embrace it, will better prepare you for the "bad" and "good times".
When you become a Solutionist you add tremendous value to the relationship you have with your client. Buyers of products and services are looking for a solution for a need, want or desire. They want someone to understand their situation and bring them a solution. Another characteristic of these "purchasers" is, particularly business-to- business, they are extremely busy people (aren't we all). Typically, they don't have a lot of time to "shop around" for solutions. This can be in your favor if you are a Solutionist.
The crowded, competitive marketplace requires that we discover a way to differentiate our company; our products/services and ourselves. Otherwise, we find ourselves in a "commodity" market where the lowest price becomes the client's highest priority. Being the "low-priced leader" is not the reputation most of are looking to create. Let's leave that to the Wal-Mart's of the world. Becoming a Solutionist takes you out of the "commodities" market.
To further convince you to consider becoming a Solutionist (are we there yet?), maybe the results of research conducted a few years ago will help. A survey of 10,000 buyers across the country (ours) gave a clear picture of what people want when they do business with you. In a nutshell, the results indicated buyers expect five things from you: reliability (they can depend on you), assurance (you demonstrate trust and confidence), tangibles (neatness counts), empathy (understanding) and responsiveness (be quick about it). Notice something missing? You're right…price. Now, let's put price in perspective. Just because you meet the five expectations, doesn't mean you can charge a lot more than your competitors. However, it does mean that price is far less important…when you meet or exceed their expectations. Interestingly, when you put the first letter of each expectation together it spells rater.
Take a moment to rate your company in these five areas. How well do you meet your client's expectations?
Okay, okay, enough you say, "I am convinced that being a Solutionist (24/7/365) will greatly enhance my success and position my company to ride out the tough times as well as the good times". Great. You are now ready to adopt the "Pledge of the Solutionists".
Pledge of the Solutionists
I am 110% focused on the needs of my customers/prospects.
I will demonstrate by my actions that my customer is my top priority
I realize that when I help others succeed, I succeed
I will ask my customer, "How are we doing for you?"
I will ask my customer, "What can we do to better serve your needs?"
Congratulations, now that you have adopted the "pledge" it's time to establish it as the fundamental foundation of your company's culture. For this to work, every person in your company must embrace the "pledge". More importantly, every person must demonstrate they can live by the "pledge"
Master Solutionist
Are you ready for this? If you want to be a Master Solutionist you build a vast network of qualified resources and become a resource center for your clients. For example, if your expertise is in software development and your client expresses the need for additional hardware you can recommend a resource to fulfill that need. Remember, when you recommend a resource, your relationship with your client is on the line. Your recommendation better be someone you have complete trust and confidence in to fulfill the client's needs. When you earn the trust of your client enough to ask you for resources outside your immediate expertise…it doesn't get much better than that.
In the example cited above, you may want to extend that resource into an alliance. An alliance in this context means formalizing an agreement with a preferred hardware provider. The written agreement can simply be an agreement to "open the door" to each other's clients who have a need for the other's expertise. This arrangement should not be simply, "You give me some leads and I'll give you some". This doesn't work. Very quickly who gives and who gets is out of balance. Relationships are strained. When you have a financial arrangement with a specified percentage (typically 10-20%) of billing going to the person who opens the door to the client, the issue of who gives the most leads is not a factor.
When you become a Solutionist you differentiate from the seemingly infinite number of competitors. You build a strong, lasting relationship with your clients. And…you have fun doing it.
May you achieve the success you EARN.
"Coach Bud" shares 40+ years experience to help his clients Create, Develop and Grow a Successful Entrepreneurial Business. Please visit www.cogginsmarketing.com.
Business entrepreneur2Entrepreneurial Business FasTrack Success Checkup: Most of us in business today are on a fast track, running hard everyday to keep up with the highly competitive marketplace. Our tendency is to spend most of our time meeting day-to-day challenges rather than focusing on the "Big Picture". The irony is that our ultimate success is determined by how often we pause, reflect, adjust and solidify our strategic positioning for competing on this "fast track". "FasTrack Success Checkup" is designed to help you focus on the key factors that significantly impact your success. Use this checkup to evaluate where your business is now; where you want to go; and identify the strategies necessary to speed up your "journey of success". The "Ten Fundamental Questions Every Successful Business Must Answer" is a result of 40 years experience in consulting, coaching and working with businesses of every size, type and industry. Whether you are a one-person operation or a large corporation, your objective answers to these questions will help insure your success. As you read through these questions, objectively and honestly rate your company on each question using a scale of 1-10 (10 being the best). Any rating below an 8 needs serious attention. 1.What is the fundamental purpose of our business? The foundation of a successful business is established by how clearly the owners and employees understand the purpose of the business. Purpose is the "why" we exist, not what we are, what we do and how we do it. Ex. The fundamental purpose of my company is, To help our clients attain the two goals of marketing: retain and obtain customers. A written purpose statement provides a compass to guide your business. Do you have a clear understanding of your company's purpose? 2.What is the culture of our company? When you define, in writing, the values and principles that guide the company's operations, it is easier to build a productive team of employees and a solid base of customers that share your values and insure your success. What are your company's core values? 3.Is our strategic position aligned with the market(s) we serve? With today's rapidly changing marketplace, driven primarily by technology, it is essential that we constantly review our strategy to be sure we have a pulse on the market(s) we serve and are meeting their changing needs. When is the last time you asked your customers how you could better serve them? 4.Does our internal structure support our purpose, culture and strategy? Over the years of consulting, I discovered many times that a company who wants me to help them "tell the world" about their product or service is not fully prepared to handle an increase in sales volume. This is usually determined by two factors. 1) No written job descriptions outlining specific responsibilities and expectations for the various positions that make up the internal operations. 2) Policies and procedures that are not simple nor "customer friendly". Is your internal structure "customer friendly"? Always remember that your customers have an alternative to spending their money with your company. 5. Do we deliver superior customer service? The general tendency of today's customers and prospects is to view your product or service as a "commodity". They don't see any significant difference between your product/service and your competitor's. Therefore, the lowest price can become the difference between getting an order or not. We all know that we cannot build a solid, long-term, profitable business by only offering the lowest price. The good news is that customers really want to do business with a company that is reliable, earns their trust and confidence (honest and competent), provides solutions and demonstrates they value and appreciate their business. This is called customer service and it begins with the owner or top level of management. The window of opportunity is wide open for you to differentiate your company by delivering superior customer service. What is the status of your customer service…from your customer's perspective? 6.What is the profile of our best customer? Since time began the standard rule of thumb has been the 80-20 rule. Eighty-percent of your business comes from twenty-percent of your customers. This is not a healthy situation and you can change it. If you think about whom you consider your best customers, the chances are that common characteristics exist in all of them. List those characteristics and expend your resources of people, time and money in retaining those customers and obtaining more like them. What characteristics do your best customers have in common? 7.How do we communicate effectively with our customers and prospects? If you pick one skill that, throughout history, has had the greatest impact on personal and professional success, it is effective communication...written and verbal. When you have successfully answered the preceding six questions this question becomes much easier to answer. Clearly knowing your purpose, culture, strategy, best customer profile, structure and making the needs of your customer your top priority sets the foundation for effective communication. How effective is your communication? Note: Next month's column will address the elements of effective communication. 8.Are we maximizing the use of available technology for business solutions? It is easy to get caught up in the glitz and glamour of new and innovative technology. The real focus needs to be on using technology to solve problems and provide business solutions. It is essential to have someone in your company or a resource who is technological proficient and can advise you on your true needs. 9.Do we frequently ask "What if…" questions? What if questions help you better prepare to meet challenges and maximize opportunities before they occur. Ex. "What if our primary freight carrier has a prolonged strike?" or "What if our major competitor goes out of business?" Are you prepared for the "What ifs you could experience? 10.Are we retaining and obtaining customers? The ultimate measure of success is determined by how well you can retain the customers you have and obtain new ones. This is a quantifiable measurement. The key is to develop a method of tracking customers on a monthly basis. If you are unaware of their status they could go away before you know it. When you focus on retaining customers by taking care of their needs, they will help you obtain new ones. It takes five times the effort to obtain a new customer as it does to keep the ones you have. Are you taking care of your customers or taking them for granted?
Communication coach budCoach Bud's Profile W.H. "Coach Bud" Coggins
At the age of 48, with a twenty-year career in the broadcasting industry, two children in college and one in high school, Bud Coggins pursued his "passion" for the "entrepreneurial spirit". In 1984 he founded Coggins Sales and Marketing, Inc., a coaching and mentoring service, created to help entrepreneurial businesses achieve the two goals of marketing: 1) RETAIN Customers and 2) OBTAIN Customers. Bud shares his 40+ years experience focused on marketing, sales and entrepreneurial business through coaching, mentoring, workshops, speaking, writing, "live" and Internet radio programs. He helps his clients develop a game plan that incorporates proven strategies and innovative ideas providing a targeted, focused, efficient and effective plan for success. Bud's core values provide the daily guidelines for operating his business. The foundation of his business is his belief that "when your true purpose is to help others succeed, you succeed". In 1997, "Coach Bud's" MarketingU was introduced to emphasize his coaching and mentoring services to individuals or teams within a company. As a solo entrepreneur, Bud knows the unique need for entrepreneurs to "flock" together so, in April 2001, he launched an entrepreneur's only alliance, "Where Eagles Flock" The stated purpose of WEF is to enhance the success of entrepreneurs. Concurrently, he began writing a monthly column, "Where Eagles Flock" in Business Leader magazine with the same purpose. "Coach Bud's" MarketingU, a collection of audio programs with interviews of topical interest to entrepreneurs, can be heard on www.success-talk.com. In workshops, Coach Bud identifies the personal characteristics, skills needed and strategies necessary to create and maintain a successful entrepreneurial business. Bud strongly believes that every businessperson has an obligation to devote time and talents to community organizations that contribute to a better quality of life for its' citizens. To support his belief, he has a long history of working with the Raleigh Chamber of Commerce and a variety of charitable organizations. Currently he serves on the Wake Tech Community College Foundation Board. Bud is president of the Raleigh Little Theatre for the 2002-03 fiscal year. He is a member of the National Speakers Association and NSA/Carolinas chapter. "Coach Bud's" wish for you, "May you achieve the level of success you EARN". |
Business Entrepreneur5Developing An Effective Game Plan Fall means football to a lot of people. Whether it's Pee Wee, high school, college or NFL, football dominates the sports media. Many game plans are developed, some successful, some not. However, most coaches develop their game plan and stick to it. In developing their game plan coaches consider the strengths and weaknesses of their "team" and those of their opponents. One of my "heros", arguably the greatest football coach ever, is Vince Lombardi who coached the Green Bay Packers of the NFL. His success was founded in assembling outstanding talent who were "team players" and a fundamental game plan that required successful implementation. Basically, his philosophy was to have dedicated and talented personnel, a well-conceived game plan and an inspired winning attitude. Under Lombardi the Packers won 5 NFL Championships and Super Bowl I & II. Okay, you see where I'm going with this. Does your business have a team of dedicated and talented members with a positive, winning attitude and a focused game plan? The greatest talent in the world cannot be successful without a focused game plan and successful implementation. Even Michael Jordan had to have teammates to throw him the ball. Most entrepreneurs run hard and fast everyday just to keep up with the fast-paced and ever- changing competitive marketplace. In this month's column, we are going to explore the value in pausing and reflecting on the current status of your business, making necessary adjustments and developing an effective, written game plan that will substantially enhance your success. When I work with a client to develop their game plan, we use the FasTrack Success Check Up: "Ten Fundamental Questions Every Successful Business Must Answer" (Business Leader, June 2001 or visit www.whereeaglesflock.com (articles) for a copy) as our guideline. When you "objectively"answer these questions for your business you will cover every facet of your business including your purpose, values, internal structure, best customer profile, customer service, marketing, sales, technology needs and measuring your success. As an entrepreneur, attention to detail is not usually one of your strongest traits. However, to achieve a desired success level, you have to step out of your natural habitat, plan your future and implement the plan. Here are the elements that result in an effective plan: Survey current customers - ask your customers, "What can we do to better serve your needs?" (what a concept, huh?) . These responses will probably amaze you more. When you deliver superior customer service by focusing on their needs you differentiate from the masses and have a greater opportunity to attain one of the goals of marketing…retaining customers. Use available resources - in today's information overload, you should never go wanting for resources to help you be more successful. Your peers, trade association, chamber of commerce, trade journals and the vast resources on the Internet are all available to you. The key is to glean the information appropriate to your specific needs. Yes, I know this is time consuming and you don't have a lot of time. It seems we do find time to do the things important to us. Is the success of your business important to you? Case closed. Write a draft game plan - armed with all this information you are now ready to write the first "draft" of your game plan. Most people tend to over plan, but don't worry about that at this point. Address all of your identified challenges and opportunities with specific goals that are realistic. Support your goals with actions you are going to take to attain each goal. For example, "We will increase our revenues next year" is not a goal. "We will increase our revenues by 12% by the end of our calendar (or fiscal) year is a specific goal. A support of that goal could be, "We will hire an experienced New Business Development person to obtain 25 new customers. Cull the draft plan - once you have set you possible goals with actions to attain them, you go through and prioritize the most important ones that subjectively can be attained within the specified timeframe of you game plan. Determine the appropriate timeframe - based on the nature of your business, determine if your plan should be for six months, one-year or longer. Implement - once you are convinced that your game plan is strategically correct, begin implementation. Assign the appropriate person (sales goals to sales manager, etc.) the responsibility for attaining that goal. Periodic review - build a periodic review (monthly, quarterly) of your progress into your plan. Have the person responsible for attaining a goal within the review period report on the results. In summary, develop a well thought out game plan with specific goals; implement the plan; conduct a periodic review of progress and you will take giant steps on your "journey of success". May you achieve the success you earn. "Coach Bud" shares 40+ years experience to help his clients Create, Develop and Grow a Successful Entrepreneurial Business. Please visit www.cogginsmarketing.com. Business articles publications Thursday, 16 September 2010 05:52 |  Author: amjath |   
In this section of our website you will find articles on marketing, sales, customer service and entrepreneurial business. Other business related resources to help you build your business will also be found here. New resources are added frequently, so add www.cogginsmarketing.com to your favorites list and visit with us often. Articles are categorized by topics: Customer Service Sales
Customer Service Where It All Begins by Coach Bud Someone once said, "The customer is not always right but, they are your boss". Understanding this reality of customer service and establishing it as a fundamental principle of operating your business will insure a success that many businesses never achieve. Simple concept, right? If it's so simple why don't more businesses deliver superior customer service? Why don't we as customers have the choice of doing business with the company who delivers the better superior service rather than a choice of who's the least mediocre. Delivering Superior Customer Service is the focus of this TBJ series of four articles and the March edition of our television show, Building Your Business, on Raleigh CTV-10. Since this is a business journal, our focus will be on business to business customer service, not the service we all experience in the retail marketplace. That's a whole different ballgame. We will examine how, in our highly competitive business environment where purchasers tend to view your product or service as a "commodity", your product or service can be differentiated from competitors. When your product or service is viewed as only a commodity, the customer often uses price as a major factor in their purchasing decision. However, in a study of 10,000 people (Source: The Customer Driven Company) across the country who were asked what they expected from the companies with whom they did business, price was not a factor... when their most important criteria were met. This research study indicated those customers placed most value on: reliability that you can deliver what you promise; assurance that your employees convey trust and confidence; physical appearance of your facility and employees (neatness does count); empathy, that you care and understand their needs; responsiveness, the willingness to help them and be prompt about it. WOW! And you thought they just wanted the lowest price. Now, let's not kid ourselves into thinking that price is never an issue. The point is the emphasis on price decreases significantly when we demonstrate, by our actions, that we meet their criteria listed above. Delivering Superior Customer Service is exceeding their expectations. As in any lasting relationship, you must earn the trust of your customers with integrity and instill confidence in them that you possess the competency to deliver successful solutions. Let's explore further what it takes to deliver superior customer service. It All Begins Internally Behavioral scientists tell us that behavior rewarded will continue to repeat itself. Bottom line...the manner in which employees treat customers is in direct proportion to the way they are treated."OK, you say, in a perfect world this may work, but this sounds like a fairy tale." Speaking of fairy tales, ever wonder why Disney World has over 60,000 applications each year to work in their theme park? Why is Southwest Airlines the most profitable airlines flying today? Fairy tale? We don't think so. It results from an established culture of superior customer service. But, before you panic, realize that you don't have to be big like Disney World or Southwest Airlines to deliver superior customer service. As a matter of fact, it's easier to establish a culture of superior customer service in a smaller company. What Walt Disney and Herb Kelleher, CEO of Southwest both understood is that how we "feel" about our experience with a company determines our repeat business. We buy with emotion...not logic. Someone once said, "It's not what you say to a person, it's how you make him or her feel that's important." Ask yourself why you drive the car you drive, wear the clothes you wear, live in the neighborhood you live in? Are these choices made with pure logic? Probably not. The point here is not to judge the right or wrongness of your purchase decisions, but rather to support our claim that we make decisions more often based on how we "feel" about the product, service, salesperson or company. So, to deliver superior customer service, you must positively affect the way customers feel about your employees, company, product or service. That feeling is initially established and nurtured by management's attitude toward employees. How do you do it? "Okay", you say, "you have convinced me that if my company delivers superior customer service we can achieve a higher level of success and have a lot more fun (now there's a concept) doing it." 1.Start at the top. Top management must genuinely believe that exceeding the customer's expectations is the company's number one priority (remember who your best customer is). 2.The actions and words of top management determines the level of trust and confidence employees have in them. That trust and confidence will be conveyed directly to the external customers. (be sure those words are positive and consistent) 3. Through constant evaluation and customer feedback, management continues to reinforce and train employees on the priceless value of customers. Before you know it, delivering superior customer service is the culture of your company and your journey of success will begin taking giant steps. Now that you know the steps, you can begin to establish or refine your company culture necessary to deliver superior customer service. Next week, we will explore how you retain and obtain loyal external customers and transform them into Raving Fans. "Coach Bud" shares 40+ years experience to help his clients Create, Develop and Grow a Successful Entrepreneurial Business. Please visit www.cogginsmarketing.com. Last Updated ( Thursday, 16 September 2010 05:57 ) |