Archive for March 2011
Risk is a funny thing, and no I don’t mean the board game you remember as a kid! I mean who assumes the risk in the business transaction that takes place between you and your clients. Are you letting your client take all the risk? Or worse, do you take all the risk and you simply haven’t educated your client to the fact that you DO accept all the risk? These are easily fixed with the proper placement of service/product guarantees and/or business mottos which gives you what I call “Risk reversal”. Having a more personal touch always goes a long way to reassure people (photo and signature on website, voice recorded welcome message, guarantee stamps and policies clearly labeled, etc. ). A generic guarantee isn’t enough in going the extra mile for the client, most times you need to be really specific on the product/service. And it doesn’t hurt to go ahead and reiterate verbally (if you have a sales force) the guarantees and what they mean.
Now risk reversal is where you completely take away any objection someone might have about a refund or return if they aren’t happy. Yes, you will find those few that want their money back, but the rate is extremely low. People mainly want the knowledge that they are covered, should something go wrong. No one wants something to go wrong mind you, but they do want their protection. If you can clearly state that on multiple levels, you may well be on your way to fully understanding your clients and their needs!
In the insurance industry we have a saying that goes “Follow up, ‘til they buy or they die” That may sound a bit morbid, and I assure you it was only phrased that way to be remembered (rhyming). However, that statement rings true on one of the most important true marketing principles of all time. A follow up with potential clients, current clients, past clients, canceled clients, referrals, etc. will always reward you with additional clients and sales.
Multiple follow up systems should be in place before any business launches onto the market. If not, your business will be like trying to build a funnel while pouring gasoline down the funnel you are building, MESSY. It would be easier to have a system in place that you can modify as you go to suit your business needs rather than have nothing in place and no time to implement. No need to worry if you already have a business up and running without the proper systems in place, but know that you need to get them in place as soon as possible, otherwise you will still be leaving money on the table every day!
For more information on building the proper follow up systems, give me a call for a free 30 minute consultation (727) 231.4335 Ask for William, and tell him you read this post!