The Art of Database Management Part II: Gathering Information

Most of us are sales people when you get right down to it. Our job is to sell our services - and ourselves - as we strive to add more clients to our existing book of business. The unfortunate fact is that most of us are in such a hurry to sell our services that, in the process, we forget to do the most important thing relative to sales. Remember the quote from Bill Gates? The most important thing we can do is gather as much information as possible and understand what our customers need. From there, we can construct a presentation that has a high probability of giving them exactly what they want and hitting the bull's eye. We've all heard of The Golden Rule, "Do unto others as you would have them do unto you." I prefer to consider The Platinum Rule™* which states, "Do unto others the way they would want you to do unto them." The only way to accomplish this is by asking intelligent questions up front when speaking to clients and making a better effort to understand them. Here are some examples of questions you should be asking clients at your first meeting: What are your hobbies? Do you have a clearly defined investment strategy? Would you consider your investment strategy to be conservative, moderate, or aggressive? How old do you want to be when you are financially independent and completely debt free? Do you currently have a college fund set up for your children? What is most important to you about the relationship you are seeking with someone in my profession? What is your preferred form of communication during this process? If you had honest answers to all of the questions listed above, on every one of your clients, wouldn't you stand a better chance of being able to provide them with what they need, thereby ensuring they will be clients for life? Wouldn't they also refer more of their family, friends, and co-workers to you? Stay tuned for The Art of Database Management Part III: Reporting and Managing Information * The Platinum Rule™ is a registered trademark of Dr. Tony Alessandra.

The Future of Your Business Hinges On It

The following comes from a marketing coach I admire, Tim Braheem.

I’m often asked the question, “If there were just one thing that I should be doing for my business, what would you suggest?”  The answer is simple, dial in your customer service platform to outrageous levels.
Let me make it simple and direct, it’s a zero sum game we are talking about.  Every person that you ever do business with is either a referrer and repeat customer, or they are not.
You have one chance to blow them away and it’s when you work with them that first time.  If you do, they will result in numerous additional transactions in the future and if you don’t, you will have just cut off a huge stream of income.
Think about a time when you have been blown away by really great service.  Maybe it was a waiter who made you feel special and tended to your special request, or a hotel who made sure that everything was just right for your stay.  Did you go back?  Did you refer them to anyone by sharing your experience with your friends and family?
Now, lets look at the inverse.  Think of a time when you were greatly disappointed in the service you were getting.  What did you do next?  Did you refer them to someone you knew?  Maybe an enemy, but certainly no one you cared about I bet.  I wouldn’t be surprised if you actually went out of your way to dissuade those that you knew from ever working with that company again, by telling your horror story, creating the opposite effect.
By now, you may be asking “What about those in the middle, the service platforms that just get by, just do an adequate job, failing to turn heads but not doing anything to offend me?”  I’ll respond with a question of my own, “If you’re not memorable, then how do you expect to be remembered? “
Here are some suggestions on how to be memorable and to make sure that everyone you do business with, is a fan and not a foe:

1.   Intentionally under-promise and then over deliver:  One of the biggest mistakes I see made is a false promise for “World Class Service” followed by something that resembles second class.  It takes confidence and integrity to undersell yourself to set up the WOW experience, but when you do, it's like going to the movies and being blown away by a small budget independent film that no one knew about.  What’s the first thing you do?  You go tell everyone.

2.   Focus on the Little Things:  It’s the little things that no one expects that make all the difference and often don’t cost you any money.  Put together a professional looking beverage menu in your office and stock your company refrigerator with more than just water and soda.  When your client comes in, have your front desk person surprise them with a touch of class.  I will never forget the night that I ordered a movie at a hotel and was asked by the front desk if they could deliver some fresh popped popcorn to my room!  I’ve been back there four times since and am still talking about it twelve years later.  It’s the San Ysidro Ranch by the way!

3.   Deliver Bad News Early – One sure way to lose a client for life is to treat them like they are stupid.  Too often I see service people run for the hills when its time to share bad news with their client.  They miss on the opportunity to show integrity and to make a bad situation good.  Honesty is the best policy here.  Simply share with them the truth of what happened and if that means taking responsibly, that shows integrity, we’re all human anyway.  The key is to deliver the news as soon as you get it and to provide solutions going forward.  I have never had a client angry with me when I take this approach.  What I do find is that they will want to vent and if they do, let them.  In fact, there is nothing more important that allowing them to blow off steam.  Guess what, if they don’t blow it off with you, they will to someone else who is a potential customer of yours!  The inverse is hiding it from them as long as you can and them knowing that something is wrong and having to confront you with it.  Nothing is more frustrating to a customer and a sure way to get them to never come back.

4.  Thank Them – This may sound obvious, but it’s surprising how many people don’t call their client after they have completed a transaction with them, thanking them for their confidence and trust in you.  Try this one on for size.  Many of us call them every day when they are a potential customer.  Then we taper back to once a week or so when they are a current client.  Finally, this transaction has concluded and we stop calling them at all!  What message are we sending to them?  Do we really want them to think that they were really only about this one paycheck?  The best thing that you can do after the transaction is complete is pick up the phone and thank them and ask them if they have any constructive feedback as to how you can do a better job.  Let them know that you value them and that you would love to work with them again and if they have anyone who they know that might be in need of your assistance that you would be honored to have the opportunity to work with anyone who they might refer. 

To your success,

Tim Braheem

The Art of Database Management Part I: Working Smarter

The relationship you develop with your customers, combined with the personal information you are constantly collecting, can be a goldmine for future business. The fact is most business professionals spend a significant amount of money marketing to people they don't know in an effort to procure new business.

Wouldn't it make more sense to go deeper with your existing clients – to really understand their needs – and spend your marketing dollars on people you already have a relationship with?

In Bill Gates' book, Business at the Speed of Thought,* he states:

"How you gather, manage and use information to serve the needs of your customer will determine whether you win or lose in your business."

This is a terrific definition of database management. Database management is about gathering information about your customers so you have an understanding of their relevant needs. From there, you can proactively structure a plan to give them exactly what they want.

Have you ever provided excellent service to clients only to have them turn around and use the services of one of your competitors without even giving you the opportunity to make a bid for their business? When this happens, it happens for a reason. The fact is, your client had a need and you weren't there to fulfill it for them, probably because you didn't even know they had a need.

We now have the ability to run reports and analyze the information you have about your customers. You can then use that information to put yourself a step ahead of the competition. By proactively serving your clients' needs and interests, you will no doubt become more successful

Happy 4th of July!

I hope you and your family have a very safe and happy Fourth of July!  Someone said: "Liberty is the right to choose, freedom is the result of choice."  I hope you have a chance to choose to reflect on all the freedoms we are blessed with in this country.  I hope this will motivate you to say thank you to the heroes that have risked everything to secure said freedom!  HAPPY FOURTH OF JULY!

If there is ever anything I might do for you please do not hesitate to give me a call!

Lead Follow-Up Campaigns- Never Give Up On a Lead!

You might wonder, "When is a lead no longer a lead?" A lead is always a lead until the person tells you to stop calling. The key to success in sales is professional persistence. Take time to earn the loyalty of prospects by showing them that you add more value to the equation than anybody else in your field. One critical element to remember about a successful lead follow-up campaign is that it should be easy to implement.

Build a series of letters (i.e., templates) and load them onto your computer. With a few clicks of your mouse, you will generate an outbound correspondence that encompasses your prospective client list and helps them realize that you are sincerely interested in working with them. You must leave an indelible imprint in their mind, which will give you a competitive edge if they have not yet decided with whom they will work. You must rouse prospective clients to wonder:

"What will I miss out on if I don't work with this person?"

Once you motivate the prospect to ask that crucial question, your battle has been won. How can you prompt prospects to ponder this question? It's simple: Teach them! People instinctively want to learn, especially when it comes to "big ticket" transactions like purchasing real property and financing homes. The more you teach them, the more they will want to work with you, so it is important to establish yourself as a consultant.

Many subtle changes occur regularly during real estate transactions that can make buyers feel vulnerable and anxious. They're filled with all types of questions and they look to you as the expert. How do you read an appraisal? What are key components of a home inspection report? What are the various non-recurring fees associated with buying a home? What is tax deductible during the loan process? What are some characteristics to look for when selecting a skilled real estate agent? The list never ends. Draft documents that address consumers' concerns before they even ask.

By maintaining contact with your prospects on a weekly basis using a drip campaign that contains valuable educational material, you will have made yourself invaluable to them. You'll be amazed by how much your conversion ratio from prospect-to-client will skyrocket!

Achieving Goals with Social Media

Here are four social media sites and apps that can help you set your goals...and stay on track!

Tweet Reminders.
Twitter is great for connecting with people and sharing news instantaneously. But did you know it's also a great way to remind yourself about tasks? Need a reminder to go to the gym...or to call those past clients? No problem. Visit the Tweet Reminders site, and then enter your Twitter username and up to 5 tasks or reminders. You can even pick a date and time. Then, Tweet Reminders will send you a direct message on Twitter to remind you about them. It's both an easy and helpful thing to do.

Moteevate.
Regardless of whether your goal is big or small, this site has the inspiration, energy, and advice you need to reach it. With moteevate, you get support from people you already know as well as advice from experts in the field–all while being surrounded by people looking to achieve similar goals. You can even moteevate in teams and act as moteevators for each other. The site also includes cool trackers to record your progress and milestones. Plus, you can customize the privacy settings to keep your goals to yourself or share them with others. And best of all, the basic platform is free to use with the caveat that you pay whatever you want after you achieve your goal. In fact, this honor system is the only thing old-fashioned about moteevate.

Toodledo.
This is a businessperson's dream app. You've no doubt seen a To-Do list before...but this app kicks it up a notch! Not only does it help you easily organize your tasks and set alarms, but it also allows you to collaborate with other people and establish sub-tasks to work towards your goal in small steps! Plus, Toodledo can be used on your mobile phone, in your email, on your calendar, and even integrated directly into your web browser. So you can stay on track from anywhere...and at any time.

StickK.
The basic principle of this app is that "incentives get people to do things." So if you really want to achieve a goal–whether it's personal or professional–it's time to put your money where your mouth is. Basically, stickK allows you to create a Commitment Contract focused on achieving a specific goal. As part of the process, you set your goal and timelines, stakes, referee who will monitor your progress, and supporters who will cheer you on. If you achieve your goal in your timeframe, you don't lose the stakes you wagered. But–the best part is–even if you don't achieve your goal, the money you wagered goes to a worthy cause or charity that you designate. So it truly is a win-win situation!

Tips for Handling Disgruntled Clients

The only constant in the financial markets is change, a concept that can sometimes scare, confuse, and even anger some of our clients and associates. And, while we may have no control over certain delays and hiccups in our transactions due to these changes, we can control how we react to the frustration of our clients.

The following are three basic steps to consider when dealing with an upset or angry client. Utilize these steps to salvage your relationships and save your commissions.

Step One: Listen, and take careful notes.
Allow your client to vent all of his or her frustrations without interruption. By being the shoulder they can cry on, you have a much better chance of diffusing the situation and preserving the relationship.

Step Two: Take responsibility.
Whether it's your fault or not, take responsibility and apologize for the frustration he or she is experiencing. Don't make excuses! If nothing else, this action takes away any further arguments that they might have had on the subject.

Step Three: Provide solutions.
How are you going to remedy the situation and make things right? Can you make things right? Be prepared to answer these questions and, more importantly, be prepared to provide actual solutions that make sense for everyone.

One of the biggest mistakes professionals make in this situation is attempting to defend or even argue his or her case. Almost always misperceived, this type of communication only makes things worse, creating conflict that puts others on guard or makes them even more upset than they were to begin with.

By utilizing these basic steps, it's possible, in most situations, to avoid a nasty confrontation and achieve a positive outcome for everyone involved.

If you have any other successful strategies on this important topic, please don't hesitate to call me!