Crafting Products and Services to Reduce Time-to-First-Dollar

We’ve all seen our share of tire-kickers – those would-be buyers who take their time in making a purchase decision, evaluating every detail because they’re in no rush to pull the trigger. This problem becomes especially prominent when your company’s main service or product is a comprehensive, all-inclusive solution since there’s that much more to evaluate.
Good marketers know all this time sitting in the sales pipeline hurts revenue growth, and that’s why it is important to get prospects to buy something as quickly as possible. Sales Renewal has worked with clients in different industries to minimize this so called “Time to First Dollar” by various means ( such as “unbundling” a comprehensive service to create smaller, easier-to-buy services). Learn more about reevaluating your offerings through Sales Renewal’s “Crafting Products and Services to Reduce Time-to-First-Dollar”  webinar. You can also read more about specific case studies and our proven track record for putting this and other revenue accelerating marketing strategies into effective action.

5 Tips for Effective Marketing Communication

When building your business, having a great product or service is just the beginning. Communicating your company’s offerings, solutions, and advantages is crucial for turning a good product into a wildly successful one. But in the age of digital communication, traditional advertising is no longer the only way to tell people about what you offer. Connecting with your target audience through digital media can be an incredibly powerful asset to your brand and business – as long as you can optimize your message and create effective, ongoing communications with your customers.
Here are our top five tips to more effective marketing communication.
1. Articulate your marketing goal(s) and message
It’s difficult to be effective if you’re unsure what your goals are. Without defining a clear message and a way to measure the success of your communications, you’ll end up with a less cohesive and less engaging strategy that uses up time and resources without generating returns. Instead, practice making SMART goals that center around a clear, direct message.
2. Define and understand your audience
Knowing what you want to say is one thing, but knowing what your ideal customer wants to hear is another! Research your audience and identify what types of conversations or solutions are important to them. Learn where they go to find information that helps them make decisions. Craft your messages around your researched data to ensure you’re investing your marketing time and budget into communications that will get attention, rather than falling flat amid the rest of the market noise.
3. Tell a story
If the movie and television industry gives any indication, people love a great story – especially when they can identify with the characters and conflicts. Craft your messaging into relatable narratives that put your ideal customer at the center of the story. Creating recognizable situations and offering the best-fit solution to a known problem will help your brand establish a more intimate connection with your audience than traditional advertising.
4. Focus your message
Keep your eyes – and your communications – on the prize. Once you’ve identified a key concept and message, stick to it. Creating too many individual messages can become overwhelming to the consumer. If you have multiple messages that you’d like to work with, consider separating them into independent campaigns that build consistency around each message, rather than trying to work multiple discussions or points into the same campaign strategy.
5. Create a dialogue
One of the biggest advantages of digital marketing over older methods of advertising is the ability to have a conversation with your audience. A billboard or TV commercial is a one-way communication, but social media platforms, email marketing, and other digital media forms allow the customers to engage with the material and messaging. Open your campaign to dialogue by asking your audience questions, encouraging them to share their experiences with your brand, or by creating an approachable persona on your accounts. When your customers feel connected to your brand on a personal level, they are more likely to not only listen to what you have to say, but to act on your offerings as long-term clients.

Six Ways Going “Green” Can Boost Your Bottom Line

We’ve heard it over and over again: it’s important for the environment to work “green” or eco-friendly initiatives into our lives whenever we can. For individuals, the path to a greener lifestyle is simpler, but for businesses, an eco-conscious approach may seem difficult to integrate at first.  We think there are plenty of green initiatives your small business can adopt – and they’ll also be great for your bottom, and sometimes top, lines.
 
1. Grow your business by marketing your eco-friendly products, services and expertise
In every industry, there’s a largely untapped segment of buyers that values and is willing to pay for green products, services and expertise. Metro Sign & Awning (a Sales Renewal JointSourcing client), for example, wanted to cultivate new Partners who’d recommend their signage products and services in the Partners’ new construction projects. With our help, Metro created a series of white papers that helped Architects and Property Developers become more knowledgeable about green signage.  The idea was that by making these prospective partners more knowledgeable about something Metro was expert at (eco-friendly signage), the partners would come off as more knowledgeable in front of their customers. This brought more business back to Metro as well, creating a clever – and successful – marketing campaign that not only built their own business, but also enhanced their partnerships while doing double duty for sustainability.
 
2. Share the knowledge.
Do your products and services have a long-term environmental impact? Let your customers know how working with you can impact THEIR green initiatives and bottom line! Outline both the financial and ecological ROI on a sustainable product. Generate content that discusses how your eco-friendly products can reduce your customers’ carbon footprint or eliminate their waste over time. By leveraging your own environmental consciousness into a marketing campaign, you’ll encourage your customers to invest in your products and services, while also doing double duty for sustainability! You can also grow your partners’ businesses by sharing your own green expertise, helping your partners win more customers through the wisdom you’ve passed to them.
 
3. Think outside the (recycling) box.
Green initiatives at your company aren’t limited to benefitting ONLY your company. Get creative with your business’ approach to environmental friendly decision making. Understand your carbon footprint and consider participating in carbon offset programs to supplement and enhance any company policies you have already implemented. Use your business voice to align with policy initiatives that align with your company’s values. Customers in the modern era are heavily attracted to purpose-driven businesses that publicly share – and take action on – their values. You’ll not only be doing the earth a favor, but you’ll be gaining favor with and growing your customer base!
 
4. Assess your energy needs.
Are you leaving equipment or lighting on overnight? Are you heating a conference room you only use once per week? Minimizing wasted energy sources will not only help the environment, but will also put a nice dent into your energy bills. Switch to LED lighting in place of incandescent bulbs, and put your lights on motion sensors to ensure lights are turned off when not in use. Set computers and other office equipment to hibernate or switch into sleep mode during periods of inactivity. Consider switching to laptops, which are more energy-efficient than desktops, whenever possible. You may also be eligible for rebates on your energy costs if you’re upgrading to eco-friendly equipment, so contact your energy supplier to see what incentives they may offer!
 
5. Assess your physical office needs.
Your business’ office footprint is your own piece of the environment, and needs as much care and consideration as the great outdoors. Find an office that is the right size for your needs to prevent wasted energy from heating and lighting spaces that are unused. When upgrading equipment or furnishing your office or workspaces, shop secondhand when possible (something Covid has made a lot easier with all the office downsizing going on now). Look for energy efficient machinery, or for sustainably built furniture that will outlast other construction. Or, consider eliminating your rent bill completely by allowing your employees to work remotely! Remote offices reduce pollution from commuting to and from the office, and reduce your employees’ gas and wear & tear expenses, so it’s a win all around!
 
6. Assess your paper needs.
Printing and paper use is a prime target for small businesses to make an impact with a few simple changes. Printing on both sides of each sheet will cut both your paper waste and your paper cost in half instantly. Or, use the back side of printed papers as scratch paper for note taking instead of purchasing sticky notes or other notepads. Or, consider going paperless completely! With the proliferation of cloud computing, records storage and document sharing can be done without a single sheet of paper; marketing can be managed online through email campaigns, social media, and websites; even sales and accounting can be migrated to online payment programs and bookkeeping software. Never buy another ream, nor another clunky printer or copier, again!

Benefits of Gender Diversity

With International Women’s Day happening this month, you may have seen your news feeds filled with appreciation, support, and celebration of women everywhere. Though that hasn’t always been the case for women in the workplace, the gender gap is rapidly closing – and the economic benefits of gender diversity has become readily apparent. Study after study has proven that the inclusion of women in business environments has direct and indirect financial benefits. In the US alone, gender equality practices and policies could inject over $4 trillion into the economy in the next five years, with gender-diverse businesses in some sectors showing up to 14% higher average revenue and up to 19% higher average quarterly net profit than less-diverse counterparts. 
Why does gender diversity return such large economic benefits? One reason is that prioritizing gender diversity within the workplace allows businesses to draw from a much wider talent pool. With women typically obtaining college degrees at a higher rate than their male counterparts, this opens the door to more hiring options with a wider variety of experiences and viewpoints, while still maintaining a high level of knowledge and ability. Inclusivity has been flagged as an important employment decision factor by 85% of women, so not only does gender diversity grow the available hiring pool, it also actively attracts those highly capable workers away from other companies, giving your business the marketplace advantage when seeking talent. Increased diversity of opinions and viewpoints also enhances your business’ opportunity to think outside the box while simultaneously providing a better internal representation of your external market.
Once women are on board, incorporating gender diverse policies further increases creativity, retention, productivity, and loyalty. A culture of inclusivity boosts morale and promises greater opportunities for advancement and overall job satisfaction. Women are more likely to feel heard and able to safely communicate their ideas and feedback, making them more likely to stay invested in their work with a positive mindset. Additionally, gender diverse policies addressing issues like family leave and affordable childcare can facilitate a fusion and balance of family and career (which benefits men too); under such policies, women have experienced lower stress levels during pregnancy, were up to 93% more likely to return back to the workforce within one year of giving birth, and were more likely to increase their working time by up to 17% within three years. Building a more inclusive workplace keeps your talented employees working at higher efficiency and output rates for longer, while staying happier and more loyal, contributing greater long-term ROIs on your hiring practices.

Inclusivity in the workplace has been proven to provide businesses with clear, measurable advantages and successes over less inclusive organizations. Companies are more likely to hit financial goals, generate innovations, be considered high-performing, and experience better business outcomes when diversity is present and embraced through company culture and policy. Creating a gender-diverse environment in the workplace has also demonstrated large-scale economic boosts in many ways, as well, documented in a 2016 report from the United Nations.  When plotted against the gender inequality index, data consistently shows the most gender-equal countries are the most developed, have the highest income per capita, are associated with faster economic growth, and experience stronger national competitiveness. Gender diversity and inclusivity are key building blocks to business success and directly impact your business’ bottom line.
Assess your company’s diversity and inclusion levels, and learn how to enhance your current office culture and policies to produce greater business benefits, with this simple checklist from Glassdoor.
 

Webinar: Crafting Products and Services to Reduce Time-to-First-Dollar

The Problem: Prospects Sit In Your Pipeline Too Long

Many service providers often have a single, all-inclusive service that’s presented as a binary choice: hire us for the whole service or don’t hire us. Because these services are typically important and consequential (e.g., wealth managers help save for retirement, lawyers defend against lawsuits, architects design bridges, …) prospects are typically in no rush to make a decision. They like kicking the tires to be sure you are the right guy or gal and your firm is the best choice for such an important decision.
The end result is prospects sit in your pipeline too long.

Targeting & Reaching Your Fastest Prospects

Of course, one of the primary goals of marketing is to move prospects through the sales pipeline as quickly as possible and a tried and true marketing strategy that does this is to define, target and reach your fastest prospects: those who most need you, when they most need you (aka,  “lowest hanging fruit”).
Importantly, this focus on fastest prospects accelerates and improves the performance of all lead generation marketing tactics: advertising, email marketing, content marketing, networking, all of them perform better when targeting prospects at the precise moment they have the most critical need for your service.
For example, one of the fastest types of prospects for a wealth manager is middle class, middle-aged people who have just received an inheritance: they probably don’t have a current wealth manager, know much about investing and are highly motivated to put their new money to work for their retirement.
Employing Content Marketing and SEO tactics, you could (1) write a blog post titled “What to Do and Not Do with an Inheritance” (a subject that these prospects would probably be very interested in) and (2) work to have it rank well in search engines so that it’s easily findable and widely available.

Reevaluate Your Offerings

A more fundamental approach to reducing the time-to-first-dollar would be to take a fresh look at your services from a Product Marketing perspective (product marketers are responsible for designing, creating and managing profitable products and services):

Here are two proven product marketing strategies that minimize time-to-first-dollar for service businesses (and that product businesses use all the time):
New services for your fastest prospects: do your fastest prospects need different services than the ones you have now?  If you developed new ones specifically for them, would they buy even faster, pay more, be more loyal, etc.?
Unbundle your all-inclusive service to make it easier to become your customer: can you unbundle your service to create simpler, more focused services so there’s less of a barrier to doing business with you? These new entry point services should be less expensive and consequential and should ideally provide a natural upgrade path to the rest of your services.
For example, the first thing a wealth manager typically does with a new client is to create a financial plan. What if instead of insisting they sign on for all your wealth management services in order to get a financial plan, you spun out a new standalone, financial planning service?
There will be more prospects for this new entry point service and they will move much faster through your pipeline because: financial planning can be marketed using traditional lead generation techniques like advertising and is a lot less risky than investment management (the most you can lose with a bad financial plan is its fee, unlike bad investments which can ruin lives).
Importantly, financial planning creates many opportunities for a wealth manager to show off their skills, intelligence and trustworthiness and creates a natural upgrade path. If they’ve been suitably impressed with the development of their financial plan, they will turn to you to implement the plan.

Takeaways

1. Focus on targeting & reaching your “fastest” prospects: those who most need you when they most need you.
2. Develop new services for your “fastest” prospects
3. Unbundle your all-inclusive service to create tiered services with upgrade paths. The entry-point service should be less risky and require less commitment & dollars

Sales Renewal Can Help

Sales Renewal is working with all of our clients on refining their business and marketing strategies for the Covid era. Whether it’s shortening the “time-to-first-dollar”, implementing minimal contact sales and marketing programs, creating alternatives to traditional  face-to-face marketing, or revamping communications to earn trust, contact us to learn what we can do for you.

Webinar: Considerations for Adapting Your Business and Marketing Strategies for the New Normal

The New Normal for Business and Marketing Strategies

As businesses around the country try to assess what’s next after the big Shut Down, many are realizing that it won’t be “business as usual”, not just because of the reopening guidelines imposed by the government, but because customers and clients may not feel comfortable reentering the same old economy and now have a brand new set of expectations around service delivery.
Major brands are highlighting their contactless, distanced ways of doing business, even if they’re not so different than they were before. Pizza Hut promises that once your pizza comes out of the oven, the only person who touches it is you; we hope that this was true pre-Covid as well, but conveying that sense of comfort is important these days.
Leading-edge service delivery models, such as purchasing a new car online, may have been targeting early adopters pre-Covid, but are suddenly becoming mainstream. Drive-by document signing is now an accepted way of closing a deal. Even voting by mail is gaining traction since people are wary of physically entering crowded places.

How Will You Adapt?

There is no doubt that the key to winning back customers in the new normal is trust. Trust that you, as a business, understand your customers’ concerns and are doing everything in your power to keep them safe.
While some businesses may need to address fundamental operational and human resource processes, much of adapting your business to the new normal revolves around messaging, positioning, and communication (such as the Pizza Hut example.) In other words, around marketing.
First, show your customers you are doing the right thing. Keep your premises (including parking lots, entrances, and lobbies) spotless and common spaces delineated for distancing. Provide PPE for all employees and ensure they wear it to show your organization is not cutting any safety corners. Enforce all scientific and medical recommendations for safety and physical distancing — not just because it’s the right thing to do but also to signal to employees, prospects and customers that you take their safety seriously.
And then, tell them. Build trust by making sure clients and customers know and understand you’re doing what you can to keep them safe. Messaging, positioning and signaling in the new normal should focus on health, safety, and well being.

Professional Service Firms

Professional service firms have particular challenges in this pandemic environment because of their historic reliance on face-to-face marketing tactics (e.g., networking, events, seminars) which desperately need to be updated for a minimal contact world.
Even more challenging is their tendency to have a single, all encompassing service that is critically important to their prospects, presented as a take-it-or-leave-it offer, which results in very long sales cycles (e.g., signing up for a wealth management service is a very consequential decision so prospects are very careful and take their time).
To shorten the time-to-first-dollar,  we recommend “unbundling” services to create tiered offerings that build on each other and provide a natural upgrade path. More on this can be found in Crafting Products and Services to Reduce Time-to-First-Dollar.

Sales Renewal Can Help

Sales Renewal is working with all of our clients on refining their business and marketing strategies for the New Normal. Whether it’s shortening the “time-to-first-dollar”, implementing minimal contact sales and marketing programs, creating alternatives to traditional  face-to-face marketing, or revamping communications to earn trust, contact us to learn what we can do for you.