Archive for the 'Running a Strong & Efficient Business' Category

7 Tips for Managing Information Overload

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Do you ever have that disturbing feeling that trying to squeeze one more piece of new information in your brain will render you senseless?

Information overload causes stress and a loss of productivity. We’re so busy gathering information that we never seem to get into action around implementing all these great ideas. And we can’t seem to put our fingers on the important information that we’ve gathered!

Here’s even more bad news: when you take in too much information, according to a Temple University study, you begin to make more errors, and worse, make more bad decisions. Can your business really afford that lack of clear thinking? (Don’t even get me started about how a hyper-connected lifestyle is bad for your physical and emotional health!)

Here are 10 tips for managing information overload so you regain control of your brain, your time and your tasks:

  1. Remember the most important rule: YOU are in charge of your To Do list and YOU are in charge of your calendar and YOU are in charge of how much information you’re willing to receive each day. Don’t set yourself up for information overload by trying to take multiple classes at once, or trying to read more than one book at a time without setting up “assimilate and implement” time. Be selective and base all your decisions on achieving your goals while mirroring your values.
  2. Get things out of your head and on to paper. When you take in a lot of information, your brain naturally tries to process it, to make connections, and apply it to your real life. When you try to keep all that thinking in your brain, you feel muddled, anxious, confused. Doing a brain dump and writing down your ideas, even in a quick list format, will help clear things out.
  3. Take the most recent class you’ve attended or the most recent book you’ve read, and create a Top 3 Action Items list. Don’t create a massive To Do list of every great idea from the class or book. Instead, choose the top three things that you can take action on within a month, and put only those three things on your Action Items list. Once they’re done, you can always go back and choose three more. The point here is two-fold: start implementing what you’ve learned and do it in such a way that you don’t overload yourself.
  4. Make a decision to make a decision. I know, it sounds silly, right? But if ideas and information are running around in your head and you’re not willing to either act on them or let them go, you sabotage yourself and hold yourself in a perpetual state of overload. Stop doing that to yourself. Instead, tell yourself, “Today I will make a decision,” then do it. You’ll feel immediately better.
  5. When you are drowning in information, stop piling on more. It’s okay to stop watching the evening news. It’s okay to stop reading articles or checking social media sites several times a day. Each time you interact with an information delivery system, guess what? More information is shoved in your face. By taking a vacation – even a short one – from any information delivery system, you get immediate relief from information overload.
  6. Use tools like Evernote or One Note to have a central location for storing information. As important as storing information is, retrieving it easily is even more important, which is why I moved from paper notebooks to Evernote for storing notes when taking classes, reading books or perusing articles. Evernote allows you to tag each note with keywords and sort them into folders. Notes are completely searchable, so you can have all the information and ideas you’ve accumulated at your fingertips.
  7. Do you have competing goals? Work on one at a time. For instance, today I wanted to accomplish three things: write this blog post, create my class schedule for the next nine months, and work on a class agenda for a new program I’m designing. All of these things are exciting, and all need to get done and all required research and paying attention to incoming information. But only one of the three had a deadline: writing this blog post. So I put the other things on the back burner, and focused solely on writing this blog post. Once it’s done, I’ll choose ONE of the other two projects to work on next. You have to be willing to let go of some information, even exciting information, so you can focus on your priorities.

I’d love to hear from you: how to you cope with information overload? Are there techniques or software products you use to help you manage absorbing, processing and retrieving information?

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Category: Managing Projects, Tasks & Time, Running a Strong & Efficient Business
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Warming Cues to Make Your Prospective Customers Feel Welcome

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I know you’ve heard it a thousand times: make your prospective customer feel welcome and safe while they’re learning about your products and services, and they’ll buy from you.

But when you actually see this in action, it’s a miracle to behold.

One afternoon, with several hours to spare before I had to appear at a speaking engagement in New York City, I wandered into Macy’s Herald Square. It’s one of the busiest department stores in New York, and it didn’t help that it was pouring rain and everyone wanted to get inside to dry off a bit.

So how does Macy’s welcome its customers? With the most brilliant — and inexpensive — solution that can be handed out at the door on a rainy day: Umbrella Bags. A very nice man in a very nice business suit stood at the door for hours, offering people plastic bags (with the Macy’s logo on it, naturally!) so that they could tuck their wet umbrellas away while they shopped.

You might think this is no big deal, but if you’ve ever shopped in a crowded store, trying to figure out what to do with your web umbrella is a real distraction.

Macy’s made every person who walked through the door feel welcomed and cared for. Net result: less distracted people who could focus on buying.

Now apply this to your business:

  • If you have an office or a place where you meet customers, how welcoming is it? What color is the decor? Do you see to their basic and common needs, like bathrooms, water, etc.?
  • If your business has a website, do you give them the information they’re looking for, in a simple and speedy way? Are your text, graphics and colors friendly and welcoming?
  • When you answer the phone or connect via video conference, how is your voice modulated? Do you act rushed or do you relax into the conversation and create a great environment?
  • When you answer emails, what’s the tone of reply coming off your keyboard?

Make your customers feel welcomed and cared for, and they’ll return again and again.

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Category: Running a Strong & Efficient Business

Does Your Voice Tell Your Story? – Free Audio with Katherine Scott

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Are you a:

  • coach
  • speaker
  • consultant
  • teacher
  • webinar leader

If yes, you’ll want to hear what Katherine Scott has to say about your voice. Katherine was a voice coach who helped people realize the true strength, the true authenticity, of their voice.

Katherine has been a guest on my monthly podcast and you can listen to the recording for free here.


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Category: Creating, Marketing & Teaching Classes, Podcasts, Running a Strong & Efficient Business
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Avoid Pricing and Discounting Mistakes

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In 2008, Pizza Hut saw its sales drop because of the Great Recession. Competitors were lowering their prices and offering discounts — and Pizza Hut figured they had better offer a discount if they wanted to compete with Dominoes Pizza and Papa John’s Pizza for a dwindling market.

So in 2009, Pizza Hut began to offer a large cheese pizza with three toppings for $10 (the normal price was $15). Then they sweetened the deal by offering unlimited toppings for the same $10 price.

And sales rose.

That’s a good thing, right?

Fast forward to 2011. The economy was easing and Pizza Hut (and the other pizza competitors) now wanted to reinstate their normal pizza price of $15.

And customers resisted.

Why? Because of two psychological triggers:

  1. People had gotten used to paying only $10 for a pizza with unlimited toppings. When you increase the price back to the “normal” $15, people see that as a raise in price of 50 percent, conveniently forgetting the pre-2009 pricing.
  2. When you lower your prices, you devalue your product or service. You’re basically telling people, “It’s not worth $15, it’s only worth $10. We’ve been overcharging you all along.”

What do you do when sales are sluggish and you want to offer a discount, but you don’t want to imply that your products and services are worth less by lowering the price?

Enter the Concept of Adaptive Pricing

Here’s the psychology behind the concept: Customers have different needs, and place different values on the various aspects of your products and services — price being just one aspect they consider.

For example:

  • Many customers value access to a live instructor above learning on their own, so if they have questions they can get help immediately from the instructor. Therefore, they’re willing to pay more for a live class than a self-study program.
  • Some customers place value on group brainstorming and sharing of best practices to shorten the learning curve, and are willing to pay to be a member of a mastermind group.
  • Other customers value private one-on-one services and are willing to pay a premium price to get your total attention to find solutions to their problems and think strategically.

By knowing what your customers value — and creating pricing and discounts based on those values — you can increase customer satisfaction and sales at the same time.

But My Customers Want Low Prices!

Be careful of your own psychology: you might be a budget shopper yourself, but not all your customers are. If you constantly offer things for a discount (or for free!), it’s more about your own feelings about money and pricing than the needs of your customers.

For every customer who wants things as cheaply as possible, there are customers who demand extraordinary quality and are willing to pay for it. Just look at the different price/value levels of department stores (from Wal-Mart to Neiman Marcus) and you’ll see that there are huge ranges of quality, service, experience and price needs among customers.

Don’t assume your customers want cheap prices and are willing to take a lower quality service or product in order to get the lowest prices. Price based on the value of what you’re offering, and on your branding strategy. Are you the Wal-Mart of your industry or the Neiman Marcus? (Or somewhere in between?)

So, You Want to Offer a Discount

Great! Offering a discount has a lot of benefits for your business. Pay attention to your strategic purpose behind the discount — to increase sales, to increase demand, to test a pricing strategy, or to get the word out about a new product/service — and price accordingly.

When you offer your discount, test to see if your goals have been met. You may be assuming a discount will produce a certain results, and you could be wrong. Tracking your results is the only way to know for sure. (The numbers don’t lie!)

Three Adaptive Pricing Techniques to Use in Your Business

Versioning

For customers who are concerned about price above all else, offering them your product or service in a different version at a lower price-point will serve them while still keeping your sales up. Here’s an example:

  • You teach a 5-week class where students submit their homework assignments to you for review and analysis, and have access to you during class to ask questions. That class is priced at $599.
  • For the budget-conscious student, you offer similar material in a self-study version $399, (and they don’t have access to you at all if they purchase the self-study version).
  • For customers who want more private access to you to learn the topic and apply it specifically to their own business, they join an ongoing mastermind group that includes both the class and the mastermind group access for several weeks after the class.

Each customer has a different need — and by creating three versions of the service, you meet the needs of each type of customer. For example, I recently launched Synergy Core, a version of my Synergy Excel program for mastermind group facilitators. Synergy Excel is a 12-month program and includes a monthly mastermind group meeting; the Synergy Core version is a 6-month program and does not include a monthly mastermind group meeting. Two different versions of the same program, geared towards two different audiences.

Additions for Free

Another adaptive pricing technique is to offer an “extra” or “bonus” for free, but keep the base price of your product and service the same.

For example, you could offer your mastermind group to your customer at full price, but then offer them a free additional hour of your time. Walt Disney World theme park had a great success with offering their Buy Four Entry Tickets and Get Three Free package.

But don’t offer pseudo free bonuses unrelated to the product or service that customers are buying. Customers are now savvy to the free bonuses that many internet marketers offer (like: Buy Our Ebook and Get $40,000 Worth of Bonuses Free), and it just makes people think you’re trying to fool them, lowering trust and harming the relationship.

Unbundle

Everyone is telling you to combine a whole bunch of your offerings together, then give the customer a special price. But what if your customer doesn’t want everything in the bundle?

Consider offering your main product or service at full price, and then offering upgrades at a reduced price.

  • You could offer your live event for $1,200, then offer an hour of private consulting time for an additional (discounted) fee to those who are attending the live event. Or you could offer them an ongoing mastermind group for an additional fee.
  • Or you could offer them recordings of the live event for an additional fee. That way, customers can choose which upgrades are valuable to them and you can clearly see which upgrades are the winners in the eyes of your customer.

Final thoughts…

The key here is to know your customers, and know what they value when it comes to purchasing services and products. If you’re not sure, test out several pricing strategies and see which one pulls in the most revenue.

It’s also important to stop offering discounts when they are no longer needed to boost sales.

Be strategic and think through your pricing ideas before implementing them so they don’t come back to bite you later!

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Category: Running a Strong & Efficient Business

Motivational Minute: Tony Robbins on Why You Do What You Do

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Category: Running a Strong & Efficient Business
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Has Your Website Designer Disappeared?

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A strange phenomena has been spreading like a virus over the past few years. In the past four months alone, three of my clients have told me that their website designer or virtual assistant has “disappeared.” No return phone calls, unanswered emails. Gone, gone, gone.

Kidnapping? Hardly. When the economy gets tough or the revenue numbers don’t ad up, many website designers and virtual assistants (small business owners themselves) simply go out of business. Some get full-time jobs in corporations, some just shut their doors. And of course, personal and family problems can cause an owner to go out of business. Perhaps they’ve changed their business model and have shifted away from doing the work they used to do for you — they haven’t gone out of business, just changed their focus.

This is a huge problem for small business owners, who rely upon their website designer or virtual assistant to maintain and upgrade their websites for them. There’s not much you can do if your website designer or VA goes out of business. But you can protect yourself and prepare yourself to move to a new website designer. You need to have access to all your files before your website designer disappears.

Use this checklist to get control of your website for the future:

  1. Login information for the hosting company.
  2. FTP login information, if appropriate.
  3. WordPress login information, if appropriate.
  4. A list of WordPress plugins that are in use, and their purpose.
  5. Email address login information for each email account (you may have more than one email address for your domain, such as office@domain.com or mary@domain.com or info@domain.com).
  6. Other login information to auxiliary software embedded or connected to your site, like: membership software, forum software, learning management systems, merchant accounts, eCommerce systems, email marketing system, video hosting or file hosting services, etc.
  7. Logins for Google Analytics, Google Adwords, and/or Facebook Ads, if you use any of these services.
  8. A copy of all your website coding, graphic, audio, video and animation files, including the original, editable source files for all your graphics.
  9. Written confirmation that you own the content of the website and have the right to transfer it, edit it, submit it to United States Copyright Office, sell it, etc.

For security purposes, if your website designer truly disappears and you can’t reach them, change ALL login IDs and passwords on your accounts. In addition, if you have given your website designer your credit card information, you may wish to cancel the card and have a new number re-issued.

Whether you think your website designer or VA has a sound business or you think they’re struggling and might disappear, I recommend you get the above items from them website today so that you have full control of your website — and your internet marketing — for the future.

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Category: Internet & Social Media Marketing, Running a Strong & Efficient Business, Website Planning
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