How to Find Your Marketing Sweet Spot.

Ever feel you're making a lot of forward progress but don't really know where you're going?

Today a client brought this up in an email to me. She's been doing great at attracting new clients but wants to get a different kind of client and is not sure of her direction.

Half the battle of attracting clients is becoming clear on the following three things:

1. Who are my ideal clients? Individuals, small business owners, or corporations? What industry, job title, etc.

2. What are their problems, challenges and issues? If you don't know or understand what your clients are struggling with, you can't get their attention and interest.

3. What outcomes do they want? This is usually the mirror image of #2 above. You just need to articulate it in a way that resonates with your ideal clients.

If you are clear on all of the above, you can then develop and implement various marketing strategies to get in front of these ideal clients, make connections and ultimately turn them into paying clients.

But what if you're not clear about who your ideal clients are, their challenges and desired outcomes?

Then you need to do some work to get clear. Here are some steps you can take.

1. Inventory your strengths. Let's say you're a business coach or consultant of some kind. What skills to you excel at? Are you analytical or relational? Do you like detail work or do you prefer mapping out the big picture? Do you like hands-on projects or would you prefer to support others in accomplishing things?

2. What work is most fulfilling for you? You may have strengths in various areas, but what work do you find the most fun and interesting? Working alone, analyzing spreadsheets might float your boat, or leading large group training sessions may be your definition of exhilaration.

3. Where is the demand and the money? You might love the idea of organizing women's kitchens for maximum efficiency, but struggle to find anyone to pay you to do that. But organizing the office space of large law firms may be even more satisfying and much more financially rewarding.

If you overlap these three areas, you're closer to finding your "Marketing Sweet Spot."

"I'm good at doing this, I really like doing this and I know where there's a need for my skills and the ability to pay me for them."

Well, OK, but how do you get there?

It can be tricky figuring this out on your own and you're caught in your own self-refferential bubble. You know what you want but not what's out there.

The way to figure this out is to get out there and talk to people. A lot of people.

A current client of mine did this. Over a period of a few months she set up appointments and interviewed 100 people in business.

She learned what they were working on, what their challenges were, what they wanted to accomplish.

And before too long, she got very clear on her marketing sweet spot

She saw the areas where she could contribute her strengths in the areas she enjoyed and where there was a need and demand.

And soon after, a number of the people she interviewed ended up asking her how she could help them.

It took her awhile to figure out how she'd define her actual services, but before long she was offering consulting and training in communication skills and selling.

I'll be honest: I haven't met many people who've had the smarts and courage to do this. But she found it very natural.

She started connecting with the people she'd done business with in her 21-year career in the staffing industry and then asked them who else she should meet with.

So, if you're not clear on what you should be doing as an independent professional and where the demand is for your talents, I suggest you start reaching out to your network and setting up meetings.

Remember, you're not selling your professional services yet; you're on a journey of discovery that may lead to the independent professional business of your dreams.

Article source: EzineArticles.com

Catch & Release: Not a Closing Strategy.

I was onsite training in Montreal, Canada last week-a software company, hi everyone! -and one of the sales reps brought up today's quote as we were reviewing calls during the training.

The call was a closing presentation-a demo, really-and after about an hour of slides and features and benefits, the rep was anxious to set next steps: schedule another demo call, schedule another Q & A session, etc.

What was blatantly missing was any kind of a close attempt! There was no attempt to see what they thought so far, no attempt at a trial close, and not even a discussion about timeline and next steps toward moving towards a decision...

Instead, the rep commented that it was essentially a "catch & release" call! The conference room burst out laughing and knowing nods of recognition spread around the room.

He explained that he had "caught" the prospect, finally, and delivered a presentation. But at the end, instead of closing, he simply "released" them without any kind of resolution!

Sadly, this scenario was endemic in their sales culture (hence the reason I was hired to change it), and, sadder still, this scenario repeats itself throughout countless sales teams worldwide. Think of your own company's sales presentations. Ask yourself: How many closing attempts do you or your team make at the end?

One of the solutions I introduced was the concept of using a combination of tie-downs and trial closes throughout the presentation. Tie-downs to get an idea of how the presentation is going, and then trial closes so asking for the deal-or at least an agreement that the sale is progressing towards a close-can be determined in advance of the end of the call (so real, meaningful "next steps" can be scheduled).

Sample trial closes that you should be using include:

"Is this sounding like the solution you were looking for?"

"Do you think this will accomplish XYZ for you?"

"Are you getting a feeling that this is what you are looking for?"

Unlike fishing, closing a sale should lead to a catch that isn't released. And you will have more confidence in accomplishing this if you're building a yes momentum throughout your presentation. And you can do this buy using the strategies we've just written about.

In addition, remember that practice doesn't make perfect--it only makes permanent. So write these trial closes down and begin practicing them word-for-word. That's how you'll deliver a "perfect presentation" every time!

Funding the Family Limited Partnership.

A family limited partnership is generally funded with specific assets. Real estate provides the ideal investment, but not all assets are suitable for transfer to the partnership. Regarding corporate partners, S-corporation stock cannot be held by a partnership. Partners do not recognize gain or loss when they contribute property to the partnership in return for their partnership interests. Additional capital contributions do not generate a gain or loss for partners or the partnership.

When a partner contributes capital or assets to the partnership the partner is given an interest in the partnership in accordance with the partner's contribution as a percentage of all contributions. Any additional contributions will increase the partner's share and other shares must be adjusted accordingly.

Gifting of Partnership Units

Easy division of partner interests into units offers the ability to transfer assets to family members within the available annual gift-tax exclusion which is $14,000 per year per donee for 2014-2015 or the unified credit exemption equivalent is $5,340,000 in 2014 and $5,430,000 in 2015. There are valuation discounts that may be used to reduce the value of the partnership units by 20 to 40 percent for gift tax purposes.

Three types of valuation techniques are generally used in calculating the fair market value of an interest in a closely held entity. The Market method (also referred to as the comparable sales method) compares the closely held company with its unknown stock value to similar companies with known stock values.

The income (or discounted cash flow) method discounts to present value the anticipated future income of the company whose stock is being valued. The net asset value (or balance sheet) method relies generally on the value of the assets of the company net of its liabilities.

The Market method or income method is most often used when the closely held company carries on an active trade or business. The net asset value is most often used when a closely held company holds primarily real estate or investment assets and does not carry on an active trade or business.

The value of a gift to a donee is the fair Market value of the gift when it is made, not what the fair Market value was once or may be some day. In revenue ruling 93-12, the IRS accepts that a minority interest in a limited partnership with restricted ownership rights for the limited partner qualifies for a discount off the fair Market value of the underlying assets. This allows parents to gift considerably more to their children within the gift-tax exclusions and without loss of control.

To be eligible for the discount, the limited partner's interest must be considered a minority interest (lack-of-control discount) and/or not freely transferable (lack-of-Marketability discount). IRC §2036(b) includes gifts in the donor's taxable estate of corporate stock in a controlled corporation in which the donor retained the right to vote the stock. There is no corresponding tax code section for partnership interests.

Donors may want to structure transfers, or gifts, of limited partnership units to qualify for the current unified credit exemption equivalent as stated previously. These transfers do not have to meet the criteria as present-interest gifts, but estate elimination at death is usually desired. Even if the donor continues to serve as a general partner of the partnership and acts in a fiduciary capacity for all partners, gifted partnership units will not be included in the deceased donor/general partner's estate.

Operating a Family Limited Partnership

In their capacity as general partner, the parents may accept an equitable salary from the partnership for their managerial capacity. They also can establish whether the partnership will preserve or allocate income to its partners or they can loan funds to a limited partner. The parents can get money out of the partnership to sustain their existing or retirement needs, subject to fiduciary standards (which are lower than that for a trustee). Salaries paid to anyone in the partnership are subject to withholdings as dictated by the IRS and State in which the partnership operates.

A partnership is required to file tax returns annually. The Federal return is form 1065 and the State has an equivalent form. Any income received by the partners must be included on their appropriate tax return. Even if no distribution occurs, the partners must claim the amounts reported on form K1 which is provided by the partnership.

Taxation and Insurance for a Family Limited Partnership

When considering income taxes, all assets transferred from the partnership to the partners retains the same nature as with the partnership. IRS Revenue ruling 83-147 explains the estate taxation of life insurance owned by a partnership on one of its partners. The result should be the same as corporate-owned life insurance. If the partnership is the beneficiary of the life insurance, then the insurance death benefit will be included in the partner's estate only indirectly by the change in value of the deceased partner's partnership interest.

In order to stay away from increasing the partnership interest of the deceased partner by a portion of the life insurance income, the policy could list any adult children as owners and beneficiaries of the policy at the beginning of the policy's existence. General partners can distribute income to the children as limited partners to pay the premiums of the policy owned by the children or the grantor of a trust that the children have created. The grantors could direct beneficiary succession in the event the grantor predeceases the parent which could help protect the policy's cash value if any in the event of a divorce.

The Risks of the Family Limited Partnership

The IRS has issued, without administrative hearings, new regulations under Subchapter K of the IRC. In summary, the IRS will disregard a partnership as an entity if the principal function of the partnership was the avoidance of income tax either at inception or during its operation. The proposed regulations are income-tax specific and have no application to gift- and estate-tax valuations. This does not mean the IRS will not address estate and gift valuation at some future time. There are costs involved in forming and maintaining an FLP, including:

• Attorney fees to form the partnership (however an attorney is not required
• Appraisal fees for underlying assets and for the partnership "slices" gifted to the younger generation family members;
• Accounting fees for partnership K-1's and other financial assets;

Transfer-tax costs such as documentary stamps when transferring real property. But for many investors, the benefits of well-planned FLPs easily outweigh the risks and costs.

Article Source: EzineArticles.com

Nine Ways to Make Your Business Visible

My Fourth Law of Attracting Clients states that you must be visible.

Imagine that you woke up one morning and discovered you were completely invisible. And nobody could hear you either. If you sent an email, nobody would even see it.

Not such a great circumstance if you wanted to attract clients to your business!

But as absurd as this situation might seem, it's pretty close to reality for many independent professionals. They are rarely seen or noticed by their prospective clients.

If your business is not growing and you need to attract more clients, the very first thing you need to do is gain more visibility.

In my business, my efforts to become visible followed this progression: networking - speaking - keep-in-touch marketing - publishing.

I joined my local Chamber of Commerce, professional groups, and networking clubs and I started to meet a lot of new people, many prospective clients.

Then I contacted organizations and started to give talks on marketing for professionals. I met even more people and added them to my mailing list.

I then mailed a newsletter every other month to those on this list, and I sent postcard mailings inviting people to various introductory marketing events.

In 1997, I transitioned to an email list that reached 50,000 people at its peak. These people received this eZine once a week and I also promoted various

products and services to those on the list. Twenty years later the eZine still goes out weekly.

Finally, I published my InfoGuru Marketing Manual that developed more credibility and led to more clients and participants in my marketing groups.

I may be a lot of things, but one is not being invisible!

The hard truth you have to face is that very few people wake up in the morning with your name on their lips. You cannot remain relatively invisible and expect your business to grow magically.

You need to remedy this with a "Visibility Plan." Here are nine ways to do it:

1. Start slow, with patience. You can't get in front of 50,000 people overnight. Get clear on who your ideal clients are and where you can connect with them.

2. Focus on as many in-person meetings as possible through professional organizations. Really get to know people and their needs.

3. Reach out to make connections with those you've met who could be possible clients or refer you to clients. Real connections are more powerful than virtual connections.

4. With permission, add people to your e-list and send some valuable information at least monthly. This kind of keep-in-touch marketing is essential to stay visible.

5. Set up your website to get opt-ins in return for a report or article. Make it a practice to give away lots of value and demonstrate your expertise.

6. Establish a presence on social media such as Facebook and Linked In. But don't make this your primary visibility method, as it can be hard to stand out in this crowded arena.

7. Submit articles to online publications that your ideal clients visit and read. This is a great way to build credibility to a very targeted audience.

8. Seek out opportunities to give presentations - everything from speaking at professional groups to giving a TED talk. Nothing is more powerful than highlighting your expertise on stage.

9. Publish a book or e-book that establishes your expertise. A book is a powerful door-opener that provides a platform for the services and programs you offer.

I've done all of these things to one degree or another and I've also helped my clients do them as well, with great success.

These are all opportunities to communicate the value of your business and build credibility and trust over the long haul.

Remember, nobody is going to do business with someone who is invisible!

Original article source: EzineArticles.com

Eight Steps to Persuade.

One of the most challenging tasks for a speaker is the persuasive presentation - where you want to have audience change their thinking or act in a way you ask. Every persuasive presentation can be addressed by following these eight steps.

1. Establish Your Credibility 

People are overloaded with information and relentlessly assaulted by attempts to entice them; so, you need to give them a reason to pay attention to you. This might be your own experience, research you have conducted or established authorities that you draw from.

2. Show Your Awareness 

As well as being credible on a particular subject, you also need to show your understanding of the situation today.

Establishing these first two points could be done in one sentence. For example, "I have seen thousands of students progress through this institution over the past ten years and never have I seen such demands on their time."

3. Describe the Problem 

Explain what you believe the problem is. Make it relevant to the audience with graphic descriptions of problematic situations. Keep these descriptions pertinent with introductory phrases like, "This affects you by... " or "What this means for you is... ". People are very enticed by the status quo, coddled inside their comfort zone. You need to create an incentive strong enough to move them beyond this. The problem might just be that they could miss out on an opportunity that you are aware of.

4. Explain the Solution 

While you should be brutally honest and suitably vivid about the problems; you should not dwell on them. Move quickly to describing your solutions.

5. Define the Cost 

There is always a cost. It might be financial, a time commitment, even just a change of mindset. Be honest and realistic about this cost so you have control of how it is perceived. Put it in perspective with comparisons or breakdowns. For example, "It will cost you less than the cost of your morning coffee" or "Only one minute a day, that's all I'm asking for."

6. Describe the Benefits 

Just like you were graphic with describing the problem, be equally graphic when you describe the benefits they will receive in your desired future. Put clear, relevant images in the minds of your audience. As Dr Noel Tichy (Professor of Management, University of Michigan) says, "The best way to get humans to venture into unknown terrain is to make 
that terrain familiar and desirable by taking them there first in their imaginations."

7. Provide the First Step 

Once you have convinced them of their need to act, you have to tell them what to do. Make the first step of this process very easy, and if possible, something they can do now. You need to get them to act as quickly as possible - while they are still persuaded by your presentations and before they are distracted by something else.

8. Finish on a Note of Encouragement 

The conclusion is the most important part, so you need to finish on a high. You do this by assuming that everyone in the audience has been convinced by your presentation, and telling them how great life is going to be now that we're moving forward positively.

These steps - when followed in order - use proven principles to give the best chance of persuading an audience. They will need to be supported by effective research beforehand to identify strong, relevant examples for this.

Original article source: EzineArticles.com

Money - Increase Your Sales by Adding Bonuses

In a practice known as the "baker's dozen" a baker throws in an extra muffin or cinnamon roll when you buy 12.

We all love to receive some kind of bonus when we buy a product. But we tend to underestimate how powerful this tool can be to increasing sales.

When my wife and I bought new windows for our living room last year, the contractor added a free window when we also purchased windows for the bedroom (which we hadn't even considered ordering).

A bonus can often both clinch the deal and increase the amount of sales

And yes, professional service businesses can offer bonuses and special offers, just as a product-based business can.

Here are a few examples.

Add a bonus for a larger sale

Let's say you have a 6-month coaching program with a fixed fee. If that is your only option, it's a yes or no proposition.

But what if you also offered a nine-month program for the same monthly fee but added a bonus? The bonus might be a virtual training program or access to an online forum.

This bonus might cost you very little but add substantial value to the client while also increasing your revenue

In addition, by offering a second service package you then have a choice of 'yeses,' not a choice between yes and no. So, the chances of a prospect saying yes increases substantially.

Also, note that if you don't offer a higher-end service you will never sell that service.

Add a bonus for choosing you sooner

We're all faced with the situation where the prospective client says, "I need to think about it."

That is certainly valid, but it's also equally valid to reward a prospect for signing up for your service sooner rather than later.

I don't like any kind of high-pressure sales tactics, but have no objection to offering a little more incentive for taking action quickly.

"If you choose to work with me within one week of receiving the proposal I'll offer a complimentary one-day training session."

Whatever bonus or incentive you offer, it should be perceived as a significant value to the prospect. Just this little nudge will often get a prospect to make a decision faster than usual.

And the faster clients decide to work with you, the more income you tend to make.

Add a bonus for a referral

When I ask people where most of their business comes from, a majority say, "word-of-mouth." But I have yet to meet anyone who has a plan to increase word-of-mouth other than offering exceptional service.

Why not reward word-of-mouth referrals by offering a bonus?

You could say something like this: "Because I build my business on word-of-mouth I offer a client bonus if you send someone my way who becomes a new client."

This bonus would vary, depending on the service you offer. It could be a free coaching session, a discount on services for a month or an additional service.

Some clients will do nothing, but others will introduce you to many new clients.

A little more value

Never underestimate the power of a special offer, a discount or bonus in return for buying more, buying sooner or giving you a referral.

And interestingly, when you offer more value in this way, you also tend to increase client loyalty and word-of-mouth. Everyone likes a good deal and will often share what a good deal they received with others.

Original article source: EzineArticles.com

Direct Mail: An Old Marketing Tool With New Power

There are two reasons direct mail is a wise choice in today's market. First, fewer companies are using it, so the handful that know how to employ it effectively have a much bigger opportunity to be noticed. Three decades ago, your mailbox may have been full of letters on any given day, but how many do you receive now? Finding a letter (especially one with a real stamp) is something of a novelty these days, so instead of simply tossing it aside, people are more likely to read it.


"Well, I don't read junk mail," you insist. Neither do I. But effectivedirect mail and junk mail are two entirely different animals, and that's where reason number two enters the picture. The key to effective direct mail is making sure you put the right message into the right hands, and today's combination of powerful technology and big data makes that easier to do than ever before.

Junk mail is the stuff you don't want. You're not interested in doing business with the sender, or it's a product you'd never buy, so you chuck it into the recycling bin. If you're sending the wrong messages to people who have no need or interest, you're wasting your money on junk mail.

But if you're sending relevant messages and offers to a tightly targeted group of recipients that meets specific criteria, you're engaging in effective direct mail. You have the opportunity to "talk" directly to someone who is likely to be interested in what you have to say or offer. Even better, you're doing it in a place where they're comfortable at a time when they're comfortable. Many forms of marketing communications are interruptive. For example, phone calls always come when you're doing something else. But most people have some sort of routine when it comes to reading their mail.

Now, about that tightly targeted group I mentioned. I've written a lot of effective direct mail packages over the years, but I'll be the first to admit that my brilliant words aren't the primary reason those efforts achieved success. Direct mail experts will tell you that the writing and design of a direct mail piece or package accounts for less than 10 percent of its effectiveness. How do they know that? They've tested millions of pieces of mail over the years, making slight modifications to pinpoint what works best.

Those experts will also tell that your offer accounts for about 20 percent of a direct mail effort's success. So what's the factor behind the remaining 70 percent? It's the quality of the list.

In other words, you can develop the most beautiful direct mail package with the most poetic wording promoting a truly irresistible offer, and if you mail it to a crummy list, it's going to fail. The list is the single most important element.

A good list is focused completely on one type of recipient. The more clearly you can define your target audience and obtain a list of those targets, the more effective it will be. The list should also be accurate, and it's important to make sure your vendor or whoever is producing the letter merges the right fields. Otherwise, you could embarrass yourself.

The other element that's important in effective direct mail is making sure your message is personal. Even if you're sending your marketing message to 100,000 people, it's being read by one at a time. You want each recipient to feel as though they're having a conversation with someone at your company, not being subjected to advertising. Copy that's friendly and conversational will go a long way toward accomplishing that.

Direct mail may actually be an ancient technique, but that doesn't mean it's obsolete or ineffective. Use today's tools to refine and boost it, and that old standby may be the source of your newest success!

Original article source: EzineArticles.com