Welcome to the first of our Weekly Newsletter 02 03 2018
The Newsletter will include information I have gleaned from many sources, acknowledged of course.
I hope you will find this of interest.
SAY OF THE DAY
“Start today, not tomorrow. If anything, you should have started yesterday.” – Emil Motycka
4 Signs That You Should Quit Your Failing Startup Business
You’ve poured your heart and soul, your time, your money and more into your business, so it simply must succeed… Right? While that’s nice to say, it’s not always true. The more you’re able to realize that success can come and go, the better positioned you’ll be to take advantage of other, more promising opportunities.
Here’s how to know when to give up:
1) Are you the only one who still believes in your business?
Sometimes the smartest people can have a blind spot when it comes to their own vision. Like that girl or boyfriend that all of your family and friends didn’t like – it may be time to get a clue.
2) Are the competitors actually better?
What if your idea for a business consisted of wrapping a belt around a person’s waist to allow him to swim laps in a small pool. Well, there’s now a small pool with a natural current you can set to whatever speed you want to swim forward without actually moving. Most people would choose that over wearing a belt in the water.
3) How often have you landed a second meeting?
If your days are spent contacting new people to invest or buy, but you never get past that initial meeting, chances are you’re not offering something worth a second look. Yes, we’ve all heard those stories about the concept of copying being rejected by Polaroid, and the initial dismissal of Post-its, but those stories are rare. If you’ve been going to first meeting after first meeting with no success, either change or quit.
4) Are you hitting a wall?
You’ve heard the definition of insanity: Doing the same thing over and over and expecting different results. If you’ve run out of approaches, ideas or directions, maybe the basic concept is just unworkable.
We have a tendency to admire persistence and belittle a quitter. Don’t think that way. Ask yourself, “Is this the last good idea I’m ever going to have?” Sometimes success is about letting go of your current dream so that you have room for others. Don’t you agree?
BUT DON’T DESPAIR.
THE MJF GROUP works with CEO’s MD, Owners in declining businesses helping them to grow profitable Sales by up to 179% in a single Year.
Weekly Newsletter 02 03 2018
Features & Benefits
The issue of handling features and benefits in marketing messages is critical to successful selling. This is an area where perhaps many sellers, even experienced sellers, are most likely to make a fatal blunder. Part of the problem usually involves confusing features with benefits. A feature and a benefit can be one and the same thing, but most often, they are not. It’s a mistake for a seller to assume that some wonderful aspect or feature of his or her product will do the selling… Often it will not.
Before we say more, let’s clarify the difference between a feature and a benefit. A feature is most often some physical aspect of a product — its colour, the size of its engine, how much power it has, the quality of the material it’s made of, and so on. Most often, a feature is “a thing.”
A benefit, on the other hand, is something more subtle. A benefit is what the product can do for the prospect — how it can make his or her life better, how it can save time, how it can enhance prestige, how it can make life fun and easy, and more. So a benefit is not a thing — it’s an aspect of the customer’s life that is made better.
Benefits come from features, which is why this confuses some people. For example, let’s say a car has a 230 horsepower engine. That’s a feature. But what does this do for the person who buys the car? A powerful engine helps the driver accelerate with ease on the motorway and easily merge with traffic. It gives the driver the power he or she needs to pull a heavy trailer. It gives a feeling of pleasure to have all that mechanical power at the command of one’s fingertips. All of these are benefits –
– something the customer feels gets or is satisfied by.
And this is what you should sell – the benefits.
Benefits are what people really care about. They want to know how their lives will be made better by the product more than what the product is made of, or what its design specs are. When you spend too much time talking about your product’s features, you run the risk of “me oriented” selling rather than focusing on customer needs. You can’t assume that a prospect will naturally see how they benefit just because you describe your product physically.
It’s much smarter to keep the focus on the customer
– on his or her needs, desires, longings, problems, demands – and then paint a picture that clearly and vibrantly shows the customer how they can get all of the above if they buy your product. It’s known as ‘selling the sizzle and not the steak.
When you only list details about features, you don’t do that, even though it may seem like you are. Look at the following example:
“Our premium chair is upholstered with the finest mountain ram’s leather which is hand-selected and hand- stitched to an all cherry wood frame. The chair reclines to a 56 degree position, yet preserves a compact position that takes up less space than a normal chair twice its size.
It sounds pretty good, but it’s all features. Ram’s leather is great, and cherry wood is nice – but how does the customer benefit? You can’t assume the customer will know, so you have to spell it out for him or her by describing benefits, as in:
Our ergonomic chair is designed with your comfort in mind – the 56 degree reclining position gives strong support to your lower back, meaning you never experience back pain and are able to rest for hours on end without the need to fidget, adjust or change seats.
Our fine mountain ram’s leather upholstery feels like heaven against your skin – you experience relaxation with a sense of luxury, and your guests will be impressed by the rich look and sense of style afforded your living room
Here we see how the customer clearly benefits – physical comfort, no back aches from sitting too long, gaining a feeling of pride or prestige from guests who admire your excellent choice of home furnishings.
Never list, use or describe a feature without also telling potential buyers just how that feature will affect them in their real lives, how it will improve their lives, how it will enhance personal comfort, deliver a feeling of pride, satisfaction, gain, and so on.
A great way to discover what your product benefits are is to make a “You get” list. Write down “You get” 10 times on a sheet of paper, and then name specific benefits to follow each “You get.” If you write, “You get a 230 horsepower engine…” you have listed a feature. That’s not enough. Complete the process by also saying, “You get a powerful 230 HP engine that never leaves you stuck or sluggish at a roundabout and thrills you when you take tight curves on a carefree drive in the country…”
Just remember – a feature is most often some physical aspect of your products, but the benefit is all about the customer and what the customer gets, experiences and is satisfied by. The latter – benefits – is what really sells.
What about YOUR Compelling Customer Value Proposition? Have you crafted Yours? If not have a look at this video
Weekly Newsletter 02 03 2018
Are You a Micro-Manager? Here Are 3 Ways to Change.
Every business owner knows how to wear a lot of hats. When first striking out on your own, you have a hand in finances, marketing, product design, and everything in-between. But as your company grows, you need to empower your employees to feel that same sense of independence.
Autonomy is one of our fundamental human needs – an essential component of a healthy workplace – our need to be driven by personal interest and enjoyment.
Employees that feel empowered are happier, more motivated, more committed to their jobs, and less stressed. The latter is especially true for demanding workplaces since independence gives workers a sense of control in stressful situations.
The benefits for business owners are clear. Consider these three tips to give employees independence without giving up control:
1. Specify the goal, not the means.
To encourage creativity, give clear guidelines for a project’s quality, deadline, and purpose, but leave the rest up to your employees. Your team may not execute the project exactly as you would have, but their strategy may be just as good or better.
2. Set up checks and balances.
As a business owner, you need to be passionate about your ideas, but that enthusiasm can become a liability when there’s no room for second opinions.
3. Know yourself.
As you allow others more freedom and responsibility, understanding yourself can help ease the transition. Try taking a free, online personality test to assess your strengths and weaknesses.
It’s important to understand your own feelings and have a sense of what others are experiencing around you, which is referred to as emotional intelligence. You can then identify what motivates each of your employees and empower them in ways they’ll find fulfilling.
Weekly Newsletter 02 03 2018
Four Dangerous Traps Online Marketers Must Avoid.
I hope you have enjoued our first Weekly Newsletter.
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Dr. Michael J Freestone.