2016-11 NOVEMBER
How to Survive the Modern Sales Cycle
Sales cycle steps will always exist in one form or another, but the mechanism of their execution has changed. As more and more of the steps have moved online, the traditional roles of sales and marketing need to adapt to dealing with better informed customers who think they know the solution; today it’s often just a question of who is OK and cheapest.
Companies have made product information available over the Internet. That sounds great, but the Internet is an anonymous place, so you may no longer be able to identify prospects early.
How can you optimize your business for this new sales cycle?
- Interview your top salespeople and integrate their best practices into your content.
- Understand how your customers think about their business and what makes it tick then use your web presence to influence prospects early in the sales cycle.
- Become more adept at identifying prospects online.
- Integrate your online presence and your sales team seamlessly.
- Embrace new sales and marketing tools, such as Customer Relationship Management or "CRM" systems.
- Analyze your data and use it to formulate sound plans as you develop your overarching strategy.
The Law of Negotiation Preparation
The Law of Preparation says: 80 percent or more of your success in any negotiation will be determined by how well you prepare in advance.
Action without planning is the cause of every failure. Negotiating without preparation is the cause of just about every poor deal you get.
The first corollary of this law says: “Facts are everything.” Be sure to get the facts before you begin negotiating, especially if the subject is large and/or complicated. Don’t be satisfied with the apparent facts or the supposed facts, or the obvious facts, or the hoped-for facts, or the assumed facts.
The second corollary says: “Do your homework; one small detail can be all you need to succeed in a negotiation.” In his best-selling book My Life in Court, the famous trial lawyer, Louis Nizer, explains how he was able to win life and death cases for his clients because of the exhaustiveness of his preparation.
Corollary number three says: “Check your assumptions; incorrect assumptions lie at the root of most mistakes.” One of the assumptions that almost everyone makes when negotiating is that the other party wants to make a deal. This may not be true; test this assumption.
from "THE 100 ABSOLUTELY UNBREAKABLE LAWS OF BUSINESS SUCCESS" – Brian Tracy
How to Market to a Millennial Audience
Despite what many marketers think, advertising to Millennials isn't that hard. The Millennial generation spends the majority of their time online. They live on Facebook, Twitter, and other social media platforms. Here are six ways to improve your Millennial marketing.
End everything with something actionable. If you want your product or brand to stand out, give them a reason to stop and study your content. Even a small commitment like asking for a comment, like, or re-tweet can go a long way.
Pay more attention to influencers. Tap into social media influencers by reaching out to them or even sponsoring them to promote your product.
Emphasize the value you offer. Make your product stand out by offering Millennials something that relates to their everyday issues. Connect with them on a personal level.
Develop an online persona. Develop an online persona for your brand and reach out to your audience using this persona.
Create highly sharable content. Create content that is easy to share and relatable.
Optimize for mobile devices. Most Millennials browse the Internet on mobile devices like cell phones and tablets. You can lose traffic if your website isn't optimized for mobile.
7 Truths Your Millennial Employees Won’t Tell You…Before They Quit
Millennial Generation employees are extremely important for the workforce. Do you have a strategy to attract and retain the brightest young professionals?
The cost of Millennial employee turnover is high and more than 60 percent of Millennials quit in fewer than three years. Why? The answer is complex, but here are seven truths your Millennial workers are thinking, but won’t tell you:
- I don’t have a voice. When Millennials don’t have an impact, they disconnect from their employer.
- There is no room for advancement. If there isn’t room for growth, Millennials see their position as temporary.
- The company’s values are not aligned with my values. If Millennials notice a stark contrast between their values and their employer’s values, they will leave.
- A competitor is offering me more money and more flexibility. Bonuses, profit sharing, merit-based raises, and flexible working schedules are important.
- Leadership is out of touch and preoccupied. Millennials value collaborative and positive work environments, innovation, and inspirational leaders.
- I’m overworked; there is no balance. Work-life balance is critical.
- I would stay, if you valued me. Millennials prize teamwork. Social networks, clubs, and meet-up groups are popular and instill a sense of belonging.
- Reprinted with permission, courtesy of Porschia Parker, Founder of
Fly High Coaching and the Millennial Performance Institute. Copyright 2015.
US Election 2016: How the Result Will Affect Canadian Businesses
General analysis of the two U.S. presidential candidates shows Hillary Clinton to be a realist, but with strong “left of center” support she will be forced to lean left. Donald Trump has a strong conservative approach but will find it more difficult than expected to move the needle drastically to the right.
However, the upcoming election is not merely about one person. Other big issues to watch are:
• Congressional races, where future legislation is enacted, stalled, or scrapped completely, and
• The impact on the Supreme Court, which could last for decades.
The U.S. elections can have a big influence on four areas in Canada:
• The housing market. A Trump victory might cause a spike in prices, according to some, while a Clinton presidency could mean a slowdown in price increases.
• The loonie-to-USD exchange rate. If the market reads the outcome as negative, the dollar could weaken – bad for Canadian exports.
• Immigration. It’s unclear how immigrant-owned businesses might be affected, particularly by a Trump win.
• The long-suffering Canadian oil industry. A Trump presidency could revitalize the Keystone XL oil pipeline deal, reversing some job losses, while a Clinton term is more likely to support the status quo.
Retail Forecast 2017: Confident Shoppers, Growing Sales
For retailers, 2017 promises to be a good year. Consumers are expected to have more spendable money over the coming 12 months, thanks to anticipated increases in employment and wages. And major drivers of the economy – such as business investment and housing construction – are expected to continue their modest growth.
The fortunes of retailers depend on a growing economy and for the next 12 months, economists expect a vigorous increase in the Gross Domestic Product. For 2017, Moody’s expects GDP to grow 2.9 percent. That’s a healthy increase from the 1.6 percent growth expected when 2016 numbers are finally tallied.
Another area contributing to growth will be the housing market. Although starts are expected to be down somewhat from the previous two years, an easing in the credit market will help buyers and those new households will have to be furnished with lots of consumer goods.
But while a good year is expected for retailers, they must also address the challenges of rising labor costs and moderation in the number of consumer shopping trips. The cost of personnel and rents are continuing to increase and productivity improvement has been fairly flat. Further, deflation caused by lower energy prices and a strong dollar could dampen profits as they have done in 2016.
You can’t make more sales if fewer shoppers are coming through your doors.
With more people shopping online, even businesses that don’t compete directly with Internet sellers are seeing customer counts go down.
Is your traffic down? Unfortunately, most retailers are unable to answer that question accurately because only 10 to 15 percent are using traffic counters. If you aren’t, the first step to solving this problem is to start counting.
Then you need to examine your marketing and understand what drives traffic to your store, perhaps improving your social media activity or sending out frequent newsletters.
In the full article online, you'll find deep information on the pressures that are upcoming and the strategies you can put in place to buffer your business from economic winds while discovering new ideas for turning a good economy into a great one.
Avoid Costly Penalties for Overtime Violations: New Regulations Raise Stakes
More people than ever are qualifying for overtime, thanks to new rules from the U.S. Department of Labor. If you’re like most employers, you’re experiencing a surge in your “nonexempt” workforce and payroll. Moreover, you may find it difficult to decide who is exempt from overtime.
The DOL rules escalate the risk of making employee classification errors. The qualifying salary floor for “exempt” employees was raised to $913 per week. Employees paid less, must be classified as “nonexempt” and be paid time-and-a-half when working more than 40 hours per week. Individuals paid more than $913 weekly are exempt from overtime – maybe.
What should you do? First, determine if your business is covered by the law. Here’s the rule: The law covers any business that generates over $500,000 in annual gross revenue and is engaged in interstate commerce. But things get complicated fast. For example, even having credit cards processed in another state could qualify as interstate commerce.
Further, the $500,000 revenue limit may not save a very small store from the new rules. A business that does not generate $500,000 in annual revenues can still be subject on a “per employee” basis.