Bay Area Mastermind

How to Get Your Money's Worth from Sales Training

2010-02-02T19:03:44Z

Are you thinking that maybe it is time to brush up on your sales skills? How about your company? Are there salespeople in your organization that could benefit from training to improve their skills and positively affect the bottom line?

Many industry reports and articles are coming out these days talking about the new sales environment and how some of the old tried and true methods of selling are just not working. So it is no wonder that many proactive business people are looking into sales training.

]]> Nevertheless, with the current economic environment it is critical that any assets used need to provide a return. This is not only limited to the money spent, but involves the time and effort expended to participate in any training program. So what do you need to be aware of before investing in a sales training program? First, determine what you are looking to accomplish by investing in a sales training program. What you do not want to do is invest in a program with the hope of using the information in the future. This is a common situation that is seen in the internet guru market. The programs are often sold as the next best thing. However, most beginning level internet marketers cannot use the techniques and strategies. So they buy the program and hold on to it in hopes that in the future they will be able to use it.

When looking at sales training programs make sure that the program will targeting the skills and techniques that are in need for your market. If you are considering providing sales training for your sales force take the time to do a proper evaluation as to what specific challenges the sales team is experiencing before investing in any program. A good sales training organization can tailor fit their training to meet your needs. Stay away from "off the shelf" materials unless they are specific to your needs.

Secondly, be realistic of what to expect from a sales training event. Remember there are no magic bullets that will produce immediate results. Any training is limited in what it can actually do without practice and serious effort. As Brain Tracy used to say, it takes 21 days of consistent practice to make something a habit. Without practice and repetition most people will resort to what they have always done because that is what they know and feels comfortable. Finally, in order to get the most of any training it will be necessary to set up a schedule to practice and review the materials. If the sales training is provided for a sales team it would be a good idea that brief follow up sessions be scheduled with the sales trainer to reinforce what was learned. Despite what we would all like to see it is virtually impossible to remember everything that is taught after just one exposure to the information. In conclusion, it is a good time to hone your selling skills and those of your sales team. The selling environment has become more competitive and only those truly professional and polished sales people will dominate in the marketplace. At Bay Area Mastermind we provide sales training for both individuals and organizations. Call our offices (888) 485-8122 or email us for more information about our programs. Bay Area Mastermind can help you determine what your needs are and help you put together a winning program.

Why Your Industry is Getting in Your Way

2010-01-08T19:54:16Z

Are you in active in your industry's trade organizations? Have you frowned upon business groups with members in unrelated industries?

We often hear from folks after exposing them to a successful strategy in a different industry the technique "won't work in my industry."

Earlier today I read an interesting article in the latest edition of Wired Magazine about The Science of Failure and they had an fascinating story about a group of lab scientists that I think you'll enjoy.

What do lab scientists have to do with your business? Read on...

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When we look at a problem from the outside, we're more likely to notice what doesn't work. Instead of suppressing the unexpected, shunting it aside with our "Oh shit!" circuit and Delete key, we can take the mistake seriously. A new theory emerges from the ashes of our surprise.

In looking at scientific research, scientific researcher Kevin Dunbar noted that the scientific process is often viewed as a solo journey - the solitary scientist working to miraculous discoveries all by themselves. In reality, the biggest breakthroughs typically come from lab meetings, "those weekly sessions in which people publicly present their data."

Dunbar observed that the skeptical (and sometimes heated) questions asked during a group session frequently triggered breakthroughs, as the scientists were forced to reconsider data they'd previously ignored. The new theory was a product of spontaneous conversation, not solitude; a single bracing query was enough to turn scientists into temporary outsiders, able to look anew at their own work.

As an entrepreneur, do you often find that you're working alone, trying to take your business to the next level and nobody can really relate to what you're trying to do? That is, until you go to your industry trade meetings, or speak with those in your same field.

But is keeping the conversation in your own field really beneficial?

Back to the labs...

But not every lab meeting was equally effective. Dunbar tells the story of two labs that both ran into the same experimental problem: The proteins they were trying to measure were sticking to a filter, making it impossible to analyze the data. "One of the labs was full of people from different backgrounds," Dunbar says. "They had biochemists and molecular biologists and geneticists and students in medical school." The other lab, in contrast, was made up of E. coli experts. "They knew more about E. coli than anyone else, but that was what they knew," he says. Dunbar watched how each of these labs dealt with their protein problem. The E. coli group took a brute-force approach, spending several weeks methodically testing various fixes. "It was extremely inefficient," Dunbar says. "They eventually solved it, but they wasted a lot of valuable time."

Sounds like an industry trade meeting...

The diverse lab, in contrast, mulled the problem at a group meeting. None of the scientists were protein experts, so they began a wide-ranging discussion of possible solutions. At first, the conversation seemed rather useless. But then, as the chemists traded ideas with the biologists and the biologists bounced ideas off the med students, potential answers began to emerge. "After another 10 minutes of talking, the protein problem was solved," Dunbar says. "They made it look easy."

Now THAT sounds more like a mastermind meeting.

When Dunbar reviewed the transcripts of the meeting, he found that the intellectual mix generated a distinct type of interaction in which the scientists were forced to rely on metaphors and analogies to express themselves. (That's because, unlike the E. coli group, the second lab lacked a specialized language that everyone could understand.) These abstractions proved essential for problem-solving, as they encouraged the scientists to reconsider their assumptions. Having to explain the problem to someone else forced them to think, if only for a moment, like an intellectual on the margins, filled with self-skepticism.

This is why other people are so helpful: They shock us out of our cognitive box. "I saw this happen all the time," Dunbar says. "A scientist would be trying to describe their approach, and they'd be getting a little defensive, and then they'd get this quizzical look on their face. It was like they'd finally understood what was important."

So what are YOU doing to mix yourself up with experts and like-minded entrepreneurs in OTHER industries besides your own? Who do you bounce your ideas off of?

If you're not part of a mastermind, you owe it to yourself to check one out.

Many of the greatest minds of our time and of generations past were in Masterminds, and many of today's business leaders are, too.

It's where we share our ideas, get real feedback about our ideas, and most importantly find out what's working in unrelated industries that we can use in our business right away with the same or better success.

Year End Economic Review and What's in Store for 2010?

2009-12-31T21:42:43Z

On this new year eve we are looking to celebrate not only the new year but the start of a new decade. This is a good time for us to take a look back and see what we have achieved these last 10 years, and also look forward to the next period in our lives.

In this post we will take a look at where we stand now economically speaking and what 2010 has in store for us given the current state of the economy. We will also take a brief look at the opportunities that are now present and some that will shortly be appearing. So let's jump right into it.

]]> Undoubtedly, there are a lot of economic variables moving around that may at times give us contradicting indications and time just does not allow us to examine all of them. So here are the highlights:

The Stock Market
One of the first areas to look at is the stock market. As this post is being written, the Dow is hovering around the 10,545 range. For many, this represents a nice rebound since the Dow finished 2008 at 8776. However, today's "high" reading is no higher than where the Dow was in 1999 and in 1999 dollars the Dow would only be about 8200. This means that in order for the Dow to return to 1999 levels it would have to rise another 28%. Therefore, although it is moving in the right direction there still a long way to go before we regain our previous equity values.

City and Local Government Services
The economic impact has been especially difficult at the state, county and city government levels. The loss in property taxes and sales tax has continued to hamper many local government budgets prompting some to consider four-day work weeks. This is one trend that will not be improving in the coming year due to the continued foreclosures and lack of consumer spending. We can expect to see government services continue to be cut with many outreach programs taking the brunt of impact. Also, be prepare for some government agencies to begin aggressive campaigns to go after monies owed to them in order to make up for the shortfalls.

Consumer Spending
According to MasterCard Advisors' recent SpendingPulse report, U.S. retailers saw stronger performance during the 2009 holiday shopping season, with sales up 3.6 percent. The report showed that part of the increase was due to a 15.5% increase in online purchases. This is better than what retailers experienced in 2008 where they saw the worst holiday performance in decades. Yet, Kamalesh Rao, director of economic research at SpendingPulse, cautioned that the return of retail spending was "tentative" and remains far below 2007 levels.

Even teenagers are beginning to cut back and lowering their expectations according to a New York Times. This has resulted in double digit sales decreases at stores such as Abercrombie & Fitch, Hot Topic and American Apparel. The fact remains that with the increase in unemployment and continued tightening in credit, the ability for consumers to spend as before has changed - perhaps forever. Going forward consumers will continue to be more careful on what they spend and make adjustments to their standard of living. However, the affluent consumers are not as affected and opportunities are available there as long as the value proposition is right with this buying group.

Advertising
The frugality is not limited to just consumers. In a recent report, The Boston Consulting Group surveyed 434 firms in seven countries each with more than $1 billion in annual revenues to see where they saw themselves. More than two- thirds of the respondents said they
expect lower profits in the future. The report also showed 87% stated that they felt consumers would be highly price sensitive. In response to these sentiments, many of these businesses were looking to make cost cutting initiatives in the new year.

Paralleling this story, Yahoo Sports reported that Pepsi will not advertise in this year's Super Bowl on CBS. Likewise, FedEx also stated that it will not be advertising in the Super Bowl again in 2010. In previous years a 30 second spot had cost on average $3 million. The 2010 cost for the same ad has now dipped to as low as $2.5 million. The drop in advertising
costs is not only limited to big networks. A look around shows that all media has dropped their prices in recent times. This opens up new opportunities for businesses who before could not afford to reach these audiences. Expect more deals to be made in all advertising channels.

Residential Real Estate
Existing home sales volumes are off 30% from the peak and have returned to 1998 levels. A key point to notice is sales volumes are being propped up by government interventions such as the tax credit, and aggressive FHA lending. But for the government's intervention,
there would be far fewer home buyers today and house prices would be falling even further. A major concern to the residential market will come this spring as more prime loans are expected to adjust coupled with an increase in unemployment numbers.

Commercial Real Estate
The year 2009 was a terrible one for commercial real estate. Devaluation and liquidity problems will continue to play out in 2010 especially as many loans come due. How will this play out? Nobody knows for sure. Nevertheless, there are some bright spots that
are already emerging. Liquidity is returning to the market, and there is increased lending activity by life insurance companies. Also the market has witnessed the successful execution of the first securitizations in more than 18 months. Another bright spot is the incredible argains that are available across the country.

The Fight for Talent
Believe it or not, some businesses are finding it tough to hire the employees they need. Even as we are still in a recession, there are a range of companies that have not been able to fill some critical job openings. The positions in demand are in science, technology, health care, as well as machinists, welders and other highly skilled laborers. This problem will continue to increase not only in 2010 but beyond as many of the baby boom generation continue to retire and the supply of these highly skilled employees dwindle. One thing that is for sure is that our educational system will have to change to meet the shortfall of skilled employees. This will mean that at least in the short run, businesses may have to take the lead to train this new workforce.

In conclusion, we have briefly reviewed changes that will have an impact on how we live and what we do for a living. While the changes that are occurring may appear to be frightening at the onset, there also are hidden opportunities lying within. In some cases, it may mean the opportunity of a lifetime to buy or participate in markets that were previously unavailable.
In other cases, it may mean a change in employment and lifestyles that may benefit us in ways we can only imagine.

One More Thing

This post was a bit longer than than normal and yet there was so much that I had to leave out due to time. For this reason we have scheduled a teleseminar where we will go into more details on each of these areas as well as highlight some other economic areas that could not be mentioned here. Let us know if you would be interested in being part of this teleseminar by just emailing us or calling out office. From all of us at Bay Area Mastermind we wish you a prosperous and Happy New Year.

The Top Scams of 2009

2009-12-29T23:10:20Z

As we come to the last days of this year we often take a moment to reflect back on what occurred over the last year. Well, today the the St. Louis Better Business Bureau released its list of the 13 most common consumer rip-offs of 2009. I am sure that as you read these you will see some that came across your computer screen or are in your spam folder.]]> Here is the list in no particular order:

Advance fee loans: Legitimate debt-refinancing companies don't charge fees in advance.
Door-to-door sales: Salespeople use high-pressure sales tactics to obtain payment for items that either never arrive or are different from what was promised.
Friend/family in distress: Sometimes called the Grandma Scam, a victim gets a message someone impersonating a friend or family member. The fraudsters say they are outside of the country and need money quickly. The victim is asked to wire thousands of dollars to pay lawyer's fees or to post bail.
H1N1 flu scams: Consumers were contacted in a variety of ways in an effort to scare them into purchasing bogus cures or health information that might be incorrect or widely available for free.
Lottery and fake check scams: Victims receive notification letters that include a bogus check. The letter asks the "winners" to wire-transfer funds to cover taxes or other fees.
Job hunter scams: Job seekers are asked to pay a fee or provide personal information --
like a bank-account number or Social Security number - to be considered for employment. Of course, there is no job.
Memorabilia: Many items are sold at inflated prices and have little more than sentimental value.
Mystery shopping: A variation of the fake-check scam. Newly hired "secret shoppers" are asked to test a wire-transfer service by sending their own money. Needless to say, they'll never see a refund or a paycheck.
Office supply sales: Telemarketers call businesses offering office supplies at a discount, often saying their company is relocating and must liquidate inventory. Some imply a boss already has approved the order. Bills are inflated, and refunds are difficult to obtain.
Phishing e-mails: Whatever the setup, the goal is to trick victims into divulging sensitive financial information or to infect computers with viruses and malware.
Robocalls: The prevalence of robocalls violating federal telemarketing laws prompted the FTC to restrict the practice this year
Teeth-whitening offers: Consumers who thought they were signing up for a free trial of teeth-whitening products say they were repeatedly billed for products and services they didn't't want.
Weight loss pill free trial offers: As with other "free trial offers," the BBB received thousands of complaints from consumers that these offers end up costing money by automatically enrolling them in programs that charged monthly fees to their credit cards.

So there you are the top scams for 2009.

The sad result of all these bad acts is that it has caused more regulations to be issued that have actually indirectly affected some legitimate businesses.

At Bay Area Mastermind we focus on keeping our members aware of the changes that are constantly occurring in the business world in order to help them stay one step ahead and succeed. Check out out Test Drive for more information.

Best Wishes For a Safe and Happy Holiday

2009-12-21T18:56:35Z

As we come down to the last few days before the Holidays we at Bay Area Mastermind want
to wish you and yours all the best this season and a prosperous New Year.

This time of the year is full of fun and excitement and unfortunately at times that can mean a trip to the emergency hospital if we are not careful. I recently came across several key points that physicians' groups are suggesting we think about during these festive times.

]]> "It's important to make your health and safety a priority and to take some time to plan ahead," said, Dr. Nick Jouriles, president of the American College of Emergency Physicians a group news release.

So Here are the 11 tips The physicians' group offered for staying safe and healthy during the holidays:

Be responsible when drinking alcohol. Always have a designated driver and drink in moderation.
Be careful when using sharp objects to open gifts. Don't use a razor blade when a pair of scissors will do the job.
Don't leave food out for long periods of time because it increases the risk of bacterial food poisoning. Cook food thoroughly and refrigerate it immediately after a meal.

Use proper-sized ladders when putting up and taking down decorations. Always have someone else help you, especially to hold the ladder.

When tobogganing or sledding, wear helmets and stay in low-traffic areas with few obstacles such as trees, shrubs or large rocks.
Clean all fireplaces and make sure all fireplaces, heaters and stoves have proper ventilation. Install and frequently check carbon monoxide detectors.

Don't overload your electrical outlets with decoration plugs. Doing so could start a fire or cause a serious electrical shock.

Ensure that Christmas trees and decorations are secure, anchored down and sturdy, so that they can't fall or be pulled down by children.

If you give your child a new bicycle, skateboard or similar gift, make sure you also give them a helmet and other appropriate safety gear -- and then insist that they use it.

Don't shovel snow if you're out of shape or elderly or have a history of heart problems.
Have aspirin available to you at all times in case of chest pains. If you feel chest pains, chew an aspirin and seek emergency medical help.

If you have high blood pressure or heart problems, don't overindulge in holiday food and avoid excessive salt intake

These 11 items just happen to be some of the most common issues that these physicians see at the ER during the holidays.

Happy Holidays and we look forward to seeing you at our next meet.

How to Steal and Disseminate for Profit and Gain

2009-11-13T00:36:31Z

Creativity is one of the best skills that any small business owner can do to increase their profitability and market share. At times just being able to find creative ways to sell products and services can make the difference between success and failure.

At Bay Area Mastermind we have always emphasized the power of taking an idea that is working in one business and then using that idea in our business. So let's take a look at one business that did just that.

]]> A recent article in the New York Times showed how two young entrepreneurs took the Netflix business model and applied it to designer dresses. This new venture called, "Rent The Runway", allows customers to rent designer dresses for a fee of $50 to $200 for a four night loan. Just like Netflix they ship the dress to the customers home and provide a prepaid return envelope that allows for the customer to just drop it in the mail. The dry cleaning expense is built into the cost of the rental, and customer can even buy insurance to protect the garment if something should happen to it.

Most of the dresses that are available retail from $1000 to over $2000. Given the economic uncertainty that most people are experiencing, this business model is appealing. Now, women can have the perfect dress for that special occasion and not feel that they have to break the bank to look good.

In order to make their service more appealing Rent The Runway has decided to offer the service by invitation only. The exclusivity factor has increased the desirability of the service along with protecting the pricing model.

Truly these folks understand their clientele and the opportunity that the change in the economy can bring. If you want to find creative ways to grow your business why not take a Test Drive of our mastermind meetings and see what the possibilities can be.

Thinking Outside of the Box: Cash for Clunker Couches

2009-10-27T23:24:28Z

Everyone always talks about "Thinking outside of the Box", but who's actually doing it?

Local Mastermind Member John Knight is. His furniture company, Rockridge Furtniture "zagged" while everyone else was "zigging" and he ran a marketing campaign for "Cash for Clunker Couches."

Most competitors would shudder at the thought of such a marketing stunt, but the result was more foot traffic, media coverage and increased sales.

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That's just one of the many ideas that come up at our Mastermind Meetings. The difference between thinking and implementing is what sets successful entrepreneurs apart from day dreamers.

So Ask Yourself This:

What can you be doing differently in your marketing that sets you leaps and bounds apart from your competition and results in you getting more customers in the door and increasing your sales?

Got an idea? GOOD. Now go DO it!

5 Time Wasters of Busy Entrepreneurs

2009-10-10T03:03:34Z

The most precious commodity in the universe is time. We all know that we only have 24 hours in a day. However, when you subtract sleeping, eating, and basic living necessities we actually only have between 12 and 16 hours each day. Making sure that we do not waste any of those precious hours is a task for anyone in this economy and especially for busy entrepreneurs. So in this post we are going to take a quick look at five time wasters that just steal your time. By being aware of these time vampires we all will be able to get more done and make more money.

]]> Email
Most people begin their day by opening their email and immediately their day is now being controlled by whatever is showing up in the in-box. Another problem is the number of times that we check our email. According to RescueTime, a company that analyzes computer habits, a typical worker checks email more than 50 times a day. When you think about it that's once every 9.6 minutes.

One way to avoid getting sucked into this time vortex is to set a specific time of the day that you will read and answer your email. Most emails are not urgent although they may be important. As long as you respond within a reasonable period of time most people will be fine not having an immediate response. Also, think about what you are saying with your actions if you are responding to emails immediately. In some ways you are training those folks that you are always around and available. This could cause unrealistic expectations to develop and increase the number of interruptions throughout the day (see below).

Social Media
Ever lose track of time with Facebook, Twitter, LinkedIn or YouTube?
I was speaking with one business owner recently who told me that they only spend four hours a day on social media. Given what we said above that is a lot of time that could be used making money. Online socializing even when used for business purposes-can be a time waster if it interferes with other projects.

Now I am not saying to get rid of social media. Rather control the amount of time you are involved with social media. Begin by giving yourself permission to check in online with others. Next, designate a set amount of time each day for online social sites. If you really think about it in 15-20 minutes, you can update your status or send a few tweets.

Attending Unnecessary Meetings
There are a lot of organizations that have their people constantly attending one meeting after another. So we have to be careful not to get caught up in meetings by customers. Especially if we are not getting paid for attending. A few years ago Dan Kennedy shared a story with me where he was called into a meeting with a fortune 500 company. He arrived on time but the rest of the staff was late. In fact, they did not show up for over several hours. The good news is that he brought work to do while he waited and was being compensated for his time. However, there are a lot of entrepreneurs that get sucked into being part of a meeting and do not receive any compensation for their time. In most cases the meetings are not that important to begin with.

Interruptions
There's nothing worse than someone who asks for just a minute of your time. Most would agree that it is never a minute. If you are lucky it is only 10 minutes. However, the problem is that these interruptions take you away from being focused on whatever it was you were doing. Getting back into flow is difficult and those 10 minutes can easily cost you a lot more time just getting going again.

One way to handle this problem is to begin by letting others know that you will be unavailable between certain times. You will need to reinforce this by either closing your door and putting a sign on it and placing the phone on do not disturb. Also, setup a time when anyone can get a hold of you. Perhaps during a non productive part of the day.

Multi Tasking
Yes, we all believe that we can multi task and get more things done in shorter periods of time. This is a myth that many studies recently have been able to discredit. Instead of getting more done what we end up doing is breaking up our concentration between all the tasks that we are trying to do.

This actually results in either not doing a very good job at any one task, or taking longer than if we would have simply focused on each task independently. It also ends up wearing down our productivity. So we just have to get rid of the habit and focus on one thing at a time.

One of the areas that we focus on at Bay Area Mastermind is improving performance standards of our members by sharing with them the latest research and techniques that maximize performance. If you would like to learn how to get more done in less time, try checking out the "Test Drive" and take your business to a whole new level of growth and profitability.

Is There Really a Recovery Underway?

2009-10-08T01:26:38Z

As we begin the final quarter of 2009 let's take a moment to see where the economy is. By most accounts December 2007 was official day that most economist recognize as the beginning of the great recession. On the positive side looking at just GDP we are now beginning to get out of the Great Recession.

]]> Yet, most will agree that the unemployment figures are still very high and instead of decreasing they continue to go up. In fact, September was the 21st straight month of increasing unemployment figures that we have experienced.

According to the U.S. Labor Department there was a net loss of 263,000 jobs during September. Initially job loss estimates were expecting to be a lot less at 180,000 jobs. The reports showed that a substantial portion of the job loss came from local government employment. Now the last time that the economy actually added any jobs was December 2007, making this the longest recession in recent history.

The loss of employment has the results of creating a vicious cycle in our economy. As would be expected the disappointing numbers cause most consumers to lose confidence and then pull back on their spending. This then leads to businesses cutting back and laying off more employees. Similarly there are other businesses that will not begin to add jobs until they see more sales and business activity.

This being said, many economist are predicting that this Christmas season stores will be
force to significantly discounting a lot in order to bring consumers in back into the stores
and then there will still be resistance.

In summary what all this means is that until the economy begins to show improvement in employment numbers, we will not experience a real economic recovery.

Why Having The Best Darn Widget Does Not Guarantee Success in Business

2009-09-30T22:59:31Z

Many times I am asked by clients to review their business model
in an effort to help them with their marketing or business development.
There are many times that these same clients have actually developed a product that they feel is superior in performance and appearance.

When I ask them why anyone should prefer their product to any other similar products they always tell me that their product has one or more features that make it better. In this post we will look at the importance of innovation, the traps and the advantages and how to prosper from it.

]]> While making a product better is not a bad thing in and of itself, we must remember that
without focusing on the benefits to the potential consumer it is only a feature. At times
manufactures get caught up in the race to develop the latest and fastest product. This type
of competition can turn out to be frustrating and too expensive for the average entrepreneur.
Many large corporations have lost millions in shareholder wealth trying this strategy.

A new article that came out today illustrates what I am talking about here.

As many of you might remember Apple had introduced the MacBook Air in January of 2008. At the time everyone was amazed by the thinness of the laptop and what it could do.

Then by November of the same year Levano introduced ThinkPad X300 and demonstrated how it had more features than the Apple MacBook Air.

Now less than a year later, Dell has emerged with the Latitude Z.

One feature that makes this super thin laptop special is that it comes equipped with the latest wireless recharging.

Until now this feature was available for some cell phones, but not for laptops. The Latitude Z like the other two thin laptops are aimed at salespeople, entrepreneurs and others who frequently work away from the office.

So what does this mean to an ntrepreneur with who has developed the latest widget?

Business history has shown us that a new product feature has a limited shelf life. If it is a feature that is in demand by the consumer someone else will develop a comparable one that is cheaper,bigger, smaller, faster, cooler looking, etc. Therein lies two lessons.

One, innovation is not a one time thing. In other words you can not come up with the greatest widget and simply sit back and collect the cash. All entrepreneurs have to constantly innovate and improve or someone else will do it and take away the market share. This lesson is not only for entrepreneurs who make products it is also the same lesson for all business models. Even service based business. Anyone who is successful in making money is ultimately copied by others and will lose their business unless they continue to innovate. Talk to any successful internet marketer and they will tell you that at best they have 90 days before someone will come out with a similiar product.

Second, most entrepreneurs can not rely on build a stable business by just innovating alone.
Rather, what is the foundation of most successful businesses is the customer base and the relationship with that customer base.

A key step is to focus on the needs of the customer and really knowing what they need and want then innovate for those desires. In some ways this may be the opposite of what the majority is doing. Maybe therein lies the advantage?

So how do you innovate continually and get new and exciting ideas?

One way is to be part of a mastermind meeting where you can share ideas and take concepts that are working well in one field and apply them to your business. Some of this countries greatest minds like Edison, Carnegie, Ford and others used the power of the mastermind to help them think out of the box and stay ahead of their competition. You are invited to "Test Drive" a mastermind session for yourself and stay ahead of the competition.

3 Strategies to Help Anyone Who Has Bombed a Sales Call

2009-09-29T20:37:58Z

Just about everyone in business is selling these days. The ability to sell and persuade customers is a skill that takes some time to develop and is among one of the highest paid activities any business owner can do.

Nevertheless, just about everyone that has sold something can relate to the sinking gut feeling you get when you have blown a presentation. I am talking about the situations where you know there is no chance that you are going to get the business. These are the times when the drive back from the presentation feels like an eternity and it is affecting your mood as well as your productivity. The more you think about it the more upset you become.

So what can you do when these situations occur and how can you get your game back?

]]> The important thing is how you handle the mishap not that a mishap occurred. Too many times we all try to focus on being perfect and never having a bad day. The important thing to remember is that not everyone will buy from us.

Many times it is not our presentation that has led to our loss. There are many reasons why customers do not buy or why a good presentation can go wrong. Many times it has more to do with external factors beyond your control. However, despite the reasons here are three things that can help:

What Happened?

Take a moment as soon as you can to review what just happened. One of the best ways to do this is with a mentor or coach. When you use a mentor or coach they can view the situation from a non bias viewpoint and help you understand why the presentation flopped.

At times you might be surprise to hear that there was nothing you could do and that the problem may actually been your customer. In doing this postmortem of the last sales call you want to observe what you did right in order to reinforce those behaviors. This process is based around learning our strengths and constantly improving our approach. It is not about beating up ourselves about what we could or should have done. This is important to remember because beating up ourselves can develop negative self talk that will end up affecting our self esteem and confidence. Sure you want to review any major mistakes in order to avoid them in the future. You just don't want to dwel on the negative and make things worse

Go For A Run

There are times that just taking a break from the selling activity may be the best medicine.

Working out helps get rid of the stress and toxins that might have build up in your body. The increase in blood supply to the brain will help change your mood and even make you more creative. Brain researchers like Dr. Daniel Amen (of PBS fame Change your Brain Change your Life) have stated that exercises is better than most antidepressants in helping people get back in a stable mood. So get out and do some type of exercise it will do you a lot of good.

Get Back on The Horse

Once you can shake off the bad vibes from the bad call or presentation, go call on another customer. The sooner you get back to selling your services the sooner you will have a success and that bad call will only be a memory. If another sale is not immediately available then call on a satisfied customer and build that relationship. By visiting on a customer who is happy with your products and services it will boast your self esteem and remind you that you are good at what you do.

It is fair to say that despite our best efforts there will be those days that we will strike out.
At times it will be our fault and at other times it had nothing to do with us. However, we can only strike out if we are getting up at bat and if we are giving our all. By moving forward and focusing on what we are doing right we can constantly improve and overcome the bad days. Also, remember that veteran sales people always have those losses as part of their war stories that they will share with the newbies. You will also have stories to share and teach others about.

Members of Bay Area Mastermind are able to enjoy the benefits of our mentoring and coaching services to sort out sales calls and strategize business opportunities. If you would like to find out more about these services check out the "Test Drive" tab or call our offices.

Creating a Unique Customer Experience

2009-09-23T03:08:05Z

Last week my wife and I were invited to be a guest of CH Premier Jewelers as they hosted the Patek Phillipe watch collection. For those of you not familiar with Patek Phillipe, it is one of the worlds top luxury watch makers that can trace their origination to 1839. So, if you like complicated watches and have an eye for quality workmanship this is the brand that you look to set the standard. Therefore, when I received the parchment invitation I quickly accepted.]]> The event was first class from the beginning to the end. First of all the event was hosted at the incredible Four Seasons Hotel in Palo Alto. From the moment we arrived the staff of the hotel were making sure that we found the ballroom by walking us personally to the event room. There the service staff began to offer us

something to eat and drink as our hostess greeted us. In the ball room a small group of customers were mingling with the executive staff of Patek Phillipe and the staff of the San Jose store of CH Premier Jewelers. Throughout the room there were display cases showing off the best of this years collection.

To add to the feeling of exclusivity the Patek Phillipe president was on hand and

personally showing off some of the rare museum pieces that were brought in from Geneva.

Many of these time pieces that were part of the museum collection dating back over a 100 years and had belong to very famous people of history.

Finally, after serving a wonderful four course dinner, and having lively discussions with all the participants, CH Premier Jewelers concluded the evening with parting gifts for each attendee. As we left we overheard many customers commenting how wonderful this event was and how this was an example of why they purchased all their fine jewelry with CH Premier Jewelers.

This event is an excellent demonstration of providing clients with a unique experience. Of course, this event was over the top and not every business can do this at this high level.

However,today, more than ever it is important to develop a deep relationship with our customers. Developing a long term relationship begins with understanding the life time value of a customer and by doing that we can understand what the level of investment we must make with them.

Obviously, CH Premier Jewelers understands that purchasers of this type of time pieces can mean a significant amount to their bottom line for years to come. They understand that investing now in a time when most jewelers have forgotten who their best customer are, can mean locking in a relationship that will be loyal for years to come.

Another thing to take away from here is the use of joint ventures to create an event. We all have vendors and other business partners who would mutually benefit from such a gathering. By joining forces you can share the expenses potentially making the event even that more special. Likewise, each party can contribute expertise in the way of speakers or such items as the rare museum pieces.

Key to making these types of events work is focusing on the targeted customer needs and making sure that in the end all the things you do will build the relationship with those valuable customers.

You Just Can't Beat Them Into Producing (Part 2)

2009-09-15T19:43:43Z

In part one we introduced some of the problems companies face when simply demanding more from their salespeople these days.

In this second part we will look at where the hidden costs are for most companies and what can be done to overcome a non producing salesperson or sales team.

Although what is discussed here pertain to a mid to large sales organizations, the same issues also affect small companies with only one or two salespeople. By taking note of these common misconceptions and the practical solutions presented here companies can significantly improve their bottom line

]]> Wait a Minute, These Reports and Projections are Full of Lies

The problem with simply demanding more production is the misconception that increasing

activities (in of themselves) will result in improvements to the bottom line. In most cases, the increase in sales related activities does not lead to more revenue. Rather, what happens is equivalent to a golfer incorrectly practicing his swing over and over. At the end of all that practice all he/she has done is perfected a bad swing.

In other words, wrong or bad sales efforts only end up producing little or no actual revenue.

A second serious problem is the assumption that the sales people already know what the right activities are and how to properly implement them for bottom line results. Truth be told there is more ignorance in effective sales strategies and procedures now than ever before.

This is due in part to the booming economy that all businesses have been experiencing for the last several years. Recent national surveys of sales organizations show that there are large pools of salespeople who have never had any sales training at all.

Now some of these salespeople do have product training and know the features and maybe the benefits of their products. Yet, just being able to explain the features and benefits of a product or service will not result in more sales.

After all, just about anyone can get this information about any product freely on the internet. As has often been said, today the customer is better informed than ever before. Not only does the customer know a lot about the product/service, but they also know about the competition and what they offer.

Therefore, what some businesses are finding out is their salespeople may be nothing more than order takers. Yet, what most businesses really need are professional and skillful consultative salespeople and they don't have that.

Is All Lost? Is There Anything That a Business Can Do?

The best way to avoid these common misconceptions and frustrations is to invest now in a sales training program that will not only give salespeople the necessary skills to be effective, but also determine what specific strategies and procedures are essential to increase the bottom line. A sales consultant (someone who is not part of the company) canl give an objective opinion of what the needs are of the salesforce and not be blinded by company politics. This is a time when egos and traditional management ideas need to be put aside for the good of the company. Companies simply can no afford to keep doing things the same way hoping to get a different result.

Next, by strategically understanding the customer's needs, and then implementing the appropriate activities to meet those needs, the sales force will be more effective. This often means not only sales training, but developing and implementing the proper organizational culture that will reinforce the training. I assure you that companies that have made this investment have translated those efforts into long term bottom line profits.

The good news is that many sales training and sales performance programs are cost effective and can provide you with a verifiable return on your investment in a short period of time.

Maybe I will Just Sit this One Out.

Now there will be those businesses that will refuse to do anything and just wait for things to get better. So given that cracking the whip did not work, all that is left is to fire the salespeople and wait it out. The idea and hope being the sales will come in (or not) with or without the salespeople, AND the savings on salaries will help the bottom line.

Ah, if only that were true...

Seriously, waiting for the economy to get better or for the sales force to take the initiative and obtain the necessary training is wishful thinking, and could put an organization on the course to financial ruin. As I stated above, companies that stop being reactionary and make the investment now will not only survive, but actually thrive during these times.

However, if history is any indication, most companies will not do anything and just repeat what they have done in the past. This is why the members of the Bay Area Mastermind and their companies succeed when others simply fail.

Each month we provide our members with key information and strategies to help them avoid common mistakes and grow their operations despite any economic uncertainties. If you would like to experience the Mastermind, take advantage of the Test Drive.

You Just Can't Beat Them Into Producing (Part 1)

2009-09-14T23:13:16Z

The recent economic challenges has caused many owners and managers to have a sense of urgency in bringing in sales like never before. It was not long ago when simply having the open sign turned on meant people would buy and revenues would come int. Not anymore.

The desperation caused by low sales numbers had resulted in businesses responding by demanding more from their sales personnel. It is believed that placing more pressure on the sales team will result in increased sales activity and make up for the massive loss in revenue.

]]> Many of these businesses believe that the loss of sales is due to a sales force that
is not working hard enough or taking the steps required to generate enough sales activity.
Although in certain circumstances this may be the case, it is not always the case.

The Beatings Will Cease When The Moral Improves!

So in response to the low sales the call goes out from management for the sales team to do: more outbound calls, more cold calling, more presentations, more proposals, and produce more reports. The sales force very quickly learns that quantity is more important than quality
and they begin to fill up their appointment books as quickly as possible. Anybody and
anyone is contacted whether they have a need or not. Not soon afterwards, proposals are
being produced and the pipeline reports are showing all sorts of activity.

Usually at this time sales managers either by their own directive, or as a result of executive management, begin to produce report after report. Sales data is collected from the field and analyzed in hopes of developing a favorable forecast of future revenue. Surely with all this activity and all this monitoring there will dollars appearing at the end of the day?

Then When you Thought You Heard It All....

A new "motivating" sales team contest is introduced in hopes that this will make sales force into trying harder. Now this is not the regular sales contest that you would expect to see if

things were going well with the company. No this "contest" has the look and feel of the famous scene from the movie, "The Boiler Room".

You might remember in the movie, the sales people are told that first prize is a new car, second prize is a set of steak knives, and THERE IS NO THIRD PRIZE (since you are then fired).

Sad to say, it is not uncommon to witness a company both laying off salespeople while at the same time announcing a "new" sales force contest.

In the end of this wild cycle of activity salespeople begin to look for new job opportunities while giving the company a bunch of activity to look busy and maybe save their jobs one more week. Once the salespersons finds a new position (greener pastures), they quit leaving a lot of empty promises in the pipeline. All along the company's revenue continue to drop off and expenses rise.

In part two we will look at what works and does not work when dealing with a sales team that might not be performing.

September's Business Insights

2009-09-07T20:24:09Z

In this post we want to cover some brief ideas that can give you some ideas for you and your business. Here you will find some ideas that can help you with your taxes, retirement, and give you a brief economic outlook. At Bay Area Mastermind our members always benefit from these insights and you can too by taking advantage of our "Test Drive".

Now let's take a look at some current business events.

]]> Roth IRA's

On January 1 2010, high incomers will get access to Roth IRA's. As the income limit on converting a regular IRA to a Roth IRA is set to disappear after this year. Upper bracket filers can get a head start this year on creating a Roth by setting up a regular IRA during 2009 and making nondeductible contributions to it. Then in 2010, they can convert it to a Roth IRA, paying tax only on any earnings. Check with you own financial adviser to see if this is something you can take advantage of.

Carry Back Losses

Time to take advantage of expanded loss carry back rules is running out. Companies have until Oct 15 2009 to elect to carry back a 2008 net operating loss for up to five years instead of two. If you have already filed for 2008 you can file an amended return to claim the longer carry back.

A Potential Additional Deduction

If you took out a 2nd mortgage to buy business equipment you can elect to treat the loan as if it is not mortgage debt and deduct the interest paid on it as a business interest. You make the election by attaching a statement to your income tax return. However, filling a late election will not work even if you relied on your preparer.

Buying Term Insurance

Now may be the best time to begin shopping for term life insurance as it appears that premiums have hit bottom. You may be able to lock in rock bottom rates if you act soon. One place to check is AccuQuote.com. There you can get quotes from dozens of insurers.

Retail Vacancies

Recent reports are suggesting that retail space won't top out until mid 2010 at the earlier.It appears that even strip malls that have traditionally weather economic downturns are feeling the pinch. Nationwide 2/5's are suffering with vacancy rates of 50%.

When we look at retail space on a per capita basis in isn't likely to grow much further. One reason is that the appeal of recreational shopping is going away as Americans boost savings and cut back on their consumption.

Savings Rate

So does this mean that Americans are increasing their savings rates. Yes and no.

The savings rate is growing from the lows of 1.2% of the last decade.

Some estimates expect the rate to stabilize between 7% to 10% over the next several years. What is effecting the rate is continued concerns over job security and the drop in net worth from stock market losses. Every percentage point increase in savings knocks off $115 billion off consumer spending.

Trade Deficit

The US is headed for the sharpest drop in the trade deficit in 18 years. The trade deficit is the gap between imports and exports and it will drop from $700 Billion last year to not much more than $300 billion this year.

This is mainly due to the reduction of consumption by U.S. consumers. Although this is positive news it does also reflect the weakness in the U.S. economy.

The information posted here is general in nature and everyone reading this is strongly advised to first seek the advice of their own financial and tax adviser as each individuals specific situation may differ.