3 Rules of Optimized Communications

Today’s blog is about some basic communication strategies to ensure that the right message gets to the right person.

Projects and business relationships fail because of improper communications. I guess this holds true for personal relationships as well. However, as this is a blog focused on business optimization strategies, we will keep personal stuff for another time.

Communications can be in the form of written or verbal. Communications can be informally structured or they can be formal such as an inter-office memo or press release. Regardless of the communication type there exists some common features. In any communication at there is a sender, receiver, and a message.

Rule #1: Identify the right method of communication
Not everyone likes to receive information in the same medium. Some may prefer face-to-face, while others may prefer an email. Therefore, whether you are communicating with a vendor or internally with managers or employees identify who responds to what type of medium. Create a spreadsheet that has a group or persons name and write the preferred method of communication.

Now in large organizations or projects you may want to identify communication methods on an individual basis for decision makers and have group-wide methods of communication for the rest.

Rule #2: Say it so that you cannot be misunderstood
The message is equally important as the type of communication. Get to the point. Many times emails or phone messages go on and on and the receiver ends up more confused then before. Communication is all about getting the other person to receive what you intended to deliver.

Therefore, start your communication with “the purpose of the message”. State in clear terms why you are calling or writing. After the main purpose of the message then go in to any background story. However, if you have a long story, you must re-state your “point” at the end again. This is done so that there is no room for misunderstanding.

Rule #3: Follow-up
Some communications require a follow-up. This is so that the message and its intent is re-enforced to the receiver. Many-a-times, important decision communications will not be followed up and this results in the wrong decision being made.

One would think that if the message is clear and written or stated in a way that the chances for misunderstanding would be negligible. Unfortunately, human nature is to interpret what one wants to hear. Therefore, I recommend that for certain critical communications, a follow-up is very important.

In conclusion, identify who should receive what type of communication and in which medium; state the point of your communication; and finally if the communications is critical, always follow-up.

QUESTION:
Please comment to this post by answering: Are there communication issues in your company or project? If yes, what are the root causes? If no, what do you attribute the success to?

Thank You

Sal
http://www.skkservices.com/

How successful people handle failure

So often I hear people hoping and praying that they don’t fail. Why are so many people fearful of failure? Everyone, at some point experiences failure. Some once while others more than once.

Successful people (or companies) do not fear failure. They know that failure is just an event. They know that when this event occurs, they should not ignore it. They analyze the circumstances and get to the root cause of the failure. They take corrective actions and, most importantly, they do not stay idle too long and move beyond this event.

Failure is a key ingredient to success. The point to remember here is not to act in a way that invites failure, but to acknowledge the event when it happens and to take steps to ensure a better outcome. Now, failure is an event and for some this event may occur more than once. Continue to actively analyze and apply corrective actions.

One should do his or her best in whatever one does in life (or business). Put forth a sincere effort. -And if, whatever one does, does not work; then learn from it and don’t do it again. Try something else. If failure happens again, then learn from it again, and try something different again. Just because one ad campaign fails or a few employees do not work out, or some one cheats you, this does not mean you pack up and go home. On the contrary; analyze what happened, determine the root cause of the problem, and make improvements to ensure the same thing does not happen again.

Successful people do not sit idle. They do not repeat their mistakes. They learn from their mistakes and move forward.

“When one door closes another door
opens; but we so often look so long and so regretfully upon the closed door,
that we do not see the ones which open for us.” – Alexander Graham
Bell

Growth startegies based on customer feedback

Have you ever received a customer survey from a company after you have purchased a product or service? Odds are that you have received a feedback survey in some shape or form.

Surveys could be formal or informal. Formal surveys ask you give a rating of sorts. While informal surveys are usually verbal. Most large companies offer formal surveys, while many small businesses take informal surveys. Obviously there may be exceptions to this, but generally this is the case.

Surveys are a great way for a company to find ways to improve there delivery of products and services. However, many companies do not know how to read the scores and what actions to take based on the results.

In this blog I will show how to read the scores and what actions to take with both existing customers and prospects in order to directly affect company growth.

A company’s growth is directly tied to the satisfaction of its customers. There are three basic customer satisfaction scores: High, Medium, and Low.

High Score:
Receiving a high score in customer satisfaction means that your customers are likely to buy from you again; recommend your products and services; and you are very likely to close sales with prospects with little effort.

What this means to your company is that your company needs to continue to provide a high level of service to existing customers. Your existing customers are not only generating repeat business but also acting as your marketing arm. The company would also see the costs for closing new prospects decline. The difference would directly impact to your bottom line in a positive way.

Medium Score:
A medium score is no reason to rejoice. However, you should be grateful that is was not a low score. A medium score can be interrupted in a way that your existing customers are undecided on whether to award you repeat business; they are also not sure that they would recommend your product or service to others.

At this level a company should focus on its post sales support process. Just because a sales has been made and a product or service has been delivered, it does not mean that service stops. Determine from customers what corrective actions could be taken to move your score higher. Then follow through and implement those corrective measures. Inform prospects of the new measures in place to gain their confidence.

Low Score:
A this level your existing customers wished that they never signed on with you; not only will they not be a source of repeat business but will voice their dissatisfaction to prospects as well. Your

A this stage the company needs to take drastic measure to improve its products and services. A simultaneous approach will need to be implemented, i.e. improve services with current and active customers, increase post sales support by using incentives based methods, and the company will need to improve its image in the market place to attract new prospects.

In conclusion know the score; track the score; and adopt an appropriate strategy based on the score.

Till next time

Sal

http://www.salmankkhan.com/

How to develop a scorecard?

Everyday business owners and career professionals are faced with making decisions. Some decision are easier, while others are a bit complicated. For complicated decision does one “go with their gut or feeling”? or is there a better, more reliable approach?

One reliable method is the use of “scorecards”. Scorecards are used to tabulate results to make an effective decision on the best solution (or course of action) when dealing with multiple decision factors.

Scorecards are very common in large organizations. However, recently implementing the scorecard methodology has become increasingly popular among small and mid-sized businesses. So, how does one assemble and effective scorecard?

The final scorecard product, in many organizations, looks like a table drawn on paper with many rows and columns. The number of rows and columns depend on the number of solutions one is deciding between as well as the number of decision factors.

Let us build a scorecard:

1. Start by writing down the names of the items you are deciding among, e.g. Company A, Company B, Company C.

2. Write down your decisions factors, e.g. Customer Service, Local, Public Company, etc.

3. Draw a table with rows and columns. The number of rows should be equal to the number of items you are deciding between (See #1)

4. The number of columns should be equal to the number of decision factors you are deciding between (See #2)

5. Once you have created your table you will need to add a weight (number) each decision factor i.e. how importance, from 1 to 10, do you place on each decision factor, e.g. Having good customer service for you may be 8, while having the company local is 10, etc.

6. After weighting the decision factors, you then tally the scores. In this example the highest score wins, and therefore your calculated decision should be to opt for the solution that has the highest score.

The scorecard method replaces the “gut feeling” approach and ensures a calculated and well though out decision process.

How to obtain Competitive Advantage

Ask yourself the following question:”Am I the envy of my competitors?“If the answer is anything other than a resounding “YES” then there is a high likelihood of the company not having a competitive advantage in the market place.

I define competitive advantage as:

“A unique combination of all known attributes, universal or derived, that attribute towards superior performance.”

Having competitive advantage is a good start. However, competitive advantage needs to be sustainable if success is desired. Companies gain competitive advantage by utilizing one or more of the following:

1. Price
2. Breadth of Products and Services
3. Operations
4. Marketing
5. Workforce
6. Client Servicing

Price:

Price positioning is often a commonly used strategy where there is a lot of competition. Many companies constantly monitor their competition’s prices and not only try to match but beat prices. Consumers are winners in this scenario but many times quality suffers. Customer loyalty is the lowest. Walmart is a good example.

Breadth of Products and Services:

A company can obtain competitive advantage by offering a variety of products in the same category. Rather than being specialist, the company gains advantage by being a generalist. Proctor & Gamble is a good example.

Operations:

How the company operates its business and streamlines its operations can be also a very big competitive advantage. Many companies continue to optimize operations and limit activities that do not produce the desired results. Toyota is a good example.

Marketing:

Product and service placement can also attribute towards a company’s competitive advantage. Traditional media advertising, Internet only, targeting the high net worth, frequency of the campaign, etc. are a few ways companies can gain advantage over their competition. McDonald’s is a good example.

Workforce:

The quality and capability of human capital of a company can also be a competitive advantage. Companies that value one’s workforce and provide the right tools necessary to support the activities of their staff many-a-times gain competitive advantage over their competition. Google is a good example.

Client Servicing:

Processes and activities focused on customer issues be a great competitive advantage. This generates customer satisfaction and loyalty for the long run. Starbucks is a good example.

Use this information and identify your competive advantage.

Good Luck.

Tiill next time….

Sal

http://www.salmankkhan.coom/

http://salmankkhan.blogspot.com/

How to obtain Competitive Advantage

Ask yourself the following question:

“Am I the envy of my competitors?“

If the answer is anything other than a resounding “YES” then there is a high likelihood of the company not having a competitive advantage in the market place.

I define competitive advantage as:

“A unique combination of all known attributes, universal or derived, that attribute towards superior performance.”

Having competitive advantage is a good start. However, competitive advantage needs to be sustainable if success is desired. Companies gain competitive advantage by utilizing one or more of the following:

1. Price
2. Breadth of Products and Services
3. Operations
4. Marketing
5. Workforce
6. Client Servicing

Price:

Price positioning is often a commonly used strategy where there is a lot of competition. Many companies constantly monitor their competition’s prices and not only try to match but beat prices. Consumers are winners in this scenario but many times quality suffers. Customer loyalty is the lowest. Walmart is a good example.

Breadth of Products and Services:

A company can obtain competitive advantage by offering a variety of products in the same category. Rather than being specialist, the company gains advantage by being a generalist. Proctor & Gamble is a good example.

Operations:

How the company operates its business and streamlines its operations can be also a very big competitive advantage. Many companies continue to optimize operations and limit activities that do not produce the desired results. Toyota is a good example.

Marketing:

Product and service placement can also attribute towards a company’s competitive advantage. Traditional media advertising, Internet only, targeting the high net worth, frequency of the campaign, etc. are a few ways companies can gain advantage over their competition. McDonald’s is a good example.

Workforce:

The quality and capability of human capital of a company can also be a competitive advantage. Companies that value one’s workforce and provide the right tools necessary to support the activities of their staff many-a-times gain competitive advantage over their competition. Google is a good example.

Client Servicing:

Processes and activities focused on customer issues be a great competitive advantage. This generates customer satisfaction and loyalty for the long run. Starbucks is a good example.

Use this information and identify your competive advantage.

Good Luck.

Tiill next time….

Sal

http://www.salmankkhan.coom/

http://salmankkhan.blogspot.com/

Tips to align yourself and your presentation with the client and their needs.

I am frequented by many sales persons and therefore I get to see the differences between a good sales person and a great sales person.

This blog will focus on how to approach your prospects and align your self with not only them but also their needs. I will discuss “practical” techniques on strategic client alignment. Through out this blog I plan to use prospect and client interchangeably.

Let’s start with the don’ts. The best advice I can give you is do not approach the prospect and start to ramble on about your product and/or service. Also, do not appear to listen; but actually listen to their needs. -And whatever you do, do not force the product on the prospect. This will leave a bad feeling with them and will guarantee no repeat business or referrals.

Now, let’s focus on the do’s.

Always be cheerful, greet your client with a smile. Look sharp, and where permissible have a firm yet comfortable handshake. If you are wearing a jacket, make sure you open the button when you are making your presentation and NEVER cross your arms during the presentation.

Do establish a repertoire with the prospect. This means take a few minutes to ask them about their day, talk about anything EXCEPT politics and religion (unless you are selling in that industry of course).

Conduct a needs analysis by asking them their pain points. Repeat their concerns to them so that both of you are on the same page. Expose other areas of improvement, but do not be critical. Make sure you address this matter as objectively as possible.

Empathize with the prospect, but do not side with their problems. Acknowledge the problems and offer sincere empathy.

If you feel that your product/service will satisfy their need, and then offer solutions to their pain points. For each of their issues, specifically address how the product or service will provide the solution. Do not move to the next point till the prospect has agreed or understood the solution that the product/service offers.

You will notice that with such an approach you will create a value for your product. When the value is established and the “need” turns into a “want”, price is not an obstacle.

Till next time….

Sal
http://www.salmankkhan.com

Remain True To Your Core

Many entrepreneurs and small business owners tend to do everything themselves. Though this strategy may save some money upfront, more times than often this route ends up costing more in the long run.

As business owners you must devote all your efforts to your core activities in which you are an expert. Don’t try to do everything yourself. For example if you are in the insurance industry and sell car insurance, go sell car insurance. Leave the bookkeeping to an accountant; the website to a web developer, etc.

Now-a-days there are many inexpensive sources to find all the needs for your business at very reasonable costs. As you begin to let go of activities that take you away from your core expertise you will notice that you are more focused on activities that help you grow you business. You will have more time. Also, for the items that you outsource to vendors you will receive quality work. This will also have a positive impact on your business.

So, learn to let go and look at the long term benefits rather than the short-term costs.

Till next time

Sal
www.salmankkhan.com