ri-think-ltd

Tue, 28 May 2024 06:15:53 GMT

Key elements of sales proposals that win deals!

Writing an articulate proposal is critical to the sales process and a well-crafted proposal can significantly increase the chances of conversion.

Nowadays, proposals come in various formats. Software like Better Proposals and Proposify have streamlined the proposal-building process, making it quicker and more efficient.

The ideal length for a proposal is between 6 to 10 pages or slides. Excessive content can make reviewing the proposal a tedious task. According to Proposify, the conversion rate for an average 5-page proposal is 50%, which drops to 35% for a 30-page proposal!

A well-written proposal contains the following elements:

Consistent Branding

Ensure that the colors in your proposal align with your brand colors and that your logo has a consistent position throughout the document.

Pro tip: Create and save a proposal template that can be customized within an hour.

Clearly identified audience

Clearly identify the person or people the proposal is addressed to at the beginning.

Tailored context and understanding of needs

Provide context on why the proposal is being written to help clarify its purpose for the reader. Outline previous discussions, background information, and demonstrate a deep understanding of the business and specific issue your solution will address.

Tailoring each proposal to the specific client can significantly impact conversion rates. According to a study by Accenture, 91% of consumers are more likely to shop with brands that recognize, remember, and provide relevant offers and recommendations.

Information About Your Business

Not everyone who reads the proposal may have prior knowledge of your business. Introduce your business, the team, and establish credibility to build trust and familiarity.

Pro tip: Add images or videos to introduce your business and team.

Relevant Solution

This is the core of your proposal. Describe the solution or service you are proposing and how it meets the client's needs.

Pro tip: Include a link to a demo if possible.

Additional Solutions

Highlight other potential solutions or services that may benefit the client based on your understanding of their needs. This can facilitate future upsells and demonstrate the breadth of your capabilities.

Expected Costs/Investment

Clearly outline costs and pricing. If offering a discount, also include the standard pricing to show the value of the discount. Include any conditions related to the quotes.

Well-articulated Examples/Case Studies

Clients often want to see past work and its quality. Include case studies or testimonials from existing or past clients to showcase your work.

Pro tip: Include a client testimonial video.

Contact Information

Nominate a contact person for further questions. Provide their name, email, and contact number to ensure the client has all the necessary details to discuss the proposal further.

Proposals can often make or break a deal, especially when you do not have a strong relationship with the decision maker on the buyer’s end. Ensure the points above are included in your proposal, conduct thorough research, and confirm with the client that they received the proposal.

By integrating these elements and tips, your sales proposals can become powerful tools that not only present your solutions effectively but also enhance client engagement and trust.

Need Help?

Need help increasing your conversion rate or improving your proposals? G et in touch with our team for a discussion!

Why do businesses fail at Social Media Marketing?

Thu, 09 May 2024 05:31:17 GMT

Businesses often struggle with social media success, especially on platforms like LinkedIn, due to a variety of reasons including competing priorities, inadequate research or no overarching strategy.

To overcome these challenges, companies must prioritize their digital presence, invest in training or seek guidance from experts in the field. In this article, we list the the most common reasons businesses fail at social media marketing!

In today's fast-moving world, effective use of social media can boost a business and attract new customers, helping the business grow and creating better brand exposure. But businesses often find it challenging to manage and execute social media marketing well, leading them to fall behind in an ever evolving market.

Why does this happen? There are a number of reasons that could lead to poorly managed social media page and we’ve listed some of the most common pain points below:

Lack of Familiarity with Social Media Management

Effective social media marketing requires a deep understanding of platform-specific strategies, content creation, audience engagement, and analytics. Without the proper knowledge or experience, businesses struggle to create compelling content, interact with their audience, and measure the success of their efforts.

Competing Priorities

Business leaders and marketing professionals have various things on the go, and constantly prioritizing social media isn’t easy. This often leads to an inconsistent effort or lack of dedicated resources toward building a strong digital marketing plan. Where operations, sales and finance are critical to business continuity, social media could become a secondary concern, with businesses failing to capitalize on its potential.

Failure to Utilize Available Tools and AI

Social media platforms and third-party tools offer a range of features and AI-powered solutions to streamline content creation, scheduling, analytics, and audience targeting. Businesses that fail to leverage automation and AI, miss out on opportunities to optimize their social media engagement.

Inadequate Research

Successful social media marketing hinges on thorough research. Businesses that neglect this crucial step often struggle to create relevant content, engage effectively, or stand out among competitors.

No Overarching Strategy

Without a well-defined social media strategy aligned with broader business goals, efforts on platforms like LinkedIn can become disjointed and ineffective. A cohesive strategy is essential for setting objectives, allocating resources, and measuring the impact of social media activities.

Resistance to Seeking Professional Expertise

Just as businesses seek professional assistance for accounting, legal matters, or other specialized areas, social media marketing often requires the expertise of experienced professionals. Attempting to manage these efforts without the necessary skills and know-how can lead to suboptimal results and wasted resources.

To achieve success on social media, businesses must prioritize their online presence, invest in training or seek guidance from experts.

Not sure whether you're doing justice with your Social Media pages? Contact us and let's work together to get your brand seen and talked about!

Navigating Uncertainty: Strategies for selling in uncertain times

Wed, 24 Apr 2024 05:12:43 GMT

Navigating through uncertain times, such as a recession, poses a significant challenge for businesses and sales professionals. We give you a list of tactics that help build your sales pipeline in this insightful article.

New Zealand is in a recession, its second in 18 months. Selling in uncertain or tough economic times can be a slow process, especially if the solution or product is more of a luxury than a need. But every Recession has brought an abundance of opportunities and been the breeding time for game changers across industries. Uber (2009), AirBnB (2008), FedEx (1971) and Disney Bros (1923) were all born in tough economic times.

Historically, 75% of recessions end within a year, with 30% of these only lasting 6 months. However, during this period traditional sales methods don’t necessarily work, the burn time for each deal grows longer and competition increases. To make the most of time and resources available, marketing + sales should be activated strategically while adopting a creative approach. I list a few tactics that can be implemented below.

1. Identify the pain point or gap that you can meet today

Prospect / Customer needs and priorities evolve rapidly during uncertain economic times. Adopt a consultative selling approach and explore the pain points that customers are facing.

For example, similar to Covid trends, we’ve seen a rise in the demand for virtual solutions, leading to a spike in virtual workshops, training sessions and meetings. Affordability and accessibility make virtual solutions an appealing option at present.

2. Approach more than one person in the business

We work hard to build relationships with leads, but people often move jobs because of redundancies or for better opportunities during uncertain times. To protect your interest, building a relationship with more than one stakeholder within a prospect or client’s business is more important than ever during these times.

3. Build relationships and trust

People buy from people. It was true when humans began bartering and remains true today. Connection, authenticity and honesty are part of the recipe for successful sales. Focus on building meaningful relationships and trusted partnerships with prospects.

4. Demonstrate credibility and consistency

In uncertain times, businesses often look for seasoned partners who have weathered storms before. Longevity in the industry re-assures the buyer of your stability. Use different methods to show your credibility to buyers, show up consistently and remain top of mind. Check out recommended tactics in our article on building credibility for increased sales .

5. Stack your opportunities

A number of businesses use the slow times to explore solutions they would invest in once the economy starts moving. Establishing trust and credibility with these businesses now will bring returns in half a year. Build your opportunity pipeline so that you have a succession of conversions as soon as financial pressures ease.

6. Lead with value

Serious buyers are often looking for quality with the biggest bang for buck. The bang begins even before a salesperson interacts with the buyer. Increasingly, the first interaction for any buyer is through a digital channel, which is where the buyer journey begins. Value must be added right from this first interaction and gradually increased, hooking the buyer into committing to the solution or product.

For example, e-books are a great way of providing self-paced information to a buyer and establishing authority in the give area.

7. Look after your existing customers

Existing customers are your top priority during tough times. They keep your lights on, see you as a trusted partner and could potentially engage you to fill further gaps. Competitors will be chasing your customers just as you will be chasing theirs. So, keep in close contact with existing customers and go beyond the usual.

8. Be deliberate, be strategic

It’s very easy to get distracted when times are tough. Requests for freebies and discounts spike and it’s often hard to identify or chase quality leads. But time is of the essence in a slow economy. Be deliberate in the lead lists you create and follow up with prospects strategically.

If you’ve identified the right opportunity, added value and are seen as a trusted advisor, you will be able to gauge the right time to strike.

9. Use AI and technology

You should be interacting with customers as much as possible and this is made much more doable by AI enabled technology. If you’re curious about wat to build in efficiencies in your sales processes read our article on 5 sales tasks you can delegate to AI .

Navigating uncertainty isn’t for the faint hearted and tests the resilience of any business. But, with measured, well thought-out steps, organisations can grow. At Ri-Think, we he businesses execute their B2B sales strategies through workforce support, AI platforms and effective marketing. Contact us today to have a chat about how we can help you!

LinkedIn Company Pages vs Profile Page: Which do you need?

Thu, 11 Apr 2024 00:47:25 GMT

A LinkedIn company page is essential for highlighting your organization's identity, culture and capabilities, improving branding, and running targeted advertising campaigns. But, many business owners tend to use Linkedin personal profiles instead. While both play distinct roles in establishing a strong presence on LinkedIn, in today's digital age, a well-crafted company page is not just beneficial but a strategic necessity for businesses looking to thrive in the competitive landscape.

In today’s digital age, establishing a strong online presence is crucial for businesses and professionals alike. LinkedIn, a leading professional networking platform, offers two primary types of tools to establish presence and authority: Company Pages and Personal Profiles. Understanding the difference between Pages and Profiles is essential for leveraging LinkedIn effectively.

LinkedIn Company Pages

LinkedIn Company Pages serve as a hub for businesses to showcase their brand, products, services, and job opportunities to a professional audience. These pages are instrumental in driving brand awareness, engaging with the community and generating leads. Companies with active LinkedIn Company Pages get 2x higher visitor engagement and 3x higher lead conversions.

LinkedIn Profiles

LinkedIn Profiles are spaces for professionals to use for their individual selves on the platform. These profiles provide a comprehensive overview of an individual's experience, skills, and connections. They are essential for personal branding and networking. Profiles with professional headshots receive 14x more profile views

Key Differences

Benefits of LinkedIn Company Pages

Brand Visibility: Using LinkedIn Company Pages, our client, a recruitment firm, strategically enhanced their brand visibility by consistently sharing engaging content on their LinkedIn company page. This proactive approach enabled the firm to expand its reach to a broader audience, particularly industry professionals. The content's relevance to the target audience resulted in increased engagement levels, ultimately strengthening the firm's online presence.

Lead Generation: A marketing firm leveraged LinkedIn Pages to attract potential customers. They used available tools to target specific industries + job titles and generate high-quality leads, which resulted in an increase in client meetings and new business opportunities.

Community Engagement: A local non-profit organization used LinkedIn Pages to connect with its target audience in real-time. They shared updates on events, fundraising campaigns, and volunteer opportunities, fostering a sense of community and increasing engagement with their cause.

Analytics: A tech startup utilized LinkedIn Company Pages’ analytics tools to monitor engagement, and activity and track performance metrics. By analyzing engagement data and user behavior, they were able to optimize their content strategy, resulting in higher engagement rates and a more effective social media presence.

Both LinkedIn Company Pages and Profile Pages play distinct yet complementary roles in enhancing online presence and professional networking. By leveraging their unique features, businesses and professionals can maximize visibility, engagement, and opportunities on the platform.

Ready to elevate your business presence with a powerful LinkedIn Company Page?

We highly recommend having a well-cultivated company page with consistent value-adding content to engage your audience. In today's competitive B2B environment, having a compelling Company Page isn’t optional, rather it is essential. Not convinced yet? Check out our blog on 6 reasons why you should have a Linkedin Company Page .

Looking for assistance with your LinkedIn Company Page? Reach out to us via LinkedIn message or contact us today. Let's boost your brand visibility and engagement together!

AI in sales: 5 Tasks you can delegate to AI

Mon, 01 Apr 2024 06:16:30 GMT

Only 34% of companies globally use AI. Are you thinking of adopting AI to improve business efficiency but not sure where to begin? In this article, I talk about 5 sales tasks that can be delegated to AI!

AI is helping businesses save time and money, yet globally only 34% of companies use AI. Imagine if a chunk of your sales process could be automated, freeing up time during which the sales team could be selling more and uncovering opportunities to build revenue. Today, this is possible thanks to Artificial Intelligence.

On average, a salesperson actively sells for only 30% of their time. The remaining time is spent in admin tasks like updating the CRM, lead collection and research, email outreach, booking meeting and networking + socialising. This also explain why businesses that have adopted AI, most commonly implement it in customer Service.

From conversations with many business owners, I know that while a growing number of organisations would like to improve efficiency by adopting AI, they are unsure of unsure of how and where to begin their AI journey.

We spend hours researching new AI tools and platforms every week and below I’ve listed 5 areas in sales where you can implement AI.

1. Building call scripts

In the past, you would spend hours preparing templates and scripts for your target audience. Today, AI can build these calling scripts in minimal time. In fact, AI platforms can personalise each outreach as well.

2. Writing email templates

Similar to call scripts, writing email templates and creating various versions would be considered a painstaking task by many. But, with AI, this can be performed easily with personalisation. Mature platforms can take brand tone into consideration and design emails accordingly.

3. Lead collection

Everything begins and ends with leads. Without leads, we have no one to reach out to. AI platforms can now generate quality lead lists based on parameters you set and give you contact details for outreach. These platforms go way beyond scraping websites.

4. Creating proposals

Comprehensive proposals with beautiful imagery articulating your message and solution can be built with AI platforms, saving your team time, and reducing the gap between the client meeting and proposal being sent.

5. Identifying trends

Often businesses have a lot of data and information available but looking through that data to recognise buying patterns is a painstaking task. AI can do this in fraction of the time with minimal human intervention.

AI is changing the way we work at a rapid pace. Companies adopting AI tools will have a competitive edge. You don’t need to tackle this alone; our team is here to help you figure out how to adopt AI for your business!

If you’d like to explore AI tools and platforms that could enable a more efficient sales process, let’s talk !

If you’re keen to join a group of business owners for a workshop where you learn about various AI platforms, email me and I’ll send you the details!

Do you lead a business? Here’s 6 Reasons why you need a LinkedIn Company Page

Thu, 29 Feb 2024 01:23:08 GMT

It is crucial for Business-to-Business (B2B) organizations to have a LinkedIn Company Page and we've delved into six reasons why a strong LinkedIn presence is important.

Business-to-Business (B2B) enterprises encounter distinct challenges with social media marketing in contrast to Business-to-Consumer (B2C) companies who thrive on diverse social media channels. The B2B audience includes business leaders, professionals and decision-makers who don’t necessarily engage in “work” on social platforms like Facebook and Instagram, instead they rely on LinkedIn for networking and industry insights. Consequently, having a strong presence on LinkedIn is imperative for B2B companies aiming to connect with key stakeholders and foster meaningful business relationships.

Is it worth investing resources in having a strong LinkedIn Company Page?

With over 1 billion members , LinkedIn is the largest professional network in the world. It's a great platform to establish brand awareness, attract new customers, and engage with your target audience. LinkedIn company pages serve as a platform for organizations to highlight their business, connect with employees, showcase products and services, and disseminate news. Whether you're a solopreneur, SME, or a global corporation, having a Company Page on LinkedIn is essential.

Not convinced yet? Here’s what a consistently performing Linkedin Business Page can achieve:

1. Reach a Targeted Audience:

LinkedIn boasts a user base of professionals across various industries, offering a pool of potential customers for B2B businesses. Notably, 80% of B2B social media leads come from LinkedIn (Source: Marketo). LinkedIn's advertising features allow you to reach decision-makers and key stakeholders directly .

2. Establish a Professional Online Presence:

A well-crafted LinkedIn Company Page acts as a central hub for showcasing your brand’s story, values, and products/services. It increases brand visibility and builds trust with existing clients and potential leads. Companies with completed LinkedIn Company Pages generate 50% more website traffic from organic searches than companies with pages that are left incomplete. (Source: LinkedIn)

3. Build brand awareness and industry leadership :

By sharing industry insights, articles, and engaging content your company emerges as an industry leader, establishing authority, attracting potential clients and appealing to partners. Notably, LinkedIn has shown to drive a 33% increase in purchase intent. Furthermore, audiences exposed to brand and acquisition messages on LinkedIn are 6x more likely to convert, underscoring its efficacy in driving business outcomes.

4. Employer branding and Talent Sourcing

Today’s Job seekers are proactive, often researching potential employers and reaching out to existing employees for feedback. If you've been publishing relevant content consistently and running an effective company page, some of the best candidates are likely following the company page and have engaged with your brand even before you interview them.

5. Revenue Growth:

According to LinkedIn, B2B leads generated on LinkedIn convert at a rate 3 times higher than leads from other channels . This directly contributes to increased revenue growth for businesses leveraging LinkedIn as a marketing platform.

6. Analytics and Reporting:

LinkedIn provides robust analytics and reporting tools that offer insights into the performance of your company page, content engagement, and audience demographics. By using these metrics, businesses can refine their marketing strategies, optimize content for better engagement, and make data-driven decisions to enhance their LinkedIn presence and overall marketing efforts.

So, are you ready to take the next step and build an effective LinkedIn company page?
We strongly recommend having a strong company page with a plethora of information allowing you and your team members to engage with the followers and audience. Creating and maintaining a Company Page is no longer optional for B2B businesses in today's competitive landscape. It is a must.

Need help with a Business LinkedIn Page? Send me a message on LinkedIn or contact us.

Share this article with your network if you found it helpful, and leave a comment if you have any suggestions on Linkedin Company pages.

5 reasons to be aware of your client’s buying timeline

Sat, 10 Feb 2024 04:45:49 GMT

During any sales process, we generally emphasize the pitch, product, and price. But, one crucial yet often overlooked aspect is the client's buying timeline and purchasing urgency. Understanding the timeline can transform your sales strategy and lead to successful collaborations.

In all B2B (Business-to-Business) interactions making smart, well-informed decisions is vital for success. An occasionally overlooked, but significant aspect of the sales process is the client’s buying timeline and purchasing urgency. Understanding and adhering to your client’s timelines can build strong relationships, impact buying decisions positively and pave the way for successful collaborations.

In this blog post, we delve into the significance of knowing your client's timelines and how it affects the buying journey, which ultimately influences the buyer’s decision.

1. Helps manage Expectations

Unrealistic expectations can lead to strained relationships and missed opportunities. Having a good understanding of your client’s timelines and constraints allows you to set achievable goals and deadlines. This enables clear communication and fosters transparency for successful collaborations.

2. Allows the team to allocate resources efficiently

Efficient resource allocation is crucial in any project. Being aware of client timelines in advance helps you and your team to allocate resources accordingly and prioritize tasks. This enhances the customer experience, leading to higher client satisfaction.

3. Builds stronger relationships

Working to a client's timeline combined with regular reporting builds trust and strengthens relationships. Demonstrating familiarity with the client’s goals and deadlines, conveys a sense of respect and understanding, strengthening the trust between your businesses. Decisions aligned with their timelines show a strong commitment to their success

4. Avoids unnecessary delays

Delays in the buying process can have cascading effects and could lead to bottlenecks. Identifying potential roadblocks early and taking steps to avoid them ensures smoother workflows and demonstrates a proactive sales process.

5. Enables you to seize Opportunities

Time-sensitive opportunities in the B2B landscape may appear unexpectedly. Asking about the timeline and urgency surrounding the need for service, allows you to prioritize leads appropriately. Buyers could be at the Awareness, Consideration or Decision stage - and knowing where they are at allows you to service them accordingly. As a result, you can leverage the urgent need and exceed expectations set by the client. Being prompt and reliable during the sales process gives you a competitive edge.

Familiarity with your client's timelines isn’t just nice to have; rather it's quite a crucial part of the buying process. It affects relationships, resource allocation and trust in you and your service. Incorporate client timeline awareness in your sales process to foster strong partnerships and drive growth.

Are you a business owner and looking after sales? Here is a list of sales skills every business owner should have ! For further support or if you have any questions about Sales and Business development contact the team at Ri-Think .

Do you have a Business Development Plan for 2024?

Thu, 08 Feb 2024 08:25:51 GMT

A Business Development strategy enables you to identify, attract and acquire new business in a planned manner to achieve sustainable growth. Here are 7 crucial considerations when crafting a Business Development strategy.

It‘s week 6 of 2024, which leaves us with approximately 210 working days this year. Have you prepared your Business Development strategy and implemented your plan?

Business Development plans take time to craft and once put into action, can take months before they yield a significant ROI. If you haven’t crafted a plan yet or are unsure where to begin, don’t fret! Our team will engage with you to co-create an overarching strategy and an effective plan to implement.

But, if you’re a business leader with time on your hands and wanting to give it a crack, here are 7 crucial elements you want to take into consideration while crafting a Business Development strategy.

1. Objectives – Where do you want to be?

2. Competitors – Who are you up against?

3. Environment – What is happening around you?

4. Audience – Who are your buyers and where will you find them?

5. Marketing channels – How are you engaging with your audience?

6. Goals - Set targets & Track

7. De-risk and Re-assess

1. Objectives for 2024

What would you like to achieve this year? Think big and gradually distil your list to the top 3 – 4 objectives which will propel your business forward. These objectives help shape the strategy, timelines and action plan.

For example, your objective may be to build brand credibility , launch a new product, or develop a new client segment.

2. Competitors

Every year new competitors enter the market and often old ones exit. Knowing who you are up against and what they introduce to the market is important. Analyse the regions they serve, the partnerships they have and how their services are priced.

If a competitor has the exact same service or solution, consider what sets your offering apart from them.

3. Environment

2024 is shaping up to be an unprecedented year in many ways. An economy on the mend, a new Government launching policies, geopolitical issues around the globe and the ever present murmurs of Covid have created a climate that could be highly uncertain but filled with opportunities.

Think forward, assess the external environment to identify potential opportunities for the business and factors that could pose as a hurdle to achieving your objectives.

4. Audience

All too often, I come across businesses who haven’t mapped their ideal buyers. They go to market without a targeted approach which leads to service offerings that aren’t customised for any industry and a potential dilution of perceived value.

Instead, its much better to define 2-3 ideal customer personas and shape your services around them. All your activities can then be targeted towards these buyers and their respective industry cycles. Marketing teams love this exercise as it offers direction.

5. Marketing Channels

Once you know who your audience is, the marketing channel that is most suitable for this audience can be identified. These channels could include social media, events, websites and SEO, paid advertising, Word of mouth etc.

If you have a marketing team, rope them into this part of Business Development planning. They’ll be able to guide you on the best marketing channels to match your audience.

6. Goals

Setting SMART goals (Specific, Measurable, Achievable, Relevant and Time-bound goals) and tracking against aligned metrics allows you to measure progress and performance. Measuring your progress regularly enables you to modify your approach and make changes in an agile manner.

I recommend identifying annual goals and breaking them into quarterly and monthly targets to give the team achievable waypoints.

7. De-risk & Assess

Threats and risks are all around us. As a final step, identify the internal and external risks that would stop your from achieving your Business Development goals and implement preventive measures to mitigate these risks.

An effective business development strategy along with a actionable plan enables your team to build credibility, leverage partnerships, generate quality leads and achieve a high rate of conversion. It sets the pathway for growth and market recognition.

Get in touch with us if you’d like to talk to about Business Development for your business and levelling up in 2024!

Building Business Credibility for Increased Sales

Sat, 03 Feb 2024 05:57:17 GMT

Growing a business isn’t easy. Businesses that are successful and continue to grow, establish credibility around their brand with a sense of urgency. Not only does credibility help the brand image, it also leads to increased sales and revenue. Here's 7 tactics to implement in your business!

Growing a business isn’t easy. Every year, around 60,000 businesses are started in NZ and 50% of businesses die within 4 years. Furthermore, only 4% of businesses grow to more than 1 Mil in revenue and less than 1% cross the 10 Mil mark. Businesses that are successful and continue to grow, establish credibility around their brand with a sense of urgency. Not only does credibility help the brand image, it also leads to increased sales and revenue.

All business owners I’ve come across want to build credibility but are often unsure of how to go about it. Consequently they fall back on the traditional way of building business through referrals and word of mouth, which works well for many but limits the pace of growth. If your target market is medium and large businesses, your business brand must be credible and should have a presence in the market. So, what can you do to achieve this?

1. Add Value

Adding value for your potential leads and clients right from the first interaction ensures you are top of mind when they decide to make the buying decision. A value add approach establishes you as a reliable and credible source of knowledge.

2. Collaborate with complimentary service providers

A classic example – one of our clients, a professional service provider in a highly regulated industry partners with several other service providers in complimentary fields, accessing the partner’s client base whilst adding value for their clients. A win – win situation!

3. Engage and support industry associations

Industry Associations are often run on a not for profit model and welcome support from suppliers delivering services to their members. This could be financial support by sponsoring events or support in the form of sharing knowledge at events or webinars for the association’s members. The members, your prospective leads, hear about you through the industry association, a credible channel, and you leverage that.

4. Tap into alumni

Your best advertisement comes from existing and past clients, who love the work you do and say this to others in their networks. Your alumni could include past clients, ex-employees, previous business associates. They have experienced the quality of your products or services and know you well. Don’t hesitate to ask for referrals that you can contact or testimonials you can share with potential clients.

5. Have the right person for the right job

Would you have your accountant pitch your solution to your prospective client ?No – you need to have the appropriate expert do their job to ensure success. Ensure your operational experts are focused on operations and make the space for commercial experts to help build the business. Whether it’s in Marketing, Sales & Business Development (like us!), Finance or another area, the expert’s knowledge and influence also affects your brand, allowing you to leverage their expertise and build business credibility.

6. Maintain consistent messaging across all channels

Too many businesses have an adhoc approach to marketing across channels. Inconsistent tone and messaging confuses prospective clients and leaves them questioning the brand’s credibility. Instead focus on retaining the same tone and consistency of topics across channels.

7. Network, network and network

People buy from people. The more people get to know you and trust you, the more the credibility and the higher probability of winning new business. Don’t shy away from talking about your service/ product and why you believe in it!

Businesses are stepping it up for 2024 and there’s no better time to put these 7 tactics into action! If you have a tried and tested approach to build business credibility in the market, share it in the comments. The team at Ri-Think is always here to help – don’t hesitate to

5 Important sales skills for Business Owners

Thu, 01 Feb 2024 23:14:11 GMT

Small Business Owners are pulled in every direction, but sales skills are critical to their business growth. As we reflected on interactions with our small business clients, it became evident that everyone was stepping out of their comfort zone! Here's a few sales skills all business owners should equip themselves with!

Small business owners wear multiple hats – operational expert, HR manager, book keeper, Project Manager, marketing manager and not to forget, sales person, among others. While some of these skills can be learnt and operational knowledge can be acquired, often times business owners find the sales process most challenging. It pushes them out of their comfort zone and consequently, they avoid honing their selling skills. This is especially relevant in the Business to Business (B2B) setting, where many a times initial connections are made in person.

Here’s 5 basic skills every business owner can (and should) nurture, which will undoubtedly lead to an increase in sales and ultimately grow your business.

1. Introducing your business and service (Elevator Pitch)

Know your service / product and business well enough to be able to explain it in a few lines, ideally in 30 – 60 seconds. This introduction is often referred to as an ‘Elevator Pitch’. As the name suggests, it a concise introduction of your business which can be given in the time that you share an elevator ride with someone. This pitch of course will vary based on the audience – you could have a version for a potential buyer, another version for a potential partner or investor and a different version for a potential hire. The introduction or pitch could be delivered in person or over the phone or even through a message on social media!

2. Having a phone conversation

Get comfortable speaking on the phone. This is a non negotiable skill that every business owner must have. In a competitive market, 35 – 50% of the sales go to the company that calls back first. The good news is that it can be built over time. All it takes is practice and having a sense of what you would like to achieve from that specific call. I recommend having a rough script prepared that you can refer to, in case you go blank during the call. Whether it’s a cold call to a potential lead, a call to follow up on a quote or a call to ask for feedback, always know what your ideal outcome would be and the next steps you would like to action.

3. Social Media Marketing

In today’s world, every business (and professional) needs a website along with an online presence on a social media platform. Depending on your buying audience you could choose to go with Linkedin, Facebook, Instagram or a different platform. You might even choose to establish your presence on multiple platforms. In any instance, it is imperative you learn how to use the platform to your advantage and engage your audience. Consistent posting of content, a high level of responsiveness and quality engagement will lead to generating leads for your business.

4. Negotiation

I have seen a lot of business owners shy away from negotiating because they simply don’t know how to go about the process. The good thing is, this skill can be learnt and improved over time. Now, I can be cheeky and say that growing up in India meant that I learnt to negotiate at an early age, but in reality this is a mindset anyone can develop. If you want the best for your business and you want the best for your customer as well, it is natural to discuss costs and value, sometimes agreeing on a compromise and other times justifying the investment required by demonstrating the value provided. Many deals have fallen through because the business owners have been unwilling to negotiate. Occasionally you might choose to walk away from a deal, but a tiny bit of flexibility goes a long way in building relationships.

5. Closing the deal

A lot of founders and business owners are very good at connecting with a potential buyer and pitching their service, but don’t win the deal. Often times, this is due to skipping the step of consciously closing the deal. According to Hubspot research, 30% of sales people say Closing is the hardest part of the sales process. But, if you want a high conversion rate here, you must be bold. Don’t hesitate to follow up with the interested buyer and ask about the decision or set a timeline / expectation for the buying decision. If you feel you’re being pushy, think of it this way, by not asking for a decision, you will continue to spend time and resources into nurturing this lead who may not buy from you when you could be spending the time on a buyer who is truly looking to purchase.

And since you’ve read the entire article and are still with me, here’s a bonus –

6. Adding Value

This is a big one for me. According to a recent Salesforce report, 84% of business buyers said that the buying experience was just as important as the service or product. Sadly, I see many people in the B2B world approaching a sale as though it is completely transactional. In reality, the high yielding and often long term deals are cracked when the potential buyer recognises the value in engaging with the vendor. This comes from building a level of trust through a genuine relationship, adding value in different ways and remaining top of mind as a reliable source of information, so that when the buyer is making a decision, you are the natural choice.

Sales skills are built and nurtured over time. As a business owner, you know your business the best and it is imperative that you are able to connect with a buyer and take them through the sales process with successful outcomes.

We know the selling process can be tricky to navigate, so feel free to contact the team at Ri-Think, if you need advice or assistance with on sales strategy or execution. We are here to help!

Navigating customer relationships: Explore leading CRM software solutions

Thu, 01 Feb 2024 22:57:26 GMT

In today’s fast paced, competitive world, Customer Relationship Management is key. This process begins right from when you identify a lead and continues. But keeping track of all your leads / clients and the hard work you’ve put into nurturing them takes time and very rarely makes it to the top of anyone’s to do list!

What if there was a way to make the process of cataloguing your leads + clients and monitoring all the activities much easier and time efficient? Let me introduce you to a very good friend of mine - Customer Relationship Management (CRM) software. CRMs make life a lot easier for sales professionals and anyone who is working on growing a business!

Globally, 91% of businesses with over 11 or more employees use a CRM. But less than 50% of businesses with under 10 employees invest in this tool. 45% of businesses that use CRMS say their use of CRM software increased sales revenue and customer retention rate. In fact, according to Zippia, the average ROI for CRM spending is $8.71 for every dollar spent.

The best part, according to Thrive My Way, when a company implements CRM, it's used by sales teams (80%), marketing (46%), and by customer service departments (45%). As a result, breaking down silos, streamlining workflows and introducing efficiency across the business.

While thousands of CRMs are available (quite literally!), we’ve carefully chosen a handful of cloud-based CRMs that we use across our client base, oftentimes helping clients transition from old age spreadsheets to modern, productivity boosting software. But one size doesn’t fit all and CRMs have varying capabilities which are weighed up for the specific business.

Here’s 4 of the most common CRMs we recommend and use with clients:

Hubspot

Hubspot has been a long-time favourite of small and medium business, thanks to its free stripped-down version. Hubspot can begin to get costly as you hit maximum contact thresholds, but if you are using the CRM in its entirety, Hubspot proves to be an effective investment as the system provides great sales and marketing features. With calling integration and an easy to use interface, we also love that the marketing side of Hubspot has AI powered tools – Content Assistant and Chatspot.ai .

Zoho & Bigin by Zoho

Another CRM gaining traction quite rapidly is Zoho (for Enterprise level) and Bigin by Zoho (for Small Business). While the Enterprise level CRM, Zoho, doesn’t provide any free versions, if you are a small business, you’re in luck, as Bigin by Zoho has a free version for upto 500 contacts. An onboarding service is included for all customers and when the time comes, upgrading is pretty cost effective and seamless. Zoho also provides you with your own AI sales assistant, Zia, powered by ChatGPT. If you’re in the ANZ region and keen to learn more about Zoho or Bigin, reach out to Onion CRM .

ActiveCampaign

If you’re looking to combine e-mail marketing and sales activities in one CRM, ActiveCampaign is one of the easiest CRMs to use. While it has all the standard features that a sales team will need, it also has excellent tools and enablers for marketing. The Beta version of their AI tool was launched in May and is being constantly improved. Our friends at Conversologie can tell you more about ActiveCampaign.

Salesforce

Salesforce is the CRM I like most, but it is definitely better suited for large and enterprise level businesses, especially if your sales teams are located in multiple countries working on the same accounts and marketing teams located across the world working on global, national & local campaigns. In 2023, 150 000 companies use Salesforce at a global scale. Most Salesforce customers (62%) come from the United States. Salesforce is highly powered by AI, with Salesforce Einstein and AI Cloud taking the lead. Sales Dialler is a great call integration feature that this CRM has. Salesforce also has a fantastic version of the CRM available for Not For Profits.

If you’re actively growing your business and don’t use a CRM yet, take this as the sign to convert. Our team at Ri-Think is well versed in the CRMs listed above and will be happy to help select one that’s appropriate for your business needs. Don’t hesitate to contact us if you’d like to have a chat.

Cold calling - are you doing it right?

Thu, 01 Feb 2024 22:48:47 GMT

Every single small and mid sized business is interested in cold calling but hesitation (read: fear) holds them back. Contrary to popular opinion, cold calling isn't dead and when done right is a great channel to reach new leads. Here's a few tips from our team on making effective cold calls.

Cold calling has been around since the 1870s, but still remains an unlikely and often dreaded sales exercise. So much so, that 63% of sales reps identify cold calls as the worst part of their job. However, cold calling does yield returns when done well. While the average sales person should be securing a meeting for every 35 odd calls made, the overall success rate sits between 2 and 3 %. In fact, phone calls remain very effective in the sales cycle, especially when making remote sales or if you are unable to meet in person. C-Suite level buyers often prefer phone calls to emails or social media outreach.

If you are going to embark on the adventure of cold calling identified leads, doing it well and in a respectful but time effective manner is very important. Our team at Ri-Think makes hundreds of targeted cold calls every week, and we put our minds together to come up with the most important tips for when making cold calls.

Pick the right day and time

The time of the day you call has a pretty big impact on how the call goes. Generally calls made on Tuesdays, Wednesdays and Thursdays give better results, with Wednesday yielding the best ROI. In addition, calls made between 10 am – 12 pm and 2 pm – 4 pm show a higher response rate and better quality conversations. We always refrain from making calls at lunchtime – calls around 1 pm give you a very low success rate.

2. Introductions are important

People always like to know who they’re talking to. Make sure to introduce yourself at the beginning of the call. Keep it friendly and cheerful but to the point. This is the stage where people are trying to figure out whether they will take the time to talk to you or not.

3. Ask whether it’s a suitable time for them

Cold calls are generally unexpected calls which the receiver will likely answer while occupied with another task ranging from driving to being in the midst of an email to being in a meeting. Asking if it’s a good time for them and/or whether they have a couple of minutes for you, is a great way to show you respect their time. If it’s not a good time, schedule a call back and the person is likely to remember you and will be more responsive then.

4. Ask Open ended questions and respond

I’ve received far too many calls where the salesperson either jumped directly into the pitch or simply asked me questions that led to yes / no answers in order to determine what to sell to me. There is a massive missed opportunity here. Asking open ended questions instead achieves three things: one - it gets your potential buyer to open up and share information, two - it makes the buyer feel like you genuinely care about their problems and want to know more, and three - it allows you to gradually build rapport and a relationship over the phone. This style of calling leads to better qualified leads and a higher conversion rate.

The other crucial part of this equation is responding appropriately. I encourage my team to acknowledge what the person is saying and validate their feedback where possible. This leads to the caller responding to what the person has said, instead of moving on to the next talking point. Responding to their statement also results in improved objection handling and in many cases, further open ended questions. As far as cold calls go, curiosity can take you a long way.

5. Speak less, Listen more

Remember, the call is for you to connect with the buyer and learn about their pain points. To achieve this, you must ask the right questions and let the buyer share information. Spend your time actively listening to the buyer and speak when it’s relevant. You should be aiming to set up a meeting following the call, during which you can give your full pitch or demo. The cold call is to introduce yourself, build that initial rapport, gauge interest, talk about your service and leave them wanting more details.

6. Outline next steps and close effectively

Have you ever had a call where the call ended and you didn’t really know what was happening next? Too many sales professionals love having a good yarn, but don’t do so well on the follow through. It is critical you outline next steps before ending the call. If the call was positive, will you be sending meeting times? If the response was lukewarm, will you reach out again or are you going to email anything further? Say it was a hard no, do they know where to reach you if they change their minds? As the seller, you need to be proactive and leave the potential buyer with a clear understanding of what comes next and how you will help.

Finally, always end on a positive note. You’re probably going to reach out to this person in the future or if you’re in a small market like New Zealand with two degrees of separation, you’ll probably cross paths in the future.

Cold calling doesn’t need to be dreadful. It can be engaging and pleasant if you approach it with the same energy and humanity that you show when calling a friend. People buy from people and in our hyper digital world, phone calls continue to remain the most preferred method of communication for B2B buyers. If you're still nervous about making cold calls, get in touch with us and our team will do it for you!