May 2, 2017
As you probably know #MillennialTalk is an engaging #TwitterChat that is put on by Chelsea Krost (@chelseakrost). This week there was a fantastic guest, Ebong Eka (@ebongeka) to give some insightful information on this week’s topic- Scaling Your Business to Make Money and Attract Clients. This is my first time trying out a #MillennialTalk Brief, but there was so much good information that I felt everyone should have some easy access to what was talked about.
Q1. Studies show most business fail. Why do you think that is the case?
@ebongeka: Several reasons, one is they haven’t identified a specific market. Two, they aren’t charging enough for their services- prices are too low. Three, they aren’t getting enough customers to grow and hire employees
Other great tips offered: Businesses fail at first due to low pricing, charge what you are worth, not based on experience. However, don’t out price yourself or it may stunt your growth. In order to sustain and scale you need working capital.
@ebongeka: Answer this: what problems do you want to solve and who wants that problem solved? Find common traits between customers which will help you identify your viable market to start. Will people spend money on your solution? How does your solution differ from a competitor?
@chelseakrost offers these tips:
Q3. I want to raise my prices, but what if my customers get upset?
@ebongeka: Focus on product/service; not customers pain point. You can raise your prices as long as you explain why and show additional value to your existing customers. People don’t spend money because of price, they do because of value they receive!
@chelseakrost: Explain the increase in value the customer will receive due to the pay increase. Be transparent about the change.
@ebongeka: Commodities compete on price. Great companies compete on value. Commodities are like gas stations – can’t tell the difference between Exxon, Shell, or Hess, so I go straight to price!! A commodity is a service that can’t be distinguished from a close competitor (like a gas station).
@chelseakrost offers this tip:
Q5. What if my customer can’t afford my higher prices?
@ebongeka: We analyze their products, identify their target market, then create positioning price. Sales process is HUGE! Not everyone can afford you- your specific target market (STM) can afford you because you solve their problem. Ask customer what their alternative will be. Then listen and reply “How will you solve your problem tomorrow/next week?” Fire clients that cost you more than you make from them…in peace of mind, income, etc. Also give clients time to prepare for the change. Give them a bonus instead of a discount.
@ebongeka: Discounts aren’t always beneficial. Many business owners give them because they are afraid of hearing a no or a complaint. Discounts cost you money, bonuses can be additional services you give to a customer that don’t cost extra. Ferraris, Maseratis, and Aston Martins NEVER advertise let alone discount their products. They solve a problem too!
@chelseakrost offers this tip:
And this fact:
Q7. What if an entrepreneur is making enough to live, does it matter if they grow/scale?
@ebongeka: Earning more allows you to invest in systems that can replace you and your time. Too many entrepreneurs limit their income to “just enough”. There is no monopoly on knowledge or time. Too many rely on a handful of clients until that one client leaves and so does a majority of their income. Sounds easier said than done, but everything is easier said. It’s important to find a path that allows for more action.
@ebongeka: Unless you want to be working when you’re sick, tired, and old, creating a system will allow you to scale. You train other people to do tasks that grow your business without your direct participation. If you don’t figure out how to build a team and grow- you run yourself and resources ragged.
@chelseakrost offers this tip:
@ebongeka: Start by hiring an assistant and train them to do things that aren’t directly income producing. Same thing as simple as having an assistant control your email and schedule. Make a checklist of the sales process from start to finish! Sales are most important in business. See if there’s a way to substitute you with your assistant so you can remove yourself from the process.
Tip from @chelseakrost:
Tip from @ebongeka: I write my goals down every day. Not “to-do”, goals/results. Only check email twice per day.
Tip from @chelseakrost: Everyone says social media takes so much time. Put a process in place to create your content calendar a month in advance.
Q10. How does creating a system help my sales?
@ebongeka: It allows you to focus on income producing activities like sales and customer service. It also allows you to bring other sales people into the sales and closing process. You can’t be the only one selling!
@chelseakrost: Collaborate. Engage. Have cohesive branding/messaging. Fill the NEED for your target audience. Show them how you bring value.
@ebongeka: Identify specific target marketing (STM) by analyzing their needs and problems you can solve. Create consistent content that addresses the problems your target market has – so you become an authority. Leverage Live Stream, Facebook posts, videos and Twitter to share your message and build a following. Use paid Facebook ad strategies to target and get new clients in a shorter time. Use sale funnels, Facebook ads, and live stream content these have REVOLUTIONIZED my business.
And that’s the wrap-up! A huge thank you to Chelsea Krost- Millennial Spokesperson/Brand Strategist, Media Personality, Keynote Speaker, Influencer, and Millennial Mindset Marketing. Most importantly #MillennialTalk Chat Host, Tuesdays at 8PM ET. You can find her website here- millennialmindsetmarketing.com
A second huge thank you to Ebong Eka- Top Small Biz Expert, Author- Start Me Up!, TEDx Speaker, Pricing and Sales Prospecting Leadership Expert, TV Contributor, and CPA. You can find his website here- EbongEka.com
Look out for next weeks chat! Comment if this was helpful or if it wasn’t please let me know what I can improve on!