– by Melissa Vokoun

It may be impossible to predict the outcome, but one thing is for sure: if you fail to examine your costs and pricing periodically, you could be cheating yourself and your employees of financial security. As you consider a price increase, take some time to examine the marketplace, your industry norms and the quality of your products and services to make an intelligent decision.

Manage Your Business Efficiently Raising prices is only one way to increase profitability. Consider management improvements that may boost the bottom line immediately. Look for inaccurate billing, high accounts receivable, workflow bottlenecks, high employee turnover, and poor cash flow predictions With improvement in these areas, it may be possible to minimize the need for a price increase.

Be Mindful of Your costs and Price Accordingly The price of your products or services must reflect a realistic calculation of your costs. If your costs have gone up but your prices haven’t, obviously you are working just as hard but making less money. Examine the costs of labor and overhead. Are you confident that your pricing reflects industry realities.

by Kathleen Gage

Marketing is not only about getting word out about your product or service; in most cases you must also establish yourself as an expert. With competition for the consumer’s dollars at an all time high, there are some very simple strategies you can implement to gain better market position while increasing your expert status. A better position can equate to increased revenues.

To gain expert status some will choose to put their knowledge into a book. The world of book publishing has changed so much that what was once out of the reach for many is now very doable. However, there is time, effort and costs involved in taking a book to market.

A more viable option for many would be as simple as writing reports and/or articles. If you have knowledge about a particular subject, turn that knowledge into a special report. A special report is a multi-page document packed with valuable “how-to” information that readers can use immediately.

by Audrey Okaneko

I was emailed an offer yesterday that really got me thinking about perceived value versus actual value.

Often, we can be led to believe that something is an incredible “buy it now” value, when in reality the offer is only worth pennies.

We’ve all heard the saying “she could sell ice to an Eskimo”. Let’s face it, ice to an Eskimo does not have real actual value, but a good salesperson may be able to sell the perceived value.

Another example is the toys found in cereal boxes. When I was a child, an entire marketing campaign from the cereal company was focused on the toy inside the cereal box. Thousands of boxes of cereal were sold for the tiny toy found inside. This is perceived value. As we know, the actual value of the item inside the box was pennies. The toy was lost or broken within minutes. It was all perceived value.

I am seeing this same strategy being used online. Sellers are creating incredible perceived value for items that do not hold much actual value in dollars and cents. An example; an ebook is being sold on how to make money on the internet. I’ve seen these books offered for anywhere from $9.99 to $99.99. In fact, the web site and all ads will often cross out one price and in red insert a lower price. This is perceived value, creating the perception that something is worth more than it might actually be worth. Let’s look at the actual value of this particular book.

by Audrey Okaneko

You know the old saying "first impressions can last a life time". Well, I believe that second impressions can be more important than first impressions.

I would like to share a couple of stories with you. Several years ago, I found myself looking for a new business opportunity. I knew many people involved with many different opportunities. I began doing some research and found two opportunities that I really liked. The first opportunity, I called the woman, and left a message with her daughter. I called again a few days later and left a message on her answering machine. I never heard back from her.

The second opportunity that appealed to me, I sent the girl an email. She phoned me 2 weeks later saying her computer had been broken. This did not sit well with me, but ok, things happen, so I called her back within 2 hours of her leaving the phone message. The next time I heard from her was about 3 weeks later with an email apologizing profusely for not contacting me sooner.

As you can see in the above 2 scenarios, while I was initially impressed with the people and the companies they represented, my second impression was so bad that I chose not to do business with either of them.

Follow up is so important that I believe more time should be spent on the follow up than the initial contact. Follow up is where the trust between you and the interested party begins. If you tell someone you will call Tuesday, then call Tuesday, even if you have to call from a pay phone, or cell phone. Let your contact know that they are important enough for you to follow through with your word. Show them that you will stand by your word no matter what.

by Claire McLennan

A major part of keeping profitable and growing your business is maintaining a focus on business development. Even when you've got the right mix of work, clients and employees you should be looking for new sales leads. Establish a process that ensures your existing customers don't get neglected while you manage new business opportunities in a cost- and time-effective manner.

1. Generate sales leads. Identify the types of companies you want to work with and a realistic number of companies you want to target over a given period of time. For example: An accountant with experience in the marketing industry might decide to target five opportunities per month focussed on marketing consultancies.

Finding potential clients and identifying new opportunities can be done through networking events, tenders listed in newspapers and industry magazines and headlines in newspapers about new projects and industry seminars. Keep an eye on your industry and stay aware of new developments.

Track the companies you approach in a database (you could use Microsoft Office Excel or Access). Tracking should cover the obvious things — company contact details — as well as details of what was discussed, potential work, actions and more.

by Barbara Theodosiou

Successful relationships are the foundation of all success in life: both professionally and personally. Professionally, effective relationship building skills can mean the difference between triumph and defeat, particularly in a sales and/or service based environment. The importance of building strong, long-term professional relationships by taking the time to effectively “follow-up,” cannot be overstated. Yet many sales specialists such as realtors, pharmaceutical sales representatives and small business or home-based business owners simply fall short in this area, not for lack of trying, but simply because they lack guidance and expertise. Following-up is an art form that once mastered, will be an invaluable element for sales success. As Robert Collier once said, “Success is the sum of small efforts, repeated day in and day out.”

The Importance of Follow-Up?

Everyone wants to feel special, valued and remembered. Our frenzied schedules often leave very little time to think about, appreciate or thank anyone in our lives, especially new contacts. However, that’s the essential ingredient to successful relationship building. By taking the time to make someone else feel valued you make yourself stand out in a crowd, helping to build a positive rapport of trust and respect with prospective and existing clients. To paraphrase the principles of the Law of Attraction, whatever you put out into the world is what you will get back in return. Thus going the extra mile, which might only take an extra few minutes a day, to appreciate your clients and/or prospective clients is a must to attaining your goals. Focus on giving instead of getting and remember that relationship building takes time, organization and perseverance but it is well worth it in the end.