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Make Good Deals So We Don’t Hate Each Other

Deal-making is inherent to all businesses.

You make deals every step of the way – with your software providers, landlord, vendors, customers, partners – just to name a few.

Every relationship offers you the opportunity to “win” or “lose.” Ideally, everybody wins. But getting to that ideal is tricky, requiring masterful skill and clarity.

Here are a few things to keep in mind in order to make sure you set up good agreements that benefit both yourself and the others involved, in order to enjoy long-term success.

Don Dalrymple

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I have always said,

“Good agreements make for great relationships. Bad agreements make for bad relationships.”

And having done many deals over many years, I can see where I have had a profitable and fun relationship when there are explicit expectations. And when there has been innuendo or ambiguity, relationships suffer because there is not a good agreement.

There are a lot of reasons bad deals happen. Sometimes it’s out of laziness on one or both parties. Other times, goodwill. I have made many of the mistakes and I am not one to keep repeating a script that doesn’t work. I want great relationships and have a lot of fun at it. Sure, there’s opportunities for making money, but I also enjoy people and life. Life’s too short to miss the fun.

So, if you’re like me and want to avoid the mess of unmet expectations or resentments that follow…

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Fooled by the Law of Diminishing Returns

Is more always better?

We all know the answer to that. But the trickier question is, “WHEN is more actually not better?” As our businesses grow, it’s easy to get pulled into adopting more systems, adding in more headcount, scheduling more events, developing more products.

At what point do these things start to have a diminishing return in revenue? Don offers a few key questions to ask yourself when you are considering doing more.

Don Dalrymple

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At some point, the effort and cost are not worth it anymore. The Law of Diminishing Returns kicks in when building a business or even building a life. More investment of your time, money and attention may initially have high returns, but then at some point, the rewards taper.

Will more efficiency make a large impact on your revenue?

How many more relationships start to become a liability to manage rather than pure enjoyment?

Does more money create more happiness after a certain point? They say $75K is that point of diminishing return from research studies.

Sometimes, I can’t find the motivation to do more. Perhaps, that law of diminishing return is instinctive and I’m only responding. Or experience simply shows me that more does not equal better. In fact, more may mean cost.

I see it with business owners that add more headcount and find more headaches or layers of management…

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How to Game Opportunities Your Way

There is one undeniable “secret” to success in business, and that is consistency in the right habits. Most of the success stories we read are about people with “pigheaded determination” who show up day after day after day sharing their value and message with those who need to hear it most.

We are easily distracted, and it usually takes 5-12 similar messages to begin to listen to someone new. How can you set yourself up to make sure you are in front of the right person that many times before giving up?

“Business is a game of probabilities.” How can you increase your probabilities and game success for yourself and your company?

Don offers a few practical ideas in this article.

Don Dalrymple

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It really is enticing to buy into some fad, secret sauce or crowd hype especially when it comes to deal making and opportunities. It feels secure to do the “right things” and rely on determinism.

That kind of thinking may have been true before the floodgates of access were opened and anyone and everyone could participate with their voice, ideas or projects. On the one hand I’m excited and root heavily for all the new participants in the marketplace. I like being able to think of something, look it up and implement it quickly if it is worthwhile. I like that I can connect with everyone and anyone quickly.

However, getting through all that noise to get attention and being someone that stands out becomes even more challenging. You get mixed in with the noise hitting everyone’s phones.

Business is a game of probabilities. You can increase your chances to…

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You May Need a Roadmap

There is no golden playbook to follow for building your particular business. Much of business is passion, drive, and trial and error as we seek to hit resonance with what people value.

However, after working with hundreds of businesses, we have come to identify the vital elements and have helped many owners implement them successfully. We walk through a “road map” with companies, offering the direction, support, and systems necessary to head towards their destination.

This article outlines a series of steps that have proven valuable for our clients. These steps include components such as strengths identification, sales strategy, online marketing systems, productivity, and leadership.

Don Dalrymple

To build revenue and a successful path to gaining customers and freedom is a difficult and tricky undertaking. No doubt. I have spent thousands of hours coaching talented people. But I have figured out a few things and realized that there is a roadmap, a path per se, that works.

There is no overnight success. If that were so, then everyone would simply copy that template and be done with it.

No, the true path is about becoming who you are with power and clarity. Then using that to learn to increase the probabilities for opportunities.

Here is a roadmap that I like to work through as we build a relationship and eventually a venture:

  1. Subscribe to my blog. This is a great way to get to know me and hear from me weekly. Share your thoughts on Twitter and think about the content and how it lines up…

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Fixing the Selling Funnel at the Top

Are you fishing in crowded ponds?

The selling funnel for most businesses has the following sales conversion stages:

  1. Getting found online via a sales channel
    1. Social selling
    2. Google Search ranking
    3. Paid online advertising
  2. A store or site visitor exploring your content on your site
  3. A prospective customer wanting to engage in a conversation by filling out a web form or calling in
  4. sales conversation for a proposal or purchase.

You can make an efficient conversion process from steps 2-4. If you have decent sales people, then it is expected for them to convert a large percentage of qualified prospective customers and leads. Otherwise, why are they there? Having a 20%-50% sales conversion at the bottom of the funnel is efficient and repeatable.

The middle of your funnel can be tweaked as you gain data and insights to ensure you are talking to serious people that want to buy. It’s a qualification and filtering approach.

But Step 1, getting found, the top part of your funnel is critical to feeding the sales conversion process.

For this, you have to gain the feedback from existing customers and even those that don’t convert. Knowing why someone buys, where they came from and using strategies that embed you in the right places is critical. It’s about fishing in the right ponds instead of simply becoming better at your craft of reeling in your catch.

Consider a strategy that enlarges the top of your funnel by:

  1. Picking channels and opportunities where your buyers hang out. Getting this statistical data from existing customers you may have attracted without insights is a great starting place.
  2. Analyze the sales place they come from and make a strategy for attraction.
  3. Predict your traffic and visitors based on your research.
  4. Test out your assumptions and positioning with various messaging and tactical approaches.
  5. Go big on what emerges as a working model that will fill the top of the sales funnel.

You can guess on your selling. But that will not scale unless you have intelligence. Furthermore, selling in today’s overcrowded marketplace has challenges from the dynamic continually changing preferences of buyers.

What is your demand generation top of the funnel strategy? Want to know more?