Is the “Competitive Advantage” Really An Advantage? The Case for “Collaborative Advantage”
February 17, 2010
When it comes to crafting your business' marketing messaging and defining your position in the marketplace, a commonly encountered question is: "What is the 'competitive advantage' of your company?"
The traditional definition of "competitive advantage" is the way a company distinguishes itself by keeping an upperhand over other companies who offer similar products and services. It's all about "survival of the fittest."
Reverend Suzi Schadle from the Center for Spiritual Living Eastside in Bellevue, Washington (www.csle.org), once shared this direct experience of hers from when she was leading a workshop in a school.
She was working with kids from the ages of 5-6. She wanted to teach them to work as a team.
She split the students into smaller groups of several children. The exercise she gave them was to take a raw egg and then, using the supplies that were passed out, they were to build a container for the egg so that it could be dropped from a height of 6 feet without breaking the egg. No further instructions were given.
She noticed that, unprompted, children from different groups began helping each other out, sharing supplies and trading ideas between the different groups. Some of them even went to the back table to get more supplies (no instructions were given that said they couldn't do that).
Some of the older students were intrigued by this exercise as they passed by. So, in the end, the middle school and high school students go involved in the project as well.
But what Reverend Suzi noticed was interesting:
- Among the middle school-aged students, there was no sharing of supplies and ideas between different groups.
- With the high school-aged students, not only was there no sharing, but there was also stealing of supplies between the different groups! And the energy level was one of more tension and competitiveness.
Much to Rev. Suzi's chagrin, the preschoolers decided they wanted to drop their eggs from the second floor. So, she started praying!
This is what happened when the eggs were dropped by the various grades from the second floor:
- High schoolers: All eggs dropped, all eggs broken.
- Middle schoolers: All eggs dropped, all eggs broken.
- Pre-schoolers: All eggs dropped, all eggs survived intact!
(Even from the second floor, which was not the original intent of the exercise.)
Consider what might be possible when we learn again what unbridled collaboration, free of the limitations of competition, might lead to as we emerge from a down economy!!!
As entrepreneurs, what might be possible if we took this lesson to heart and integrated this into daily business practices? Then, instead of a "competitive advantage," we'd be focused on showcasing our "collaborative advantage."
"Great power lies not in the mind and will of one man,
but in the collective consciousness of the many."
Coaching Boom 2010 – Tips from Day #4
February 11, 2010
CoachingBoom 2010 is a virtual business-building training event that started on this past Monday, February 11th and runs through Thursday, February 18th.
I'll be presenting on Thursday, February 18th at 8:15 am PT.
My topic? "How to Get More and Better Clients Using PAID Introductory Sessions"
Milana Leshinsky, the host of CoachingBoom 2010, has been sending out the top ideas that she's taken away from each day's sessions.
Here are eight takeaways from Day 4 of Coaching Boom 2010:
1. The 3 rules of effective business systems: simplicity,
consistency, and automation. They must also be personal
and fun to be useful to you (Melinda Cohan)
2. Become the person that people are quoting, especially
if you are working in corporate, executive, or leadership
coaching (Ann Farrell)
3. Lou Bortone's best kept secret for creating amazing
videos with special effects without any software is
OneTrueMedia.com - thanks for sharing Lou!
4. Most coaching web sites do NOT focus on enrollment.
They simply establish the fact that you're in business.
5. A client-enrolling letter serves 2 purposes: 1) Warming
up your prospect list, 2) Directly enrolling clients.
Which purpose are you trying to accomplish? (Michele PW)
6. A blog is a "pull" strategy, while e-mail is a "push"
strategy. Use both for most effective results (Michele PW)
7. Humans crave consistency - don't work against it, work
with it. In other words, use strategies proven to work,
even if you feel they've become old or overused. They work!
(Michele PW)
8. The best client-enrollment letter is a conversation
between the copy and what's in your client mind. Answer all
possible questions a prospect might have about your coaching
program, and you will fill it (Michele PW)
As you can see, lots of goodies came from Michele PW, who
did several critiques of coaching web sites and showed
how to turn "mellow" sites into truly attention-getting
and client-enrolling sites.
Join us now and you'll get access to complete recordings of the
sessions you missed. This link will take you to CoachingBoom2010
Coaching Boom 2010 – Tips from Day #2
February 10, 2010
CoachingBoom 2010 is a virtual business-building training event that started on this past Monday, February 11th and runs through Thursday, February 18th.
I'll be presenting on Thursday, February 18th at 8:15 am PT.
My topic? "How to Get More and Better Clients Using PAID Introductory Sessions"
Milana Leshinsky, the host of CoachingBoom 2010, has been sending out the top ideas that she's taken away from each day's sessions.
Here are here top 5 tips from Day #2:
1. To get more relationship or any life coaching clients,
create and offer results-oriented programs - workshops,
classes, events - for your niche market (David Steele)
2. To create a strong personal brand, be congruent and
consistent in everything you do. Use your title or tag
line on your site, newsletters, and coaching programs
(Suzanne Falter-Barnes)
3. The best tool for creating your own niche community
is ning.com, which is what TheCoachesExchange.com is
powered by (Viki Winterton)
4. When you coach businesses and organizations, you are
still coaching individual leaders and team members; you
don't need to have corporate background to succeed -
only the desire to help businesses to grow (Gary Henson)
5. Entrepreneurial spirit is the most important factor
in building a highly successful business (Viki Winterton)
And this is just a FRACTION of what I and the
participants learned yesterday! Join us now and
you'll get access to complete recordings of the
sessions you missed.
This link will take you to CoachingBoom2010
Coaching Boom 2010 – Tips from Day #1
February 10, 2010
CoachingBoom 2010 is a virtual business-building training event that started on this past Monday, February 11th and runs through Thursday, February 18th.
I'll be presenting on Thursday, February 18th at 8:15 am PT.
My topic? "How to Get More and Better Clients Using PAID Introductory Sessions"
Milana Leshinsky, the host of CoachingBoom 2010, has been sending out the top ideas that she's taken away from each day's sessions.
Here are the top ideas from Day 1:
1. Create a learning plan for yourself to master
entrepreneurship in 3 areas: business building,
marketing, and finances (from Michael Port)
2. Coaching is really an online business, and
anyone who disagrees is simply walking with
their blinds on (from Judith & Jim)
3. Coaching programs delivered in a "Get it done
in a day" and "Get it done for you" format are
the two biggest opportunities for coaches today
(from Christian Mickelsen)
4. A viral marketing video should evoke one of
these 3 emotions: funny, wow!, & inspiration.
The last one is the easiest and most important
one to create in your coaching business (Scott
Stratten)
5. When doing a live or virtual event, don't
expect celebrity speakers to promote you - they
may be actually the worst marketing partner for
you because they're too busy (Leesa Barnes)
And this is just a FRACTION of what I and the
participants learned yesterday! Join us now and
you'll get access to complete recordings of the
sessions you missed.
This link will take you to CoachingBoom2010
Cutting-Edge Approaches to Getting More Clients in 2010
February 4, 2010
When it comes to getting more business, it's amazing how many coaches continue to "hunt" for new clients using the same strategies that were used 5-10 years ago!
To be successful as a coach or consultant, you need four main skills:
- Coaching/consulting skills.
- Business skills.
- Marketing skills.
- Selling skills.
In my experience and observation, most coaches and consultants fail to be successful because they lack general business skills, marketing skills, and selling skills. Some of them may even be "allergic" to business development, marketing, and/or selling. I know I used to be!
Can you imagine what it would be like to stand out, attract more clients, and create a thriving coaching business - despite almost 250,000 coaches competing for clients in the world today?
From February 8-18th, 2010, there's an opportunity for you to hone your business development skills: 30 top coaching entrepreneurs, such as myself-George Huang, Michael Port, Christian Mickelsen, Bill Baren, Linda Claire-Puig, David Steele, Milana Leshinsky, Marcia Bench, Sharla Jacobs, and many others are coming together at the Coaching Boom 2010 virtual event, where we'll be sharing:
- Brand New Coach Marketing Strategies
- Biggest Coaching Industry Trends
- Innovative Client Enrollment Techniques
- Cutting-Edge Practice Management Tools
- 2010 Passive In-come Ideas for Coaches
- Hottest Coaching Niches Today
- Economy-Proof Business Building Tactics
- Hottest Coaching Business Tools
...and other business growth tactics for life, executive, and business coaches!
What does this mean for your coaching business? You'll learn how to:
- Get More and Better Clients Using PAID Introductory Sessions
- Get and Keep More Coaching Clients In Spite of Such an Over-Crowded Industry, and Take Advantage of The Biggest Opportunities In the Midst of The Coaching Market Explosion;
- Add New Income Streams and High-Leverage Coaching Models to Your Existing Business, So You Could Stop Trading Time for Dollars and Enjoy the Lifestyle Coaching Can Give You!
- Maximize and Accelerate Your Marketing Strategy, Double or Triple Your Client Enrollment, And Eliminate the Hassles and Fears of Selling Coaching Once and For All!
You will also understand...
- How Clients Buy Coaching Today and The Best Way to Create Motivation and Desire to Hire You
- How to Talk to Potential Clients So That They Will Want to Hire You - Right on the Spot
- How to Pack So Much Value Into Your Coaching Programs, That Your Fees Will Become Irrelevant!
...and much more!
I am excited to be one of their guest speakers at the Coaching Boom 2010, and you don't want to miss this biggest no-travel coaching event of the decade!
To register or for more details go to: CoachingBoom2010
P.P.S. Milana Leshinsky, the host of this event, is known for organizing some of the BEST most exciting and thought-provoking business building events in the coaching industry. You are guaranteed to walk away with dozens of ideas, tools, and motivation to increase your coaching income this year and beyond!
Why Customers Should NOT Buy From You
November 16, 2009
Given a choice between similar products or services, consumers will decide based on just two factors-PRICE and VALUE.
So what's going to make customers buy from you rather than your competitors? In other words, what sets you apart from your competition?
If you think it's your price, think again. The last thing you want is customers who buy based on price. Unless you already have 'deep pockets,' competing in this way is the most predictable route to a business that is unstable and vulnerable to minor changes in market conditions.
You've seen this before:
- "We beat Costco"
- "We honor all competitors' coupons"
- "We'll match your lowest price"
Lowering prices is often the first place business owners frequently go when they begin to worry about revenue and attracting new customers.
While the low-price strategy may be effective in the short-term, it's a potentially disastrous long-term strategy that leaves you vulnerable to getting under-priced by the eager business down the street. Worse yet, price-sensitive customers are not loyal buyers. The next time it comes to buy, they'll jump to whomever has the lowest price that day.
Competing based on value, rather than price, is the only predictable, sustainable way to increase revenue. What you really want are "more" and "better" customers who are loyal. You want customers who appreciate and value you and what you have to offer.
Good customers are value-sensitive. They understand that cheaper isn't necessarily better and are willing and used to paying for excellent quality and outstanding service. They also tend to be fiercely loyal. For a given price, the higher the perceived value to the customer, the more likely he or she will buy-now, more, again, and more often.
What to do?
If you are selling a product, offer a service to enhance the real and perceived value of the product. For example, a local camera store offers a package as part of your camera purchase that includes various classes that teach you how to get the most out of your camera. These classes are offered at no additional cost, they give you valuable, hands-on training, and they enhance the loyalty to the store. They're also a promotional opportunity for the store.
If you are selling a service, offer a product to enhance the real and perceived value of the service. For example, our financial engineer (she's really a non-traditional financial planner) organizes a yearly "summit" where she brings together experts from various areas of wealth building. She sends a CD audio recording of the event to all of her clients at no additional charge. The perceived value? High, because she provides education and training that complements her work while demonstrating her commitment to her clients' success.
Sounds good, but here's the catch:
You can't compete based on value if you aren't clear and confident about the value you provide. You must not undervalue, underestimate, or under appreciate what you have to offer the marketplace.
Action Plan
- Commit to a business growth strategy that is based on value-based pricing rather than lowest pricing.
- Get crystal-clear about what you offer that is valuable to the marketplace.
- Continue to expand the value you provide with your products and services. Add on complementary services and products to your existing lines.
- Measure your key performance indicators from value-based pricing and compare them to your previous results.
Unless you can get your competitors to sign a no-compete clause, piling on the value-rather than lowering your prices-is the most sustainable way to build your business. It makes for healthier business operations and contributes to a healthier economy in the process.
How to Get Paid While Using Introductory Sessions to Attract More and Better Clients
September 9, 2009
A Paradigm Shift for Coaches, Consultants, Therapists, Counselors, Healthcare Providers, and Other Independent Professionals
Now more than ever, when I ask service professionals what they need in their business, the answer is almost always the same: more clients!
If you're like most independent service professionals, you know you're good at what you do and you're committed to changing people's lives and the condition of our planet. But that alone doesn't bring in clients who are well-suited for you and are willing to pay for the value you offer!
With mixed success, you may have tried networking, speaking, blogging, Twittering, sending emails, writing articles or joining referral groups, and still...
...you're looking for more clients, customers, and patients.
Have you started to wonder if this will ever change, or if this is just part of being in business?
At some point, all of your marketing and promotional efforts may have led you to offering "free introductory sessions" or "complimentary consultations" to build your business. While you may have gained clients this way, there's a good chance that this process has left you frustrated, drained, and discouraged.
You see, while free sessions and complimentary consultations can and do produce results, there's one big problem: you can attract a lot of "tire-kickers" -- people who book a session with you because it's free, with no interest in going any further.
Let's face it - unless you have a way to weed out the tire-kickers, you'll burn up time and energy and have no new clients (or customers or patients) to show for it in the end.
But what if you had a way to:
- Eliminate the "tire-kickers"?
- Select only the best clients to work with?
- Markedly increase your conversion rates?
- Get PAID while you qualify prospective clients, customers, and patients!?!
Would that make a difference in your business?
Of course it would!
So consider this: What if you could attract and work with only the clients who are a good fit for you, avoid wasting time with "window shoppers," dramatically increase your conversion rates to longer-term and better paying clients, and, get appropriately compensated for it all at the same time?"
Does this challenge your beliefs about what's possible?
At this very moment, you may thinking to yourself: "Sounds great, but that won't work for my business?"
If you're willing to put all that aside for a moment, just accept the possibility that it's possible.
And, simply put, the way to do it is to: "SIMPLY CHARGE A FEE FOR YOUR INITIAL SESSION."
You see, when you charge a fee for your initial "introductory" session, you screen out the people who are interested in doing a session with you only because it's free.
Moreover, since they are expecting to or have already paid for their initial session, they've identified themselves as someone who is motivated and interested in changing something in their lives.
And people show up for your session with a higher level of expectation of what they're going to get, so you'll be working with a higher-calibre of clientele who are more satisfying to work with and who are value-conscious (as opposed to price-sensitive).
All of this leads to better conversion rates and people you'd love working with. A double bonus!
But if it's so easy, why aren't more people doing this?
Admittedly, it's not always as straightforward as tacking on a fee to your existing "free" or "introductory" session. (Though, it could be as simple as that. In fact, recently, I coached one of my private clients to revisit an introductory process that she had "mothballed" and feature it as her paid introductory session. Within a couple of weeks, she was getting paid to begin exploring possibilities with new clients, some of whom turned into longer-term clients. And, on top of that, new approach led to a referral to a lucrative client engagement and increased her cashflow significantly. All of this increased her confidence and boosted her optimism for the future.)
Realistically, it takes a shift in one's perceptions and beliefs about what is possible. It takes overcoming one's fears and concerns, quieting the "little voice" that says: "this doesn't apply to my business," or "you can't do that."
Beyond that, whether you use free or paid introductory sessions (or a mixture of both), the key to more and better clients lies in understanding how to provide tremendous stand-alone value during your initial session with them... value that the client knows is well-worth paying for because they've just experienced it.
So, challenging economy or not, strongly consider developing and honing your approach for having potential clients pay for their initial session. Compared to what you're doing now, there a good chance that you'll turn a higher percentage of them into better paying and more appreciative clients, customers, and patients.
If You Can’t Prevent Problems from Happening…
January 23, 2009
....then the best you can do is prevent the consequences of the problems from becoming a bigger problem.
Yesterday, I did a teleseminar with Jenny Hamby, a seminar marketing expert of SeminarMarketingPro.com, called "Accelerated Lead Generation Using Seminars." (Yes, you can register for the replay at www.freedompreneur.com/acceleratedleadgen). During the call, we talked about turnkey systems for using your talent to get more and better clients and customers, despite the economy).
I told my story of how I used seminars to generate a six-figure annualized revenue stream within 73 days of starting my coaching business.
And, among many other things, Jenny and I talked about specific strategies and action steps participants could take to use seminars and workshops to accelerate their business growth.
I even shared specifics of how I systematized the process of using live events to generate new business leads ... enhance new client conversion ... AND generate additional revenue from the events themselves!
And, we answered specific questions from participants on how to apply these principles and practices to their specific businesses and situation.
But the one thing I couldn't prepare for, was the conference call line going dead, 90 minutes into the call, right in the thick of things!
I wasn't aware of this until a listener was kind enough to email me about it.
So, participants never got to hear how they could take advantage of my hard work and use the very same system of checklists, templates, scripts, worksheets, spreadsheets, and flyer templates to plan, promote, and produce their next events with speed and ease. (For more details, go to: www.freedompreneur.com/revenueratchet_live)
Now, I've been through enough audio technical glitches to know to turn on a backup recording system. So, fortunately, I have a backup recording. The quality of the sound needs to be tweaked and edited, but at least, it's better than the sound of silence.
Despite the technology gremlins, a few people managed to learn about my "Revenue Ratchet Using Seminars and Workshops" product and invest in it. So, while the integrity of the conference call line was compromised, I have an opportunity to minimize the negative impact of the problem... all because I took the simple steps of activating a backup system and adding that to my "startup checklist" that I use before all presentations.
Where in your business can you anticipate potentially unavoidable problems, in circumstances out of your direct control and put systems, strategies, adoes nd practices in place to prevent significant consequences, in case the unavoidable happen?
Information Is Interesting, but…
January 6, 2008
In today's Information Age, we have instantaneous access to an over-abundance of information. Through the Internet, we can search for information, products, tools, and other resources at all hours of day and night. We can purchase books and other subscriptions through websites. Even when purchasing physical books, we can also purchase the digital download version at the same time.
We can amass all the information we want. Become a walking encyclopedia if you want....
...and it won't do you a bit of good. It won't make you healthier, wealthier, or wiser.
Information is NOT power. That's a myth. Information is, well, information. It's what you do with the information that makes any difference at all.
So, once you've gathered information, the next critical step is to assimilate or integrate it. Integration takes time. For some of us, there's an incubation period during which we need to percolate on the information, maybe tinker with it, before it settles in and makes sense. It takes time for us to get familiar and comfortable with the information, to understand how best to apply it to our particular situation, goals, and dreams.
Even after the information you acquired gets integrated into your beliefs, your thinking, your very being, your business, and so on, that information still won't make any difference, until...
...until you take the steps to implement that information. Implementation means putting that information to work for you. It means taking that information and turning it into powerful strategies and action steps that produce the results you want for your business and your life.
So, you can attend all the workshops you want, read as much as you want, buy all the training and information products you want. Just remember that you must also commit to doing the work to assimilate the information and allocate the time to do so. And then, and only then, you'll be ready for the next phase of work, which is Action, Action, Action!
That leaves us with three "I's" of business success:
- Information
- Integration
- Implementation
One without the other isn't as powerful as having the synergy of all three. Staying aware of keeping all three elements together gives you a simple way to stay focused on what produces the outcomes you desire in your business and your life.
Accelerating Your Revenue
December 29, 2007
Over three years ago, I stumbled into the world of business coaching. Within less than 90 days after presenting my first live seminar that showcased what I had to offer, I had created a annualized six-figure, recurring revenue stream.
To be honest, I didn't realize at the time how extraordinary this was; I was simply doing what I intuitively was drawn to do, fueled by fears of having to go back to practicing plastic surgery!
I had heard that most coaches, be they life coaches, business coaches, executive coaches and everything else in between, hardly made enough to call it a living. It wasn't until I was a guest trainer at a workshop for coaches and consultants that I realized that I had done something out of the ordinary.
Emerging coaches and consultants began asking me for advice, even to coach them directly. So, I created a program called the Six-Figure Success School. On the web page for that program, I wrote this:
"I believe that others can duplicate what I did, perhaps even faster. With my guidance, along with my documented systems and strategies that I personally used to create a sustainable six-figure revenue stream, I believe that others apply this approach to their own business and accelerate their lead generation, conversion, and revenue growth. I wonder why this can’t be the norm, rather than the exception."
Lo and behold, one of my clients did just that. I coached him to create a six-figure, recurring revenue stream and he did it in 70 days from the date I started coaching him. You can hear his story by clicking here.
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