About Us
Mel Feller is an investor, business owner, entrepreneur and international motivational speaker. He grew up in Ogden, Utah and in 2000 he moved to Texas to further develop his business interests and coaching company.
An industry renowned mentor, public speaker and leader, Mel Feller loves seeing others succeed and feels a great honor in being able to make a positive impact on others.
Mel Feller has three decades plus of coaching and consulting experience in diverse industries, which provides a rich framework for his organizational insights and creative solutions. He brings a thoughtful approach to his work, carefully integrating both his coaching and consulting skills and abilities. When consulting, his focus is on “what you are doing” (i.e., goal setting, problem solving, taking action and achieving results). When coaching, his focus is on “who you are being” (i.e., how you are leading, aligning your values and tapping your gifts). As a client, you will become more consciously aware of how paying attention to – and balancing both – are critically important to your success.
His blogs can be found at https://melfellerbusinessblog.com/ and https://challengesinlife.com
How We Got Started
When you combine Mel Feller’s keen insights and engaging style with his in-depth skills, technical certifications and broad industry experience, the result is a uniquely qualified executive coach and organizational consultant
The products and services we offer
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Business coaching is a process used to take a business from where it is now to where the business owner wants it to be. A business coach will assis...
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As a Business Coach, I will give you the advice I discussed with one of my clients the other day. Once you know how big a place is, how much time it will take to clean, and what you plan to charge per hour, you can come up with a realistic cleaning bid. There is no "cookie-cutter" formula, but...
(more)
As a Business Coach, I will give you the advice I discussed with one of my clients the other day. Once you know how big a place is, how much time it will take to clean, and what you plan to charge per hour, you can come up with a realistic cleaning bid. There is no "cookie-cutter" formula, but if you have trouble coming up with numbers for the "bidding calculators", this may help you come up with numbers that may work to start with. Of course, every account is different, but as a rule, this may be good place to start.
Area = length x width: This is the "Square Footage"
Productivity = how many feet per hour can you clean.
There are basic guidelines for productivity. These are only "rough" estimates, but it is essentially, how much space you can clean in an hour. If you are cleaning a 6000 square foot area and it takes you 3 hours to be done, your Productivity is 2000 feet per hour. If it takes you 1.5 hours to clean that 6000-foot area, your productivity is 4000 feet/hour. The difference is usually determined by what needs to be done. For instance, one 6000 square foot office might be all carpeted with a little light dusting and one bathroom. That would be much easier than say, a 6000-foot area divided into several rooms with tile floors and 6 separate bathroom stalls to clean and a carpeted lobby with a mirrored elevator. The "Productivity" number is simply the amount of space you can clean per hour. In the more elaborate office, it takes longer to clean the same amount of space.
1500-2000: Low Productivity: High difficulty, high % of tile floors, industrial, high traffic areas.
2000-3000: Moderate Productivity: Standard account, moderate difficulty, lower frequency per week.
3000-4000: Medium Productivity: Low difficulty, higher frequency per week.
4000+: High Productivity: this is an easy account that you can generally clean in under an hour.
Time = Area Divided by Productivity.
This is the actual amount of time it takes to provide service once. If you do not know how much time it will take, use the general descriptions as a guideline... more difficult accounts take longer to clean so accounts that are more difficult have a lower productivity number.
Frequency = How many days in one week service is provided.
Rate = Your hourly rate.
This is another category that varies greatly by region and by the number of services per week. Typically, to be competitive, the hourly rate goes down as the frequency increases. For example, if you clean once a week, you can charge $25 per hour. However, if you clean 5 days a week, in order to win the bid, you might need to bid a much lower hourly rate (closer to $14-16 per hour).
Some general guidelines to follow for this calculation formula are:
1x per week: $25/hr
2x per week: $20-22/hr
3x per week: $18-19/hr
4x per week: $16-18/hr
5x per week: $14-16/hr
Of course, this number varies depending on where you are in the country, but it is a safe bet to start with, which will keep you competitive and still profitable.
To calculate your bid price:
Time x Rate x Frequency x 4.3 (you multiply by 4.3 because this is the number of weeks in a month).
Here is an example using this formula:
You are bidding on an office. Its 6000 square feet, all carpeted with one bathroom. They take out their own trash and recyclables and have a small kitchenette with a microwave and dorm size fridge to wipe down. They want service 3 days a week.
To bid this, you would figure it would probably fall into the 3000 range for productivity because of the frequency. So, 6000 divided by 3000 = 2. Using this guide, it would take about 2 hours to clean. Because it is three times a week, you would probably charge about $19 per hour.
So, Time x Rate x Frequency x 4.3 = Your bid 2 x 19 x 3 x 4.3 = $490
Potentially, this could work with just about any type of account because in order to give them a good bid, you need to figure out how long it will take to clean. Once you have that number nailed down, bidding is actually not that difficult.
Time is money, after all. Therefore, I hope this helps.
I would tell you exactly what I just explained to Amanda Wickett about her business.
As a Business Coach, I will tell you that there are several different ways to market your business--many of them inexpensive and easy to implement. First, it is always important for an entrepreneur to make...
(more)
I would tell you exactly what I just explained to Amanda Wickett about her business.
As a Business Coach, I will tell you that there are several different ways to market your business--many of them inexpensive and easy to implement. First, it is always important for an entrepreneur to make many friends. You will have a better chance of getting good business from people if they like you and trust you. Therefore, getting out there and meeting people is your first step. Keep in mind, though, when you are meeting new people, they are not going to like or trust the typical "salesperson sleaze"--someone who just wants to get their cash; be friendly and personable, not persistent and fake.
What else can you do? Fliers. Besides word-of-mouth, this technique is the least expensive. The design of your flier is the most important part, so give it plenty of attention. You want it to be easy to read--bold your company name and anything else you feel is important to emphasize, take care not to overcrowd it with graphics, and do not forget your contact information. Put the fliers where your targets will notice them. Not in mailboxes though--that is a U.S. Postal Service faux pas.
If you want to spread the word through the mail, though, direct mail is your best option--stamped fliers, sales letters, postcards, brochures, etc. In all cases, you want to be sure to be professional, legible, catchy, honest and creative. Use a mailing list to find appropriate prospects--find a list broker, and invest maybe a few hundred dollars into this campaign. Typical fees for most lists range from $100 to $150 per thousand names (or more for more detailed lists), and usually the broker will insist on a minimum of 5,000 names.
Finally, a great way to spread the word is via the Net. Create your own Web site to display your product or service, or even to sell it, if you decide to go the e-commerce route. Make it clean, legible, user-friendly and exciting--Web shoppers will leave a poorly designed or unexciting Web site at the speed of a click. Look at other Web sites, especially ones selling products or services similar to yours, to get ideas for your own site.
If the word "advertising" makes you feel at all shady, just remember that only some advertisers are manipulative, with their subliminal advertising and pushy ads. You can be just as effective by implementing the techniques mentioned above in a creative, yet respectable, manner.
Congratulations on launching your business. However, when using the internet to get the word out, the only problem is, no one knows about it. So how do you get the word out online, without having to spend thousands of dollars on advertising or PR, or buying Facebook or Twitter followers?
Establish profiles on the major social media sites (Facebook, Twitter, Google+, Pinterest). Before launching any social campaigns, take time to figure out which social media site or sites your target customers frequent. Then set up pages or profiles on those sites -- and post content regularly, at least once a week. To centrally manage your social media posting, consider using a service such as Hootsuite.
Create fresh, shareable content. "Business blogs are the most cost effective way to boost your organic traffic," "Google loves original and valuable content. By [creating] informative articles, not only will Google reward your site, but also people will organically start sharing your blog posts. [Just] remember: Write for your target audience not for Google."
"Create interesting videos [and graphics with your target audience in mind] and share them across all of your social media profiles”. "Offer something fresh and unique [that speaks] to your company," without it coming across as an ad.
Finally, "make it easy for your followers to share your content," "Make sure that people can follow you on Facebook or Twitter [or Pinterest] directly from your site [by including hot-linked buttons to your social media pages], and add buttons so that they can share your content and products on Facebook, Twitter, Pinterest, Google+, StumbleUpon, [Reddit] and other networks." The easier it is to share content, the more people will share it.
Ask friends, family members and employees to get the word out -- and reward referrals. Even if you do not have many (or any) followers on Facebook, Twitter, Pinterest or Instagram, chances are some of your friends or family members or your employees do. Ask them to follow you/your new business on social media sites and spread the word. Better yet, reward people for sharing links to your site or products by offering them referral discounts, say 10 percent off their first or next purchase, or a freebie.
Offer influencers/bloggers free product(s) in exchange for mentions and/or reviews. "When you first start your business, it can be difficult to direct traffic to your site," notes Chu. "A simple way to start a buzz around your product and website is to send out free samples to influential bloggers. Most bloggers will be happy to take your free sample and review it on their blog," she says. "Once the review goes up, there will be a link directly to your site. That link will give you a nice SEO boost on search engines" and will drive traffic to your site.
"If a company has not yet been in business long enough to grow a substantial customer base, they can gain visibility online by conducting a product sampling campaign, [where you offer] consumers free products in return for accurate, unbiased, and insightful reviews (which can include text, photos, and videos),"
"A product sampling campaign helps generate accelerated word of mouth and increased sales for a product launch.” In addition, "each sample can result in a review that influences tens, hundreds or thousands of prospective customers for each free product. And research shows that, depending on the product category, increases in both the number of reviews and the average rating for a product can increase orders 10 to 50 percent."
Co-market with an established business/brand. "Pair with an on-brand company that already has a loyal following to offer something unique and sharable."
"Greetabl, a greeting box that folds your message into a shippable present, made donut-themed cards. Strange Donuts made 1,000 donut holes. They offered a one-day-only sale where customers created a custom message printed on a greetabl that was paired with a donut and shipped to the recipient," The result: "They sold out and expanded brand awareness nationwide."
Use paid search (Google AdWords). "This refers to paid search marketing, like Google AdWords." This can be a very effective way for new businesses to test online marketing by driving to their website from Google. I recommend starting with a small budget, like $5 or $10 a day, and testing a variety of ad groups and creatives of at least three variations." "Marketers should also utilize either the CPC (cost per click) or CPA options for their campaigns."
A great way to test keywords is to do small PPC ad buys, and see which keyword sets get clicked more.
Follow and engage industry influencers on Twitter. "Build a Twitter following by favoring and retweeting key people in your industry." In other words, "Use Twitter's advanced search to find people located within a specific area related to your market and engage with them. You can also create Twitter lists of people in the markets you are trying to reach. Many times they'll engage with you or follow you back."
Participating in the occasional industry-related Twitter chat is another great way to get noticed.
Create a Facebook ad.
"Facebook's ad platform allows you to get very specific with the target audience." How much you spend is up to you. As Facebook notes, "You can choose between a daily or a lifetime budget, as well as a cost per thousand impressions bid or cost per click bid. [You] only pay for the clicks or impressions you receive, up to the amount you set for your budget."
One strategy I recommend is "running ads on your competitor's Facebook page, [as well as] targeting [pages] your customers read, like magazines, shows or celebrities in [your] niche."
Sign up as a source on Help a Reporter Out (HARO). "Another great way to drive traffic is using HARO." HARO is a publicity service that links reporters with sources. The service sends out three newsletters a day with listings of various media opportunities. You can sign up for the free, basic service or pay between $19 and $149 per month for one of their subscription packages, which allow you to create different profiles and filters and get text alerts about new media opportunities.
I hope these ideas help. I have certainly practiced what I preach and they have made a difference for me.
As a Business Coach, I will tell you that there are several different ways to market your business--many of them inexpensive and easy to implement. First, it is always important for an entrepreneur to make many friends. You will have a better chance of getting good business from people if they...
(more)
As a Business Coach, I will tell you that there are several different ways to market your business--many of them inexpensive and easy to implement. First, it is always important for an entrepreneur to make many friends. You will have a better chance of getting good business from people if they like you and trust you. Therefore, getting out there and meeting people is your first step. Keep in mind, though, when you are meeting new people, they are not going to like or trust the typical "salesperson sleaze"--someone who just wants to get their cash; be friendly and personable, not persistent and fake.
What else can you do? Fliers. Besides word-of-mouth, this technique is the least expensive. The design of your flier is the most important part, so give it plenty of attention. You want it to be easy to read--bold your company name and anything else you feel is important to emphasize, take care not to overcrowd it with graphics, and do not forget your contact information. Put the fliers where your targets will notice them. Not in mailboxes though--that is a U.S. Postal Service faux pas.
If you want to spread the word through the mail, though, direct mail is your best option--stamped fliers, sales letters, postcards, brochures, etc. In all cases, you want to be sure to be professional, legible, catchy, honest and creative. Use a mailing list to find appropriate prospects--find a list broker, and invest maybe a few hundred dollars into this campaign. Typical fees for most lists range from $100 to $150 per thousand names (or more for more detailed lists), and usually the broker will insist on a minimum of 5,000 names.
Finally, a great way to spread the word is via the Net. Create your own Web site to display your product or service, or even to sell it, if you decide to go the e-commerce route. Make it clean, legible, user-friendly and exciting--Web shoppers will leave a poorly designed or unexciting Web site at the speed of a click. Look at other Web sites, especially ones selling products or services similar to yours, to get ideas for your own site.
If the word "advertising" makes you feel at all shady, just remember that only some advertisers are manipulative, with their subliminal advertising and pushy ads. You can be just as effective by implementing the techniques mentioned above in a creative, yet respectable, manner.
Congratulations on launching your business. However, when using the internet to get the word out, the only problem is, no one knows about it. So how do you get the word out online, without having to spend thousands of dollars on advertising or PR, or buying Facebook or Twitter followers?
Establish profiles on the major social media sites (Facebook, Twitter, Google+, Pinterest). Before launching any social campaigns, take time to figure out which social media site or sites your target customers frequent. Then set up pages or profiles on those sites -- and post content regularly, at least once a week. To centrally manage your social media posting, consider using a service such as Hootsuite.
Create fresh, shareable content. "Business blogs are the most cost effective way to boost your organic traffic," "Google loves original and valuable content. By [creating] informative articles, not only will Google reward your site, but also people will organically start sharing your blog posts. [Just] remember: Write for your target audience not for Google."
"Create interesting videos [and graphics with your target audience in mind] and share them across all of your social media profiles”. "Offer something fresh and unique [that speaks] to your company," without it coming across as an ad.
Finally, "make it easy for your followers to share your content," "Make sure that people can follow you on Facebook or Twitter [or Pinterest] directly from your site [by including hot-linked buttons to your social media pages], and add buttons so that they can share your content and products on Facebook, Twitter, Pinterest, Google+, StumbleUpon, [Reddit] and other networks." The easier it is to share content, the more people will share it.
Ask friends, family members and employees to get the word out -- and reward referrals. Even if you do not have many (or any) followers on Facebook, Twitter, Pinterest or Instagram, chances are some of your friends or family members or your employees do. Ask them to follow you/your new business on social media sites and spread the word. Better yet, reward people for sharing links to your site or products by offering them referral discounts, say 10 percent off their first or next purchase, or a freebie.
Offer influencers/bloggers free product(s) in exchange for mentions and/or reviews. "When you first start your business, it can be difficult to direct traffic to your site," notes Chu. "A simple way to start a buzz around your product and website is to send out free samples to influential bloggers. Most bloggers will be happy to take your free sample and review it on their blog," she says. "Once the review goes up, there will be a link directly to your site. That link will give you a nice SEO boost on search engines" and will drive traffic to your site.
"If a company has not yet been in business long enough to grow a substantial customer base, they can gain visibility online by conducting a product sampling campaign, [where you offer] consumers free products in return for accurate, unbiased, and insightful reviews (which can include text, photos, and videos),"
"A product sampling campaign helps generate accelerated word of mouth and increased sales for a product launch.” In addition, "each sample can result in a review that influences tens, hundreds or thousands of prospective customers for each free product. And research shows that, depending on the product category, increases in both the number of reviews and the average rating for a product can increase orders 10 to 50 percent."
Co-market with an established business/brand. "Pair with an on-brand company that already has a loyal following to offer something unique and sharable."
"Greetabl, a greeting box that folds your message into a shippable present, made donut-themed cards. Strange Donuts made 1,000 donut holes. They offered a one-day-only sale where customers created a custom message printed on a greetabl that was paired with a donut and shipped to the recipient," The result: "They sold out and expanded brand awareness nationwide."
Use paid search (Google AdWords). "This refers to paid search marketing, like Google AdWords." This can be a very effective way for new businesses to test online marketing by driving to their website from Google. I recommend starting with a small budget, like $5 or $10 a day, and testing a variety of ad groups and creatives of at least three variations." "Marketers should also utilize either the CPC (cost per click) or CPA options for their campaigns."
A great way to test keywords is to do small PPC ad buys, and see which keyword sets get clicked more.
Follow and engage industry influencers on Twitter. "Build a Twitter following by favoring and retweeting key people in your industry." In other words, "Use Twitter's advanced search to find people located within a specific area related to your market and engage with them. You can also create Twitter lists of people in the markets you are trying to reach. Many times they'll engage with you or follow you back."
Participating in the occasional industry-related Twitter chat is another great way to get noticed.
Create a Facebook ad.
"Facebook's ad platform allows you to get very specific with the target audience." How much you spend is up to you. As Facebook notes, "You can choose between a daily or a lifetime budget, as well as a cost per thousand impressions bid or cost per click bid. [You] only pay for the clicks or impressions you receive, up to the amount you set for your budget."
One strategy I recommend is "running ads on your competitor's Facebook page, [as well as] targeting [pages] your customers read, like magazines, shows or celebrities in [your] niche."
Sign up as a source on Help a Reporter Out (HARO). "Another great way to drive traffic is using HARO." HARO is a publicity service that links reporters with sources. The service sends out three newsletters a day with listings of various media opportunities. You can sign up for the free, basic service or pay between $19 and $149 per month for one of their subscription packages, which allow you to create different profiles and filters and get text alerts about new media opportunities.
I hope these ideas help. I have certainly practiced what I preach and they have made a difference for me.
4 Replies
On all of the advertising that is being done, look at your numbers. They will not lie. Here are some examples for you.
Return on investment (ROI) is a measure of the profit earned from each investment. Like the “return” (or profit) that you earn on your portfolio or bank account, it is...
(more)
On all of the advertising that is being done, look at your numbers. They will not lie. Here are some examples for you.
Return on investment (ROI) is a measure of the profit earned from each investment. Like the “return” (or profit) that you earn on your portfolio or bank account, it is calculated as a percentage. In simple terms, the ROI formula is:
(Return – Investment)
Investment
It is typically expressed as a percentage, so multiply your result by 100.
ROI calculations for marketing campaigns can be complex — you may have many variables on both the profit side and the investment (cost) side. However, understanding the formula is essential if you need to produce the best possible results with your marketing investments.
Marketing ROI Formula
One basic formula uses the gross profit for units sold in the campaign and the marketing investment for the campaign:
Gross Profit – Marketing Investment
Marketing Investment
You can also use the Customer Lifetime Value (CLV) instead of Gross Profit. CLV is a measure of the profit generated by a single customer or set of customers over their lifetime with your company.
Customer Lifetime Value – Marketing Investment
Marketing Investment
However, some companies deduct other expenses and use a formula like this:
Profit – Marketing Investment – *Overhead Allocation – *Incremental Expenses
Marketing Investment
*These expenses are typically tracked in “Sales and General Expenses” in overhead, but some companies deduct them in ROI calculations to provide a closer estimate of the true profit their marketing campaigns are generating for the company.
For marketing ROI, the tricky part is determining what constitutes your “return,” and what is your true investment. For example, different marketers might consider the following for return:
Total revenue generated for a campaign (or gross receipts or turnover, depending on your organization type and location, which is simply the top line sales generated from the campaign)
Gross profit, or a gross profit estimate, which is revenue minus the cost of goods to produce/deliver a product or service. Many marketers simply use the company’s COG percentage (say 30%) and deduct it from the total revenue
Net profit, which is gross profit minus expenses
On the investment side, it is easy for marketers to input the media costs as the investment. However, what other costs should you include? To execute your campaign, you might have:
Creative costs
Printing costs
Technical costs (such as email platforms, website coding, etc)
Management time
Cost of sales
The components for calculating marketing ROI can be different for each organization, but with solid ROI calculations, you can focus on campaigns that deliver the greatest return. For example, if one campaign generates a 15% ROI and the other 50%, where will you invest your marketing budget next time? And if your entire marketing budget only returns 6% and the stock market returns 12%, your company can earn more profit by investing in the stock market.
Finally, ROI helps you justify marketing investments. In tough times, companies often slash their marketing budgets – a dangerous move since marketing is an investment to produce revenue. By focusing on ROI, you can help your company move away from the idea that marketing is a fluffy expense that can be cut when times get tough.
"Why Are You Better than Your Competition?"
We have all been there… You spent a good deal of time with a customer.
You have answered the questions and told everything you know about a product. You are confident about the sale until your prospect brings forth the most confronting of...
(more)
"Why Are You Better than Your Competition?"
We have all been there… You spent a good deal of time with a customer.
You have answered the questions and told everything you know about a product. You are confident about the sale until your prospect brings forth the most confronting of questions:
“OK, but why would I choose for you? Why are you better than your competition?"
Your jaw drops to the floor, panic locks your stomach in a tight squeeze and you mumble a standard sales reply. Only to see your prospect scared off by your insecure response.
Sound familiar?
Convincing visitors about a certain product is a tough job. Many people will not understand the product's value or certain of its features. They get angry and frustrated trying to decide.
Yet building up a case for your business specifically is an even harder challenge. For the customer the difficulty of deciding for a product stems from the complexity of product and number of suppliers in the market.
So unless you have a monopoly, and most likely, you do not, your customers are faced with a tremendously difficult choice.
Many customers do not care too much about getting the perfect product and simply roll with the first one that feels right. However, there is a big group of meticulous customers that will want to make sure they are making the best choice. These are the people that will ask you: "Of all the suppliers out there, why would I choose you?", or "What are you doing better than X?” etc.
However, the supplier that this customer finally chooses is not typically the optimal solution. No, it is the supplier that answered this question clearly.
The fault made by most people is that they answer the question by providing more information. That's wrong, you need to help customers pick you. You need to simplify their choice.
There is no greater sales opportunity than a prospect asking you about the value you provide. Their question indicates that they are seriously considering your solution. They have done a thorough research and believe your product is relevant. Now they revealed their final sales objection – fear of buying from you.
Your prospects are afraid. They wonder what is going to happen if the product disappoints. Will you support them then? Alternatively, will you leave them high and dry to deal with the trouble?
Overcoming your prospects’ fears is the fastest way to make the sale.
Here are a few steps that will help you achieve it.
Learn your value proposition
To put it simply, a value proposition (VP) tells your customers how you provide value in a way that nobody else does.
However, a value proposition is not the same as a tagline. Even though you may be using it to describe what you sell, a tagline does not convey your key difference in the marketplace.
It is neither a list of your product's features nor its key benefit.
It is a promise.
So first, define, learn and understand your company’s promise.
Compliment the user on their choice
A customer asking what makes you different from a competitor reveals not only an intention to buy; he also reveals the final choice of alternatives.
It may seem natural to jump right in and trash talk any other solutions they named. After all, you want a customer to believe that your product is better, right?
However, in doing so you will alienate him.
First, it is unprofessional and not gentlemanlike behavior, which few prospect, will appreciate.
In addition, you indirectly criticize the customer.
For most products, picking the right solution is an overwhelming task. Customers need to select a product they know very little about it. In addition, the last thing they want to hear is that they have picked poorly.
Therefore, compliment them on their choice instead. Make them feel comfortable about their selection. Put them at ease and they will have a much more positive attitude towards you. Set yourself apart as the knowledgeable person.
State your value proposition
With a prospect on your side, it is time you reveal the very thing that makes you different – your value proposition.
State what makes you different and what promise your company makes to every prospect and customer?
For less accounting for instance, that promise is to provide accounting software so easy to use that you’ll enjoy it even if you hate bookkeeping.
Shopify promises to offer every solution you would need to sell products online from anywhere. Unbounce however offers the quickest way to execute marketing ideas without anyone's help.
Match your product to their needs
The role of your value proposition was to intrigue the prospect. However, it is often not enough to convince them to buy your product. You now need to show them how it is ideal to solve their specific business needs.
Ask them questions about how they are planning to use the solution. Are there any specific features they are looking for?
Remember to lead the conversation.
If a prospect is not sure about what they are looking for, make suggestions based on typical product usage, i.e.:
“Most of our customers use feature X or Y”.
It will help you direct the conversation to highlight your product’s strongest points.
Capture the Lead
Regardless of all this work, you might not be able to convince a prospect to take action straight away.
That however does not mean you lost the sale. It may just mean that you have encountered a methodical buyer and will need to do more work to win him or her over.
Methodical buyers form the largest customer group in the society (approx. 40-45%). They are comparative by nature and need convincing to realize that a product is the best. They also thoroughly research any product they intend to buy and will compare it with competition before making a decision.
Your last step therefore is to find a way to keep them engaged with your company.
Suggest scheduling a quick walk through of your product.
Offer to send more documents to further explain the difference between your and the competitor’s offerings.
Invite a prospect to your upcoming webinar.
Suggest signing up for your newsletter.
On the other hand, simply, recommend a follow up call. Offer to contact them in a day or two to see if they have made a decision.
Your sales team can then take over and work on getting the sale.
Moreover, if they do, it will be largely due to the work you did overcoming the prospect's fear of buying.
I’m sure it happens more often than one would think. You engage the services of an attorney. You pay him or her a retainer as they requested so they could start working, but at some point you and the attorney have a falling out. Maybe they think they did everything they should and the project...
(more)
I’m sure it happens more often than one would think. You engage the services of an attorney. You pay him or her a retainer as they requested so they could start working, but at some point you and the attorney have a falling out. Maybe they think they did everything they should and the project is complete. Maybe you think they overcharged you for the services performed and there is additional work yet to be performed. No problem. You’ll just take a look at that engagement letter to resolve that dispute. Oops – no engagement letter? Shame on the attorney for not preparing one and shame on you for not insisting on one. What did you think, "I’m hiring them as my attorney – they are a professional and my fiduciary – surely I’m not going to have an argument with my own attorney?" Think again.
Some attorneys look at engagement letters as additional time they do not want to spend on your file since they cannot bill you for their time in the preparation, negotiation and execution of that letter. That said, as an attorney, there is no excuse (at least no-good excuse) for not having a signed and dated engagement letter in the new client’s file. At least in the case of a fee dispute with a client, why would the attorney working without an engagement letter want to risk the possibility of having the quoted language presented to the jury deciding that dispute by the attorney representing the client?
If the attorney is going to at least have some discussion with the client about the fee arrangement, it only makes sense that he ought to also have a clear understanding about what they are being asked to do and how he intends to do it. All of those discussions should be embodied in a written instrument signed by both the attorney and the client. As the client, you have the right to ask the attorney to prepare that document if they do not mention it to you. And if they do not even mention it, think seriously about your choice in attorneys.
Assuming you have an attorney that uses engagement letters, what do you, as the client, do when presented with that letter? Just like any legal contract, review it and make sure it touches on the following topics (there may be others, but these are the basic):
engagement – an acknowledgment that the attorney is being hired
conflict of interest – the attorney is aware of none
services – at least a general description of what the attorney will do
client’s cooperation – what the client will do
legal fee, retainer and expenses – they should be clearly explained
payment obligations of client – clearly defined and what happens if not
venue – where any dispute concerning the engagement letter will be heard
document retention – what happens to client’s documents upon completion
confidentiality – attorney explains the privileged and confidential relationship
E-mail policy – agreement of client to use and acknowledgment of the risks
signature – dated and signed by the client (client retains a copy)
Some attorneys use a simple one page document, others use a multi-page document or letter. I prefer the multi-page letter as it is more cordial in nature and I simply cannot cover the above topics in a one page document. From the attorney’s perspective, it is important to draft engagement letters that are clear, understandable by the client, and in compliance with Rules of Professional Conduct. The client should demand this.
Hiring a lawyer without a written engagement letter is much like driving your car without your seatbelt fastened.
This way emotion stays out of it and you know your charges. There are attorneys that I have known that almost charge you to breathe in their offices. Stay away from them and having an engagement letter will help you to avoid ridiculous charges.
Hello Nicole,
When customer turnover is high, your business loses money. A loyal customer will return with little effort on your part, while attracting new customers involves spending money and time on marketing and advertising. Even when you can convince someone new to give you a chance,...
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Hello Nicole,
When customer turnover is high, your business loses money. A loyal customer will return with little effort on your part, while attracting new customers involves spending money and time on marketing and advertising. Even when you can convince someone new to give you a chance, you'll limit your earnings if that customer only buys from you once.
Customers return to a business because of exceptional products and stellar customer service. Even the best product may not be able to overcome a bad customer experience. However, a positive customer experience can make a good product even better.
"To be a successful entrepreneur, one must be so 100 percent focused on customer satisfaction that you know in advance your client will absolutely be an automatic repeat,". "You must separate yourself and deliver your product with such quality that no other market participant even remotely compares to your results for clients."
That's a tough goal to reach, but if you make your customers' experiences uniquely positive you can increase return visits. Here are some ways to do that.
Personalize
If your business only had one customer, personalization would be easy. As your business grows and you juggle an ever-growing list of loyal customers, you'll likely find it increasingly challenging to customize each experience. Use tools that allow you to keep track of customers and create experiences that are personalized to their buying interests and behaviors. This will differentiate you from companies that aren't keeping track of their customers that way.
Stay Fresh
It can be tempting to let your business approach stagnate a bit as you work hard to grow. However, when a business continues on the same path year after year, that business risks falling behind cutting-edge competitors. Instead of allowing your offerings to grow stale revisit your concepts yearly or two and add small refreshes that can keep customers interested. If you provide specialized services to clients, consider investing in training for your employees that will improve their credentials and keep your firm relevant for many years to come.
Be Active
Even if your business operates solely online, you can benefit from reaching out to your local community. Consider finding ways to participate locally, whether it's through sponsoring youth sporting events or throwing your support behind a charity that's close to your heart. If your business is B2B and your client base is specialized, join an industry-specific organization and become as active as possible. Customers are more likely to stay with you when they see you as part of their community.
Review Your Policies
Coming on the heels of the holiday returns season, it's easy to see how brands lose customers over inflexible policies. Weigh the cost of losing a potential loyal customer against the lost income you'll get from reducing your protections against return fraud. If any of your policies have the potential to anger or alienate your customers, carefully review the benefits of those policies and consider loosening them in the name of customer retention.
Be Accessible
One way to quickly lose customers is to fail to listen to them. Whether customers are calling, emailing, or posting on social media, take each attempt at communication seriously, replying quickly and working toward a resolution. If your customers feel that you don't care, they'll make a quick exit toward a business that will listen.
Offer Discounts
Major retailers have found that by slipping coupons into customer shopping bags and email inboxes, they can almost guarantee a return visit. The coupons are usually dated for a slightly later period and will entice customers to come back a week or two later to shop at a discount. Even B2B companies can benefit from this type of discounting, handing over percent-off offers whenever a client pays an invoice.
Your customers expect top-quality customer service and great products. If you aren't meeting those needs, your customers will choose one of your competitors. To keep your best customers coming back, month after month, you should invest in the tools and practices that show your customers you're not only listening, but you're continuously striving to improve based on their suggestions.
I hope this helps
Hello Phillip,
There are two things that I would look at. The first is the tax credit.
Film and television producers are very fortunate this year, because a new version of the Section 181 Tax Deduction was passed as part of the Tax Cuts and Jobs Act of 2018 (TCJA). This is great news for...
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Hello Phillip,
There are two things that I would look at. The first is the tax credit.
Film and television producers are very fortunate this year, because a new version of the Section 181 Tax Deduction was passed as part of the Tax Cuts and Jobs Act of 2018 (TCJA). This is great news for anyone looking for private investor financing for a feature film, television series or live stage production. Please also see my Entertainment Lawyer Question and Answer Forum at www.filmtvlaw.com, for more in-depth advice that I publish twice a month.
For those who have been following the saga of the Section 181 Film Tax Deduction, it did expire at the end of 2016 with a lot of people assuming it would never return. But without much fan fair or publicity, a new tax provision emerged from deep in the 2018 Tax Cuts and Jobs Act (TCJA) that does the same thing, and it specifically references the original text of the Section 181 Tax Deduction, even though that deduction has expired.
WHAT IT DOES
Anyone familiar with the old Section 181 Tax Deduction knows that the purpose was to create a tax incentive for investors to invest in feature films, television shows, and later live stage productions made in the United States. The new Section 181 Deduction under the Tax Cuts and Jobs Act of 2018 (TCJA) likewise creates a 100% deduction for any money invested in a film, television series, or live stage production that is produced in the United States and that qualifies under the original qualification standards of Section 181.
What does a 100% tax deduction mean for a film or television investor? It means that for every $1.00 that a high net worth investor invests in a film or television series, the investor can write off 37 cents from that investor’s tax return. That is a tremendous incentive to invest in a film, television or stage production, when more than a third of the investment can be written off.
WHO CAN TAKE ADVANTAGE OF IT
Like the original Section 181 Tax Deduction, the new version of the Section 181 Tax Deduction can be taken when a producer sets up a qualifying securities offering, in which the private placement memorandum (PPM) and other provisions of the securities offering have been drafted to incorporate the new depreciation rules found in the 2018 TCJA version of the Section 181 Deduction.
The new Section 181 Tax Deduction under the Tax Cuts and Jobs Act applies to any investor that is subject to United States federal income tax.
HOW THE NEW SECTION 181 TAX DEDUCTION IS DIFFERENT
The new Section 181 Film Tax Deduction is different in a couple of ways that make it even better for investors and producers. First, there is no longer any cap to the Section 181 Deduction, meaning that even projects budged over $15 million can take advantage of the deduction. The studios and networks might be the biggest beneficiaries of the deductions, because now every film and television series produced in the United States for the next 5 years will get to take advantage of it if the production qualifies.
Second, the way that the deduction is taken by the production company is now different as well. Rather than an expense, it is a form of depreciation. The provisions are complicated for anyone that is not familiar with tax law, but the net effect is to create the same benefit for investors as under the original Section 181 Tax Deduction.
Third, there are no longer special zones where certain geographic areas get a higher cap, since the cap has been removed altogether.
Secondly I would look at is that ideaPledge.com looks set to become the “Facebook of Finance,” by finally removing the catch-22 from equity financing. Gone are the membership fees and startup costs, replaced instead by a flat 10% compliance fee paid from the proceeds that covers everything from escrow costs to transaction fees. This is a major finance tool clients need to know about.
CROWDFUNDING VERSUS CROWDINVESTING
First off it is important to make the distinction between “crowdfunding” and “crowdinvesting.” Companies like Kickstarter.com and Indiegogo.com have been around for a while offering crowdfunding, which is donation based. That means that producers are prohibited by law from offering any percentage of the profits to someone during crowdfunding, thereby creating a tax problem for the donor. Any money donated must be kept track of for the donor’s Lifetime Gift Exemption, as well as the donors Annual Gift Tax Exclusion. The IRS puts limits on both how much money can be gifted in one year, and throughout someone’s lifetime.
Crowdinvesting, however, is entirely new and just getting off the ground now because of the change in SEC regulations last year. Crowdinvesting allows users to offer profit participation to investors, creating a real investment that can gain value and pay back the investor if the project makes money.
CHANGES IN THE LAW
What makes this all possible are several recent changes in the law. First, Regulation CF finally went into effect mid-2016. The SEC had prohibited any crowdfunding portals to start operation until Regulation CF was completed, and the regulations were delayed since 2012, when Congress first passed the JOBS Act.
To show they mean business, the SEC has also amended Regulation A, creating Regulation A+ at the same time, which is another potential avenue for crowdfunding portals. These amendments finally became effective May 22, 2017. Therefor opening more opportunities.
REMOVING THE CATCH-22 IN EQUITY FINANCE
ideaPledge is now the only crowdinvesting company that I am aware of with no upfront costs of any kind. When ideaPledge started last year, there were several membership fees, but ideaPledge has wisely removed those, providing a real financial tool with no commitment upfront from users or investors.
Historically, it has always ‘cost money to make money.’ To raise investor financing, it was required to set up a limited offering, which included a private placement memorandum (PPM), state and federal securities filings, and the organization of an investment company.
However, all of that is in the past now since ideaPledge handles all the SEC compliance and financial documentation as part of the app, accessible both from mobile devices and desktop computers.
HOW IT WORKS – SHORT ANSWER
There is a short answer and a long answer to how this all works. Full disclosure, I have been retained to review and prepare some of the compliance portion of this app, so I know how sophisticated this is from a legal standpoint.
But from a user standpoint it is very simple. Someone seeking start up financing registers as a “Creator” (there is no membership fee now), and then posts a project to the Project Grid. Simple dropdown choices let Creators choose what percentage of the company to share with investors. Creators can upload video and photos for the project. Then Creators click the “Share Project” button to share on Facebook, LinkedIn, Twitter and Google+, or instead Creators can share links through email or even old fashioned postal service mailings.
Investors can look at the project for free and without registering, but to “Reserve Shares”, an Investor must register and go through a short questionnaire. It takes about 2 minutes and there is a nice interactive whiteboard presentation to take your investor through the process.
After Reserving Shares, the Investor then waits for the project to reach the Funding Goal. When it does, the Investor automatically receives securities disclosure materials and can purchase the units. The Creator receives the funds in about 10 days after the close.
HOW IT WORKS – LONG ANSWER
The long answer is that a lot is going on under the hood, and that ideaPledge takes advantage of a new Regulation A+ exemption, in addition to some longstanding SEC regulations, to create a forum where business owners and investors can privately share information about prospective offerings. Throw in a virtual currency issued by the app to Investor users and a very robust finance structure emerges.
One of the outcomes of this is that the offerings are private, unlike on other crowdfunding sites that use the Reg CF exemption, where projects are open to the public. Creators can invite individual contacts to view their projects, but before the investor can access the full website or Reserve Shares, the contact must first register and agree to the terms of the User Agreement.
That should give Creators a real sense of security, because materials are not being put out on the web for unregistered investors to see, and before any contact can Reserve Shares, they will have to agree to limited liability clauses that serve to protect the Creator.
FINAL REVIEW
I have to say that the entire app is very impressive, and given that it is no cost, it will catch on quickly. One point I will make is that ideaPledge is designed to bring in outside contacts, Facebook Friends, email lists, etc. and convert them into investors. Basically, ideaPledge replaces the use of offerings and investment companies, but it does not replace marketing and the need to have a list of contacts and relationships to which you can present your project.
I would recommend ideaPledge for any equity financed project, even those funded by close friends and family. Because ideaPledge handles the legal and compliance with no cost upfront, why not utilize this tool for even closely financed projects? It brings a level of professionalism and liability protection that no other service can offer.
.
Hello Dawn,
This is what I have found that getting hold of an email account is easy – sign up with an ISP, register with Google, buy a web hosting account – but free and standard packages won't always deliver the quality that professional users need.
Email hosting plans are an easy way to...
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Hello Dawn,
This is what I have found that getting hold of an email account is easy – sign up with an ISP, register with Google, buy a web hosting account – but free and standard packages won't always deliver the quality that professional users need.
Email hosting plans are an easy way to get a more efficient and reliable service. Exactly what's included depends on the provider, but you might get support for larger attachments (up to 50MB), 50GB or more storage space for your inbox, online storage for easy file sharing, bundled apps like Microsoft Office online, Exchange and Active Directory support for business users – not to mention 24/7 support if anything goes wrong.
Your email will work with a custom domain (address@yoursite.com), and it's typically straightforward to set up. You can use an email hosting plan to effectively replace your web host's service, or you can try one without having any hosting at all.
However, these servers are great as well.
1. Rackspace 2. Fasthosts 3. Microsoft Office 365 Business Essentials 4. Zoho Mail 5. Liquidweb Mail
I hope that this will help!
Mel Feller Asks the Question “Is Virtual Real Estate Offices A Good Thing”
As a seasoned real estate investor, I tend to work more virtually. However, in dealing with agents I have no preference if they are virtual or in a brick and mortar. However, as a former real estate agent. I...
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Mel Feller Asks the Question “Is Virtual Real Estate Offices A Good Thing”
As a seasoned real estate investor, I tend to work more virtually. However, in dealing with agents I have no preference if they are virtual or in a brick and mortar. However, as a former real estate agent. I would ask these questions first:
What Is Your Anticipated Client Mix?
Whether you are planning on working mostly with buyers or sellers can be the most important factor in whether you need a full physical office or not. Generally, you will probably find that you're meeting buyers outside the office anyway. Many real estate professionals meet their buyer clients at locations near the area in which they are showing properties. There is less need for an office in this scenario.
Sellers, however, probably will value a "brick and mortar" business location more. There is a perception issue here, and listing their home with someone who cannot show them a wall full of listed home photos will be asking a lot of the average seller. Of course, showing them MLS reports that present how your listings sell faster and for a higher percentage of asking price than your competitors will go a long way.
Are You Equipped to Be Mobile?
Let us say you have done your research, set appointments, and you have just met your buyers at Starbucks. They spring on you that they want to add a home to the list that they saw in a home’s magazine.
They have the MLS number, but you cannot look it up on the fly, as your access is on your home or office computer. You must consider this situation as the norm, rather than the exception. If you want to be mobile, have a wireless computer and a portable printer and scanner to do the job.
Do You Need a Conference or Meeting Room?
Whatever you may think will work for you personally, if you want agents to hang their license with you, have a professional place for them to meet clients.
Generally, those who hang their license with a broker do so because they want a certain level of support and business presence presented to their clients and prospects. At the very least, provide a rented conference room set up with an internet computer for them to use to meet and serve their clients.
Can You Get Signatures Digitally or With a Pen on a Screen?
Many of the documents we use in real estate transactions today can be acceptable with digital signatures. Some cannot, and some states do not recognize them, so check your area and laws. However, with the equipment already mentioned, you can fill in the document blanks on a computer or tablet and print them out for signatures, including a copy for your clients.
It is All About Client Service
As your prospect and client base becomes more technology and internet oriented, there will probably be less value placed in a physical business location. However, particularly with listings, the ability of the local client to walk into an office to discuss their property will probably always be important
