3 golden rules for a bigger business profits
TRANSCRIPT
SMALL FISH MARKETING Simple and Remarkable Ways to Improve Your Marke9ng Results in a Compe99ve Environment
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Coach LEOW LEIK HONG Bsc in Electronics & Compu<ng
Cer<fied Professional Trainer (IPMA UK) (HRDF Malaysia)
• Business Transforma<on Coach • Interna<onal Trainer / Speaker • Book Author – Small Fish Conquering the Big Pond
• Founder of www.smallfishidea.com ebook sales page
• Founder and MD of Digital Profit Consultancy
Ø Business Model Development Ø Company Culture Cul9va9on Ø Crea9ve Marke9ng Strategies Ø Sales Management Development Ø Social Media Marke9ng
Specialize Programme:
Facebook Workshop @ Bali
TEAM Building @ PD
What I’m doing now….
With Coach Radin Ac<onCoach Boot Camp
Intel MY Advisor Training CEO Conference Seminar
What you can expect from this seminar?
Blinding Flashes of the Obvious…
BFO’s…
100% Participation
I KNOW…
To Get the Most Out of Your
You Must Be Willing to Have Some
What to Expect? ü A lots of coaching and 2-way discussion
ü Team presentation
ü Games and Activities
ü Questions and Answers
ü Tons of knowledge that you may get from
classroom
For today…
BE IN BUSINESS?
Wealth Creation Ladder
Employee 1
Investor 5 Owner/Leader 4 Manager 3
Entrepreneur 6
Self Employed 2
Common Challenges
1. GST implementa9on – Business geHng harder 2. Ringgit value decrease 3. Cost geHng higher 4. Compe99on arise 5. Low margin product 6. Talents are hard to recruit
1. Business Model are confusing 2. Company Vision/Direction is not clear 3. USP – Do you have one? 4. Market Positioning 5. Management System 6. People Development Program
Actual Challenges
Commercial, Profitable, Enterprise That works
Without ME!!
Very Busy Job
.
Rule # 1: Rule of En<<es
Owner and his Business are
2 different entities
Rule #1 – Rule of Entities
1. Business Plans
2. Business Model
3. Business Targets
4. Operation System
5. Organization 6. People 7. KPIs
8. Milestones
Business Direction
System
Team
Rewards
1. Business Plan – WHY? • Vision / Mission • Goals • Culture
2. Business Model • WHAT you going to do? • HOW you going to do it?
3. Business Targets • 3 - 5 Years Plan • 2015’s Plan • 90 days Planning
Rule # 2: Rule of Profits
Profitable Products
Profitable Business
Rule #2: Rule of Profits (Water Tank Analogy)
è Resources IN
Sales $$$ Equity Loans
Resources OUT è Expenses Purchases
BUSINESS
PROFIT LEAKAGES
The Language of Business…
NUMBERS Financial Intelligence
Sales Marketing Growth
Margin Risk Cash Flow
Etc…
The Language of Business…
TEST & MEASURE
Know your number…
Phase 1: Financial Data Collec<on
Collecting and Recording
Financial Data
Phase 2: Financial Data Processing
Phase 3: Financial
Informa<on Interpreta<on
Phase 4: Financial
Informa<on Applica<on
Processing Financial Data into Financial Information
Intrepreting Financial
Information
Applying Financial
Information
4 Phases Financial Management…
Rule # 3: Rule of Selling
It’s not WHAT you sell, it’s HOW you sell.
“Being Different”
Rule #3 - Rule of Selling
1.
Niche • Branding • Purple Cow • Market Positioning
4 Steps ofMarketing Strategies 1. Leads Generation
2. Convention 3. Repeat Transaction 4. Average Spending
2.
Customer Experiences
• Touches • Buying Process • After Sales Nurture
3.
BRANDING
Which one attract you better?
Which one attract you better?
A brand is not just a logo.
It is a collection of perceptions in the mind of a consumer…
BRANDING DNA
1. Connec<on – Sport shoes 2. Promise – Reliable, Trustworthy, Well design. 3. Experience – Comfortable running shoes 4. Consistency – Shoes quality 5. Personality – Sporty, Healthy and Look Good 6. Rela<onship – Run a like Pro (Michael Jordan)
Branding of NIKE
Branding = Connection
Branding is creating a collection of perceptions in the mind of others…
Education & Communication
Defini<on of
Note: Special, USP, PC
Marke<ng is about crea<ng
Purple Cow
Slimming Product Adv
1. Made it EASY
You can slimmed down even while you are asleep.
2. Made it FAST
In 10 days
3. Made it SAFE
A facial cleanser that you can drink
A Successful USP Should Be …
• Truly unique … • Exci9ng to your target market ... • Something that will get people talking ... • Something that can’t be easily copied, or if it can be, it will be an obvious rip-‐off on the part of the offending business ...
Video: HomePlus
4 Different Types of Products 1. BASIC PRODUCTS
– Popular products that generate good leads.
2. PREMIUM PRODUCTS – High margin products.
3. SUPPORTING PRODUCTS – Supplement products that support either the Basic or
Premium products.
4. SERVICE PRODUCT – Value add services and supports to your customer.
NICHE Price
Competition
1. Lead Generation X
2. Conversion% =
Customer(s) x
3. Transaction x
4. Average $$ Sales =
Sales x
5. Margin % =
$ Profit $
5Ways Strategies
to improve your Business Profits
Where do you find lead?
1. Purple Cow Effect
2. Gegng the news out
i) product & company culture
ii) create a story... Angry Birds: good & bad guys
25 leafs Mango is the BEST
iii) uniqueness & curiosity
something to talk about
Klein Constan<a Farm -‐ Honey
iv) Product packaging
packaging experiences.
Spagheg noodles. Biscuit.
Fruit juices.
Tomato sources.
crea9ve packaging bag
熊の食 BEAR BITES
v) theme
1. Purple Cow Effect
2. Gegng the news out
WHO ? WHERE ? WHAT ? HOW ?
1. Lead Generation X
2. Conversion% =
Customer(s) x
3. Transaction x
4. Average $$ Sales =
Sales x
5. Margin % =
$ Profit $
5Ways Strategies
to improve your Business Profits
An<histamines
Panadol
Acetaminophen
Ibuprofen
EASY TO BUY
Simplify
~ Best Florist Signboard ~ Apology Flowers -‐ perhaps the greatest billboard ever created for the floral industry by the Society of American Florists (SAF), 'Exactly how mad is she ?' tells a story in three images.
DELL – Warranty Service
Life-‐<me Warranty
testimonial
Minion Attack – Urgency
unparalleled customer experience Video: Apple Store Barcelona
1. Lead Generation X
2. Conversion% =
Customer(s) x
3. Transaction x
4. Average $$ Sales =
Sales x
5. Margin % =
$ Profit $
5Ways Strategies
to improve your Business Profits
Loyalty Card
Starbucks Tumbler
Sakae Sushi ang pow
Starbucks Ang Pow
1. Lead Generation X
2. Conversion% =
Customer(s) x
3. Transaction x
4. Average $$ Sales =
Sales x
5. Margin % =
$ Profit $
5Ways Strategies
to improve your Business Profits
McDonald’s Bundle
Up -‐ Selling
Extension Warranty
Check-List
Demand Creation
Shopping Basket
1. Lead Generation X
2. Conversion% =
Customer(s) x
3. Transaction x
4. Average $$ Sales =
Sales x
5. Margin % =
$ Profit $
5Ways Strategies
to improve your Business Profits
Let’s add some
number
4,000 ppl x
25% =
1,000 ppl
X 2 <mes
x $100 =
$200,000 x
25% =
$50,000
1. Lead Genera<on X
2. Conversion% =
Customer(s) x
3. Transac<on x
4. Average $$ Sales =
Sales x
5. Margin % =
$ Profit $
4,400 ppl x
27.5% =
1,210 ppl x
2.2 9mes x
$110 =
$292,820 x
27.5% =
$80,525.50
10% Improvement
4,000 ppl x
25% =
1,000 ppl
X 2 9mes
x $100 =
$200,000 x
25% =
$50,000
1. Lead Genera<on X
2. Conversion% =
Customer(s) x
3. Transac<on x
4. Average $$ Sales =
Sales x
5. Margin % =
$ Profit $
Sales 46%
$Profit$ 61%
What are your 5 WAYS strategies?
What is your Purple Cow?
How do you Generate Leads?
How do you Convert leads into customer? GeHng your customer to Come Back for more? Do they Buy a Liple Bit More?
WRITE DOWN…
YOUR TOP LEARNING POINTS.
BUSINESS TRANSFORMATION
COACH LEOW LEIKHONG
Twiper @leikhong
www.facebook.com/smallfishidea
Email: [email protected]