I honestly cannot believe I haven’t done a post solely about the Sphere of Influence before. This is one of the more important elements of sales and marketing. Using your SOI is critical to generating business! It is the audience that has the highest Return on Investment (ROI)!
Let’s face it: Using your SOI = High ROI
What is a Sphere of Influence or Golden Group?
Your Sphere of Influence is an audience comprised of your friends, family, current clients and former clients. It is colleagues (not your competition) in your business or other related businesses. It is the greatest source of your referrals. For the purpose of this post, lets call them the “Golden Group.” “Sphere of Influence” is a term that seems sort of vague and unrewarding.
If you are a sales person, you are in the service industry — really, you are in the Relationship Business. You are NOT in the product business. After all, one sale does not a career make. Building relationships with potential clients, helping them achieve their goals, and keeping in touch with them AFTER their transactions is how you build a lasting business. If you do that, Continue reading
Pinterest. Okay, I said it. Now you can go ahead and complain about the fact that there is yet ANOTHER social media site you are supposed to check. Go ahead… Complain… I’ll wait…
Done? Good. Let’s get started.
As you have noticed, (or will soon notice) Pinterest is like an interactive magazine. Pictures are front and center. You can copy an article from a friend and pin it on your own board (it is called re-pinning). It is full of photos, cleanly designed, intuitive to use and viral as all heck. Early reports are showing incredible user engagement numbers for a relatively new site. But are we really surprised?
What makes Pinterest so darn sexy?
Pinterest seems to have successfully blended the fast-moving nature of Twitter with the social aspects of Facebook and the photo-centered approach of smarter retail sites. Let’s explore how Continue reading
The Endowment Effect is a term coined by economist Richard Thaler in 1980 to describe the gap between a person’s Willingness to Pay (WTP) and Willingness to Accept (WTA). In simpler terms, the owner of an item perceives its value to be higher than a potential buyer does. It is similar to the “my baby is the most beautiful” syndrome.
I read two different theories about this. The one that truly spoke to me was written by Per Bylund and published by the Ludwig von Mises Institute in December of 2011. The article explores how economists have battled with this effect, due to modern economics’ placing higher value on mathematical explanations than psychological ones. However, the psychology behind the Endowment Effect does make a lot of sense.
How the Endowment Effect works
When purchasing something, a buyer needs to believe he/she is getting a deal. Otherwise, there is no gain and, therefore, no motivation to make the trade. For instance, Continue reading
“Me, me, me. My, my, my.” That is all a recipient sees and hears when you talk about your company in your marketing. Classic examples of this are the photo of the service provider on the front of the card with a message that is all about what the company has achieved.
What if instead the company communicated the “benefits” of their services? What if they offered an answer to a problem that the recipient is likely having? Suddenly the company is speaking the recipient’s language – after all, the company is now talking about the recipient! This is a quick list of questions to ask yourself when thinking about the content of your marketing.
Making your marketing message about your audience
- Who am I speaking to? Continue reading
Okay – so the title of this post looks like someone is warming up to sing. Well, I will not be torturing your ears today. I will save that for another day.
Let’s start with the definition of a “meme” (according to Google):
- An element of a culture or behavior that may be passed from one individual to another by nongenetic means, esp. imitation.
- An image, video, etc. that is passed electronically from one Internet user to another.
An example of a popular visual meme is the Continue reading