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Archive for February, 2012

We Hate to Lose

February 24th, 2012 1 comment
I recently read an article about Behavioral Finance, which studies the decision making process in regards to financial decisions. The theory brought forward in the article is that individuals and businesses do not act rationally when making financial decisions, even when they are presented all the available information.
 
One of the case studies mentioned involved two groups. The first group was presented with this problem.
 
  1. In addition to whatever you own, you are given $1000. You are now asked to choose between:
A. A sure gain of $500.
B. A 50% chance to gain $1000 and a 50% chance to gain nothing.
 
Another group of subjects was given this problem.
 
  1. In addition to whatever you own, you are given $2000. You are now asked to choose between:
A . A sure loss of $500.
B. A 50% chance to lose $1000 or a 50% chance to lose nothing.
 
In the first group 84% chose A. In the second group 69% chose B. The two problems are identical in terms of net cash to the subject, however the phrasing of the question causes the problems to be interpreted differently.
 
The study concluded that people are much more distressed by potential losses than are happy about equivalent gains. Some economists decided that people consider the loss of $1 twice as painful as the pleasure from gaining $1.
 
So this begs the question, What are your lost sales costing you?
 
Lost sales are not just those that a prospect chose not to act, or chose a competitor. Lost sales include those prospects that never contacted you in the first place. It can be painful to look at your business in terms of lost sales rather than just looking at sales generated, but it is absolutely necessary.
 
This is where the professionals at MHMSM.com come in. We have the tools and resources available to help you capture new business and grow your sales. Utilizing the knowledge and strategies from our solution oriented sales and marketing programs and training, or attending free business building seminars like those at the upcoming Great Southwest Home Show and maximizing exposure and generating sales by advertising on MHProNews.com are how you minimize lost sales and maximize your businesses' sales. # #
 
post by
 
Jeff Templeton
Business Development and Advertising
 
www.MHProNews.com
www.MHMarketingSalesManagement.com or www.MHMSM.com
Innovation – Information – Inspiration for Industry Professionals
 
Office – 954-217-2571
Cell – 954-593-8897
 

 

Deodorant

February 17th, 2012 No comments
Do you remember these deodorant commercial slogans?
 
Confident, dry and secure. Raise your arm if you’re Sure.”
 
Or this one
 
Strong enough for a man, but made for a woman.”
 
Sure® deodorant’s campaign registered well with young men 16-24 years of age. Sure became one of the best selling deodorants among males in this age group.
 
After the start of the “Strong enough” campaign, Secret® deodorant has also been tremendously successful, especially among young females age 12 -24.
 
During research and development Sure® deodorant’s team discovered that confidence and self-assurance were the 2 main fears of young men when it came to hygiene. The team for Secret® learned that young girls wanted to be seen as young women, confident and strong. So Proctor and Gamble went on to produce deodorants for each sex.
 
Or should I say Proctor and Gamble went on to produce marketing campaigns for each sex.
 
You see, Secret® and Sure® are the exact same product; same ingredients, same patented formula, and even the same price. The only difference is the packaging and the marketing.
 
Sometimes prospects value products or are influenced to buy products for different reasons. Rather than delivering one targeted marketing message that focuses on only one group or developing a general marketing campaign that doesn’t speak to the issues of any customer, companies need to target defined groups and create separate advertising for each.
 
How to do this:
 
  • Research and understand your prospective buyers. Define buying motives, fears and concerns.
 
  • Group them into categories (as an Industry business to business example: manufactured home community owners, retailers, by location, age).
 
  • Divide your marketing budget and resources proportionally, based on each category’s revenue potential.
 
  • Strategically target each group with messages that address their needs and concerns.
 
MHProNews.com (MHMSM.com) offers the manufactured housing industry's best advertising opportunities for reaching factory built home professionals. Looking to sell direct to consumers? Utilize MHMSM sales and marketing programs that will help you effectively and efficiently reach your desired audiences, with well crafted, targeted messages, custom tailored sales techniques and proven closing strategies. # #
 
post by
 
Jeff Templeton
Business Development and Advertising
 
www.MHProNews.com
www.MHMarketingSalesManagement.com or www.MHMSM.com
Innovation – Information – Inspiration for Industry Professionals
 
Office – 954-217-2571
Cell – 954-593-8897
 

 

Learning from Con Artists

February 10th, 2012 No comments
Did you ever see the movie, “The Sting,” with Robert Redford and Paul Newman? If you haven’t, see it. It’s one of the all time greats. It won 7 Oscars in 1974, including Best Picture.
 
It’s about two con artists who team up to pull off a big con on a mob boss that killed their mutual friend. They assemble a talented team of small time grifters and con artists, rent a basement hall and set it up as a gambling parlor and lure the mob boss in with a get rich quick scheme. I won’t spoil the rest for those who haven’t seen it, but there is a business attitude that I bet most who have seen it never thought about. That business attitude is You’ve Got to Spend Money to Make Money. To pull their scheme off, they needed to rent a hall, buy the furnishings, buy suits to look the part, and pay for all the stuff that made their con look real.
 
You’ve got to spend money to make money, means spending the money on the things that will help your business grow. Buying the technology that generates sales or more efficiently runs your business. Well thought out advertising and marketing to provide exposure for your products or services. Top talent to manage, design, build and sell your products. Training that gives your sales force the edge in the marketplace. All of these expenses are necessary for business success.
 
So what are you doing? Have you invested in the improvement of your website? It’s not enough just to have one. It has to be visually appealing and content strong for your potential customers to use. Are you effectively reaching your potential business customers by utilizing strong advertising platforms like www.MHProNews? Are you marketing yourself at industry trade shows? Marketing and advertising are essential to your success. Are you hiring and retaining the best and most talented workforce? And are you using Marketing and Sales Training Programs to give them the competitive cutting edge? Your employees are your most valuable resource. Not giving them all the tools to succeed is unimaginable. All of these things cost money, but they all are investments that create tremendous value for your company and generate greater revenues.
 
As the tagline in the movie The Sting says…All it takes is a little confidence. # #
 
post by
 
Jeff Templeton
Business Development and Advertising
 
www.MHProNews.com
www.MHMarketingSalesManagement.com or www.MHMSM.com
Innovation – Information – Inspiration for Industry Professionals
 
Office – 954-217-2571
Cell – 954-593-8897
 

 

Who Cares?

February 4th, 2012 No comments

When I first got into the Manufactured Housing industry, I really knew nothing about it. So, the first thing I did was went and visited a retailer near me. He had 3 or 4 homes on display and I asked the sales associate to show me around. As we walked in the first home, I attempted to shut the door, but it did not close properly. The salesmen remarked, "that's a manufacturer's defect." Things did not get any better after that point. Inside the home sat some cheap, white plastic patio furniture. The marriage lines were clearly visible and the carpet was unseamed, wrinkled and buckling. Furthermore, the salesperson was unable to answer several of my questions.

As my first experience with Manufactured Housing, I will say it was quite awful.
 
About a month later, I attended the Louisville Manufactured Housing Show and saw something amazing. These homes were beautiful! They were nicely displayed and well decorated, inside and out. The quality of construction was visible from every angle. I saw what this industry was really capable of doing. I asked a lot of questions that first show, and each salesperson I spoke with answered those questions completely. It was a truly great experience.
 
Both of those experiences have stuck with me.
 
I told this story to someone not long ago and he remarked that it was because the manufacturers have so much more money to set up and showcase their homes than some retailers do. But is that the truth? Isn't one key difference between the two experiences was caring, motivation and the desire to give one's best effort? One seemed not to care (or be motivated) at all and the other cared greatly. Doing what's right may take more time, money and effort initially, but it pays off many times over.
 
Someone once said, "if we define 'good enough' sufficiently low, we'll probably meet our standards." Caring involves raising the bar to a point where the team has to stretch. Everyone, from the top down needs to buy into the product or service being offered and understand that they have a crucial role in the creation of the final product/service. Each person's individual effort when combined with that of the others involved will determine success or failure.
 
Since that initial bad experience, I've encountered a lot of people and companies that are doing it right, that honestly care and have enough motivation about their products, services and this industry. Those who care tend to get better results than those who make the half-hearted effort at merchandizing, marketing or salesmanship. Those that care understand how to showcase and promote their homes or products and how to train their staff, salespeople and service crews. In the long run, those who invest in quality at every stage of the marketing, merchandising and sales process will reap the benefits of more sales, less turnover, happier customers with fewer callbacks, more solutions and better profits.
 
If you don't care enough, who will? # #
 
(Editor's Note: We hope to see you and hundreds of other industry professionals at the 2012 Great Southwest Home Show in Tulsa, if you care enough, please stop by our booth their and say hello.)
 
post by
 
Jeff Templeton
Business Development and Advertising
 
www.MHProNews.com
www.MHMarketingSalesManagement.com or www.MHMSM.com
Innovation – Information – Inspiration for Industry Professionals
 
Office – 954-217-2571
Cell – 954-593-8897