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The 126 Million Dollar Mistake

June 4th, 2012 No comments

I was emailed a news story recently that really got my attention. I've done this, and I'll bet you have too, so maybe we can both learn from this other professional's 126 million dollar mistake experience.

To protect the, ah, less than innocent, I'll paraphrase this story as follows.

A company had a mid-level manager that took a phone call. In less than 90 seconds, the mid-level manager said, "Sorry, I'm busy, not interested." it was a sales person that was calling. No big deal to the sales pro, they experience that all the time. But it was a big deal to the company whose manager took – or more to the point – failed to take, the time on that call.

You see, the company that mid-level manager was working for was doing well in some ways, but they faced a problem that was keeping them from growing as fast as they otherwise might have. The problem they faced was worth 126 million dollars to that firm.

They eventually found the answer, but it was some years later. As the story goes, that same person who didn't take that sales person's call years before, was the one who had the light bulb go off over his head, years later. Circumstances lead him to connect the two dots. He was mortified, but wiser, for the experience.

What s your company's 126 million-dollar problem – idea – solution?

Now, I guarantee you that there are some multi-million dollar issues that factory-built housing companies face today. Because HUD Code factories, for example, pay 'label fees' to associations, more sales benefits associations too. The ripple effect of 'not listening' to an idea – even if it comes from 'just a salesman' – can't be understated. Let's look at some examples.

Vacancies in Manufactured Home Land Lease Communities. With an estimated 250,000 +/- vacant home sites across the U.S., this problem is sizable – and costly! – indeed. I've heard time and again that owner/operators are leasing homes, refurbishing homes, selling new homes at cost, doing leased homes at cost, all in an effort to get the rent meter running again on vacancies.

  • Stop and think! One sale a month with a $5000 profit – that otherwise might have been a 'give away sale' at no-profit – would be $60,000 a year. Plus the added site rental fee. We have worked with companies that have learned to do just that, so imagine what 'not listening' to any idea like that might mean to you.
  • Do the math! That's 1.25 Billion with a capital B dollars lost in this one profit area alone. If the average site fee was $300 monthly, that is 900 million dollars in lost site fees nationally!
  • Would it be worth someone's time to learn about a program that could get your company your share of that lost revenue?

Here is another actual factory-built housing example, for manufactured home retailers (and the manufacturers and others who supply them).

  • Tony and First Guarantee will be presenting on a very under-used financing program at the Texas Manufactured Housing Association (TMHA) annual meeting in August. The financing program is available right now, today, no waiting, no Dodd-Frank related hassles. It has the potential for tripling the total number of sales currently being made by the entire industry.
  • Doing the Math for Factories and Retailers. Imagine, at an average price of $68,000 per HUD Code home, if another 150,000 homes were sold in the next 12 months. That's 10.2 Billion with a capital B dollars currently lost! Can struggling – or even busy! – retailers afford to lose that kind of money? Can struggling – or even busy! – factories afford to pass on those lost sales?

I will guarantee that – whoever you are reading this article – that right now you have a business challenge that you wish were over or solved. Am I right?

It doesn't matter if your firm is offering insurance, financing, homes, sites, supplies, products or services. I guarantee you that you have millions of dollars – perhaps billions – laying on the table. Could you use the bonus check or enhanced profits that might come to you and your firm by tapping a new way to solve a current problem?

I have been selling my entire life; insurance, advertising, machine tools, sales and management training – including some 200 firms in the factory, log and lumber industries – and I have to tell you that I can’t count the number of times I tried to share ideas with prospects that would have made them money or solved a key problem who simply said, "I’m not interested." Pardon me? Not interested in more profits? Not interested in more sales? Can anyone say, “Guilty?”

The story we began this column with had a happy ending, but it took years for that happy ending to occur. The happy ending was after the 126 million dollars lost to that company, before that happy ending took place. What they didn't say in the news story, was what was the compound lost opportunity cost? Meaning, what more could they have earned if they had they claimed that 126 million when the sales person first called that mid-level manager?

Right now – whatever your current challenge – there is a viable solution out there waiting for you to embrace. But first you have to be willing to be open to possible solutions, ideas or creative approaches.

We at MHMSM.com (MHProNews.com) happen to be in the factory-built housing solution business. Don't take my word for it, look at the testimonials posted here. But let's take this beyond us. Let's take it to a principle that can help you anytime with anyone.

3) This only takes a few minutes to find out. Or it takes a moment to say, "Look, you've caught me at a bad time, but send me an email with your company's services, and I will give it a look or pass it off to the right person."

We happen to serve both business to business (B2B) and business to consumer (B2C) markets successfully in the factory built housing industry. We have a simple rule. If we can't benefit you, we don't want your money. It has to be a win-win, because win-lose eventually costs everyone in the mix. Not everything turns peaches and cream overnight, but with the right attitudes and efforts, positive changes can and do happen.

Success is always the result of proven processes, properly applied. Success is never a solo thing. It is always, always a case of team work. Every Helen Keller has her Anne Sullivan in the background. Every Warren Buffett or Sam Zell have their key team members too.

Do you think any builder, any community operator, any retailers that are successful are doing it without trusted suppliers, contractors and vendors? Of course not.

A Parachute and the Mind work best when they are open.

Be open minded. Ask questions. Be willing to listen and learn. If the timing is wrong, don't miss the chance, ask for some basic info by email and leave the door open for a possible follow up.

Who knows? The next 126 million dollar solution may be one that could land on your desktop via a phone call or email. ##

 

Posted for
Tim Connor
Business Development
MHProNews.com
MHMSM.com
And the new MHLivingNews.com
704-895-1230

tim@mhmsm.com

Super Marketing

January 28th, 2012 No comments
The Super Bowl is almost here! Seems these days, people are anticipating the commercials as much as the game. Some of the most memorable commercials of all time have appeared during the Super Bowl. I know I can remember a dozen or more, and I bet you can too.

Here's something I found pretty astonishing. A 30 second advertisement during this years Super Bowl….about the time it's taken you to read this much of this article…will cost $3.5 million dollars! Let me say that again, 30 seconds for $3.5 million dollars! That is more than many company's entire annual advertising budget.

 
Now to be fair, these ads will be seen by more than 100 million people and some will be talked about for days, weeks and possibly years to come. Do you remember the Masterlock commercial with the bullet going through the lock? Did you know that Masterlock ran that single ad only during the Super Bowl, and found it so effective that for 9 consecutive years that was the only Television ad they ran?

But unlock (err, unlike ;-)) Masterlock, the companies running ads this year have all planned post-Super Bowl marketing. You'll see the ads on TV in newspapers, on the web, via email marketing and through social network outreach. One company's marketing director even remarked, "Our strongest push will be in our website and social network advertising in the hours, days and weeks immediately following the Super Bowl. We know people will be taking around the water cooler on Monday, and we want them talking about us!" These companies understand that they can't afford to be forgotten after the game is over.

Now, think about your business. What is your Super Bowl? Maybe it's an industry trade show, a retail center or community open house or any special event. Whatever it is, you've spent a great deal of time and money on it and it would be a total waste if your efforts fade from your prospects memory. You've got to be thinking about follow up marketing, long before the event takes place.

This can take many forms. If you are in the Business to Consumer (B2C) side of the Industry, that may be website, email marketing tied to social networking. It could be print ads in local publications, or sometimes local cable done smart can be affordable. If you are in the Business to Business (B2B) side of our industry, your follow up may be website banner ads tied to visually appealing jump pages, along with e-newsletters that reinforce what you showcased. The banner ads should be on websites frequented by your prospects (hint, think advertising on the biggest business to business trade side in the Industry, this one).

 
There are many other creative options, many are low cost and yield a nice return for you, but the above will get you the idea.

At www.MHPRONEWS.com (MHMSM.com), we provide Solutions for companies and organizations large, small and in between to help them achieve great results. I invite you to contact us about B2B or B2C marketing and sales training programs that will grow your profits and results.

And don't forget to watch for the www.MHPRONEWS.com commercial during the Super Bowl.

Just Kidding! # #

 
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