Two Principles of Financial Success
February 9, 2010
Two Principles for Financial Success
By: Brian Tracy
There are two great principles for achieving financial success. The first principle is what we call the law of attraction. The law of attraction says that you are a living magnet. It says that your thoughts create a force field of energy that radiates out from you and attracts back into your life people and circumstances in harmony with them. Any thought you have, combined with an emotion, positive or negative, radiates out from you and attracts back into your life the people, circumstances, ideas, and opportunities consistent with it.
How to Attract the Success You Desire
Many people feel that this is perhaps the most important of all mental laws. It says that if you have a very clear idea in your mind of your desired goal, to become wealthy, and you can hold that idea in your mind on a continuing basis, you will inevitably draw into your life the resources that you need in order to achieve it. Every person who has become wealthy or successful has become wealthy and successful as a result of holding the idea of wealth and success in their mind long enough and hard enough, until they drew into their lives the resources they needed to accomplish it.
Your World Reflects Your Thoughts
The second principle is called the law of correspondence. This mental law is very powerful. It says, "as within, so without." It says that your outer world is like a mirror that reflects back to you what is going on in your inner world. And this law of correspondence says that everything that happens outside of you corresponds to something that’s going on inside of you. When we say that your outer world is a reflection of your inner world, we mean both at a conscious and at a subconscious level.
Discover how to attract more qualified prospects and close more sales at my 2-hour Selling like a Pro Training Workshops in Melbourne, Sydney, Perth, Adelaide, Townsville, and Hobart in 2010!
Visualize Your Goals Clearly
If you consciously believe that you have the ability to achieve your goals and you can hold a picture of those goals clearly in your mind long enough and hard enough, eventually your outer world will correspond with it.
Three Reflections of Success
There are three places where we see this law of correspondence. First of all, your outer world of people will correspond exactly with your own attitude. You will always see your attitude reflected back to you in the faces and the behaviors of the people around you. If you have a positive, optimistic attitude, people will respond to you almost immediately, even before you open your mouth, in a positive and cheerful way.
Relationships Show You Who You Are
The second area where we see the law of correspondence is in your relationships. Your relationships will always mirror back to you exactly the kind of a person you are. When you are happy and optimistic and at peace, your relationships will be happy and harmonious and loving. But when your thinking is disrupted or negative for any reason, consciously or unconsciously, this will be immediately reflected in your relationships.
Inner and Outer Wealth
The third place you see the law of correspondence is with regard to your wealth. Your external world of wealth and financial accomplishment will be a mirror image of your inner world of preparation. The only part of the equation that you can control is your conscious thoughts, and if you can keep your conscious thoughts on what you want, on your images of wealth and affluence, eventually your external world of reality and experiences will reflect it back to you.
Action Exercises
Here are two things you can do to apply these principles in your financial life:
First, guard your thoughts carefully. Whatever you think about, combined with the emotions of desire or fear, you will attract into your life. Be sure that you are attracting what you want by continuing to think only about what you want.
Second, keep feeding your mind with new information, ideas and pictures of the person you want to be and the life you want to live. By creating this inner attitude of mind, you change the outer aspects of your reality.
Create Large Chunks of Time
February 5, 2010
Create Large Chunks of Time
By: Brian Tracy
This strategy requires a commitment from you to work at scheduled times on large tasks. Most of the really important work you do requires large chunks of unbroken time to complete. Your ability to create and carve out these blocks of high value, highly productive time, is central to your ability to make a significant contribution to your work and to your life.
Thoughtfulness may be defined as a careful concern for the secondary consequences of each decision and each action. This is the essence of strategic thinking.
Start Immediately on Number One
Successful salespeople set aside a specific time period each day to phone prospects. Rather than procrastinating or delaying on a task that they don’t particularly like, they resolve that they will phone for one solid hour between 10 and 11 AM and they then discipline themselves to follow through on their resolutions.
Many business executives set aside a specific time each day to call customers directly to get feedback.
Create Specific Amounts of Time
Some people allocate specific 30-60 minute time periods each day for exercise. Many people read in the great books 15 minutes each night before retiring. In this way, over time, they eventually read dozens of the best books ever written.
The key to the success of this method of working in specific time segments is for you to plan your day in advance and specifically schedule a fixed time period for a particular activity or task.
You make work appointments with yourself and then discipline yourself to keep them. You set aside thirty, sixty and ninety minute time segments that you use to work on and complete important tasks.
Create Preplanned Periods
Many highly productive people schedule specific activities in preplanned time slots all day long. These people build their work lives around accomplishing key tasks one at a time. As a result, they become more and more productive and eventually produce two times, three times and five times as much as the average person.
Action Exercises
Here are two things you can do immediately to put these ideas into action.
First, organize each day to create large chunks of time you can use for key task completion.
Second, make a written appointment with yourself to work on a key task at a specific time.
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The Seven P Formula for Marketing Success
January 20, 2010
The Seven P Formula for Marketing Success
By Brian Tracy
Once you have developed your marketing strategy, there is a seven P formula you should continually use to evaluate and reevaluate your business activities. These seven are: product, price, promotion, place, packaging, positioning, and people. As products, markets, customers, and needs change rapidly, you must continually revisit these seven P’s to make sure you are on track and achieving the maximum results possible for you in today’s Market.
Product
To begin, develop the habit of looking at your product as though you were an outside marketing consultant having been brought in to help your company decide whether or not it is in the right business at this time. Ask critical questions such as: Is your current product or service, or mix of products or services appropriate and suitable for the market and the customers of today?
Prices Deserve Attention
The second P in the formula has to do with price. Develop the habit of continually examining and reexamining the prices of the products and services that you sell to make sure they are still appropriate to the realities of the current market. Sometimes you need to lower your prices. At other times, it may be appropriate to raise your prices. Many companies have found that the profitability of certain products or services does not justify the amount of effort and resources that go into producing them. By raising their prices, they may lose a percentage of their customers, but the remaining percentage generates a profit on every sale. Could this be appropriate for you?
Promotion
The third habit in marketing and sales is for you to develop the habit of thinking in terms of promotion all the time. Promotion includes all the ways you tell your customers about products or services and how you then market and sell to them. Small changes in the way you promote and sell your products can lead to dramatic changes in your results. Experienced copywriters can often increase the response rate from advertising by 500 percent by simply changing the headline on the advertisement.
Place
The fourth P in the marketing mix is the place where your product or service is actually sold. Develop the habit of reviewing and reflecting upon the exact location where the customer meets the salesperson. Sometimes a change in place can lead to a rapid increase in sales.
Packaging
The fifth element in the marketing mix is packaging. Develop the habit of standing back and looking at every visual element in the packaging of your product or service through the eyes of a critical prospect. Remember, people form their first impression about you within 30 seconds of seeing you or some element of your company. Small improvements in the packaging or external appearance of your product or service can often lead to completely different reactions from your customers.
Positioning
The next P is positioning. You should develop the habit of thinking continually about how you are positioned in the hearts and minds of your customers. How do people think about you and talk about you when you are not present? How do people think and talk about your company? What positioning do you have in your market, in terms of the specific words that people use when they describe you and your offerings to others?
People are Everything
The final P is people. Develop the habit of thinking in terms of the people inside and outside of your business who are responsible for every element of your sales and marketing strategy and activities. Your ability to select, recruit, hire, and retain the proper people, with the skills and abilities to do the job you need to have done, is more important than everything else put together.
Action Exercise
Position yourself in everything you say and do as the most credible and believable supplier of your product or service to your ideal customer.
The Law of Reciprocity
People have a deep subconscious need to reciprocate for anything that is done to or for them. The Law of Reciprocity is one of the most powerful of all determinants of human behavior. This is because nobody likes to feel that he or she is obligated to someone else. When someone does something nice for us, we want to repay that person, to reciprocate. We want to be even. Because of this, we seek an opportunity to do something nice in return. This law is the basis of the law of contract, as well as the glue that hold most human relationships together.
Concessions
The first party to make a concession is the party who wants the deal the most. You must therefore avoid being the first one to make a concession, even a small concession. Instead, be friendly and interested, but remain silent. The first person to make a concession will usually be the person who makes additional concessions, even without reciprocal concessions. Most purchasers and sellers are aware of this. They recognize that early concessions are a sign of eagerness and are prepared to take advantage of it. Be careful.
Equal or Greater
Every concession you make in a negotiation should be matched by an equal or greater concession from the other party. If the other party asks for a concession, you may give it, but never without asking for something else in return. If you don’t request a reciprocal concession, the concession that you give will be considered to have no value and will not help as the negotiation proceeds. If a person asks for a better price, suggest that it might be possible but you will have to either decrease the quantity or lengthen the delivery dates. Even if the concession is of no cost or value to you, you must make it appear valuable and important to the other party or it will not help you in the negotiation.
Small concessions on small issues enable you to ask for large concessions on large issues. One of the very best negotiating strategies is to be willing to give something in order to get something. When you make every effort to appear reasonable by conceding on issues that are unimportant to you, you put yourself in an excellent position to request an equal or greater concession later. Use Reciprocity to your Advantage
Use the reciprocity principle to your advantage. Before negotiating make a list of the things the other party might want and decide upon what concessions you are willing to give to get what you want. This preparation strengthens your negotiating ability considerably. Action Exercise
Prepare your best price or offer before you begin. Then, think through your first "fallback" position and how far you are willing to go to make a deal. Prepare your final fallback position as well, along with the maximum you are willing to concede. This exercise of thinking through these issues in advance will make you a much better negotiator.
Selling in Tough Times
December 7, 2009
Recession Selling 101
By Brian Tracy
Sales and profits down this year? Frustrated with the current economy?
Are your customers coming up with more and more objections? Are they telling you the price is too high, they’re not ready to buy right now, want to think about it, can’t get the boss to approve it, or worst of all, "aren’t interested," when you know for a fact they need your product or service.
What’s your plan?
So how can you ramp up sales in this tough economy?
Take Action to Find Out What Works
I’m amazed at the number of savvy business owners I talk to who complain about their sales. They have the idea stuck in their heads that this recession is bad and there is nothing they can do about it.
Nothing could be further from the truth!
Did you know Bill Gates started Microsoft during a recession?
Just because money was tight, it didn’t keep him from becoming the most dominant software provider in the world. And he didn’t accomplish this feat by blaming the economy.
Recessions only come along once every ten to twenty years and ones like this only happen every 50-70 years. And they create huge opportunities for those quick enough to take action and use them to grow their business. People like you!
Find out how you, too, can profit from this economy.
Shift Your Selling Strategy
When I first started out in business, I didn’t know how to get past the common objections that were killing too many sales. But then, when I went through my first recession, I discovered one simple truth about selling.
I’ll tell you what it is in just a second, but let me ask you two questions first:
- Who are prospects more likely to believe; themselves, or you?
- Who is better at closing the sale; the prospect, or you?
The Truth About Selling In Tough Times
The simple truth about selling—and the secret to selling more—is that your prospects are better at closing the sale than you are, if you lead them to it.
Once you understand this and put this breakthrough technique into practice, you’ll close many more sales. This approach turned my career and my business around in the midst of recession and changed my life. It can do the same for you.
Why is it so easy to increase sales when the prospect does the selling instead of you?
Close More Sales By Pre-Selling Your Prospects
The ideal prospects have already heard about you and your products and services and know that you’re the expert to turn to. They’ve heard from people they trust that your products and services work well, so they understand their value.
Prospects like these arrive ‘pre-sold’ and ready to buy from you. Getting them to close the deal becomes a foregone conclusion when you use this amazing selling technique. The result? You’ll close many more sales with a lot less effort.
Don’t you wish you could ‘pre-sell’ all your prospects? Instead of spending your time countering objections from prospects, you could be talking to people who want to buy. Discover how to structure your sales process, establish your credibility, and clarify the value you provide so your prospects ‘pre-sell’ themselves.
Ready to learn the secret to pre-selling your prospects so you can grow your business?
Eliminate Obstacles to Maximize Sales In This Economy
If you drive to work every morning, I don’t have to remind you that it takes much longer to get to work in rush hour traffic. Even a well-designed and well-built freeway slows down to a mind-numbing crawl when it’s overloaded with cars.
Nothing is more aggravating. You’ve got a well-tuned driving machine that could easily do 60 miles an hour and get you to work in 15 or 30 minutes. Instead, you can spend an hour or more stuck in traffic.
Your prospects’ objections are like the cars in that traffic jam, slowing down the sales process. Eliminate those objections in advance, and you and your prospect get to the sale in half the time.
Move the obstacles off the road and clear the way for your prospects to buy. You’ll melt their resistance and sell more of your products and services—again and again.
Want more sales and higher profits?
To earn more, you must learn more.
To order one of Brian Tracy’s best-selling books or CDs on sales, such as ‘Advanced Selling Strategies’, ‘The Psychology of Selling’, and ‘The Art of Closing the Sale’, call our office now on 1300 795 129.
The Truth About Frogs….
If you have to eat two frogs, eat the ugliest one first. This is another way of saying that if you have two important tasks before you, start with the biggest, hardest, and most important task first. Discipline yourself to begin immediately and then to persist until the task is complete before you go on to something else. Don’t Procrastinate
If you have to eat a live frog at all, it doesn’t pay to sit and look at it for very long. The key to reaching high levels of performance and productivity is to develop the lifelong habit of tackling your major task first thing each morning. You must develop the routine of “eating your frog” before you do anything else and without taking too much time to think about it.
Successful, effective people are those who launch directly into their major tasks and then discipline themselves to work steadily and single-mindedly until those tasks are complete. “Failure to execute” is one of the biggest problems in organizations today. Many people confuse activity with accomplishment. They talk continually, hold endless meetings, and make wonderful plans, but in the final analysis, no one does the job and gets the results required. Develop a Positive Addiction
You can actually develop a “positive addiction” to endorphins and to the feeling of enhanced clarity, confidence, and competence that they trigger. When you develop this addiction, you will, at an unconscious level, begin to organize your life in such a way that you are continually starting and completing ever more important tasks and projects. You will actually become addicted, in a very positive sense, to success and contribution. No Shortcuts
Practice is the key to mastering any skill. Fortunately, your mind is like a muscle. It grows stronger and more capable with use. With practice, you can learn any behaviour or develop any habit that you consider either desirable or necessary. Action Exercise
What is your “frog?” What is the one task that you despise doing each day? Once you have chosen your “frog,” make it a habit to wake up every morning and do that task first.
Maximise Profits
November 13, 2009
Maximize Profits
By Brian Tracy
Sales are only one barometer for success. Your ultimate goal is to increase profits in order to achieve the greatest possible return on your investment of money, time, and energy. Every customer, activity, product, or service yields a specific profit of a specific amount. In some cases, you may actually be losing money in one or more of these three areas. One of the most important things you can do for your growing business is to determine where to focus the investment of your time and money based on the return thrown off by this investment.
Personal Profitability
To truly analyze the profitability of your business, you must first examine your personal rate of return. From this personal perspective, what is your major expense? It’s your time. By now, you should have developed the habit of continually asking yourself this basic question: Would I pay someone else my hourly rate to perform this task? If not, you are failing to maximize the return on your time. In other words, you are investing your time in an area that yields less than the optimum rate of return. You are incurring a "loss of opportunity" cost. This, in turn, affects the overall profitability of your business.
People Profitability
Payroll represents one of the largest expense items for most businesses. As a business grows, it typically hires additional staff according to the most pressing need at the moment. Once a person has been hired, often she or he can become a permanent fixture, even when the company’s needs change. Many entrepreneurs are too busy creating products, designing services, and generating revenues to pay close attention to employee performance. Over time, the result can be an inefficient and ineffective staff and a bloated payroll.
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Do you want to learn how to maximise your profits and increase your sales? Come to Mark Garbelotto’s Selling like a Professional Training Workshop in November!
Customer Profitability
Some customers are more profitable than others; some may actually be costing you money. Can you identify your most profitable customers? Do you know any who are unprofitable? There is not necessarily any connection between the size of the customer or the volume of business he produces and his profitability. There are several questions you should ask as you examine your customers profitability: How often does each customer purchase from you? What is the average size of each purchase? What is the profit margin of the product(s) purchased? How much time is spent providing customer service after the sale? What is the "product returns" record of each customer?
Concentrate on Profitable Customers
Many companies regularly “fire” the top 10 percent of their customers. They stop doing business with those who generate the least revenues or yield the lowest on their return purchases, choosing to concentrate on their more profitable customers and attracting more like them. At the very least, be diligent in rooting out those customers who actually cost you money—regardless of the revenues they generate. You cannot afford to carry this unprofitable load.
Action Exercise
Identify your most and your least profitable customers. Focus on the most profitable.
Learn how to identify your most profitable customers and generate business through Brian Tracy’s proven sales system. Don’t miss out on the Selling like a Professional Training Workshop in Melbourne and Townsville in November!
Call our office on 1300 795 129 to register before this event sells out!
Nine Common Objections You Must Answer
October 30, 2009
Nine Common Objections You Must Answer
By: Brian Tracy
Unspoken Objections
The first type of objection you will get is an unspoken objection. The customer has concerns with you offering but doesn’t tell you anything. The solution to unspoken objections is to let the prospect talk more. Ask open-ended questions, lean forward, and listen intently to the answers. The more a prospect has an opportunity to answer your questions; the more likely it is that she will tell you exactly what might be holding her back from buying.
Excuses, Excuses
The second form of objections is excuses. These are usually instinctive reactions to any sales approach. Excuses are not really serious. The best salespeople nod, smile, agree, and then ask a question to take control of the conversation. The very best way to handle any initial sales resistance, including excuses and impulse responses is with these words: "That’s all right. Most people in your situation felt the same way when I first called on them. But now they have become our best customers, and they recommend us to their friends and family."
Malicious Objections
Then there are malicious objections. Because you call on many different people, you will occasionally call on individuals who are unhappy or angry about their current situations. Since they cannot shout at their bosses or spouses, they take it out on the friendly salesperson. These people tend to be negative in their demeanor and behavior. The way to deal with malicious objections is to realize that you are not the target. Your job, as a professional, is to remain calm, confident, positive, and polite throughout.
Request For Information
The fourth most common objection is a request for information. This is the best type of objection for you to hear, because you know how to answer this as well or better than any other part of your presentation. Whenever a prospect asks for information about the results or benefits of your product or service, you are moving into an excellent field position to make a sale.
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Do you want a common-sense, systematic sales system that you can implement today? Come to Mark Garbelotto’s new training workshop, Selling like a Professional in Melbourne, Sydney or Townsville in November. |
Show—Off Objections
Another type of objection is the show-off objection. Sometimes prospects try to show you how much they already know about your product or service. They make sophisticated observations or ask you complex questions about your product, service or industry. When this happens, respond by taking the low road. Show how impressed you are by how much the prospect already knows. Remember, when you make a prospect feel important by listening to him with rapt attention, he is much more likely to warm up and buy from you.
Subjective Objections
The sixth most common type of objection is subjective or personal objections. These objections are aimed to you as a person. Whenever a prospect becomes critical of you, it could be a sign that you are talking too much about yourself. If this happens, it is important to make the customer the center of attention, and the subjective objections will stop.
Objective Objections
You may also hear the objective or factual objection. These are directed at your product offering and the claims that you make in terms of what it will do for the customer. If you can answer an objective objection, you can often close the sale.
General Sales Resistance
The eighth most common form of objection is what we have called general sales resistance. This always occurs at the beginning of a presentation. Until you neutralize this general sales resistance, the customer will be listening to you with a closed mind. When the prospect relaxes and gives you permission to ask him questions, you immediately begin your pre-selected open-ended questions to qualify the prospect and find out what he really needs that you can provide for him.
Last Ditch Objections
The final most-common objection is called the last-ditch objection. You have made your presentation, and the prospect clearly sees how she would be better off with your product or service. She knows and understands what you’re selling and how much you’re asking. She is on the verge of making a buying decision, but she still hesitates. Listen with respect to your final objections; then assure the prospect that yours is an excellent product or service, at a good price, and that everyone else who is using it today is very happy with their decision. You have then overcome the last-ditch objection.
Action Exercises
Hear the prospect out completely each time he objects or asks a question, practice all your listening skills.
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Take action now and generate more business than ever before by using the common-sense sales system that the top 10% of sales professionals have been using for years. This event will sell out, so secure your seats now for ‘Selling like a Professional‘ and you’ll be on your way to success in selling. Call our office on 1300 795 129 for more information on this event. |
Create Your Sales Plan
By Brian Tracy
Nothing happens until a sale takes place. Your actual ability to sell your product or service to your customer determines your profit or loss, success or failure, in business. The sales process, to be effective, must be planned and organized in detail from start to finish. Every word and action must be scripted, rehearsed and memorized. Nothing can be left to chance.
Sales Recipe
Making a sale is like cooking with a recipe. You must use the correct ingredient and blend them in the proper quantity with the right timing. All successful companies have developed a proven sales process that can be duplicated over and over. By using a proven sales system, you can accurately predict the quantity of your sales, the average size of your sales, and the profitability of your sales activities.
Prospecting
It is important to speak directly or by telephone to people who can and will buy and pay in a reasonable period of time. Start with your ideal customer profile. Who is he or she exactly-in terms of age, occupation, income, education? Who is he or she exactly—in terms of problems, wants, needs, attitudes, and experiences regarding your product or service? If you could advertise for perfect customers, how would you describe him or her?
Marketing and advertising is aimed at telling your ideal prospect that your product will help them. The ideal prospect has an immediate need for what you sell. The ideal prospect knows you, likes you, and respects your products or business. The ideal prospect can buy and pay for your product if he or she likes it.
Do you want to increase your sales income? Come to my new Training Workshop, ‘Selling Like a Professional‘ in Melbourne on November 19th.
Establish Rapport
Establishing rapport and trust with the customer is a must. The prospect will not listen to you or buy from you unless he/she likes you and believes that you are honest. Be friendly, straightforward and believable. Be punctual, prepared and properly dressed. Ask questions and listen carefully to the answers. Make no attempt to sell until the prospect is relaxed and comfortable with you. Identify what the customer needs so you can better sell to them. Ask carefully planned, structured questions so that you can fully understand the customer’s situation.
There is a direct relationship between asking questions and sales success. Plan your questions word-for-word in advance. Make no effort to sell or talk about your product. Seek first to understand, then to be understood.
Presenting Your Product or Service
Repeat back the specific needs or concerns that your prospect has expressed. Position yourself as a trusted advisor, dedicated to helping him solve his problem or achieve his goal with your product. Position yourself as a teacher-showing her how your product works to help her satisfy her needs. Match the customers expressed needs and concerns to the product or service. Focus on helping rather than selling. Conclude your presentation with an explanation of how the product is delivered or used. Invite questions.
Action Exercises
List three phrases or questions you can use or ask to determine if this is a qualified prospect.
My new Training Workshop, ‘Selling Like a Professional‘ will sell out!
You can register for this not-to-be missed event by calling our office on 1300 795 129.
The Frog Man Is Back In His Home Town For 1 Night ONLY!
With Less than 1 day to go and 3 seats remaining until Melbourne Mini Eat That Frog event is SOLD OUT.
- Connect with people for WIN/Win networking
- How to overcome procrastination
- How to become more efficient and productive faster
- The importance of setting goals and making a plan
- Overcome obstacles that can derail your success
- High performance time management techniques
- And much, much more..
