Category: sales

The Next Big Break in the Internet of Things

Credit: Wikipedia

AI is huge right now, it's at the forefront of redefining business and how we live our lives. Last blog's article on Direct Mail still holds true for it being a great marketing technique with little competition but let's fast forward.

It's January 2028 and you're walking in downtown New York City, the vaccine has been released and life has returned to normal. You hail an autonomous Lyft car, driven by robots and GPS sensors and step in.

As you head towards the pizza place you're meeting your friend for lunch at, he's a fellow startup founder, you realize you forgot your blazer.

It's cold in New York City right now plus you like dressing up when you go out. Shortly after realizing you forgot your blazer you find a leather jacket online you really like.

The leather comes from stem cell grown fabric, so no animal cruelty was involved and no rain forest was cut down to provide grazing fields for the cows that in 2020 would have been killed and skinned for your leather jack.

Super.

You add the leather jacket to your shopping cart and redirect your thoughts towards the meeting with your fellow business owner friend.

The clothing store's AI connects with your iPhone, Samsung or Android's AI and reroutes the autonomous self driving Lyft car.

You now arrive at the clothing store, pulling up right in front of the front doors. You get out and go to a terminal like an ATM but bigger just to the left of the front doors.

Opening an app on your phone you hold the screen facing scanners on a digital display and check in. Within 2 minutes a sales rep comes out with your new leather jacket.

It fits perfectly as the store has an online profile for you with all your sizes 3D body scanned with a Wii sensor from your phone. Your shoes also have weight sensors that adjust as you gain or lose weight.

There was no line at the store and the cost of the jacket was automatically deducted from your bank account as soon as the sales rep handed it to you, because sensors tracked the process from online to storefront coordinated with your payment profile with the store and Lyft.

Additionally, running on an automation, the store's marketing department already knows this is your first purchase and by the time you get home from lunch there's a coupon QR code emailed to you for 20% off your next purchase.

The store's inventory automatically updates, as there are also sensors built into the clothes rack your jacket hun on and sends an order fulfillment email based on existing supply and demand for this product.

Back up inventory is already on the way from the warehouse as this jacket has been trending this year.

The Internet of Things

As much as that may sound futuristic, it isn't that far off from where we are right now due to advances in AI and the increased prevalence and efficiency of the Internet of Things (IoT).

Smart toasters, smart NEST Wi-Fi-enabled thermostats (who once tried to recruit me to work for them) and fitness collars for dogs are just a few examples of IoTs

If you're not familiar, here's Wired's explanation of what the Internet of Things is and does:

"In the broadest sense, the term IoT encompasses everything connected to the internet, but it is increasingly being used to define objects that "talk" to each other. "Simply, the Internet of Things is made up of devices – from simple sensors to smartphones and wearables – connected together," Matthew Evans, the IoT program head at techUK, says."

"By combining these connected devices with automated systems, it is possible to "gather information, analyse it and create an action" to help someone with a particular task, or learn from a process. In reality, this ranges from smart mirrors to beacons in shops and beyond."

Smart Checkouts

The vast majority of people are not aware of some of the newest tech that has arrived and automatic checkouts have already been created.

January 2018 Amazon released the first Amazon Go store in Seattle, Washington. In 2019, they released 7 more stores and plan for 3,000 Go stores by 2021.

Credit: Wikipedia

So how does it work? Essentially, you walk in, get what you want and are automatically charged for it - no cashier, no self-check out of scanning things yourself. Just stroll in, grab what you need and peace out.

From the Wiki on Amazon Go:

The Amazon Go app for iOS and Android links to their Amazon account and is the primary method of paying for items at the store, alongside cash at certain locations. The app is required to enter the store, which has turnstiles that scan a QR code generated on the app.

The app allows users to add others to their Amazon account, so a family's purchases can be charged to the same bill. The ceiling of the store has multiple cameras and store shelves have weight sensors, to detect which item(s) a customer took.

Credit: Wikipedia

If a customer takes an item off the shelf, it will be added to the customer's virtual cart. Similarly, if a customer places an item back on the shelf, it is removed from the customer's virtual cart.

What Are the Implications of Automated Checkout?

Retailers will save billions on employee wages they have to shell out, as well as benefits, training managers and more.

There will be less space needed without cashier stations as well so that adds to store's real estate to stock more products in the same amount of space. But Business.org reports a few drawbacks.

At the same time, if a UPC doesn't scan correctly or an item isn't provided that was there last week or you just can't find something - customer service will take a hit.

There may be a way to jerry rig the system to increase theft as well through burner phones or if a thief stole your phone and you didn't have a screen lock on it.

The lack of one-on-one interaction is probably the biggest loss in my opinion. I enjoy interacting with cashiers, waitresses, baristas and more - it's a good way to break the covid cabin fever now and even in normal times humanizes the buying process and adds some social spark to the day.

What do you think?

. . .

Enjoyed this blog?
Signup here to get updates on new startup blogs.
Is Facebook not explaining why the disapproved an ad?
I worked at FB for years and offer FB Policy Consulting here

Available for freelance writing and guest posting on your blog: [email protected]

Where Reverse Engineering Fails & Stories Win

Credit: Math

Just like a good cup of coffee, feeling like you are beating the competition in your business's market is a feeling you want to savor. But what are you competing against?

The typical response is binary. Apple competes against Microsoft. General Motors competes against Toyota. Netflix competes against Hulu.

However, when customers are using your product or service to solve a pain point they are doing so to satisfy a complex set of emotions, moods and attitudes.

There are times when a customer may decide to purchase from you because they want to meet a goal. The steps towards reaching this goal have sub-steps that have to be achieved before reaching the purchase point.

The 3D Sphere Model of Competition

Credit: jgvdthree

Just the belief that things can get better is a foundation for moving forward. If consumers don't believe that anything can improve it will be a lot harder of a sell. How does what you sell help your clients make progress in their lives?

The way someone makes progress towards completing a goal is a path that offers many moments for you to solve their pain points. If you have an Ecommerce store selling coffee it would make sense to sell coffee mugs as well right?

Amazon's suggestions of similar products customer bought after buying what you're purchasing is responsible for millions of dollars in sales.

But the only way you will be able to even get to this point is if you understand what is competing with your products. Think beyond a linear timeline. Make it more like a 3 dimensional sphere that intersects with other spheres.

If You Were Selling Coffee...

If I was selling coffee, the competition you may think is other coffee brands, and tea. However, just like last Tuesday's blog mentions another source of competition is not buying anything at all.

Netflix CEO Reed Hastings, talking about the competition Netflix faces said:

“Really we compete with video games. We compete with drinking a bottle of wine. That’s a particularly tough one! We compete with other video networks. Playing board games.”

Thinking outside the box of typical market research on the competition, you'll want to ask, "What do people do instead of drinking coffee?"

Crazy as it seems there are folks who use cold showers to wake up in the morning, or buy really bright lights to turn on in the morning. Workers who work the night shift have their own unique sets of alternatives to coffee which can only last so long before a tolerance is built up.

Energy drinks, Yerba matte, lemon juice and even just water are other sources of competition to coffee. Cigarettes are a replacement for coffee to stimulate the user into being more awake as well as physical exercise.

Using the sphere model of where competition exists for your product, we can see it's more than tea but also yoga mats and stationary bicycles. What circumstances are people in when they seek coffee?

Students, office workers, teachers, entrepreneurs and many more use coffee to start their day. It's a popular drink. What aren't people saying about coffee?

Power of Micro Targeting

Answering these type of questions helps you niche down to a specific market you can micro target and develop a tribe of enthusiastic buyers that will take your company to the next level.

Going with our example of coffee as a sample product you would be selling, we can definitely sub niche down to different categories like:

Social coffee drinkers - they only drink coffee in a coffee shop with friends

Daily coffee drinkers - there are subcategories here as well, the instant coffee drinkers, the pre-ground coffee drinkers, and the whole bean grinders that consider themselves coffee aficionados.

Intermittent coffee drinkers - switching between chai teas, coffee and green teas this group is constantly experimenting with a variety of caffeinated beverages.

How you speak to each member of these groups (which can be subdivided further) will be different.

The marketing messages for an instant coffee drinkers won't be the same as a coffee aficionado who might only use an Aeropress and burr grinder (this is me - I love making some of the best coffee ever created).

The experiences that each group has inside of specific circumstances will decide how you present your product. Finding out that exercise is a competitor for drinking coffee may make you want to pivot into finding ways to combine both.

Reverse Engineering Vs Story Model

There are certain brands who will never have direct competition because of the immersive experience buying their product creates for customers. Trying to reverse engineer an existing business's model can only go so far.

Creating your own story that is filled with rich details solving multiple pain points in the customer's journey is how you stand out from the competition. The truth is most companies don't go to this level of detail.

Crafting unique rituals specific to your consumer's demographics, and circumstances surrounding their decision to buy is going to put you leagues ahead in your progress towards becoming the best version of what your business is capable of.

. . .

Enjoyed this blog?
Signup here to get updates on new startup blogs.
Check out my Medium page here
Is Facebook not explaining why the disapproved an ad?
I worked at FB for years and offer FB Policy Consulting here

Available for freelance writing and guest posting on your blog: [email protected]

5 Steps On How To Overcome Sales Objections

Every business has to overcome sales objections, spoken and unspoken, to grow and prosper.

Whether your company is B2C or B2B, the sales process of client acquisition will always involve initial objections before purchase.

There are certain tactics that work across the board, in most verticals, so today we'll go over how to overcome sales objections to get the sale.

Anticipate Objections

It sounds simple, and isn't impossible to do, yet it isn't always common to hear a company be the first to say your objections. It's incredible effective when you do this, saying something like:

"I know you're probably thinking, this is way too expensive, but honestly can you put a price on happiness?"

By calling attention to a topic that many customers want to avoid, which is their reason to object to buying, you start to overcome objections before they happen.

Anticipating objections means taking the initiative, and calling out objections as you sense them. There are the standard objections, and also new ones specific to your prospect and this particular selling circumstance.

How can you sense which objections are hidden beneath the surface but aren't being aired out? By changing the nature of how you're listening to your prospect.

Always Active Listen

Many people, regardless of trying to make a sale, will listen only to wait for their turn to talk. This won't get you the sale. Listen with the intent of understanding. This builds trust with your potential client, and allows you to hear the 2nd reason behind a no.

The first reason is the surface level 'no' which doesn't have the emotional triggers that the real reason for the no has. The real objections are rooted in emotion, and association.

When truly listening to understand, there is more data to draw from. You start to get the feel for what isn't being said, as well as what is being said.

This creates an opportunity to anticipate their objections and have a solution ready to go in your response.

Respond

Your response should validate the type of concern that the prospect has, even if it’s that your competitor offers a better deal.

Even if it’s the latter by using curiosity, not defensiveness, you’ll be able to fully explore what is that the prospect likes better about the competition.

Many times it’s just a matter of sticking with what they already know and not wanting to risk an unknown.

In other cases, by asking questions with a true active listening approach, you’ll find that the customer isn’t as sure about their decision to go with the competitor.

You’ll unearth new pain points about the business they currently use, and can position your reply to show your company
connects those gaps.

And if it doesn’t, you’ll also be in a great position to use this as market research and tweak your own business model to offer what your competitors don’t offer but your customers / their customers want.

This is a high leverage position to be in.

With my clients, who are tired of getting Facebook ads disapproved without a solid answer from Facebook as to what part of their ad triggered the disapproval - I offer something no other competitor can offer:

Insight into why Facebook makes certain decisions, and the exact words, copy, in ads and landing pages, that caused the ad to get flagged as well as what ad copy would be approved instead.

This enables me to acknowledge gaps in the market, identify objections, and overcome them ahead of time by offering a solution Facebook doesn't offer - a clear explanation of what caused an ad to be disapproved and guidance on getting it approved.

(Does your agency need a FB Policy Expert? Schedule a free discovery call here)

Confirm - Check for Understanding

After discussing their objections, and how your company overcomes them, touch base to make sure you’re on the same page.

In schools, this is called a “Check for understanding” where a teacher double checks the class understands the material thus far, before moving on to new topics.

This is very similar, you’re the teacher, with the secret knowledge, and your prospect is the student, yearning to learn, even if they don’t know what is possible to learn.

Look for the confirmation, by paraphrasing their objections, summarizing your response and defeating of the objections, and ask if that sounds right.

Budget concerns - If they are objecting due to you haven’t built enough value first. It means you need to build more value.

I need to talk to my husband - We’ve all heard this one, or a version of it. Make sure that you aren’t playing a game of telephone and get the decision maker (DM) on the phone, or in the meeting before going for the close.

I’m too busy right now - Emphasize the fear of missing out, either a quantity scarcity, or a special price scarcity as the price will go up after tomorrow, or for a mastermind group, there are only a few spots left approach works well.

I need to think about it - This is a question of credibility, trust, and the value that’s been built (or hasn’t been built) about the product or service.

Price

If a prospective customer says your service is too much, it’s to your advantage to know what the competition is offering.

The difference in cost can be overcome with the unique selling mechanism your company has, that’s part of the brand slogan, ideally.

“You get what you pay for, and you look like someone who appreciates a quality product.”

This approach shifts from “It’s too expensive” to “Am I really giving myself the [royal] treatment I deserve?”

Conclusion - Know Your S#%t

Ultimately the better you know a product the better you can sell it.

The real secret is not only knowing your product, but also being well versed in:

▶ Your product/service's unique selling mechanism
▶ The market your business is in
▶ Your competition

The more you can speak on why your product or service specifically stands out - the more this confidence and expertise effortlessly translates to the customer who will mirror your energy.

If you’ve done the research and speak confidently based on knowledge, statistics, and results this will motivate your prospects to buy from you more than anything else.

. . .
Enjoyed this blog? Signup here to get updates on new startup blogs.

Check out my Medium page here
Is Facebook not explaining why the disapproved an ad?
I worked at FB for years and offer FB Policy Consulting here
Available for freelance writing and guest posting on your blog: [email protected]