Could Your Business Benefit From a Swim in the “Blue Ocean” of Sales

Go Swimming In the “Blue Ocean” of Sales

 

Unlimited business growth

Unlimited business growth

Introduction

Are you looking for unlimited growth? Come do the back stroke of “Blue Ocean” and enrich your sales department. The “Blue Ocean” is a business a marketing concept cultivated by Kim and Mauborgne (2004). It states that in untested markets where competition is far less crowded is a vast expanse like the big blue ocean. This is opposed to the ocean made red by the sharks in a predefined market space. Products or services do not seem to matter and the concept works in sales too.

 

Innovation

Innovation

Innovation vs Confrontation

As noted by Kim and Mauborgne (2005), old concepts that have the military verbiage and ideals (i.e. executive officers, headquarters, etc.) have been held for many years by organizations. The focus of strategy is to beat the competition and battle over market share- very combative. The problem with this line of thinking is tactics used by both sides cancel each other out.

The new concept is to rise above and make the competition extraneous by taking the organization into the “Blue Ocean”. The benchmark is no longer the competition but what is called “value innovation”. This can be done by stepping out of current market boundaries by creating a jump in value for the consumer. This action should leave competition far behind.

 

Applying innovations

Applying innovation

Innovation Application

When this value innovation is applied in sales, the term coined by Paul Lemberg (2015) for this is “hyper-selling”. According to Lemberg, if implemented correctly it is a real way to push the growth of a company. In Lemberg’s “Hyper-Growth Strategy” he looks to work done by Bosworth and Rackham (1985) that states that only 5% of any given market is actively shopping for your product or service. That if you want the other 95% to make that purchase you must reach out to them.

 

Sales communication

Sales communication

“Blue Ocean” Sales Structure

Reaching out and making face time, whether it is face to face or over skype. One has to admit it is easy to avoid the phone, mail and e-mail but, when someone come to the door most will stop to listen. In the old days, it was called “cold calling”. Though it is not something that anyone likes doing and for every 50 (casting the line) or so interactions 5-10 will turn into conversations (reeling in the fish from the “Blue Ocean”). Doing this one could pick up sales that otherwise would be missed. This tactic is best used by business to business companies with products over $3000 or services over $1000. In this day of internet, companies can find warm leads by use of inbound marketing reporting (web analytics from social media, pay by click adverts, banner adverts, etc.).

Hyper-Sales Model

Lemberg states that there is value in the skills of a sales person, he also cautions not all sales people have it. He puts into play a selling model, sales scripting and puts the focus on success. Through time the sales department can achieve exponentially higher earnings. This plan allows for more customer interaction by the CEO and the ability for the company to gain unlimited growth. The CEO can be cloned with salespeople who have a specialty for closing. By tapping into the untouched 95% customer base, growth happens by leaps and bounds.

 

Sales challenges

Sales challenges

Sales Issues and Answers

If a sales person is making 50 calls a day and not securing appointments, this could be a training issue and can be fixed. If the 50 calls a day are not happening, dismiss that person as quickly as possible they are not willing to succeed and will not help you achieve the success you are looking for. Lemberg advises taking them on three at a time as only one will survive through training. Though an ‘in-house’ sales staff will take slightly longer than a telemarketing company, the in-house staff will more profitable and consistent.

Conclusion

This strategy is about maximizing return with reducing risk at the same time. Repeatable, sustainable and scalable sales systems are provided through the successful use “Blue Ocean” sales. This is an idea for firms who want to grow and expand on a large scale. For business to business companies with expensive products or services, it is an amazing way to enjoy growth.

 

From the Author:

Cheers for reviewing my post.

I get a kick out of blogging about small business and leadership subjects. I’m an entrepreneur at heart, and have fun with people who wish to grow companies and add to the economy. One tool which I continually show to any enterprise or small business owner I approach is Tracksmart.com.

Their software apps truly help businesses of all sizes run their human capital far more efficiently. Whether it’s increased time and attendance tracking, more versatile employee scheduling or 24 hour internet-based staff clocking in and out, this tool is a must for any operation.

The service is an industry leader, and provides one of the best customer service crews in terms of client feedback. You should definitely check it out.

Talk to you later!

 

Tech Updates for the 2015 Business Tax Filing Season

High-Tech Updates for the 2015 Tax Filing Season

Internal Revenue Service

Internal Revenue Service

The Internal Revenue Service is facing two forces that are leading it to build up its online and tech service. First, the IRS is having trouble filling the demand for people who need help with their taxes. There are simply too many for the IRS to process at its walk-in offices. Next, it is becoming easier to design powerful and easy-to-use online and digital tax preparation service. Here’s a list of six new ways the IRS is going to use technology to help people with their taxes.

IRS Free File

IRS Free File

1. Preparing Tax Returns

While the IRS used to maintain staff to help people with their tax returns at their offices all over the country, now they direct walk-ins to other organizations. The online alternative is the IRS Free File system, although not all taxpayers will qualify for this program. The IRS can also direct taxpayers to volunteer organizations who can help people fill out their tax forms for free. Those organizations may or may not impose restrictions on who can use their services.

Tax transcripts

Tax transcripts

2. Online Transcripts

From now on, the IRS will refer requests for tax transcripts to its online transcript tool, which works instantly. It is possible to quickly view or print out tax transcripts using this new tool, which everyone can access from the official website of the IRS. Tax transcripts are an important thing for many taxpayers, but acquiring them without this tool could be a time-consuming process. Acquiring online transcripts is a great boon to taxpayers.

Tax questions

Tax questions

3. Referring Questions

It is becoming increasingly possible to use automated tools to answer tax questions. From now on, the IRS will refer taxpayers with complicated questions to online resources that contain the answers, like the records of its publications, rather than attempt to research and answer each question. This will save the IRS the time and money of having staff research tax questions and make use of the resources that already exist.

Tax Refund

Tax Refund

4. Refund Tracking

Many people ask the IRS when they will get their refund back. The IRS processes the vast majority of all refunds within about 21 days. Now, whenever someone asks about a refund, they have filed online, and it has been 21 days or less since they filed, the IRS will automatically direct them to the “Where’s My Refund?” tracker tool. This tool has an online version, a mobile version, and a phone version. Only after 21 days for an e-file or six weeks for a mail-in filing will the IRS specifically answer questions about refund timing.

Practitioner Priority Service

Practitioner Priority Service

5. Practitioner Priority Service

The Practitioner Priority Service, or PPS, is a special service for tax practitioners, like accountants, to get in touch with the IRS for special help with taxpayer services. The practitioners can get the information they need to help their clients. Starting in 2014, the IRS began limiting use of the PPS to only practitioners who are helping clients resolve problems with their tax accounts. Before, practitioners looking for other information like transcripts and even private individuals could ask the PPS for help. By limiting the PPS to active help with practitioners aiding clients with account problems, the IRS can prioritize its resources and use them where they are needed most.

Employer Identification Number

Employer Identification Number

6. Employer Identification Assistant

For many employers and new business owners, obtaining an Employer Identification Number, or EIN, is a critical part of their tax account. The IRS created an EIN Online Assistant to help people with this process, which has been quite successful. From now on, the IRS will refer all requests for EINs to the Online Assistant. This should not disrupt people’s experience with the system, because most requests are done through the Online Assistant now anyway. Using fewer people on the phones means that the IRS can allocate its resources to other priorities. The Online Assistant is robust enough to handle just about all EIN requests.

Tax Technology

Tax Technology

The IRS is making use of more technology both out of necessity and opportunity. The necessity is that budget cuts and higher demand mean that the IRS needs to optimize its resources. The opportunity is that these technical services are easier to implement than ever, and they are getting better at being able to handle taxpayers’ needs without the input of a human. The bottom line is that the IRS is using technology more and more to help serve the American people.

On the topic of data security, as a tax pro make sure that when you file your 1099, W-2 and other tax forms, make sure that your client information is secure.  Over the last 5 year, I’ve used a cloud technology provider to efile 1099 forms.  They’re called eFile4Biz.com.

I just love the fact that after I file 1099 online for a client, they do the printing and delivery of the forms for me. I’m finished with doing all that time-consuming work. It’s a massive weight off my shoulders, and it also leaves me time to handle clients.  You should check out their video below.

Stop by our other WordPress page, and post your comments or resource links to debate this matter further.