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to To The Point list To the Point/August/2004 • Sharing what you know. We’ve long subscribed to the idea that sharing what we know is one of the best ways to create confidence with our clients (you see an example of this below). While the insurance industry (as others) has focused much attention on its products, we have not done an effective job sharing our knowledge and expertise in protecting business and personal assets. Recently, a Forbes survey of buyers found that 77% use “white papers” to keep abreast of new markets, trends and technology, while 69% get preliminary information on products and vendors from this type of information. Sharing what we know may be one of the most powerful tools available in building relationships with customers and prospects. • “I never thought it would happen to us.” That’s how the owner of a small business expressed his dismay when a former employee filed an age discrimination charge against his company. “We gave him extra time off with pay when his wife was ill and found a job for his son when he needed a summer job. Now this.” Lawsuits and claims related to employment practices continue to mount each year. As more employees become familiar with the wide array of issues covered by federal and state statutes, we can expect more claims to be filed. Employers are often surprised to discover that the legal defense costs can be very high; even though they’re confident an allegation is unfounded. Because the employment practices issue is so serious, we have written an article that discusses this business problem. “Of course you didn’t do anything wrong, but…” is now available for the asking. Just call 715-693-2100 or email me at tomh@mosineeins.com and we’ll send it to you. • But do all men eschew shopping? At it turns out, the answer is no. Wives and mothers have bought men’s clothes for as long as anyone can remember. Once or twice a year, males are cajoled into spending a few miserable hours at a few stores or a shopping mall. For many, it’s a very unpleasant experience. We are of course referring to their wives! And what about grocery shopping? “Never,” most men will say if asked, sounding as the question is almost an affront to the male ego. Now, that seems to be changing. We’re told that many 20-something males actually like to shop and don’t see it as demeaning. Why the change? This age group grew up in families with working mothers. Many responsibilities fell on their shoulders including shopping for clothes and food.Another example is the high percentage of vehicles that are purchased by women. Homes, too. There’s a good business lesson here. Just when we think we understand our customers, have a handle on their thinking and what they want, may also be the moment when they’re changing. • It can pay to be straight forward. A friend of ours received a request for a proposal from a national company. After his team discussed its pros and cons, they turned it down. A company executive called to find out why. Our friend said that the proposal was so narrowly drawn that it was not a good fit. As the conversation continued, the executive revealed that sending the request was an afterthought. After interviewing three vendors who seemed to meet the narrow specs, they came to the conclusion that something was missing. That’s when the CEO remembered speaking to my friend some many months before after receiving a letter from him and having read a number of his articles. Finally, the company executive said, “Tear up the proposal. Will you come and talk with us?” A meeting was arranged. If my friend had been overly eager in submitting a proposal, he might have lost the opportunity to enter the picture as someone who would help solve a difficult problem. Did he take a chance by responding the way he did? Of course. Does he consider the risk of being candid worth it? Absolutely. “It gave us the opportunity to be invited through the door. It doesn’t get any better than that.” • Drawing a bead on buying behavior. The first step is often seen as too big and so we put off making a buying decision. Buying a car is a good example. The big step is signing up for anything from 36 to 60 payments. That’s a huge hurdle. And if we’re plunking down cash, there’s no turning back once we write the check. As you may have heard, General Motors decided to make it easier by creating a small first step. It’s the 24-hour test drive program. Since it started, 700,00 people have kept a car overnight. While that’s something of a rather remarkable accomplishment in itself, even more fascinating is the fact that 240,000 have bought a car. That’s a 30% conversion rate! Going for the whole enchilada, as they say, may not be a wise approach. People like to feel comfortable before making a major commitment. • A path to new ideas. There comes a time in every business when someone says that new ideas are needed. And it’s true. We all get stale. The big problem is how to go about getting the creative juices to flow. Here’s a simple way to initiate new ideas. Take any problem and start a sentence focusing on that. For example, “To get more prospects to try us, we must….” Then complete the sentence 10 times. The technique suggests that we may know more of the answers than we may realize at the moment. We just need to let them out into the light of day for review and evaluation. If out of the ten, there were one or two useful ideas, wouldn’t that be helpful? • When the best isn’t good enough. “You don’t want to merely be the best of the best. You want to be considered the only one who does what you do,” says famed basketball coach Pat Riley. That’s the differentiation that makes a difference. • Get To The Point by email. If you would like to receive our newsletter by email, please send your request to info@mosineeins.com. Best regards,  Tom Helbach Back to To The Point list |
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