Lingo/Jargon/Slang

      Lingo is more than just a game on TV. According to Miriam Webster it is the special vocabulary of a particular field of interest.  It is also known as jargon or slang.  The differences between the three are very elusive and they are used interchangeably.

What is ”ROTFL”?  Jargon. What is “vertically challenged”? Jargon. What is “in the loop”? Jargon.

       Jargon is the “insiders” language that defines a specific activity, event, group, or product to other people within the group. It is a shortcut to communication among people in the know, but has little meaning to anyone outside the group.  It also makes your customers and clients very uncomfortable; akin to being in a group of people speaking a foreign language that you don’t understand. Politicians are famous for doublespeak and jargon.  It allows them to be understood, yet not very precise. 

       Using jargon, lingo, doublespeak or slang in marketing is a way of making your product or service sound more important or significant than it really is.  It is the secret code of your offering. To the uninformed, it makes the product sound like something they must have immediately or their world might come to an end.  Seldom does the public “read between the lines” to see what is really being said; and marketers don’t want them to.  Remember the Wizard of Oz hiding behind the curtain so nobody could see that he was just an ordinary man, albeit with sage wisdom.

       Our use of language has become sloppy, especially with the explosion of technology.  Soon we will forget all together how to communicate clearly; slang, lingo and jargon will take over.  Nobody will know the difference between real and make believe.  They will simply be left “out of the loop”.  All of your marketing efforts will be lost, because people just won’t want to work hard enough to understand your message.

     Start now to be more clear and precise with your message.  Customers don't like to be talked down to and will always favor real, honest messages.

Early Estimates Help

       Oliver Wendell Holmes, Jr. said “Taxes are what we pay for a civilized society.”  Now is the time to start organizing yours.  Gather all of your receipts and notes.  Look at major differences between your 2010 numbers and those for 2011.  You should have all of your W-2s and 1099s by January 31.

       The earlier you file the faster you can get your return.  Estimating your liability early, even if you don’t file early, will allow you to manage your budget more accurately. Dragging your feet until the last moment could be costly.

       This is also a good time to adjust your W-4 deductions.  You should only be withholding enough to cover your taxes; getting a big return means you let the government use your money, interest free.  Wouldn’t you rather have that money in your pocket?  If your refund totals more than $1000.00, you are having too much withheld.  A common strategy is to adjust your withholding and put the extra money into your emergency fund or retirement.  You won’t miss the money out of your check, you aren’t seeing it now, but you will be better prepared for the future

After the Sale

       Is your sincere thank you the end of the sale? NO. How you treat your customer after the sale is crucial to the success of your business.People do business with people who they know and trust.Encouraging them to be repeat customers is much easier, and less expensive, than cultivating new customers.

       Absolutely essential is a Thank You Note, within three days.  This applies to both business and personal transactions. If you only do business on the internet you might get away with email; hopefully not an auto responder that is cold and generic.  Someone in your Organization should be in charge of making sure this is done properly.

       Smaller Organization s can easily add this activity to their work flow. They also have more of an opportunity for personalization.  The people who actually interacted with the client should be sending out the thank you notes, or gifts where appropriate; that's all part of relationship building.

       The really smart salesperson will take the time to hand write (horrors!) and personalize their ThankYou notes.  Include a comment that indicates that you were really paying attention. Send it by snail mail; your message will stand out because hand written mail is so rare today in our electronic age.

       Then, depending on the lifespan of your product, you should contact your customer again.  I don't however recommend a Christmas/Holiday card; your message will get lost in the pile.  Try any other holiday or regular event, like daylight savings time or the change of the seasons. And, of course, don't miss their birthday or any articles you see written about them.  That gives you at least two contacts per year, three if you send holiday cards.

       Seasoned, successful salesmen/women also pick up the phone occasionally.  "Just thinking of you", "this reminded me of you", or congratulations on your new position/baby/whatever. 

These professionals have worked with these same customers or clients for several years and sometimes even multiple generations.        

       Think of the security of knowing that half your income is already made for the year because of this business that you have cultivated, tended, and watched grow.  You can now spend your time planting the seeds of new customers to grow your business.

Fire Your Customers

       Increasing sales may not be good for your business. Are you crazy, you say? Not at all. We often are concerned that we have more customers than ever before but aren't making more money. There is a very easy answer. The solution can be found in an analysis of your customers. There are a certain level of customers or clients that make you money; about 20% and a group of about 10% that are costing you money. These are the one time buyer or the small quantity user. Costs that are amortized across the whole sales process decrease per unit when tied to larger quantities. That means that the 80% of small customers are costing you more than you are making.
       You need to analyze your customers to see which group they each belong to. It is important that you direct your best marketing efforts at the 20% of customers who are improving your bottom line. Your middle group probably tends to be very loyal so special attention is not necessary. The bottom group are the customers that you fire. You can easily reduce your number of un-profitable clients by increasing minimum orders or convenience fees. In time your customer list will contain fewer names, but they will be the most valuable.
       Doing a SWOT analysis and ROI study will show you where you should direct your best efforts.  Losing a customer who is costing you money is no loss at all.  Find your losers and eliminate them.

Tax Time

          It is now time to gather your receipts and accounts; the dreaded tax time. Have you already spent the big return that you think you will be getting? Or maybe you are scrambling to pay an anticipated bill. This could be the last year that you will have to live this nightmare. With just a little bit of adjusting you could owe nothing and get nothing. Coming out even is the goal.
         Contact your boss or HR manager to change your W4 form Adjust the number deductions so that the right amount of taxes are withheld; not too much and not too little. There are two benefits to following this system; you will not have to deal with the stress of tax time, and you are likely to increase your take-home pay.
           Check you return carefully. There are often deductions people miss because they are so weird. Believe it or not you can deduct the cost of a babysitter as a charitable deduction if you are leaving the house to do charitable/volunteer work. Unusual deductions like this are lurking everywhere and you are initiated to use any you can find.
         We have used Turbo Tax for a number of years and find that it is very good a t finding the hidden deductions. If you have kept your records in Quicken it will even enter most of your information for you, and remember it for subsequent years. This is an easy fix, but whatever system you choose be aware that you have lots of choices. The aim of the game is to come out even., and the ideal from a sound financial point of view.
        

Why Do You Do What You Do?

In our last issue we discussed the value of assessing your Core Values. This can be a very powerful exercise; just the exercise itself will give you amazing insights into your thinking processes.

The next step in building your foundation is to determine your reasons for doing what you do. Your actions are defined by your Mission Statement. Your Statement tells the world about your goals and purpose. It not only tells your employees and teammates where you are coming from, but a well written mission statement also tells your customers, business partners and others who you are, what, why and how your business will conduct itself.

Mission Statements can also be constructed for your personal development. It would define your ethical standards and how people can expect you to act. The absence of surprises makes your associates much more comfortable.

Your Mission Statement, whether for business or personal conduct, should always be in alignment with your Core Values. For example our Mission Statement is; “help people solve problems, seize opportunities, and by acting fell better about themselves.” This tells people what they can expect when working with us; offering anything less is considered failure.

There should be no limits to your imagination when you are developing your Mission Statement. Reach beyond your current capacities. Your Mission Statement also functions like the rabbit to the greyhound in a race. It will cause you to reach to new levels of hopes, dreams, and achievement. You are trying to grow beyond your current reach and your Mission Statement can be a powerful tool to make that happen.