Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.
-
Upload
bernard-pitts -
Category
Documents
-
view
214 -
download
0
Transcript of Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.
![Page 1: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/1.jpg)
Top Ten Questions Every Business Owner Should Be Able to Answer
Brad Dawson, LTV Dynamics
![Page 2: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/2.jpg)
Copyright Materials
This presentation is protected by US and International Copyright laws. Reproduction,
distribution, display and use of the presentation without written permission of
the speaker is prohibited.
![Page 3: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/3.jpg)
Learning Objectives
1. Participants will learn the ten top questions every business owner should be able to answer;
2. Participants will learn the “right” answers to these questions in both a normal economy and a recessionary situation;
3. Participants will be able to immediately implement at least 3 tactics into their business at the end of this presentation!
![Page 4: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/4.jpg)
Are You Winning the Sales War?
![Page 5: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/5.jpg)
Current Condition
Will you win at least 80% of your current
proposals?
![Page 6: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/6.jpg)
Current Condition
Besides low price, how do you expect to win?
![Page 7: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/7.jpg)
Current Condition
Are you reacting to the market or do you have a proactive strategy?
![Page 8: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/8.jpg)
#1 What Do You Do Best?
Best is defined as those customer activities that
have been successful
![Page 9: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/9.jpg)
#1 What Do You Do Best?
Mature business owners evolve through markets
over time based on market conditions and
luck
![Page 10: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/10.jpg)
#1 What Do You Do Best?
If you don’t believe you are the best, why would anyone
buy from you?
![Page 11: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/11.jpg)
Recessionary Tidbit #1
Now is the very best time to explore becoming “best” in a new venture or offering.
Chaos breeds opportunity and, oh boy, do we have economic chaos.
![Page 12: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/12.jpg)
#2 Why Do Customers Buy From You?
The reason a customer buys from you typically comes down to one of three things: increase
revenues, decrease costs, mitigate risks
![Page 13: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/13.jpg)
#2 Why Do Customers Buy From You?
To reduce the cost of carrying their “assets” themselves
![Page 14: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/14.jpg)
#2 Why Do Customers Buy From You?
Mitigating risk to ensure freight moves seamlessly across
international borders
![Page 15: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/15.jpg)
#2 Why Do Customers Buy From You?
Core offerings are associated with delivery excellence – not price – as non-performance is a far greater issue than low cost
![Page 16: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/16.jpg)
Recessionary Tidbit #2
Ask your customers why they are buying your services – after, of course, they have paid their bill.
Their insights may be a great way to sell your services to your next new customer!
![Page 17: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/17.jpg)
#3 What is the Value of Your Portfolio?
Do you rely on the customer asking you for what they want or do you anticipate their needs?
![Page 18: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/18.jpg)
#3 What is the Value of Your Portfolio?
What can you sell to your existing customers that precludes your competition from gaining a foothold?
![Page 19: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/19.jpg)
#3 What is the Value of Your Portfolio?
What is the value of all your offerings?
![Page 20: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/20.jpg)
Recessionary Tidbit #3
Look at building the diversity of your offerings portfolio.
The goal is to keep existing customers happy – even when it means going outside your previous comfort zone.
Nothing ventured, nothing gained!
![Page 21: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/21.jpg)
#4 What is Your Revenue Per Customer Metric?
You have 3 types of offerings:
assessments, implementation and
maintenance.
![Page 22: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/22.jpg)
#4 What is Your Revenue Per Customer Metric?
Rule of thumb: you should be able to grow a
customer relationship to be worth 10X your
initial project
![Page 23: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/23.jpg)
#4 What is Your Revenue Per Customer Metric?
Or, the value of your AIM portfolio!
![Page 24: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/24.jpg)
Recessionary Tidbit #4
Identify services that will double the value of your revenue per customer metric through exploring partnerships with
trusted businesses.
Use these relationships to leverage more revenues from your customers and gaining new customers from your trusted
partner
![Page 25: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/25.jpg)
#5 What % of portfolio is sold to every customer?
On average, you are probably only selling
6% of your total portfolio to every
customer
![Page 26: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/26.jpg)
#5 What % of portfolio is sold to every customer?
In a normal economy, I would tell
you to reduce the number of customers – as 80% of
sales comes from 20% of
customers
![Page 27: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/27.jpg)
#5 What % of portfolio is sold to every customer?
Not being normal times, look for unique ways to “service” the asset
![Page 28: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/28.jpg)
Recessionary Tidbit #5
The asset is the customer’s inventory or those “articles” that must be moved throughout the world (i.e., association
tradeshow materials).
Identify ways to leverage the asset – as the customer may change over time
![Page 29: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/29.jpg)
#6 Who is Your Customer?
Your customer may have changed over the last
several months
![Page 30: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/30.jpg)
#6 Who is Your Customer?
In an aggressive bid environment, the customer is clear
– so is the competition
![Page 31: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/31.jpg)
#6 Who is Your Customer?
Is it worthwhile to “give away” services to obtain the customer relationship?
![Page 32: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/32.jpg)
Recessionary Tidbit #6
The objective for 2009 is to build your customer base – assuming you can absorb the cost of providing services at
a discount.
This approach ensures you are perfectly placed when the recession ebbs
![Page 33: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/33.jpg)
#7 Can You Define Your Ideal Customer?
“Ideal” is defined as the entity that will buy at least 80% of
your services portfolio
![Page 34: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/34.jpg)
#7 Can You Define Your Ideal Customer?
Identify those common
characteristics that make-up your 5-10
best customers
![Page 35: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/35.jpg)
#7 Can You Define Your Ideal Customer?
Aggressively acquire and retain these types of ideal customers
![Page 36: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/36.jpg)
Recessionary Tidbit #7
Acquiring customers through traditional channels may be time and cost-prohibitive during this recessionary period.
Look at partnering with firms that maintain a customer base that meets your ideal requirements and seek ways to share
customer revenues.
![Page 37: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/37.jpg)
#8 How Long is Your Current Sales Cycle?
By the time an RFP hits the streets it has already been informally competed by
several firms
![Page 38: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/38.jpg)
#8 How Long is Your Current Sales Cycle?
What changes are occurring in your
industry that make the future uncertain for
your customers?
![Page 39: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/39.jpg)
#8 How Long is Your Current Sales Cycle?
Are there maintenance and assessment projects that you can provide to your customer base now?
![Page 40: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/40.jpg)
Recessionary Tidbit #8
Smaller firms may want to find teaming partners to decrease sales cycle for new customers.
Use AfA contact networks and programs to establish face-to-face partnerships now.
![Page 41: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/41.jpg)
#9 Who Owns the Customer Relationship?
Often there is confusion as to who is
responsible for the continuous
interaction with the customer
![Page 42: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/42.jpg)
#9 Who Owns the Customer Relationship?
Too often, customers are forgotten after an activity is completed and never really leveraged for future work
![Page 43: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/43.jpg)
#9 Who Owns the Customer Relationship?
Train your customer-facing personnel to identify potential opportunities while on site with a customer and seek initial ways to “sell the
work”.
![Page 44: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/44.jpg)
Recessionary Tidbit #9
With the slow-down in work, aggressively seek to up sell your services.
Fewer customers will want the services making the process even more like looking for a needle in a haystack – but
persevere
![Page 45: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/45.jpg)
#10 Have you ever lost a deal on price?
If you have ever lost a deal on price – congratulations!
![Page 46: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/46.jpg)
#10 Have you ever lost a deal on price?
Real customers evaluate quality, experience and proven capabilities to
minimize their risk
![Page 47: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/47.jpg)
#10 Have you ever lost a deal on price?
Realize that profits may need to “dip” and you should
aggressively be seeking to reduce your overhead –
but rarely is there value to sell your services at a loss!
![Page 48: Top Ten Questions Every Business Owner Should Be Able to Answer Brad Dawson, LTV Dynamics.](https://reader030.fdocuments.in/reader030/viewer/2022032709/56649ec75503460f94bd38b2/html5/thumbnails/48.jpg)
Recessionary Tidbit #10
The exception to the sell at a loss rule is when the opportunity provides a strategic value to your firm (i.e., marquee
customer)
Realize that most customers brought on at a discounted rate, expect that rate to continue forever!