It may be easier to think, “I need to sell!” rather than think about what the customer values. But, surprise, surprise: the latter is more important. The business world is a marketplace where consumers can get lost. How can you reach out to customers and give them something they can value? How can you stand out in the marketplace?
In this episode, Rich Stillman shares with us his extensive knowledge and experience in marketing, sales, and entrepreneurship in general. He talks about the fundamentals of getting your business started and the importance of striking a balance when working with your employees. He shares with us the value of getting to know and understanding the target audience and how that can make all the difference. Join us and learn more about strategies that will help you stand out in the marketplace.
About Our Guest:
Rich Stillman has had thirty years of experience as a CEO, COO, and VP for Marketing/Sales in large companies and other entrepreneurial settings. He was President of Coinstar, helping it grow from $80 million to $500 million in just over five years. Rich is well-versed in business strategy and operations, product innovation, and the full spectrum of marketing planning and execution. As the creator of the 6 Block System for strategic planning and execution, he was able to implement this in several small and large organizations.
Strategies to Stand Out in the Market
- Rich grew up admiring his father’s marketing job, especially the travelling that was involved.
- Later in life, he became part of one of the top advertising agencies in New York that produced ads for Time and Life magazines.
- For the first half of his career, he stayed in sales and marketing. For the second half, he worked in executive management.
Fundamental Skills for Marketing
- Being able to work in a team.
- Creating trust and building relationships with people and turning those relationships into something commercial.
Finding Growth in Struggle
- One of the challenges Rich had to face was when he shifted from full-time work to being a consultant. He also met several career setbacks before he worked at Coinstar.
- Have perseverance, think of your long-term plans, and have the grit to stick with it.
- He learned a lot from Coinstar and trained in Stephen Covey’s 7 Habits of Highly Effective People, which made him a better person in all aspects of his life.
Focus on the Fundamentals of Business
- Get to know and understand your high-odds target customers.
- Analyze your proposition compared to the competition to make sure you stand out.
- Through your understanding of the customer and analysis of proposition, create a business strategy inside the company that everyone can understand.
Finding Ways to Stand Out in the Marketplace
- Analyze how your proposition can stand out amidst similar propositions for your target market.
- Avoid creating a proposition that is too broad.
- Focus on what you’re going after in the marketplace. Define this is and communicate it well to your target audience.
- Do the research: talk to your customers. Learn what people’s problems are, which ones to focus on, and how you can help solve them.
Working with Your Employees
- CEOs may tend to monitor their employees too closely, hindering their progress in the process. Delegate clearly and let them do the work.
- When hiring new employees, set expectations and provide them with the tools to be successful.
- Check in every once in a while to make sure your employees are on track.
- Strike a balance. Communicate with your employees and create situations where they can be successful. At the same time, be stern in ensuring that they are performing their role properly.
- You can come up with key metrics for every role to track your employee’s progress.
The Business-to-Business Realm
- Businesses such as Apple and Amazon have set up certain expectations for consumers on the treatment they deserve.
- Create new skills to provide excellent customer experience for business-to-business companies.
Creating Value for Your Customers
- Build relationships with your customers.
- Think of the problem from the customer’s perspective.
- An important question: how do I create value for the customer at every stage of the buying process?
- Find ways to add value in the relationship with your customer.
Interested in having a diagnostic of your business? Visit Kalabra or email Rich Stillman at firstname.lastname@example.org.
- Do you already have a successful business, meaning you're up, running, and paying your bills with some profit left over?
- Are you interested in growing your business, automating/streamlining things, and staying one step ahead of your competition?
- Do you want to achieve your goals, get more things done in less time, and double your sales? Sign up for our 21-Day Double Your Sales Challenge.
📨 If you can answer YES to all three questions, please reach out to me through Facebook: https://www.facebook.com/daryl.urbanski, and describe your situation, goals, and the best time/way to contact you.