Wednesday, April 30, 2014

Facebook Marketing for Financial Consultants

Testimonial

"I first met Justin during a networking session and I was very impressed by his knowledge in the field of social media. I always knew the importance of social media marketing but I did not know exactly how to go about doing it. And that is precisely what Justin specializes in. Justin has a structured approach towards social media marketing, tailored for the insurance industry. Justin has certainly widen my perspective on how to leverage on social media to bring my business to the next level. Every coaching session is dynamic, effective & fruitful. Thank you Justin. :)" ~ Juan W

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Facebook Marketing Course for Singapore Financial Advisors
 
Social media has pervaded the lives of everyone and it has created an opportunity for Financial Advisors to cost-effectively brand as well as prospect for new clients. While social media is intuitive, using it well requires training. Without the necessary know-how, you may be doing more harm that good.
 
Our 2-month one-to-one coaching course is divided into 6 1.5 hour sessions. Working directly with the client, the client will be able to implement immediate changes from session 1 and start to see results in a matter of weeks.
 
Session 1:    Principles and Concepts behind Facebook Marketing for FCs
Session 2:    Developing your USP
Session 3:    Communicating your Personal Brand (Themes and Messages)
Session 4:    Successfully engaging your market segment (Content mix) and "Spear Fishing"
Session 5:    Measuring effectiveness
Session 6:    "Open" Session
 
To sign-up for, or to find out more about, our Facebook Marketing Course for Singapore Financial Advisors, contact us via Justin[a]cwfongandassociates.com. It is time to invest in your future!

Saturday, April 26, 2014

Cheap Actual Day Wedding Photography Package - A Loss Leader Strategy!

SG Wedding Guru recently launched their Actual Day Wedding Photography Package at an extremely attractive price of only $680. Since its launch response had been positive with numerous bookings.
 
cheap and good actual day wedding photographers in singapore

What SG Wedding Guru has done is to create what is termed a loss leader. I must emphasize here that a loss leader is different from a "bait and switch". The bait and switch is essentially a scam where potential clients are baited by an offer only to be sold something else. The company, in this instance, has no intention of ever selling the bait. A loss leader sales strategy on the other hand is a strategy that involves selling a product or service at a low price (even at a loss) in order to bring in the customers. Since the customer is already in the store,  chances of him buying something else at regular price is high and this is where the company makes their money. The loss leader strategy is commonly used by supermarkets.

In the case of SG Wedding Guru, their cheap wedding day photography package is for the purpose of building a relationship with the bride-to-be. Cross and up-selling occurs when Wedding Guru subsequently promotes other wedding related services as part of their "one-stop" service as brides not only need a wedding day photographer, but they will also need wedding favors, decorations, catering and even travel insurance for the honeymoon. The list is long.

What SG Wedding Guru has demonstrated here is that, sometimes in sales, we should not forget the forest for the trees. A single sale of a wedding day photography package at regular prices may reap you a return about $400, while cross-marketing a suite of products can instead reap you a return of many times that.  The loss leader strategy is powerful and should not be neglected. In our opinion, SG Wedding Guru has implemented theirs well.

Monday, April 14, 2014

Sales Training Program for Singapore SMEs

Psychological Selling 101
 
SG Sales Guru's sales training program is based on scientific research and the art and science of psychology. Our sales training program is designed to equip the aspiring sales professionals with the necessary knowledge and skills to be the best in the field.
 
Whether you are a newbie or a seasoned professional, the knowledge we impart will super-charge your selling. Even the world's top athletes continue to train with a coach when they are #1.
 
In fact, we are so confident that you will benefit from our coaching program that we will not only offer you a special discount to take-up our coaching program, but will also give you a money back guarantee (no questions asked) if you find that you have not benefitted from our course.  You therefore have absolutely nothing to lose, but everything to gain.
 
To start your journey to selling success and great income, email our consultants at justin[a]cwfongandassociates.com

Saturday, April 5, 2014

SG Sales Guru: Using Pricing to Select Your Customers

Yes! You read the title right. Companies should use pricing to select their customers. Now some of you might think I am crazy. Isn't a business in business to earn money? So what is this nonsense about selecting customers? As a business, we want every customer we can get.

Before we move on, I think it is important that we establish an important fact. While it is true that as a business we want all the business we can get, we however only want business that is profitable. The point that I am making here is that there are un-profitable customers out there. Taking them on as clients only means that you will be losing money.

Allow me to illustrate using an example from a client ...
 
"My PR consultancy's charge-out rate is $250 an hour. Depending on the client's job specifications we usually discount this. So when we work on retainers, sometimes our rates can come down to as little as $100 an hour for a multi-year contract. I recently had a client that contracted us to do 3 months of PR for their company. The project specifications were discussed and 20 hours of PR work was contracted for at a rate of $200 an hour. However, almost immediately after the contract was signed, the client requested for some urgent pro-bono work. Not wishing to sour a newly formed business relationship, I agreed. As my team began to help out on a goodwill basis, it became evident that the client was beginning to creep the requirement. In the first week alone, the client was very demanding on the pro-bono work such that my team spent close to 20 hours helping on a goodwill basis. With no end in sight, I spoke with the client and mentioned the need to scale back on the pro-bono work or to add on to the original contract. The client went ballistic. I then realized that this was the client's strategy to milk us. I did a quick calculation and, based on my estimates, the likely man-hours required to fulfill the client's requirements would likely double. Hence, the original rate of $200 would not be sufficient to cover my labour costs. And if I added the goodwill work my team did, I would in effect be losing money."

So my point in this. There is always a cost to deliver a product or service. Some clients are easy to serve, while others are not. So unless you have priced your service to match the type of client you are serving, you may end up losing money.

From my experience, it is always good to target the upper middle-class range of clients. Those who are very budget conscious should be avoided as they are likely to milk you for the simple fact that they do not have the budget to pay for more. On the other hand, those that have high budgets and paid a premium for your service can rightly can demand for the best service. In my opinion, these 2 categories of clients are the most expensive to serve and hence the least profitable.

In short, pricing can be used as an effective way for a company to filter for the most profitable clients. Used well, it will keep a business in the black.