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Wednesday, November 12, 2008
Keys to Wealth & Success - Easy as ABC

I have been learning a lot over these past 2 months and I have come to realize that the keys to wealth and success is not really a mystery. Most of the time, it is things we already know but perhaps did not put into practice. Whatever our business may be, there are just 3 keys we have to remember.

A) The first key is to always find out the NEEDS of our target group of customers. Whatever the product or services we are selling is not as important as the needs of the customer. We must focus on their needs, whether it is a real need or a perceived need. So, how do we find out the needs of our customer? The easiest way is to ASK. Never assume that we know because our customer is not us. Do what I have been taught, do the F.O.R.M - i.e. ask about matters related to his family, his occupation, his recreation and money matters. From here, you will be able to start understanding the needs of your target customer.

B) The second key is RAPPORT. Always build rapport with our target customers. It is not about our products or our services that people buy from us. There are plenty of similar products and services out there in the marketplace. So why is it that some people are more successful in pushing in a sale? Most of the time, we too tend to buy from people who we know and like. That is why we keep going back to the same butcher, the same florist each time. It is definitely not because his cut of prime beef is a class above the rest. It is because he has along the way turned from just the butcher.. to our friend, the butcher.

A lot of times, all we are concerned with is just to close the sale. BIG MISTAKE. When we do that, we become that obnoxious pushy salesperson that we ourselves don't like to deal with. Be a little patient and build rapport first. That the first few steps at the beginning might be slow, but this might be what propels you to breakneck speeds later. Just have a look at the long jumpers.

C) Maximize PROFITS and not revenue. Many a times we are so caught up with just pushing in a sale that we forgo the recommended retail price and undercut. Sure, this makes the top line figure appear great. When you drop price below the recommended retail price, definitely you might increase the number of successful sale closed. But as your profit has been eroded, there will come a time when your expenses will exceed your revenue and it will not be worthwhile to continue doing the business.

I'll bet that you already know these ABC to being more successful in your business. So, just keep these ABC keys in mind all the time.

Oh yeah. Picked this up today. It was reported that the handful of industries which are predicted to grow during this recession are likely to be Information Technology, Health Care, Accounting and Auditing and Security. But whatever the business or industry is, just remember your ABCs.

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