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How to Succeed Regardless of Market Conditions
By Timothy O'Brien

Why is it that in turbulent market times a select few still manage to excel while most others freeze with panic, scramble to stay alive or altogether surrender to the market conditions? The answer is very simple. The select few consistently practice five simple, high-impact strategies which the rest of the masses don't.

Before I reveal these five simple high-impact strategies, a word or two about consistency is in order. Legendary UCLA basketball coach John Wooden was known for intensely drilling his teams during practice on the routines he expected them to run during games. At times- although admittedly not often - Coach Wooden's teams did find themselves trailing the other teams. In such instances, players would look to the bench for guidance. Coach Wooden was famous for just shrugging his shoulders nonchalantly as if to say, "What do you want from me? You're playing, not me. Just do what we practiced." Which his players did. And like a rising tide, Coach Wooden's Bruin teams would catch and surpass their opponents, usually by great margins.

Coach Wooden's message was simple, "Don't let external conditions throw you into a state of panic. Stick with your proven routine."

Now to the Five Strategies...

First, invest in people not transactions. It may be a bit cliché but it is still true. Business is about relationships. Most of the people who are struggling right now are the ones who treated others like transactions when things were booming.

Here's my recommendation. Go on offense. Find out what your target audience needs and deliver it to them in spades. This is a hard strategy to practice because it requires you to embrace a philosophy of abundance and think long-term; two concepts which go counter to the way most have been conditioned.

A down market may actually also be a good thing in the long-run for two reasons. In a down market your clients, who have been so busy executing their own tactics, may now actually have time to listen to you. In which case, you better have some solid value to add.

Down markets also afford us the opportunity to slow down as well and take more time to love our clients. Studies show that it takes as much as eight times the effort to get a new client as it does to retain a current one. Love your clients like they are the last ones you'll ever have.

Number two, differentiate yourself. Al Reis wrote a great book entitled Differentiate or Die. Differentiation is certainly important in any market, but it becomes more so when the market starts to dip. Now you must fight harder for your market share. Consequently, you must be absolutely clear on your differentiators.

Less market share means more people competing for a smaller piece of the pie as well. This translates into more marketing noise than ever. In some cases, it's like thousands of little chicks chirping away for the attention of the farmer who is feeding them. The one who differentiates herself gets the most attention and usually, the most food. The rest fight for leftovers.

One of the best ways to differentiate yourself is to polish the story you are telling to the marketplace. When people ask you, "So what you do?" are you able to impress them with your value offering or are you like the teacher Miss Othmar in Charlie Brown, "Whaa, Whaa, Whaa"? In other words, do you add to the noise but don't say much?

We suggest you master: the 15-Second Commercial, the Uniqueness Statement and Features and Benefits. The truth is most people reading this article probably have never even taken the time to script these messages let alone master them. Could you imagine where Tom Hanks would be if he just winged it in every movie?

Number three, get out there! There are only two reasons why you are not where you want to be in your business. Either you are not in front of the right people or you are in front of the right people and they are not impressed with what they see, hear or otherwise experience. Keith Ferrazzi wrote a great book called Never Eat Alone Again. I strongly recommend you get it, read it and go to work scheduling meetings.

One of my clients who is regularly recognized as one of the top rainmakers in his industry has a great strategy. He calls it his Super 100. Here's what he does. Whenever he has a new idea he wants to market, he makes a list of the top 100 people he thinks it's worth telling his story to and then he goes to work scheduling and meeting.

I have modified this strategy a bit. I shoot for 40 pull-me-up meetings a quarter. These pull-me-up meetings involve telling my story to people who have skills, resources or knowledge I lack. Another client of mine swears that one of the major keys to his early success is one simple strategy: Everyday at 5:00 PM he would stop what he was doing and call three people to remind them he was in business over and over again.

Fourth, work on your likeability. This is a tough one because it requires self-perspective and a willingness to change. And quite frankly, most people don't think they need to change. Did you know that more than 80% of all men think they are really good looking?

You must remember that everything you do or don't do adds to or subtracts from your personal brand (i.e. your reputation). Here's what I suggest: make a list of 50 things you can do to improve your personal brand appeal. Nothing is too small. When it comes to tweaking your likeability, sweat the small stuff. And once you finish doing each, make another 50. And on and on.

Last year I committed to writing 365 handwritten notes (I wrote well over 400!). When is the last time you wrote a meaningful handwritten note on classy personal stationary?

Finally, practice good downstream manners. This is a pet peeve of mine. Downstream behavior refers to how we treat those people trying to get our business. Do you like it when a prospect that you made a pitch to doesn't have the courtesy to return your follow-up phone calls? When someone gives you their word, shouldn't it mean something? Do you have time to help others when there is nothing in it for you?

Sadly, today too many professionals practice poor business etiquette. They don't return phone calls unless there is something in it for them. Their word has no value. The transaction is more important than the relationship.

The rule of thumb is real simple: Make the Golden Rule your business etiquette mantra. Strive to be classy, kind and giving and you'll have all the success you want.

Zig Ziglar has a great saying "Help enough people get what they want and you'll have all you ever wanted."

I can tell you based on personal experience, consistently practice the aforementioned strategies and you'll consistently be at the head of the pack, no matter the market conditions.


 
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