There is no denying we are in an economic slowdown. If you are in a sales related industry you are probably under great stress to comp the figures from the previous year.

In times like these, referrals can be the life blood of your existence and allow you to stay in the game and not have to resort to a "real" job. I know you are saying you ask for referrals all the time, so what else can be done? It is my proposal to you to use a tangible thank you for referrals. A good friend of mine is an insurance agent and he decided to give a $20 gift card for every referral that resulted in a policy. He began purchasing ten or so a quarter and now is up to 50 per quarter. That is an additional 16 sales per month!! Is there anyone among you who could use an additional 16 sales each month?

Before you run off to Starbucks, let’s take a closer look at the feasibility of such a program. This type of incentive works best when your cost of obtaining a sale is more than the level of reward. For example, if you quantified the time you spend cold calling, sending fliers, or prospecting and it exceeds $20, then giving a $20 gift card for a referral makes perfect sense.

The best way to implement this program is to send Thank You cards to everyone you do business with now and announce the incentive program as well. Be clear the referral has to end with a sale in order for them to receive the reward (to avoid getting numbers from the phone book). Keep a log of who receives the rewards and how many during the course of the year. If you have a person or office that is referring more than others, consider raising the amount of the award.

I think you will be amazed at how responsive people are to something as simple as a giftcard. Don’t be cheap!! If you sell a product over $10,000 then the reward should be at least $200. Remember it only costs you something if you closed a sale! Let me know how it worked for you.

Marketing, Business Development | No Comments »

As a citizen of the United States, I am proud to be living during these historic times. In September, the Democratic Party will nominate the first female or African American candidate for President of the United States. Additionally, the person sworn in as President in January 2009 will have a tremendous affect on how the United States will proceed as a sovereign nation.The two choices for the Democratic Party are Hillary R. Clinton and Barack H. Obama. Prior to this past weekend, Hillary Clinton was perceived as the heir apparent for the nomination for President and although Obama is a very charismatic candidate, he was most certainly cast as the VP to be.

On a recent trip to Washington, DC, my brother and I were discussing this very point. My brother is of the impression the country is not ready to vote for a Black president, no matter how charismatic and well funded. He stated at the end of the day Hillary would win the nomination because of the powerful Clinton campaigning machine and those who desire to return to the "prosperous" Clinton era.

My rebuttal was simply, not even during the 1988 challenge of Jesse Jackson has their been such a ground swell of support and genuine belief an African American could be President. People who have not voted in ten years are coming out to support Obama and those numbers only grow as the primaries move on. The reasons I believe there is more than a chance Obama will win the nomination and the presidency include the following;

1. African American voters will turnout in numbers exceeding 70% in the November election.
2. There are many men who would rather vote for a Black man than have a woman run the country.
3. The 1960’s liberal will consider a vote for Obama as repayment for the civil rights movement and an atonement for slavery.
4. The young and independent voters will look at the election as a chance to participate in history.
5. John McCain will look like an old representation of the establishment and Barak a young, vibrant future.
6. Asian and Hispanic voters will not vote for John McCain.

Obama definitely does not have the primaries in the bag. There will be a huge effort on the part of the Clintons to dig up the one thing that Obama has prayed would not come to light. However, if it is revealed after Obama has a substantial lead, it will be seen as a desperate attempt to derail the Obama train.

I participate in several political blogs and for months I have contended the greatest thing about the Obama campaign is how many people really believe he can win. The Civil Rights Act is not even 50 years old and we are seriously considering electing a Black man to run for President. God Bless America!

Thought of the Day | No Comments »