Archive for the ‘ Behavioral Economics ’ Category

by Motivation Expert, Jim Cathcart

How many of your customers have over 5000 followers on Linked-in, Facebook or Twitter?  So, instead of telling five people about their service hiccup with you, they can now instantly tell a thousand times that number!  It would not take many unhappy customers to cut a sizeable dent in your bottom line and brand reputation.  With customer expectations up 33% over this time last year, you are very vulnerable to a today’s wired and potentially dangerous customers.

Wired and dangerous is the picture of today’s new normal customer. Customers are wired in two ways—they are edgy, impatient and quick to exit on the slightest hiccup, like they’ve had too much coffee.  But, they are also wired in the sense they have the Internet-enabled capacity to communicate instantly with hundreds or thousands of other customers.  Their influence-power also makes them dangerous.  If they receive poor or impersonal service they talk back—with a single snarky video or damning review gone viral, they can bring down an entire company.

Wired and Dangerous: How Your Customers Have Changed and What to do about it is a must-read for anyone with customers in this cyber age.  Zappos CEO Tony Hsieh raved about this book; Lou Dobbs declared it “an irresistible page turnings look at today’s empowered customer.”  I am happy to recommend this new book written by my friends Chip Bell and John Paterson.  Count on it giving you a whole new look at how to serve today’s new normal customer in today’s not-so-normal world.

In this provocative book, they provide a tested formula for transforming today’s edgy customers into eager partners. Using real-world examples, they detail powerful ways to bring harmony to a relationship that was out of whack even before the Internet. I hope you will buy a copy and recommend it to your friends.  Be forewarned:   get ready for a wild ride!

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Chip R. Bell

chip@chipbell.com

214-522-5777

www.chipbell.com

 

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by Motivation & Sales Expert, Jim Cathcart

The excitement at this year’s National Association of Music Merchants “NAMM show” in Anaheim was evident throughout the miles of exhibits and tens of thousands of attendees. They guesstimated over 90,000 in attendance and exhibitors told me they suspect it was even more. (Photos and videos below)

Surprises: One truly unexpected observation is that “Business is Booming!” As I roamed the thousands of exhibits and snaked my way through the overflow crowds, I heard again and again that this was the best year for business at NAMM in recent memory. So, despite a challenging economy and more regulations, laws, taxes, etc. on the horizon…people are buying! Not just shopping, but buying.

This bodes well for our economy in general because the music business is a business of “non-essentials” (but don’t tell the Music people that. For them it’s life itself.) In other words, purchases made around music aren’t life-sustaining essentials like food, water, transportation. They are discretionary expenditures for the regular consumers, the folks who aren’t “in the business” of music. Conclusion: if people are clamoring to buy non-essentials then they must feel optimistic about their near future. That leads to more opportunity in all fields. Not just the music business.

Yes, we still have many economic and political challenges, but all in all, I’d say Raise Your Sights. Set bigger goals, the opportunities are all around you.

Creativity and Innovation were also prevalent this year. Many new products e.g. a Video Screen in a Piano! (Wm. Knabe & Co.) and every kind of “effects” toy imaginable. There is even one floor pedal that will cause your amplifier to sing harmony with you in your own voice! (TC-Helicon VoiceTone Harmony G-XT) I got one of these for Christmas and have been singing along with myself almost daily. What fun!

Steve Krenz of Legacy Learning Systems has created a DVD based course called “Learn & Master Guitar”. They have partnered with Hal Leonard and Gibson Guitars for distribution and iPhone apps. This relatively simple course has generated over 2 million downloads and created a following that is filling their special events and expanding the market for guitars. A GREAT idea! Learn from their example. Apply these ideas in your field. See my Video Interview with them on the show floor.

Here are some photos I took at the event. Enjoy and learn. Ask yourself, “How could we use this same thinking?” Call me and let’s brainstorm ways to get your business booming too. Info@Cathcart.com

John Lennon's favorite brand Bob Taylor has a new book "Guitar Lessons" get one!

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Anaheim Convention Center

by Motivation & Sales Expert, Jim Cathcart

Yesterday I joined Ninety Thousand of my friends in Anaheim at THE event in the music business: NAMM. Check below for photos and videos of interviews I did at the event. Even if you’re not in the music business, you can learn a lot from them for growing your own business, as I did. Read on for more ideas.

The National Association of Music Merchants is the not-for-profit association that unifies, leads and strengthens the $17 billion global music products industry.

Founded in 1901, NAMM has been the engine driving the music products industry, enabling both large and small businesses to maximize productivity and reduce the costs of doing business. With more than 9,000 Members in the United States and 100+ other countries, NAMM is ultimately dedicated to expanding the market and giving people of all ages the opportunity to experience the proven benefits of making music.

NAMM Headquarters
5790 Armada Drive
Carlsbad, CA 92008
(760) 438-8001
info@namm.org

NAMM Fender exhibit

This photo from the Fender “room” (it was much much larger than an exhibit or a booth) is 1/100,000th of what was on display at NAMM this year. I wandered the miles of floor space on three levels and in multiple buildings plus the surrounding hotels. I met celebrities, corporate executives, like Bob Taylor of Taylor Guitars, and scores of technicians, artists, craftsmen, retailers, distributors and more.

I attended NAMM for the 2nd time this year. My host was Jason Vanderpal of Guitar Center HQ. Jason is the former General Manager of the Hollywood Guitar Center, the largest music store of its type in the world. He seemed to know half the crowd as we wandered the floor together. Here’s a link to his comments about the show.

If you are wondering how this relates to you, here it is: NAMM had a record large attendance this year. Note: that is THIS year 2011 in this chaotic economy! The people were buying, selling, dealing and shopping like crazy. Folks, there is no shortage of business to be had out there. No matter what you are selling there is still enough money in people’s pockets for you to have a very good year.

I asked the participants what they were doing that was new and successful. Their answers were many and varied, but they had one thing in common; none of the ideas were “business as usual.” Everyone was being creative and looking for better ways to connect with their customers and prospects. As the Relationship Selling Author I was right at home.

Here’s one idea I liked: KMC Music, the distributors of Takamine Guitars, Gretch Drums, Ovation Guitars, Genz-Benz amps and much more were there with a massive exhibit. Two stories tall and as big as a house. They told me how they had taken their products on the road this past year and set up a combination of product demos, artist appearances and… a new twist, customer performances. The prospective customers were encouraged to sample their products and then actually perform on stage with them.

Customers loved this! It was more appealing to them than any other part of the experience, so KMC Music took note and boosted that part of the events, which produced even greater results. For my interview with Rick Hall and Danny Guion, KMC Music Marketing, click here.

Here’s the question for you: How can you involve your customers and prospects more in doing what they want and love to do, without putting the main focus on your products? Let them take the spotlight and do what they wish to do. Make heroes out of them and they will love being connected with you!

Let me help if you are looking for more ways to connect with your customers. Let’s schedule a brainstorming session right away. http://Cathcart.com

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by Motivation & Sales Expert Jim Cathcart

by Daniel Burrus

See the invisible and Do the impossible

I would like to recommend an amazing new book: Flash Foresight: How to See the Invisible and Do the Impossible Seven Radical Principles That Will Transform Your Business by Daniel Burrus.  It will totally change the way you think about your business as he teaches you to solve “impossible” problems, unearth “invisible” opportunities, and create must-have products and high-demand services that will drive growth for your business now and into the future.

Daniel has an extraordinary limited time opportunity for anyone who purchases a book from his website, see link below. With each book purchased, you will have access to a premium package of bonus gift offerings from 40 top business, sales and marketing gurus, which are valued at over $20,000.00! Time is limited, take a look now http://www.flashforesight.com/buy-book

I’ve known Dan Burrus for more than 20 years. We’ve ridden motorcycles together, played Rock & Roll music and participated in Business Meetings, Strategic Planning discussions and more. He’s a man I consider not only a friend but also a Mentor.

I’ve added some free books to the bonus package for those who buy his book. You’ll love this book and the bonus items will take your breath away. Check it out today!

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by Motivation Expert and Sales Consultant, Jim Cathcart

At a recent seminar in Santa Barbara we conducted a question and answer forum at the end.

There were some interesting questions posed. This video gives you an easy review of the answers by selecting each “Scene” and skipping ahead to the ones you want. Let us know if you’d like further information on these or any of our key topics in “Relationship Selling” or business growth.

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Jim Cathcart, author, Relationship Selling
jim@cathcart.com
800-222-4883

TSTN Television Show featuring Jim Cathcart on Relationship Selling
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