business

VRIN Scoring - Your Success Prediction

Alright guys, today's post is about something I have recently been researching after discovering. There is a measurement concept regarding somebody's success and status that bases the assessment off of four key aspects.

The "VRIN" Score acronym stands for the following four factors of measurement;

  1. Value
  2. Rarity
  3. Inimitable
  4. Non-substitutable

Each letter category within the VRIN Score system is out of 10. The higher the number, the better. This means there is a maximum attainable score of 40. If you are scored at 40, you are essentiallty projected to be a billionaire. Somebody such as a minimum wage worker is a 1, or something low and around that lower number range.

So let's start with over-viewing value. Basically, this VRIN category scores your concept or business model based off of the amount of value that it provides to the customer or recipient of the product or service. Also, it's a measurement of the perceived value of the product or service being provided. Having a high perceived value will give a higher score in this category. 

Next, we have rarity. This letter represents how innovating your concept is, and whether or not it is found out in your market already. If you have a high rarity, you are considered the niche authority. Essentially, this means you are the go-to person for your service or product. This is extremely lucrative. Having high rarity is effectively monopolizing your niche and dominating your target market over all competitors.

Third, we have the inimitable rating over your concept. If your product is difficult to replicate or your service is unique in the sense that nobody else can provide it, you also have a boost in the rarity category. But it overall increases your score in the inimitable category because what you are doing has high innovation that nobody else is able to provide to others.

Finally, Non-substitute value. This is an assessment of your competition's ability to provide your service or product, and essentially describes your monopoly value as well. If you are high in this category, that means that your business cannot be replaced by another product or service.

Overall, if you rank highly in each of these categories, your business is in a prime tipping point for massive success. All there is to do is to effectively get your now-prepared and high value, irreplaceable and innovating idea out there and gain sales and establish your brand.

Hopefully this brief assessment of the VRIN Scoring system is beneficial to you all in developing and creating the best and most optimized product or service possible, and that it has provided valuable insight that will further yourself and your business. I hope you have enjoyed! To discuss this further, let's Skype or do a Google Hangout conference, or simply email me at connorjsmithmarketing@gmail.com.

Thanks much!

Niche Networking - Pro Tip For Successful Networking

To the tune of my last two blog posts, this post will continue in elaboration on the topic of networking. Specifically, this post will go in depth about one massive tip that I have found to be success inducing.

Everybody has a different niche and industry, and therefore, target market. The biggest question not only in sales, but also in networking, is where is it that people can connect with either customers or potential partners and mentors that they can network to in order to further their success? 

I have discovered 2 primary methods that have allowed me simple and often cheap access to effective groups of targeted people that I can network and connect with for business purposes. These two methods are listed below;

  1. Webinars, online seminars and conference calls, and tutorial sessions
  2. In person seminars and conventions, or small group meetings

Let's start first with discussing the first listed method. Webinars are very helpful towards meeting others that are in your specific niche. They are highly targeted pools of people attending these online webinars because all of them have the exact same objective for attending that particular webinar; to learn the content being taught by the webinar host. This being said, if you can find a webinar that is in your niche, you can attend it and not only learn something valuable potentially within you niche, but also connect with other potentially beneficial individuals that you can leverage for clients or assistance or any number of other things. The issue that you may often encounter with webinars of a larger size is that there can be so many people in that given session that none of them will actually notice your comments, and it is next to impossible to line up a solid, consistent conversation, and much less obtain contact information. I suggest going for webinars that are a much smaller group of people that you can better connect with. Webinars are often found within social media, typically Facebook. This is because this is primarily the platform that the webinar hosts are trying to gain an audience from. On this same note, you can also attempt to host a webinar or online conference session to meet interested people and give a call to action at the end of the session asking the attendees to contact you further.

Secondarily, we have the in person, more original method of networking. This being said, it is mainly the same sort of concept. Facebook will be a great place to obtain information and access to these offline events, and if you have the capital and potentially the reputation and audience, you could attempt to host your own event by renting a venue and setting up the marketing campaign to gain traffic and to get people to opt-in for the event to attend it.

Both of these options are easier, far more targeted methods to obtaining targeted, high quality traffic that will either convert to sales, or will provide seriously vital opportunities or connections to you and your company. I hope this pro tip has helped, and there are many more to come!

Thank you for reading as always. Contact me at connorjsmithmarketing@gmail.com for any questions, or to connect with me!

Benefits of Networking - People Power

Before I write out the next few blog posts that follow this one that will be about how to properly network and create significant, lucrative connections, I find it appropriate to make this post. This post will outline the benefits and reasons that networking is absolutely essential for your business, and how it can help. 

To start off, let's go back to that previously used quote from my last post; "It's who you know, not what you know". Often times, you will lack the appropriate skill set and knowledge to move forward with your plans. Having an asset on your team that has more skills, experience, and knowledge on a certain topic is highly important. Another great quote to highlight this; "A great man surrounds himself with wiser ones". It would be futile and foolish to hire only people with lower knowledge or basis of skills just to retain a sense of superiority and control over your crew. They may be able to learn from you, but that takes a significant investment of your time to get them competent and effective, and time is money. Save time, money, and a great deal of trouble by being an effective and respectable leader to those who exceed you in certain fields of your industry.

Also, of course, there is the facet of networking that provides you access bonuses to products, goods, services, and any other potential tool or beneficial item to your business. By "access bonuses" I am referring to discounts, free things, exclusive access, expanded programs due to that person you connected with having some kind of employee edition they were able to share with you, and so forth.

And lastly, the simple addition of a great mind to your roster of people to call for advice. You'd be surprised how far it can get you sometimes to just shoot a quick call to an intelligent confidant who will retain your secrets and advise sincerely and intelligently with deep thought. Use your network of people. We are all born with one. However if you fail to grow your network significantly in business, it is completely your fault. 

There are clearly more benefits to networking that have not been elaborated on in this posting. And if you wish for the full training on any topic found in my blog, please, simply contact me from connorjsmithmarketing@gmail.com or fill out my website's contact form on the appropriate page. If receive enough requests, I will likely continue this post with all benefits listed out that I can think of.

Hopefully this content has been beneficial to you all, and that it will inspire you to go out there and meet new people, create new connections both personal and business oriented, and to grow as a person and a professional. Thank you for reading!

Client Relationship Management Systems

Alright everybody, I have, so far, outlined several essential processes regarding closing sales, from in person conduct and strategy to techniques over the phones and how to proceed smoothly. From all of that free training I have generously provided you all, I would like to elaborate on how to keep all of those clients happy, satisfied, and well-recorded.

This post will be going into brief detail about CRMs, or "Client Relationship Management Systems". These are essentially user friendly, interactive databases that will allow you to input and track clients as their situations progress, and also allow you easy access their project or case files during or after their project has been completed already, or is currently undergoing development.

For example, the industry leader in  CRMs for sales tracking is currently SalesForce.com. Their platform is geared more primarily towards the tracking and closing of prospective clients for your business, also known as cold or warm leads. It lays out all of your active leads, prioritizes them, and allows for seamless closing for the company representatives you ave delegated the task to. All of these factors allow for higher closing percentages, and overall, more business for your company. 

I would highly suggest procuring a CRM system for your organization. Be it a CRM geared towards sales such as SalesForce as previously referred to, or a different style that is more alike a database to track previous clients in the case they call with complaints to allow for easy and organized access to their overviews.

Hopefully this posting has brought value to you all in terms of yet another essential business tool to add to your base of knowledge. And as always, reach out with any questions to connorjsmithmarketing@gmail.com!