(Time to read this Blog is about 3.5 minutes)

Before we get to the main topic, here are a few things to get you thinking:

  1. My Quote of the week:

“Behind every successful man, there’s a woman who knows him really well, rolling her eyes.”

 …Donald Cooper.

  1. Quick Biz Tip: Create a ‘Team Meeting Topic’ file. Have you ever had a regular staff meeting scheduled but, with all the day-to-day problems to solve, ended up with no Agenda prepared?  If you cancel the meeting, you look disorganized (because you are disorganized) and send the message that communicating with your Team is not important.  If you go ahead with the meeting with no clear and relevant Agenda, you look like a lousy leader.  This used to happen to me…a lot!

Here’s a couple of tips.  First off, you should have a Agenda Template that provides structure and focus to the meeting by listing key progress updates, performance measurements, ‘good news’ stories and other items that you want covered in every meeting.

Next, create a ‘Team Meeting Topic’ file (either a hard copy file or computer file).  Every time something comes up that you realize should be shared with your Team, make a quick note and drop it in.  Each time you coach a Team member on some subject or activity, ask yourself, “Who else on the Team needs to know this?”  If the answer is “just about everyone.” drop a note in the file.   By the time the next Team meeting comes up, you’ll have a file full of important things to discuss.

  1. Fun ‘dry cleaning’ facts:  
    The cost of dry cleaning a man’s suit varies tremendously around the world.
    1. Most expensive:  Oslo, Norway – $52.00   
    2. Mid range: Toronto, Canada – $17.00
    3. Least expensive: Jakarta, Indonesia – $2.20

 

Now, to this week’s important topic:

 

How to use the ‘4 Currencies’ in your customers’ lives to differentiate your business and grow your sales!

Many businesses, large and small, make the mistake of believing that their customers have only one ‘currency’ in their lives, which is money, so they can think of only one way to compete, which is to cut their price.  ‘Price’ is very important, but when you realize that most people actually have four ‘currencies’ in their lives, there are hundreds of ways to compete that aren’t cutting your price.

What exactly is a ‘currency’?  A ‘currency’ is anything of value to your customers that they don’t have enough of.  And on this planet there are four things that we don’t have enough of …four ‘currencies’.  They are: 

  1. Money,
  2. Time,
  3. Feeling Safe (physically & emotionally safe)…and,
  4. Feeling Special.

People are prepared to spend more money to save time, or to feel more safe, or more special.  For example, many busy households pay more money to purchase prepared meals or order take-out in order to save the time involved in home cooking.   

If we have an alarm system at home, we’ve spent a lot of money to feel more safe. 

If we have beautiful crown moldings throughout the house, we’ve paid big bucks for what?  Crown moldings have no functional value, they offer no increased safety…but they do look beautiful and we feel more special.

A $24,000 car will pretty much get us everywhere we want to go safely, comfortably and on time.  But perhaps it doesn’t make us feel special enough.   

When we’re choosing an investment advisor, travel agent or accountant we’re looking for someone who will deliver all four ‘currencies’.  Someone who will make us (or save us) money, who will save us time and make us feel both safe and special. 

Think about the car you drive, where you live, all of your possessions, where you shop, what you buy and the relationships that you’ve entered into and identify exactly what mix of Money, Time, Feeling Safe and Feeling Special influenced your decisions. 

Then, think about how you can use this insight of the ‘4 Currencies’ to build compelling, value-added relationships with your target customers and grow your bottom line.  How can you save them (or make them) money, save them time, and make them feel more physically or emotionally safe…and more special? 

Sit down for just one hour with some of the best minds and hearts in your business, give them this blog to read ahead of time and then ask for their ideas on how to use the ‘4 currencies’ to add more value, clearly differentiate your business, build relationships and improve your bottom line.  There are hundreds of powerful possibilities if you’ll just take the time to think about it.

 

That’s it for this week…

Stay safe…live brilliantly!       

Donald Cooper 

 

Donald Cooper speaks and coaches internationally on management, marketing, and profitability.  He can be reached by email at donald@donaldcooper.com in Toronto, Canada.

About Donald Cooper

Donald Cooper, MBA, CSP, HoF: Donald speaks and coaches in over 40 industries throughout the world.  He delivers the ‘straight goods’ on how to sell more, manage smarter, grow your bottom line...and have a life!  To chat about ‘possibilities’ for your next business or Industry Association Conference, call me at 416-252-3703 in Toronto, or click here to connect to our ‘Enquiry Page’.  

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