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The Science of Why People Buy

06.20.2018 by Elizabeth // Leave a Comment

The Science of Why People BuyDo you ever find yourself confused by the actions your customers (or would be customers) behave?

Have you ever found yourself asking, “Why would they possibly do that?” or “Why didn’t they buy?” or “Why didn’t I get more clicks?” or “How can I get more people to sign up for (and then open) my emails?”

If you answered yes to any of those questions above…you’re normal!

And, I am happy to say that reading this article will help you.

Most people have not heard the term “behavioral economics” – yet. I know it sounds kinda boring, but I promise you it is beyond fascinating.

When I am speaking on the topic, I like to say “If traditional economics and psychology had a baby… you would have behavioral economics.”

In a nutshell: Behavioral Economics (BE) is the study of why people buy. (and why they don’t)

The field came about because traditional economics had a problem…it assumed rational people make logical decisions. Unfortunately, that is not the world we live in, and so economic models are generally bad at predicting behavior.

While people are not logical, they are predictable. Understanding those concepts and trends of how the brain works (and how people will make decisions) is the study of behavioral economics.

In my work, I get to dig into research studies about the brain and behavior, which I absolutely love. And, because it is a really new field, I also get to design studies (I currently have one running with a credit union in Portland, which is attempting to help people to save without the use of matching funds).

Your customers are essentially zombies.

Did you know that 99% of buying behavior is done on a subconscious level? Yes, you read that right. 99%. (I have seen a study as high as 99.999% and the lowest I have seen is 95%, which I can provide to you if you are interested in digging into the research.)

So, what does that mean for you and your business?

A lot.

If you were going to sit down and plan a promotion, or product, or your brand, or lead magnet, or advertising campaign, or (you get the picture) what part of your brain do you think you are using?

That’s right: your conscious brain.

But that is not how people buy.

If you find yourself saying “should” a lot (i.e. “people should buy this!” or “everyone should want to download this…” (and were then surprised when they didn’t) this is why.

People do not do what they “should” do. Instead, they listen to their subconscious brain (which is driven by visuals and strange rules of thumb that often seem to make no sense).

You may find yourself thinking, “How much difference could it really make? They will get to logic eventually, right?” or “My people will find me…anyone who doesn’t get the logic just isn’t my tribe.” I have news for you.

There are many (many) studies which show the differences a small tweak can make. For example, in one study, the change of one word (yes, one) resulted in a 38% increase in sales.

And the word is not what you would think. (But, it is something that is easy to replicate and test in your business.)

What would you do if overnight your sales increased by 38%? I know I would be pretty darn excited!

That is where I come in. I help businesses to incorporate the nuance of BE into their messaging (so you don’t have to spend years of your life studying it) to increase conversions and encourage people to buy.

If you are interested in learning how I can help you, now is a great time! All my services are 25% off if booked by June 30 and include things like a Lead Magnet Review, Product Pricing Audit or Sales Page Audit. I can also do a Virtual Strategy Session where we discuss a question or two you are struggling with, and I can help you get the confidence to move forward knowing people will buy (and why)! And, if you aren’t quite sure what you need, my 15-minute Discovery Call is always free.

I hope we get a chance to work together. It is my personal mission to help everyone’s messaging be more “brain friendly.”

Melina Palmer has been building and reimagining brands for a decade. Her fresh, new “truth” brand launch nearly tripled brand awareness for Verity Credit Union in less than two years. Melina has always been fascinated by the psychological influences behind consumer behavior, which inspired her to pursue a Masters in Behavioral Economics from The Chicago School of Professional Psychology. Her new podcast, The Brainy Business: Understanding the Psychology of Why People Buy, will launch on iTunes (and all other platforms) on July 6, 2017.

Categories // Marketing, Sales

It’s Not too Late to Setup a CRM

05.10.2018 by Elizabeth // Leave a Comment

It's not too late to setup a CRMI’m talking a lot about CRM’s lately and it’s not a surprise. Your Customer Relationship Manager (CRM) is a vital piece of your growing business, but who wants to build a database?

Like it or not you need one. And ideally you setup your CRM when you’re just starting your business. But if you’re a few years into business and still haven’t done it, there’s no time like the present! Here are a few things to consider when setting up your CRM…

  • Your contact list isn’t your CRM – You need a dedicated database that contains ONLY your contacts for your business. A spot where you can save notes related to the client, or prospect, and set reminders to follow up with them.
  • Your newsletter program isn’t your CRM – I’m always surprised when people tell me that they have MailChimp setup and does that work as a CRM? It doesn’t. Technically you can make notes in MailChimp but that’s not it’s purpose. Setup a dedicated CRM that can integrate with MailChimp (I use Zoho CRM which does) so you can easily import contacts into your newsletter program.
  • Figure out what contact info you want to track – You may decide that you want all sorts of contact info available in your CRM including admins and multiple phone numbers. When you’re building your CRM you can customize the data. When you upload your lists it’ll make your life easier if you clean up the data and organize it up front.
  • Consider what kind of reminders and tagging you want to include – I make sure to reference how I met the contact – was it a client referral or a networking event? Did they come through my website or a speaking engagement? All of this should be tracked so you can follow up down the road when you have a new offering for that group.
  • Setup Templates  – Many CRM’s will allow you to setup templates so you can have a standard series of emails that go out. This is a feature that I’ll admit I don’t use, but I should. If your CRM has all the info you need, you can build a template that will even automate or plug in all sorts of details for you.
  • Use it! This is the most important thing. If you go through the trouble of setting up a CRM to manage your contacts make sure you use it! The second item on my to do list each week is “Zoho” which is my reminder to check in with my CRM and make sure I do the follow up or check in with clients/prospects as promised.

I believe you need a CRM and that it will help you grow your business and stay organized. If you need help, my friend wrote a great post a couple of years ago on how to choose the right CRM for you.

Categories // Follow Up, Management, Sales

How to Play Nice: Your CRM & Your Newsletter List

04.04.2018 by Elizabeth // Leave a Comment

I’ve been talking a lot about how to maximize your CRM lately. If you’re still panicked about not having one, jump on it, I promise you it’ll make your life more sane. After my latest newsletter went out, a colleague of mine called to ask a question about how my CRM integrates with MailChimp.

Her question was if I ask permission before adding people in my CRM to my newsletter list. Which is a GREAT question! The short answer is no, but the longer answer is…

I only add people to my CRM who are a potential client. Not that I want them to hire me even though they’ve given me no indication they’re interested in me, but we’ve had a real live conversation about them hiring me. People who make it into my CRM are people who are in my sales pipeline. They’re interested, we’re talking, I’ve probably sent them a proposal or some recommendations about what it would look like to work with me. I call this implied consent.

I treat my newsletter as an additional touch point. If 80% of sales happen between the 5th and 12th (12!) touch point, then my newsletter is one of those touch points (well, it’s hopefully years worth of touch points!).

This is why I think newsletters are such a great way to connect with your network when you’re NOT selling them something. My newsletter is full of helpful information that gets you to say “she’s the right person for me” or “she’s nuts so glad I didn’t hire her – UNSUBSCRIBE.” Your newsletter should be thought of as a part of your sales pipeline. It’s not a pushy part of sales process but one more way you can add value to your potential client and remind them that you are alive and in business and ready for them to hire you when they’re ready.

My friend then asked how often people unsubscribe and if I get complaints. A great question, and again the answer is NO. People have occasionally unsubscribed in time, which is OK, I’m not the right fit for them. No one has ever responded and been mad they were added to my list if we’ve been having conversations about working together.

As you look at your list and your connections, I will always make sure that you are adding in your current clients, past clients (unless it ended badly) and your prospects. Make sure that the people who SHOULD be hearing from you are hearing from you!

Categories // Newsletter, Sales

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Yellow Dog Consulting is a sales and marketing firm located in Hillsboro, Oregon with clients around the world. We work with small business owners who love what they do, but the sales and marketing part of their job sucks their will to live.

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