Bryce Sabol & The Sabol Associates Team

Many companies are like acquaintances who always want something from you, but never give anything in return. They bombard you with offer-driven marketing, a strategy designed to generate new business through endless discounts and special promotions.

While offer-driven marketing focuses on transactions, the goal of value-driven marketing is to create business through long-term relationships. Value-driven marketing is particularly important to salespeople and business owners whose customers don’t need their services very often. Examples include home loans, real estate purchases and home renovations. In these cases, marketing that centers on offers for more of the same product or service lacks relevance, and does little to strengthen your relationships with past clients.

Expensive products or services that dramatically impact consumers usually create a need for more information. That’s where value-driven marketing hits the target. An example is a newsletter with high-quality information that helps customers better use, understand, enjoy or gain value from the product or service you sold them months or years ago.

All strong business relationships are built on the mutual exchange of value. If your transactions with customers are by nature infrequent, then you must use value-driven marketing to maintain and strengthen your relationships. Value-driven marketing creates gratitude, positions you as an expert and provides information that customers actually need. Use it consistently and watch your referrals and repeat business grow!

According to the ICSC-Goldman Sachs index, retail sales fell 0.2% for the week ending August 7. On a year-over-year basis, retailers saw sales increase 3.7%. The Labor Department reported that in the second quarter productivity fell at an annual rate of 0.9%, labor costs rose at an annual rate of 0.2% and hours worked climbed at a 3.6% rate. This is a likely signal that employers have reached efficiency limits out of leaner staffs. In 2009, productivity rose 3.5%, the highest rate in six years.

Wholesalers increased their inventories 0.1% in June, following a 0.5% rise in May. Sales at the wholesale level fell 0.7% in June, the most since March 2009. Economists had anticipated inventories would increase 0.4% in June.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending August 6 increased 0.6%. Refinancing applications rose 0.6%. Purchase volume rose 0.3%.

The trade deficit increased 18.8% to $49.9 billion in June.It was the highest level since October 2008 and follows a $42 billion gap in May. Economists had expected the trade deficit to rise to $42.1 billion. Exports fell 1.3% to $150.5 billion. Imports increased 3% to $200.3 billion.

Initial claims for unemployment benefits rose by 2,000 to 484,000 for the week ending August 7. It was the highest level since mid February. Economist had projected claims would fall to 465,000. Continuing claims for the week ending July 31 fell by 118,000 to 4.45 million.

Upcoming on the economic calendar are reports on the housing market index on August 16, housing starts on August 17 and the index of leading economic indicators on August 19.

Patrick Lencioni is the author of nine best-selling business books. His latest book, "Getting Naked," outlines the importance of vulnerability in client service and shows you how providing "naked service" can strengthen client relationships and improve your business.

Naked service refers to being vulnerable with clients and demonstrating humility, selflessness and transparency for the good of a client. While many service providers try to demonstrate perfection and infallibility, naked service promotes providing service that is authentic - even at the risk of being wrong. The reward is that you'll win unprecedented levels of trust and loyalty from clients.

Getting naked starts with shedding the three fears that sabotage client loyalty:

Fear of Losing the Business: This notion prevents many service providers from having the difficult conversations that actually build greater loyalty and trust. Most clients prefer being told a "kind truth" they can benefit from, rather than being told what they want to hear.

Fear of Being Embarrassed: Ask questions and make suggestions, even if they seem silly or wrong. Clients trust naked service providers because they will not hold back their ideas, hide mistakes or edit themselves to save face.

Fear of Feeling Inferior: Naked service providers learn to overcome the need to feel important in the eyes of their clients and will do whatever is needed to help clients get the best results.

Although getting naked and stripping away pretense and ego can be awkward, when it's done with sensitivity and authenticity, clients will take notice and reward you with their business and referrals.

Click here to listen to Todd Duncan and Patrick Lencioni discuss naked service and its rewards.
http://x.jtrk72.net/y.z?l=http%3A%2F%2Fwww.prospectfiles.com%2Fmarketing%2FToddDuncan%2FInsightNOW%2FPat_Lencioni.wma&e=99&j=249822841&t=h&p=2

The Institute for Supply Management reported that the monthly composite index of manufacturing activity was 59.7 in May, after reaching 60.4 in April. A reading above 50 signals expansion.It was the 10th straight month of expansion.

Total construction spending rose 2.7% to $869 billion in April, following an upwardly revised 0.4% rise in March. April's gain was the biggest since August 2000.

The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, rose 6% in April, after a revised 7.1% increase in March. On a year-over-year basis, pending home sales are up 22.4%.

Factory orders rose 1.2% in April, below the 1.8% increase economists had anticipated. It was the eighth straight gain and follows an upwardly revised 1.7% increase in March.

The Institute for Supply Management reported that the monthly composite index of non-manufacturing activity was 55.4 in May, unchanged from 55.4 in April. A reading above 50 signals expansion. It was the fifth consecutive month of growth. Economists had anticipated a reading of 55.6.

The Labor Department reported that in the first quarter productivity rose at an annual rate of 2.8% and labor costs fell at an annual rate of 1.3%.

Initial claims for unemployment benefits fell by 10,000 to 453,000 for the week ending May 29. Continuing claims for the week ending May 22 rose by 31,000 to 4.66 million. Employers added 431,000 jobs in May, following a 290,000 advance in April. This pushed the unemployment rate down from 9.9% in April to 9.7% in May.

Upcoming on the economic calendar are reports on wholesale trade on June 9, international trade on June 10 and retail sales on June 11.

The National Association of Home Builders/Wells Fargo housing market index rose three points in May to 22. It was the highest reading since August 2007. An index reading below 50 indicates negative sentiment about the housing market.

The combined construction of new single-family homes and apartments in April rose 5.8% to a seasonally adjusted annual rate of 672,000 units. Applications for new building permits, seen as an indicator of future activity, fell 11.5% to an annual rate of 606,000 units.

The producer price index, which tracks wholesale price inflation, fell 0.1% in April, following a 0.7% increase in March. Economists had expected a 0.1% rise. For the year, wholesale prices are up 5.4%.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ending May 14 fell 1.5%. Refinancing applications jumped 14.5%. Purchase volume decreased 27.1%.

Consumer prices fell a seasonally adjusted 0.1% in April, following a 0.1% increase in March. It was the first decline since March 2009. On a year-over-year basis, consumer prices at the core rate — excluding volatile food and energy prices — were up 0.9%, the smallest increase since January 1966.

Initial claims for unemployment benefits unexpectedly rose by 25,000 to 471,000 for the week ending May 15. Continuing claims for the week ending May 8 fell by 40,000 to 4.625 million.

The index of leading economic indicators — designed to forecast economic activity in the next three to six months — fell 0.1% in April, after a revised 1.3% gain in March. It was the first decline since March 2009.

Upcoming on the economic calendar are reports on existing home sales on May 24, the housing price index on May 25 and new home sales on May 26.

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