1. The pain is tolerable. Yes the pain might be tolerable, but it's your job to show them what the long term impact can be. If you were 50 pounds overweight and your doctor tells you have to lose weight, why don't you? Because you're not currently in pain. It's the chest pains that come later that cause you to take immediate action. As sales professionals you need to show the prospect tangible and predictable evidence of not taking action. You need to take them into the future, engaging their imagination. Take them to the emotional side of their brain where action is taken. People don't buy on logic, they buy on emotion! When people buy life insurance they are buying it to protect their family from future disaster so you must take them to that expected future. Focusing on the current situation doesn't provide them with a good reason to invest because there is no immediate need.
2. Ask don't tell. Prospects like to talk so give them that opportunity by asking questions that gets them talking about what is important to them. You retain 70% of what you say, but only 20% of what you hear. If you are in a pure presentation mode, you lose 2/3 of the impact because they aren't talking. When the prospect is speaking, you're learning vital information that helps you both build trust and lead the conversation to its' intended conclusion - a sale. When we ask questions that heighten the problem or situation that the prospect is in, they will hear in their own words why it's necessary to take action. Naturally they are more emotionally connected to their own fears and concerns than the various issues that you might introduce.
3. Priorities. One of the best open-ended questions you can ask is "where is this problem/solution on your list of priorities?" Their response will give you clues about the timing and budget for a decision favoring your solution. If it's truly a priority for them, they will be much more motivated to take action. If they seem to hesitate, ask them why; is there a concern that you haven't addressed; did you misunderstand the need? You'll need to understand that concern before you can truly understand their priorities.
Your job as a sales professional is to help your prospects understand their need and to feel the pain that can result from avoiding a solution. In order to help them own their need, you'll need to:
- Engage your prospects in the future - the pain may be tolerable now, but what about later?
- Ask questions instead of spewing your pitch - listen carefully for clues to their most vital needs
- Help them to understand their priorities - the closer you are to their biggest need, the more likely they are to buy
Taking these steps helps you to understand your clients' needs which then helps them to comprehend the risks and rewards of action.
1. The pain is tolerable. Yes the pain might be tolerable, but it's your job to show them what the long term impact can be. If you were 50 pounds overweight and your doctor tells you have to lose weight, why don't you? Because you're not currently in pain. It's the chest pains that come later that cause you to take immediate action. As sales professionals you need to show the prospect tangible and predictable evidence of not taking action. You need to take them into the future, engaging their imagination. Take them to the emotional side of their brain where action is taken. People don't buy on logic, they buy on emotion! When people buy life insurance they are buying it to protect their family from future disaster so you must take them to that expected future. Focusing on the current situation doesn't provide them with a good reason to invest because there is no immediate need.
2. Ask don't tell. Prospects like to talk so give them that opportunity by asking questions that gets them talking about what is important to them. You retain 70% of what you say, but only 20% of what you hear. If you are in a pure presentation mode, you lose 2/3 of the impact because they aren't talking. When the prospect is speaking, you're learning vital information that helps you both build trust and lead the conversation to its' intended conclusion - a sale. When we ask questions that heighten the problem or situation that the prospect is in, they will hear in their own words why it's necessary to take action. Naturally they are more emotionally connected to their own fears and concerns than the various issues that you might introduce.
3. Priorities. One of the best open-ended questions you can ask is "where is this problem/solution on your list of priorities?" Their response will give you clues about the timing and budget for a decision favoring your solution. If it's truly a priority for them, they will be much more motivated to take action. If they seem to hesitate, ask them why; is there a concern that you haven't addressed; did you misunderstand the need? You'll need to understand that concern before you can truly understand their priorities.
Your job as a sales professional is to help your prospects understand their need and to feel the pain that can result from avoiding a solution. In order to help them own their need, you'll need to:
- Engage your prospects in the future - the pain may be tolerable now, but what about later?
- Ask questions instead of spewing your pitch - listen carefully for clues to their most vital needs
- Help them to understand their priorities - the closer you are to their biggest need, the more likely they are to buy
Taking these steps helps you to understand your clients' needs which then helps them to comprehend the risks and rewards of action.
My first assignment was to prospect. So I asked my sales manager, "what do I do?" He smiles, sits me down at one of the many cubicles in the office and says, "start smiling and dialing". But what number would I dial? He then hands me the yellow pages, asks me to turn to the letter "C" and look under computers. Then what? Well Stu, start calling the companies and see if they would be interested in carrying our computer line as a reseller - finding resellers was my first assignment. 1st call-hi my name is Stu Schlackman with Digital Equipment Corporation and I wanted to see if you would be interested in carrying our line of computers? Digital who-says the prospect? Click! Next call-same opening-no thanks we carry IBM. Next call was a company by the name of Four Phase Computer Systems- hello my name is..... Response? Son, do you realize we compete against Digital? No sir, but thank you that's good to know. How embarrassing and yes that's what many of us in sales are afraid of, embarrassment, rejection and the final outcome-futility!
According to recent research, "Finding New Clients" is the 2nd biggest challenge life insurance agents face. This is also true of many other industries. Why? Is it because of the rate of change? That's part of it. Less demand and more supply, yes again. Many already are doing business with one of your competitors. It can also be a lack of focus in your marketing efforts. Let's explore 3 ways to target new clients.
1. First, you have to know what your target market looks like. What is your company known for and what does the ideal prospect look like? Where have you had the best success where the client saw the value and the sales cycle was minimal? If you've had repeat business in this market, most likely this would be a good target market to pursue. Define the characteristics of your market and use your existing clients as references and to ask for referrals. This turns a cold call into a warm call. If you have happy clients they are normally willing to help open a few doors with their network of business colleagues. It's much easier to focus on a target than to have a shot gun approach where you can't send the same consistent message.
2. Second, you have to offer a compelling reason to meet. What would the client/prospect gain from meeting with you? Can you communicate that message? Again, one of the best approaches is to let them know how you've helped other clients, which demonstrates the value you deliver. Can you articulate your value in a brief amount of time? That's what they need to hear in the first 20 seconds.
3. Third, you have to overcome their objection to meet. As my good friend and Cold Calling 101 expert Barry Caponi would say, prospects will lie to get you off the phone. The best way to handle their objection is to ask them a question that will reveal an issue they are having. It's the perfect time to say, "Stu that's exactly why I think it would be worth our time to meet".
If you want to find new clients - and who doesn't, you need to do 3 things:
- Intimately understand your target market
- Articulate the benefits that you provide
- Overcome meeting rejection with a well-crafted question
Using and mastering these techniques will fill your pipeline with new prospects and clients.
Good Selling!
My first assignment was to prospect. So I asked my sales manager, "what do I do?" He smiles, sits me down at one of the many cubicles in the office and says, "start smiling and dialing". But what number would I dial? He then hands me the yellow pages, asks me to turn to the letter "C" and look under computers. Then what? Well Stu, start calling the companies and see if they would be interested in carrying our computer line as a reseller - finding resellers was my first assignment. 1st call-hi my name is Stu Schlackman with Digital Equipment Corporation and I wanted to see if you would be interested in carrying our line of computers? Digital who-says the prospect? Click! Next call-same opening-no thanks we carry IBM. Next call was a company by the name of Four Phase Computer Systems- hello my name is..... Response? Son, do you realize we compete against Digital? No sir, but thank you that's good to know. How embarrassing and yes that's what many of us in sales are afraid of, embarrassment, rejection and the final outcome-futility!
According to recent research, "Finding New Clients" is the 2nd biggest challenge life insurance agents face. This is also true of many other industries. Why? Is it because of the rate of change? That's part of it. Less demand and more supply, yes again. Many already are doing business with one of your competitors. It can also be a lack of focus in your marketing efforts. Let's explore 3 ways to target new clients.
1. First, you have to know what your target market looks like. What is your company known for and what does the ideal prospect look like? Where have you had the best success where the client saw the value and the sales cycle was minimal? If you've had repeat business in this market, most likely this would be a good target market to pursue. Define the characteristics of your market and use your existing clients as references and to ask for referrals. This turns a cold call into a warm call. If you have happy clients they are normally willing to help open a few doors with their network of business colleagues. It's much easier to focus on a target than to have a shot gun approach where you can't send the same consistent message.
2. Second, you have to offer a compelling reason to meet. What would the client/prospect gain from meeting with you? Can you communicate that message? Again, one of the best approaches is to let them know how you've helped other clients, which demonstrates the value you deliver. Can you articulate your value in a brief amount of time? That's what they need to hear in the first 20 seconds.
3. Third, you have to overcome their objection to meet. As my good friend and Cold Calling 101 expert Barry Caponi would say, prospects will lie to get you off the phone. The best way to handle their objection is to ask them a question that will reveal an issue they are having. It's the perfect time to say, "Stu that's exactly why I think it would be worth our time to meet".
If you want to find new clients - and who doesn't, you need to do 3 things:
- Intimately understand your target market
- Articulate the benefits that you provide
- Overcome meeting rejection with a well-crafted question
Using and mastering these techniques will fill your pipeline with new prospects and clients.
Good Selling!
Let's explore 3 reasons your client might procrastinate.
1- Value perception.
The client did not perceive enough value. And, without value, there will be no investment. You must demonstrate the REAL benefits of your solution? Will it make money, save money, provide peace of mind for their family or will it improve their competitive position. The formula to use is Value = Benefit/Cost. Without value the only thing that is evident to the client is the cost, which usually does not play in your favor. Convey the value in their terms not yours. Recognized value will usually help to prevent procrastination.
2- Client needs.
Value is built when you understand your client's needs. Strategic and well thought out questions are the keys to success. If you want better understanding of the client's situation, ask better questions. Here's the problem many sales professionals face- you ask questions to satisfy your own need to move the sale along without truly uncovering their needs. You ask questions to qualify them instead of asking the deeper questions that help to build a trusting relationship. Statistics show that clients only give 20% of the information they have. To gain access to the other 80% you have to build trust. As the expert, you're expected to act as the consultant providing and recommending the best direction. When they turn the tables and start asking you questions about your solution, you know you're on the right track. If they start stalling, you know you still have more value to provide.
3- Dead air.
The last point is the toughest. You don't know why the client is not getting back to you. You conveyed value, you asked all the right questions to gain their interest, and they say that they are ready to act yet they fall off the face of the earth. Is it just me or does this seem to happen more often than ever before? First, you're excited and then you're let down. You don't know what happened. Did they find another solution? Did their priorities change? All you can think about is how you can get them to return your call? It can be tough - your clients and prospects are being bombarded with so much information that it is often very difficult to cut through the clutter. Be creative; leave a voicemail that reminds them of THEIR need that you solve. You might also send a follow up email reviewing the needs that they shared and why THEY said you were a good solution for them. Tell them you're happy to address any new concerns that may have come up. If their silence continues, yet you still believe they're a sound prospect, go back into the 'add value' stage of the relationship and see what happens.
Procrastination by your clients and prospects is frustrating, but the situation usually leaves clues. Review the process and reconsider the following:
1. Did the client recognize the value that you offered?
2. Did you uncover their most important needs?
3. How can you overcome their silence by adding more value?
If your prospecting and qualifying processes were sound, be patient and remember that you have a good solution, which in time they will remember.
Let's explore 3 reasons your client might procrastinate.
1- Value perception.
The client did not perceive enough value. And, without value, there will be no investment. You must demonstrate the REAL benefits of your solution? Will it make money, save money, provide peace of mind for their family or will it improve their competitive position. The formula to use is Value = Benefit/Cost. Without value the only thing that is evident to the client is the cost, which usually does not play in your favor. Convey the value in their terms not yours. Recognized value will usually help to prevent procrastination.
2- Client needs.
Value is built when you understand your client's needs. Strategic and well thought out questions are the keys to success. If you want better understanding of the client's situation, ask better questions. Here's the problem many sales professionals face- you ask questions to satisfy your own need to move the sale along without truly uncovering their needs. You ask questions to qualify them instead of asking the deeper questions that help to build a trusting relationship. Statistics show that clients only give 20% of the information they have. To gain access to the other 80% you have to build trust. As the expert, you're expected to act as the consultant providing and recommending the best direction. When they turn the tables and start asking you questions about your solution, you know you're on the right track. If they start stalling, you know you still have more value to provide.
3- Dead air.
The last point is the toughest. You don't know why the client is not getting back to you. You conveyed value, you asked all the right questions to gain their interest, and they say that they are ready to act yet they fall off the face of the earth. Is it just me or does this seem to happen more often than ever before? First, you're excited and then you're let down. You don't know what happened. Did they find another solution? Did their priorities change? All you can think about is how you can get them to return your call? It can be tough - your clients and prospects are being bombarded with so much information that it is often very difficult to cut through the clutter. Be creative; leave a voicemail that reminds them of THEIR need that you solve. You might also send a follow up email reviewing the needs that they shared and why THEY said you were a good solution for them. Tell them you're happy to address any new concerns that may have come up. If their silence continues, yet you still believe they're a sound prospect, go back into the 'add value' stage of the relationship and see what happens.
Procrastination by your clients and prospects is frustrating, but the situation usually leaves clues. Review the process and reconsider the following:
1. Did the client recognize the value that you offered?
2. Did you uncover their most important needs?
3. How can you overcome their silence by adding more value?
If your prospecting and qualifying processes were sound, be patient and remember that you have a good solution, which in time they will remember.
#1 Emotional Intelligence
Selling REQUIRES emotional intelligence. Daniel Goleman defines emotional intelligence as "the abilities to recognize and regulate the emotions in ourselves and others". If you do not connect emotionally with your prospects and clients, they won't feel the need to do business with you. People value their relationships, including those with their sales professionals. When they receive value, they enjoy rewarding you with a purchase order, because they believe you earned it! However, as we all know, people are different. They have different values, communicate differently, make decisions differently and have varying needs. Your job is to discover what is most important to them so you can connect with them.
#2 Personality Style
Building a solid professional relationship requires trust. To do that you will have to uncover their needs, which is infinitely easier when you understand their personality style. One of the most powerful questions to ask is "when it comes to investing in a solution like ours, what is most important to you?" Their answer will reveal their values which are directly related to their personality style. For example, Green personality styles are the more analytical and engineering types who value efficiency and competence. Golds are more leader types such CEO, CFO and financial types who value security and control. Oranges are big picture and look for the immediate benefits and value winning and competition, while Blues value integrity and relationships.
#3 Storytelling
Use stories and analogies to engage the right side of the brain. Stories are memorable and others can put themselves into the story, helping them visualize the situation from their perspective. Customers buy when four criteria are satisfied: needs, cost, solution and risk. ONLY when they are comfortable in each of these areas will they take action. When they hear a relevant success story they can relate to, they begin to see what your solution can do for them. From a personality perspective, each personality will prioritize and analyze needs, cost, solution and risk differently. Right brain people are Orange and Blue in our model and they favor more of the intangibles and are more subjective. Left brain people are our Green and Gold and are more objective and look for the tangibles. Don't forget that people also buy based on what the solution will do for them personally, which is why building a relationship is vital. Business solutions might lower cost, increase revenue or improve productivity. Personal motivations might be getting a promotion, recognition or peace of mind. Left brain (Green and Gold) customers favor business benefits of your solution and right brain (Blue and Orange) folks favor the personal aspects.
The bottom line is this: know why your customer buys. Just understanding who they are will help you shift the attention away from your goals to theirs, which always nets better results!
You need to:
1. Connect with your customers emotionally
2. Understand their needs and their personality style
3. Engage them with stories and case studies that will engage their right brain
The result will be Superior Sales Results!
#1 Emotional Intelligence
Selling REQUIRES emotional intelligence. Daniel Goleman defines emotional intelligence as "the abilities to recognize and regulate the emotions in ourselves and others". If you do not connect emotionally with your prospects and clients, they won't feel the need to do business with you. People value their relationships, including those with their sales professionals. When they receive value, they enjoy rewarding you with a purchase order, because they believe you earned it! However, as we all know, people are different. They have different values, communicate differently, make decisions differently and have varying needs. Your job is to discover what is most important to them so you can connect with them.
#2 Personality Style
Building a solid professional relationship requires trust. To do that you will have to uncover their needs, which is infinitely easier when you understand their personality style. One of the most powerful questions to ask is "when it comes to investing in a solution like ours, what is most important to you?" Their answer will reveal their values which are directly related to their personality style. For example, Green personality styles are the more analytical and engineering types who value efficiency and competence. Golds are more leader types such CEO, CFO and financial types who value security and control. Oranges are big picture and look for the immediate benefits and value winning and competition, while Blues value integrity and relationships.
#3 Storytelling
Use stories and analogies to engage the right side of the brain. Stories are memorable and others can put themselves into the story, helping them visualize the situation from their perspective. Customers buy when four criteria are satisfied: needs, cost, solution and risk. ONLY when they are comfortable in each of these areas will they take action. When they hear a relevant success story they can relate to, they begin to see what your solution can do for them. From a personality perspective, each personality will prioritize and analyze needs, cost, solution and risk differently. Right brain people are Orange and Blue in our model and they favor more of the intangibles and are more subjective. Left brain people are our Green and Gold and are more objective and look for the tangibles. Don't forget that people also buy based on what the solution will do for them personally, which is why building a relationship is vital. Business solutions might lower cost, increase revenue or improve productivity. Personal motivations might be getting a promotion, recognition or peace of mind. Left brain (Green and Gold) customers favor business benefits of your solution and right brain (Blue and Orange) folks favor the personal aspects.
The bottom line is this: know why your customer buys. Just understanding who they are will help you shift the attention away from your goals to theirs, which always nets better results!
You need to:
1. Connect with your customers emotionally
2. Understand their needs and their personality style
3. Engage them with stories and case studies that will engage their right brain
The result will be Superior Sales Results!
1-Follow up. Start this year by taking an inventory of those clients you have been working with this past year and which ones have potential to add incremental business. Which ones showed signs of interest but never made the ultimate commitment? Contact them and remind them of the benefits you discussed in the first place. Think about adding even more value that they would benefit from and how that added value makes getting together now even more important for them. Even better, come up with a very explicit "benefit for meeting now". Why would your solution make a difference this year? Make sure that you have a "stay in touch strategy" so that your prospects and customers don't forget about you - remember the old saying "out of sight, out of mind".
2-ROI. Re-examine the return on investment your solutions bring to your customers. For existing customers, set up a meeting to review how your products and services have been performing for them. This is an excellent opportunity to ask about their goals and objectives for the new year and how you might be able to support them. It's always easier to add business to an existing client and typically has the shortest sales cycle since you have already established a relationship where trust and credibility exist. This type of engagement with your customers also helps to preempt the competition who would be left out if they skip the request for proposal process saying the business is a modification to an existing purchase. With many companies new business from existing clients can easily be over 50% of your revenue generation. Understanding your clients ROI is important as it is proof of your solution's success. The more proof you have to give to new prospects about what your customer's have experienced is usually the MOST marketing you can do. Customers today want tangible evidence that your products and services will do what you say they will do.
3-Incentives. Most of you have all experienced company incentives at the end of the quarter or the year as a way to generate business and meet your revenue targets. Why not start the year out by adding incremental value to your solutions as an incentive to buy now. A new year for your customers usually means a new budget cycle and now is the time to stimulate their interest and get ahead of the curve. You're not discounting your products and services, you're adding value that might attract the customer or prospect's attention. Adding value can have a low impact on your margins compared to lowering your price. Knowing your customer base and their needs will help you craft the right incentive that would gain their interest.
Make 2012 be your best year ever. Being proactive from the get go will show your customers and prospects that you have their best interest at heart.
Implement the 3 Sales Tips:
1- Follow up,
2- Show them a healthy return on their investment and
3- Craft the right incentive to spur them on to invest in you and your company.
Happy New Year and good selling for 2012!
1-Follow up. Start this year by taking an inventory of those clients you have been working with this past year and which ones have potential to add incremental business. Which ones showed signs of interest but never made the ultimate commitment? Contact them and remind them of the benefits you discussed in the first place. Think about adding even more value that they would benefit from and how that added value makes getting together now even more important for them. Even better, come up with a very explicit "benefit for meeting now". Why would your solution make a difference this year? Make sure that you have a "stay in touch strategy" so that your prospects and customers don't forget about you - remember the old saying "out of sight, out of mind".
2-ROI. Re-examine the return on investment your solutions bring to your customers. For existing customers, set up a meeting to review how your products and services have been performing for them. This is an excellent opportunity to ask about their goals and objectives for the new year and how you might be able to support them. It's always easier to add business to an existing client and typically has the shortest sales cycle since you have already established a relationship where trust and credibility exist. This type of engagement with your customers also helps to preempt the competition who would be left out if they skip the request for proposal process saying the business is a modification to an existing purchase. With many companies new business from existing clients can easily be over 50% of your revenue generation. Understanding your clients ROI is important as it is proof of your solution's success. The more proof you have to give to new prospects about what your customer's have experienced is usually the MOST marketing you can do. Customers today want tangible evidence that your products and services will do what you say they will do.
3-Incentives. Most of you have all experienced company incentives at the end of the quarter or the year as a way to generate business and meet your revenue targets. Why not start the year out by adding incremental value to your solutions as an incentive to buy now. A new year for your customers usually means a new budget cycle and now is the time to stimulate their interest and get ahead of the curve. You're not discounting your products and services, you're adding value that might attract the customer or prospect's attention. Adding value can have a low impact on your margins compared to lowering your price. Knowing your customer base and their needs will help you craft the right incentive that would gain their interest.
Make 2012 be your best year ever. Being proactive from the get go will show your customers and prospects that you have their best interest at heart.
Implement the 3 Sales Tips:
1- Follow up,
2- Show them a healthy return on their investment and
3- Craft the right incentive to spur them on to invest in you and your company.
Happy New Year and good selling for 2012!
But first, let's look at the definition of "relationship"? It's the state of being connected. How are we connected to friends, family or business colleagues? We are connected through our emotions. We connect with others by engaging the right side of our brain where our feelings and emotions reside. We connect with people when we discover things we have in common. It's our values, interests, hobbies, and our views that help us to connect with people who make it easy and are interested in developing a relationship.
1. Your attitude
The first reason customers want to develop a relationship with you is your attitude. I'm sure you've heard many times that attitude is everything. Well it's certainly a huge reason why people will gravitate to you. And interestingly, even in business, attitude usually trumps aptitude. Attitude is critical in having strong emotional intelligence. Customers want to see a positive, can-do attitude in you. They see it in the way you handle the tough questions and objections they might have for you. They see it when you focus on their agenda. In other words they want you to better understand both their needs and who they are. If you're just there to just make the sale - you've already lost them, because the customer can tell. Your attitude is in your control and it affects everything you do and every relationship you have.
2. Your value
The second reason a customer wants a relationship with you is because you add value and help them solve their issues. Most often it's more about you the person and not your company, unless of course you worked for Enron or WorldCom. It comes down to their confidence in you, which is directly proportional to trust. According to Stephen M. R. Covey in his book- The Speed of Trust, there are two components to trust - character and competence. Both are necessary and you will never have the chance to add value if either of these trust components are missing. Character is your ability to uphold what is right in the eyes of the customer. It's looking at the right solution at the right price and making sure that the outcome is fair and equitable for both sides. Putting the customer's needs first is always paramount. Competence is demonstrating that your customers can trust you to solve their problem. Customers expect sales professionals to be the experts in their field and to know what is best for solving their problem. They also expect you to know that they have alternatives, to you, your product or service and even whether to make a purchase at all.
Customers intentionally build relationships with sales professionals that have the right attitude towards them and the right intentions-trusting you will do the right thing. They also expect you to provide value through competence and character.
When you focus on building strong and trust-based relationships, they will trump your products, services and hopefully your competitors-that's why your customers do business with you.
But first, let's look at the definition of "relationship"? It's the state of being connected. How are we connected to friends, family or business colleagues? We are connected through our emotions. We connect with others by engaging the right side of our brain where our feelings and emotions reside. We connect with people when we discover things we have in common. It's our values, interests, hobbies, and our views that help us to connect with people who make it easy and are interested in developing a relationship.
1. Your attitude
The first reason customers want to develop a relationship with you is your attitude. I'm sure you've heard many times that attitude is everything. Well it's certainly a huge reason why people will gravitate to you. And interestingly, even in business, attitude usually trumps aptitude. Attitude is critical in having strong emotional intelligence. Customers want to see a positive, can-do attitude in you. They see it in the way you handle the tough questions and objections they might have for you. They see it when you focus on their agenda. In other words they want you to better understand both their needs and who they are. If you're just there to just make the sale - you've already lost them, because the customer can tell. Your attitude is in your control and it affects everything you do and every relationship you have.
2. Your value
The second reason a customer wants a relationship with you is because you add value and help them solve their issues. Most often it's more about you the person and not your company, unless of course you worked for Enron or WorldCom. It comes down to their confidence in you, which is directly proportional to trust. According to Stephen M. R. Covey in his book- The Speed of Trust, there are two components to trust - character and competence. Both are necessary and you will never have the chance to add value if either of these trust components are missing. Character is your ability to uphold what is right in the eyes of the customer. It's looking at the right solution at the right price and making sure that the outcome is fair and equitable for both sides. Putting the customer's needs first is always paramount. Competence is demonstrating that your customers can trust you to solve their problem. Customers expect sales professionals to be the experts in their field and to know what is best for solving their problem. They also expect you to know that they have alternatives, to you, your product or service and even whether to make a purchase at all.
Customers intentionally build relationships with sales professionals that have the right attitude towards them and the right intentions-trusting you will do the right thing. They also expect you to provide value through competence and character.
When you focus on building strong and trust-based relationships, they will trump your products, services and hopefully your competitors-that's why your customers do business with you.
People don't buy just for the logical facts about your solution. Why do you buy a car? For the 30 miles per gallon, it's rating in the consumer report or the safety record? While these are all important, the real decision relates more to the look and feel of the car. It's what is going on in the emotional part of your brain. There are 3 facts about the psychology of selling. But before we get into these facts we need to define what selling really is. Selling is the transfer of emotions from one person to another. It's not selling logic or rationale; it's engaging the customer's emotions. Now let's look at the 3 facts.
Fact number one: consider a little brain science. Customers react to a pain 3 times more often than a gain. Why? Because dealing with pain is emotional. Your emotions reside in your limbic brain. Logic resides in the neocortex. Your limbic brain is stimulated 3000 faster than your neocortex. People respond to pain by finding a cure as soon as possible. As a sales professional, your goal is to find the pain and heighten the impact of what that pain can do. That's why impact questions used after uncovering a problem are so successful when engaging the customer. Think about having an illness and what goes through your mind before seeing the doctor. Is it just a cold or is it more serious than you think? When you don't have a solution to pain, you worry which only increases your sense of urgency.
Fact number two: in order to impact the customer emotions, you need to take them into the future. If you don't alleviate the problem now, or you wait six months, what happens? Again, when you go into the future you have the opportunity to create what you see. Will it be bad by not taking action, or will it be resolved by fixing the issue now? It's human nature to take things to the extreme especially when you look into the future. You can either paint the ugliest of pictures or the brightest of opportunities. Depending on the situation at the moment, you have the opportunity to steer the customer in the direction that favors your solution.
Fact number three: when customers are engaged emotionally with us, you will build stronger relationships. Think about the relationships you have with friends. Are they built on logic or emotion? You connect emotionally 100% of the time. Emotions have the upper hand over logic every time because our brain is hardwired that way. That's why customers buy emotionally and back it with logic. Your first reaction to anything is emotional. Just think about how you connect with a movie. It's not the words or the actions, but the music in the background that connects us emotionally to the scene. Emotions are a right brain activity and relationships are formed in the right brain. To engage the customer's right side of the brain you need to establish a conversation that takes them to what's most important to them personally. This is when they will take action.
When you understand that selling is really all about psychology, you'll
- Focus on the pain
- Take them into the future
- Engage your customer emotionally to build the relationship
Only then will you earn the right to handle their business for the long term.
]]> <hr style="background: #adadad; height: 1px; border: none; color: #adadad;"/> <div style="padding: 10px;"><p><a href="http://www.competitive-excellence.com/" title="Competitive Excellence by Stu Schlackman"><img src="http://www.competitive-excellence.com/images/feed-headshot-2.jpg" alt="Competitive Excellence by Stu Schlackman" style="float:left;margin:0 10px 10px 0;" /></a>"<a href="http://competitive-excellence.com/archives/2011/11/07/3-facts-about-the-psychology-of-selling"><strong>3 Facts About the Psychology of Selling</strong></a>" was written by Stu Schlackman for <a href="http://www.competitive-excellence.com/">competitive-excellence.com</a>.</p></div>People don't buy just for the logical facts about your solution. Why do you buy a car? For the 30 miles per gallon, it's rating in the consumer report or the safety record? While these are all important, the real decision relates more to the look and feel of the car. It's what is going on in the emotional part of your brain. There are 3 facts about the psychology of selling. But before we get into these facts we need to define what selling really is. Selling is the transfer of emotions from one person to another. It's not selling logic or rationale; it's engaging the customer's emotions. Now let's look at the 3 facts.
Fact number one: consider a little brain science. Customers react to a pain 3 times more often than a gain. Why? Because dealing with pain is emotional. Your emotions reside in your limbic brain. Logic resides in the neocortex. Your limbic brain is stimulated 3000 faster than your neocortex. People respond to pain by finding a cure as soon as possible. As a sales professional, your goal is to find the pain and heighten the impact of what that pain can do. That's why impact questions used after uncovering a problem are so successful when engaging the customer. Think about having an illness and what goes through your mind before seeing the doctor. Is it just a cold or is it more serious than you think? When you don't have a solution to pain, you worry which only increases your sense of urgency.
Fact number two: in order to impact the customer emotions, you need to take them into the future. If you don't alleviate the problem now, or you wait six months, what happens? Again, when you go into the future you have the opportunity to create what you see. Will it be bad by not taking action, or will it be resolved by fixing the issue now? It's human nature to take things to the extreme especially when you look into the future. You can either paint the ugliest of pictures or the brightest of opportunities. Depending on the situation at the moment, you have the opportunity to steer the customer in the direction that favors your solution.
Fact number three: when customers are engaged emotionally with us, you will build stronger relationships. Think about the relationships you have with friends. Are they built on logic or emotion? You connect emotionally 100% of the time. Emotions have the upper hand over logic every time because our brain is hardwired that way. That's why customers buy emotionally and back it with logic. Your first reaction to anything is emotional. Just think about how you connect with a movie. It's not the words or the actions, but the music in the background that connects us emotionally to the scene. Emotions are a right brain activity and relationships are formed in the right brain. To engage the customer's right side of the brain you need to establish a conversation that takes them to what's most important to them personally. This is when they will take action.
When you understand that selling is really all about psychology, you'll
- Focus on the pain
- Take them into the future
- Engage your customer emotionally to build the relationship
Only then will you earn the right to handle their business for the long term.
]]> <hr style="background: #adadad; height: 1px; border: none; color: #adadad;"/> <div style="padding: 10px;"><p><a href="http://www.competitive-excellence.com/" title="Competitive Excellence by Stu Schlackman"><img src="http://www.competitive-excellence.com/images/feed-headshot-2.jpg" alt="Competitive Excellence by Stu Schlackman" style="float:left;margin:0 10px 10px 0;" /></a>"<a href="http://competitive-excellence.com/archives/2011/11/07/3-facts-about-the-psychology-of-selling"><strong>3 Facts About the Psychology of Selling</strong></a>" was written by Stu Schlackman for <a href="http://www.competitive-excellence.com/">competitive-excellence.com</a>.</p></div>#1 Financial Impact:
One of the key metrics executives look at is the return on the investment (ROI). Executives will analyze to determine if we make this investment for "X" amount of dollars what will be the return. How long will it take to pay back the dollar investment and what will be the realistic growth as time goes on. No one invests in a product or service that does not have a strong ROI. The executive will always have the CFO or someone in the finance organization run the numbers on the investment.
#2 Productivity, Efficiency and Effectiveness:
What will the solution do for the productivity, efficiency and effectiveness of your culture and your operations? If you were an executive evaluating a Customer Relationship Management software package, think about the criteria you would use to make a decision. Would it be easy to implement-first and foremost? Would people not only be able to easily learn the system, would they use it? Next, what will the system do for reporting key information to upper management? Will we be able to communicate more effectively with customers? Would we be able to evaluate the sales pipeline for reality? Will the system free up time for sales and sale support to get more face time with customers? These are some of the issues executives will consider in the evaluation. It all gets back to a return for the investment. Will you improve your operation with this investment?
#3 Competition
Will this investment improve our offerings so we can increase market share and our competitive position? This depends on the type of company you are working with. Are they product and innovation intensive, or are they service intensive. Every executive is concerned about improving their competitive position which is directly proportional to corporate growth. How can your solution position them for growth? Showing the executive results that another customer achieved is one of the best ways to show how they can succeed, especially if that customer is in the same industry. Testimonials are powerful and of the upmost importance; proving you can do what you say minimizes the risk.
Executives will evaluate your solution based on:
1. The ROI they can achieve
2. How it can improve productivity, efficiency and effectiveness
3. Whether it will improve their competitive position
When they see these three criteria in a positive light, the risk of buying from you will be minimized. Make sure that your solutions can stand up to this level of evaluation.
If you do, you may earn the privilege described in this scenario: many years ago the saying was, "no one ever got fired for making a decision to go with IBM". Can your company say the same?
#1 Financial Impact:
One of the key metrics executives look at is the return on the investment (ROI). Executives will analyze to determine if we make this investment for "X" amount of dollars what will be the return. How long will it take to pay back the dollar investment and what will be the realistic growth as time goes on. No one invests in a product or service that does not have a strong ROI. The executive will always have the CFO or someone in the finance organization run the numbers on the investment.
#2 Productivity, Efficiency and Effectiveness:
What will the solution do for the productivity, efficiency and effectiveness of your culture and your operations? If you were an executive evaluating a Customer Relationship Management software package, think about the criteria you would use to make a decision. Would it be easy to implement-first and foremost? Would people not only be able to easily learn the system, would they use it? Next, what will the system do for reporting key information to upper management? Will we be able to communicate more effectively with customers? Would we be able to evaluate the sales pipeline for reality? Will the system free up time for sales and sale support to get more face time with customers? These are some of the issues executives will consider in the evaluation. It all gets back to a return for the investment. Will you improve your operation with this investment?
#3 Competition
Will this investment improve our offerings so we can increase market share and our competitive position? This depends on the type of company you are working with. Are they product and innovation intensive, or are they service intensive. Every executive is concerned about improving their competitive position which is directly proportional to corporate growth. How can your solution position them for growth? Showing the executive results that another customer achieved is one of the best ways to show how they can succeed, especially if that customer is in the same industry. Testimonials are powerful and of the upmost importance; proving you can do what you say minimizes the risk.
Executives will evaluate your solution based on:
1. The ROI they can achieve
2. How it can improve productivity, efficiency and effectiveness
3. Whether it will improve their competitive position
When they see these three criteria in a positive light, the risk of buying from you will be minimized. Make sure that your solutions can stand up to this level of evaluation.
If you do, you may earn the privilege described in this scenario: many years ago the saying was, "no one ever got fired for making a decision to go with IBM". Can your company say the same?
#1 - they're tired of being told! Decision makers are more open to a sales person who asks questions about their needs rather than telling them what they need to do? Yet, surprisingly most sales professionals ask just one or two questions waiting for the first opportunity to go into present mode! REAL needs - the ones that are attached to the biggest budgets - aren't close to being fully understood. The customer's true issues aren't evident, yet the sales person goes into tell mode or as we experienced in 3rd grade, "show and tell". Telling is the same as convincing which is just another synonym for selling. What customers prefer is the advice of an expert consultant that asks pertinent questions about their business.
#2 - they've lost their place as the center of attention-you have taken their place. Customers want to talk about their goals, aspirations, the future and their own personal goals. When you present prematurely, the focus and priority is no longer on the customer but on your need to talk about their solution. The right time to present the solution is when the customer asks for it and not before. The customer will ask you to talk about your solution when you have peaked their interest and they have a desire to hear what you have to offer and not a minute sooner. Your job as a GREAT sales professional is to build curiosity in the mind of the customer so that they want to hear more. That is why customers enjoy buying. They see the need for your solution and in their own mind they made the decision and feel good about it.
#3 - no one wants to be pressured. The last thing anyone needs today is more pressure. We live in a world that puts timeframes on everything. Put yourself in your customers' shoes - they already have enough pressure put on them from their own company to get things done, meet goals and objectives and of course meet every deadline. Customers want to buy on their timeline not yours. Think of all the sales incentives that start with, if you make a decision by the end of this month, we will give you....... Incentives are attractive only when the customer is ready to make a decision. Would you buy a product or service for half price if you didn't need it? Neither would I.
As you think about the ways to be a more effective sales professional, remember to ask - don't tell OR sell. Make inquiries and keep the focus on your customer.
The most successful sales professionals always focus on the needs of their customer. This puts them at the center of attention. When they feel valued for the information they share and you work to craft the right solution at the right time, they don't feel pressured but instead, curious to find out more about you and your solution. Remember sales is all about building relationships and relationships are built by developing trust. Avoiding typical selling and telling will help both you and your customers succeed.
#1 - they're tired of being told! Decision makers are more open to a sales person who asks questions about their needs rather than telling them what they need to do? Yet, surprisingly most sales professionals ask just one or two questions waiting for the first opportunity to go into present mode! REAL needs - the ones that are attached to the biggest budgets - aren't close to being fully understood. The customer's true issues aren't evident, yet the sales person goes into tell mode or as we experienced in 3rd grade, "show and tell". Telling is the same as convincing which is just another synonym for selling. What customers prefer is the advice of an expert consultant that asks pertinent questions about their business.
#2 - they've lost their place as the center of attention-you have taken their place. Customers want to talk about their goals, aspirations, the future and their own personal goals. When you present prematurely, the focus and priority is no longer on the customer but on your need to talk about their solution. The right time to present the solution is when the customer asks for it and not before. The customer will ask you to talk about your solution when you have peaked their interest and they have a desire to hear what you have to offer and not a minute sooner. Your job as a GREAT sales professional is to build curiosity in the mind of the customer so that they want to hear more. That is why customers enjoy buying. They see the need for your solution and in their own mind they made the decision and feel good about it.
#3 - no one wants to be pressured. The last thing anyone needs today is more pressure. We live in a world that puts timeframes on everything. Put yourself in your customers' shoes - they already have enough pressure put on them from their own company to get things done, meet goals and objectives and of course meet every deadline. Customers want to buy on their timeline not yours. Think of all the sales incentives that start with, if you make a decision by the end of this month, we will give you....... Incentives are attractive only when the customer is ready to make a decision. Would you buy a product or service for half price if you didn't need it? Neither would I.
As you think about the ways to be a more effective sales professional, remember to ask - don't tell OR sell. Make inquiries and keep the focus on your customer.
The most successful sales professionals always focus on the needs of their customer. This puts them at the center of attention. When they feel valued for the information they share and you work to craft the right solution at the right time, they don't feel pressured but instead, curious to find out more about you and your solution. Remember sales is all about building relationships and relationships are built by developing trust. Avoiding typical selling and telling will help both you and your customers succeed.
Step One: What's their issue?
To peak their interest, start by stating an issue that your research shows to be the most likely one they are facing today. Given the uncertainty of our economy, one issue that would get the attention of most prospects might be cash flow. Test that hypothesis by saying, "Most of my clients say that one of their biggest challenges right now is the need to improve cash flow. How much of an issue is cash flow for you today?" There are several issues that can be of concern to companies/individuals today. It's fairly easy to uncover what those top issues are in your specific industry. Good research to identify their most common issues will pay off by getting their attention.
Step Two: Impact of their issue?
Once you have their attention, help them understand the impact of that issue on their business. Heighten the issue by asking impact questions. Impact questions reveal how the issue can implicate other areas of their business. For example, ask, "If cash flow is an issue, how does that impact your investment goals in equipment or application software or expansion goals? What's the impact on your hiring strategy? What's the impact on your customer satisfaction goals? Impact questions can help the prospect see the consequences of unresolved issues. But remember, understanding impact alone doesn't necessarily mean they will take action. You'll need to make sure that you touch their emotions too, because we make decisions with both sides of our brain.
Ironically, even though people may buy when they see an opportunity to improve their business - they don't like to be sold. So, speak to their emotion first, and then back it up with the logic to justify the solution. Emotions always have the upper hand.
Step Three: What are possible recommendations?
Lastly, be prepared with potential recommendations. Even though you may not have all of the information needed to make a firm suggestion, having some realistic ideas shows that you've done your homework - you do understand something about their business. AND, you have experience with other clients and have a track record of success. Customers look to the sales person for advice. To close the call share a success, "Mr. Smith, we recently helped one of our clients free up $250,000 a month in cash flow savings that allowed them to expand their operation by opening up a new office in Boca Raton. Their revenues are now projected to grow 15% this next fiscal year. I would like to sit down with you and discuss an approach that can achieve the same results for you. Would you be free next Wednesday at 2pm?
Getting appointments is difficult, so you'll have to stand out from the other noise and competition in the marketplace. Remember to use these three steps to take your sales success to a new level:
Step One: What's their issue?
Step Two: What's the impact of their issue?
Step Three: What are possible recommendations?
You'll find the results to be impressive!
Good Selling!
Step One: What's their issue?
To peak their interest, start by stating an issue that your research shows to be the most likely one they are facing today. Given the uncertainty of our economy, one issue that would get the attention of most prospects might be cash flow. Test that hypothesis by saying, "Most of my clients say that one of their biggest challenges right now is the need to improve cash flow. How much of an issue is cash flow for you today?" There are several issues that can be of concern to companies/individuals today. It's fairly easy to uncover what those top issues are in your specific industry. Good research to identify their most common issues will pay off by getting their attention.
Step Two: Impact of their issue?
Once you have their attention, help them understand the impact of that issue on their business. Heighten the issue by asking impact questions. Impact questions reveal how the issue can implicate other areas of their business. For example, ask, "If cash flow is an issue, how does that impact your investment goals in equipment or application software or expansion goals? What's the impact on your hiring strategy? What's the impact on your customer satisfaction goals? Impact questions can help the prospect see the consequences of unresolved issues. But remember, understanding impact alone doesn't necessarily mean they will take action. You'll need to make sure that you touch their emotions too, because we make decisions with both sides of our brain.
Ironically, even though people may buy when they see an opportunity to improve their business - they don't like to be sold. So, speak to their emotion first, and then back it up with the logic to justify the solution. Emotions always have the upper hand.
Step Three: What are possible recommendations?
Lastly, be prepared with potential recommendations. Even though you may not have all of the information needed to make a firm suggestion, having some realistic ideas shows that you've done your homework - you do understand something about their business. AND, you have experience with other clients and have a track record of success. Customers look to the sales person for advice. To close the call share a success, "Mr. Smith, we recently helped one of our clients free up $250,000 a month in cash flow savings that allowed them to expand their operation by opening up a new office in Boca Raton. Their revenues are now projected to grow 15% this next fiscal year. I would like to sit down with you and discuss an approach that can achieve the same results for you. Would you be free next Wednesday at 2pm?
Getting appointments is difficult, so you'll have to stand out from the other noise and competition in the marketplace. Remember to use these three steps to take your sales success to a new level:
Step One: What's their issue?
Step Two: What's the impact of their issue?
Step Three: What are possible recommendations?
You'll find the results to be impressive!
Good Selling!
You thought things were moving along nicely, your pipeline of opportunities was filling up, you just closed a nice piece of business that you've been working on for 4 months and bam - what's next? It happens to many of us. As you manage opportunities and build your prospective pipeline, in reality you are at the prospects beck and call. The mantra is, don't call us, we'll call you when we are ready. Their own priorities always come first and not yours.
If your pipeline isn't full, you may be wondering how you can avoid and get out of that "sales rut"? In the age of social media there are more ways and opportunities to make yourself visible to your prospects and convey the value that you can offer. Let's visit 3 ways we can circumvent the sales rut.
No sense of urgency
First, put yourself in the mind of your prospect: why would they delay moving forward to the fall? Ultimately, it's because there's no sense of urgency. They don't see any reason why your product or service is a top priority for them, therefore, it can wait! Companies are very busy juggling 20 balls at once. If you're lucky, you are one of those balls. The question becomes, how do you get your prospect to stop and see your ball as a bigger ball in the scheme of things. Remember, people buy based on perceived value. The greater the value, the greater their need to take action, and they will equate your value to the benefits of your solution. More benefits = greater value. Relate your benefits to their needs. Don't ever lead with features because features don't meet customer needs. The only way to heighten their sense of urgency is to show them the impact on their business of not implementing your solution.
Keep in touch strategy
The second point to consider when combating the summer time blues is to develop a keep in touch strategy. How do you keep in touch with your prospects and what value do you communicate to them? When you stay in touch, give them pertinent information that can be of benefit to their business. Do you have a newsletter; do you send industry articles on trends and information to be aware of? Do you post information on LinkedIn and Facebook? Do you belong to networking groups that give you the opportunity to share information about trends in your industry? The greater your activity level in communicating pertinent information, the better your chances of keeping an active dialog with prospects. After all, they want value from you.
Monitor the pulse
The third point is to monitor your pipeline pulse. When you look at your pipeline, what do you see? Can you see a snapshot of what opportunities will be closing in the next 30 to 60 days? If you segment your pipeline into A, B and C opportunities where A's will close the soonest, you can then see the big picture as to when you might be hitting the blues. If you are going into June with 5 deals that are supposed to close in the next 2 months you have a great chance of avoiding the summer time blues. Having a combination of A, B and C opportunities moving forward is vital to a constant closing of new sales opportunities.
The best way to bust the Summertime blues is to:
- Demonstrate the benefits of your offering to create a sense of urgency
- Stay in touch in ways that matter to them = add value
- Pay attention to your pipeline - where are the holes and the opportunities
Anytime is a good time for selling, especially when you follow these three easy points.
Good selling!
You thought things were moving along nicely, your pipeline of opportunities was filling up, you just closed a nice piece of business that you've been working on for 4 months and bam - what's next? It happens to many of us. As you manage opportunities and build your prospective pipeline, in reality you are at the prospects beck and call. The mantra is, don't call us, we'll call you when we are ready. Their own priorities always come first and not yours.
If your pipeline isn't full, you may be wondering how you can avoid and get out of that "sales rut"? In the age of social media there are more ways and opportunities to make yourself visible to your prospects and convey the value that you can offer. Let's visit 3 ways we can circumvent the sales rut.
No sense of urgency
First, put yourself in the mind of your prospect: why would they delay moving forward to the fall? Ultimately, it's because there's no sense of urgency. They don't see any reason why your product or service is a top priority for them, therefore, it can wait! Companies are very busy juggling 20 balls at once. If you're lucky, you are one of those balls. The question becomes, how do you get your prospect to stop and see your ball as a bigger ball in the scheme of things. Remember, people buy based on perceived value. The greater the value, the greater their need to take action, and they will equate your value to the benefits of your solution. More benefits = greater value. Relate your benefits to their needs. Don't ever lead with features because features don't meet customer needs. The only way to heighten their sense of urgency is to show them the impact on their business of not implementing your solution.
Keep in touch strategy
The second point to consider when combating the summer time blues is to develop a keep in touch strategy. How do you keep in touch with your prospects and what value do you communicate to them? When you stay in touch, give them pertinent information that can be of benefit to their business. Do you have a newsletter; do you send industry articles on trends and information to be aware of? Do you post information on LinkedIn and Facebook? Do you belong to networking groups that give you the opportunity to share information about trends in your industry? The greater your activity level in communicating pertinent information, the better your chances of keeping an active dialog with prospects. After all, they want value from you.
Monitor the pulse
The third point is to monitor your pipeline pulse. When you look at your pipeline, what do you see? Can you see a snapshot of what opportunities will be closing in the next 30 to 60 days? If you segment your pipeline into A, B and C opportunities where A's will close the soonest, you can then see the big picture as to when you might be hitting the blues. If you are going into June with 5 deals that are supposed to close in the next 2 months you have a great chance of avoiding the summer time blues. Having a combination of A, B and C opportunities moving forward is vital to a constant closing of new sales opportunities.
The best way to bust the Summertime blues is to:
- Demonstrate the benefits of your offering to create a sense of urgency
- Stay in touch in ways that matter to them = add value
- Pay attention to your pipeline - where are the holes and the opportunities
Anytime is a good time for selling, especially when you follow these three easy points.
Good selling!
There are 3 principles for building a first-rate reputation:
- Exceeding expectations
- Strong return for the investment
- Your company's culture
Exceeding expectations: What expectations do you set with your customer or prospect that gives them an appreciation about how you conduct business? How are you different from the rest of the pack? Do you deliver greater service than expected, faster turnaround on delivery, better than expected response time on the phone or onsite? When you exceed expectations, your customers are elated. This is what they will come to expect. When you are impressed with how you are taken care of, do you tell a colleague about it? Most certainly, and since we all want our friends and colleagues to reap the same benefits we've received, we give a referral which naturally adds to our own credibility. Sometimes it's the little things in life that make the huge difference. Your health club opening up 10 minutes early or waiting on hold for the next operator and they say the waiting time is 5 minutes and they pick up in 20 seconds and you're impressed. Or your CPA says you will owe approximately $750 this year in taxes but due to his diligence, he calls one week later to say that you are getting $250 back. It's all about being better than the expectations you set. Where can you exceed expectations?
Strong return for the investment: A strong return on investment is tangible proof that your solution provides value. Yet can you quantify the return for the customer? Will spending $5,000 in new software reap a return 5 times greater over the next 2 years? Will it be in revenue, expense savings, customer response time or an increase in productivity? If you can quantify their investment, your customer will have a sound reason to buy. Customer testimonials are one great way to demonstrate your value, and you're letting your customer tell your story. Nothing is more powerful than reference selling and referrals.
Your company's culture: maybe intangible, but it's powerful. It's how you view your customers. How do you conduct your business, what's your attitude towards customers, how can they expect to be treated? Winning companies are the ones that give power to the employees to make decisions that are in favor of taking care of the customer. Does your culture put the customer first, does it empower the employee to solve the customer's problem, are your terms and conditions fair, do you follow up in a timely manner and how quick are you to resolve issues and make decisions? World class companies let customers know what it's like to do business with them. There is very little red tape. Just look at how Southwest Airlines operates and yes their latest commercials have a ball of red tape rolling down the terminal. Great companies have a reputation for being decisive, having a goal that is always win-win and have a foundation formed with their customers on based on trust.
If you want your customers to admire your reputation in your industry, make sure you exceed their expectations, convey a strong return for the investment and show them how your company operates to maximize the customer relationship.
There are 3 principles for building a first-rate reputation:
- Exceeding expectations
- Strong return for the investment
- Your company's culture
Exceeding expectations: What expectations do you set with your customer or prospect that gives them an appreciation about how you conduct business? How are you different from the rest of the pack? Do you deliver greater service than expected, faster turnaround on delivery, better than expected response time on the phone or onsite? When you exceed expectations, your customers are elated. This is what they will come to expect. When you are impressed with how you are taken care of, do you tell a colleague about it? Most certainly, and since we all want our friends and colleagues to reap the same benefits we've received, we give a referral which naturally adds to our own credibility. Sometimes it's the little things in life that make the huge difference. Your health club opening up 10 minutes early or waiting on hold for the next operator and they say the waiting time is 5 minutes and they pick up in 20 seconds and you're impressed. Or your CPA says you will owe approximately $750 this year in taxes but due to his diligence, he calls one week later to say that you are getting $250 back. It's all about being better than the expectations you set. Where can you exceed expectations?
Strong return for the investment: A strong return on investment is tangible proof that your solution provides value. Yet can you quantify the return for the customer? Will spending $5,000 in new software reap a return 5 times greater over the next 2 years? Will it be in revenue, expense savings, customer response time or an increase in productivity? If you can quantify their investment, your customer will have a sound reason to buy. Customer testimonials are one great way to demonstrate your value, and you're letting your customer tell your story. Nothing is more powerful than reference selling and referrals.
Your company's culture: maybe intangible, but it's powerful. It's how you view your customers. How do you conduct your business, what's your attitude towards customers, how can they expect to be treated? Winning companies are the ones that give power to the employees to make decisions that are in favor of taking care of the customer. Does your culture put the customer first, does it empower the employee to solve the customer's problem, are your terms and conditions fair, do you follow up in a timely manner and how quick are you to resolve issues and make decisions? World class companies let customers know what it's like to do business with them. There is very little red tape. Just look at how Southwest Airlines operates and yes their latest commercials have a ball of red tape rolling down the terminal. Great companies have a reputation for being decisive, having a goal that is always win-win and have a foundation formed with their customers on based on trust.
If you want your customers to admire your reputation in your industry, make sure you exceed their expectations, convey a strong return for the investment and show them how your company operates to maximize the customer relationship.
Customers get bored when you ask the basic surface questions. These are the questions that you need to have answered to better understand the customer's situation and so that your solution can be positioned to meet the customer's needs. Customers already know their situation! Customers want to know what makes you different from the pack and how you can help them in a way that provides value that no one else can deliver. And remember, the last thing your prospects want on a first appointment is a presentation! This meeting is not about you and what you offer. It should be all about your customer and how you can help them meet/exceed their needs and achieve their goals and objectives. Customers want the conversation to be all about them. In other words let them talk - you should be listening!
So what are the questions you should ask? Think about it this way - customers engage best when they are asked specific & targeted questions that peak their interest and highlight the consequences of unsolved issues. There are 3 critical types of questions you need to ask to build momentum and insure that you get the next meeting.
1. What are the issues? To build the critical trusting relationship, you need to understand what's really going on. Ask them, "What issues are you facing that most need to be resolved"? Do not start by asking what type of solution they are looking for or how much they will spend; instead aim to learn where they are experiencing pain? How bad is the pain and how long has it been going on? The best sales people dig deep when it comes to understanding customer issues.
2. What is the cause? Ask them, "How long have you been having this issue? Is it getting better or worse? Do you have any thoughts on why?" These probing questions will demonstrate that you are truly interested in understanding their situation to the fullest extent. In other words you are building credibility with the customer and showing them that you care. This approach takes the conversation to a better level of understanding and often they will even discover something they hadn't seen before. Helping your customers understand the cause of their issue helps you understand which solutions to offer, when appropriate, and helps them to think through the situation.
3. What is the impact? Impact questions help to create a sense of urgency about the issue. Now that you more fully understand the problem and how it was caused, it's time to talk about the possible impact on the business. Ask them, "How do you think this issue is having an impact on productivity, customer service, revenues or operating expenses? When you can help them understand the impact, they are one step closer to taking action in your direction.
Good selling is all about going below the surface by asking thoughtful, probing questions that help to uncover the key issues, the root causes, and finally the impact that their most painful issues can have on their business.
Prepare to ask questions that your customers will pay attention to and you will be much closer to building the kind of relationships that will lead to more closed sales.
Customers get bored when you ask the basic surface questions. These are the questions that you need to have answered to better understand the customer's situation and so that your solution can be positioned to meet the customer's needs. Customers already know their situation! Customers want to know what makes you different from the pack and how you can help them in a way that provides value that no one else can deliver. And remember, the last thing your prospects want on a first appointment is a presentation! This meeting is not about you and what you offer. It should be all about your customer and how you can help them meet/exceed their needs and achieve their goals and objectives. Customers want the conversation to be all about them. In other words let them talk - you should be listening!
So what are the questions you should ask? Think about it this way - customers engage best when they are asked specific & targeted questions that peak their interest and highlight the consequences of unsolved issues. There are 3 critical types of questions you need to ask to build momentum and insure that you get the next meeting.
1. What are the issues? To build the critical trusting relationship, you need to understand what's really going on. Ask them, "What issues are you facing that most need to be resolved"? Do not start by asking what type of solution they are looking for or how much they will spend; instead aim to learn where they are experiencing pain? How bad is the pain and how long has it been going on? The best sales people dig deep when it comes to understanding customer issues.
2. What is the cause? Ask them, "How long have you been having this issue? Is it getting better or worse? Do you have any thoughts on why?" These probing questions will demonstrate that you are truly interested in understanding their situation to the fullest extent. In other words you are building credibility with the customer and showing them that you care. This approach takes the conversation to a better level of understanding and often they will even discover something they hadn't seen before. Helping your customers understand the cause of their issue helps you understand which solutions to offer, when appropriate, and helps them to think through the situation.
3. What is the impact? Impact questions help to create a sense of urgency about the issue. Now that you more fully understand the problem and how it was caused, it's time to talk about the possible impact on the business. Ask them, "How do you think this issue is having an impact on productivity, customer service, revenues or operating expenses? When you can help them understand the impact, they are one step closer to taking action in your direction.
Good selling is all about going below the surface by asking thoughtful, probing questions that help to uncover the key issues, the root causes, and finally the impact that their most painful issues can have on their business.
Prepare to ask questions that your customers will pay attention to and you will be much closer to building the kind of relationships that will lead to more closed sales.
Let's explore 3 reasons that can make a difference when asking your prospect to say yes to an initial meeting.
1. Mutuality - it is so much easier to turn a cold call into a warm one when you have a mutual relationship. It's naturally easier to start a conversation out with someone by saying "John my name is Stu Schlackman with Competitive Excellence and Jack Reynolds suggested I contact you in regards to...." The probability of John accepting the invitation to a meeting is much higher. After all, John might be letting down his friend if he didn't agree to meet. It's natural for people you know to help you - that's what relationships are all about.
2. Commonality - though similar to mutuality, the difference here is that both you and your prospect might have something in common that reaches beyond that of a mutual contact. It can be an organization, a hobby, an interest in a business topic or friends whether business or social. One example our team experienced several years ago was getting with an executive at a large firm in North Dallas. We were trying to see if this person had anything in common with members of our team. Come to find out the person was in an article of a major magazine and it talked about his hobby of being a triathlete. Since I had completed several in the past, I called leading with the following statement and question "John my name is Stu Schlackman with ..... and I saw your article in .... magazine last month. Besides being interested in the issues you mentioned about IT technology priorities for this year, I was impressed to see that you too competed in the Capital of Texas Triathlon. I participated in the same one 2 years ago and wanted to see if you enjoyed the experience as much as I did". What do you think happened then? You got it - we met and struck up a friendly and productive relationship. You can do this too - a little research will help you discover what you have in common.
3. Credibility - your reputation in the market is critical to your success and prospects value credibility. Having mutual contacts and being referred by them adds to your credibility. Having something in common like running a triathlon or receiving the same award from an organization also contributes to your reputation which increases the likelihood of getting the meeting. The goal is to connect with the prospect in a way that gets them to be open to who you are and the company you represent. Prospects also like to talk about their successes. Prospects are more likely to open up when you lead with their expertise in the market. The conversation can open in the following way. "John we understand that in the area of inventory control, you are one of the top experts in the industry. Our company has a practice in the very same area and we would enjoy the opportunity to visit with you to get your insight on the challenges the industry is facing. Would you have time next week to visit"? People enjoy sharing their knowledge. Notice that the objective of the meeting is to learn and build trust, NOT to sell.
Mutuality, commonality and credibility are excellent ways to make prospecting more warm than cold. Part of the reason that social media like LinkedIn, Facebook and Twitter are so successful is that they provide opportunities for warm introductions. They make it much easier to research and find out more about the people you want to meet.
As you create your sales plan for the new month, consider how you can utilize mutual relationships, your hobbies and interests to help you build credibility. You are certainly more likely to find a warm response!
Good prospecting!
Let's explore 3 reasons that can make a difference when asking your prospect to say yes to an initial meeting.
1. Mutuality - it is so much easier to turn a cold call into a warm one when you have a mutual relationship. It's naturally easier to start a conversation out with someone by saying "John my name is Stu Schlackman with Competitive Excellence and Jack Reynolds suggested I contact you in regards to...." The probability of John accepting the invitation to a meeting is much higher. After all, John might be letting down his friend if he didn't agree to meet. It's natural for people you know to help you - that's what relationships are all about.
2. Commonality - though similar to mutuality, the difference here is that both you and your prospect might have something in common that reaches beyond that of a mutual contact. It can be an organization, a hobby, an interest in a business topic or friends whether business or social. One example our team experienced several years ago was getting with an executive at a large firm in North Dallas. We were trying to see if this person had anything in common with members of our team. Come to find out the person was in an article of a major magazine and it talked about his hobby of being a triathlete. Since I had completed several in the past, I called leading with the following statement and question "John my name is Stu Schlackman with ..... and I saw your article in .... magazine last month. Besides being interested in the issues you mentioned about IT technology priorities for this year, I was impressed to see that you too competed in the Capital of Texas Triathlon. I participated in the same one 2 years ago and wanted to see if you enjoyed the experience as much as I did". What do you think happened then? You got it - we met and struck up a friendly and productive relationship. You can do this too - a little research will help you discover what you have in common.
3. Credibility - your reputation in the market is critical to your success and prospects value credibility. Having mutual contacts and being referred by them adds to your credibility. Having something in common like running a triathlon or receiving the same award from an organization also contributes to your reputation which increases the likelihood of getting the meeting. The goal is to connect with the prospect in a way that gets them to be open to who you are and the company you represent. Prospects also like to talk about their successes. Prospects are more likely to open up when you lead with their expertise in the market. The conversation can open in the following way. "John we understand that in the area of inventory control, you are one of the top experts in the industry. Our company has a practice in the very same area and we would enjoy the opportunity to visit with you to get your insight on the challenges the industry is facing. Would you have time next week to visit"? People enjoy sharing their knowledge. Notice that the objective of the meeting is to learn and build trust, NOT to sell.
Mutuality, commonality and credibility are excellent ways to make prospecting more warm than cold. Part of the reason that social media like LinkedIn, Facebook and Twitter are so successful is that they provide opportunities for warm introductions. They make it much easier to research and find out more about the people you want to meet.
As you create your sales plan for the new month, consider how you can utilize mutual relationships, your hobbies and interests to help you build credibility. You are certainly more likely to find a warm response!
Good prospecting!
Law # 1 - Law of Reciprocity. If you want to receive business from a customer you need to give. Giving of your time and expertise will lead to getting. If your goal is to satisfy your customer's needs and not your own, then you are giving, and, taking care of the customer trumps all else. Customers enjoy buying from sales professionals that work hard to satisfy their business and personal needs. They love to give the good news to the person that has earned their trust and their business. A trusted sales person becomes the quarterback of the team and helps to decide which team members need to be involved to meet the challenges and needs of the customer. Sales professionals that focus on building a long term relationship earn the right to ask the tough questions that others might not get to ask, or might not get answered. Would you answer a personal question the same way to a stranger that you would to a close friend? I don't think so. It works the same way with customers. Generosity builds the long term relationship with the customer just as it does with your friends.
Law # 2 - Law of Intention. Your motive is to satisfy your customer's needs but your intention sets the customer's expectations. Ideally your intention should be to always exceed their expectations. Have you ever arrived at a store with a sign on the door that says "Open at 7am" yet you're still waiting for them to open at 7:05? You've probably experienced this many times - what goes through your mind? They don't care, they're lazy, their apathetic, they come first, not you the customer. Perception is reality and when we over promise and under deliver, it sets us up for failure in the mind of the customer. Then there are those times when we are standing at the door at 6:55 and the staff notices you waiting and they immediately run to the door to let you in, apologizing for making you wait, even though you were early. Isn't that who you want to give your business to? Customers do business with those that set the expectation of over delivering on their promise. It's dropping off the proposal on a Thursday when it's due on Friday. It's estimating what a project will cost, then coming in under the estimated budget and 2 weeks earlier than planned. That's what's called "customer delight".
Law # 3 - Law of Accountability. It seems like we live in a world where the only time people are accountable for their actions is when there's good news. You need to be accountable regardless of the nature, and you often have to help your customers be accountable too. It's easy to blame others for the events and circumstances that affect your customers. Yet that is exactly when you want to take responsibility and avoid the excuses. Accountability means owning up to the good, the bad and the ugly and as the team quarterback it's your responsibility to communicate the news to the customer. Your customers will respect your honesty even when you are the bearer of bad news. Owning up to customer disappointments shows character. Trust is the combination of the character and expertise you deliver, and customers buy from people they trust. Being accountable will help you build long term trusting relationships with your customers. So, when you can't deliver on the customer's expectations, let them know immediately.
To truly serve the needs of your customers, remember the Three Laws of Strong Relationships:
1. Law of Reciprocity
2. Law of Intention
3. Law of accountability
Study each one and reflect on how well you understand and execute on each of these laws. Once mastered, the three laws will help you become the trusted adviser and the quarterback of a team that is in demand for solving customer needs.
Good selling!
Law # 1 - Law of Reciprocity. If you want to receive business from a customer you need to give. Giving of your time and expertise will lead to getting. If your goal is to satisfy your customer's needs and not your own, then you are giving, and, taking care of the customer trumps all else. Customers enjoy buying from sales professionals that work hard to satisfy their business and personal needs. They love to give the good news to the person that has earned their trust and their business. A trusted sales person becomes the quarterback of the team and helps to decide which team members need to be involved to meet the challenges and needs of the customer. Sales professionals that focus on building a long term relationship earn the right to ask the tough questions that others might not get to ask, or might not get answered. Would you answer a personal question the same way to a stranger that you would to a close friend? I don't think so. It works the same way with customers. Generosity builds the long term relationship with the customer just as it does with your friends.
Law # 2 - Law of Intention. Your motive is to satisfy your customer's needs but your intention sets the customer's expectations. Ideally your intention should be to always exceed their expectations. Have you ever arrived at a store with a sign on the door that says "Open at 7am" yet you're still waiting for them to open at 7:05? You've probably experienced this many times - what goes through your mind? They don't care, they're lazy, their apathetic, they come first, not you the customer. Perception is reality and when we over promise and under deliver, it sets us up for failure in the mind of the customer. Then there are those times when we are standing at the door at 6:55 and the staff notices you waiting and they immediately run to the door to let you in, apologizing for making you wait, even though you were early. Isn't that who you want to give your business to? Customers do business with those that set the expectation of over delivering on their promise. It's dropping off the proposal on a Thursday when it's due on Friday. It's estimating what a project will cost, then coming in under the estimated budget and 2 weeks earlier than planned. That's what's called "customer delight".
Law # 3 - Law of Accountability. It seems like we live in a world where the only time people are accountable for their actions is when there's good news. You need to be accountable regardless of the nature, and you often have to help your customers be accountable too. It's easy to blame others for the events and circumstances that affect your customers. Yet that is exactly when you want to take responsibility and avoid the excuses. Accountability means owning up to the good, the bad and the ugly and as the team quarterback it's your responsibility to communicate the news to the customer. Your customers will respect your honesty even when you are the bearer of bad news. Owning up to customer disappointments shows character. Trust is the combination of the character and expertise you deliver, and customers buy from people they trust. Being accountable will help you build long term trusting relationships with your customers. So, when you can't deliver on the customer's expectations, let them know immediately.
To truly serve the needs of your customers, remember the Three Laws of Strong Relationships:
1. Law of Reciprocity
2. Law of Intention
3. Law of accountability
Study each one and reflect on how well you understand and execute on each of these laws. Once mastered, the three laws will help you become the trusted adviser and the quarterback of a team that is in demand for solving customer needs.
Good selling!
1. Get focused and dedicate the time. Successful sales professionals prospect between 4-10 hours a week and in some sales environments, it's double that. Whether it's doing research on a prospect, going to an industry event, a network meeting or cold calling to set up meetings, you have to do the time. Sitting by the phone for 3 hours and hoping you will get calls from a prospect to set up a meeting has about the same odds as snow in Texas in August! You must be proactive & focused to be successful in prospecting. The good news is that prospecting today is much easier than ever before thanks to the Internet and social media. You may wonder, how can that help my prospecting? When you post articles on websites in your industry and on LinkedIn you gain recognition and eventually status. Link these back to your website and it moves you up the rankings in Google and other search engines. You can also invite prospects you're targeting to free webinars or Tele-classes. Or sign up to speak to professional, community and civic groups like Rotary or Chambers of Commerce. All of these methods will build your brand and your credibility!
2. Understand cold-calling. This is one method that many of you will avoid like the plague. Why? Because when you call prospects that don't know you or your company, you will likely meet resistance, and who enjoys that! When it comes to cold calling, you are guilty until proven innocent. When prospects receive calls from sales people they don't know, their initial reaction is to get them off the phone. They aren't necessarily rejecting your solution; they are rejecting you - and, that's tough to handle. Their perception is that you are interrupting them to sell something without having a clue about their business, goals, problems or needs. At least that is their perception and we know that perception is reality. To get around their mindset that we are guilty within the first 10 seconds you have to change their perception.
3. Set an intention. When you prospect, your intent counts more than technique. I'm not saying that technique doesn't matter- it definitely does and my colleague Barry Caponi has the best technique I've seen when it comes to cold calling. The key point is that your "intent" is not to make a friend or a sale over the phone. How often have you called a prospect and the first words out of your mouth are "how are you doing today"? You don't know them well enough to ask that! What if they say something disastrous? You're not calling to find out about their personal life, you're trying to get an appointment---period. To get an appointment, you need to quickly convey that you have something they can benefit from. In order to capture their attention you can focus on the following:
- Do your homework - show them you have knowledge of their company or industry by citing a key issue or trend.
- Align your message by telling the prospect what problems you solve and mention a company in their industry that has been successful with your solution.
- Ask thoughtful questions that uncover issues they might be having today. Go beyond the overused, "what keeps you up at night" if you want this conversation to continue. Then listen. Your demonstrated understanding of their answers will increase the likelihood of a face to face meeting.
For you to be successful in prospecting you need to start with the right frame of mind. Get focused and dedicate the time, understand cold-calling and then set a solid intention on behalf of your prospect. The more you focus on their goals, the more likely it is that your solutions will meet their need.
Good selling!
1. Get focused and dedicate the time. Successful sales professionals prospect between 4-10 hours a week and in some sales environments, it's double that. Whether it's doing research on a prospect, going to an industry event, a network meeting or cold calling to set up meetings, you have to do the time. Sitting by the phone for 3 hours and hoping you will get calls from a prospect to set up a meeting has about the same odds as snow in Texas in August! You must be proactive & focused to be successful in prospecting. The good news is that prospecting today is much easier than ever before thanks to the Internet and social media. You may wonder, how can that help my prospecting? When you post articles on websites in your industry and on LinkedIn you gain recognition and eventually status. Link these back to your website and it moves you up the rankings in Google and other search engines. You can also invite prospects you're targeting to free webinars or Tele-classes. Or sign up to speak to professional, community and civic groups like Rotary or Chambers of Commerce. All of these methods will build your brand and your credibility!
2. Understand cold-calling. This is one method that many of you will avoid like the plague. Why? Because when you call prospects that don't know you or your company, you will likely meet resistance, and who enjoys that! When it comes to cold calling, you are guilty until proven innocent. When prospects receive calls from sales people they don't know, their initial reaction is to get them off the phone. They aren't necessarily rejecting your solution; they are rejecting you - and, that's tough to handle. Their perception is that you are interrupting them to sell something without having a clue about their business, goals, problems or needs. At least that is their perception and we know that perception is reality. To get around their mindset that we are guilty within the first 10 seconds you have to change their perception.
3. Set an intention. When you prospect, your intent counts more than technique. I'm not saying that technique doesn't matter- it definitely does and my colleague Barry Caponi has the best technique I've seen when it comes to cold calling. The key point is that your "intent" is not to make a friend or a sale over the phone. How often have you called a prospect and the first words out of your mouth are "how are you doing today"? You don't know them well enough to ask that! What if they say something disastrous? You're not calling to find out about their personal life, you're trying to get an appointment---period. To get an appointment, you need to quickly convey that you have something they can benefit from. In order to capture their attention you can focus on the following:
- Do your homework - show them you have knowledge of their company or industry by citing a key issue or trend.
- Align your message by telling the prospect what problems you solve and mention a company in their industry that has been successful with your solution.
- Ask thoughtful questions that uncover issues they might be having today. Go beyond the overused, "what keeps you up at night" if you want this conversation to continue. Then listen. Your demonstrated understanding of their answers will increase the likelihood of a face to face meeting.
For you to be successful in prospecting you need to start with the right frame of mind. Get focused and dedicate the time, understand cold-calling and then set a solid intention on behalf of your prospect. The more you focus on their goals, the more likely it is that your solutions will meet their need.
Good selling!
Prospecting today is very different than 20 years ago. Today more than ever, prospects are resistant and sometimes almost hostile when they get an unsolicited call from a sales person they don't know. Why is that? The age of the internet has made your customers more knowledgeable than ever before about potential options and solutions to their problems. They are more astute as to what their needs are and can easily research to find what's available, which gives them a don't call us, we'll call you attitude! That doesn't exactly bode well for a sales person that needs to fill their pipeline with new business. We're also living in economic times when the supply is often greater than the demand. To win new clients you must unseat an incumbent. This means you need to be deeply familiar with your competitors: what are their struggles with their products and services and in satisfying their customer needs. With more options available, customer loyalty is more fragile than in the past.
Let's explore 3 action steps you can take for more effective prospecting this New Year.
1. Define and target your ideal customer. Ask yourself, what does my ideal customer look like? Describe them in detail. Which of my existing customers clearly reap the benefits and success of my solutions? Describe them in detail. The combination of these answers is where you'll find your best prospects. Target those accounts that have similar profiles. Market to where you have strong advocates that are willing to give testimonials and spread the word on what you have done for them. This rifle approach will deliver much greater results than a shot gun approach which can be a huge waste of time.
2. Engage on LinkedIn - the key word being engage! Many of you already have a LinkedIn account, but how often do you take advantage of their tools? They provide many ways that can get your message out to the market and build recognition as the expert in your field. For example,
a. Put some of your PowerPoint presentations on LinkedIn's "Google Presentation",
b. Post customer recommendations - very powerful when they are specific and results oriented
c. Write articles that demonstrate your expertise and that provide value to potential prospects.
d. Research and then join relevant LinkedIn groups that might have a need for your products and services or that serve markets similar to yours.
e. Post videos of valuable content - a great way to go viral.
It's much easier to get visibility when you utilize a "pull" marketing strategy versus a "push". Prospects prefer to be drawn to find out what's available rather than being bombarded by random messages that rarely meet their needs. You might be surprised that prospects are often not afraid to post their comments about issues that affect their business environment.
3. Create free webinars and teleconferences. Be strategic, relevant and give high-value content that showcases your expertise. Prospects will take the time to join a call that doesn't cost them anything but their time, especially if it helps them gain insight or build skills for their business. What a great way to begin building a relationship and helps to improve the chances that they will take your call. It turns a cold call into a topic of discussion that you both have in common. When prospects join in on your events, you can give more value through articles, newsletters and some consultative advice. They will appreciate your expert point of view on industry trends, competitive pressures or best practices.
Kick off 2011 by taking any one of these action steps:
1. Define and target your ideal customer
2. Engage with LinkedIn
3. Create free webinars and teleconferences
You will see your business grow. Then take action on the 2nd and 3rd steps, and watch your growth continue.
The bottom line for this coming year is to be deliberate and focused with your prospecting strategy. Providing value to prospects will give you both credibility and visibility that can reap the benefit of new customers for the coming year.
Prospecting today is very different than 20 years ago. Today more than ever, prospects are resistant and sometimes almost hostile when they get an unsolicited call from a sales person they don't know. Why is that? The age of the internet has made your customers more knowledgeable than ever before about potential options and solutions to their problems. They are more astute as to what their needs are and can easily research to find what's available, which gives them a don't call us, we'll call you attitude! That doesn't exactly bode well for a sales person that needs to fill their pipeline with new business. We're also living in economic times when the supply is often greater than the demand. To win new clients you must unseat an incumbent. This means you need to be deeply familiar with your competitors: what are their struggles with their products and services and in satisfying their customer needs. With more options available, customer loyalty is more fragile than in the past.
Let's explore 3 action steps you can take for more effective prospecting this New Year.
1. Define and target your ideal customer. Ask yourself, what does my ideal customer look like? Describe them in detail. Which of my existing customers clearly reap the benefits and success of my solutions? Describe them in detail. The combination of these answers is where you'll find your best prospects. Target those accounts that have similar profiles. Market to where you have strong advocates that are willing to give testimonials and spread the word on what you have done for them. This rifle approach will deliver much greater results than a shot gun approach which can be a huge waste of time.
2. Engage on LinkedIn - the key word being engage! Many of you already have a LinkedIn account, but how often do you take advantage of their tools? They provide many ways that can get your message out to the market and build recognition as the expert in your field. For example,
a. Put some of your PowerPoint presentations on LinkedIn's "Google Presentation",
b. Post customer recommendations - very powerful when they are specific and results oriented
c. Write articles that demonstrate your expertise and that provide value to potential prospects.
d. Research and then join relevant LinkedIn groups that might have a need for your products and services or that serve markets similar to yours.
e. Post videos of valuable content - a great way to go viral.
It's much easier to get visibility when you utilize a "pull" marketing strategy versus a "push". Prospects prefer to be drawn to find out what's available rather than being bombarded by random messages that rarely meet their needs. You might be surprised that prospects are often not afraid to post their comments about issues that affect their business environment.
3. Create free webinars and teleconferences. Be strategic, relevant and give high-value content that showcases your expertise. Prospects will take the time to join a call that doesn't cost them anything but their time, especially if it helps them gain insight or build skills for their business. What a great way to begin building a relationship and helps to improve the chances that they will take your call. It turns a cold call into a topic of discussion that you both have in common. When prospects join in on your events, you can give more value through articles, newsletters and some consultative advice. They will appreciate your expert point of view on industry trends, competitive pressures or best practices.
Kick off 2011 by taking any one of these action steps:
1. Define and target your ideal customer
2. Engage with LinkedIn
3. Create free webinars and teleconferences
You will see your business grow. Then take action on the 2nd and 3rd steps, and watch your growth continue.
The bottom line for this coming year is to be deliberate and focused with your prospecting strategy. Providing value to prospects will give you both credibility and visibility that can reap the benefit of new customers for the coming year.
Another reality is that there can be internal competition for the budget dollars - which project is more important, and where will the dollars be allocated. Again, as the salesperson, you must be the one to point out just how important THIS project is. You must help your customer sell it to the internal decision makers. Again it comes back to helping the customer understand all the parameters and benefits derived from successfully implementing the right solution.
The third symptom is when you have an anemic pipeline. It's amazing how your behavior towards your customers and prospects is directly proportional to the depth of your pipeline. When you have multiple opportunities in the pipeline, your confidence increases, and so does your feeling of success which is reflected in your approach and the way you look. When your pipeline is anemic you come across desperate and fall back into asking questions like, what will it take to earn your business! Anemic pipelines need analysis: are you unsure of your ideal customer for your solution? Are your marketing efforts tired, ineffective or poorly executed? Or, are you missing a good lead generation strategy? Ask these powerful questions, and you'll understand the steps you need to take so that customers appreciate the value that you provide.
As a Sales Professional, you need to better understand your role in a business opportunity by 1 - asking the right questions to uncover the critical information and 2 - developing a solution that the customer wants to own. You want them to see your solution above all possible competitors. Being disciplined in your method and approach will lead to a more robust pipeline putting you in a favorable position. The bottom line is: the customer awards business the old fashion way- seeing the value in you the sales person and the solution you've presented that meets their needs better than everyone else.
So, selling isn't a game of chance, it's about preparation, knowledge and understanding what problems you solve. Without addressing these issues, you might as well buy a lottery ticket - you'll probably get better odds than trying to close a sale with a prospect you're not prepared for.
Another reality is that there can be internal competition for the budget dollars - which project is more important, and where will the dollars be allocated. Again, as the salesperson, you must be the one to point out just how important THIS project is. You must help your customer sell it to the internal decision makers. Again it comes back to helping the customer understand all the parameters and benefits derived from successfully implementing the right solution.
The third symptom is when you have an anemic pipeline. It's amazing how your behavior towards your customers and prospects is directly proportional to the depth of your pipeline. When you have multiple opportunities in the pipeline, your confidence increases, and so does your feeling of success which is reflected in your approach and the way you look. When your pipeline is anemic you come across desperate and fall back into asking questions like, what will it take to earn your business! Anemic pipelines need analysis: are you unsure of your ideal customer for your solution? Are your marketing efforts tired, ineffective or poorly executed? Or, are you missing a good lead generation strategy? Ask these powerful questions, and you'll understand the steps you need to take so that customers appreciate the value that you provide.
As a Sales Professional, you need to better understand your role in a business opportunity by 1 - asking the right questions to uncover the critical information and 2 - developing a solution that the customer wants to own. You want them to see your solution above all possible competitors. Being disciplined in your method and approach will lead to a more robust pipeline putting you in a favorable position. The bottom line is: the customer awards business the old fashion way- seeing the value in you the sales person and the solution you've presented that meets their needs better than everyone else.
So, selling isn't a game of chance, it's about preparation, knowledge and understanding what problems you solve. Without addressing these issues, you might as well buy a lottery ticket - you'll probably get better odds than trying to close a sale with a prospect you're not prepared for.
Goals support the big picture, the mission, of your customer. Their achievement will not only address the issues, but take their business to a higher level of performance and financial reward. You can't sell your solution if it doesn't match the customer goals. The question becomes, "how does your solution help the customer achieve their goal?" Goals are by nature long term, which is to your advantage when the customer expects to receive long term value from companies that provide the right solutions. Problems may be temporary and might not lead to the solid, long term relationship that you desire. As a sales professional, it's better to support the customer's long term goals than to fix a temporary problem that requires a point solution. Unless your point solution can lead to a broader result!
Many problems your clients offer to you for help are tactical in nature. Your goal is to help them achieve their more strategic goals - this is when you become a valued partner. Your solutions to their problems may be specific but can be significantly expanded upon as you work with them on their long-term plans. Right now most of your customers are finalizing their 2011 plans, which will later be shared with you. Remember, customers rarely budget for problems, they budget their goals. By being prepared, and probing about these goals, you remain 'customer centric' and build the kind of relationship your customers will value.
Today's selling world is filled with the Request for Proposal (RFP), which you are often asked to submit without any personal interaction. We believe this is the kiss of death for the sales professional, unless you helped write the proposal. Customers like to lay out the specifics of what they are looking for, even though at times your company has more to offer than what is asked for. But you need to be prepared to go deeper, by asking these questions:
- What strategies have you explored to achieve your goals?
- What is your unique selling proposition in the market?
- What are the top priorities for your business this year?
- What will be your method to pursue these goals?
- What challenges would you like to avoid in pursuing these goals?
- How will the achievement of these goals differentiate you from your competition?
- What unique abilities are you looking for in a partner to help you achieve these goals?
- How can we collaborate with you to help you achieve these goals?
- What do you believe will ensure your success this year?
Remember if you want better answers from customers, you need to ask better questions! An understanding of their strategic goals will enable you to offer more valuable and hopefully profitable solutions.
Goals support the big picture, the mission, of your customer. Their achievement will not only address the issues, but take their business to a higher level of performance and financial reward. You can't sell your solution if it doesn't match the customer goals. The question becomes, "how does your solution help the customer achieve their goal?" Goals are by nature long term, which is to your advantage when the customer expects to receive long term value from companies that provide the right solutions. Problems may be temporary and might not lead to the solid, long term relationship that you desire. As a sales professional, it's better to support the customer's long term goals than to fix a temporary problem that requires a point solution. Unless your point solution can lead to a broader result!
Many problems your clients offer to you for help are tactical in nature. Your goal is to help them achieve their more strategic goals - this is when you become a valued partner. Your solutions to their problems may be specific but can be significantly expanded upon as you work with them on their long-term plans. Right now most of your customers are finalizing their 2011 plans, which will later be shared with you. Remember, customers rarely budget for problems, they budget their goals. By being prepared, and probing about these goals, you remain 'customer centric' and build the kind of relationship your customers will value.
Today's selling world is filled with the Request for Proposal (RFP), which you are often asked to submit without any personal interaction. We believe this is the kiss of death for the sales professional, unless you helped write the proposal. Customers like to lay out the specifics of what they are looking for, even though at times your company has more to offer than what is asked for. But you need to be prepared to go deeper, by asking these questions:
- What strategies have you explored to achieve your goals?
- What is your unique selling proposition in the market?
- What are the top priorities for your business this year?
- What will be your method to pursue these goals?
- What challenges would you like to avoid in pursuing these goals?
- How will the achievement of these goals differentiate you from your competition?
- What unique abilities are you looking for in a partner to help you achieve these goals?
- How can we collaborate with you to help you achieve these goals?
- What do you believe will ensure your success this year?
Remember if you want better answers from customers, you need to ask better questions! An understanding of their strategic goals will enable you to offer more valuable and hopefully profitable solutions.
At Competitive Excellence, we believe there are 3 proactive actions sales professionals can take to avoid getting so desperate that you ask the question, what will it take for my company to win the business?
To earn the customer's business, you first need to be proactive - the opposite of reactive. Yet many novice sales professionals let the customer set the tone and drive the agenda, lay out the request for proposal, the specs, timeframes and requirements to be selected. Customers tell the seller the issues that need to be solved and if you're like most sellers, you immediately address what the customer wants without digging deeper. When you don't go beyond the offered customer needs, you never differentiate yourself from the competition. You also limit the level of customer insight that you gain. When you are proactive you have the opportunity to explore alternatives that the customer might not have thought of. The best way to be proactive is to develop questions that go deeper into the customer's situation. Why is this an issue? How has it been addressed in the past?
That brings us to the second point which is to probe. Asking questions can be superficial or just going through the motions of qualifying without truly understanding what the customer is really facing. When are you planning to make a decision? Who else are you considering (our competition)? What are the issues you are trying to solve? While these questions are fine, they don't help us to understand the root cause of their problem. For example, if the customer says they're having problems with their inventory control system, you need to dig deeper and ask what they mean by that. What are the problems, what might have caused them and how does it impact their overall business operation? Probing 3 to 4 levels down puts you in a consultative problem solving role which is what customers look for in a sales professional.
The third point is to be patient. For many sales professionals, this is the hardest. The problem and reality in the world of sales is that you all have a quota to achieve and it usually comes in quarterly increments. Therefore, you try to force fit your customer solution into a certain timeframe and behold - you miss your forecast to sales management anyway. Not only that, you're forced into asking your prospect, what will it take to earn your business? You become desperate, the customer sees it, and they lick their chops and set you up for the good ole "Hail Mary" discount. You then sprint back to management believing you actually have a shot of winning the business by slashing your price (and profit margin). The customer then goes to their vendor of choice and gets them to beat your price. Being patient means you take the time to understand all the issues and avoid getting into the "product pitch" pushing what you think the customer needs. Being patient helps you understand that it's all about the customer and not about your offerings. Put another way, it's all about giving value that builds trust and relationships that will, in turn, lead you to more business.
At Competitive Excellence, we believe there are 3 proactive actions sales professionals can take to avoid getting so desperate that you ask the question, what will it take for my company to win the business?
To earn the customer's business, you first need to be proactive - the opposite of reactive. Yet many novice sales professionals let the customer set the tone and drive the agenda, lay out the request for proposal, the specs, timeframes and requirements to be selected. Customers tell the seller the issues that need to be solved and if you're like most sellers, you immediately address what the customer wants without digging deeper. When you don't go beyond the offered customer needs, you never differentiate yourself from the competition. You also limit the level of customer insight that you gain. When you are proactive you have the opportunity to explore alternatives that the customer might not have thought of. The best way to be proactive is to develop questions that go deeper into the customer's situation. Why is this an issue? How has it been addressed in the past?
That brings us to the second point which is to probe. Asking questions can be superficial or just going through the motions of qualifying without truly understanding what the customer is really facing. When are you planning to make a decision? Who else are you considering (our competition)? What are the issues you are trying to solve? While these questions are fine, they don't help us to understand the root cause of their problem. For example, if the customer says they're having problems with their inventory control system, you need to dig deeper and ask what they mean by that. What are the problems, what might have caused them and how does it impact their overall business operation? Probing 3 to 4 levels down puts you in a consultative problem solving role which is what customers look for in a sales professional.
The third point is to be patient. For many sales professionals, this is the hardest. The problem and reality in the world of sales is that you all have a quota to achieve and it usually comes in quarterly increments. Therefore, you try to force fit your customer solution into a certain timeframe and behold - you miss your forecast to sales management anyway. Not only that, you're forced into asking your prospect, what will it take to earn your business? You become desperate, the customer sees it, and they lick their chops and set you up for the good ole "Hail Mary" discount. You then sprint back to management believing you actually have a shot of winning the business by slashing your price (and profit margin). The customer then goes to their vendor of choice and gets them to beat your price. Being patient means you take the time to understand all the issues and avoid getting into the "product pitch" pushing what you think the customer needs. Being patient helps you understand that it's all about the customer and not about your offerings. Put another way, it's all about giving value that builds trust and relationships that will, in turn, lead you to more business.