Thoughtful Thursdays - What Do I Have to do Again?

This series of posts is all about closing a sale faster. Not being mindful of the topics on the list absolutely does not mean you will not make the sale - it might just take longer.

Things That Can Lengthen Your Sales Cycle - Failure to understand the buying process.

The process of scoping out a sales opportunity can take a few minutes or come as a result of several meetings with your prospect. A detailed understanding of your target's buying process will help you with your tactical plan.

Here are a few pieces of information that are on my list of what I like to know about my prospects' buying process:

• Are there other people that need to be involved?
• Are there alternate contacts?
• What are the time lines - is there any urgency?
• What is the product/service approval process?
• What is the supplier approval process?
• Are there any unique approvals or certifications required?

What you are seeking to know are the steps your prospect takes that result in making a purchasing decision.

The more you know, the better positioned you will be to minimize the time it takes to make the sale.

Happy New Year everyone!

Good selling,
Richard

Thoughful Thursdays - Know when to shut up

Things That Can Lengthen Your Sales Cycle - Overselling

Knowing when to stop selling is a skill that more often than not, comes with experience. As many have said in one way or another before; good decisions are based on experience and poor decisions are the experience one draws from.

Learn to recognize when your customer is ready to buy. Look and listen for the signs and when you see or hear them, stop selling. Close and resist the temptation to continue selling.

I would like to take this opportunity to thank everyone who is reading the TBDC Blog and posting comments. TBDC wishes you all the best for the Holiday Season.

Good selling,
Richard

Thoughtful Thursdays - No USP?

Second in the series about Things That Can Lengthen Your Sales Cycle considers your Unique Selling Proposition.

If you are not confident about differentiates your product and/or services, you can surely expect your sales cycle to be longer it you get the sale at all.

We spend a great deal of time with our clients helping them determine what makes them different. Beginning with market res each and analysis of the findings, a positioning statement is developed that fills a gap in the for the identified target market.

We rack our brains to identify the elusive USP. In many instances we focus too much on the product or service that is offered and not other differentiators. If you are fortunate to have customers already, my suggestion is to ask them why they like to do business with you. Just as they have answered questions about what they want, they will tell you what makes you different.

Use this information to your advantage and make it part of your discussions with prospects. It is likely that what your current customers like, others will also appreciate.

Sometimes it will be you that makes the difference. The fact that you are trusted, you return calls promptly, you always do what you say are examples.

Shorten your sales cycle by knowing what value you bring and communicate that message to your prospects. Once you have perceived value, your prospect will be more likely to want to hear about what you have to offer. From that point it is up to you to deliver on the expectations.

Good selling,
Richard

Wise Wednesdays - Give Yourself Credit

Just wanted to remind you that sometimes success is better measured in smiles received, giggles heard, and hands held, than in dollars earned,deadlines met, and kilos shed. And I must say, you've done well for yourself. - Notes from the Universe (www.tut.com)

There is a tendency to look at the past year and reflect on what hasn’t worked. However, focusing too much on what isn’t working can at some point be debilitating.

My recommendation is to reflect on the last year by making a list of all that has worked in your life no matter how small: taking that first step to test market your product, skiing with your family, researching your competition, taking on an new hobby. Success feeds off previous successes. This will instill in you that you are making progress. In effect, you’re training yourself to focus on making it happen.

There will time be for the critical mind but for now relish your strengths, traits, attitudes and actions that have brought you this far.

Happy holidays and best wishes for a fulfilling 2010 year.

Cheers,

Dominik

Thoughtful Thursdays - Fear Of Cold Calling

Last week I posted a list of Things That Can Lengthen Your Sales Cycle.

Let's address them one by one, this week the Thoughtful Thursday topic is Fear of Cold Calling.

How can the fear of cold calling lengthen your sales cycle? Arguably, if you have not initiated the sales process in the first place, the cycle is not affected. Reality will demonstrate that insuffcient numbers of potential targets in play will result in less than expected sales expectations and the consequences of not meeting sales forecasts can be devastating for any business.

The question is why might one fear cold calling? Once you identify why you do not like to make cold calls, you can work on ways to alleviate the fears.

• Fear of rejection?
• Fear of success?
• Fear of being asked tough questions?
• Lack of confidence?

I don't know anyone who can say they like being rejected, the key is not to take it to personally.

Afraid of taking an order because then you will have to make good on your commitments? Don't over commit.

There shouldn't be many questions about your product or service offering that you can not answer. Anticipate the questions and work on your responses ahead of time.

If you believe in and are passionate about your product/service and how it will help your prospect, confidence will lead you.

Good selling,
Richard

Wise Wednesdays - No Need for Noise

Seeking too much counsel, especially from people who know very little about your business or who give you advice because they read something in the news (i.e. housing sales are going up, there are constraints in consumer spending etc.) may in fact inhibit you to take action.

This is what I call Noise: People spewing advice or thoughts that are not based on much fact but opinion and mostly their biases.

However, it is important to seek wise counsel. Crucial. These are people who know your industry well, know what running a business is about or who have coached others. These people can offer what I call Golden Moments of wisdom.

The key, then, is to be able to differentiate between Noise and a Golden Moment and act on it. Entrepreneurs are more than doers – they’re deciders.

Cheers,

Dominik

Thoughtful Thursdays - Things That Can Lengthen Your Sales Cycle

In the process of cleaning up my files I came across an interesting list that was made some time ago. It is a list of obstacles that often get in the way of achieving sales targets on time. Many are inter-related, but are obstacles never the less.

In no particular order, here they are:

1. Fear of cold calling
2. Not having a unique selling proposition
3. Overselling
4. Failure to understand the buying process
5. Not knowing your prospects' hot buttons
6. Not closing
7. Not listening
8. Competitive pricing
9. Inadequate research
10. Not believing in the product/service you are selling
11. Hiring the wrong sales agents
12. Not developing the supplier/customer relationship - TRUST
13. Making a poor first impression
14. Failing to ask for referrals
15. Fear of rejection

Over the next several weeks Thoughtful Thursdays will address each of the obstacles.

If you have encountered other sales obstacles, send them in as a comment to the posting, and I will be happy to add them to the list.

Good selling,
Richard

Wise Wednesdays - Three simple (but not easy) steps

Here are three simple (but not easy) steps in developing a “stick-to-it” attitude in your business.

Step 1.
Success seems to be largely a matter of hanging on after others have let go. ~William Feather

Keep at it -- especially when you don’t feel like it.

Step 2.
Success and failure. We think of them as opposites, but they're really not. They're companions - the hero and the sidekick. ~Laurence Shames

If you’re going after what you truly want you will be given a “test” that you must undergo. Part of that test is failing. Learn from the lesson. Correct your course of action.

Step 3.
If at first you do succeed - try to hide your astonishment. ~Author Unknown

It’s rare to get it right the very first time. Savour those moments when things do work out. Build on your successes no matter how small or how infrequent.

Go back to step 1.

Cheers,

Dominik