Thoughful Thursdays - That sounds expensive

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 - Competitive pricing

You know that that your competitors are out there vying for the same customer dollar you are. If you have not already, it will only be a matter of time when competitive pricing will present itself as a barrier to closing a sale.

What you do not want to do is immediately cave in and meet an apparent competitive price situation without first confirming it. There is nothing more disappointing than leaving money on the table. It may well be that you will have to go back to the office and re-work your numbers. Buyers will sometimes play one supplier off another to get the best deal.

An unforeseen competitive price situation can lengthen your sales cycle. Nobody likes surprises, so do your homework and be prepared with clarifying questions to ask. The answers to these questions should enable to you to ascertain the situation and plan your next steps accordingly.

If you determine that price is the sole deciding factor, it indicates that there is no perceived value or differentiators beyond the actual products or services being offered. If you are not the low cost manufacturer, you will not survive as the low price supplier - be prepared to walk away if it does not make business sense to continue.

See Thoughtful Thursdays - Your Price is Too High

Good selling,

Richard

Wise Wednesdays - Golden Moments

Wisdom is what's left after we've run out of personal opinions.
- Cullen Hightower


Seeking advice, 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 work against you.

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

However, it is important to seek wise counsel. Crucial. Specifically, see if you can connect with:

- Professionals who know your industry well
- Professionals who know what running a business is about
- Professionals who have an expertise in a specific area of business (i.e. finance, legal advice etc.)

Think about these people as your virtual board of directors. These people can offer what I call Golden Moments of wisdom. Seek them out. Don’t be afraid to talk to them. At times it may be wise to pay for their services.

A client of mine was ready to spend $2,000 on, what was in my opinion, an ineffective way to market their services. I recommended they take out an expert in their field for lunch to a chic restaurant. In his words, “it was the best damn $85I ever spent and a great lunch to boot.” He also saved himself $2,000.

Smart business people know that investing in human capital is worth its weight in gold.

Cheers,

Dominik

Thoughtful Thursdays - I beg your pardon?

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 - Not listening

Today's post will be short and to the point. Ask your prospect what they want and then listen to what they have to say. Resist the temptation to jump in before they are finished. This can be difficult when you feel there is an obvious fit with their needs and your offering. Do you like being interrupted in mid-thought?

You are there to help and it is is very difficult if not impossible if you do not understand the situation.

Listen closely, take notes when necessary and ask clarifying questions. This will enable you to accurately map their needs and better position your business as the supplier of choice.

Get it right the first time and you will avoid lengthening your sale cycle.

Good selling,
Richard

Thoughtful Thursdays - You didn't ask for the order

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 - Not Closing

While thinking about the content for this post I recalled a true story told to me by my first manager and sales mentor, some thirty plus years ago. The lesson is still relevant today.

It doesn't matter what products we were selling or to who, what is important will become evident.

Over a period of several months and after many regular meetings, my manager, I'll call him Bill, identified a potential business opportunity. The size of the opportunity was confirmed, samples were provided and the product was approved for use. Bill was aware that a competitive situation existed, and through his ongoing meetings was able to determine that he was also competitively priced. His prospect was happy with the work that Bill had done and everything pointed to the business coming to him. The business relationship was developing well.

The order did not come in as expected however and Bill was very disappointed. As a professional sales person he knew that it was equally as important to find out why he did not get the business. After all, his managers would also want to know.

At the next meeting Bill expressed his disappointment and asked for future reference if he might now why the order was not place with his company. Many potential reasons were running through his head, but he was not expecting the answer he was given:

"... you didn't ask for the order."

He had done everything correctly except what might seem to be the obvious - ask for the order. Needless to say, it did not happen again. As a matter of fact he received the next order.

It was a tough lesson and I am thankful that he related the story to me.

Next week it's about listening.

Good selling,
Richard

Thoughtful Thursdays - What's That You say?

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 - Not knowing your prospects' hot buttons

It is safe to say that if you offend or otherwise put off your prospect, the chances of making a sale can be significantly diminished. In the best case it will lengthen your sales cycle. It is also safe to say that it would be rare to find a person who offended that same prospect with full knowledge of doing it.

The point here is that one can lessen the chances of this happening, and therefore increase the probability of making the sale faster by recognizing what your prospects hot buttons are.

So how do you go about determining what might emotionally charge your prospect? It is not always easy to recognize, and in my experience, treading lightly on topics such as religion and politics is a good start. Learn by observation and listening. Recall the wise words: You have two ears, two eyes and one mouth; listen and observe twice as much as you speak.

Always be mindful of what might negatively impact the sales process, but it is more beneficial to key in on the positive hot buttons. If you are meeting in the prospects office. look around for clues that will help you identify what they are interested in. Are there pictures of family, sports paraphernalia, or company awards? Is the office tidy and organized? If you are meeting at your office or at a neutral location, were they on time? How were they dressed?

Show an interest in what interests them - ask questions - How old are your children? That looks like an impressive award, what did you receive it for? How about those Leafs? It is a much easier discussion when emotions are a positive ingredient to the conversation.

Remember that people buy from people they like.

Good selling,
Richard