Thoughtful Thursdays - A sales tip for the New Year

Perhaps you are kicking back to enjoy a New Years celebration, spend time with the family or have some quiet moments to yourself to reflect on the past year. Maybe it will be a combination of all of the above.

However you use the time, best wishes for a happy and successful 2011 on behalf of Toronto Business Development Centre.

Before leaving the office for the last time this year, here is a thought to consider for the top of your 2011 to do list.

Promise yourself that your business will not sacrifice price without getting something in return that is equal to or greater than the profit you would be loosing by lowering price just to remain competitive. Negotiate wisely and pragmatically.

• Ask for additional volume commitments
• Propose an exclusive supply contract with price escalation clauses
• Negotiate better payment terms
• Consider a volume rebate structure
• Can you supply other products and/or services
• If the negotiation is due to a competitive situation, be sure you are comparing apples to apples

Enjoy your time off. Come back energized and ready to work to achieve a year of sales growth and increased profitability.

Good selling,
Richard

Thoughtful Thursdays - A sales tip for the holidays

Many say it is the time of year for reflection on the previous 12 months of business and setting goals for the coming year. I agree it is a good time to do this, take advantage of a slower period to analyze results and set expectations for next year. In fact most of the businesses do just that as  the holiday season approaches

In my experience is it was also a good time to take advantage of the fact that many of my competitors were doing this. What advantage you ask?

I would visit my customers and prospects who were not shutting down, or who were a running a skeleton staff during the holidays. The season often brings a more relaxed atmosphere and there is no better time to make a call.

Opportunities to are out there should you choose to pursue them.

Have a Merry Christmas be safe.

Good selling,
Richard

Thoughtful Thursdays - Want to differentiate yourself from your competitors?

Make a habit of doing what your competitor does not like to do.

The above statement makes an assumption that you know enough about your competition to know their weaknesses.

Doing what your competitor does not like to are often things we take for granted, the little things. It could be as simple as providing summaries of your meetings or returning calls in a timely fashion.

In all cases it facilitates the buying process for your prospect or customer, making it easy for them to say yes rather than no.

I look out the window and see that the weather is not the best. Traffic will be affected so I better leave earlier to be sure I am on time for my appointment because I know that my customer will be there on time. What does it say about me if I am late? Take one step down on the trust ladder.

Back to your competition, when was the last time you analyzed their strengths and weaknesses? You probably did it for your business plan, but have reviewed it lately? Has the competitive landscape changed?

As you look forward to the holiday season and a successful new year, take the time to asses your marketing and sales activities as well as the obligatory financial review. Think about your competition, put an action plan together where you can take the lead over your competitors and make it routine.

Good selling,
Richard

Thoughtful Thursdays - Prequel to: When do I close?

... you close when the prospect is ready to buy. That was the thought from last week.

Taking a step back in time, what happened before the close, or in other words, when do you start selling?

We have probably all experienced the 'aggressive' sales person at some point in time. In many cases it is not as much a matter of being that way as the approach taken with the resulting negative results. Inexperienced sales people will often benefit by analyzing their approach and managing their enthusiasm.

Regardless of whether you are selling directly to the consumer or business to business, and as I have said many times before, the first sale that is made is not the product or service you plan to offer, it is you.

Back to the the question of when do you start selling. It is important to know exactly what you are selling and more importantly the order in which to sell.

If you begin to sell your product or service before you have sold yourself, you may loose the prospect. Making your pitch before your prospect is willing to listen is a pretty good way to drive them away, if that is your intent.

Rather than ABC, I continue to recommend Always Be Listening and Looking. Gaining the initial confidence of your prospect can happen in a very short period of time, and in the grand scheme it is well worth taking that time to do.

There are as many approaches as personalities, and over a period of time you will learn what works best for you. Putting yourself in the shoes of your potential customer, and thinking about what approach works on you is a good place to begin. It must be natural and comfortable.

Good selling,

Richard

Thoughful Thursdays - When do I close?

If you listen to Alec Baldwin's character in the movie Glengarry Glen Ross (caution for language) the answer is as simple as ABC, Always Be Closing.

Although it does not make for a tidy initialism I subscribe to the practice of ABLL, Always Be Listening and Looking for the signs that your prospect is ready to buy.

In any consultative  process, listening to your prospect is key and sales is no different. It may seem obvious to some. It is difficult to consult successfully if you do not know what the needs are.

You close when the prospect is ready to buy. That sounds simple enough, the rub is learning how to recognize when the time is right.

Many will listen for signals such as silence - no more questions as they have all been answered.

Another sign maybe in the language they use when asking questions about the product or service. Are the questions being posed as if they have already made the commitment to purchase?

No matter what the signal is, it will not be communicated until you have clearly articulated your ability to meet all your prospects needs with your proposed product or service offering.

When your thoughts turn to attempting to make the close, ask yourself once more: "Have all the needs been addressed?" If you have, it is time to close.

Good selling,
Richard