Thoughtful Thursdays - Assume nothing!

It makes perfect sense... to me anyway.

 

Just because it makes perfect sense to you does not mean that your prospect or anyone else for that matter shares your interpretation.

Today's thought is about assumptions. They make life convenient and can provide what appear to be good reasons for not getting things done.

 

Here is a list of assumptions when taken at face value that will inevitably lead to a longer sales cycle or worse, missing out on an opportunity. You can likely add to the list from your own experiences.

• They understand what I said
• They know what they need
• They will be too busy to talk to me
• My products/services are too expensive for them
• They are not my customer
• I am speaking to the decision maker
• I know what they need
• They are not interested
• They don't have the money
• Only the owner makes that decision
• They are the experts
• They can not help me

Before planning your next step ask yourself this: "How do I know?"

Good selling,
Richard

 

Thoughtful Thursdays - Are we clear?

We spend a lot of time crafting the right message to present to potential customers and communicate the value proposition that will ultimately result in a sale.

We even work on our voice mail messages and techniques to maintain continuity of the information we want to communicate and the way that to best articulate it.

One area that is often forgotten, especially by new owner operated businesses is the telephone greeting. How do you answer the telephone? Do you say who you are, or just hello? If you are working from a home office, are there distracting noises in the background? If you are not able to answer the telephone, is it clear to the caller that they have reached the right number?

Do you realize how annoying it can be to compete with a dog barking or street noise or a baby fussing while trying to talk to someone? These are a good ways to lengthen your sales cycle or worse, stop it before it even gets started.

In my experience nothing can turn off a potential customer faster than thinking they have not reached a business. A home based business is still a business, so treat it that way. Have a dedicated business line to keep personal and business calls separate.

Today's thought is to be mindful of your telephone greeting. If the environment you are in is noisy, do not answer the telephone. Check for a message and call back when there are no distractions. Script your telephone voice mail greeting and be sure it includes relevant information such as your name and business hours. If English is not your first language, consider getting someone to record the greeting for you.

Good selling,
Richard

Thoughtful Thursdays - Don't bore me with the details

There are lot of benefits to be realized by noticing the "little" things during a sales call. The major benefit being the shortening of the sales cycle.

The "little" things I am referring to relate may help reveal the personality of your contact. The value of knowing your audience is undeniable. The ability to assess and adjust your approach is a competency that develops over a period of time and increases with experience.

So, what might you be observing while listening?

• Is the office neat or does it appear to be in disarray?
• How is the customer dressed?
• What is hanging on the walls?
• Are there family pictures?
• Is there note taking?
• Does your customer keep looking at the time?
• Eye contact?
• Are there interruptions?
• On time, or do you have to wait?

These kinds of observations will help you determine who your audience is. With that knowledge you can adjust your approach to match their personality. There is more value focusing on numbers and details with an analytical personality, where the intuitive type may be more interested in the theory.

Remember the formula: Two eyes, two ears and one mouth, use them in the same proportions to your advantage.

Good selling,
Richard

Thoughtful Thursdays -

A sure way to lengthen your sales cycle is to put off making your follow up calls. It is fitting that lengthening one thing can also shorten another. In this case you may be shortening the length of time you are employed or the the life of your business.

There are many good reasons for not following up. The most common excuses I hear include:

• They probably won't be in
• I don't want to bother them
• They won't be interested anyway
• Something else came up
• I'm going to do it tomorrow

I doubt any of these reasons would be acceptable for you business not compensating you for you, so don't expect your business to accept them for not doing what you need to do.

A great way to rid yourself of any doubts or reasons not to make those follow up calls is to make a habit of determining the when and how the follow up will take place before the end of every call you make.

Good selling,
Richard

Thoughtful Thursdays - Do you manage your sales activities?

I planned to to it, but I ran out of time.

Either you planned too many activities in the first place or there was a distraction that took you off your schedule. Many distractions are unplanned and out of our control, that is a part of life.

Today's thoughts focus on what is in our control. Planning for more than what your personal capacity allows will inevitably lead to someone being disappointed. Hopefully it will not be your prospect or customer.

Whether you are able to allocate all your time to sales, or have the responsibility of running an entire company, the business will benefit significantly from a well managed sales process. The benefits include shorter sales cycles, faster receipt of payments and happier customers.

• Have detailed account plans for all key accounts
• Plan your daily schedule to minimize excess travelling time
• Allow enough time between appointments to complete sales reports, check voice mail, make return calls and travel to your next meeting
• Keep meetings on time
• Allocate entire days for sales activities, avoid mixing activities to stay focused
• Each call should lead to the next. Make sure to have a plan of action for the next call. Don't leave the customer without setting up the next meeting
• Prepare for your calls  in advance - make sure you are ready
• Set aside time each week to review your sales activities, measure your results against expectations and confirm your activity plan the for the next week
• Avoid "reflex" reactions to customer requests - stick with your plan. Most of the time it can wait for a day or two

Good selling,
Richard

Thoughtful Thursdays - Is your business documentation in place?

Today's thought is directed towards, but not limited to, entrepreneurs in the start up phase of their businesses. It is often a task that gets taken care of after receiving the first order. Do you have all the necessary documents in place to process the order?

The downside of not being prepared can have disappointing consequences. These can vary from a lengthening of your your sales cycle to not being paid for products and/or services provided.
These consequences may be it is avoided with some forethought.

It is great to get the first orders, it is also beneficial to have a flawless transaction.

Do you have what you need?

• Applications for establishing credit
• Sales agreements
• Certificates of compliance
• Material Safety Data Sheets
• Instructions for use of the product
• Estimate forms
• Order forms
• Invoices
• Packing slips
• Bills of lading
• Customs paperwork
• Purchase orders
• Delivery receipts
• A way to keep it all organized

As basic as it may seem, it is surprising what is forgotten and left to chance. Be sure of your processes. In closing, it is also a good idea to test your processes before taking them live.

Good selling,
Richard

Thoughtful Thursdays - Following up is a matter of peristence and determination

In the early stages of the sales cycle, an incredible amount of time can be spent just getting in contact with the right people. Frustrating and discouraging as it may be, following up is a necessary step in the sales process.

Knowing when to follow up is just as important as the action itself. Leave it too long and you might find yourself having to start the sales cycle all over again. Too early and often can lead to ticking off your prospect. So when is a good time to follow up?

Depending on what you are following up on, the timing may be different. A rule of thumb that I use is one business week - no longer and sometimes shorter. If you are following up on a voicemail I would call again within 2 days.

What ever the case, the easiest way to avoid the worry about timing for the follow up is to set it up and communicate it in advance. If you have left a voice message, include when you are going to call back. If it is a letter, state when you are going to follow up. Be sure to do what you said and you will begin to develop trust with your prospect - you are following up on your commitments.

Never assume that your message is not being heard or your letters are not getting read. If you doubt your market research (identifying your target market) on the basis of not being able to get in contact with your prospects, you have successfully sold yourself out of a possible opportunity with unsubstantiated, but perhaps convenient untruths.

As I have said in previous posts, do not let yourself talk yourself out of doing what you know you should be doing. Leave those activities for your competitors to master.

Following up with confidence in the value you are representing will pay off.

Good selling,

Richard

Thoughtful Thursdays - Please like me

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 may just take longer.

Things That Can Lengthen Your Sales Cycle - Fear of rejection

We have come to the last point on the list of things that can lengthen your sales cycle and it brings us full circle to the first posting in this series, Fear of cold calling, where I touched briefly on the fear of rejection.

If fear of rejection is holding one back from initiating the sales cycle with a prospect, the sale may never be made.

It is easy to say not to take an objection personally, but one must accept it. Fear of rejection is a common barrier for people who are new to the job of sales. It is unrealistic to have the expectation that everyone you talk to will buy from you.

One way to help mitigate this fear is to prepare for your calls in advance. Set reasonable objectives for each call you plan to make. Know the reason you are calling and practice your approach with a colleague.

Don't let yourself get in the way of doing what you need to do by making up negative answers to justify why you do not have to make the call. Here are the most common excuses I have heard:

• I didn't want to bother them
• They probably won't be in anyway
• They won't be interested

The bottom line: If you do not make the calls, you can not expect to make the sales.

Instead of excuses, have reasons to make the call.

• Know your value proposition
• Be passionate about your product/service
• Stop 'selling' and start helping

Good selling,
Richard

Thoughtful Thursdays - Most people are not mind readers

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 - Failing to ask for referrals

Asking for referrals may not directly shorten your sales cycle, but is sure can help to close sales faster and accelerate the achievement of your sales forecasts.

It is clear that as your prospect list grows, so will the number of customers you have. It makes business sense to take advantage of every opportunity you have to grow your prospect database. Is there any better starting point to ask for help than your current happy customers?

When you are networking, you make a point of telling the people you meet what you are looking for; you do this because you can not assume they will know intuitively. To a great degree the same is true when seeking referrals. Do not assume that your customers will make the referrals. Many businesses have developed programs to encourage customers to make referrals. Just last week I received a business thank you card in the mail and the final sentence concluded with ...and of course any referrals would be greatly appreciated.

Most people like to help and will, if you ask politely.

Good selling,
Richard

Thoughtful Thursdays - "Thank you for seeing me today."

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 may just take longer.

Things That Can Lengthen Your Sales Cycle - Making a poor first impression.

Some of the previous posts in this series make reference to the thought for today and can affect that all important first impression:

Not believing in the product/service you are selling
Inadequate research
Not Listening




If one uses the 'shoe on the other foot model', think about situations where you have been turned off by less than positive first impressions and list the behaviours or circumstances that can leave you with thinking that way.

Also think about how much time it may take for that bad first impression to be turned around.

Often it is what one takes for granted that can end up being the biggest obstacle to overcome. The lesson here is not to take anything for granted.

Lets start a list of what to keep in mind with the goal of making a good first impression.

• Be yourself and only yourself
• Arrive early
• Check yourself the mirror before you leave home - everything clean and tidy?
• No chewing gum
• Prepare for your meeting in advance
• LISTEN
• Be happy
• Pen and notebook
• Know the name of the person/people you are meeting
• Have appropriate brochures/technical data/portfolio
• A firm handshake

My father always told me to make sure my shoes were clean and polished, that came from his days in the army. It's odd how some things stick in your mind.

Good selling,
Richard

Thoughtful Thursdays - It was a pleasure to meet you.

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 may just take longer.

Things That Can Lengthen Your Sales Cycle - Not developing the supplier/customer relationship - TRUST

Customer service begins from the second you meet your prospect, long before they are a customer. Perhaps even before you come to the realization they are even a prospect.

As it has been said before, the first sale you make to your customer is you, not your product or service. Set the bar early and set it high. Take the time to get to know them and develop the relationship that will lead to the business you are going after. Your approach is key to closing the sale faster.

Use your own experiences to guide you. Think about why you decided on a particular supplier of a product or service rather than a competitor. Why do you continue to give your business to certain businesses?

How will you make the purchase of your product or service an outstanding experience for your customer?

A few words that come to mind are integrity, meeting commitments, helpful - I am sure you can add to the list. If your customers associate you with these words you can be sure that a good relationship is developing and the resulting trust will shorten your sales cycle.

Good selling,
Richard

Thoughtful Thursdays - "Trust me, I will increase your sales"

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 may just take longer.

Things That Can Lengthen Your Sales Cycle – Hiring the wrong sales agents.

While there is no guarantee that any sales agent you engage will work out, there are factors you want to think about before making your choice. Today's thoughts consider some of those factors. I won't get into the details of compensation, let's assume that the package is acceptable. I will also assume that you have done the arithmetic and it makes sense to have an agent representing your business.

A good sales agent like a good customer represents great lifetime value to your business. When you find them, treat then like gold and keep them.

• Is the prospective agent currently calling on any of your customers?
• Have you checked references?
• How long has the agent been in the industry?
• Are they a member of key industry associations?
• Do your customers know this agent?
• Does the agent represent products complementary to yours?
• Have you set sales expectations?
• Is he/she genuinely interested in your products?
• Does he/she share your values?
• Does your product represent a good opportunity to the prospective agent?
• Are you comfortable with him/her?
• Do you get the sense he/she considers the topics on the Things That Can Lengthen Your Sales Cycle list important?

As mentioned at the beginning of this post, there can be no guarantees, only steps you can take to help you make the best decision.

What I did not cover is the natural tendency for everyone to sell what is easiest. Remember that you are competing for your agent's time that is spent on other product lines. Just as you facilitate your customers' buying processes, you must also make it easy for your agent to sell your products. Be prepared to spend time with your agents, supporting their needs and listening to what they have to say, keeping in mind the value that a good agent will bring to your business over the long term life of the relationship.

Good selling,
Richard

Thoughtful Thursdays - I know that I can help you

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 may just take longer.

Things That Can Lengthen Your Sales Cycle - Not believing in the product/service you are selling.

An almost sure way to lengthen a sales cycle is to come across to your prospect as not really believing in the product and/or service you are offering. A lack of confidence is not an uncommon characteristic for one who does not have a lot of experience selling. Some may say it is normal to feel this way. Whatever the reason, the cause for the barrier to sales must identified and overcome. After all, how can you expect your prospect to have confidence in your proposed solutions, if you appear not to.

If you truly feel your product/service is not the appropriate solution, then tell your customer up front and make the appropriate recommendation. Perhaps you can refer them to another supplier. Although you may not get the business this time, you will earn the respect of the customer and may position yourself as the supplier of choice when the next opportunity comes up.

Remember that it is about helping. Of course you want to have the business, but there will be instances when you will have to walk away. It is far better to walk away rather than offer a solution you may not believe in.

Putting yourself in the shoes of your customer, how would you feel about it? Would you want to continue to do business with someone who sold you a solution that might not be the best alternative, or the one who kept your best interests in mind?

If you generally are lacking confidence in the product/service offering, you may need to look at how you are positioning it and re-target it to a more appropriate audience.

I will repeat; if you do not believe, how can you reasonably expect to interest your prospect?

Good selling,

Richard

Thoughtful Thursdays - How much do you know about your customer before you meet them?

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 - Inadequate research

Coming from the positive side, things that can shorten your sales cycle, include today's thought on research.

At any stage of your sales cycle, from first contact to making a presentation, information gathered through research can facilitate the process. Remember that research can be primary or secondary. Let's focus on the early stages of your sales cycle.

As the saying goes, there is only one opportunity for a first impression. With that in mind, why wouldn't anyone want to do their best to make a this first impression their very best?

It sounds pretty simple, but how many times have you encountered a situation where a first impression has not been the most positive experience and only subsequently and after a length of time you might have had the opportunity to change your mind about that person.

This can surely translate to the addition of weeks or months to your sales cycle. Here are few tips that can help you make a good first impression better and shorten your sales cycle.

• Know your prospect's business and the products and services they offer
• Have an idea of who is their target market is
• Know if you can bring them any business as a result of buying from you
• Learn about the industry they participate in
• If they are a public company, learn how the stocks are performing
• Have they been in the news lately?
• Are they an industry leader?

Make a habit of taking the time to conduct preliminary research and you can shorten your sales cycle.

This speaks to facilitating your prospect's buying process by establishing confidence in you early in the process.

Good selling,
Richard

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

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

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