Thoughtful Thursdays - Breaking away...

... and I am not thinking about cycling.

Your first customers are not always, but in many cases, people you know or someone they know. Excellent outcomes as a result of networking and word of mouth. The business is up and running and off to a flying start. It does not get much better.

It is easy to get comfortable during this time, business is coming your way and it seems easy. Your customers are friendly and happy. It is a good feeling, not unlike being in bed on a cold winter day, toasty warm. It is so comfortable that you do not want to get out from under the covers.

Then something happens. Sales either flatten out or begin to decline. Your friends and friends of friends are tapped out, you have saturated the portion of your market that is your current network.

It is now time to make new friends. Breaking away and expanding your network is crucial to the long term health of your business. Time and time again new business owners are face with this. If your desire to achieve the vision you have for your business is not stronger than the fear of making the calls you need to, the consequences are easy to predict.

My suggestion is to take advantage of the good vibes and positive energy from the outset and do not wait for the lull. Begin to make the calls right away, build your contact list and continue to do it. The sales cycle for brand new customers is likely to be longer than with your current network. The sooner you begin, the greater the chances of mitigating any slow down in business.

Get out from under the covers, it is not as cold out there as you imagine.

Good selling,
Richard

Thoughtful Thursdays - A good news story

Today's thought is congratulatory and goes out to Toronto Business Development Centre client Sabbithry Persad, founder of Firewater Media Group.

Where Do Recyclable Materials Go? is the first book in a series published by Firewater Media Group. It is listed with Amazon and set for release April 1, 2011.

The Eco Adventures™ Garbology Kids™ Series uses humor to encourage greater learning and broader thinking about waste and waste generation, waste management and waste technologies. It includes diagrams of the recycling loop and the waste hierarchy. It also explains the five most common principles of waste management, diversion and disposal: the chief Recycling Concepts (the 3 R’s: Reduce Reuse, Recycle), Composting, Transform, Treatment and Disposal.


The Garbology Kids™ series offers a fun and interesting way to learn about waste generation and waste management, for the benefit of the Earth and future generations. Each book follows Tiana and her friends as they learn about different aspects of day-to-day environmental and human development issues, and shows children what they can do to help create a more sustainable world. Colorful, lively illustrations enhance every story.

Congratulations Sabbithry.

Good selling,
Richard

Thoughtful Thursdays - Are they really interested in buying?

We have all met them before, the ones who appear to be genuinely interested in what you have to offer, yet after putting your best foot forward and spending a great deal of time with them, they disappear.

A colleague of mine refers to these people as energy vampires, others call them tire kickers. They take advantage of your good nature and willingness to help, all at your expense.

I client of mine asked me how I deal with these prospects. The first step is to recognize that you are in this kind of situation. It can sneak up on you quite innocently and in the excitement and anticipation of closing a new sale we can be blind to what is actually happening.

For me, it comes down to listening and asking the right questions. Having said that, the approach may be different depending on the prospect as you do not want to appear pushy, impatient or dismissive with any prospect.

It is important to know when to stop talking, at what point in conversation you stop sharing your ideas and suggestions. If you tell them too much, they may decide to do it themselves. That may be  the desired outcome for them, but most likely not for you.

Having a sales process that keeps you focused on what you need to do, will minimize the chances of falling prey to these situations.

It may come down to asking your prospect a direct question about when they want to get started. A call to action from yourself indicating that before your go further down the road, a firm commitment will be necessary. In any case, do not be shy about asking, if you sense you may be going down a dead end street. I don't believe you will offend anyone by being honest with them.

Good selling,
Richard

Thoughtful Thursdays - Use objections to help grow your sales

Today's thought is about using something that you have a lot of, as a resource to grow sales.

In the long run you will probably face more objections than approvals. Addressed appropriately you can use the objections as a base to help grow your revenues.
I will  assume that the the people you are talking to are your target market, the ones that, based on your research, will be most likely to want to buy from you.

Never walk away when you face an objection before taking the opportunity to ask for your prospect for their help. If you can get to the root cause of the objection, you will be in better a position to either respond or decline.

Even if you walk away, you can gain valuable information from the experience that can be used in future sales calls including:

• Sales leads
• Ways to improve your approach
• Industry information
• Competitive information

With forethought and planning you will find that in many instances an objection can be converted into positive experience for your business.

Good selling,
Richard

Thoughtful Thursdays - How do you handle scope creep?

If this has not happened to you already, then you are very new to sales. Be patient, you will get your turn.

You have made your calls, assessed and confirmed the situation, presented solutions and made your recommendation. It is all good and you have been asked to come in to seal the deal. You are naturally excited and anticipating the close.

The meeting starts as you expected with the customer thanking you and demonstrating sincere appreciation for your time and efforts. "We like everything you have proposed and are ready to cut the requisition. There's just one small thing..."

In some cases it is small and within the scope of your proposal. In many instances however, the "small thing" takes the proposal out of the scope you have proposed. Your previously negotiated proposal has just been re-opened.

You have just received an objection and they way you handle it may make the difference in being profitable and just breaking even.

When I detect scope creep my response is to revisit the proposal and re-confirm the requirements with the customer. Regardless of what the "small thing" is, I will be very clear in communicating the message that the proposal may change in light of a new or revised requirement.

It may require another meeting, or be settled on the spot. It goes without saying that you must know your costs and the line you will not cross even if it means walking away. What would happen if you did not get the order? Can you accept that consequence?

What ever you decide, make sure you have thought out possible resulting scenarios. Anticipate the unthinkable.

Good selling,
Richard

Thoughtful Thursdays - Have you checked your sales tool kit lately?

When sales are meeting or exceeding expectations, enjoy the moment and reward yourself. There is nothing like a congratulatory pat on the back to make one feel good about themselves.

It is also an opportune time to reflect and analyze the hows and whys of your successes. This should also include taking stock of the sales tools you have at your disposal:

• Value proposition
• Competitive advantage
• Responses to anticipated objections
• Defined sales process
• Technical support
• Customer service

This is only a portion of what might already be in your own tool kit. They are all important, but will not be used to maximum benefit without:

• Your winning attitude

Not to be confused with over confidence or arrogance, but the approach with poise that puts your prospects or customers mind at ease. Perhaps it is the characteristic that others use to describe you as thorough or helpful. However described, it is the foundation on which you successfully build solid business relationships with all your customers.

Don't make a call without it.

Good selling,
Richard

Thoughtful Thursdays - What's that you say?

It has been before, however I feel it is worth repeating because inevitably when I meet new business owners and ask what their business is, they launch into a very informative, and often clear, explanation of what they do.

As a matter of fact, I get a similar response from many not so new business owners.

If you want to get your prospects attention, don't tell them what you do, tell them how you help.

The conversation will turn to how you do it in due time. People will be more likely to pay attention to what you are saying when you start with a clear, overt and believable benefit they will realize by doing business with you.

Good selling,
Richard