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Improve Your Sales Closing Ratio Occasionally EGOPOWER readers send me questions or topic suggestions that I feel would be of interest to you. In this issue I give some tips to improve your sales closing ratio in response to a question Rob Smith wrote me from the UK: Secrets to Buying Without Being Sold Have you ever asked yourself, now how did I let that guy sell me on something that I had no real need for at the time? Do you ever get a sneaking suspicion that your probably not going to really use whatever it is that your buying in the way that it was presented? If this is true which is often the case, then why in the heck do we give up our hard earned money for something that until we heard some sales spiel, we really had no need or want to have. Write On The Money: The Ten Commandments (Plus Five) Of Profitable Sales Letter Writing According to the Direct Marketing Association, in 2003 U.S. direct mail marketing efforts produced more than $689 billion in sales. For those organizations who know how to use it direct mail always has been and always will be a core component of their overall marketing strategy. Are You a Winner or Whiner? I've found that winners say "I choose to." Whiners, on the other hand, say "I have to." Two Mistakes That Will Cost You Money You've met a new prospect, accurately assessed their needs and determined that you can provide the product and service she is looking for. You've presented your information in an engaging manner and the prospective customer appears interested. Many salespeople now make one or two very fatal mistakes that cost them the sale. Solution-Sell is a Myth! Who among us is not already up to here with the omni-smarts who wax poetic the benefits of "Solution Selling." Now it may seem strange for me, the author of the book "Up Your Income! Solution Selling for Profitability" to cast aspersions on the merits of this approach. Nevertheless like so many things in the real world, theory is one thing, application thereof is quite another. The Hands On Approach While living in the technology age where everything is computerized, digitized, and auto-responded, it is very easy to forget where we came from, and how all of this progress has almost completely wiped out the personal touch. What is Lead Generation? Lead Generation is vital to all businesses. All companies try to attract new customers, and this is a kind of lead generation. A Look at Store Fixture Parts Products for sale need to be displayed in a manner which best presents them in the customers' eyes. For example, clothing needs to be folded on shelves, hung from racks or displayed on mannequins. Books need to be displayed in shelves, spinning racks and organized bins. Videos need shelving and racks to properly display titles. All products lend themselves to some form of acceptable display. Even if you are an innovative decorator and you want your display to be revolutionary, you'll still need some variation on the display techniques that are already being used to distinguish your product from all the others. Who Takes Your Money Your business is making profits, but where is the cash? It seems that someone has taken away your money. Your bank account is still the same, and your personal wealth is still the same. There must be someone that took your money. Based on my over 18 years of professional experience and study, there are 8 persons that take away your money without your knowing... Doomed Before You Dial? Several weeks ago, I conducted a "Mastering the Cold Call" seminar for the Printing Industries of Connecticut and Western Massachusetts. At the end of the seminar, a participant came up to me and said, "Thank you! I learned so much! I learned 'Don't Take No for an Answer.'" Another participant standing to his side exclaimed, "No! What I learned is, 'Don't Make No Your Answer!'" Stuff We Make Up About Our Prospects ? Go through the "no's" to get to "yes." The Answers (1 - 5) Are Here !!! - Challenge Yourself - Evaluate Your Selling Skills "THE ANSWERS (1 - 5) ARE HERE!!!"Question 1) List the top five most important steps in the selling process?Answer: 1. Rapport. Help me, the customer, feel comfortable with you. The more comfortable I feel the more information I provide.The more information I provide the more you understand my needs and wants.The more you understand my needs and wants the easier it will be for you to sell me.Be sincere. Nothing will turn a customer off quicker that insincerity. 2. Overview. Help me understand what we're going to do while we're together today (assume this is our initial visit). I'm looking to purchase a new roof, you're the rep for the roofing company. The overview would include the elements or the steps of the sales process.EXAMPLE: "Teri, while we are together today I'd like to better understand what's important to you when replacing your roof - such as the style, the color, as well as the budget you are looking to stay within. Next, I'll measure the roof and show you the different options and packages we have available. And, finally, I'll show you what we need to do while we're together today to get started."3. Qualifying. Using the right approach and asking specific, relevant questions in a non invasive way.EXAMPLE: "Teri, have you ever had a roof replaced? At that time what roofing company did you use? Is there a specific reason you chose not to use that company this time? How soon are you looking to have the roof replaced? Aside from yourself is there anyone else that will be involved in the decision making process? Is there a budget that you are looking to stay within? How would you be paying for the new roof?Cash, credit, or financing?, etc." 4. Presentation. Now that you've helped me feel comfortable, have identified the steps that will transpire while we're together and qualified me on areas of importance, its time to provide a presentation that would include company bio, credibility, service, product line, etc.5. Recap. This step helps pull everything together by assuring you understand my needs and wants. Also, it gives you, the salesperson, an opportunity to clear away any additional questions or concerns that I might have, touch in on the benefits and features of your products, and allows you to show me why your company would be the best choice. WHAT HAPPENED TO THE CLOSE? - CLOSING STARTED WITH HELLO!It's not about the close - it's about the qualifying. If you're following a well documented sales process and asking great qualifying questions, the close will become a formality.Question 2) Of these top five, which is the most important? Why?Answer:Qualifying. Qualifying is critical because:if you don't understand my needs or wants;if you don't understand what motivates me to buy; if you don't know who the decision makers are; if you don't know if I could afford what you have; How are you going CLOSE the sale?DON'T FRUSTRATE YOURSELF!Ask great questions and listen for the answers (objections, concerns, fears).Question 3) List the top three steps in the qualifying process?Answer: 1. Identifying the decision maker. 2. Identifying that there is a need or want. 3. Identifying affordability.Question 4) Of the top three which is most important. Why?Answer:Identifying the decision maker. Without identifying the decision maker/s you'll invest a lot of time and emotion only to find there are one or more additional people needed to move forward. Don't get caught in the trap of believing the person or people you are talking to will do a better job of selling than you can. If you're not dealing with all the decision makers you lose. And, if by some miracle you do close the sale, it will be a very lengthy selling cycle.Question 5) What is more important - qualifying or closing? Why?Answer: "If you don't know the answer to this one, WE NEED TO TALK!" Your Voice is Your Instrument On an introductory call, your voice is your instrument. During a face-to-face meeting, you have visual cues and body language available to add layers of meaning. On the telephone, you have only your voice and the words that you use. The way that you use your voice can make or break your conversation. Finding a Used Mannequin Many stores on a budget choose to buy a used mannequin. Used mannequins are a good deal for several reasons. Many stores do not see the purpose in buying new mannequins when used ones work just as well. While some used mannequins may have slight damage or need to be repainted, most of them look as good as new. Many places offer used mannequins for rent as well. Warming Up To Cold Calls Will you do just about anything, including sending out hundreds of letters, to avoid making cold calls to your potential customers/prospects? If so, you're not alone. Millions like you have started their own businesses, only to find that the thought of making calls to potential customers/prospects leaves them paralyzed with anxiety. Believe me I was one of them. For those of you who know us and have read "Who Makes It Happen", remember what I used to go through before I would get on the telephone to cold call. 3-Levels Of Successful Selling Any selling approach that lacks a proven strategy, a practiced proficiency for its application and most significantly, a full understanding of its psychological, human behavioral import ? is at best, a wishful endeavor. ?Paul Shearstone 2003 The Biggest Mistake In Selling! Some trainers and sales managers teach that there are prospects that just need a little more time in the decision-making process. They explain that a decision-maker's stall is not always a put off and they just need to think a bit more about their decision, or that they have to sell the idea to someone else. Therefore, many sales and service industry professionals accept the stall, "I've got to think about it." at face value, believing that a buyer truly has an interest in what they are selling and just needs more time to think about the benefits of the offer. However, in their hearts many sales professionals know better, but hope usually wins out in the end and they accept the stalling tactic of a prospect as truth and continue to work with them for many weeks or months in the delusion that something positive will come from their persistence. Sex Sells! An attractive woman has a decided advantage as sales representative over her male counterpart. This "selling edge" is primarily due to the existence of the "glass ceiling" found in most business organizations today. The glass ceiling (women are still arbitrarily held back from leadership positions) means that there are many more men in decision-making positions in businesses than women. Therefore, when cold calling, an attractive woman has a better chance of getting an appointment for a sales presentation, than does a man. Women are also given more attention in their presentations and less resistance up to a point, than a male sales representative or service industry professional (accountants, attorneys, consultants, bankers, etc.). This advantage has everything to do with sex and the physical appeal of a woman. It is clear to me as a sales trainer, coaching sales representatives and service industry professionals in the field, that male decision-makers often use a different part of their anatomy than their head to make their buying decisions. Know What You Are Selling As If You Were Buying It Recently I wanted a new lawn mower as we have an acre of land and we have to keep it mowed pretty regular in the spring and summer and the riding lawn mower from Wally World had fallen apart and had to have something repaired every year for the short four years we limped it through. I called my Dad and asked him what he thought was the best lawnmower for the money as you lay out a hefty amount for almost any riding lawn mower these days with very little guarantee of longevity.
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