Friday, November 16, 2007

Seeing What Sticks - The Problem With Features and Benefits

There's an old wives' tale that suggests you can tell when dinner is ready by throwing a piece of spaghetti against the wall to see if it sticks. If it sticks, it's done. If not, keep cooking. Whenever I think of 'features and benefits' selling, I think of someone throwing a whole pot of spaghetti noodles against the wall and trying to see what sticks. Stupid, right? I think so.

Dale Carnegie would say that you have features and benefits, listing all the features and benefits of your product or service in the hopes that if you say enough you'll finally hit on something of importance to your prospect and they'll scream out, "Ooh! I want that one!"

Features and benefits is the quickest way to expose yourself as an old-fashioned sales person. Does it work? About as well as throwing a whole bunch of pasta against the wall. And as an added bonus, it makes you seem smarmy and outdated.

It brings to mind the character of Gil Gunderson on 'The Simpson's' who is a hapless and nervous salesman who uses old-fashioned techniques to no avail. He sweats, he begs, he lists all the reasons why you should buy the product he's selling or the house he has listed or any number of things (he's had dozens of jobs), and he always ends up failing because it's all about Gil. It's never about his prospect or their needs.

Features and benefits doesn't work, first and foremost, because it focuses on you. You are not the one you're trying to sell. Secondly, features and benefits puts you in the perspective of continuing to ask the wrong questions.

What's the antidote to features and benefits? One word: criteria. In whatever you're doing, whether it be sales, whether it be real estate, whether you're working this in terms of relationships, or whatever you're doing, if you throw enough stuff on the wall, the old theory goes, some of it will stick. Maybe. But using by using criteria, you're laser focusing on exactly what the prospect wants and thereby significantly improving your odds and the predictability of sales.

So my new theory says, if you throw enough stuff on the wall, you've got dirty walls. Features and benefits, for the most part, are baloney, they're not effective, and they simply mark you as someone who is unskilled and unprofessional.

The exception to the rule is when the prospect knows absolutely nothing about what it is that they're there to buy from you. They've hardly ever seen or heard of the service or product, and they've come to you to ask you about buying it. Under those conditions, you might use some features and benefits, to help them to learn about the product, but even then, I'll tell you, that would be the second step, not the first step.

The first step is giving yourself the ability to target straight into their heart. Straight into their emotions, into their deepest desires. If I can speak directly to you about what it is you want, if I can talk about persuasion, and about the benefit to you of being able to master it, all of the sudden I might start having a little bit more of your attention.

Monday, November 5, 2007

The History of Daewoo Corporation - And a Little Korean Wisdom

Today business is an International Affair, that goes of little small business start-ups working out of their home to large multi-national conglomerates. If you are an entrepreneur looking to make your mark then you need to understand how the greats did it and are still doing it today. So, I would like to recommend a very good International Business Success Story and book to you:

"Every Street is Paved with Gold" by Kim Woo-Choong, Founder and Chairman of Daewoo - 1992. This work is part of the "The Fortune Magazine - Real Road to Success Series"

Daewoo was one of the greatest success stories and international corporate business triumphs in history. So, how does a poverty stricken child grow up to run a multi-national conglomerate that has 25 Billion Dollars in sales per quarter (in 1992 dollars)? He is said by many to be a genius, entrepreneurial giant, great salesman and expert deal maker, few could deny that.

In fact, my company, The Car Wash Guys, had a contract to clean all the Daewoo Automobiles entering the United States ports for 4-years. They came over by the ship loads and the automotive division was just one of the Daewoo's many enterprises, I met Kim Woo-Choong and his protégés, and indeed, deal making was their great asset. We ended up giving them a rock bottom service contract, that even some of our best customers did not have. Don't worry, we still made money, but our franchisees in charge of that contract did not get rich off of it.

Korean Wisdom, good business sense and their corporate culture made Daewoo the team to beat and they took advantage of all their markets from home electronics to heavy ship building and from aircraft components to automobile making. I am going to have to recommend this book to you if you are serious about taking your entrepreneurial enterprise all the way.

A Mentor Can Change Your Life

Building a successful business does not happen overnight. It can take years to reach the point where you achieve what you want. I know, I speak from over 30 years of business experience that took me from being very naïve in running a business to now being one of the top in my industry.

When I began my dental practice over three decades ago, there was so much I didn't know on how to run a business. Although I did well my first year in business, it was nothing compared to what was to come. A major turning point in how I viewed business and how I ran my business was when I met the man who would change my life.

A quiet and gentle man, Charlie Schaivo, entered my life. Charlie was an accountant by trade and a very specialized consultant with an expertise in dental practice acquisitions. It was during my first acquisition that I met Charlie.

Charlie was a very refined man who rarely dressed in other than a business suit, well-pressed shirt, polished shoes and hat. He continues this practice even now in his late 80's. He once jokingly told me, "Joe, I even cut my lawn in a suit." Charlie's quiet confidence, love of learning and joy for life was contagious. I liked being around him. I could listen to him for hours as he instilled his wisdom in me.

It was during this time Charlie became the main mentor in my life. Little did I realize how influential and instrumental to my success this man would be. Initially, we didn't talk about the fact he was my mentor; that aspect of our relationship simply evolved. We met once a month from 1979 to 1998. Each time we met we spoke about the month, a little bit about what we were doing in the office, and a lot about personal success, personal growth, how to sell, and how to help people.

Charlie believed wholeheartedly in goal setting. It was the foundation of much of what created his success. It was one of the greatest insights to achievement Charlie passed on to me.

The goal setting process Charlie shared with me goes beyond a haphazard resolution or one that is simply for amusement; it lays the foundation for success so many people crave.

Today, the process is a part of my success strategy. I wouldn't dream of not using it. A major aspect of what Charlie shared is that of a yearly review. The process of the yearly review is one that I have grown to anticipate with great excitement. It allows me the opportunity to reflect on what I have accomplished over the previous year and what is possible in the coming year.

The yearly review cornerstone of what I teach anyone I mentor regarding achievement, success and goal setting.

My first serious attempt at setting goals and writing them down was New Year's of 1989 or 1989. The process included some vague goals, but they were goals nonetheless.

As with most processes, the more I studied goal setting, the more I realized the need to be extremely specific. Each year since that time, without fail, I review my previous goals, evaluate where I am in comparison to where I want to be, refine my current goals and set new ones. I am now much more specific about what I want. For example, in the beginning I might write down, "Read personal growth books." Now I will write, "Read personal development books for 30 to 60 minutes a day." The difference it the results from vague goals to specific goals is astounding.

One of the main reasons people don't achieve what they want is they are not specific enough. Another is that they make a half-hearted attempt at setting goals. They may think about what they want and call that goal setting. The fact is thinking about what you want is only part of the process. There is so much more.

My goal setting process begins within the first week of the New Year. I use a goal journal for the process. A goal journal can be as simple as a blank notebook or as elaborate as a bound, leather journal.

As I end one year and begin another I review my goals from the previous year. I determine whether I have met my goal, if I need to lessen or heighten the requirement of the goal or eliminate it all together. If I met the goal, do I need to change it?

The journal allows you to see your progression in specific areas each year. Take goals on physical fitness, for example. When your goals are clearly written, you can't deny whether or not you achieved your outcome. If you didn't, you could enhance the goal. In my case, when I reviewed my physical fitness, did I need to increase my running ability, number of days for working out? When you write your goals down, you hold yourself accountable for your goals.

Take time to set goals in every area of your life, both personally and professionally. Be very clear about what you want. From there, you must write this information down. Once you write it down, you must be willing to review your goals every single day. You must also be willing to make choices around what you wrote down. As Charlie has told me many times, "You can have anything you want if you are willing to pay the price."

Saturday, November 3, 2007

Helping the Customer to Buy - The Importance of Questions in Selling

The secret of successful selling is to ask the right questions. If we do this properly, we become seen as a problem solver and the dynamic shifts from a buyer/seller relationship into that of two equal partners.We are then not selling...we are helping the customer to buy. In order to sell effectively we need to know what will make the customer buy from us. In order to do this we need to ask them...and listen wholly and exclusively to what they say. A highly effective type of question is known as an 'open' question. These are questions often prefaced with the words who, what, when, why, where or how.

These are all words that will encourage the customer to talk about their current situation and needs. If we are listening attentively then we are able to gather lots of information which can then be used to tailor our ultimate presentation, to show the customer how our product or service meets their specific and stated requirements.

Here is a sample list of some of the possible questions we could use:

'Who' questions

Who will use the product?

Who will need to be trained to use the product?

Who will be signing off the order?

'What' questions

What problem are you looking to solve?

What impact does this problem currently have on your business?

What do you look for when buying new 'widgets'?

What else...?

'When' questions

When are you looking to introduce the new 'widgets'?

When will you need delivery?

When would be the best time for the training programme to start?

'Why' questions

Why do you say that?

Why is that an issue for you?

Why do you need to change the situation right now?

Why do you think that?

'Where' questions

Where will the 'widgets' make the biggest impact?

Where will you need the delivery to go to?

Where do you get your 'widgets' from currently?

'How' questions

How can I help you solve that problem?

How quickly will you need the 'widgets'?

How would that work in practice?

How will this change the way you currently work?

A word of caution though....in order to maintain rapport with the customer it is important that we use open questions naturally and conversationally otherwise it could feel to them that they are being bombarded. Likewise,if we can link our next question to the last customer answer we are more likely to demonstrate that we have actively listened to them, understand them, and ultimately we will be more successful in matching the benefits of our proposal to what the customer is looking for. This linking of questions takes time and constant practice but is superbly effective.

Is Your Knowledge an Obstacle to Selling More?

Imagine you had the opportunity to ask Albert Einstein or Stephen Hawking what they do for a living and how they do it. Chances are, after fifteen minutes of astrophysical prattle your head would be spinning and you still wouldn't quite have the answer to your question. They are both geniuses hopelessly immersed in their fields.

When it comes to your business, you're the genius. As an independent professional or small business owner you pride yourself on your vast repository of knowledge about your services or products. You could talk for hours about your latest technique, newest gadget or industry trends. Your success is ultimately predicated on your ability and acumen. But in order to be as successful and as profitable as you want be you need to maximize your ability to sell your gadgets or contract for enough applications of your techniques and services.

If you've had some success in business you're undoubtedly doing something right. If you've found that sales have leveled off in order to reach your next level of accomplishment, however, you will likely have to try something new or take a different approach to marketing. As a successful person (or someone who aspires to be successful) a method for increasing sales is to reevaluate your marketing material and make sure that your knowledge isn't jamming the effective communication of the value you provide.

Here are some steps you can take clarify what changes you can make to your marketing to increase sales and be more profitable.

Examine Current Clients

Who are your current clients? Are they people you were already pretty much in the know about the technicalities of what you do or sell or did you have to educate them to understand how you can help them?

If you find that most of your clients were pretty savvy about how you can help them before you marketed to them there is likely opportunity for you to expand your market by reaching out to those who don't inherently understand that you can help them. What steps can you take to enlighten those who don't quite understand they can benefit from your service?

Examine Your Marketing Material, Advertisements and Websites

Often times your first contact with your prospects comes in the form of a brochure, advertisement or website. Are these tools only speaking to a fragment of your market?

Here's a quick, inexpensive way to determine whether you can increase targeted response to your marketing collateral by clarifying the results and value you provide .

Ask your friends and family who are in very different fields of work from you to review your brochures, advertisements and website. Next, ask them who your clients are and why your services or products are helpful to them. If their answers are inconsistent and unsure your marketing material may be too highbrow and is likely alienating potential clients. How can you clarify your value and communicate more effectively to a larger targeted market?

Move Your Marketing Forward™

Don't let you knowledge get in the way of making another sale. Make sure your marketing material clearly and concisely communicate who you help and the value of the help you provide and watch sales soar.

Thursday, November 1, 2007

Which of the Five Types of Trade Show Exhibits Is Right for You?

Once you have decided that your company needs a presence in an upcoming show by having a trade show exhibit, it is important to understand the ins and outs of trade show booth selection. In order for the exhibitor to choose the appropriate trade show display, it is necessary to know the distinction among the five basic types of trade show exhibits.

It is makes good sense, then, to do your homework before you select a trade show display. The trade show industry identifies exhibits as either custom, custom modular, pre-owned, portable or rental. Each trade show display type suits a specific need depending on show requirements.

The top option is the custom trade show booth which is built from scratch with exacting booth space specifications in mind such as width, height and depth. With the custom build, you can have a one- of- a kind, eye-catching trade show exhibit that incorporates new design elements, materials and AV components that enhance your company's powerful image. The custom trade show display can be the right choice when announcing a major breakthrough product or when you need to display your company's dominance in its field.

The next trade show display option is the custom modular trade show exhibit which offers the dramatic trade show exhibit imaging without the higher cost of the custom trade show display. Its highly flexible components allow you to reconfigure the design or size of your booth from one trade show to the next. The custom modular trade show booth has interchangeable components such as back walls, counters, display pedestals and exterior panels. It uses lightweight structural materials such as aluminum, Plexiglas and high-grade fabrics. The benefits of the custom modular trade show booth are its simplified assembly, space-saving packing, and lower shipment and handling costs. This type of exhibit is a good solution for the exhibitor who wants a very high quality of design yet requires size flexibility and affordability.

Another option is the pre-owned trade show display that saves your company when you face a time or budget crunch. You can cut your trade show exhibit design time and construction costs by more than half when you select a previously owned trade show booth display. Professional trade show display companies have impressive inventories of top quality pre-owned exhibits for sale or rent. They often own exhibits that their clients have formerly used. You can find numerous options depending on size, design, scope and price similar to trade show display rentals. Be sure to select an exhibit configuration that fits your booth space and then modify the graphics and structural elements to conform to your staffing, image, communications and traffic requirements.

Yet another trade show exhibit option is the portable trade show booth. It is extremely easy to install and dismantle due to its skeletal frame that has attachable laminate panels which clip together offering multiple structural styles. It is lightweight and highly portable and is able to meet a variety of trade show display configurations while offering a distinctive creative image. Accessories such as bridges, counters, alcoves and backlighting can enhance the versatility of the interchangeable portable trade show display systems. The portable trade show display system can convert from tabletop to island trade show exhibits easily. It adapts to a multitude of trade show display situations with minimal effort. The ease of transporting and assembling is the key to the portable trade show exhibit. Cost-saving portable trade show displays are an especially suitable option for the first-time exhibitor and for appearances at smaller, regional shows.

Another way to go is to rent a trade show booth rather than purchasing one. Renting can be the perfect solution for an occasional island trade show exhibit; when you need to supplement your regular trade show exhibit; when you have a trade show booth scheduling conflict; or when a simultaneous trade show appearance requires you to exhibit at more than one location at the same time.

By selecting the appropriate type of trade show booth for your next show, you will be able to establish a trade show exhibit that will convey your company's identity that fits your precise needs for any given trade show appearance. This is true wherever you have your custom trade show exhibit, custom modular exhibit, pre-owned trade show display, portable trade show booth or rental trade show exhibit-- whether at the Las Vegas Convention Center, the Moscone Center in San Francisco, the Santa Clara Convention Center or the San Jose McEnery Convention Center.

What Business Books Do You Read - Which Ones Do You Read Twice?

If you are serious about winning in business, there are things you need to know that you do not have time to learn the hard way. How do I know? Well, lets just say I learned. Now then, the other day I was going through some old business books to donate and I picked up a few and put them back into my re-read pile, not quite ready to dump them quite yet, as they are filled with some pretty common sense information.

Shall we discuss a few of these books to help you succeed in your business career? Below are three books and a quick summary with a few comments:

"Don't Compete - Tilt the Field - 300 Irreverent Lessons for Tomorrow's Business Leaders" by Lois Patler - 1999. This author also wrote the number one best seller; "If it Ain't Broke - Break It!" There were some great stories in this book from Corporate America, companies such as Boeing, Intel, Motorola, Toyota, Xerox, Mercedes, British Airways and more. The book concentrates on stories that are about Attitude, Perspective and Leadership.

Just when you think you know everything or have considered all the strategies, another idea, or tactic shows up. For those who play the game to win, they must constantly stay abreast of such information.

What books do you read, how do you think of business? Maybe you should pour some new information into your head and think some more, the game is much more complex than it appears.

"Win-Win Partnerships - Be on the Leading Edge with Synergistic Coaching" by Steven J. Stowell, PhD. and Matt M. Starcevich, PhD. - 1997. These authors have also written "The Coach - Creating Partnerships for a Competitive Edge" and "Teamwork - We Have Met the Enemy and They are Us" which of the other two, I recommend the latter.

This book; Win-Win Partnerships starts out with a little philosophy, which is needed; Life is about Learning, why partnerships make sense, getting beyond actions, relationships and what is synergy. Then it talks about synergistic partnerships, coaching and an 8-Step Coaching Model (this is a copy of their book; The Coach).

Competing with a team of teams in a net-centric way can help you hyperspace your competition. Synergy is not a buzz-word, well sometimes it is, but it need not be, you can implement a plan and execute it, with a little help from your friends, vendors, customers and even your competition. Think on this.

"The 110% Solution - Using Good Old American Know-How to Manage Your Time, Talent and Ideas" by Mark H. McCormick - 1990. The book starts with your attitude, and basic things you need if you are going to play in the championship, explaining the dedication needed and what it takes - and how to leverage your time, talents, ideas and how to develop the skills to win. Next it discusses getting the most out of the team, deal making and the 111% solution.