"I already know that" is a success killing phrase. When you tell yourself or think to yourself that you already know whatever your hearing or learning, you better think again. In my experience those words are the precursor to a humbling experience.
As a professional sales coach, some people will actually unsubscribe from my free email course. Shock of all shocks, right. It doesn't happen often, and when it does I'll sometimes get a comment about how they already know this stuff or they've heard this stuff before.
I immediately know a lot about the other person. I know that the person who just made that comment is an average or below average sales person and that they'll never be a top producer. You see top producers in sales or anything take a different approach.
Do you think Tiger Woods was born with or has developed a body so physically superior to all other humans that it makes him the best golfer in the world? I highly doubt it. What I do believe is that there are subtle differences about Tiger that make him superior: his attitude, his application of techniques, and his commitment to continuous improvement.
Sales is as old as man himself and there aren't really any new ideas. Professional sales coaching helps you to make those subtle differences in your attitude, in your application of proven techniques, and in your commitment to continuous improvement so you can get where you want to be. Coaching can help everyone, but not everyone is coachable.
Instead of telling yourself you already know something ask, "what can I learn from this that I may have overlooked in the past that will help me to get where I want to be"? As you read that if you didn't immediately experience a big difference in how you think about things read it again and again until you get it. Top producers know how to sell, but they work on the fine and subtle details that make all the difference in their results.
Friday, January 25, 2008
Overcoming the Customer's Indifference
Obstacles to sales success are everywhere and like every other business owner you have to find a way to overcome them.
Have you looked at the obstacles that are holding your business back? Frequently we find the biggest obstacles are not the obvious ones like competition from other companies in your niche but the biggest obstacle to business is actually your customer himself or at least the customers indifference.
In order to overcome customer inaction and make that sale you need to get the prospects attention and interest, you need to prompt their desire for your product, you need to get them to trust you and finally you need to get them to take action. In short you need to give your prospects the information and motivation they need to get them more likely to take action and buy the product or service.
Grab their attention and interest by talking about the problem or task they face in their own terms and language. Let them see you have been there yourself and you absolutely understand how it is to be in that position. Then tell them just how it is you can help, the options you have available and how you are ready to assist, how good your product or service is and what great results it has produced for others in the same position.
By demonstrating what their results are going to be and how much better their situation is after purchasing your product or service you stimulate desire for the product. Remember, your prospect needs to be reminded of how good things will be after they have purchased your product in order to make the decision an emotional one. Depending on your particular product or service it might be appropriate to think about giving free samples, free trials or teasers of some description you can stoke their desire to try your product even more.
If you can instill trust you will be much more likely to make the sale. Use testimonials from previous happy clients in your marketing efforts whether on your website or other advertising materials. Seeing other customers speak well of your product or service helps to instill a measure of trust and therefore overcome the natural reluctance barrier.
When it comes to a potential purchase most of us tend to procrastinate until later. By giving your prospect a compelling reason to act immediately, you can close the sale and move on to the next. There are some techniques you can try to prompt action such as a time limited offer or a bonus or discount for acting immediately which can be very effective.
So overcome the obstacle of customer indifference by remembering those key points you have to address in order to maximise your business. Grab their attention and interest, stoke their desire, gain their trust and prompt them to action.
Have you looked at the obstacles that are holding your business back? Frequently we find the biggest obstacles are not the obvious ones like competition from other companies in your niche but the biggest obstacle to business is actually your customer himself or at least the customers indifference.
In order to overcome customer inaction and make that sale you need to get the prospects attention and interest, you need to prompt their desire for your product, you need to get them to trust you and finally you need to get them to take action. In short you need to give your prospects the information and motivation they need to get them more likely to take action and buy the product or service.
Grab their attention and interest by talking about the problem or task they face in their own terms and language. Let them see you have been there yourself and you absolutely understand how it is to be in that position. Then tell them just how it is you can help, the options you have available and how you are ready to assist, how good your product or service is and what great results it has produced for others in the same position.
By demonstrating what their results are going to be and how much better their situation is after purchasing your product or service you stimulate desire for the product. Remember, your prospect needs to be reminded of how good things will be after they have purchased your product in order to make the decision an emotional one. Depending on your particular product or service it might be appropriate to think about giving free samples, free trials or teasers of some description you can stoke their desire to try your product even more.
If you can instill trust you will be much more likely to make the sale. Use testimonials from previous happy clients in your marketing efforts whether on your website or other advertising materials. Seeing other customers speak well of your product or service helps to instill a measure of trust and therefore overcome the natural reluctance barrier.
When it comes to a potential purchase most of us tend to procrastinate until later. By giving your prospect a compelling reason to act immediately, you can close the sale and move on to the next. There are some techniques you can try to prompt action such as a time limited offer or a bonus or discount for acting immediately which can be very effective.
So overcome the obstacle of customer indifference by remembering those key points you have to address in order to maximise your business. Grab their attention and interest, stoke their desire, gain their trust and prompt them to action.
Friday, January 18, 2008
Accept Credit Card Payments Online
Having your own online business saves a lot on your start up and operational costs as compared to business with a physical location. Most businesses these days accept credit cards online to expand customer base and increase sales volume. Businesses that accept credit card payments online have sales that are 50-400% more than businesses that do not accept credit card payments.
In case you decide to accept credit card payments online, you'll have a choice to apply for a traditional merchant account at any of the local bank and get accepted or you can use one of the numerous credit card processing companies that operate online and are looking for online businesses. Many of the card processing providers you can use online allow you to set up your website for accepting credit cards with no set up fees.
When you just start an online business, you are probably not ready to get any credit card processing provider that requires you process a minimum number of transactions each month. It is better to pay a slightly higher per-transaction fee than to pay a higher monthly fee in exchange for a lower per-transaction fee based on a minimum number of cards processed each month.
Benefits that you will get when you accept credit card payments online:
* Sales will increase: Credit card customers buy 2.5 times more merchandise than customers who pay cash.
*
* To attract the impulse buyer: Credit cards give the customers freedom to spend for previously unplanned merchandise.
* To move expensive merchandise: Credit card customers are often less conscious of slight price differences, and will seek out the businesses that offer credit rather than the discounter or wholesaler who does not offer credit purchases.
* Larger volume: Offering Credit Cards helps you achieve higher unit sales and extra orders.
* Steadier sales: Offering Credit cards can help smooth out the business 'ups and downs', cash shoppers tend to buy heavier only on paydays and just before holidays; credit customers buy whenever the need arises.
* Credit card issues: Of around 280 million North Americans, 150 million have Visa, 95 million have MasterCard, 40 million have Discover and 25 million have American Express. 80% of all Credit Cards are Visa and MasterCard.
Zed Miller, an expert business writer, regularly contributes his articles to various websites just to help merchants, small businesses and retail houses to expand their market base by accepting the prevailing mode of payments.
In case you decide to accept credit card payments online, you'll have a choice to apply for a traditional merchant account at any of the local bank and get accepted or you can use one of the numerous credit card processing companies that operate online and are looking for online businesses. Many of the card processing providers you can use online allow you to set up your website for accepting credit cards with no set up fees.
When you just start an online business, you are probably not ready to get any credit card processing provider that requires you process a minimum number of transactions each month. It is better to pay a slightly higher per-transaction fee than to pay a higher monthly fee in exchange for a lower per-transaction fee based on a minimum number of cards processed each month.
Benefits that you will get when you accept credit card payments online:
* Sales will increase: Credit card customers buy 2.5 times more merchandise than customers who pay cash.
*
* To attract the impulse buyer: Credit cards give the customers freedom to spend for previously unplanned merchandise.
* To move expensive merchandise: Credit card customers are often less conscious of slight price differences, and will seek out the businesses that offer credit rather than the discounter or wholesaler who does not offer credit purchases.
* Larger volume: Offering Credit Cards helps you achieve higher unit sales and extra orders.
* Steadier sales: Offering Credit cards can help smooth out the business 'ups and downs', cash shoppers tend to buy heavier only on paydays and just before holidays; credit customers buy whenever the need arises.
* Credit card issues: Of around 280 million North Americans, 150 million have Visa, 95 million have MasterCard, 40 million have Discover and 25 million have American Express. 80% of all Credit Cards are Visa and MasterCard.
Zed Miller, an expert business writer, regularly contributes his articles to various websites just to help merchants, small businesses and retail houses to expand their market base by accepting the prevailing mode of payments.
Existing Home Sales Drop
he sales of existing homes decreased in May with the median price of homes leveling out to a relatively normal rate.
Total existing home sales were down slightly by 1.2% to a seasonally-adjusted annual rate of 6.67 million units in May, according to the National Association of Realtors.
The sales were 6.6% lower than May of 2005, when sales were at the 7.14 million-unit level.
The national median price of an existing home was up by 6.0% to $230,000. Last May, the median was at $127,000.
The surplus levels of existing homes on the market increased by 5.5% to 3.60 million homes for sale. The number represents a 6.5 month supply at the current sales rate.
Existing condominium and cooperative housing sales grew 1.9% to a seasonally adjusted annual rate of 852,000 units in May. Condo and coop sales remain 6.6% under the unit pace of May 2005, when sales hit 912,000.
The median price of an existing condominium was up 1.9% at $229,300 in May, when compared to one year ago.
Single-family home sales were down 1.5% when compared to April sales, and 6.6% lower than May of 2005.
The price of the median existing single-family home was up 6.4% to $229,700 when compared to May of 2005.
Sales declined in both the Northeast and Midwest, but increased slightly in the South and West regions of the nation.
Total existing home sales were down slightly by 1.2% to a seasonally-adjusted annual rate of 6.67 million units in May, according to the National Association of Realtors.
The sales were 6.6% lower than May of 2005, when sales were at the 7.14 million-unit level.
The national median price of an existing home was up by 6.0% to $230,000. Last May, the median was at $127,000.
The surplus levels of existing homes on the market increased by 5.5% to 3.60 million homes for sale. The number represents a 6.5 month supply at the current sales rate.
Existing condominium and cooperative housing sales grew 1.9% to a seasonally adjusted annual rate of 852,000 units in May. Condo and coop sales remain 6.6% under the unit pace of May 2005, when sales hit 912,000.
The median price of an existing condominium was up 1.9% at $229,300 in May, when compared to one year ago.
Single-family home sales were down 1.5% when compared to April sales, and 6.6% lower than May of 2005.
The price of the median existing single-family home was up 6.4% to $229,700 when compared to May of 2005.
Sales declined in both the Northeast and Midwest, but increased slightly in the South and West regions of the nation.
Wednesday, January 2, 2008
Customer Focus the Primary Platform for Customer Retention
Customer focus must become the platform for success in the hotel-resort industry or for anyone in the service industry for that matter. That starts with establishing guidelines for communication and planning between management, sales, marketing and the customer service team.
A helpful tip provided by a reader suggests establishing a "Group Folder" for every sizable client that makes a reservation. This folder is basically the "Customer Profile" which provides insight for everyone on exactly how to service this particular customer. This folder contains detailed information that includes all the basics but also provides insight into the groups preferences or special needs.
Pre- arrival Planning
Face to face on cite meetings to discuss each of these group clients go a long way to maximizing service effectiveness. Being able to call guests by their name goes a long way toward customer retention. This information is shared with the entire staff. It is not treated as secret confidential information that requires a top security clearance. The purpose and intent of this folder information and meeting content is to provide world class service.
Another hint toward maximizing customer retention is to have the sales manager/booking agent personally greet the group at check-in. This personal touch provides the opportunity to build relationship equity with the group and to circumvent any issues that may occur during their stay. The old saying "Prevention is better than a cure" applies here. If you establish that personal relationship up front, any problems that may occur are less dramatic and stressful on everyone's part.
The Exit Exercise
When the group customer checks out --- that is not the end. In fact it should be considered a new beginning. An exit exercise should take place to review what went right, what may have gone wrong and what could be done to improve the group's next stay and enhance your relationship equity. A follow-up with the group representative should become standard procedure even if it only involves saying thank you one more time. However, this simple phone call can often add valuable information to your group folder that can be used not only for service improvements but may be valuable to your marketing program.
People Do Business with People
Let's face it. You are in a people business. It is extremely important that you understand what your customers consider value. You may think that lobby coffee and warm cookies are enough and your customers love them but what you think is not what is really important. What your customers think and value is the deciding factor that will determine your success and retention rate. Take the time to talk to your customers. Find out exactly what they really value during their stay with you. Build your service platform on the basic concept of fulfilling the needs that your customers highly value. That in itself will go a long way toward living up to the slogan of "World Class Service".
Don't Forget
Today's customers are savvier than ever. With the advent of the internet and the proliferation of information that is available, your customer not only knows what you know, they may know what you should know.
Your customer has investigated, inspected, explored, scrutinized and examined you and your competition long before they ever pick up the phone to call you. Many have pre-qualified you well in advance of you giving your sales pitch.
Though they are well-informed, they are still novices in the service industry when compared to your wealth of knowledge. Your customer may not have the technical knowledge that you have but they have something far more important..... They have the power to decide.
Your customer has come to expect the unexpected. Many have been conditioned to be cynical about the average experience. The mind of your customer has been trained by the likes of Starbucks, Amazon.com, E-Bay, Body Works, Krispy Kreme, Ritz Carlton, Nordstrom's, Southwest Airlines, Flowers to Go and other companies who have made it their mission to create a uniquely memorable experience for their customers. They subconsciously reason..."If I get this kind of treatment for a $4.75 cup of coffee, I should be treated like a king if I am going to invest $XXX or more for my group meeting. And you know what? They are absolutely right.
Why would you do anything different than create the optimal experience for your customer? Why would you even consider being average or just getting by with run of the mill service and products? Here's an interesting point ... write this down and put it at the front desk .... YOU are still in control!!!!! You have a lot of control over their experience, the image, their memory and the impression you leave with them whether it's a single customer wanting a one night stay, a wedding party of twenty-five or an annual convention that books out the majority of your rooms.
But, you have to manage the experience well. That's what service excellence is all about. It involves the entire experience including the after stay follow-up, treatment and many other factors. This is especially true if there was any type of problem regardless of how you handled it. You want your customer to be more than satisfied.
Create a Culture for Customer Retention
If everyone understands this, if everyone believes they are part of a customer retention culture ----your business will change. In fact, your whole culture will change. You may already know this at an intellectual level. But, do you know it at a gut level and at an emotional level? Do all of your employees know it? Are you ready to commit. To live it, breathe it? You have to live, breathe, eat, sleep and project your commitment to customer retention everyday. This is all about teamwork that old often over used word. But... in fact... that's what it all about. The only way to create memorable experiences for your customers is process, structure and the ability to work together toward common goals. Think about that ---- common goals are not automatic. Structure is about doing things in a formalized way - often times it is sequential.
It Takes Commitment
The key to everything that I have discussed thus far is commitment. Your level of dedication and commitment will determine your level of success and your level of customer retention and repeat business.
Your test will come in the process of developing memorable experiences for your customers. The memorable experiences you create for your customers should not be accidents. They are planned surprises based on your knowledge of your customer and your diligence to find out what impresses them most. It is a process that you must test, test, re-test and test again. Two quotes come to mind that sum it all up.
A helpful tip provided by a reader suggests establishing a "Group Folder" for every sizable client that makes a reservation. This folder is basically the "Customer Profile" which provides insight for everyone on exactly how to service this particular customer. This folder contains detailed information that includes all the basics but also provides insight into the groups preferences or special needs.
Pre- arrival Planning
Face to face on cite meetings to discuss each of these group clients go a long way to maximizing service effectiveness. Being able to call guests by their name goes a long way toward customer retention. This information is shared with the entire staff. It is not treated as secret confidential information that requires a top security clearance. The purpose and intent of this folder information and meeting content is to provide world class service.
Another hint toward maximizing customer retention is to have the sales manager/booking agent personally greet the group at check-in. This personal touch provides the opportunity to build relationship equity with the group and to circumvent any issues that may occur during their stay. The old saying "Prevention is better than a cure" applies here. If you establish that personal relationship up front, any problems that may occur are less dramatic and stressful on everyone's part.
The Exit Exercise
When the group customer checks out --- that is not the end. In fact it should be considered a new beginning. An exit exercise should take place to review what went right, what may have gone wrong and what could be done to improve the group's next stay and enhance your relationship equity. A follow-up with the group representative should become standard procedure even if it only involves saying thank you one more time. However, this simple phone call can often add valuable information to your group folder that can be used not only for service improvements but may be valuable to your marketing program.
People Do Business with People
Let's face it. You are in a people business. It is extremely important that you understand what your customers consider value. You may think that lobby coffee and warm cookies are enough and your customers love them but what you think is not what is really important. What your customers think and value is the deciding factor that will determine your success and retention rate. Take the time to talk to your customers. Find out exactly what they really value during their stay with you. Build your service platform on the basic concept of fulfilling the needs that your customers highly value. That in itself will go a long way toward living up to the slogan of "World Class Service".
Don't Forget
Today's customers are savvier than ever. With the advent of the internet and the proliferation of information that is available, your customer not only knows what you know, they may know what you should know.
Your customer has investigated, inspected, explored, scrutinized and examined you and your competition long before they ever pick up the phone to call you. Many have pre-qualified you well in advance of you giving your sales pitch.
Though they are well-informed, they are still novices in the service industry when compared to your wealth of knowledge. Your customer may not have the technical knowledge that you have but they have something far more important..... They have the power to decide.
Your customer has come to expect the unexpected. Many have been conditioned to be cynical about the average experience. The mind of your customer has been trained by the likes of Starbucks, Amazon.com, E-Bay, Body Works, Krispy Kreme, Ritz Carlton, Nordstrom's, Southwest Airlines, Flowers to Go and other companies who have made it their mission to create a uniquely memorable experience for their customers. They subconsciously reason..."If I get this kind of treatment for a $4.75 cup of coffee, I should be treated like a king if I am going to invest $XXX or more for my group meeting. And you know what? They are absolutely right.
Why would you do anything different than create the optimal experience for your customer? Why would you even consider being average or just getting by with run of the mill service and products? Here's an interesting point ... write this down and put it at the front desk .... YOU are still in control!!!!! You have a lot of control over their experience, the image, their memory and the impression you leave with them whether it's a single customer wanting a one night stay, a wedding party of twenty-five or an annual convention that books out the majority of your rooms.
But, you have to manage the experience well. That's what service excellence is all about. It involves the entire experience including the after stay follow-up, treatment and many other factors. This is especially true if there was any type of problem regardless of how you handled it. You want your customer to be more than satisfied.
Create a Culture for Customer Retention
If everyone understands this, if everyone believes they are part of a customer retention culture ----your business will change. In fact, your whole culture will change. You may already know this at an intellectual level. But, do you know it at a gut level and at an emotional level? Do all of your employees know it? Are you ready to commit. To live it, breathe it? You have to live, breathe, eat, sleep and project your commitment to customer retention everyday. This is all about teamwork that old often over used word. But... in fact... that's what it all about. The only way to create memorable experiences for your customers is process, structure and the ability to work together toward common goals. Think about that ---- common goals are not automatic. Structure is about doing things in a formalized way - often times it is sequential.
It Takes Commitment
The key to everything that I have discussed thus far is commitment. Your level of dedication and commitment will determine your level of success and your level of customer retention and repeat business.
Your test will come in the process of developing memorable experiences for your customers. The memorable experiences you create for your customers should not be accidents. They are planned surprises based on your knowledge of your customer and your diligence to find out what impresses them most. It is a process that you must test, test, re-test and test again. Two quotes come to mind that sum it all up.
Wednesday, December 19, 2007
How To Become a Better Salesman
There are many things which make up a good salesman: you need to be able to talk to people, you need to have confidence, you have to be persuasive, and you must know your business. But there is one aspect to becoming a better salesman that nearly all the teaching manuals and books miss. This is a shame since it's probably the most important quality a person needs to become a great salesman and it has little to do with anything you say to a customer.
It has to do only with you.
The quality I'm referring to is being able to hear this word over and over again: "NO!"
You must be scratching your head and wondering what on earth I'm talking about, but trust me that this is important. You see, even great salesmen fail more often than they succeed. In fact, the acceptable statistics for salemen are that even if you're good, you only have about a 10% success rate. This means that you only make 1 sell for each 10 people you approach; 1 Yes for every 9 No's.
Most people simply get discouraged by these frequent rejections, lose heart and confidence which lowers their selling abilities even further. If you wish to be a better salesman, you need to break free of this notion and to learn to take these No's in the right way.
Here's the way to think about it: For each 10 people you only make 1 sale, right? So instead of thinking of the 9 rejections as failures, which can easily lead to demoralization, think about each of them as a 10% success. I mean, for each person you talk to you make 10% of a complete sale since 1 person in 10 will end up buying. When you think about it this way, you have no problem of hearing the occasional NO which will lead to increased confidence and in turn bigger selling success.
It has to do only with you.
The quality I'm referring to is being able to hear this word over and over again: "NO!"
You must be scratching your head and wondering what on earth I'm talking about, but trust me that this is important. You see, even great salesmen fail more often than they succeed. In fact, the acceptable statistics for salemen are that even if you're good, you only have about a 10% success rate. This means that you only make 1 sell for each 10 people you approach; 1 Yes for every 9 No's.
Most people simply get discouraged by these frequent rejections, lose heart and confidence which lowers their selling abilities even further. If you wish to be a better salesman, you need to break free of this notion and to learn to take these No's in the right way.
Here's the way to think about it: For each 10 people you only make 1 sale, right? So instead of thinking of the 9 rejections as failures, which can easily lead to demoralization, think about each of them as a 10% success. I mean, for each person you talk to you make 10% of a complete sale since 1 person in 10 will end up buying. When you think about it this way, you have no problem of hearing the occasional NO which will lead to increased confidence and in turn bigger selling success.
Mining for Those Golden Prospects Should Come Easy to Financial Advisors
Prospecting is necessary since the purpose of business is to attract and maintain customers. (Source - Peter Drucker) Many professional sales people including small business owners find prospecting difficult.
In today's world, there are 3 significant investments - house (property), car (transportation) and retirement. As a financial advisor, you have far more golden opportunities to increase sales than many others who seek to sell their products or services.
If you are a financial advisor, you should be able to mine for those golden prospects much easier because:
* More people have a need for financial security
* Less people understand what they need to do
* Very few people know how to do what they need to do
How you mine for prospects can be as simple as asking for referrals, joining a formal networking group or holding seminars that can further educate the need of your prospects. The goal is to build an authentic relationship of mutual trust from which you then have the opportunity to discover additional wants and needs of your prospect.
With so many financial advisors saying the same thing about protecting your money to growing your wealth, you must also use these opportunities to further separate yourself from the other financial advisors. I call this being the red jacket in the sea of gray suits.
Another way to prospect is to focus on a niche market such as:
* New married couples
* Families with children in middle school
* Couples without children
* Early retirement (forced attrition) workers
* Widows
* Widowers
* Business owners looking into succession planning
* Recent college graduates
Once your niche market is identified then you need to create a plan and then execute or operationalize your goals within that plan. All of your prospecting (marketing) activities should then be directed to achieving those goals. By taking these actions, you will be mining a lot more golden prospects and potentially not working nearly as hard to increase sales.
In today's world, there are 3 significant investments - house (property), car (transportation) and retirement. As a financial advisor, you have far more golden opportunities to increase sales than many others who seek to sell their products or services.
If you are a financial advisor, you should be able to mine for those golden prospects much easier because:
* More people have a need for financial security
* Less people understand what they need to do
* Very few people know how to do what they need to do
How you mine for prospects can be as simple as asking for referrals, joining a formal networking group or holding seminars that can further educate the need of your prospects. The goal is to build an authentic relationship of mutual trust from which you then have the opportunity to discover additional wants and needs of your prospect.
With so many financial advisors saying the same thing about protecting your money to growing your wealth, you must also use these opportunities to further separate yourself from the other financial advisors. I call this being the red jacket in the sea of gray suits.
Another way to prospect is to focus on a niche market such as:
* New married couples
* Families with children in middle school
* Couples without children
* Early retirement (forced attrition) workers
* Widows
* Widowers
* Business owners looking into succession planning
* Recent college graduates
Once your niche market is identified then you need to create a plan and then execute or operationalize your goals within that plan. All of your prospecting (marketing) activities should then be directed to achieving those goals. By taking these actions, you will be mining a lot more golden prospects and potentially not working nearly as hard to increase sales.
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