One of the biggest mistakes poor salespeople make is they lose control of the sales process. There are many ways they accomplish this feat, here are a few for your consideration:
1-They quote price just because the prospect has asked (before they have had a chance to build value.
2- They don’t ask enough questions early in the sales process, they just ramble on.
3- They send out literature when asked, without first qualifying the prospect.
4- They deliver proposals to the prospects door and wait for their answer, to buy or not to buy, that is the question.
5- They fail to set appointments that are convenient to them and always bow to the customer.
6- They lug equipment to demonstrate in the prospect’s office rather than getting the prospect to visit their office.
7- They don’t get deposits and hope the prospect will pay someday.
8- They leave –will calls- when telephoning a prospect.
I could go on but I am sure you get my drift.
Control is one of the key elements for success in sales. Successful salespeople understand that control is not manipulation but is in the ultimate best interests of the prospect or client.
I will bet you have a prospect right now as you are reading this where you have lost control. You are waiting for them to respond to your offer, appeal or whatever. I know because I teach this stuff and I am guilty from time to time of making the same mistake. How do you get and keep control? It is simple but not easy.
The best time to get control of the sales process with a new prospect is in the early stages of the relationship. It is very difficult, if not impossible to get it back later if you didn’t get it early. One of the best strategies is to get information before you give it. Questions always come before your presentation, pricing, literature etc.
Tuesday, December 12, 2006
Monday, December 11, 2006
Don't Overcome Objections - Sell Value
Sales resistance is a function of several things in the sales process. Some of them are:
1. Poor prospect qualification.
2. Poor timing.
3. Hidden agendas on the part of the prospect.
4. Lack of trust.
5. Lack of respect.
6. Lack of understanding by the prospect in some aspect of
your sales message.
7. Lack of acceptance of your sales message.
When a prospect gives you sales objections or sales resistance one of the above issues is usually the case. However, they might not tell you their real reason. There is what I call in the sales process a truth line. Prospects often tell you what is above the line hiding the real truth below the line. For example. The prospect says, the price is too high.” What else could they really be saying? What is below the truth line. “I don’t have the money or credit. You haven’t convinced me it is worth the price you are asking (perceived value). I don’t have the authority to make a decision , but I don’t want to admit that. So you see there is more to sales resistance than meets the eye. One technique I have used when I get sales resistance is to ask the prospect a question when I get any type of objection. “In addition to that is there anything else that would get in the way of our doing business together.”
The rationale for this question is: I am accepting their objection as real for them. I am not challenging it. But, I am asking what else is there? If there is nothing else they will either admit that there isn’t or make one up. In either case I am further below the truth line. If they admit there isn’t I am now closer to closing the sale presuming I can effectively deal with this issue.
The key to disarming sales resistance is to identify early in the process what the potential areas of concern are and then weaving the answers into the sales process.
You can effectively answer sales objections all day long and still not close the sale if you are not dealing with the real issues.
Why people challenge price.
Prospects, customers want several things from their suppliers. Fair price, quality products and services and timely service. (not in order of their preference) Surveys that have been done of consumers say that most consumers want: Timely and responsive service first, quality products and services second and low price third. For over 20 years I have surveyed my sales audiences and asked them what they think is most important to consumers and the results have been consistent: Low price, quality and service last. We seem to have a difference in perception here.
There are three elements that must be understood by salespeople if they are going to effectively deal with the price issue. First there is price. That is what people pay for what they buy. Second is cost. That is what they pay for what they buy, over time. And then there is perceived value. That is what they want for the money they pay.
Most consumers tell salespeople that what they want is low price when what they really want is low cost. Now I know that many of you will take issue with this statement but I only ask that you consider for a moment what you as a consumer want. Do you want the cheapest or that which solves your problem or answers your need or desire?
Most prospects or customers want their problems solved. They know that you get what you pay for and that the distaste of poor quality lasts far longer than the sweetness of low price.
People object to price when they feel that what you are asking them to pay is higher than their perceived value. Most poor salespeople when they get price resistance, lower the price. Most of the time it is not a price or cost issue but one of too low perceived value. How do you raise perceived value? Find out what is preventing your prospect or customer from getting a good nights sleep and show them how your product or service will satisfy this need or want or even better exceed their expectations for value, and I guarantee you price will be secondary. Not, cost, but price.
1. Poor prospect qualification.
2. Poor timing.
3. Hidden agendas on the part of the prospect.
4. Lack of trust.
5. Lack of respect.
6. Lack of understanding by the prospect in some aspect of
your sales message.
7. Lack of acceptance of your sales message.
When a prospect gives you sales objections or sales resistance one of the above issues is usually the case. However, they might not tell you their real reason. There is what I call in the sales process a truth line. Prospects often tell you what is above the line hiding the real truth below the line. For example. The prospect says, the price is too high.” What else could they really be saying? What is below the truth line. “I don’t have the money or credit. You haven’t convinced me it is worth the price you are asking (perceived value). I don’t have the authority to make a decision , but I don’t want to admit that. So you see there is more to sales resistance than meets the eye. One technique I have used when I get sales resistance is to ask the prospect a question when I get any type of objection. “In addition to that is there anything else that would get in the way of our doing business together.”
The rationale for this question is: I am accepting their objection as real for them. I am not challenging it. But, I am asking what else is there? If there is nothing else they will either admit that there isn’t or make one up. In either case I am further below the truth line. If they admit there isn’t I am now closer to closing the sale presuming I can effectively deal with this issue.
The key to disarming sales resistance is to identify early in the process what the potential areas of concern are and then weaving the answers into the sales process.
You can effectively answer sales objections all day long and still not close the sale if you are not dealing with the real issues.
Why people challenge price.
Prospects, customers want several things from their suppliers. Fair price, quality products and services and timely service. (not in order of their preference) Surveys that have been done of consumers say that most consumers want: Timely and responsive service first, quality products and services second and low price third. For over 20 years I have surveyed my sales audiences and asked them what they think is most important to consumers and the results have been consistent: Low price, quality and service last. We seem to have a difference in perception here.
There are three elements that must be understood by salespeople if they are going to effectively deal with the price issue. First there is price. That is what people pay for what they buy. Second is cost. That is what they pay for what they buy, over time. And then there is perceived value. That is what they want for the money they pay.
Most consumers tell salespeople that what they want is low price when what they really want is low cost. Now I know that many of you will take issue with this statement but I only ask that you consider for a moment what you as a consumer want. Do you want the cheapest or that which solves your problem or answers your need or desire?
Most prospects or customers want their problems solved. They know that you get what you pay for and that the distaste of poor quality lasts far longer than the sweetness of low price.
People object to price when they feel that what you are asking them to pay is higher than their perceived value. Most poor salespeople when they get price resistance, lower the price. Most of the time it is not a price or cost issue but one of too low perceived value. How do you raise perceived value? Find out what is preventing your prospect or customer from getting a good nights sleep and show them how your product or service will satisfy this need or want or even better exceed their expectations for value, and I guarantee you price will be secondary. Not, cost, but price.
Sunday, December 10, 2006
Real Estate Marketing Strategies: Hate to Make Cold Calls? 5 Tips to Make it Easier
Have you often avoided making those “dreaded cold calls?” Do you dream of how much better your business could be but just can’t bring yourself to pick up the phone?
You’re not alone. In the 10 years that I have specialized in coaching real estate agents, I have noticed the same avoidant patterns in each of my clients. This article gives you 5 tips to make it easier.
Tip 1: Change the name
I’m not kidding. Do the words “cold calls” send a chill up your spine? It’s no wonder . Whoever created that term didn’t know what they were doing. So, change the term, because it’s inaccurate. First of all, many of the people you’ll be calling are leads. Second, why would you you think cold? Are you cold? Is the receiver of the call cold? Not likely if you’re living in a human body.
So maybe I’m exaggerating a bit, but the point is, call it something different, call it what it is, “direct response calls”. My clients do much better when they realize they are making direct response calls.
Tip 2: Be in the right mindset
Are you calling to sell something? If so, put down the phone and start again. No, you are actually calling to give something and that is your time and expertise. Would you be scared if you had a gift you wanted to give someone? Unlikely. In the same way, be in the mindset that you have a gift and you are it.
Why is this so? Well, think about the fact that you have something to offer. You know much more about real estate than Ms. Jane Doe. So if you call to let her know what properties have sold in her area, that is valuable information. Likewise, if you want to offer her a Free Comparative Market Analysis. That’s a gift of your time , energy and expertise. You should be proud to offer that . Guess what? If you are proud to offer that , she’ll most likely feel appreciative of the offer. Our energy and mindset is transferred to our prospective clients.
Tip 3: Use a permission based approach
For example, when I do direct response calls, the conversation goes something like this, “My name is Maya Bailey and I work with real estate agents who want to double their income. If you’d like to take 30 seconds , I’ll be happy to tell you what I do.” Notice that I didn’t barrel my way through. I said as little as possible until I got their permission to continue.
Use this script as a template to make your own direct response calls. For example,” My name is ____________ and I’m your local real estate consultant . I have some news about the value of properties in our neighborhood. If you’d like to take 30 seconds, I’ll be happy to…..” Is this getting more clear? The latest trend in marketing is permission based marketing.
Tip 4: Get excited about the relationships you’ll make
If you approach this in a permission based way, people will be much more open and friendly to you. Instead of focusing on the occasional rude person at the other end of the line, focus instead on what you want.
Most likely what you want is to make some connections with a person , in which you can follow up , convert them in prospective clients and then convert them into transactions. Let yourself feel how good it’s going to feel to close those deals. Pat yourself on the back because it all started with the courage it took to make direct response calls.
You’re not alone. In the 10 years that I have specialized in coaching real estate agents, I have noticed the same avoidant patterns in each of my clients. This article gives you 5 tips to make it easier.
Tip 1: Change the name
I’m not kidding. Do the words “cold calls” send a chill up your spine? It’s no wonder . Whoever created that term didn’t know what they were doing. So, change the term, because it’s inaccurate. First of all, many of the people you’ll be calling are leads. Second, why would you you think cold? Are you cold? Is the receiver of the call cold? Not likely if you’re living in a human body.
So maybe I’m exaggerating a bit, but the point is, call it something different, call it what it is, “direct response calls”. My clients do much better when they realize they are making direct response calls.
Tip 2: Be in the right mindset
Are you calling to sell something? If so, put down the phone and start again. No, you are actually calling to give something and that is your time and expertise. Would you be scared if you had a gift you wanted to give someone? Unlikely. In the same way, be in the mindset that you have a gift and you are it.
Why is this so? Well, think about the fact that you have something to offer. You know much more about real estate than Ms. Jane Doe. So if you call to let her know what properties have sold in her area, that is valuable information. Likewise, if you want to offer her a Free Comparative Market Analysis. That’s a gift of your time , energy and expertise. You should be proud to offer that . Guess what? If you are proud to offer that , she’ll most likely feel appreciative of the offer. Our energy and mindset is transferred to our prospective clients.
Tip 3: Use a permission based approach
For example, when I do direct response calls, the conversation goes something like this, “My name is Maya Bailey and I work with real estate agents who want to double their income. If you’d like to take 30 seconds , I’ll be happy to tell you what I do.” Notice that I didn’t barrel my way through. I said as little as possible until I got their permission to continue.
Use this script as a template to make your own direct response calls. For example,” My name is ____________ and I’m your local real estate consultant . I have some news about the value of properties in our neighborhood. If you’d like to take 30 seconds, I’ll be happy to…..” Is this getting more clear? The latest trend in marketing is permission based marketing.
Tip 4: Get excited about the relationships you’ll make
If you approach this in a permission based way, people will be much more open and friendly to you. Instead of focusing on the occasional rude person at the other end of the line, focus instead on what you want.
Most likely what you want is to make some connections with a person , in which you can follow up , convert them in prospective clients and then convert them into transactions. Let yourself feel how good it’s going to feel to close those deals. Pat yourself on the back because it all started with the courage it took to make direct response calls.
Saturday, December 9, 2006
How Many Times Have You Heard . . .
In 2006 I heard 58 times from prospects – “It’s not in the budget, that’s more than we had planned to spend, maybe next year we’ll have more available cash, we need to do it but can’t afford it at this time but keep in touch, get back to us next year - whatever,” or something similar. Ever heard any of these? Well, if you have been selling for more than twenty minutes I’ll guarantee you have heard something similar until you are blue in the face.
Here’s the problem from my perspective. What I am offering (selling) is a solution to these circumstances or conditions. What I provide is sure-fire techniques, ideas, concepts and solutions that will improve sales performance, income, margins and results that will solve this problem of a shortage of cash – or sales.
Believe me, either I am really lousy at selling or this is just a lame excuse to maintain the status quo.
If you offer solutions to your prospect’s problems, needs or circumstances that will improve their business or their personal life in some vital or important way and they tell you they can’t afford it – I ask you – what else could they be saying other than – we are really happy the way things are! We don’t want to change our state of affairs!
Or, could they be saying that you just haven’t convinced me that what you are offering will really do what you say it can or will do?
I have to believe that out of the 58 times I heard this reason for inaction last year at least some of them (I would like to think all of them but I have a lot to learn too) were just techniques used to get rid of me. Boy, does this really hurt when all I have in mind is their best interests at heart. Sure, we all make money when we sell, but I am sure you have figured out that the money you earn just comes and goes.
If you don’t get a certain degree of personal satisfaction and pleasure out of helping others, I urge you to seriously consider another career other than selling.
So, why don’t prospects just tell you and I that we just haven’t done a good job of selling or creating perceived value for them? Why the need to be illusive and give us some lame excuse for not buying? Why can’t they just say, “You are not any good at this selling stuff. Or, “We have bigger problems than the one you product or service will solve.” I don’t really care. Why do people feel they can’t just tell the truth? Are they trying to avoid hurting our feelings? Are they just lying and don’t want us to know? Who knows!
What I do know is that two things are going to happen.
First -They are not going to solve their problems or improve their circumstances or conditions unless they take corrective action. I don’t mean to imply here that there are not other sales training programs out there that are not as good or even better (Although unlikely) than mine. I love the line, “Expecting different or better results from repeated or not improved behavior is a mild form of insanity.” If you have heard this line before you may have noticed I took a little license with it. Delaying this corrective action only says that, “It’s not a problem or we have bigger problems to deal with.”
Here’s the problem from my perspective. What I am offering (selling) is a solution to these circumstances or conditions. What I provide is sure-fire techniques, ideas, concepts and solutions that will improve sales performance, income, margins and results that will solve this problem of a shortage of cash – or sales.
Believe me, either I am really lousy at selling or this is just a lame excuse to maintain the status quo.
If you offer solutions to your prospect’s problems, needs or circumstances that will improve their business or their personal life in some vital or important way and they tell you they can’t afford it – I ask you – what else could they be saying other than – we are really happy the way things are! We don’t want to change our state of affairs!
Or, could they be saying that you just haven’t convinced me that what you are offering will really do what you say it can or will do?
I have to believe that out of the 58 times I heard this reason for inaction last year at least some of them (I would like to think all of them but I have a lot to learn too) were just techniques used to get rid of me. Boy, does this really hurt when all I have in mind is their best interests at heart. Sure, we all make money when we sell, but I am sure you have figured out that the money you earn just comes and goes.
If you don’t get a certain degree of personal satisfaction and pleasure out of helping others, I urge you to seriously consider another career other than selling.
So, why don’t prospects just tell you and I that we just haven’t done a good job of selling or creating perceived value for them? Why the need to be illusive and give us some lame excuse for not buying? Why can’t they just say, “You are not any good at this selling stuff. Or, “We have bigger problems than the one you product or service will solve.” I don’t really care. Why do people feel they can’t just tell the truth? Are they trying to avoid hurting our feelings? Are they just lying and don’t want us to know? Who knows!
What I do know is that two things are going to happen.
First -They are not going to solve their problems or improve their circumstances or conditions unless they take corrective action. I don’t mean to imply here that there are not other sales training programs out there that are not as good or even better (Although unlikely) than mine. I love the line, “Expecting different or better results from repeated or not improved behavior is a mild form of insanity.” If you have heard this line before you may have noticed I took a little license with it. Delaying this corrective action only says that, “It’s not a problem or we have bigger problems to deal with.”
Friday, December 8, 2006
Sales Networking - How To Research Potential Contacts
I truly believe that every individual in the whole world is potentially only five or six contact steps away. This ‘five or six degrees of separation’ shows that even an entire population of over five billion people is still highly accessible.
However, for practical purposes, we don’t necessarily want or need to meet millions, or even thousands of people in different organisations, age groups, religions, professions, culture or places. We are just looking to develop a network that will eventually provide us with additional business.
Ideally therefore, we need some kind of filtering or research system that will help us to build a set of relationships of high quality, or a strong network that can find people and resources both efficiently and effectively.
First Steps
The first step in the filtering process is to establish what sort of contacts or relationships you think may be of value or benefit to you (or the organisation of which you are a part). This is not to run counter to the idea that networking is primarily about giving, but suggests that some relationships are clearly more valuable in the long-term for both sides, given careful thought in the first place. Only you can determine this ‘value’.
You may already know, or be close to, someone very powerful or influential but gain no benefit from association. On the other hand, you may find someone in the street where you live who can bring you great benefit if you build a relationship with them. You just need to know what you’d like to achieve in order to make reasonable assessment.
Networking Pyramid
When you start to network more widely, you quickly realise that there is a pyramid, or hierarchy of depth or quality in all of your potential relationships.
However, for practical purposes, we don’t necessarily want or need to meet millions, or even thousands of people in different organisations, age groups, religions, professions, culture or places. We are just looking to develop a network that will eventually provide us with additional business.
Ideally therefore, we need some kind of filtering or research system that will help us to build a set of relationships of high quality, or a strong network that can find people and resources both efficiently and effectively.
First Steps
The first step in the filtering process is to establish what sort of contacts or relationships you think may be of value or benefit to you (or the organisation of which you are a part). This is not to run counter to the idea that networking is primarily about giving, but suggests that some relationships are clearly more valuable in the long-term for both sides, given careful thought in the first place. Only you can determine this ‘value’.
You may already know, or be close to, someone very powerful or influential but gain no benefit from association. On the other hand, you may find someone in the street where you live who can bring you great benefit if you build a relationship with them. You just need to know what you’d like to achieve in order to make reasonable assessment.
Networking Pyramid
When you start to network more widely, you quickly realise that there is a pyramid, or hierarchy of depth or quality in all of your potential relationships.
Thursday, December 7, 2006
How To Create A Sales Network Map
There is ultimately no better way to start networking than to try it for real. The easiest way to do this to commence with the clients you already have, rather than to find new ones.
One highly beneficial task you can undertake at the outset is to map or chart your contacts. This mapping can be done in a number of ways.
Network Mapping Methods:
• Write a manual list of who you know and what they do
• Build an electronic database of contacts
• Keep a journal or diary of who you meet, where and when
• Draw (and keep updating) a contacts map
Mapping Your Network
Whilst you may eventually choose to adopt two, three or all of these methods, in the early stages it is the last of these options that is often the most helpful and potentially revealing.
A network map is simply drawn (using squares or circles). You start by putting your name in the centre of the page in a circle and commence drawing connecting lines to people you know, before drawing connecting lines from these people to others that they know.
One highly beneficial task you can undertake at the outset is to map or chart your contacts. This mapping can be done in a number of ways.
Network Mapping Methods:
• Write a manual list of who you know and what they do
• Build an electronic database of contacts
• Keep a journal or diary of who you meet, where and when
• Draw (and keep updating) a contacts map
Mapping Your Network
Whilst you may eventually choose to adopt two, three or all of these methods, in the early stages it is the last of these options that is often the most helpful and potentially revealing.
A network map is simply drawn (using squares or circles). You start by putting your name in the centre of the page in a circle and commence drawing connecting lines to people you know, before drawing connecting lines from these people to others that they know.
Wednesday, December 6, 2006
The Nature Of Sales Networking
Networking effectiveness starts with a positive personal attitude and an understanding that successful networking is built on a spirit of giving and sharing and not of bargaining and keeping score.
Armed with this knowledge, we can now look at how the process of good sales networking actually works in practice.
The first thing to realise about networking is that everyone you meet is a useful prospective network contact. This seemingly simple fact is often overlooked, as people engage in their own private screening process before they will talk to anyone.
There is obviously a line to be drawn between talking to anyone and everyone in the street and talking to almost no one. However, if you want to network more and to do so successfully, there are many situations that qualify as “the right opportunity”.
Taking An Interest in Anybody & Everybody
It is often the case that we don’t really know very much about even close people around us (let alone distant contacts). Even if we do know a little, we are less likely to know how far or deep their skill, knowledge or resources extend. If this is true of your knowledge of others, how much do they really know about you?
Herein lays the basic secret of networking success:
• You have to become interested in anybody and everybody
• You have to share more about yourself than you may have done in the past
It is out this mutual exchange of knowledge that network contacts will connect and start to offer support, help, advice, favours, referrals and other benefits on a regular basis.
Core Processes
Developing a conscious understanding of this giving and sharing strategy can take some time and some practice.
In her book ‘How to master networking’, Robyn Henderson calls this process earning the right to ask a favour of another person, or giving without hooks. Both of these statements imply two processes that operate pretty much at the same time (and neither of them necessarily out first reaction).
Armed with this knowledge, we can now look at how the process of good sales networking actually works in practice.
The first thing to realise about networking is that everyone you meet is a useful prospective network contact. This seemingly simple fact is often overlooked, as people engage in their own private screening process before they will talk to anyone.
There is obviously a line to be drawn between talking to anyone and everyone in the street and talking to almost no one. However, if you want to network more and to do so successfully, there are many situations that qualify as “the right opportunity”.
Taking An Interest in Anybody & Everybody
It is often the case that we don’t really know very much about even close people around us (let alone distant contacts). Even if we do know a little, we are less likely to know how far or deep their skill, knowledge or resources extend. If this is true of your knowledge of others, how much do they really know about you?
Herein lays the basic secret of networking success:
• You have to become interested in anybody and everybody
• You have to share more about yourself than you may have done in the past
It is out this mutual exchange of knowledge that network contacts will connect and start to offer support, help, advice, favours, referrals and other benefits on a regular basis.
Core Processes
Developing a conscious understanding of this giving and sharing strategy can take some time and some practice.
In her book ‘How to master networking’, Robyn Henderson calls this process earning the right to ask a favour of another person, or giving without hooks. Both of these statements imply two processes that operate pretty much at the same time (and neither of them necessarily out first reaction).
Subscribe to:
Posts (Atom)
Posts
