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Is Sales Training Right for You?

Saturday, February 18th, 2012

You Have Additional Resources to Help You with Your Marketing and Sales Efforts

The first question to answer is, “What is the Return on the Investment of my Time and Effort, and the Money I am spending now?”   You can determine this by adding up the hours you spend on marketing and sales,  multiply those total hours by a fair hourly rate for your professional time (based on what you could charge for your time if you were spending the same amount of hours delivering your product or service) and then add to that the hard dollars you are spending now on whatever it is that you are doing.  Add up this Total Investment $$.

Then divide your Current Gross Sales by Total Investment $$ and you will get your Revenue Per Dollar.

How, the ONLY reason you might want to consider Sales Training is to INCREASE this number.

No one is giving you money. You and your family eat from the results you get. This is all about the ROI on YOU.

You can Increase this in two ways.  Get Higher Gross Sales, or Lower the Total Investment $$, or get a Big Hit by doing both at the same time.

Which type of Sales Training will give you the Biggest Hit?

Some Sales Tools focus on one or the other.  Sales Training Classes focus on helping you Close an Interested Prospect.  They assume you have an Interested Prospect to sit down in front of.

CRM and Marketing Automation focus on cutting costs.  They may or may not have an impact on the number of highly qualified leads that you sit down in front of.

Another type of sales training is Sales Process Training that both INCREAESES your sales while at the same time CUTTING YOUR COSTS to get those sales.

You must also consider what resources you have, even as a small company.  You have your Time and Effort and Monthly Marketing Budget (no matter how small) as the Foundation Layer.  Then one level up, you have Your Best Sales Message and the Best Media to Deliver that Best Message as resources.

Whatever you do, you must align the sequential elements of the RES Lead Generation Equation:

Line up The Best Message to the Best Person in the Best Target using the Best Media in the Best Sequence.

This is the KEY to getting a GOOSE THAT LAYS A GOLDEN EGG.

The more you line up each element of the Equation – the higher your overall yield, thus the higher your overall sales for the time, effort, and hard dollars you put in.

Now, you can operate off an Inverted Sales Growth Pyramid.  You start with a low cost technique that will get you some initial results.

You reinvest some of that early revenue into a higher yielding, higher cost technique that still follows the RES Lead Generation Equation.

As you go up the Pyramid, now you have even more revenue to enhance your best performing technique, and to add new ones.

When you are comparing Sales Training systems, which one can offer you a variety of techniques that give you the option to choose the cost/yield variable?

 

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Revenue Enhancement Strategies was invited by the White House to participate in the “Startup America: Reducing Barriers” Workshop to be held in Pittsburgh at Chatham University.The White House

Dear Startup America: Reducing Barriers Participant,

Your company has been selected for this important event.  The Startup America: Reducing Barriers event is a regional platform that allows federal agencies to hear directly, from entrepreneurs and local leaders like you, on how we can achieve our goal of reducing the barriers faced by America’s entrepreneurs. Senior Obama administration officials need input on what changes are needed to build a more supportive environment for entrepreneurship.

I will report back to you on the items that were discussed and some of the solutions that were presented.

I will report that Uncertainty is keeping most small businesses from moving forward.  The declines of the dollar, high fuel prices, both are causing inflation which impacts profits.  Recommended Solution – Cut Federal Spending in Areas where waste and fraud are known to be high,  do not raise taxes,  redo the Health Plan so business owners know what kind of cost adding new employees will be after the year it takes to train them to be productive.  Allow drilling on our own lands, with appropriate supervision and technology to protect the natural resources.

Do you have any comments that we can share with the contacts we will make tomorrow?  What would be YOUR plan to get small business vibrant again?

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Using Tickets to Promote Your Speaking Engagements

Tuesday, March 22nd, 2011

In working with one of my consulting clients I have recently learned of a really great service that i wanted to share with everyone. This client is sponsoring an Executive Briefing next week. The created custom event tickets at TicketMaster – yes the same place that you buy your concert and sporting event tickets. These custom tickets look awesome, they even have a little hologram on them. Tickets are reasonably priced at $39 for 300 (pls $12.95 shipping). They look great
– just like a sporting or major event ticket, and can add instant credibility to your event. Check it out at:

http://www.ticketmaster.com/customtickets

Happy selling

Sales Techniques Follow-up

Monday, March 7th, 2011

I just wanted to provide a short update following my last blog. The latest place where I have presented my Sales Techniques to Build Your Business, the Givers Gain BNI Chapter in Greensburg PA, provided me some feedback. Within the first week following the presentation two of the members used the Get a Response from Non-responders technique on three prospects. They told me that much to their surprise (not mine), they received a quick response from all three prospects. One prospect told them they wouldn’t be proceeding yet, but the other two gave positive responses and are moving forward. They even reported that one of those two prospects had a sense of urgency following the message.

I also hard from a different member that she used another technique discussed during the workshop. She stated that by using it she was successful in closing new business. So I would say that the 1-hour workshop was quite successful – three closed deals within the first week.

Good Selling!

Sales Techniques to Build Your Business

Monday, February 21st, 2011

Later this week I’m going to share with my local BNI Chapter some sales tactics they can use to build their business. This is a slight deviation from my normal mode of operation of stressing strategy first, but I felt these three tactics, all very easy to personally implement, could have a great impact for these business owners. I will of course preface the presentation stating that in order for these tactics to work, you need to know who your ideal client is, know your core message, and be able to succinctly explain how you’re truly different from your competitors.

Today’s business climate has changed so much and the competition for sales has become extremely tough. The internet has enabled most buyers to successfully research products and services, as well as the various suppliers very easily. This has really changed the playing field for sales reps. Your option as a business owner or sales rep is to do nothing, but of course this “strategy” will probably cause your business to stay flat or decline. That probably isn’t what you have in mind for your business. Those traditional sales methods and sales training don’t seem to be working. When you look around the office, your sales team looks to be busier than ever – but sales sure aren’t increasing. So how can you improve your sales? You can improve your sales process. The best part here is that this can be done with minimal cost and disruption. I would start by taking a look at all your communications with prospects and clients. The first key area is around language discipline. Words, written or verbal, can dictate your success at getting a response from a prospect. The words you use also position yourself to the clients and can also frame your conversation which puts the prospect at ease.

Next you need to not only listen to what the prospect or a client is telling you, but also use language that can create space in your discussion. Once again, the key is to use phases that help the prospect not feel threatened and to stay open to what you are saying.

The final point is how to effectively handle lingering situations. As in the other two points, language is the key here also. Creating a message that gets a response, gets the truth, and enables us to move forward or move on can be done. This requires some discipline on the part of the sales rep, since the message is essentially one that states the situation, makes a negative assumption, provides an opportunity to reconnect, and lets the prospect/client know that you’re OK with either a yes or a no response.

Just by working to add these items to your sales process can enable you to be more effective in your sales calls. Prospects and clients will like working with you because you allow them to say no, though my experience has been that more say yes when this process is used.

Good Selling!

Replacing Lost Customers

Wednesday, February 2nd, 2011

This recession has hit all of our customers very hard. Some didn’t make it. For those that did survive, they may be coming back and their business level with you may be getting closer to what is was before this all hit in the fall of 2008.

If so, maybe you don’t have a need to find new customers. But if this isn’t the case, or if you need/want to grow your business from brand new customers because your current level is not enough, then this blog may offer some helpful advice to you.

So what do you need to do to get new customers? From our experience (61 + years combined) follow this sequence.

Every business owner soon learns, if you don’t invest in some kind of marketing activity, your business will not grow.  So we are assuming that you are doing something here. The key is to ask yourself this question: “Is what I am doing getting me the results I want, or is there a better process that may get me better results for less cost?”

How did you answer that question?

This, for most businesses, is THE $64,000 question. Sales are the lifeblood of your business. If Cash is King, then Cash Flow is Queen, the King’s Boss. 

How do you know, when it comes to the combination of your marketing and sales, how high is high?

The answer is simple. Measure, Measure, Measure.  

Change one variable that could impact the results, do IT again, and measure. Is there an improvement? 

The Market ALWAYS votes with its dollars. When your processes are aligned, you will see it directly in your results.

So what is YOUR Marketing Process? Better yet, what is YOUR BEST MARKETING PROCESS? 

The same question goes for sales.  What is YOUR BEST SALES PROCESS? Why? 

What is the marketing and sales processes you are following now to capture business from new customers?

Figure out how to find the answers to these questions – and you will be able to have a Sales Generation Machine that will replace lost customers with new ones.

Framing Client/Prospect Interactions

Tuesday, February 1st, 2011

Here’s an idea I feel is not only a great opportunity for you to differentiate yourself from others, but also a key to setting a collaborative tone for your meeting or other interaction with a client or prospect. This has been extremely effective for me over the years. I’ve started meetings attended by managers and colleagues with prospects that the conversations leading up to the meeting has been cold at best, and have instantly turned the meeting atmosphere positive and warm using this single tactic.

Creating this framework increases your chances of getting more useful, truthful information. It also creates a process where you are in control – without appearing to be controlling, and allows you to speak with a focused, casual effortlessness. You do need to be authentic, Ok with not knowing everything, and to be prepared to be fully engaged in the conversation – not worrying about whether this is going to be a sale or not. Remember, you want to frame your value in their world.

Let me give you a few examples:

Mr. Jones, I’m prepared to talk about sales coaching, which we discussed on the phone.  If you could give me your perspective on that, we can focus the meeting on what interests you.

That was a good and really a pretty typical opening statement to a meeting. To complete the frame, I would say something like:

Mr. Jones, I’m prepared to talk about sales coaching, which we discussed on the phone.  If you could give me your perspective on that, we can focus the meeting on what interests you. At the end of our meeting we should have a good idea if we have any reason to talk further. If so, we can discuss what a next step would look like. If not, then neither of us will have wasted much time. Does this sound fair?

Adding the lines in bold text completed the frame and then using the if not line, you have turned this into a conversation and not a “sales call” – because what sales rep would ever tell him that it was OK to say no?

Let me give one more example:

Bill, what I’d like to do is ask you some questions about your organization and some of the challenges you have. And for you to feel free to ask about us and what we do. At the end of our scheduled 45 minutes today, we can decide if there is any reason to talk further. If there is, we can discuss where to go next. If not, that’s fine. Are you OK with that?

As you can see, not dramatic changes, but believe me you will see dramatic results. Give it a try and see if this helps you. Let me know the results or if I can help you tune your opening conversation.

Good Selling!

Larry

Before 2011 gets into full swing, it’s a great time to reflect upon how we’ve done things in the past and how we’d like to change things in the future. Here are a few ideas that may be able to help you increase both your learning and earning potential.

1. Take advantage of audio books. Many of us travel to and from work. I saw a statistic that listening to educational audios while commuting 12,000 miles annually for three years was equivalent to 3-years of college study. Audio books are available for free at your public library, podcasts are easily downloaded, and ebooks can be downloaded and played back also.

2. Keep reading. In addition to books there are many tools such as RSS feeds, e-Readers and so forth. A personal few recommendations:

3. Teach others, share with others. There’s a lot to be said for what your teachers told you, teach someone something to learn it better. This will not only inspire you to learn it better, but also provides you the opportunity to help someone else.

4. Practice. This is really the only way to get better at what you do – but remember you need to practice like it’s the real deal. If you only go half speed, when you get to do it for real, that will show.

Many business leaders would probably say Sales Skills, as a natural reaction.

But how many of you have looked at the Sales Process your sales people are using? Have you taken an in-depth look, beneath the surface?

This data suggests that you might want to do this.

First – from a CSO Insights Survey, 80% of companies who reported even a non-monitored, non-measured sales process reported an improvement in sales last year, in the height of the current recession.

Second – from a Harvard Business Review survey of 1,275 companies, those who had a Level 4 Sales Process had a much higher level of sales success with much lower costs. Which process best describes how your sales team operates?

Level 1 – Everyone follows their own plan – sales unpredictable

Level 2 -  Expect Sales Person (SP) to follow a process s – but not monitored or measured

Level 3 – Enforce Stnd Process – but measurement looks backward – miss market changes

Level 4 -  Dynamically monitored with feedback to SP on performance –  coaching focus

Actual Results for companies with a Level 4 Process compared to Companies with a Level 1-3 Process:

Step 1 of Typical Sales Process -  Accurately Target Prospects                      47% to 27%

Step 2 of Typical Sales Process -  Properly Qualify Leads                                  57% to 27%

Step 3 of Typical Sales Process -  Effectively Present Value Add                  79% to 49%

Step 4 of Typical Sales Process -  Sell without Excessive Discounting          73% to 30%

Third – a Psychological study showed that Top Performing Professionals (including sales people) performed an astonishing 48% higher than Average Performers. 

Here are the lessons these studies seem to reveal:

  • Both Process and Skills are important
  • So is Hiring the Best Person for the job
  • If  you don’t have a Defined Monitored and Measured Process, you are late to react to changing market conditions and thus are wasting resources

Here are some questions these results provoke:

WHAT is your BEST SALES PROCESS? How do you know for sure?

WHAT are the skills that can optimize your BEST SALES PROCESS? 

Aren’t these the ones you should be focusing on developing?

How many resources (and how much of your money) is being mis-spent now?

What is your opinion on all of this? 

Smart Selling!

In one of our Blogs – we postulated the question – which is more important for sales success – the skills the sales person uses, or the process they use?

Our answer was both, but you have to focus on both. The Best Process that will yield the Best Results then sets up the Best Skills that will produce the Best Results from that Best Process.  

So here is a Quick Way for you to see what we are talking about here. What could be the actual $$ impact on YOUR business?

Most business who have more than one sales person have a range of performers. There is a Top Performer, and usually some Average Performers, and usually one or more Less than Average Performers. Would you agree this describes your business as well? 

For your Top Performer, write down here what their averages sales/month is:  $____/month

For your Average Performer, write down their average sales/month:                    $____/month

What is the GAP in $/month?

Now, by using sales process analysis and tweaking, what if we could close that gap by half?

What would this mean in extra sales for your company in just one month? 

Multiply that by 12 – what would this mean in extra sales for your company over 12 months?

Now multiply this yearly number by the number of average sales reps your company has.

What is the Total Impact in terms of increased sales over the next 12 months?

Is this large enough to look into this more closely? 

Smart Selling!