pistons

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!

Are you, like many small business owners and sales reps for larger businesses, finding it harder and harder to even get someone to talk to when you are prospecting these days?

Do you leave voice mail after voice mail, send email after email, and get zero response?

Does this make you feel that prospecting is futile and a waste of your time? 

But what other way does your business have to generate new business? Business may be down from your past clients, so what is the answer?   

I would like to suggest that you go back and take a good hard look at your MESSAGE. 

This means EVERY ASPECT of your Message. The focus, the words you use, the tone of your voice on your voice mails, the content of your emails. The whole message does impact your results.

Here is a lesson that can be instructive if you apply it to your situation.

Your prospect has a need. You know, from his industry, that he has a need for a hole.  But every time you contact them, you are telling them all about your drill.  It’s features, its benefits, your training, your warranty, etc.

The prospect does not give a whit about your drill. He needs a hole and whoever can provide that, with a price that is reasonable, will get his business. He is too busy to compare your drill to your competitors.

If you reconsider this by putting in the details about your product, would that work for you?

If you keep doing what you are doing, and getting the same results, why keep doing that?

 Good Selling!

What is the Importance of Knowing Your Ideal Customer?

Friday, January 14th, 2011

If I were to ask you, “Who is YOUR Ideal Customer”, how would you answer?

Don’t’ dismiss this lightly. The key to getting more sales with less frustration and money is contained within your answer.  

One definition that is spot on is this:

                “My Ideal Customer has a need for what I offer, knows that they need outside help, and will appreciate me and my product/service and realize that he/she will get an ROI from investing in that, so he/she will not nickel and dime me as we progress through the installation.”

There is also the often overlooked Other Side of The Coin. What is your Ideal Customer NOT?

They are not everyone. They are not too small or too big. They are not located outside of where I want to travel or offer my product/service. And so on. 

Take 10 minutes this weekend, and do yourself a HUGE favor. Ask yourself both these questions, and fill out on a piece of paper what comes to mind. 

Then on Monday, look at this again, and see if you can formulate WHO you should be focused on with your sales efforts. Can you see how focusing on your Ideal Customer will help you Drive Your Business?

Good Selling!

What is Inbound Marketing – and Why Should You Care?

Friday, January 14th, 2011

If you have been in business for any length of time at all, you have developed some methods to reach out and touch people.  Either your current customers, or prospects, or both. 

No matter what technology you have found that suits your needs here (email newsletter, snail mail, periodic phone calls, postcards, etc.), you do have to reach out to keep business flowing.

But do you recall, the most famous “missing piece of the puzzle” of all? 

What you are doing now is called Outbound Marketing.   Are you using Inbound Marketing to close the loop?

Inbound Marketing is providing an easy and quick (both are important today) way for people to reach out and communicate with you

It is almost entirely overlooked today, yet look at the results from companies who are using Inbound Marketing (results combined from an Aberdeen Report and an MIT Sloan Business School Report):

                5 Times the Visitors to their Websites

                4 Times the Sales

                3 Times the Return on Investment for every marketing $

                2 Times the ROI from their field sales people

No matter how big or small your business may be, would you like to get results like this?

Even if you did not get exactly this level of increase – what are you missing out on by not having Inbound Marketing?

Good Selling!

Side note – RES can provide you a very simple to use Inbound Marketing Automation tool for just $99 a month.   Why not contact us to see if this could add value (and ROI) to you.

If you are like most people responsible for delivering sales results, you have a lot of balls in the air, a lot of initiatives that you are trying that you HOPE will generate business for you in 2011.

Are you doing networking?  Some form of Direct Mail? Do you have a website that you expect to deliver leads for you? Do you depend on Referrals for the majority of your new business?

Out of all of these, the ONLY one you have Direct Control over is the Direct Mail. But if you have a limited budget of both money and time, this has its limitations, and most often is akin to pushing a rope up hill.   

The others depend on someone else acting on your behalf, and with every other business person just trying to keep their business afloat, this is a Sales Strategy based on HOPE. And Hope is NOT a Strategy.

What % of your effort is under your control? Is this enough for you to Drive Your Business to the level you want, when you want? 

If you don’t Drive Your Business, it will Drive You, causing frustration, anxiety, and causing you to WASTE your time, your effort, and your money.  

Is this what you want for 2011? 

If you don’t change what you are doing, but you expect different results, you know what that defines. 

So WHAT can you do if this describes your situation now, but you have to deliver the goods in 2011?

From all of our years of experience, from Direct, Indirect, and Consulting many companies on sales and marketing, the #1 action that you can take is to make sure your marketing and sales message is spot on.

If you look at your website, it is more about you than the prospect you want to convert into a customer?

Look at your marketing materials, your handouts, trifolds, One Pagers, your Sales Presentations, etc.

Would they pass the “It’s Not About Me” test? 

If your message does not resonate with your prospects, then you are wasting your time, your effort, and your money trying to convert prospects into customer.

If you really want to propel your sales forward in 2011, TAKE A GOOD HARD LOOK AT THIS AS SOON AS YOU CAN. 

After all, it’s YOUR time, YOUR effort, YOUR money that you are investing, and it’s YOUR results that you are responsible for.

If this resonated with you, read this again at least 2 more times.What message do you hear in your mind? Write that down and start to act on it.  

Good Selling!

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How Much Lost Revenue is Flying Under Your Radar Now?

Tuesday, January 11th, 2011

Senior Management is always worried about how they can grow sales. In fact, most never stop thinking about this 24 x 7.   Isn’t that true?

Well, unbeknownst to most senior management I have worked with over the last 9 years, there is a whole BIG revenue stream that is Lost Revenue that is right under their noses, but typically flies under their radar screen.  

How BIG is this Lost Revenue?  The average for my 65 clients over the past 9 years has been 16% of total current revenue.  So for every $1 million in your current sales, that is $160,000 you are not getting. Here’s another overlooked fact. You could have had this Lost Revenue last year, this year, next year, and so on, so this impact on your business and on you personally is huge. 

 What would YOU do with 16% more revenue this year?  

Are you waiting to buy a new piece of equipment? Do you want to hire some extra people?  Do you want to start reimbursing your losses you sustained during this recession? What would you state as YOUR #1 objective?

I can hear you thinking, I started this business, I know every thing that goes on, how can I have missed Lost Revenue that is so big? 

Well here are the 4 categories that make up the Lost Revenue stream:

  1. Revenue Lost due to not optimizing the sales to your current customers
  2. Revenue Lost due to not having a consistent stream of Truly Qualified Leads for your sales force to close. Lead Generation, if it is done, is sporadic and largely in-effective.
  3. Revenue Lost due to not working with an Optimized Funnel. This really defines your Optimized Sales Process, which allows your sales team to close more business in less time.  
  4. Revenue Lost due to not utilizing the new Social Media to drive your sales. Your choice is not IF you will do this, it is WHEN.   Most companies have dabbled in this and have not seen results.

If you go through these categories – do any of them resonate with you? 

Look for follow on Blogs to explore each of these categories in more detail.  

How long can YOUR business sustain losing this revenue you should have, could have, but don’t? 

Smart Selling!

Got Failures?

Thursday, July 29th, 2010

I had the opportunity to attend a webinar yesterday that really resonated with my personal business beliefs and attitudes, as well as many aspects of what I do as a sales coach and business consultant. Last night I had an opportunity to reflect upon this webinar as well as several recent coaching opportunities. When doing so, several blog topics came to mind that I’d like to share with you.

Let me start by asking you as a business or sales leader, when was the last time your team or business associates has had a discussion around a failure? This could be a marketing plan that didn’t work, a bad sales call, some new sales scripts that aren’t working, or really anything regarding your business. Interesting question isn’t it? As a leader of a sales team our job is to help our team meet business goals and objectives. With all the executive surveys concluding that the top objectives are increased sales and increased market share, our leadership marching orders are pretty clear, right?

So let’s look at my question and the various possible answers a little closer. If your answer was that I can’t remember or we haven’t had any failures, we need to really dig deeper because this may be a problem. Have you not heard or discussed failures because; 1.) Nobody wants to talk about this with you out of fear of losing their job or even of you, 2.) The people around you are all “yes” people, 3.) There are no failures because no one is willing to take a chance doing something different. I can tell you that in all three examples you are surely missing out on opportunities – opportunities not only to increase sales but also decrease your cost of sales. For example, let’s say you have six sales reps in your organization. One of your reps, Larry, creates a message regarding your newest product and sends it out to clients inviting them to a briefing. He gets absolutely no response. He doesn’t talk about this at all. Now Bill, your Sales rep in Florida, several weeks later does the same thing crafting using his own message. He gets a few clients to respond, but not enough to even cover the costs of the briefing.  You other reps have similar activity and response – but none of this gets back to you or even between one another. Your results – lot’s of costs with no sales.  As you can see from this example, not hearing or discussing failures openly had a very negative effect on the outcome. However, if there had been open communication and no fear of discussing failures, the results of Larry’s email campaign would’ve been discussed, possible reasons for the lack of success discussed by the team, then redone by Bill, with his results discussed among the team, and so forth. I know this is a very simple example, but you can see where the results would’ve had an opportunity to be much better through open discussion regarding failures.

Funny thing is that this type of attitude (openly discussing failures) really carries over to many other aspects of your life. Think about it and let me know your thoughts.

Good Selling,

Larry

Revenue Enhancement Strategies

ps. Almost forgot, if you answered you hear about failures all the time and use the opportunity to reflect and improve, then you’re probably already a great leader, so maybe you can give me some tips. All the great business people had failures somewhere along the way, the difference being is that they learned from those failures and were able to incorporate changes the next time.

Why do I need a Sales Coach

Thursday, July 22nd, 2010

A little different twist on my blog today – moving away from social media for the next few blogs so please bear with me. I’ve had the opportunity to be involved in some very good discussions lately and wanted to expand upon them a bit. One of the best discussions was around sales coaching and the value that it can bring to a sales team.

First I think some clarity should be provided as to what the difference is between sales training and sales coaching. This differentiation can help provide the basis for the benefits of each.

Sales Training – This typically done using an instructor, web based modules, or self paced manuals. It would commonly be a formal course that may or may not have been customized for the specific employer. The objective is to teach the sales rep a standard process created by the training company (Sandler, Dale Carnegie, Action selling, etc.). There are very good benefits associated with training such as, usage of questions (qualifying, probing, confirmation, and so forth), funnel usage, closing techniques, and so on. The major con with sales training is that in many cases (especially with sales people with some experience) is that when they get back to the field to sell they will try to incorporate the material into their own process, but will typically just go back to the way they were doing it previously. From a company standpoint, the primary issue is that there really isn’t a good way to measure the effectiveness of the training – so was it worth the expense?

Sales Coaching on the other hand is customized for not only the company but also for the individual. This allows for building on the strengths and development of the exact weaknesses your sales force has. When coaching is done correctly, it helps build a proven, repeatable, and measureable process that allows the sales team to unleash hidden potential and share best practices. Let me use an analogy here to help explain sales coaching. Since many of us can relate a bit to sports, let’s look at a professional athlete, be it a golfer, football player, baseball player, swimmer, diver, hockey player, etc. they all have coaches. These coaches don’t teach them the game (I know in some cases maybe they should – had to say it I’m a Pirate’s fan), but really help refine and perfect their individual techniques. These coaches have the benefit of having not only done it before, but also having done it with many individuals. The pro athlete may have eventually been able to figure it out, but the coach helps them to get results much quicker, which not unlike a sales team, results in a greater potential for increased performance equating to increased revenue.

What can Sales Coaching bring to an individual sales rep as well as the sales team? There are quite a few, but let me list a few that I as well as others seem to agree are the biggest differentiators.

  • Focus. A coach helps to keep you focused on the end result, the goal. To achieve top tier performance, focus is critical.
  • Objective Viewpoint. A coach can provide you an objective viewpoint of strengths and weaknesses, of both the sales rep as well as the company/product/solution. The coach has no “axe to grind” or need to position themselves politically. This objectivity provides a perspective that can accurately see these strengths and weaknesses, which ultimately lends itself to coaching to build on the strengths and develop the weaknesses thereby getting better results.
  • Measurability. You need to know how you are doing, individually and as a company. Coaches are in a position to provide feedback, timely and skillfully which helps get the greatest gain possible from the efforts put in. This also leads to the next benefit.
  • Accountability. Coaches hold you and the team accountable. Accountable for your actions, efforts (or lack thereof), choices, and results. This also provides one of the major differentiators from training in that the results from coaching are a standard deliverable and are easily measured.
  • Best Practice Sharing. Within any organization’s sales team there are individuals that have are better at a particular role than other – maybe they’re better at gaining introductions, maybe a dynamite closer, and so forth. A coach has the ability to see not only your team, but also best practices from his prior experiences. This helps to transform and elevate your entire sales team.
  • Synergy. This is one area that shouldn’t be overlooked. While it’s great to have individual taking ownership for their development, having a coach personally engaged with them really makes a difference. Sometimes we all need that little extra prodding, encouragement, assistance in improving a particular skill. The coach is there to help and really accelerate the results. Then when this is coupled with the overall synergy of a sales team, results can really skyrocket.

My final comments are that to reach and maintain one’s fullest potential, a formal coaching arrangement is crucial for success. A coach will help you leverage your strengths and develop your weaknesses. This true for top performing athletes as well as top performing professional business people.

Good Selling!

Larry Scott

Revenue Enhancement Strategies

Are you in sales? Looking to hone your skills or keep up with the latest sales news? Check out our Sales Social Media Hub at www.sellingres.com.

Three Common LinkedIn Items to Be Avoided

Wednesday, July 14th, 2010

A number of people log into LinkedIn and do a search for people or business roles. Why is that?

Many people today use the Internet whenever they search for information. Generally, they’ve something in mind, something they really want, a problem or need they have that they want solved or satisfied. Searchers can be divided into two different groups: Pleasure Seekers (looking for gain, profit, pleasure, enlightenment, entertainment, etc.) or Pain Avoiders (looking to avoid illness, sickness, pain, costs, liabilities, problems, etc.).

The searches on LinkedIn will no doubt be made by people who have both negative and positive motivations. This short article takes aim at only the negative side. We will concentrate on “Pain Avoidance” and look at three things, points or mistakes you should work hardest to avoid.

The rational for avoiding these three common “mistakes” is that in doing so it will; help you in building your social media profile, building your online reputation and successfully connecting with others, ultimately helping to grow your business.

Why should I care and what is the big deal? Do this as a test. Take a few minutes to read through some of the connections you may already have, or just do a job title search and look at the profiles of the people that come out on top and compare it to some towards the bottom of the search. You should know when you review many profiles you will commonly observe many of these mistakes, however when you come upon a profile that has been done well and is minus these mistakes, you will take notice.

So what’s to avoid here? And just how is it that we avoid it?

When you know you have to invest the time required to build or revamp your profile as well as any missed business opportunities that may occur if your profile doesn’t connect with people, then clearly you’ll want to take the time to build and follow a strategy which will provide you a solid basis for all you do, not only on LinkedIn, but also on the other social media channels you decide to participate in.

So, with that background and analysis, here are the 3 points you really need to carefully avoid:

To start with, not having developed and put in writing a solid social media strategy. The reasoning behind that is the strategy will create a framework for not only your profile, but also and more importantly, determining your target audience. You need to start with WHO you want to connect to, and then build your message and profile around this. Think about WHO your best or your perfect client would be, then create the WHAT – always looking at it from their viewpoint.

Just how much avoidance do you need in skipping this key step? In my opinion, going into social media without a strategy is really wasting your time. That’s truly how important I believe this item is. I believe it would be like piling the family in the car for vacation without ever making a single plan – not knowing where you were heading, what to bring, or even do I have enough money. Maybe the free spirit in the family would be happy, maybe it would work out, but I believe there is a greater chance that most won’t be too happy with the overall results of the trip.

Second, not putting your clients or potential client’s needs first in all you do in social media. Why? If you don’t do this, then you’re really just always selling and not being social. Being social, building your reputation and trust was the idea here, wasn’t it?

Just how can we know if we’re actually doing this? Are you having active “conversations” with others using discussion within Groups? Are the questions you’re posting getting comments and interaction? And finally, I believe that when having interactions with people using LinkedIn, you will get to the point when additional interaction, typically offline from LinkedIn and one-on-one is requested.

Third and last, but not necessarily least, placing your title and company name in the headline box. It is because this is what will show up in searches, when you’re in discussion rooms, when you are showcased in email updates, and so forth. You need to place your value/solution, another value/solution or offer, something to support your credibility and trust, and then maybe your title. This will enhance your opportunity to show up highly during searches by others.

O.K. just how could we tell if this is being avoided sufficiently? Do a few searches as if you’re a customer (or have a coworker do it for you) and see if you come up on page one. If not, then you may not have the correct keywords, or other searchable information inserted in the headline box.

Avoid these three things and you’ll have largely eliminated the negatives. This can go a long way in helping you solve, remove or avoid the issues that caused you to look for more success in using LinkedIn or even doubt that LinkedIn could help you.

What do you think? Do you have different items to avoid with LinkedIn that you feel are more important than those listed here? I’d love to hear from you and get your feedback.

Learn the best way to enhance usage and success for LinkedIn by going to this sales tips and social media tips web site at www.sellingres.com.

Good Selling!

Larry Scott

Revenue Enhancement Strategies

Are you in sales? Looking to hone your skills or keep up with the latest sales news? Check out our Sales Social Media Hub at www.sellingres.com.

Great new application for my Droid – Pieces

Thursday, July 8th, 2010

OK, so every once in a while I get side tracked. I have to admit that this is one of those times. I’m always looking for new ways to determine who is the appropriate contact within a company, for both my business and for the coaching of my clients. I use many different resources and products depending on what it is I’m trying to accomplish. This morning I received a newsletter from one of the applications I use, Jigsaw. Well buried in there was a new app for users of smartphones running Android. So being a huge Droid fan I had to click the link. It took me to an Android Application information page for Pieces (http://ow.ly/28REe). After looking this over and liking what I saw from the screenshots, I decided to splurge and spent the $1.99 and purchase the application. Scanned the barcode on the screen of my PC using barcode scanner on my Droid and it was off to the races downloading the application. 

Now that the application was installed on the Droid, it was time to play with it. Typed in a company (Revenue Enhancement Strategies) and almost instantly my company information appeared. Then selected company details, and that was there including our website and financials, then contacts and it had my business partner and I listed. All very fast and simple. Every company I tried came back with similar results. What an awesome application – and it’s very portable. I can see the benefits of having this information (from Jigsaw’s database) at my fingertips already.

You may want to give this one a try.

Good Selling,

Larry

Larry Scott
Revenue Enhancement Strategies
Are you in sales? Looking to hone your skills or keep up with the latest sales news? Check out our Sales Social Media Hub at www.sellingres.com.