More on Presentation Mastery
Your sales compensation may be based on salary, hourly pay with production bonuses, straight commission, or a combination of “any of the above”. Regardless of how you’re paid for the sales you make, it is a safe bet that your earnings will somehow be either directly or indirectly tied to the total sales revenue and bottom line profits you generate for your company.
Make sense? Then you’ll also agree with this next statement: Sales professionals who consistently produce more total sales revenue and bottom line profits for their company will earn substantially greater incomes over the course of their career.
Okay, easy enough to understand. Now, there are really only three ways to increase the number of sales you’re currently making and grow your personal sales income, and here they are:
Increase Your Presentations
Simple! Increasing the number of presentations you make (assuming that the quality of your presentation remains consistent), will logically increase the number of sales you make and your personal sales income will grow accordingly.
Increase Your Closing Percentage
Also simple! When you increase the number of sales you make in relationship to the number of presentations you make, guess what goes up again? Your personal sales income!
Increase Your Average Sale
And lastly (drum roll), still simple! When you increase the size of your average sale per contract, your personal sales income will surely increase as well.
Here’s the bottom line: If you focus on improving your results in just one of the three areas we have discussed, you will undoubtedly make more sales. However, what would happen if you focused on improving your results in all three of the areas we have discussed? Wouldn't it dramatically increase the number of sales you’re currently making and therefore dramatically grow your personal sales income?
Interestingly enough, you only need to do one thing exceptionally well to substantially improve your sales results in all three of these areas and grow your personal sales income. Yes, that’s right, just one thing. The answer is master your presentation!
Most likely, you can readily see the correlation between improving your presentation skills and the positive effect that it would have on your average sale and closing percentages. What may not appear so obvious, at least at first glance, is how improving the quality of your presentation will actually increase the number of future presentations you will make.
So, how will improving the quality of your presentation lead to more future presentations? It will happen through an increase in the number of quality referrals you will be able to acquire. When you deliver a masterful presentation, your customer is far more likely to reward your professionalism by providing you with a high-quality referral to go along with the sale you just made. It is a simple matter of trust. The more professional you are― the more trust your customers will place in you.
Mastering your presentation creates a cycle of success that leads to substantially increased personal sales income, regardless of how you’re paid for the sales you make!
Monday, March 30, 2009
Sunday, March 29, 2009
The Kitchen Table
Separate Yourself From The Competition
Years ago, people conducted most of their household business at the kitchen table— not anymore. In today’s day and age, with the advent of cellular phones, wireless internet, and laptop computers, people are doing business wherever they feel comfortable. And yet, in many present day sales training programs, the salesperson is still trained to “move to the kitchen table” after the warm up.
Perhaps nothing screams more loudly to a customer that I AM HERE TO SELL SOMETHING TO YOU than to suggest that everyone ought to move to the kitchen table right after the warm up. You see, consumers are not stupid. Salespeople have been inviting them to their kitchen table for decades. They know why you’re doing it and you ought to stop it!
How about this: Instead of suggesting the kitchen table as the place to sit (or accepting their pre-conditioned “they see you as a salesperson” offer to use the kitchen table), why not separate yourself from the competition out there and genuinely ask them where they would actually be more comfortable? Why not suggest their front porch or back deck on a nice day or let him sit in his favorite chair if that’s where he’s most comfortable?
It you are really serious about “relationship building/selling”, you need to allow your customers to select the place in which they will feel the most relaxed while you are making your presentation. It will work to your great advantage. Your customer will know right from the very beginning how important they are to you and realize that there is no need to be guarded. The key is to keep your customer in control of the process throughout, and they will reward you handsomely for the consideration.
Granted, at some point in time, it may be appropriate to move to a table to complete the paperwork. That’s entirely okay. The distinction is that the decision will have already been made. By the way, most of us can handle doodling numbers and jotting down cost breakdowns without the specific requirement of a kitchen table.
Think about it for a moment longer. Do you really want your image to be stereotypically lumped in with all the poorly trained salespeople out there that can’t wait to get to the kitchen table and work over their customers? Or, would you prefer to be viewed differently— demonstrating that you don’t need a kitchen table to be a professional?
Years ago, people conducted most of their household business at the kitchen table— not anymore. In today’s day and age, with the advent of cellular phones, wireless internet, and laptop computers, people are doing business wherever they feel comfortable. And yet, in many present day sales training programs, the salesperson is still trained to “move to the kitchen table” after the warm up.
Perhaps nothing screams more loudly to a customer that I AM HERE TO SELL SOMETHING TO YOU than to suggest that everyone ought to move to the kitchen table right after the warm up. You see, consumers are not stupid. Salespeople have been inviting them to their kitchen table for decades. They know why you’re doing it and you ought to stop it!
How about this: Instead of suggesting the kitchen table as the place to sit (or accepting their pre-conditioned “they see you as a salesperson” offer to use the kitchen table), why not separate yourself from the competition out there and genuinely ask them where they would actually be more comfortable? Why not suggest their front porch or back deck on a nice day or let him sit in his favorite chair if that’s where he’s most comfortable?
It you are really serious about “relationship building/selling”, you need to allow your customers to select the place in which they will feel the most relaxed while you are making your presentation. It will work to your great advantage. Your customer will know right from the very beginning how important they are to you and realize that there is no need to be guarded. The key is to keep your customer in control of the process throughout, and they will reward you handsomely for the consideration.
Granted, at some point in time, it may be appropriate to move to a table to complete the paperwork. That’s entirely okay. The distinction is that the decision will have already been made. By the way, most of us can handle doodling numbers and jotting down cost breakdowns without the specific requirement of a kitchen table.
Think about it for a moment longer. Do you really want your image to be stereotypically lumped in with all the poorly trained salespeople out there that can’t wait to get to the kitchen table and work over their customers? Or, would you prefer to be viewed differently— demonstrating that you don’t need a kitchen table to be a professional?
Saturday, March 28, 2009
A Study in Cancellations
Preventing Buyer’s Remorse
If you want to find the salesperson in any organization with the highest cancellation percentage, look for the one that boasts most loudly about how great they are at “handling objections” and “closing” their customers. Unfortunately, those that define themselves as “great closers” often have the highest cancellation problems as a percentage of their sales as well.
One of the catch phrases you may hear in business when a customer seemingly cancels a contract for no apparent reason is that they had “buyer’s remorse”. This term is, at best, a weak attempt by the salesperson to shift the responsibility for a cancellation away from them and put the onus on their customer. This really makes no sense. What reason would a customer have to feel remorseful (i.e.; guilty, regretful, etc.), provided that they have made a decision to buy something based upon receiving all the information they would need to make an intelligent decision in the first place?
Cancellations, plain and simple, are frequently a byproduct of poorly executed sales presentations bolstered by hardcore closing tactics. Incompetent salespeople tend to rush through their presentation to get to the “handling objectives and closing” phase, missing countless opportunities to establish buyer need, build maximum product value, and strengthen the overall “buyer commitment” toward retaining the product or service they just purchased.
Realistically, regardless of how good you are, there will undoubtedly be some circumstances beyond your customer’s control that will cause them to cancel an agreement from time to time— an unforeseen financial emergency for example. If you have done your job well, however; thoroughly establishing the benefits of your product or service before your customer says “yes”, it will be far less likely that they will experience any “cancellation remorse” after you have made the sale.
The bottom line is this: Let go of hard core closing tactics and finger-pointing at your customers when a cancellation comes through. Instead, spend more time mastering your presentation and polishing your delivery. You'll not only close more sales, but you will also have far fewer instances of “buyer’s remorse” to have to explain away in the future.
If you want to find the salesperson in any organization with the highest cancellation percentage, look for the one that boasts most loudly about how great they are at “handling objections” and “closing” their customers. Unfortunately, those that define themselves as “great closers” often have the highest cancellation problems as a percentage of their sales as well.
One of the catch phrases you may hear in business when a customer seemingly cancels a contract for no apparent reason is that they had “buyer’s remorse”. This term is, at best, a weak attempt by the salesperson to shift the responsibility for a cancellation away from them and put the onus on their customer. This really makes no sense. What reason would a customer have to feel remorseful (i.e.; guilty, regretful, etc.), provided that they have made a decision to buy something based upon receiving all the information they would need to make an intelligent decision in the first place?
Cancellations, plain and simple, are frequently a byproduct of poorly executed sales presentations bolstered by hardcore closing tactics. Incompetent salespeople tend to rush through their presentation to get to the “handling objectives and closing” phase, missing countless opportunities to establish buyer need, build maximum product value, and strengthen the overall “buyer commitment” toward retaining the product or service they just purchased.
Realistically, regardless of how good you are, there will undoubtedly be some circumstances beyond your customer’s control that will cause them to cancel an agreement from time to time— an unforeseen financial emergency for example. If you have done your job well, however; thoroughly establishing the benefits of your product or service before your customer says “yes”, it will be far less likely that they will experience any “cancellation remorse” after you have made the sale.
The bottom line is this: Let go of hard core closing tactics and finger-pointing at your customers when a cancellation comes through. Instead, spend more time mastering your presentation and polishing your delivery. You'll not only close more sales, but you will also have far fewer instances of “buyer’s remorse” to have to explain away in the future.
Friday, March 27, 2009
The Likability Factor
“The Warm and Fuzzes”
Your customers buy you first, then your company, and lastly the products and services you sell. You are the most important factor that determines a sale. More specifically, although professionalism, experience and talent are all essential to sales success, the most important factor is, “Does the customer like you?” To put this point into greater perspective, think about this question: When was the last time you bought something from someone you didn’t like?
If the first image that popped into your mind was the time when you walked away from that obnoxious, pushy, fast-talking electronics sales guy and found someone else to help you (or a similar vision), then you get the point. It’s fairly clear that people buy things from people they like. Now, in the event that you’ve always thought that “people buy things from people they trust”, you’re also right. However, have you ever trusted someone you really didn’t like?
If you want to become instantly likeable in the eyes of your customers, simply listen more than you speak. It is human nature to like someone who is really willing to listen. So listen carefully to what your customers are saying. In return, you’ll be rewarded with many more sales as a result!
Just how important is the “likeability factor”? Well, considering the recent studies published by the Journal of the American Medical association and others, it’s quite important. What they have found suggests that doctors who are well liked by their patients may be statistically sued less often for malpractice than their equally skilled but less sociable colleagues.
Your customers buy you first, then your company, and lastly the products and services you sell. You are the most important factor that determines a sale. More specifically, although professionalism, experience and talent are all essential to sales success, the most important factor is, “Does the customer like you?” To put this point into greater perspective, think about this question: When was the last time you bought something from someone you didn’t like?
If the first image that popped into your mind was the time when you walked away from that obnoxious, pushy, fast-talking electronics sales guy and found someone else to help you (or a similar vision), then you get the point. It’s fairly clear that people buy things from people they like. Now, in the event that you’ve always thought that “people buy things from people they trust”, you’re also right. However, have you ever trusted someone you really didn’t like?
If you want to become instantly likeable in the eyes of your customers, simply listen more than you speak. It is human nature to like someone who is really willing to listen. So listen carefully to what your customers are saying. In return, you’ll be rewarded with many more sales as a result!
Just how important is the “likeability factor”? Well, considering the recent studies published by the Journal of the American Medical association and others, it’s quite important. What they have found suggests that doctors who are well liked by their patients may be statistically sued less often for malpractice than their equally skilled but less sociable colleagues.
Thursday, March 26, 2009
The Art of Listening
Active and Passive
There is a huge difference between hearing and listening to what someone is saying. Hearing is passive. Listening is active. If you want to become instantly likeable and make more sales— if you really want to “connect” with your customers— learn to “actively” listen to what they’re saying.
While passively listening, our thoughts may be wandering, thinking about our response to what the speaker is saying even before they’re finished. Or in the extreme, wondering what the daily lottery numbers are likely to be.
Actively listening means, remaining intently focusing on what is being said without mentally working on constructing a response. It is represented by a high degree of eye contact, nodding to indicate understanding, and pausing for reflection before responding to what has been said. It means completely immersing yourself in what the speaker is saying, seeking to truly understand.
Only through active listening are you able to achieve the deep level of communication required to virtually guarantee maximum results from each customer interaction.
There is a huge difference between hearing and listening to what someone is saying. Hearing is passive. Listening is active. If you want to become instantly likeable and make more sales— if you really want to “connect” with your customers— learn to “actively” listen to what they’re saying.
While passively listening, our thoughts may be wandering, thinking about our response to what the speaker is saying even before they’re finished. Or in the extreme, wondering what the daily lottery numbers are likely to be.
Actively listening means, remaining intently focusing on what is being said without mentally working on constructing a response. It is represented by a high degree of eye contact, nodding to indicate understanding, and pausing for reflection before responding to what has been said. It means completely immersing yourself in what the speaker is saying, seeking to truly understand.
Only through active listening are you able to achieve the deep level of communication required to virtually guarantee maximum results from each customer interaction.
Never Shortcut the Presentation
People Reject What They Don't Understand
Many sales are lost, not because the product or service didn’t fit the customer’s needs, nor as a result of an inferior product line— and regardless of what they say, not because the customer couldn’t “afford it” or “needed to think about it”— but because the salesperson lost the customer somewhere along the way. They confused them. And, when a customer is confused, they will not buy, because people reject what they don’t understand!
Customers are providing you with a clear indication that your message lacked clarity when you hear something like this: “Well, you really did a great job and you’ve given us a lot to think about. We’ll talk it over and get back to you”. After all, what are they suppose to say to you? They probably won’t be so candid as to say, “You know, we were actually ready to make this decision right now, but frankly, you confused us when you were talking about that drop-interest financing option. We’re going to need some time to see if we can figure out what you were saying before we make a mistake that could cost us money.”
To the uninformed, the “we need to think (or talk) about it” response is an “objection”, so they leap into the objection handling mode and hope that that last seminar on closing they attended was worth the money. It seldom dawns on them that it may be something else— that they may have simply confused the customer or failed to make a compelling argument for buying their products or services.
If something is missing, or seems vague, customers simply will not buy. This is one really good reason why you should never shortcut the presentation. Clarity is important. Customers need to hear the full story in order to make a truly informed decision. If you shortcut the presentation, skipping over points that later you find out may have been important to your customer, it will be tough as nails, if not impossible, to effectively rewind the presentation and straighten out any confusion you may have caused in your effort to speed things along earlier. Basically, the customer awards you a single opportunity to get it right. You don’t want to waste it by attempting shortcuts.
Salespeople often have a tendency to speed through the presentation to get to the more exhilarating part, the close. Rushing through the delivery (essentially shortcutting the presentation) is a dangerous practice that risks confusing the customer; which in turn leads to substantially lower closing percentages, lower sales averages, and higher cancellation percentages.
The solution is to slowdown. Always keep in mind that no matter how many times you’ve given the presentation, it is the customer’s first time hearing it. Make sure that your message is clear and your customers will have less to “think about” at the end of your presentation!
Subscribe to:
Posts (Atom)
