SalesQuickCoach

Be Careful, You Might Get What You Wish For!

Tue, 03 Aug 2010 21:19:54 GMT

Problem: Every year in most major cities there is a road show consisting of prominent self-help gurus and other personalities who spend a day telling the audience how to feel good about themselves and improve their performance. Most of the people in the audience are in sales. No surprise! Sales is a tough business, rejection is commonplace, and pressure to meet quotas can be unrelenting. It’s no wonder that salespeople have attitude problems. While these events are useful in temporarily motivating attendees, what happens after the motivators leave town? After a few days, most folks are right back in the same mess as before, and little has changed. So how can we make change permanent?

Diagnosis: Although these workshops are helpful, in the long term we are responsible for our own attitudes. How often do we silently proclaim, “I can’t do that,” “I’ll never be able to…” or worse, “I don’t deserve…”? How often do we set goals and expectations at a “safe” level so that we can be assured of making them? The person who wants to play it safe, who is hesitant to get out of his comfort zone, may lead a comfortable life but may fail to achieve his true potential.

Prescription: “Imagination rules the world,” declared Napoleon Hill. Albert Einstein (that’s right, old E=MC²) professed, “Imagination is everything, it’s a preview of life’s coming attractions.”

Much has been written about how we are a product of our thoughts. Essentially, we are a self-fulfilling prophecy. The mind brings into reality the things it thinks about most. However, our subconscious mind makes no distinction between positive and negative thoughts. If we fill our mind with doubt, fear, and disbelief, if we lack self-confidence, if our self-image is negative, our chances of being successful are remote.

We gravitate in the direction of our dominant thoughts. This is an extremely important principle. Think about something and you will move toward it, even if it is something you don’t want. Therefore, saying “I don’t want to blow this opportunity” or “I better not miss this shot” often will cause us to achieve the opposite of the desired result…in other words, failure.

We get what we expect. That’s good news since we are in control of what we think about. You decide what to put in your mind and so determine what you get back. Discipline your thoughts and you’ll determine what you reap. “The average man quits at the first failure. That’s why there have been many average men and only one Thomas Edison,” remarked Napoleon Hill. How true these words are.

Good Selling!

Jim Lobaito
President
The Performance Group

For more information, check out our website at www.pmgllc.net
or call us at 800-550-9509.

Just the Facts, Ma’am

Tue, 06 Jul 2010 19:16:28 GMT

Problem: The results of a recent study conducted by The Sales Board confirmed what we have known for some time. Prospects are speaking up about how they feel about salespeople who are less than professional. We thought that you would like to see these statistics as they reinforce the need for a sales process and challenge you to improve your qualifying efforts.

Diagnosis: The study showed the following startling facts. Can you relate to them as a salesperson or as a buyer?

Fact: 82% of salespeople fail to differentiate themselves from their competition.
Result: They lose the business, fail to sell value, or don’t get their price.

Fact: 86% of salespeople ask the wrong questions.
Result: They miss selling opportunities and end up wasting time while appearing unprofessional.

Fact: Only 18% of salespeople close without discounting price.
Result: Discounting becomes a habit and profit margins are eroded.

Fact: 95% of customers say salespeople talk too much.
Result: Customers are bored and feel salespeople don’t care about understanding their problems.

Fact: 62% of salespeople do not earn the right to ask questions.
Result: They fail to position the sale properly and don’t gain commitment.

Fact: 85% of salespeople use a selling process that is extremely ineffective, compared to the buyer’s system.
Result: They close less than 50% of the business that they should close, with disastrous effects on their companies’ sales and their personal incomes.

You may be "winging it” if you find yourself relating to any of the following: (a) chasing prospects who don’t return calls; (b) hearing “think it over” all too often when you ask for the business; (c) cutting price in an effort to obtain or keep business; and (d) spending most of your time in front of people who are not decision makers.

Prescription: 1. Stop assuming that your prospect needs what you’re selling. 2. Learn how to ask more questions to see if the prospect has any serious “pain” issues that your product or service can resolve. 3. Learn a sales process to help you stay in control of the sales interview. (If you don’t know where to go to find one, call us. We can help.)

Good Selling!

Jim Lobaito
President
The Performance Group

For more information, check out our website at www.pmgllc.net
or call us at 800-550-9509.

Eliminate Mutual Confusion

Wed, 02 Jun 2010 13:41:56 GMT

Problem: Ever go on a sales call where there seemed to be little structure, where both parties seemed to be on different pages, where expectations were not met, and little was accomplished? Even worse, you expected something positive to occur but simply got a luke-warm response such as, “I need to think it over. Call me in a few days.” Opportunities are squandered and the buyer seems to be in control.

Diagnosis: All too often sales calls are unstructured; objectives are not determined or communicated. Winging it seems to be the primary strategy employed by the salesperson. Assumptions are made that the buyer knows why you’re there and no clarification of purpose is needed.

Prescription: The key to successfully implementing the common sense selling approach and taking the lead in the selling interview is to agree early in the meeting as to exactly what the agenda will be. You must determine with your prospect the amount of time available for the meeting, what the prospect would like to accomplish for it to be a successful meeting, obtain permission to ask questions to get a better understanding of the prospect’s needs, and agree that at the end of the meeting, at the very least, you’ll make a decision as to whether or not to continue talking.

If you have a very clear meeting agreement, you’ll build tremendous rapport with the prospect, improve communication significantly because both parties have the opportunity to ask questions, eliminate premature presentations, get decisions and eliminate “think it overs” and, most importantly, take leadership of the selling interview. In addition, our clients tell us that prospects visibly begin to relax when they hear that the seller is comfortable with hearing “no.” The meeting agreement is one of the most effective selling tools you’ll ever own…master it and you’re well on your way to becoming a true sales superstar.

Good Selling!

Jim Lobaito

President

The Performance Group

For more information, check out our website at www.pmgllc.net

or call us at 800-550-9509.

“Wow! I’m Good!”

Tue, 04 May 2010 18:54:30 GMT

Problem: Despite years of experience, attendance at numerous training programs, and coaching from sales managers, many salespeople still fail to elevate their performance above mediocre levels.

Diagnosis: Numerous factors can influence performance, but the most overlooked is attitude – how we feel about ourselves. Unfortunately, our attitude about ourselves, our self-image (self-confidence or self-perception) is influenced by our performance in our daily activities. And because our successes are frequently offset by disappointments, our self-image can be a roller coaster feeling. This causes an up and down performance in our roles, as you might imagine. You say to yourself, “Can I do it?” Some days the answer is “yes” and some days it’s “no.” The key is to get your self-image raised to the point where the victories vastly outnumber the defeats.

Prescription: Think of any activity that you perform that you’re really good at. It can be a sport, public speaking, cooking, organizing or anything. What is it that makes you so good at it? Is it your training, the tools you use or the experience you’ve accumulated doing it? It could be all of these things, in varying degrees, but something else as well. Your attitude, your approach, the sense of confidence and purpose, the commitment you bring to the activity is what people observe when they say you are “good at it.”

Witness the athlete who makes the play so effortlessly, the actress who delivers her lines flawlessly. The athlete does so not because of any superhuman qualities, but because he has practiced and practiced, the actress because she has internalized the part. There is no longer any conscious effort required to make it happen. This is the difference between “knowing” it and “owning” it. Those who “own” it are at the very pinnacle of their professions.

When you marvel at the way someone makes a brilliant impromptu speech or plays a beautiful song on the piano without music you are marveling at the same thing – the approach, the confidence, the naturalness of the behavior. There was no time to think, no time to prepare, no time to hesitate. They just did it!

It all starts with a desire to accomplish something, then believing that you can do it, learning how it’s done, practicing, practicing, and then practicing some more, until finally you don’t even have to think about it – it just happens. You “own” it. But that takes commitment.

How good are you? How good do you want to be? Are you committed?

Good Selling!

Jim Lobaito
President
The Performance Group

For more information, check out our website at www.pmgllc.net
or call us at 800-550-9509.

Instant Success?

Tue, 06 Apr 2010 20:28:50 GMT

Problem: Paul was an average performer in his company and marveled at the incomes and status of the top performers.   He had been to a few one-day seminars and read a book on motivation but it didn’t seem to be working fast enough for him and his motivation was decreasing. He complained frequently and was thinking about moving on to a better opportunity so he could make more money.

Diagnosis: There is a lot of pressure today to get results quickly.   The media publishes stories regularly of people who became "overnight successes" without paying their dues like most people. People become programmed to think that if they are not one of the overnight successes they are experiencing failure. The truth is that overnight successes are very, very rare and that’s one reason why they become newsworthy. These stories create unrealistic expectations and cause anxieties that hinder progress. As a result people "give up" or "move on" when a more focused effort and greater conviction could help them break through to a higher level.

Prescription: There is no such thing as instant success in selling and/or growing a business. Achieving excellence is an ongoing process.   It starts with a desire to accomplish something significant and demands patience during the process. You should create a picture or written description to remind yourself regularly of what your goals are and your plans to achieve them. If you can see it, you can achieve it.

Now comes the hard part. You develop true conviction not only by thinking about what you want, but also by taking action toward it.   Accept the reality that you will have to do things that are uncomfortable, tolerating failures on the road to success and using them as positive learning experiences. Understand that successful people are constantly pursuing knowledge. Begin a program of learning cutting edge selling strategies and tactics that will give you an edge on your competition. Associate with positive people and engage a coach to guide your progress. Constantly reinforce what you learn by practicing and repeating the key skills until they are second nature and you don't have to think about doing them.   Commit yourself to success and do what it takes to get there. Be a winner, not a whiner.

Good Selling!

Jim Lobaito
President
The Performance Group

For more information, check out our website at www.pmgllc.net
or call us at 800-550-9509.

They’re Still Laughing Back at the Office

Tue, 02 Mar 2010 17:24:10 GMT

Problem: David got trapped by the prospect…maybe “squeezed” is a better term. Here’s what happened.

His prospect was playing him off against the incumbent. It’s a familiar ploy and it goes like this. The prospect holds out the carrot by suggesting that the incumbent vendor is doing an “okay” job, but suggests that having an alternate (backup) supplier might be a good idea, “just in case.” (Ever heard that one? Salespeople invariably assume that because the door of opportunity seems to be opening, the prospect must have some dissatisfaction with the incumbent.) But the hitch is that the backup vendor needs to have a better price than the incumbent to be considered. In this case, the prospect was paying the incumbent $100 per unit and wanted David, the “hungry” secondary vendor, to come in at $90 per unit. After all, the prospect “reasoned” that if a supplier wanted their business they should be willing to price aggressively in order to have a shot at it.

Diagnosis: Long story short, David took the bait. His sales pipeline was spurting air at the time and he needed the business. He agreed to try to get the pricing approved but, on the way back to the office, suspected he’d been duped. But now he had no way to get back to the prospect without losing credibility.

Sometimes we sales folks, being so emotionally attached to the prospect of getting an order, just can’t see the obvious. Perhaps it’s never happened to you, but you probably know someone who has fallen into this trap.

The question is…what can we do to get ourselves out of this predicament?

Prescription: This is a tough one, but there is a way out. Like the old “good cop, bad cop” tactic, you’ve got to blame someone else. In this case, blame the “home office.”

Tell the prospect, “When I went back to the home office and told them what you wanted, they just laughed. In fact, they’re still laughing. They said we’ve got the lowest costs in the business, and that nobody can offer a $100 per unit price for long without taking shortcuts somewhere. I had no idea the margins were that tight. The bottom line is that I can’t offer you the $90 price. In fact, the best I can do is $105, and that’s for a minimum of 25% of the business.”

This might create some fear, uncertainty, and doubt with the prospect and encourage him to back off his unreasonable demand. At the very least, it gives you an excuse to bail out of the difficult situation you’ve gotten yourself into.

But let’s address the real problem. First, David didn’t plant his feet. He didn’t recognize that he was being used by the prospect and played right into the trap. When you’re emotionally involved in the result (“I need this sale”), you’re vulnerable. So plant your feet, look at the situation realistically, and find out if the prospect really needs a secondary source; in short, develop the prospect’s pain. Find out why he needs a secondary supplier, what happens if the primary vendor can’t deliver, and if there are any specific reasons why he’s worried about their possible failure to deliver. If the answers don’t make sense, then don’t play the game. If the answers do seem to add up, then treat it as you would any real sales opportunity by providing well thought out solutions to the prospect’s problems.

In short, play the game from a position of strength, not weakness.

Good Selling!

Jim Lobaito
President
The Performance Group

For more information, check out our website at www.pmgllc.net
or call us at 800-550-9509.

The Gridlocked Prospect

Tue, 02 Feb 2010 20:08:05 GMT

Problem: You’re in that familiar, albeit uncomfortable, position of having to chase a prospect that told you they were interested. But, based on their failure to commit, it appears that they are not. Initially, they seemed very convincing in their interest regarding your product or service (as they nearly always are). Since then your tactic has been to try to get their ear so that you can tell your story more convincingly, provide a comprehensive review of your features and benefits, and ferret out any objections that might be blocking the sale. To that end you’ve been persistent and called them at least weekly, sometimes more. But that effort has yielded no tangible results and now you’re fearful that you’re becoming a pest.

Diagnosis: You believed all the positive things they told you in your initial conversation. You may have even included them in your sales forecast. You exhibited the typical trust and optimism that characterize most salespeople. Now you’re playing hide and seek with the prospect and losing. Worst of all, you failed to agree with them about what your next step would be. So, now you’re stuck.

Prescription: Traditionalists beware! This is a tough one for many salespeople, but it’s the only way you’ll be able to regain control. However, you’ll have to overcome all your old instincts to continue to sell. This may take some doing since you will want to think you’ve still got a chance. But, you have to call the game! Take it to “no”! Change your assumption from the answer being a “yes” to it being a “no” and tell them.

Find a way to get through to the “prospect” and explain that you haven’t been reading the signals very well and, based on his failure to return your calls, you believe that they have no interest in moving forward so you’re going to close the file. If they are still interested, they’ll tell you. If not, you’ve just liberated yourself from another wild goose chase.

Good Selling!

Jim Lobaito
President
The Performance Group

For more information, check out our website at www.pmgllc.net
or call us at 800-550-9509.

Show Me the Money

Tue, 05 Jan 2010 20:51:35 GMT

Problem: Why is money so difficult to discuss? Salespeople frequently hear from prospects that budget is “no problem” at the beginning of the sales call. However, once things start to get close, the story sometimes changes. We’re told that we “have to sharpen our pencil,” “get more competitive,” or offer “additional discounts.” And yet, once the sale is won, price seems to evaporate as an issue and pressure is put on the vendor to improve quality or service. Often we hear from salespeople that money is the number one issue in getting and keeping the business. We need to have more competitive pricing, better discount structures or we just can’t compete. You’ve heard it all before.

Diagnosis: There are several reasons that investment or budget is discussed only superficially. First, is the unfortunate, self-limiting belief (that afflicts many, but not all salespeople) that discussing financial issues is impolite. Second, experience has shown us that a discussion of price typically deteriorates into a negotiation situation which is uncomfortable. Third, we’re afraid that the prospect may not be able to afford our product. Fourth, deep down, we may not be convinced that our product is really worth what we’re asking.

Prescription: Don’t ever get yourself into a situation where you’re making a proposal without finding out two things: 1) how much the problem is costing the prospect, and 2) how much they’d be willing to spend assuming your solution completely fixed the problem. It’s imperative that you understand all the financial parameters related to the sale. One effective way to make sure budget and related money issues are discussed is for you to set a “trap” for yourself. It goes something like this: “Mr. Prospect, one of the things that I sometimes find difficult to discuss is budgetary issues related to purchasing my product. I’m not sure why that is, but I want to make sure that we take some time to talk about that today. Is that okay with you?” This “trap” lets the prospect know up-front that money issues will be part of the discussion and gives you an excuse to bring them up. You might say, “Do you remember that we wanted to discuss your budget for this type of purchase? Can we do that now?”

Oh, yeah! One last thing -- don’t spend your valuable selling time with someone who doesn’t have the financial resources to buy your product or service.

Good Selling!

Jim Lobaito
President
The Performance Group

For more information, check out our website at www.pmgllc.net
or call us at 800-550-9509.

The Price Trap

Tue, 01 Dec 2009 22:51:39 GMT

Problem: One of the most frequent complaints we hear from business owners, sales managers and salespeople alike is the following: "Price is the primary focus of the sale these days -- all of our prospects want the lowest price.” It starts out innocently enough. Buyers lead with questions and comments like these: "How much is it? Can you give me a quote?” As the sales discussion proceeds it gets more intense: "That seems like a lot.” or "Why is it so expensive?" or "I saw it for less." Salespeople often respond by cutting price thus giving away margins and commissions.

Diagnosis: People who sell hear about price so often that they expect the conversation to dwell on price and they tend to overreact to price concerns. Sixty-eight percent of salespeople from a wide range of industries thought that price was the main concern of the customer based on a recent survey conducted by The Sales Board. In contrast, when customers were asked what was most important to them in a purchase their response was much different. The majority of people were more concerned with quality, service and relationship than price.

Prescription: To get out of the price trap, you have to stop focusing on it. The only time price is the main issue is when there are no other factors that are important which is rarely (maybe never) the case. The next step is to differentiate yourself and your product so that the prospect does not focus on price. That means not giving feature and benefit presentations -- which cause you to look like every other salesperson.

Instead, change your approach in a couple of ways to focus on the prospect and her challenges and not on your product. First, suggest to your prospect that it’s important to establish an environment where you can explore the details about the prospect's situation. Mention to the prospect that your “biggest concern” is that her focus will be on price and that addressing the real issues (pain) will take a back seat to price. By addressing the price issue early on, she will tell you where price fits into the decision-making criteria. Experience shows that it will become secondary if you are successful in refocusing the discussion to the prospect’s pain. Next, lead an interactive discussion to understand the emotional reasons behind the prospect's situation and uncover the pains that need to be addressed. By doing this, you and the prospect will mutually discover if there is value in your product and remove the emphasis on price.

Good Selling!

Jim Lobaito
President
The Performance Group

For more information, check out our website at www.pmgllc.net
or call us at 800-550-9509.

When All Else Fails, Become a Consultant

Tue, 03 Nov 2009 18:53:17 GMT

Problem: Have you ever run into a prospect that just doesn’t “get it?” You’ve done your job well. They’ve convinced you they have a problem that they really want to fix, you’ve determined that you’re in front of the person who can make the decision, and found out that they have the financial resources to fix the problem. You’ve presented a solution that works perfectly and satisfies all the issues that they expressed. But in spite of all that, they have decided to go with a competitor who has a less effective solution; perhaps one that really is a bad choice for them. Every bone in your body wants to tell them that they are screwing up, but you just don’t know how to say it; so you walk away confused and dejected.

Diagnosis: Sometimes prospects may be confused about how to make a selection or may have been promised some unrealistic things by a competitor. Whatever the reason, they don’t always make the right decisions.

Prescription: When you know with 100% conviction that the prospect is making a real mistake, you owe it to them to be honest and tell them. But to do it graciously without coming across as a rejected suitor is difficult. Here’s a way to pull it off, but remember, you’re no longer selling. You are, instead, becoming a consultant. Simply say this, “Mr. Prospect, I understand and respect your decision to use my competition, and I’m through selling, so can I tell you something without you getting mad at me?” Typically they’ll give you permission. Continue by saying, “I’m no longer selling, so can I offer some advice? (Pause) You’re making a big mistake. With all due respect to my competition, the solution you’ve chosen is flawed. Here’s why.”

This tactic is not to be used to vent your frustrations when you’ve been outsold, it is for when the prospect is making a mistake and you can substantiate that fact. The key here is to acknowledge that you’re no longer in a sales mode. The competition has won and you’re simply acting as consultant who has their permission to offer advice. After all, consultants point out problems and suggest solutions. It’s a last ditch effort that sometimes pays dividends.

Good Selling!

Jim Lobaito
President
The Performance Group

For more information, check out our website at www.pmgllc.net
or call us at 800-550-9509.