by Art Waskey | Sep 22, 2020 | Art of Sales Weekly
A sales rep came to me excited but concerned about a potentially large sale. He relayed: “I have a new account that has a perfect application for a welding robot, but I don’t think my contact will be able to make the decision on a purchase of this size. I sold a robot for a similar application to another account and have pricing and savings information. If I share this with my prospective client, how can I be sure that I will get the order or that he can make the decision?”
The sales rep was right to be concerned about his single contact. Expensive products, like robotic equipment in the over $200,000 price range, generally require a more sophisticated sales strategy than smaller purchasing agreements and, in most cases, involve multiple decision-makers. In the book, The New Strategic Selling, Robert Miller and Stephen Heiman suggest the four buying influencers who are usually involved in a committee decision on a complex sale that involves high dollar amounts.
- The user – The user’s role is to make judgements about the impact of the product or service being considered for the job to be done. It is generally necessary to take this influencer on a tour of another client’s facility where he can see the equipment or service being used in a similar application.
- The technical support – This gatekeeper, often difficult to spot, makes judgements about the measurable and quantifiable aspects of your product or service based on how well it meets a variety of his company’s specifications or other technicalities.
- The economic analyst – The organization’s controller is looking for price performance. He needs to be convinced that the product or service the company is considering matches their priority needs and represents the best value for the money.
- The coach – This is a person, inside or outside the organization (including your own), with whom you have a trusted relationship. The coach has credibility and with it, guides you and the other buying influencers toward your sales objective. Be sure to ask your coach, “Based on what you know about the committee, what do you think their questions will focus on?”
In addition to these four key players, keep in mind that on sales that involve high dollar amounts, the top executive gives the final approval based on the knowledge he or she receives from the committee.
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by Art Waskey | Sep 15, 2020 | Art of Sales Weekly
Selling is about developing trust that evolves into long-term personal relationships. I find it most difficult to get past the initial connection with someone and enter the “trust phase,” as this process takes time and my life is often over booked. In addition, my products generally represent only a very small part of the overall cost of my customers’ operations, making me a fairly insignificant player. This makes building solid relationships that much harder.
Given these challenges, when you get an opportunity to develop trust you must take full advantage of it. Here are a couple of ideas on how to capitalize on your customers’ unique interests.
Interests as an opportunity
— I was on a sales call where our team was working on building a better relationship with a customer, in this case the company’s owner. In the course of our conversation, he mentioned that he enjoyed listening to business books. When I returned to the office, I went right to Amazon and sent him one of my favorite business titles.
That gesture was a big hit. The owner passed the book around to all his managers. Prior to this, he had told us that he would not intervene in his managers’ buying decisions. However, the distribution of the audiobook to his purchasing agent allowed us to open up a conversation with him about pricing. Subsequently, this enabled us to match some competitive bids.
Make occasions special
— Identifying and acting on unique opportunities is effective with customers both old and new. As an example, a regular customer once mentioned to me that they were having a company-wide luncheon. I noted the date and time, and then personally delivered a couple of cheesecakes. There wasn’t much competitive pressure in that account following my contribution (Cheesecake ROI)!
Remember to spend time asking questions and listening intently so that you can uncover your customers’ unique interests. This can save you hours of unproductive sales time. Questions should come naturally in your conversations, and not feel forced or appear to be an invasion of privacy. Look for what makes each of your customers unique, and then strategize ways to meet their particular needs.
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by Art Waskey | Sep 1, 2020 | Art of Sales Weekly
Stay Positive and Busy
I recently received a call from a successful and highly skilled sales executive. I had watched him grow his base of quality accounts with integrity and a strong work ethic. He relayed to me that the Coronavirus pandemic had devastated not only his business, but his self-esteem, leaving him frightened and depressed.
Unfortunately, under current economic conditions, I find the circumstances of this impressive sales leader is not the exception, but more often the rule. How do we respond to times like these when our world has turned upside-down? What can we do to maintain a positive business outlook when nothing seems to be working? Here are some suggestions.
Leave the past behind
— Baseball’s hero, Babe Ruth (wiki), had the perfect axiom for our time, “Yesterday’s home runs don’t win today’s games.” Don’t get caught thinking that what worked yesterday will be effective today. When business is slow, utilize that time to learn new skills that help you achieve sales results in this changed landscape. For example, take the time to master and optimize your use of new social media platforms. When this crisis is over, many of our old sales practices will be obsolete.
Look for new opportunities
— Make the best of the opportunities before you and don’t let outside circumstances control or diminish your motivation. Don’t wait for past opportunities to reoccur. Even if those accounts do come back, they are unlikely to look the same. Focus on creating new opportunities.
Believe in yourself
— When you chose a career in sales, you knew there would be pitfalls along the way. In these dark times, make an effort to remember and visualize brighter business cycles. You made it through the last couple of economic down-turns — you will get through this one. Stay positive. A vision of your success will fuel your fire.
Get started
— Quoting John Maxwell, “Dreams don’t work unless you do.” Get busy. Set some new goals for yourself and write them down with next steps and dates. Be prepared for a great deal of hard work, including long nights, missed sleep, family sacrifices, and disappointments —and also renewed success as a result of your efforts.
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by Art Waskey | Aug 25, 2020 | Art of Sales Weekly
I was working with a rep in a new market, one that we had been developing for only a couple of years. A customer that we had picked up early on requested a second visit. He seemed to be “shopping” our prices.
At our meeting, I noted that the customer had pictures of horses on every wall of his office, so I asked about his interest in them. This led to a 45 minute discourse about his ranch, horse breeding, his rigorous daily schedule, etc. Finally, the client abruptly brought the conversation back to why he had called us.
In a very kind way, he admonished us for not visiting him more frequently. We learned that the previous rep who had handled this account raised horses and they used to enjoy talking about their common interests. In a shy, gentle manner, the customer implied that he wouldn’t have asked for competitive prices if we had been more attentive to his needs.
The Trusting Friend Lands the Deal
How many of your customers are just looking for a good, trusting friend? The popular Futurist, Watts Wacker, reminds us, “In the Old Economy we made a sale, but in the New Economy we need to make connections.” You may provide exceptional service, but you must assume that your customers expect that from your competitors as well. You need to focus on what sets you apart from the next supplier.
Time Management Guidelines
Recognizing that relationship building involves time and effort, here are some time management guidelines:
- Divide your accounts into “profit” volume groups.
- Call on your top 10%, or “A” accounts, weekly.
- Call on your next 15%, or “B” accounts, monthly.
- Pay attention to any “C” accounts, those with currently low profit, but high potential. For these I recommend planning a weekly visit.
- Keep checking on non-customer “D” accounts that have high potential.
- Develop a weekly calendar planner and fill it out before you start your week. You may prefer filling it out on Friday when the last week’s calls are fresh in your mind.
- Use a calendar tracking system to pre-set appointments.
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by Sean Newman | Aug 17, 2020 | Art of Sales Weekly
I received an email from an engineer inquiring about my seminar, “Speaking with Confidence.” He told me he had to give a five-minute presentation to 50 people in four days. He wanted to know if I had time to help him get over his fear of speaking and boost his confidence. Did I have any tips to help him get over his anxiety about speaking?
How do you feel about making a public presentation? Are you scared speechless?
Speaking Tips To Make You Stand Out
While nobody can become a confident speaker overnight, here are a few speaking tips that will move you in the right direction.
- A five-minute speech is actually quite easy. Think about it by breaking it down into its separate parts. All you need is an opening sentence, three-points (with three stories), and a close. To get over the fear (and I recommend this for any length of speech), set a timer and stand in front of a mirror. Using only your outline, rehearse your talk until you have it memorized. Your three points should “flow” from your stories.
- While it’s important to memorize your opening and closing sentences, you don’t need to remember the stories word-for-word. Think of giving your speech like telling your favorite joke, in which the key elements are the setup and the punch line. The middle part supports the build-up to your conclusion. And by the way, a well-rehearsed joke can be a great opener!
- Avoid using notes so that you can look directly at your audience while you speak. Look right into your listeners’ eyes and when you focus on someone, do so for at least three seconds. The words you say aren’t nearly as important as how you say them.
- Don’t spend hours rehearsing details. Keep voicing your ideas until you feel that the speech flows. Each time you feel a wave of anxiety, find a quiet space to go over your speech. Your confidence will build!
In my friend’s post-speech response he emailed, “It went better than I expected. I heard positive feedback from most people in the audience. There was, of course, one person who offered criticism. He thought I looked “extremely tense.” I replied, ‘Yeah…I was,’ but I thought to myself, I’d like to see him try and do it better.”
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by Art Waskey | Aug 10, 2020 | Art of Sales Weekly
I was recently asked to join a rep in a meeting to advise on price with a customer to close a very large sale, potentially our largest of the year. The vendor we were representing also participated in the meeting.
The company president reviewed our proposal with her accountant then left the room to write a check for the 20% order deposit we had discussed. When she returned, we noticed that the total was 2% less than our agreed upon price. How do you handle a situation like this?
First, you need to be aware of the account’s background. This case involved a dominant, aggressive owner who was ready to buy several months earlier but let us know she needed our “best price.” She even shared a competitor’s quote with us. We spent a great deal of time in final negotiations and were able to get our vendor to drop his price to a cost-plus, and we, as his distributor, reduced our margin to the bare minimum.
After so much careful analysis, how do you react to an order that does not meet your stated price? If we, as the distributor, were to accept the lower-priced order, our vendor will expect us to absorb the difference. If we were to hold a strong position and decline the order on the table, we could potentially alienate the customer and lose the deal completely.
With too many people in the room for an open discussion of the order’s history, I decided to decline the check for the time being and say that we would get back to her on this proposal.
Here are some suggestions for dealing with your “Give Me Your Best Price” customer:
- Be sure you know your customer personally and have an established sense of trust.
- Be sure you can prove the value of your product to solve their problem.
- Try to establish an agreement beforehand that obligates the customer to buy if you show them the solution to their problem.
When the subject of price rears its ugly head, go back and review these parts of the sales cycle before answering the price issue. If you hit a snag like the one above, you likely will need to work further on the proposal and the relationship. Remember, people spend more money with people they know and trust.
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