Sales and Sales Management Blog

February 14, 2012

Book Review: High-Profit Selling, by Mark Hunter

Filed under: Book Reviews — Paul McCord @ 11:48 am
Tags: , , ,

In the great big world of sales books there are two types of books—those that purport to take the “big picture” perspective of selling and those that are designed to have actual value in the real world by providing real, workable, effective strategies to help sellers and sales leaders improve their performance.

And within the group intended to deliver usable information there is a further breakdown into those that are simply fluff and filler and those that really deliver on their promise to help sellers become better sellers.

If you have spent any time scanning the sales books in Amazon or Barnes and Noble you know there’s no dearth of “big picture” books (books that although fun to read leave one wondering why they wasted their time reading it because ultimately it really didn’t have anything applicable in it).  You also know there are thousands of the “this is your key to sales success” strategy books that for the most part simply lay out a couple of time worn strategies and use stories as filler to put some pages to the book.

Thankfully you will find that there are a few books that deliver real value; that aren’t stuffed with fluff just to make the book thicker; and that provide a broad range of effective strategies all designed and coordinated to accomplish a specific goal.

One of those few books of real value is Mark Hunter’s new book, High-Profit Selling: Win The Sale Without Compromising On Price (AMACOM:  2012).

Hunter comes from the trenches of sales—he spent almost two decades selling for Fortune 100 companies.  His experience is that of a seller, not a theorist or seller wanna be.

Those years of real world selling, combined with his years as a sales trainer are at the heart of High-Profit Selling, and all designed to do one thing—help you acquire more business without compromising on price.

In today’s tough economy it is common for sellers and sales leaders to think in terms of capturing business by cutting price.  Hunter argues—and presents the tools necessary to do so—that you don’t have to cut price and profit in order to win business even in today’s troubled economy.

Instead of cutting price, learn how to create the value that justifies your price.

High-Profit Selling presents a comprehensive approach to creating value to support your price.  Hunter’s concentration is on value building and he thus spends a good deal of time on how to dig down to uncover prospect needs and issues, the fine points of communication, and leveraging knowledge, but he doesn’t neglect the equally critical issues of how to prospect, how to deal with price objections, and how to deal effectively—and profitably—with RFP’s, RFQ’s and professional buyers.

In addition to the standard one-on-one selling situation, Hunter addresses the need for an on-line presence, how to become a thought leader in your industry, and how to get your information out onto the internet in a manner that will inform and attract prospects.

It is common for many readers of sales books to skip around and read the parts that sound interesting and to ignore the rest.  In some cases, the reader skips the greater part of the book.

First, I’d advise readers not to approach High-Profit Selling as a magazine with each chapter being an article that can be read or skipped—read the entire book and read it in order.

Second, if you simply cannot control yourself and you must read the book as you would Reader’s Digest; by all means do not skip the “One Percent Continuous Improvement Process” section in the last chapter.  I suspect that a great many readers will skip this section and they’ll suffer because of it.  In the space of just about three pages Mark presents a very simple concept that can literally change your career in a matter of months.  By concentrating on improving a single aspect of your selling each week by just one percent you will improve your sales performance by almost 70% over the course of a year.  What would your pipeline—and bank account—look like if your performance was improved  by 60 or 70% by the end of the year?

If you’re looking for a well written, high value book to help you increase your sales, High-Profit Selling has just hit the streets and is in stock at Amazon, Barnes and Noble, and Books-a-Million.  I encourage you to pick up a copy and learn how to make your numbers without compromising on profit.

February 23, 2011

Guest Article: “Your Customer’s PIR: Price Investment Ratio,” by Mark Hunter

Filed under: Closing Sales,sales,sales psychology,selling — Paul McCord @ 11:58 am
Tags: , , , ,

Your Customer’s PIR: Price Investment Ratio
by Mark Hunter “The Sales Hunter”*

Have you ever really considered how price affects your customer with regard to their *perceived benefit*?  Too often, we use a simplistic approach to determining a price – figure the cost to produce a product or service, tack on some arbitrary percentage, and call it good, right?

Price, though, is consequential in ways we may not initially consider.  The price a person pays for something goes a long way in determining the perceived benefit they expect to get from it.  The perceived benefit cuts two ways. First, the expectation of service goes up the more a person pays for something. Second, the perception of what they’re gaining also goes up with the amount they pay.   The two are not opposites; they work in tandem, and in nearly all businesses, this tandem relationship can and does work to your advantage.

Many companies, hopefully including yours, are known for delivering incredible service.  This quality service may be what your customers comment upon and why they are willing to refer you to other customers.  This level of service comes at a price. One of the things you always should be doing is explaining to and showing your customers how your level of service helps them.

The more you share this type of information with your customers, the more comfortable you become in seeing the value of what you offer.  Having confidence in your service allows you to increase your “Price Investment Ratio” (PIR). This all has to do with what you expect customers to pay.

For the customer, the PIR is revealed when you help frame their expectations.  To help explain this best, let me refer to what I call the “IBM paradox.” This is the belief people have that although you will pay more for anything you buy from IBM, you will never be fired for using IBM.  What this means is there are plenty of companies that sell the exact same items and services as IBM, but at a less expensive price.  Although other vendors will be less money, there is a level of safety and confidence in using IBM – so much so that it translates to a premium price that customers will pay.

The “Price Investment Ratio” (PIR) is the amount over the minimum amount a person would have to pay for something. They are willing to pay it to feel confident in what they are buying.   You might say the PIR should really be the CP – the “Confidence Premium.”

There are no two ways about it – when you have great service but do not reflect it in your PIR, then you are underselling.   If you are underselling, you are not making the profits you could be making.

I can hear some of you at this point thinking, “What if we don’t have a solid sense of how good our customer service really is?”   In other words, maybe your company receives very few complaints, but at the same time, you are not sure if your service is at a higher caliber than what your competitors bring to the table.

In order to find out your “Price Investment Ratio” (PIR), you must do a deep dive with your existing customers to get them to tell you what your service means to them.  Once you do this, you can then match up what existing customers are telling you with what prospective customers are asking you to do.   When you grasp this, you begin to understand what the PIR really should be.  How much “investment” is the customer willing to make in going with you instead of your competitor?

As I have often said, in the B2B arena, companies don’t buy anything, they only invest.   If your customer can’t see the return on investment, they won’t *invest* – they won’t pay the price you want to get.   When they *do*see the value, though, then you can feel very confident in charging a price above what your competitors charge.  Don’t settle for a lower price when doing so is detrimental to your bottom line.

Mark Hunter, “The Sales Hunter,” is a sales expert who speaks to thousands each year on how to increase their sales profitability.  For more information, to receive a free weekly email sales tip, or to read his Sales Motivation Blog, visit http://www.TheSalesHunter.com

 

July 5, 2010

Guest Article: “Does Volume Make Up for Low Price?” by Mark Hunter

Filed under: business,sales,selling — Paul McCord @ 4:12 pm
Tags: , ,

Does Volume Make Up for Low Price?
By Mark Hunter

The phone rings and the sales manager hears on the other end the all-too-familiar plea of a salesperson. The salesperson tries to convince the sales manager that it makes so much sense to offer the prospect a discount to get them to finally become a customer. Of course, the salesperson has the expectation that this new customer will quickly become a high-profit customer.  The sales manager has heard the same plea hundreds of times before, and yet for some reason, the salesperson and the lack of current sales suddenly make offering a discount very attractive.

It’s as if we’re watching the unveiling of a very slow accident that is completely avoidable and yet happens anyway.  The salesperson gets it into his or her head that the only way to close the deal is by discounting the price. They just need to convince their sales manager to go along with it.  When this occurs, a major shift happens with how the salesperson does their job. No longer are they selling to the customer; now they’re selling to the sales manager.  The problem with this is simple – a salesperson gets paid for selling to customers. That’s how both the top-line and the bottom-line are made.

If you’re reading this and you’re a salesperson, here is some very simple advice.  Contrary to what you believe will happen, you will never make up in long-term profit what you’re about to give up with your immediate discount.  Sure, there are always exceptions to this, but such exceptions are similar to me winning the lottery.  Is it doable? Yes.  Is it probable? NO!

When you discount the price, the new price is now the price of value the customer is willing to pay.   When they’re offered the price once, they will expect it again and again. When you attempt to move the price to the “normal or regular” price, they see it as a price increase.  Even if you do get the price up to the “normal or regular” price, you’re still behind the profit curve because of all the product you sold to the customer at the lower “discounted” price.

I hear this argument a lot: “You don’t understand. If I didn’t offer the discount, I would never have had the opportunity to move the price up, because they would never have become a customer.”

My response is always the same:  “So what! It doesn’t matter.” In your quest to get the customer, you cut your price. But you did so much more than that.  What you did was cut your profit dollar for dollar. That is a very simple fact of what happens when you cut your price.  It’s highly unlikely you cut the cost of your goods or services, because your goal is to get the customer to experience what you can do. That means the only place to cut is your profit. 

Here’s the deal: Your ability as a salesperson is not in how much you sell, but in how much you earn for your company. It’s the bottom-line profit that counts, and anytime you reduce your price, you’re slashing your profit.

There is not a sales manager out there of any quality who will allow any salesperson to spend their valuable time trying to sell internally. The focus must be on external selling.  Focus first on creating value by determining the needs of the customer. Then position your product or service as the solution, and do so at full price.

This is the only strategy that ensures you are not only protecting profit, but also ultimately in a place to increase it!

Mark Hunter, “The Sales Hunter,” is a sales expert who speaks to thousands each year on how to increase their sales profitability.  For more information, to receive a free weekly email sales tip, or to read his Sales Motivation Blog, visit www.TheSalesHunter.com.

January 19, 2010

Guest Article: “Why Customer Service Destroys Salespeople,” by Mark Hunter

Filed under: Customer Service,sales,selling — Paul McCord @ 10:30 am
Tags: , , ,

Why Customer Service Destroys Salespeople
by Mark Hunter

One position that has not been impacted by the economy is sales.  Ask any CEO and you will hear that one of their biggest issues is finding and retaining good salespeople. Something happened on the way to a sour economy: Too many companies learned the hard way that their salespeople didn’t know how to sell. Instead, their salespeople were good at taking orders and providing customer service.  There is nothing wrong with this approach, as long as the marketplace is always going to serve up new customers and keep current customers in business. Does that kind of marketplace always exist? Unfortunately, no.

As a sales consultant who works with a wide number of companies, I am not surprised with the current state of sales.  In the past 20 years, books and soothsayers have inundated us with advice saying that the best way to grow your company is through great customer service. (Think of companies like Disney, Marriott and Honda, just to name a few).  These are certainly great companies, and I’m personally an avid customer of each one.  However, if great customer service is all that is needed to win, then why is each of these companies struggling in today’s economy?

I don’t offer up this example to generate an in-depth discussion on economics and market share.  Rather, I put it out there to say that customer service alone is not going to help a company achieve its growth targets.  It is essential for salespeople to be focused on selling as their first priority and providing customer service as their second priority.

Selling is about digging in and working with customers to help them see needs they didn’t realize they had.  It’s about helping customers see how the solution for which they are looking can be found in what you are offering.  Selling is not about sitting back and taking orders based on what the customer wants.  If that’s selling, then there really is no need for a salesperson.  The entire process could be done on the internet or over the phone.  I know that observation just hit a sore spot to many of you reading this. Possibly, you’ve watched your industry be decimated by the power of the web. Nowadays, many customers can get what they want, when they want it and how they want it, all through their computer.

If your job was lost because of the internet, then let me share something that you may not like to hear, but is simply true: you weren’t selling; you were merely taking orders.  I am not putting myself on a pedestal, because one of my first sales jobs I thought I was a salesperson (at least, that’s what my business card said). In reality, I was doing nothing more than going around to grocery stores and taking orders from store managers.  I wasn’t selling. I was conveying information and providing customer service.

Today’s economy is crying out for salespeople. Are you someone who is willing to be assertive in making phone calls, meeting with customers, and spending time doing what I refer as the “deep-dive” with high-potential prospects to secure the really big business.  If a salesperson is not willing to go face-to -face with a customer, then they have absolutely no right to be in sales.  The only thing they are doing is hurting themselves and their employer.  The fastest test I know to measure a person’s aptitude towards selling is to ask them to explain in detail how they develop leads and handle cold calls.

When a company looks to outsource the lead generation process, or spend so heavily in advertising to try to create enough leads for everyone, then they are setting themselves up to fail.  Over time they will wind up with a sales team focused on capturing the easy sales. They do this by making everything a customer service moment.  This is akin to a pro-athlete thinking because they are a professional, they no longer need to stick to a physical workout program.   When a pro-athlete stops their conditioning program, they may not experience a falloff in performance immediately. Over time, however, the decline will be evident. The same is true for salespeople who are not routinely in the game of prospecting and developing new customers. They will lose their edge. The decline will be so slow that they won’t realize it is happening, let alone why it is happening.

Each client with whom I have the privilege to work hears this message:  The responsibility of finding and retaining new customers is the responsibility of every employee.  Salespeople by the very nature of their position must take the lead and be assigned weekly, monthly and quarterly goals of prospecting calls they must make.  Management owes them the tools that encompass an effective sales process. This process must include employees outside of sales whose primary responsibility it is to provide customer service. After all, salespeople should focus first on selling.  They need the time to achieve this realistic expectation.

Mark Hunter, “The Sales Hunter,” is a sales expert who speaks to thousands each year on how to increase their sales profitability.  For more information, to receive a free weekly email sales tip, or to read his Sales Motivation Blog, visit www.TheSalesHunter.com.

September 21, 2009

Guest Article: “Why Customer Service Destorys Salespeople,” by Mark Hunter

Filed under: Customer Service,sales,Sales Failure,selling — Paul McCord @ 9:40 am
Tags: , , , ,

Why Customer Service Destroys Salespeople
by Mark Hunter

One position that has not been impacted by the economy is sales.  Ask any CEO and you will hear that one of their biggest issues is finding and retaining good salespeople. Something happened on the way to a sour economy: Too many companies learned the hard way that their salespeople didn’t know how to sell. Instead, their salespeople were good at taking orders and providing customer service.  There is nothing wrong with this approach, as long as the marketplace is always going to serve up new customers and keep current customers in business. Does that kind of marketplace always exist? Unfortunately, no.

As a sales consultant who works with a wide number of companies, I am not surprised with the current state of sales.  In the past 20 years, books and soothsayers have inundated us with advice saying that the best way to grow your company is through great customer service. (Think of companies like Disney, Marriott and Honda, just to name a few).  These are certainly great companies, and I’m personally an avid customer of each one.  However, if great customer service is all that is needed to win, then why is each of these companies struggling in today’s economy?

I don’t offer up this example to generate an in-depth discussion on economics and market share.  Rather, I put it out there to say that customer service alone is not going to help a company achieve its growth targets.  It is essential for salespeople to be focused on selling as their first priority and providing customer service as their second priority.

Selling is about digging in and working with customers to help them see needs they didn’t realize they had.  It’s about helping customers see how the solution for which they are looking can be found in what you are offering.  Selling is not about sitting back and taking orders based on what the customer wants.  If that’s selling, then there really is no need for a salesperson.  The entire process could be done on the internet or over the phone.  I know that observation just hit a sore spot to many of you reading this. Possibly, you’ve watched your industry be decimated by the power of the web. Nowadays, many customers can get what they want, when they want it and how they want it, all through their computer.

If your job was lost because of the internet, then let me share something that you may not like to hear, but is simply true: you weren’t selling; you were merely taking orders.  I am not putting myself on a pedestal, because one of my first sales jobs I thought I was a salesperson (at least, that’s what my business card said). In reality, I was doing nothing more than going around to grocery stores and taking orders from store managers.  I wasn’t selling. I was conveying information and providing customer service.

Today’s economy is crying out for salespeople. Are you someone who is willing to be assertive in making phone calls, meeting with customers, and spending time doing what I refer as the “deep-dive” with high-potential prospects to secure the really big business.  If a salesperson is not willing to go face-to -face with a customer, then they have absolutely no right to be in sales.  The only thing they are doing is hurting themselves and their employer.  The fastest test I know to measure a person’s aptitude towards selling is to ask them to explain in detail how they develop leads and handle cold calls.

When a company looks to outsource the lead generation process, or spend so heavily in advertising to try to create enough leads for everyone, then they are setting themselves up to fail.  Over time they will wind up with a sales team focused on capturing the easy sales. They do this by making everything a customer service moment.  This is akin to a pro-athlete thinking because they are a professional, they no longer need to stick to a physical workout program.   When a pro-athlete stops their conditioning program, they may not experience a falloff in performance immediately. Over time, however, the decline will be evident. The same is true for salespeople who are not routinely in the game of prospecting and developing new customers. They will lose their edge. The decline will be so slow that they won’t realize it is happening, let alone why it is happening.

Each client with whom I have the privilege to work hears this message:  The responsibility of finding and retaining new customers is the responsibility of every employee.  Salespeople by the very nature of their position must take the lead and be assigned weekly, monthly and quarterly goals of prospecting calls they must make.  Management owes them the tools that encompass an effective sales process. This process must include employees outside of sales whose primary responsibility it is to provide customer service. After all, salespeople should focus first on selling.  They need the time to achieve this realistic expectation.

Mark Hunter, “The Sales Hunter,” is a sales expert who speaks to thousands each year on how to increase their sales profitability.  For more information, to receive a free weekly email sales tip, or to read his Sales Motivation Blog, visit www.TheSalesHunter.com.

September 5, 2009

Guest Article: “Position Yourself as a Leader,” by Mark Hunter

Filed under: Leadership,sales,selling — Paul McCord @ 11:13 am
Tags: , , ,

Position Yourself as a Leader
by Mark Hunter

It’s been said that to be a successful salesperson, not only do your listening skills have to be great, but your closing skills have to be even better.  However, I believe that while these skills are helpful, they are not essential.  In my opinion, to be a top-performing sales professional, you must be a great leader.   It is a fundamental character trait.  Although we have all known salespeople who have had stellar years based on the luck of a few great clients, those with sustained, long-term success always exhibit great leadership skills.

What is a leader?  Leaders are people who empower others to do seemingly impossible things, whether individually or as part of a group.  They help people see issues and opportunities they would not normally see themselves.  Most importantly, they instill a level of confidence in people that make them pro-active in dealing with situations they otherwise would be hesitant to handle. 

These leadership traits are essential for top-performing salespeople to exhibit on a daily basis.  By demonstrating these qualities to your prospects and clients, you are communicating your value to them.  They will see that you have their best interest in mind and are not out to just “make a sale.”  You will create the confidence they need to desire to do business with you.  Salespeople who see themselves as leaders are far more likely to provide the client with the services necessary to help them achieve their long-term goals.  For example, a salesperson who is a leader will wisely show a 25-year-old the significance of buying life insurance both as an investment tool and a “peace of mind” policy.

Top-performing salespeople understand how positioning themselves as leaders can further their success.  You will increase your profits by selling more to an existing customer, so it only makes sense to display leadership to them.  In addition, because the best new clients often come from referrals, your existing customers will be much more apt to confidently recommend you.  In my experience, I have observed that salespeople who behave as leaders are less likely to need multiple closing techniques to make a sale.  I firmly believe that the higher the degree of leadership in a sales professional, the less time spent on closing the deal.  Similarly, the opposite holds true, and the result is a loss of valuable time.

Over the years, I have come to believe that “sales is leadership and leadership is sales.”  The more salespeople with whom I work, the more I confirm the validity of this statement.  Although it’s important to work on both your ability to listen and your closing techniques, fostering your leadership skills is far more essential.  Begin today to set yourself apart from the competition by positioning yourself as a leader to your employees, your clients and your prospects.

 

Mark Hunter, “The Sales Hunter,” is a sales expert who speaks to thousands each year on how to increase their sales profitability.  For more information, to receive a free weekly email sales tip, or to read his Sales Motivation Blog, visit www.TheSalesHunter.com.

June 8, 2009

Boost Your Sales Series: “21 Tips to Use at a Networking Event,” by Mark Hunter

Filed under: business,Networking,prospecting,sales,selling,small business — Paul McCord @ 6:04 am
Tags: , , , ,

Week 2 of the Boost Your Sales series focuses on Successful Networking.  Our first expert is Mark Hunter with “Networking is a ‘Con’ Game.”

Tomorrow we’ll hear from Andrea Sittig-Rolf

Wednesday brings in Jonathan Farrington

Thursday it’s time for Will Kintish

Friday is my take on networking

And stay tuned for next week when we’ll have Ian Brodie, Joanne Black, Bill Cates, Dr Martin Russell and I tackle using referrals and Word of Mouth to generate business.

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21 Tips to Use at a Networking Event
by Mark Hunter “The Sales Hunter”

When you arrive at a networking event, avoid gravitating to people you know.  You should initially thank the host and then immediately find someone new to introduce yourself to.  This will help keep you in the right frame of mind as to why you came.

Stop selling and start listening!  When you meet someone for the first time, use it as an opportunity to get to know them.  Don’t try to sell them anything.  Rather, begin to establish a relationship.

Keep your business cards in the breast pocket of your coat, a shirt pocket, or in an outside pocket of your purse so they are easy to access and in good condition.

When giving a person your card, personalize it by hand writing your cell number on it.  This will cause the recipient to feel that they are receiving something special. 

When giving or receiving a business card, be especially careful when dealing with people from outside the US as many cultures treat them with very high regard.

When receiving a card from someone, take a moment to write yourself a note on it such as where you met.  If you do this while you’re still talking to the person, it will help convey your sense of personal connection. 

During the course of a conversation, use the other person’s first name two or three times.  People always like to hear their own name and it will help you to remember it when the discussion is over.

Rather than telling a new contact all about yourself, spend your time asking them questions.  It’s amazing how much you’ll learn!

After you meet someone for the first time, use the back of their business card to jot a note about something you learned from the conversation and the date and place you met them.  Recording the information will give you something to talk to them about the next time you see them.

Connect with the person you’re talking to by tilting your head as you listen to them. It is an effective body language technique which communicates that you’re paying attention to what they’re saying.

When a person is talking to you, be sure to look directly at them.  Giving a person full attention with your eyes will encourage them to share more. 

Remember, however, that it’s not a “stare-down” contest.  Give the person 3 – 5 seconds of eye contact and then look away briefly before returning your focus to them again.

The best location to network is by a high-traffic area such as a main door, the bar, or near the food.

Never approach people if they’re walking towards the restroom.  Wait until they have returned to the networking area.

After the person has shared something with you, ask them another question about what they just said.  This shows that you’re paying attention and that you care about what they’re telling you.

 Always keep one hand free to allow yourself to shake hands with people.  This means that you shouldn’t eat and drink at the same time.  Remember, this is a networking event, not a full-course meal.

 As a way of demonstrating your networking skills, introduce each new person you meet to at least one other person.

 Never try to barge into a group of 4 or more people.  Come along side of the group, but do not attempt to enter into the discussion until you’ve made eye contact with everyone.

 Do not approach two people who are talking, as you may be interrupting an important discussion.

 It is best to initiate conversation with someone who is standing by themselves.  They’ll be happy to have someone to talk to them and, as a result, will many times open up with valuable information.

When you meet someone for the first time, you have 48 hours to follow up with them before they will completely forget about meeting you.

A networking event is not a time to see how many business cards you can acquire.  Rather, it is a time to develop a few relationships that have potential.

Mark Hunter, “The Sales Hunter”, is a sales expert who speaks to thousands each year on how to increase their sales profitability.  For more information, to receive a free weekly email sales tip, or to read his Sales Motivation Blog, visit www.TheSalesHunter.com.

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July 17, 2008

Guest Article: “Maximizing Your Price in a Soft Economy,” by Mark Hunter

Filed under: business,sales,selling,small business — Paul McCord @ 7:15 am
Tags: , , , ,

Maximizing Your Price in a Soft Economy
By Mark Hunter

Establishing maximum value for your price is never easy.  In today’s volatile economy, it’s even more of a challenge.  For most companies, costs are increasing, yet the ability to pass them along to the customer is fraught with numerous roadblocks.  The customer’s response to a price increase is rarely positive, with the usual line of objections that go along with it.  In addition, there are the concerns that a competitor’s price may undercut yours or that the customer may choose to go down a different path instead of buying from you at all.  As big as these issues are, they pale in comparison to the number one roadblock to maximizing your price point:  the confidence of the salesperson.

The main reason why companies do not capitalize on their potential revenue is because their salespeople do not have the confidence to ask for and receive the highest price point.  If a salesperson is secure in what they are selling and in knowing how the customer will benefit from their products/services, then they will be confident in asking for and getting the desired price point.  The problem is that many times the salesperson lacks confidence in at least one of these areas, resulting in their inability to make their sales quota.

To rectify this problem, it’s important to examine how the salesperson first developed a lack of confidence in their ability to maximize their price points.  Generally, it stems from a sale they perceived to be lost because their price had been too high.  On the surface, their assumption probably appeared to be correct.  However, in reality, it just seemed that way because the right price-value relationship had not been established.   If the salesperson had executed a proper sales strategy that allowed both himself and the customer to see the product’s/service’s true value, this could have been avoided.  It needs to be communicated that in a B to B environment, the benefits are to both the buyer and the business they’re buying it for.  In a B to C environment, the benefits are to both the buyer and to the person(s) who will actually use the product or service.  When the salesperson and the customer understand this, it can help erase the uncertainty that the price may pose.

Let me give you two quick examples.  If a person works for a mega-global company and is buying widgets, he’d have no problem spending a little on them if he knew he was buying them from a reputable company that has experience selling to other mega-global companies.  In essence, the customer is looking for confidence and is willing to pay for it.  In a B to C situation, because the customer doesn’t want to look like a fool for their purchase, they want the salesperson to provide them with enough emotional benefit to allow them to convey to others that they made a great decision.  In both situations, an inexperienced salesperson is going to lose the sale if they don’t take the time to use questions that encourage the customer to fully express their needs.  In general, new salespeople often lose the sale shortly after they’ve stated their price.  Thus, it’s only natural for them to believe that the price was the determining factor.  However, when digging below the surface, the price was not what prevented them from closing the deal.  Rather, they lost the sale because they didn’t ask enough questions to fully establish the needs of the customer.

Top-performing salespeople ask questions that allow the customer to elaborate on their needs and then demonstrate their listening skills by asking appropriate open questions and probing deeper with great follow-up questions.  They use the information that they learn to better explain how their product or service can be beneficial to the customer.  In my 25 plus years of selling, I’ve learned that the customer’s real needs, hurts, and wants don’t often surface until you’re demonstrated genuine interest in what their thoughts and goals are.  Ironically, this means that you can throw out their initial comments, as it is rarely the need they are looking to fill.  If you expect to base your price-value relationship on what you first hear, you’ll never come close to achieving your maximum price point.

In summary, today’s economy is full of opportunities for top performing salespeople to ask really good questions that get customers talking.  This allows both the customer and the salesperson to see, feel, and understand what their true needs are.  When the salesperson can experience this across multiple customers, they will begin to develop the assurance they need to be able to confidently convey the maximum price point their company expects them to receive.

Mark Hunter, “The Sales Hunter,” helps individuals and companies identify better prospects, close more sales, and profitably build more long-term customer relationships.” Few people have the breadth of sales experience that Mark Hunter, “The Sales Hunter” has experienced.  Visit his website at www.thesaleshunter.com.

June 18, 2008

Guest Article: “Selling With Your Personality,” by Mark Hunter

Filed under: sales,selling — Paul McCord @ 6:28 am
Tags: , ,

Selling With Your Personality
by Mark Hunter

Anyone can sell if the price is cheap enough or if what is being sold is something people can’t live without.  However, for the vast majority of us, neither of these luxuries are part of the scenario.  The difficulty of selling is compounded by the fact that most customers have a wide range of options available to them regarding what they can buy.   Therefore, in order to close the sale, it becomes necessary for us to stand out from other salespeople.  One of the best ways to be different is by displaying a confident personality.

A powerful sales tool that many of us overlook is our personality.  It positively and negatively influences far more sales than we will ever admit to.  I firmly believe that you should use your personality to impact every sales call.  “CPP” is a concept I often teach to sales groups.  It stands for “Confidently Passionate Personality” and it means to use your personality with a level of passion and confidence that allows the customer to believe you are genuinely interested in them and their success.  Although it’s not rocket science, it is a critical idea that is often neglected and is very useful in helping you gain sales over your competition.

Note that in order to successfully use your personality on a sales call, you have to be confident in how you can help your customers.  Unfortunately, many salespeople are simply confident in what they’re selling, not in their ability.  There’s a big difference.  When you’re confident in what you’re selling, it means you’re putting more emphasis on your products or services than you are on your customers.  This misunderstanding eliminates a large number of salespeople from being able to use their personality to positively influence their ability to close.  Confidence should not come across as manipulation.  I’m sure we all know salespeople with infectious personalities that use them to bulldoze their way through with customers.   On the surface, they’re very successful, at least for the short term.  However, those who have a manipulative personality will lull themselves into a false sense of security when, in reality, they’re destroying their long-term sales potential.

A confident salesperson is willing to take the time to find out what the real needs of their customers are.  They don’t jump at the person’s first comment and try to close the deal.   Their genuine interest helps expose the underlying needs that the customer may otherwise not be willing to share.  Confident salespeople believe so strongly in themselves and their ability to help that they’re not concerned with making a quick sale.  Rather, they want to make a great sale, which is usually much bigger and more profitable than a quick one.

Furthermore, when you’re genuinely confident in yourself as a salesperson and how you can help people, it’s impossible to keep from showing your passion.  The word “passion” is usually heard in the context of someone being passionately in love with another person.  This is not what I’m talking about.  The “passion” that I’m referring to is showing genuine care and concern for helping the customer.  This means that you’re willing to not only take interest in what they are telling you, but to also dig deeper, even if it takes you down a line of questioning you had not planned on.  The true test in demonstrating passion towards a customer is if after you’ve determined their needs and discovered that they are not in line with what you are selling, you would be willing to refer them to someone else.  That’s passion!  Yes, it may mean giving up a sale, but I guarantee that if you truly are passionate towards your customers, you’ll end up with far more sales in the long-run than the person who is not.

Finally, to successfully use your personality as a sales tool, you must be someone that people like to associate with.  Negative or self-serving personalities will not see positive results.  Your personality must be upbeat in both actions and words, and should be complimentary to everyone you come in contact with.   Attractive personalities do not get easily upset with issues, are willing to help find solutions, and are optimistic.  They are inviting rather than exclusive, and they cause others to be willing to share openly.  Very simply, an attractive personality is one you would like to hang out with.

To determine your level of confidence, ask yourself the following two questions.
•    Do customers call you for information that goes beyond what you sell?
•    Do customers willingly refer you to others?

Although they are simple questions, the responses they elicit can quickly tell you if your personality is confident, but not arrogant.

Having a “Confidently Passionate Personality” is not something every salesperson can achieve.  However, for the vast majority, it is attainable if they’re willing to show genuine interest in their customers.  The questions they ask and the service they provide will allow their personalities to be the effective sales tool that differs from their competition.

Mark Hunter, “The Sales Hunter”, is a sales expert who speaks to thousands each year on how to increase their sales profitability.  For more information, to receive a free weekly email sales tip, or to read his Sales Motivation Blog, visit www.TheSalesHunter.com.

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