DRIVING REVENUE: SALES 101
By JOHN F. MCINTYRE, SR, CERTIFIED SALES PROFESSIONAL, DIRECTOR OF REVENUE ENHANCEMENT for the CLIENT ADVOCATE NETWORK
When I graduated from college, I hadn't yet selected a career. I then attended a social function and over heard someone I highly respected say, "In business, nothing happens until something is sold." It was from then on that I decided to dedicate my life's efforts to the "art and science" of selling.
My sales career has included direct sales of financial services (wholesale banking), sales management, and hands-on sales consulting where my role was that of a Personal Sales Trainer. I have coined the title of "Certified Sales Professional," which I use in my Bio and resume.
In each of these endeavors, the thought process of "selling" is the same, and each sale is made up of a series of "little wins." By that I mean, getting through to a decision maker on the phone, arranging the initial face-to-face meeting, submitting a proposal, etc. The "Big Win," of course, is making the sale.
THE "MUSTS"
You must identify who your prospects are, and more specifically, who your ideal prospects are. Why? Because this is where you will "add the most value," and, by definition, your chances of success will be magnified. It is also important to determine what geographical territories you can economically handle and service.
To continually sharpen my sales skills, I attend sales seminars. One of the most effective seminars I attended was XEROX Professional Selling Skills. It taught me to focus on the customers' NEEDS, the FEATURES my company had to offer and the BENEFITS derived from the features my company could provide which would fulfill the customer's needs. Customers "buy" benefits, not features.
You must develop a sales strategy which includes how to make the "decision maker" (i.e. the person who can sign on the solid line) aware of your product or service. That sounds simple. However, in today's communication maze of mail (USPS), email, pamphlets, leaflets, TV, radio, recorded voice messages, billboards, magazines, newspapers, etc., you somehow have to have your message delivered clearly and concisely to that decision maker.
In my banking sales experience, my "decision makers" were generally the CEO, President, General Partner, or the owner. I used a laser approach rather than a shotgun, because it was easier to manage the sales process. After much experimentation, I found the most effective method of making the initial contact was to send a well-written letter to the decision maker. I addressed his/her "potential" NEEDS for my service, the FEATURES my company offered, and the BENEFITS of doing business with my firm.
I would send the letter either Priority Mail, or Overnite. Yes, it is more expensive than a regular #10 envelope, but the chances of it being read are much greater.
The concluding paragraph of every letter read something like this "I will call you the end of next week to see if it would be convenient for me to stop by your office to discuss your needs in detail." Then, I would be certain to follow through with the phone call.
PERENNIAL SALES ISSUES
Here are some situations I have encountered over the years in the banking business, and solutions that made me a better salesperson.
- How to make a sale when my bank's price is greater than my competitors?
Solution: I make it a point to know my competition, their strengths and weaknesses. I attempt to differentiate my bank's service from the competition by pointing out our superior loan structure which would allow the prospect to be able operate her business more effectively. I would also point out, that on an after-tax basis, the difference becomes even smaller. - How to maximize the value of a face-to-face call with a decision maker?
Solution: LISTEN! I believe the listen-to-talk ratio should be 85-15%; that is, my prospect should do 85% of the talking and I should do 15%. Why? By intently listening, you can determine what needs the prospect has, and that information is the cornerstone of the sales process. Further, I may identify some needs the prospect doesn't know he has. - How and when to ask for referrals from existing customers?
Solution: I always make it a point to ask for referrals at the time when documents are being signed. There is a mutual "warm and fuzzy" feeling and I have never been turned down when I asked. The receipt of a referral is 50% of the battle. You still need to position your thinking along the lines of NEEDS, FEATURES, and BENEFITS, when contacting the referred company.
The ultimate example of this technique was when O.J. Simpson was awarded "the verdict" of the previous century. Johnny Cochran should have sat down with O.J. and gone through his rolodex, name by name! - How to deter a prospect from "shopping" your proposal.
Solution: This is probably the most frustrating aspects of selling. Your team does a great job of creating an innovative solution to the prospect's NEEDS, and then takes your handiwork to your competitor.
Here is how I handle this "sticky" situation. I say to the CEO, "We are giving you this proposal in the best of faith, and trust that you will not share its contents with our competitors. After all, how do you feel when one of your sales people is in a similar situation and your prospect shares your proposal?"
AN ACTUAL CASE STUDY
Recently, a fellow CAN Director and I worked on developing a business model for a software consulting practice he wanted to start.
We spent a lot of time up front determining the NEEDS of our prospects. Then we came up with three key areas, our FEATURES, that totally departed from any current offerings in the market that would definitely satisfy the NEEDS for the users of this particular installed software.
We then crafted a letter utilizing the NEEDS-FEATURES-BENEFITS model as it would pertain to our new software consulting entity. My Partner then went to Craig's List and searched out job postings requiring familiarity with this certain software.
We then sent out ten letters via overnite delivery to the CEOs of those Craig's List companies. The last paragraph read "Please expect my follow-up call the end of the week to arrange a meeting to discuss these matters in further detail."
My Partner followed up by phone and got through to six of the companies, which is a very good response rate.
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