A match made in heaven
Imagine matching what you do best and most easily with what your target market and current clients want most. This is the essence of defining an ideal client and using Margin Boost techniques to drive your pricing.
Spray and pray? Or rifle shot?
If you know yourself, and if you know who you want to work with, you can connect with the precision of a marksman using a rifle for target practice. By contrast, believe it or not, many people try, with a shotgun, to shoot at anything that moves. If you want a dinner on the table that you’ll enjoy eating, use the rifle.
My strengths: a real life example
Knowing my strengths (what I can easily deliver) and the things about those strengths that my target market value (their “pain” points, rather than what they need) has been incredibly important to my work life and satisfaction.
According to the test at http://www.strengthsfinder.com/ (see below), my top five strengths are these traits:
I’m an activator (I get people into action.)
I’m a relator (I tend to take steps to deepen my relationships.)
I individualize (I am intrigued by the characteristics of the people I interact with, and I treat them like the unique individuals they are.)
I command (I am a leader, and I enjoy helping others get where they want to go.)
I am futuristic (I love to, and am good at, looking beyond the horizon.)
I first discovered this set of strengths and more, through the http://www.pinnaclegroupusa.com/index.html survey, and it helped me get clear on a number of important career direction adjustments. They were further confirmed by the test at www.strengthsfinder.com.
My consulting clients value me (pay me) for my ability to:
Help them see a new future in which they can deliver what they do best, for the greatest value, to their ideal clients (command and futuristic).
They want to rely on me to guide them and their organizations to new futures, and therefore they want a trusting relationship with me (relator and Individualize).
They want me to get them into action and keep them in action toward their new futures, and to hold them accountable for the things they commit to doing along that path (activator).
Here is the win-win
My ideal clients love my strengths and get a great deal of value for their businesses by using those strengths and enjoying dramatic jumps in profit. My strengths come naturally to me and are fun for me to further develop and refine. This is a real win-win.
Gradual transition
The idea is to gradually change from working with anyone who will say yes (the shotgun approach; also known as “spray-n-pray”), to targeting the ideal client (the rifle approach). Trying to make this transition overnight could lead to economic suicide. But a gradual transition over six to 12 months, can bring great joy, confidence, satisfaction, and a dramatic improvement in profits.
I am still in the process
Like you, I still do some shotgun work. But, every day, I move a little closer to the rifle approach. Here’s how: At every step with prospects, I learn a little more about them. I then take the knowledge I’ve gained through this learning process and incorporate it into my elevator speeches. As I do this, the speeches more accurately describe my ideal clients and what I do for them. It becomes clearer to them, and they are more likely to supply me with information that’s valuable to me. If, at the end of this process they say, “Tell me more,” I’m pretty sure I’m talking to an ideal client. Then, we can make real progress together.
Don’t know how you’ll get there?
Many people today struggle away with a shotgun to get enough sales. The funny thing is that beginning to define and make the transition to your ideal client normally helps you make more sales, more easily. McDonald’s is clear that they sell burgers, while Ruths Chris is clear that they sell high-end steak. Neither would fare well trying to sell it all. Neither will you.
Makes sense, but how do I know?
The problem is often simply knowing what one’s strengths are. My mother, my spouse, my friends, and my old school teachers certainly had their perspectives, but did they really know?
Opinions of others are often not enough
I wish I could rely only on the opinions of those I love and like, but I sought confirmation from at least three other sources. Here is my take on a good, better, and best example of the options for learning more about yourself.
Disclaimer on the options below: I have no financial interest in the “good” or “best” options. I will receive a small commission from www.amazon.com, but it will not affect your cost.
Best option
It’s simple to use, it’s very powerful. It will give you a written report and a personal phone interpretation, plus the opportunity for questions and answers.
http://www.pinnaclegroupusa.com/index.html
For an independent perspective go here:http://www.allbusiness.com/construction/construction-buildings-residential-building/223143-1.html
Better option: StrengthsFinder 2.0 (book)
It’s simple, fast, inexpensive and easy. The book is a huge value at just $12. They identify your top five strengths (out of a total of 35), but for most, this is all that’s needed. Additional data is available for about $500, and coaching is also available (for much more).
To review the book, go here.
Or go to the StrengthsFinder Web site. (Note: To reach the main Web pages, you’ll need a password. Each book purchase includes a single-use password.)
Good option
Very informative
http://www.discprofile.com/
Lots of goodies here, but this approach requires a fair amount of work and interpretation on your part. The test is $19.
To your success,
Wednesday, July 9, 2008
Friday, June 27, 2008
Twenty years - or two hours - to better sales results? You choose.
Part I
The trick in sales
Sales can be a tough business, even when you are doing everything just right. The trouble is dealing with all those darn human beings. They do what they want to do, and not what you want them to do. No news there. The real trick is to just work with the ones who are seriously inclined to go your direction, clear to the end. But how?
The secret of “how” requires that you…
So now for that elusive how: In my quest to bring you, my cherished reader, the best real information available to help you sell more while working less, I am going to share a major secret with you today. I’ll also give you an example of that secret in action. Read on.
90 percent close rate this year. Really!
I have been developing my sales approach over the last 30+ years. This year, I have closed 90 percent of the proposals that I have written, and I have wasted almost zero time with tire-kickers. So how did I get there?
Twenty years — or two hours? You choose.
About 10 years ago, I stumbled on the book, High Probability Selling, and Jacques (sounds exactly like Jack) Werth. As I read the book and listened to the cassette tape, I couldn’t believe what I was hearing. Jacques had collected, refined and expanded upon, my emerging notion of how selling really worked. Reading his book, listening to the cassette, and taking his class rocketed my sales results. Jacques had given me more in just hours than 20 years in the school of hard knocks had given me.
I can do that
Even though I had been getting ready to absorb this material for 20 years, it made my jaw drop. At first, I heard myself say, “I can’t do that.” But then I did do it. Exactly what Jacques suggested. Wow, what a difference! I would never have guessed just how well all this would really work.
How can it be that simple?
Initially, most people will find this approach to be more than a little shocking, because it goes against most of the conventional selling wisdom. People tend to feel this way until they start to use the approach and find out just how well it works, and how powerful it makes the seller feel. Then they say to themselves, “Gee, I had no idea it could really be this simple.”
If you really have it nailed now, stop reading
If you are happy with the sales results you’re getting now, you can stop reading right here. But, if you want to take it up to the next level, in results and confidence, read on.
Why I have waited to share this
Jacques sends out a newsletter every so often and has done so for years. I like what he writes, but, until recently, I hadn’t seen an issue that would give you such a clear picture of how different his sales really process is.
I thought this issue captured the essence
Then, last week, I received the newsletter that I have included, below. I felt that it encapsulated the essence of Jacques' High Probability Selling process: More sales with less work and more self-respect. I’ll shut up and let you be the judge. This approach has made me a great deal of money, improved my closing ratio, and helped me never (well, almost never) sound like a salesperson.
Action step
If you are willing, read the newsletter below, and then link to the site. What I recommend is that you buy and listen to the book on CD, and then take the outstanding course. Jacques’ training course is life-changing. I don’t say that lightly. There is nothing like it under the sun, in my experience.
Here is the newsletter I speak so highly of:
Part II
By Jacques Werth
Word Count: 716
Minutes to Read: Approx. 5
We were in a large meeting room in a nice hotel, in a suburb of Seattle. Twelve successful Realtors were attending a Real Estate Sales Mastery workshop. They were an unusually well-dressed group for a two-day offsite workshop.
At our request, one of the participants had borrowed a sample front door and door frame from a builder. It was in the front of the meeting room and it was braced to stand on its own. The outside of the door was to the right, and to the left of the inside of the door we had a kitchen table and some chairs. Those were the props that we needed to begin the first exercise.
One of the workshop participants was asked to role-play how she approaches a visit to a homeowner who wants to sell his house. The instructor played the part of the home owner.
The first Realtor walked up to the outside of the door and knocked. The instructor opened the door and said "Hello."
The Realtor flashed a big smile, held out her hand and said, very cordially, "Mr. Smith, it is so good to meet you. I am Pam Jackson with XYZ Real Estate. How are you today?"
The instructor invited her in and offered her a chair in the "kitchen."
"Your home is very lovely. I really like what you did with the kitchen," said Pam with delight, while looking all around.
The instructor stopped the role-play at that point and thanked Pam. He asked her to switch roles. She would now play the homeowner and the next participant would play the Realtor. He was even more effusive than Pam. Each successive Realtor tried to out-do those what went before them in their attempts to impress the "prospect" with their enthusiasm, charm and likeability.
During those role-plays, the other Realtors watched intently and remained very quiet. Several preened their clothing and hair before it was their turn.
For the second part of the role-play the instructor played the part of the Realtor, with Pam playing the homeowner. The instructor knocked on the door, and the Pam opened it. "Yes?' she said.
"I'm Joe Instructor with HPS Realty. Are you Pam Jackson?
"Yes, I am," she said, reaching to shake his hand. "Come in. I suppose you want to look over the house."
"Before we do that, we need to get to know each other and determine whether we have a mutually acceptable basis for doing business."
Homeowner: "Okay, we can sit in the kitchen, here."
Realtor: "When we spoke on the phone we agreed this meeting would take about ninety minutes of uninterrupted time. Have you arranged for that?"
Homeowner: "Yes, I turned off my phone and put the dog out in the back yard."
Realtor: "We agreed that the purpose of our meeting is to determine whether we have a mutually acceptable basis for selling your home. Is that your intention?"
Homeowner: "Yes."
Realtor: "And, we agreed that if we can meet your conditions of satisfaction for the sale of your home, we will make a decision about that today. Is that still your intention?"
Homeowner: "Yes, it is."
The instructor thanked Pam and asked her to rejoin the rest of the group. Then, he asked the entire group "What did you notice about the way I just approached Pam, the prospect?"
They called out their answers:
"You were very straight-forward," "You were dignified," You were very relaxed," "You were authentic," "You were not acting," "You were in control," "You asked for and got commitments," Pam then capped it off with, "I felt privileged to be your prospect, I felt respected, and I felt respect for you."
Then, the instructor explained exactly what he did, why, and how he did it, and asked all of the participants to replay both roles - doing it that way.
At the end of that exercise, they were offered a choice; continue to sell by out-charming, out-smiling, out-dressing, out-dancing and out-impressing their competition, or learn how to sell on a basis of mutual trust, mutual respect and mutual commitments. They all chose the latter.
What if the choice was yours?
What do you want to do?
To find out more about this extraordinary selling approach, you can go to High Probability Selling, or cut and paste this url: http://tinyurl.com/5qpzjf
To your success,
Eric
The trick in sales
Sales can be a tough business, even when you are doing everything just right. The trouble is dealing with all those darn human beings. They do what they want to do, and not what you want them to do. No news there. The real trick is to just work with the ones who are seriously inclined to go your direction, clear to the end. But how?
The secret of “how” requires that you…
So now for that elusive how: In my quest to bring you, my cherished reader, the best real information available to help you sell more while working less, I am going to share a major secret with you today. I’ll also give you an example of that secret in action. Read on.
90 percent close rate this year. Really!
I have been developing my sales approach over the last 30+ years. This year, I have closed 90 percent of the proposals that I have written, and I have wasted almost zero time with tire-kickers. So how did I get there?
Twenty years — or two hours? You choose.
About 10 years ago, I stumbled on the book, High Probability Selling, and Jacques (sounds exactly like Jack) Werth. As I read the book and listened to the cassette tape, I couldn’t believe what I was hearing. Jacques had collected, refined and expanded upon, my emerging notion of how selling really worked. Reading his book, listening to the cassette, and taking his class rocketed my sales results. Jacques had given me more in just hours than 20 years in the school of hard knocks had given me.
I can do that
Even though I had been getting ready to absorb this material for 20 years, it made my jaw drop. At first, I heard myself say, “I can’t do that.” But then I did do it. Exactly what Jacques suggested. Wow, what a difference! I would never have guessed just how well all this would really work.
How can it be that simple?
Initially, most people will find this approach to be more than a little shocking, because it goes against most of the conventional selling wisdom. People tend to feel this way until they start to use the approach and find out just how well it works, and how powerful it makes the seller feel. Then they say to themselves, “Gee, I had no idea it could really be this simple.”
If you really have it nailed now, stop reading
If you are happy with the sales results you’re getting now, you can stop reading right here. But, if you want to take it up to the next level, in results and confidence, read on.
Why I have waited to share this
Jacques sends out a newsletter every so often and has done so for years. I like what he writes, but, until recently, I hadn’t seen an issue that would give you such a clear picture of how different his sales really process is.
I thought this issue captured the essence
Then, last week, I received the newsletter that I have included, below. I felt that it encapsulated the essence of Jacques' High Probability Selling process: More sales with less work and more self-respect. I’ll shut up and let you be the judge. This approach has made me a great deal of money, improved my closing ratio, and helped me never (well, almost never) sound like a salesperson.
Action step
If you are willing, read the newsletter below, and then link to the site. What I recommend is that you buy and listen to the book on CD, and then take the outstanding course. Jacques’ training course is life-changing. I don’t say that lightly. There is nothing like it under the sun, in my experience.
Here is the newsletter I speak so highly of:
Part II
By Jacques Werth
Word Count: 716
Minutes to Read: Approx. 5
We were in a large meeting room in a nice hotel, in a suburb of Seattle. Twelve successful Realtors were attending a Real Estate Sales Mastery workshop. They were an unusually well-dressed group for a two-day offsite workshop.
At our request, one of the participants had borrowed a sample front door and door frame from a builder. It was in the front of the meeting room and it was braced to stand on its own. The outside of the door was to the right, and to the left of the inside of the door we had a kitchen table and some chairs. Those were the props that we needed to begin the first exercise.
One of the workshop participants was asked to role-play how she approaches a visit to a homeowner who wants to sell his house. The instructor played the part of the home owner.
The first Realtor walked up to the outside of the door and knocked. The instructor opened the door and said "Hello."
The Realtor flashed a big smile, held out her hand and said, very cordially, "Mr. Smith, it is so good to meet you. I am Pam Jackson with XYZ Real Estate. How are you today?"
The instructor invited her in and offered her a chair in the "kitchen."
"Your home is very lovely. I really like what you did with the kitchen," said Pam with delight, while looking all around.
The instructor stopped the role-play at that point and thanked Pam. He asked her to switch roles. She would now play the homeowner and the next participant would play the Realtor. He was even more effusive than Pam. Each successive Realtor tried to out-do those what went before them in their attempts to impress the "prospect" with their enthusiasm, charm and likeability.
During those role-plays, the other Realtors watched intently and remained very quiet. Several preened their clothing and hair before it was their turn.
For the second part of the role-play the instructor played the part of the Realtor, with Pam playing the homeowner. The instructor knocked on the door, and the Pam opened it. "Yes?' she said.
"I'm Joe Instructor with HPS Realty. Are you Pam Jackson?
"Yes, I am," she said, reaching to shake his hand. "Come in. I suppose you want to look over the house."
"Before we do that, we need to get to know each other and determine whether we have a mutually acceptable basis for doing business."
Homeowner: "Okay, we can sit in the kitchen, here."
Realtor: "When we spoke on the phone we agreed this meeting would take about ninety minutes of uninterrupted time. Have you arranged for that?"
Homeowner: "Yes, I turned off my phone and put the dog out in the back yard."
Realtor: "We agreed that the purpose of our meeting is to determine whether we have a mutually acceptable basis for selling your home. Is that your intention?"
Homeowner: "Yes."
Realtor: "And, we agreed that if we can meet your conditions of satisfaction for the sale of your home, we will make a decision about that today. Is that still your intention?"
Homeowner: "Yes, it is."
The instructor thanked Pam and asked her to rejoin the rest of the group. Then, he asked the entire group "What did you notice about the way I just approached Pam, the prospect?"
They called out their answers:
"You were very straight-forward," "You were dignified," You were very relaxed," "You were authentic," "You were not acting," "You were in control," "You asked for and got commitments," Pam then capped it off with, "I felt privileged to be your prospect, I felt respected, and I felt respect for you."
Then, the instructor explained exactly what he did, why, and how he did it, and asked all of the participants to replay both roles - doing it that way.
At the end of that exercise, they were offered a choice; continue to sell by out-charming, out-smiling, out-dressing, out-dancing and out-impressing their competition, or learn how to sell on a basis of mutual trust, mutual respect and mutual commitments. They all chose the latter.
What if the choice was yours?
What do you want to do?
To find out more about this extraordinary selling approach, you can go to High Probability Selling, or cut and paste this url: http://tinyurl.com/5qpzjf
To your success,
Eric
Hawaii Vacation
Announcement
A book version of Opening Doors with a Brilliant Elevator Speech, by Eric Albertson, is now available on Amazon: http://tinyurl.com/3lynpb
I love my kids but a break from them was nice
I just got back from vacation on the island of Kauai, HI. This was the first without children in the 15 years since my oldest son was born. We were gone seven nights, and I enjoyed every minute of it. Caroline’s parents watched our boys, Alexander (15), and Zachary (9).
The girl of my dreams
Uninterrupted time with the love of your life is a wonderful thing. Caroline works hard to make it possible for me to work hard for all of you and my clients. The vast majority of the good things in my life are truly a team effort.
The good things in life
Everything I talk about in my newsletters is simply a way to help you get, and keep, the life you want. If you put those things into action, you can have practically anything you want. You just can’t have everything (last time I looked). Kauai is one of those really good things in my life.
A chance meeting in the Allerton Gardens
While visiting the Allerton Gardens (the highlight of our trip), we met a retired military officer who was having a spectacularly successful second career in real estate. He told us he was having his best year, ever, in 2008.
You could have pushed me over with a feather
I asked him what his secret was. He said that he had a great “elevator pitch.” With glee he told me that, since he had mastered the skill of creating elevator pitches (I call them elevator speeches), he could find qualified prospects and engage them as needed. It was clear from the look on his face that he felt like he was giving me a huge gift.
Is eighty the new fifty? This fellow was nearly 80 years old and had been retired since the end of the Vietnam war. He told me that he owned three different vacation homes, and he attributed his great health, wealth, and happiness to his ability to sell and make people happy.
People like this guy are my inspiration
To say the least, I was better off for meeting this remarkable man and his beautiful wife. He reminded me of why I write this newsletter, and why I wrote the 2nd edition of Opening Doors with A Brilliant Elevator Speech.
Worth $1,000+ in 1976 dollars
When I told this fellow I had a book out about this, and described it to him, he said that he would have killed for such a guide during his dark years of trying to figure it out on his own. When I told him that it was $49, he told me that I should charge $1,000 for it, and that it would be cheap at that.
Now available as a regular printed book
We now have a printed version of the book available at: http://www.createspace.com/3341942 or http://tinyurl.com/3lynpb. The price is still just $49, but the value, if you put it into action, is literally beyond words.You can also get the electronic version instantly here: http://www.succeedinginbusiness.com/marketing-doors.html also just $49
Just a couple of hours away
This is, according to what we have been told, the best selling (over 15,000 copies of both versions have been sold) elevator speech book in the world, simply because anyone who can follow directions, can read the 42 pages, and can create a very good elevator speech within an hour or two. With a little more effort, say one or two more hours, you can have an elevator speech that can make you more money every month that you use it.
What is a single elevator speech worth in incremental sales?
I paid for this vacation with one use of an elevator speech. It took seven seconds to say, but it will yield enough to pay for a vacation every year for 10 years. A great elevator speech is really that powerful. You just have to be willing to buy the book, and invest some time in trial and error. Most people waste most of their time and money. Don’t let that be you.
One of my elevator speeches
When people ask me what I do for a living, I tell them that “I help people get others to say the three most magical words in the English language, for a sales person to hear: “Tell me more.”
Skin in the game of your life
I don’t need another $49. What I want is for you to have just a little skin in the game so that you will take the time to read the book’s 42 pages, and block off an hour or two to build and refine you first elevator speech. With each refinement, you will make more money, have more financial security and, hopefully, have more of the life you and yours want.
To your success and life,
Eric
Why they buy
Your customer’s aren’t buying the way they used to
In their current situation, they might not be seeing the benefits they need to see to keep buying — or to keep buying from you.
Your choice
You can take action, or you can wait and see what happens. I tend to ask about, and confirm, my value with my clients, early and often. They like it and it helps me keep my customers. (Remember: The two most important measures in business are: 1.) What does it cost to get a customer, and 2.) What is the lifetime value of that customer?)
A true story
Ron’s profit and volume kept sliding each year. He was over 60, and retirement kept looking further and further away. I suggested he ask long-time clients these questions:
What did they like about what he did?
What did they want more of?
What things did they want from him that he wasn’t offering now?
He asked, he listened, and he acted. His profits tripled the next year.
Long ago, but still true
Congressman Barrett Pettengill (1866-1974) said, “The successful producer of an article sells it for more than it costs him to make, and that’s his profit. But the customer buys it only because it’s worth more to her than she pays for it, and that’s her profit. No one can long make a profit producing anything unless the customer makes a profit using it.”
Have you checked lately?
Consider checking your value proposition with your clients at least quarterly. I often check and confirm monthly. Done correctly, and with a bit of grace, it is truly a benefit for both me and them.
The raw basics of what a person wants in a purchase
People seek a particular combination of price, quality and service from you. In my experience, all differentiation falls into one of these three categories.
Forces that influence
Schlomo Maital, in his book, Executive Economics, has suggested that there are 13 forces that influence what people buy. I’ll just share 9 of the 13, here:
Aptness; particularly well-suited to the purpose or occasion; appropriate
Bandwagons & bubbles (everyone else seems to be buying it, using it, wanting it)
Why me?
Sooner or later, I ask, “If I wasn’t around, where else, or who else, would you get this service from”?
Scary question. The answers are powerful, and are often the lights that guide you in keeping and expanding your business with a customer.
Do you build your foundation on sand or rock?
Valuable and long-term customer relationships, in my opinion, start on a foundation of rock. By rock, I mean a foundation on which the benefit is clear to both parties. That clarity starts with a powerful elevator speech.
Assumptions kill
If you don’t get clarity about the benefits from the start, you are at risk of creating disappointment for your customer every day. You are also at risk of having your customer not understand your real differentiation (your primary value).
The tar pit
If your initial message to prospects is vague (“I’m a doctor,” “I sell copiers,” “I sell computers,” “I’m a printer,” I’m a manufacturers rep,” “I sell life insurance,” I’m a financial planner,” and so on) you won’t start with a clear benefit. Instead, you’ll be perceived however that person decides to perceive you, based on his initial “take” on your description. (On the other hand, if you are specific, in your elevator speech, about what your value is, prospects will often ask if you could help them with a problem that is a little different, but related to, what you described.)
Where else can you get ten times your money back?
Most people report to me that getting their elevator speech right with our book, How to Open Doors with a Brilliant Elevator Speech, has earned them at least 10 times what they paid for it, within 30 days. Some have said it was closer to 100.
Action step
No matter how you do it, get your value proposition clear, and build your next customer relationship on a foundation of rock, instead of on sand. Start writing and testing your elevator speech today, so you can prosper tomorrow.
Cheers,
In their current situation, they might not be seeing the benefits they need to see to keep buying — or to keep buying from you.
Your choice
You can take action, or you can wait and see what happens. I tend to ask about, and confirm, my value with my clients, early and often. They like it and it helps me keep my customers. (Remember: The two most important measures in business are: 1.) What does it cost to get a customer, and 2.) What is the lifetime value of that customer?)
A true story
Ron’s profit and volume kept sliding each year. He was over 60, and retirement kept looking further and further away. I suggested he ask long-time clients these questions:
What did they like about what he did?
What did they want more of?
What things did they want from him that he wasn’t offering now?
He asked, he listened, and he acted. His profits tripled the next year.
Long ago, but still true
Congressman Barrett Pettengill (1866-1974) said, “The successful producer of an article sells it for more than it costs him to make, and that’s his profit. But the customer buys it only because it’s worth more to her than she pays for it, and that’s her profit. No one can long make a profit producing anything unless the customer makes a profit using it.”
Have you checked lately?
Consider checking your value proposition with your clients at least quarterly. I often check and confirm monthly. Done correctly, and with a bit of grace, it is truly a benefit for both me and them.
The raw basics of what a person wants in a purchase
People seek a particular combination of price, quality and service from you. In my experience, all differentiation falls into one of these three categories.
Forces that influence
Schlomo Maital, in his book, Executive Economics, has suggested that there are 13 forces that influence what people buy. I’ll just share 9 of the 13, here:
Aptness; particularly well-suited to the purpose or occasion; appropriate
Bandwagons & bubbles (everyone else seems to be buying it, using it, wanting it)
- Cost or price is right
- Greed
- Habit
- Income
- Jazz, excitement
- Advances desired knowledge
- Loyalty
What does that make possible?
This is the million-dollar question. We don’t necessarily care about the product or service, but what the product or service makes possible.Why me?
Sooner or later, I ask, “If I wasn’t around, where else, or who else, would you get this service from”?
Scary question. The answers are powerful, and are often the lights that guide you in keeping and expanding your business with a customer.
Do you build your foundation on sand or rock?
Valuable and long-term customer relationships, in my opinion, start on a foundation of rock. By rock, I mean a foundation on which the benefit is clear to both parties. That clarity starts with a powerful elevator speech.
Assumptions kill
If you don’t get clarity about the benefits from the start, you are at risk of creating disappointment for your customer every day. You are also at risk of having your customer not understand your real differentiation (your primary value).
The tar pit
If your initial message to prospects is vague (“I’m a doctor,” “I sell copiers,” “I sell computers,” “I’m a printer,” I’m a manufacturers rep,” “I sell life insurance,” I’m a financial planner,” and so on) you won’t start with a clear benefit. Instead, you’ll be perceived however that person decides to perceive you, based on his initial “take” on your description. (On the other hand, if you are specific, in your elevator speech, about what your value is, prospects will often ask if you could help them with a problem that is a little different, but related to, what you described.)
Where else can you get ten times your money back?
Most people report to me that getting their elevator speech right with our book, How to Open Doors with a Brilliant Elevator Speech, has earned them at least 10 times what they paid for it, within 30 days. Some have said it was closer to 100.
Action step
No matter how you do it, get your value proposition clear, and build your next customer relationship on a foundation of rock, instead of on sand. Start writing and testing your elevator speech today, so you can prosper tomorrow.
Cheers,
A major key to success
Here’s a quick challenge for you
Name this personal attribute: You’ll find it at the core of many a success story, modern or otherwise.
Everybody’s figuring it out
In interviews this year, people as diverse as Sean “Puffy” Combs and Robert Kiyosaki, have named this attribute as the main reason for their long-term success.
It’s a big void when things begin falling apart
When people stop being successful, not doing this is really at the heart of the problem, in many cases.
Nobody is perfect in this way, but that’s ok
In the quest for this attribute, perfection is not required, but the intent to improve is.
What’s the answer?
I’m talking about keeping your word. Nothing, in my opinion, is more powerful than keeping your word, if success in life is what you desire.
So why is it important
Thirty years of research shows that others (that includes people who might buy what you are selling) don’t buy at all, or for long, if they think you don’t or won’t keep your word.
That’s a big deal.
Keeping your word can be tough
If you don’t know the mechanics, keeping your word (which I define as doing what you say you will do, when you say you will do it), in my experience, is very hard to do. Given the frequency with which things change, and the speed with which priorities adjust, it’s sometimes impossible. You can make a promise most sincerely today, but tomorrow, circumstances might prevent you from keeping it. You have to be very careful about making promises. You have to know the mechanics.
Life often won’t let you keep your word
When another person makes a request of you, you have a choice of how
Decline
Accept
Counter
Promise to promise at a later date
Really being able to keep your word requires deliberation
The mechanics of keeping your word include deliberate thought. Don’t assume you have to say yes to everything, right now. Take the time to consider it, to reach clarity. To know what you’re promising. Consider making another kind of commitment, instead.
Make a promise to promise
Making a promise to promise is just a way of saying, “When I get more information, I’ll make a decision about making a commitment.” You make keeping your word almost impossible when you commit to things without enough information and consideration.
I can’t do it on Wednesday, but I can on Thursday
The king of tactics for keeping your word is the counter: I can’t do what you requested, but I can give you this alternative.
Sometimes going the extra mile doesn’t work, either
It’s a huge surprise to some that doing more than they were asked is not the same as keeping your word. In fact, it’s often perceived to be just as bad as not going the full distance. When the recipe calls for a cup of sugar, tossing in a cup-and-a-half is wasteful — and it doesn’t make for very good cookies, either.
I can’t promise that, but I will commit to this
You can go above and beyond by simply saying, in advance, that you promise to call with an answer by, say, Tuesday, or earlier.
The money shot
The important thing is to come to an agreement on what and when. I call it butt-on-line. Putting your own butt on the line by making a what-by-when commitment is truly the key to your performance. This is what makes the world of business, and other human relationships, go around.
It won’t happen overnight
Getting better at keeping your word probably will happen slowly. Most of us shine a blind eye on the full cost of not keeping our word. That includes the cost to our lives, to our happiness, and to our financial well-being. Because we have those blinders on, we’re sometimes not motivated to make a change. But, it’s time to take those blinders off and do something.
Just start trying to do it
Start looking at when, where, and how you fail to keep your word. Then begin to notice, or at least to speculate, the cost involved. Ask yourself how you feel when others keep — and don’t keep — their word to you.
A future that’s better than the past
If you truly want a future that’s different from the past, keeping your word an ever-growing percentage of the time is likely the most direct route.
It’s one of the few points of control in our lives
It can be very, very scary. We really don’t have much control in this life. The tools I have given you today should help you gain control of one of those things: keeping your word.
It’s one that could matter most to your future.
It’s your choice
It’s a simple decision to make. You just have to start looking at the cost of not doing it. Maybe the cost is ok by you. Maybe it isn’t. But, once you get a glimpse of the true cost, though, I suspect you will be on your way. The world holds many good things for you if you improve just a little.
To you,
Eric
Name this personal attribute: You’ll find it at the core of many a success story, modern or otherwise.
Everybody’s figuring it out
In interviews this year, people as diverse as Sean “Puffy” Combs and Robert Kiyosaki, have named this attribute as the main reason for their long-term success.
It’s a big void when things begin falling apart
When people stop being successful, not doing this is really at the heart of the problem, in many cases.
Nobody is perfect in this way, but that’s ok
In the quest for this attribute, perfection is not required, but the intent to improve is.
What’s the answer?
I’m talking about keeping your word. Nothing, in my opinion, is more powerful than keeping your word, if success in life is what you desire.
So why is it important
Thirty years of research shows that others (that includes people who might buy what you are selling) don’t buy at all, or for long, if they think you don’t or won’t keep your word.
That’s a big deal.
Keeping your word can be tough
If you don’t know the mechanics, keeping your word (which I define as doing what you say you will do, when you say you will do it), in my experience, is very hard to do. Given the frequency with which things change, and the speed with which priorities adjust, it’s sometimes impossible. You can make a promise most sincerely today, but tomorrow, circumstances might prevent you from keeping it. You have to be very careful about making promises. You have to know the mechanics.
Life often won’t let you keep your word
When another person makes a request of you, you have a choice of how
Decline
Accept
Counter
Promise to promise at a later date
Really being able to keep your word requires deliberation
The mechanics of keeping your word include deliberate thought. Don’t assume you have to say yes to everything, right now. Take the time to consider it, to reach clarity. To know what you’re promising. Consider making another kind of commitment, instead.
Make a promise to promise
Making a promise to promise is just a way of saying, “When I get more information, I’ll make a decision about making a commitment.” You make keeping your word almost impossible when you commit to things without enough information and consideration.
I can’t do it on Wednesday, but I can on Thursday
The king of tactics for keeping your word is the counter: I can’t do what you requested, but I can give you this alternative.
Sometimes going the extra mile doesn’t work, either
It’s a huge surprise to some that doing more than they were asked is not the same as keeping your word. In fact, it’s often perceived to be just as bad as not going the full distance. When the recipe calls for a cup of sugar, tossing in a cup-and-a-half is wasteful — and it doesn’t make for very good cookies, either.
I can’t promise that, but I will commit to this
You can go above and beyond by simply saying, in advance, that you promise to call with an answer by, say, Tuesday, or earlier.
The money shot
The important thing is to come to an agreement on what and when. I call it butt-on-line. Putting your own butt on the line by making a what-by-when commitment is truly the key to your performance. This is what makes the world of business, and other human relationships, go around.
It won’t happen overnight
Getting better at keeping your word probably will happen slowly. Most of us shine a blind eye on the full cost of not keeping our word. That includes the cost to our lives, to our happiness, and to our financial well-being. Because we have those blinders on, we’re sometimes not motivated to make a change. But, it’s time to take those blinders off and do something.
Just start trying to do it
Start looking at when, where, and how you fail to keep your word. Then begin to notice, or at least to speculate, the cost involved. Ask yourself how you feel when others keep — and don’t keep — their word to you.
A future that’s better than the past
If you truly want a future that’s different from the past, keeping your word an ever-growing percentage of the time is likely the most direct route.
It’s one of the few points of control in our lives
It can be very, very scary. We really don’t have much control in this life. The tools I have given you today should help you gain control of one of those things: keeping your word.
It’s one that could matter most to your future.
It’s your choice
It’s a simple decision to make. You just have to start looking at the cost of not doing it. Maybe the cost is ok by you. Maybe it isn’t. But, once you get a glimpse of the true cost, though, I suspect you will be on your way. The world holds many good things for you if you improve just a little.
To you,
Eric
Thursday, May 29, 2008
The secret to more sales in any economy
Do this and you practically can’t lose with a customer or prospect
Most of us feel that we would be unbeatable in the market if we had the best quality, the best price, and powerful differentiation. In my experience, you could have all that, and still fail. You also need trust between you (and your company) and the client.
Trust is the challenge
Trust, while vital to any worthwhile and productive relationship, seems to be a challenge for many to build and maintain successfully. Further, sales and marketing efforts that lack this vital ingredient, often (always, in my experience) fall far short of their potential.
The cost you never see
People hate to tell you that they don’t trust you. Instead, they let their actions do the talking for them. You usually can’t see the cost. What I have observed is that, as trust grows, new, interesting, and rich opportunities suddenly emerge, right before your eyes. Those goodies were always there, just waiting for you to earn the right to see them. That right almost always comes through trust.
I meet often with CEO’s and presidents
The first test I set for myself is the test of trust ability. Nothing else matters if I can’t pass this test. I got in the door because others said I was trustworthy. Now they run their tests to confirm it. If I pass, I move forward. You know what happens if I don’t pass the trust test: Nothing.
Surveys point at trust
Dozens of survey’s, done over the last 30 years; consistently show that prospects and customers feel they can tolerate average products, average service, and average pricing. But they can’t tolerate working without a certain degree of trust.
Trust can buy you some potent benefits:
Most of us feel that we would be unbeatable in the market if we had the best quality, the best price, and powerful differentiation. In my experience, you could have all that, and still fail. You also need trust between you (and your company) and the client.
Trust is the challenge
Trust, while vital to any worthwhile and productive relationship, seems to be a challenge for many to build and maintain successfully. Further, sales and marketing efforts that lack this vital ingredient, often (always, in my experience) fall far short of their potential.
The cost you never see
People hate to tell you that they don’t trust you. Instead, they let their actions do the talking for them. You usually can’t see the cost. What I have observed is that, as trust grows, new, interesting, and rich opportunities suddenly emerge, right before your eyes. Those goodies were always there, just waiting for you to earn the right to see them. That right almost always comes through trust.
I meet often with CEO’s and presidents
The first test I set for myself is the test of trust ability. Nothing else matters if I can’t pass this test. I got in the door because others said I was trustworthy. Now they run their tests to confirm it. If I pass, I move forward. You know what happens if I don’t pass the trust test: Nothing.
Surveys point at trust
Dozens of survey’s, done over the last 30 years; consistently show that prospects and customers feel they can tolerate average products, average service, and average pricing. But they can’t tolerate working without a certain degree of trust.
Trust can buy you some potent benefits:
- Real loyalty, when times are tough: The behaviors that create and sustain trust are not affected by any economy.
- Referrals. Some trust will deliver some referrals. Deep trust can drive a torrent of referrals your way. (However, this won’t happen without some action on your part.)
- Better information. Some trust delivers some information. Deep trust results in a lot more information.
- Win-win deals. Sometimes you must walk away from a deal to maintain your long-term trust relationship.
- Better self esteem for you.
- Far higher margins. In most surveys, price is not actually in the top five reasons that people buy or keep buying. Getting what they want in a fair manner is usually the main thing they are after. With trust, you can be paid what you are really worth in a situation. That doesn’t mean overcharging. It does mean that, if you provide great value, you are much more likely to be paid for that great value.
- Fewer surprises.
- Sales forecasts that become revenue reports with a minimum of leakage. (One forecast was for $100K while the actual revenue received turned out to be $30K. Nothing erodes your credibility like consistently missing your revenue forecasts).
What isn’t necessary to have trust (This might surprise you.)
You might be surprised to know that being liked is not a necessary part of a trusting relationship. It is helpful, and it likely leads to greater and more-effortless productivity, but it is not actually, in my experience, a requirement.
Story
I once had a business partner who was a very religious person. He was also off-the-charts brilliant at what he did for a living. But, he was a “difficult” person in the opinions of most of our customers. I cringed every time he got near a customer. Despite all that, we still got great customers. And we kept those customers while we increased our revenues each year. While this person was a royal pain at times, he was as trustworthy as the day was long.
Three levels of trust
- Level one: Our values are aligned
- Level two: I am competent in the things you need me to be accountable for.
- Level three: I have the authority to achieve the things you need me to be accountable for.
An example:
I trust (level one) my lovely wife, in that our values are deeply aligned. We are going on vacation to Hawaii June 1st. I wouldn’t trust her to fly the 747 we will be flying on, because she is not competent to do that task (level two). Let’s just imagine, for a second, that she did know” how to fly a 747. I would not trust her (level three), because she would not be authorized by any airline (with a brain) to fly one.
To be powerful
You must test the levels of trust that your objectives require. We call this qualification.
The magic of keeping your word
The fundamental underlying all this, is the requirement that you keep your word. So easy to say and, oh so very hard to do, even if you know the mechanics of keeping your word. I’ll cover those mechanics next week, by the way.
How to build trust
The key is to ask, listen, and keep your word:
- What do they want from what you are selling?
- What do they value?
- What does success look like?
- How will they know success when they see it?
- What complaints have they had with others who provide what you offer? (You are not asking the name of the others. You just want to know what the issues have been in the past. I like to ask, “What did they say when you told them about your concern”?)
- What kind of service do you want and need?
- What is the single most important thing to you in dealing with what I offer? (If it is price you might also want to say: “Pretend price is the lowest you have ever seen. What would be the next most important thing to you”?)
I am sure that you can think of a dozen other questions whose answers you need to know to align with your clients in your market. Just make sure you write them out, ask them, and record the answers. There is no memory in the world as powerful as words printed in pencil on plain white paper.
The big issues that derail trust even if you know all of the above:
- Thinking about what you are going to say next, instead of really listening.
- Not asking clarifying questions. The client is aware of it when you don’t ask a question that you should be asking. This is where the amateurs are separated from the professionals. The client loses trust in you if you don’t ask the right questions, and you begin to pose a risk to them, their career, and to their company. Even when you think you know, ask the question.
- Not doing what you said you would do, every time. Essentially, you must keep your word. Again, we will go into the mechanics of keeping your word next week.
Bottom line
The bottom line is to take care of trust first, and then your product, service or company. You can have the best price, best service, and best quality, but without trust, you can, and will, be beaten by the competitor who has an average price, an average service, and average quality, but is wrapped in the security of trust.
Creation and maintenance of trust before the sale
If your clients know they can really trust you, they can tolerate almost anything else, as long as you and your offer truly meet their needs.
Choose to act now
Begin today to ask those questions, keep your word, and build trust. You will likely be amazed at what a difference it will make in your life.
Cheers,
Eric
Slow purchase decisions: What to do?
If people can delay
If people can delay, they will. Your job is to make it easier and more logical to act, than to delay. If they delay, you have a choice; act or wait and hope for the best.
If you choose to wait (passively)
Let me know how that works out for you. I’ll be busy taking actions, making sales and going to the bank (with vacation, retirement and other deposits.)
The pain of delay
Delay costs you in many ways:
- In lost revenue and profit
- You incur more risk of loss to competitor
- There is more risk that you have wasted your sales effort
- It is emotionally unsatisfying
- The irritation creates a drag on life in general
- It robs you of the feeling of being effective and powerful
- lients don’t get the value you offer. It’s a classic lose/lose situation.
Why do you delay?
If you know yourself, you will often know others. Answer this question for yourself, and you will be well on your way. We all delay when we can get away with it.
How people decide things
My observation, after 30 years and more than $1.5 billion in sales transactions under my belt, is that people make decisions in just two fundamental ways: 1.) They seek to clarity everything until a decision becomes obvious, or 2.) They take a stand, regardless of new information, or the possible availability of new information.
What is the cost of delay?
If the cost of delay is large, and the downside of acting right away is known or limited, things will happen. If there is no cost of delay, or there are unknown risks, things don’t happen until clarity is achieved.
What is possibly missing?
What information is possibly missing to make a good (safe) decision?
Background conversation
Most people are trying to make a decision that they can defend to others in their world. In essence, they want a good story, and they want a story that is simple enough for them to repeat successfully. Giving them that story is part of your job.
Service and detachment
You give the prospect all the help that you can, and then you ask for the order. Your clients will fall into a pattern. You just need to be prepared to help them, in a systematic way, get through their issues. When they get through the issues, they can make a decision. Don’t get emotionally involved. It will slow you down.
If you can’t walk away, it’s tough to sell
If prospects are not meeting you half-way, you are probably better off graciously setting them aside or suggesting that they not make a decision now. Get them, and yourself, off the fence and move on to the next target.
My internal conversation is always this
I always tell myself, “I am rich and I don’t need the money.” I am here to do this person a favor, but I don’t have all day. I did this when I was broke. It wasn’t easy, but it was the key to having the bank account that I enjoy today.
What I want
I want a firm “Yes,” or “No.” If I get a “Not now,” I want to know what it will take to get a firm “Yes,” or “No.” If the prospect can’t help me with that, I put them on a tickler list and keep dripping valuable information on them with lots of opportunities for them to buy.
The real problem
I suspect you already know most of what I have said. The real issue is that, in some cases, if you walk away from a prospect who can’t act, you know you really don’t have anyone else to sell to. Delay is not your real issue. Getting enough prospects to sell to is your real issue.
Only four major ways to get new prospects
They are: a solid, on-going marketing program, cold-calling, getting referrals and luck. Now I am going to put the shoe on the other foot:
- Do you have a marketing process in place that gives you all the qualified prospects you need? If not, sign-up for my next marketing class and get busy.
- Do you know how to cold-call successfully when you need to? Invest $49 and follow the directions. Then get busy.
- Do you have a referral system in place that delivers a steady stream of qualified prospects? If not, get on the list for my upcoming referral program tele-seminar. Click here to join the list.
Are you going to delay? If so, why?
Your action
Put this newsletter into action. Do what you can to help prospects make a good decision. Then ask them to buy. If they still delay, move on to the next prospect.If you don’t have enough prospects to sell to - so you can walk away from someone who delays too much - consider taking one of the actions above. Without delay. It’s your life, and it’s happening now.
Cheers,
Eric
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