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Bundaberg Chamber News

Learn To Love Objections

- posted by Yale Morgan

Last article we discussed “How do we sell more at higher prices?” Of course, along the way, you're going to have to cover and fend off objections. Some will be true others will be throwaway objections. In essence there are two main reasons for an objection to come up:
1/ The prospect doesn't trust you
2/ You haven't convinced them you can meet their needs or wants or help them achieve their desired objectives (especially in B2B situations)

Regardless of the reasons, the Golden Rule for Objection management is they are always a request for further information. The fact is, an objection, is a special kind of buying signal. If the person(s) in front of you weren't interested, they'd just walk away right?

I sales, we must learn to love objections and have clear strategies on how to handle them. Each business will have a fairly specific set of objections often used by potential customers/ clients.

It’s important to understand, a persons rejection of your request for them to buy is not a rejection of you, just a rejection of the offer you made. Originally developed by Peter McKeon of “Salesmasters International”, the key to success in handling objections is a 6 point plan. Over the next couple of Articles we’ll run thorough them.

Firstly you must Empathize the objection. Never argue with the objection as thats the fast way to lose the customer from the onset. Accept your potential customers perspective as the point in which you’ll begin the process of managing the objection.

As an example” John I can completely understand you’ll need to think about it, many of our most loyal customers said the same thing - at first”

So as your first action point, get your team together and list 5 main objections they face when selling to customers and start with Step 1 - Empathize The Objection.

I’d love to see what you come up with, feel free to flick over an email with your results to yale@betterbusinessgroup.com.au or leave a comment on the blog page.

To Your Business Success
Cheers

Yale Morgan
www.yalemorgan.com

Break It Down and Sell More

- posted by Yale Morgan

How do we sell more at higher prices? Whilst there are a number of strategies available, I like to go back to an “oldie but goodie”. Perhaps you've heard it before? “Break it down to the ridiculous”. In todays economy, its easy to use coffee as a value, why .. because most of drink it and from a cafe so we’re up on what the cost is plus the frequency.

So what does coffee have to do with sales of your product or service? Let’s assume we have a value of $4.50 for a coffee, straight away we have a measurement. So when we are doing complex sales that involve a reasonable some of money we can put the coffee economy into perspective. Here’s an example:

Builder A is $20,000 more expensive than Builder B. We know on average we stay in our homes for between 7-10 years, but most mortgages are around 25 years so thats how people think when it comes to pricing, here’s what builder A would do.

Knowing that the client wants the additional benefits of Builder A but is struggling to justify the $20K price difference, Builder A should go back to the golden rule which is “People buy on emotion but justify with logic”. Simply builder A would show the client this:

"Mr and Mrs Client (because another golden rule is to have both decision makers at the closing presentation), your new home will be a source of joy for the next 25 years and beyond, do you realise for you to build and raise your family in your dream home, it’s only $2.20 a day, that’s less than a half a cup of coffee …” and then how they manage to close the deal out.

You can use this strategy for any larger ticket purchase based on the length of time the customer/ client benefits from the product, try it out with your team, get some numbers and scripts in place and sell more!


To Your Business Success

Cheers


Yale Morgan

www.yalemorgan.com


Do You Own Your Own Online Real Estate?

- posted by Yale Morgan

In the past I’ve often written article on the importance of how people can find you, not just a physical location but also digitally. We’ve discussed web sites, Social Media, Google suite of products etc. Let’s pose this question - when you're about to meet someone new, perhaps a new client, supplier etc, what do you do? Google them right!

Guess what, they’ll be doing the same to you!

Whilst they might find your web site, maybe LinkedIn and other social media, often that information is confused with other pages of content, videos and images. Whist we know the importance of your rankings in Google for your web page, equally important is your personal name! What happens if someone Googles you and they cant find anything about you? What does that say to them, or worse, they may have to trawl through 20 other people by your name, just to find you?

You must own the online real estate for your name. A great web site, that takes less than 10 minutes to set up is http://about.me. In fact, writing this article prompted me to make some changes to my about.me site.

This is a great site to promote you which also linked to all your social media accounts, web sites, newsletter/ blogs and much more! Being a responsive web site, automatically people will be able to view on any device without you having to change any settings.

Check it out, set up a page and start get hold of your name as a brand.

To Your Business Success

Cheers



Yale Morgan



What Type Of Sales Person Is On Your Team?

- posted by Yale Morgan

As we continue with our series on sales and selling, I’d like to share some great insights into the types of sales people that are possibly on your team and what that could mean for your business. Saturday just gone was Re iGNITE Business Conference where we focussed mostly on sales. Guest speaker Tony Gattari form The Achievers Group, shared some principles from a book “The Challenger Sale” where authors Matthew Dixon and Brent Adamson share the secret of sales success. They have identified typical sales people.

Basically there are five distinctive types being:

1/ The Hard Worker

2/ The Challenger

3/ The Relationship Builder

4/ The Lone Wolf

5/ The Reactive Problem Solver

Over the next couple of weeks, we’ll unpack these sales types and share what results they are likely to provide your business.

Lets begin with “The hard worker”, typically they are always willing to go the extra mile, tenacious and wont give up easily. As a general rule they are self motivated and interested in yours and customer feedback and personal development. Great to have on your team, happily crunch the call numbers and don't get overly concerned if a deal falls over. Although, they will work even harder to try and resurrect it.

Secondly, lets consider “The Challenger”, these people have a completely different view of the world. They understand the customers business, needs and wants. Because of this they love to debate, yes i hear you thinking, what argue with a customer?? No - challenge your customers thinking, push them, delve into why they are buying and what results they truely want. Consider them like a gym coach .. never letting up until you've done your reps, pushing you to your limits to the the desire results.

Yes, at time I’m sure you'd like to drop the weights on their head, but when you fall back exhausted knowing how much good that has done you, you're very appreciative of the push.

Next week we’ll cover off the remaining types and look at who gets the best results.

To Your Business Success

Cheers



Yale Morgan



How Effective is Your Web Site Front Page

- posted by Yale Morgan

What is the number one goal for your web site? You may be surprised, no, it's not so people can learn more about you, or the stunning graphics and clever intros it's not so people can see what you're up to, how good you are etc, frankly they don't care, they only care about what you can do for them, How you can add value to their lives.

In business, your Web Site's sole function is to gather you leads and pass them on to you or the team member you have dedicated to web enquiries. The same as any marketing, you want your customers to do something.

Previously I’ve written (and spoken about many times in seminars) about monitoring conversion rates when people make an enquiry via traditional means. Well, your web site is no different, in fact it's crucial you do everything possible to make it easy for potential customers to connect with you. You've got around 30 seconds, or less before, they decide you are or are not for them. What is the golden rule in all marketing? To be able to test and measure results, luckily the Web allows us to track this easily. (Perhaps another article). To do this, you must have a data collection device on your site, preferably right hand side under the heading. You must have a completing reason for the customer to give you their name and email address, remember you need to add value to them. Often we use important and high value tips or reports etc in exchange for their name and email. At this point, don't ask for anymore details, there are reasons why but again, perhaps for another article.

Remembering the web can give us information on how many visit, what they look at, for how long they stay etc, but most importantly the statistic on how many visits to downloads - hence your conversion. Now, here's the exciting bit, you can have your web page automatically split and display two pages in rotation, on each of these, change one aspect, perhaps different offers, headlines, video vs copy or any other testing measure you choose. We call these "A/B Split Test" .. For example, when I log on to your site, I'll see a different page to someone else, a 50/50 split.

This all happens without your continued input. I'd suggest you leave this for two weeks to a month, run your report and display the page that gives you the best results. Again, you may want to create another A/B split test with this page and change one aspect, just like you would with traditional marketing.

To Your Business Success

Cheers



Yale Morgan


How To Write Great Sales Copy That Sells

- posted by Yale Morgan

When you write sales copy, be it for print or online, its important you put yourself in your customers mindset, think and act like they do. Imagine your typical “A Grade” customer and write your copy directly to him or her, just as you would write to a friend or relative. Remember we have talked before about the format of good copy AIDA (Attention, Interest Desire and Action), but this article where the content comes in to play.

Consider these when creating sales copy that gets “bums on seats”, they are:

1/ What your potential customer wants to know

2/ What are they thinking (an educated guess, by knowing your typical customer)

3/ Their potential personality make up (previously we have discussed this as well, important you understand what makes them tick)

Below is a few key check list items you’ll need to expand on for great sales copy:

1/ What is the proposition? - exactly what are you offering?

2/ Whats in it for me? - This is by far the biggest concern, you must explain how they will benefit form the product or service.

3/ Why should I believe what you say? Trust is so important, if your offer seems to good to be true, guess what .. you’ll only attract the wrong type of customer.

4/ How long does it take to receive? Anticipation is great, but don't disappoint by promoting something then letting your customers down with delivery times. an easy example would be the delivery of a product that has to be ordered, but what about promoting a specific service and then turn around and say “sorry, i don't have any available appointments for 2 months”

5/ What will you do if I don't like it or it doesn't suit my needs? Other than statutory warranty, again this is important. I spend a lot of time with clients on Risk Reversal, in essence, you need to take the risk out of buying for them.

6/ Have I made the right decision? - It’s important address this by reassuring them in your copy.

And finally:

7/ How do you want me to respond? Remember the “Action” from above, you need to tell them exactly what you want them to do. e.g. call this number, visit this site, cut out this section etc.

So have fun with your sales copy, always be honest and ethical and if you know your target market, you’ll have success!


To Your Business Success

Cheers,

Yale Morgan


Would You Buy From You?

- posted by Yale Morgan

Interesting question, can you answer it truthfully? Now days customers meet with numerous salespeople (plus the online “electronic” salespeople), Your customer is exposed to every sales gimmick, trick, style and approach. The old rule about how someone will make a decision about you within 30 seconds, well, its probably half that with a sales person!

Your customer will either like you and stay interested, or don't like you and tune out. That's why it's important to constantly assess your own sales style ... in short, would you buy from you? Remember, you customer is only listening to their favourite station WIIFM (Whats in it for me)

That said here are 14 questions(as prepared by legendary sales guru Tim Bednarz) to ponder:

1. Do you show a genuine interest in your customer's needs and problems?

2. Do you listen attentively when your customers talk, or are you just waiting to give your pitch or add your own comments?

3. When you make promises, do you follow through and deliver what you promised?

4. When presented with problems or questions, do you always respond quickly?

5. Do you present your features and benefits before you have had a chance to determine how or why your benefits can help your prospect?

6. Do you over-promise your prospect just to close the sale?

7. Do you thoroughly believe in the company, product or service you represent and sell?

8. What is first and foremost in your mind? Your Commission? Your Quota? or Your Customer?

9. When you contact a customer, are they happy to hear from you?

10. Do you keep your customers current of what is happening in your industry and aware of current events that might be of interest to them?

11. What is your goal? To close the sale or build a long-term relationship with your customers?

12. Do you work to achieve a Win-Win situation with your customers

13. What would you do if you discovered that your prospect wasn't right for your product?

14. If your competitor's product better served the needs of your customer, would you recommend it to them?

To Your Business Success

Cheers,

Yale Morgan


Get your customers excited

- posted by Yale Morgan

A number of weeks ago I was at an amazing business conference with just over 300 like minded small and medium business owners. Whilst the conference was focussed around “Productivity” using new and innovative ways .. There is still no better way to boost sales and productivity than by making your business fun and interactive for both your customers and team. Ever walked into a business and felt the “vibe”? Positive or negative? If you have, then you can bet, so do your customers, clients or patients when they walk into yours.

I’ll use retail as an example (as we are approaching the festive season), but this can apply to any business, not sure how, drop me a line.

Now this is certainly not a new concept, but one I think many retailers, especially the smaller ones have moved away from. Seems everyone is focused on price and expect every customer that walks in is just "shopping for the best price" or looking at what they need and headed home to buy online. This in itself creates a psychological barrier between staff member and customer. The staff member already has a negative view of the outcome with the person in front of them who has taken time out of their day to visit, learn and possibly purchase. (I should mention only around 6% of people buy on price alone).

So what can you do to keep the registers humming? Simply this .. Have fun with your customers, ensure the experience when customers walk into your business is exceptional. Make everything interactive, show your customers the "really cool stuff" and thus generating excitement, let them play and experience the benefits right there, if you are in food, make sure the smells are amazing and they get a sample of what’s cooking! Why do you think places like Havery Norman make coffee and cooking demo’s in store? Now I know first hand, this is often a logistical challenge for the big players .. as a smaller business owner, you can do this anytime you choose! What do you expect will happen when you make things exciting and interactive? You guessed it SALES .. With great margin!

The overwhelming focus for your business should be the experience the customer has with every contact. People are all of a sudden no longer looking for the best price, but the solution, one that is fun and exciting!

When we change our attitudes towards the potential outcomes, the opportunities for growth are endless! And dare I say, a lot more fun and profitable. Get your team onside, and ensure that every person who walks into your business utters … WOW as they leave (with a boot full of your stuff!)

What is it that you and your team say or think, about your customers and clients, what are your attitudes towards those who enter your premises? Are you excited about what your business has to offer, the possibilities and the long term relationships you and your team can develop?

For a FREE Special Action Report called “Falling In Love With Your Business Again” send and email to yale@betterbusinessgroup.com.au

To Your Business Success

Cheers

Yale Morgan


The Secret Of Sales Success

- posted by Yale Morgan

How healthy are your teams sales skills? What’s their average conversion rate compared to industry average? Are you happy with the current level os sales now? In many cases, businesses I speak to are not happy with their sales but don't do any thing about it!

Well they may use threats, “if you don't get your target …” etc or they may take the soft approach “Business is just a little tough for everyone right now” .. Blah! No need for you to go bust because everyone else is!

I’ll share two secrets of sales success with you.

Number 1: Find out what people want - and help them get it (stating the obvious, but all too often i see sales people trying to sell what they have or want to sell rather than finding out what their customer is really after)

Number 2: Sales people aren't born - they are created! Yes .. some may have the natural “gift of the gab” but professional sales people are trained and follow a structured process.

Let me share a proven process that all sales people should go through, basically just 7 steps. Depending on the type of sale, the process might be a few minutes (fast paced retail) or days/ weeks/ months (larger corporate style sales). You see, many people enter into sales excited and ready to take on the world, but after a string of “No’s”, they become deflated, disillusioned and downright miserable and often just get up and move on. Never to experience the thrill of helping people get what they want! Here is your process for sales success:


  1. Building rapport and relaxing your client
  2. Setting the scene
  3. The story 
  4. Questioning 
  5. Qualifying 
  6. Presenting the solution
  7. Closing the sale

To Your Business Success

Cheers,

Yale Morgan


Develop A Culture Of Trust

- posted by Yale Morgan

Yes of course your customers must trust you and your business practices should leave no doubt whatsoever in their mind that they can trust your products and services implicitly. This isn't the culture of trust i’m talking about. In the book by Patrick Lencioni called The Five Dysfunctions Of A Team his story is centred around a fictitious company of quality products and services, abundant financing, perfect market conditions etc yet there isn't any growth, in fact the business seems to be imploding.


If you can imagine a pyramid, with the foundation being the largest what would you think is paramount to any business success? TRUST - Among the team.

This isn't an easy thing to do, and far too often I see this in many businesses, the people responsible for creating trust and acceptance in the marketplace .. don't trust each other, crippling the business.

You see, building trust among the team, (including you, sorry to say, but many employees don't fully trust their immediate supervisors, managers and owners), requires vulnerability and the courage to take risks knowing their backs are covered, regardless of the outcome.

Building trust is empowering your team to have frank open discussions and candid debate. Without being too involved in their lives, trust comes from a place of understanding what else is going on outside work, what are your teams hopes, desires, passions and fears. Where are they most vulnerable in the workplace that perhaps you can plug that gap. On the flip side, where are you, the business owner/ manager, most vulnerable, and how can they help you?

Like respect, trust can only be earned. You and your team must encourage each other and stick the hand out when a member is struggling. Be open about where the business is headed, the tasks at hand and be specific about the desired results.

To Your Business Success

Cheers,

Yale Morgan