Training Tips

Choosing Prospects Wisely:  Make the Most of Your Effort

“To be a good hitter, you’ve got to get a good ball to hit,” baseball hall-of-famer Ted Williams once said.

The same concept goes for sales professionals. There is no sense in spreading yourself thin and reaping benefits from only a fraction of your prospects. In her eyesonsales.com article “Be Shrewd and Creative About Who You Target,” Colleen Francis advises sales professionals on which prospects to pursue based on:

• Flow of money. “In the new economy that is taking shape around us, buyer behavior is changing. It’s incumbent on you as a sales person to sharpen your sleuthing skills and follow the money,” she says.

• Changes in the market. Sales professionals must take time to examine their markets and look for opportunity in the changes that are being made. One example can be found in automakers’ sales. They are going down, and many economists point to the fact that people are keeping their cars longer today than they were ten years ago. In exchange, they are now spending more money on care and upkeep. Smart sales professionals, therefore will target businesses such as garages, auto repair and tune-up shops.

• Loyalty of customers. “Spend money on those who are spending with you,” writes Francis. Sales professionals should not skimp on marketing, but instead they should step up efforts, especially for those who are likely to buy. Also, reps should focus on up-selling and cross-selling now more than ever.

• Creativity. Now is the time to branch out, so reps should be able to adapt to change quickly because the country’s economy is transforming rapidly. Creative solutions to problems are effective in getting the attention from the best advertisers.

• Selectivity. Use common sense and acquired insight when choosing how to spend time and what prospects to pursue.

“Targeting is as much about staying focused on customers as it is about being able to distinguish those really exceptional clients from all the rest,” Francis says.

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Speak Up Already

Leslie L. Kossoff is tired of hearing people say, “I thought of that,” and “I knew this would happen.” In her management.about.com article, “Talking Out Loud,” Kossoff talks about the importance of speaking up. 

“Information is not power. That’s a fallacy,” she says.

By the time a sales professional thinks about a tidbit of information, someone else has likely already acted upon it. Because information today changes and expires constantly, the thoughts and ideas of a company’s employees are its greatest resource.

Kossof offers these reminders about being outspoken:

• Be serious. It’s far more important than simply sharing ideas; it’s about helping your company.

• Be open. When two people disagree, the best thing to do is consider one another’s ideas and try to build better ideas from both.

• Be tough. Try not to take debates and arguments personally.

• Be bold. “Your thoughts have no limits. Neither do you,” Kossoff writes.

“Once you get your thinking out of your brain and into words, the next most important step is to take action based on those thought sand words,” Kossof explains. 

What are some of the challenges you face when trying to speak up in a meeting? How do you deal with them? Please comment and tell us all about it!

Training Tips

Choosing Prospects Wisely: Make the Most of Your Effort

“To be a good hitter, you’ve got to get a good ball to hit,” baseball hall-of-famer Ted Williams once said.

The same concept goes for sales professionals. There is no sense in spreading yourself thin and reaping benefits from only a fraction of your prospects. In her eyesonsales.com article “Be Shrewd and Creative About Who You Target,” Colleen Francis advises sales professionals on which prospects to pursue based on:

• Flow of money. “In the new economy that is taking shape around us, buyer behavior is changing. It’s incumbent on you as a sales person to sharpen your sleuthing skills and follow the money,” she says.

• Changes in the market. Sales professionals must take time to examine their markets and look for opportunity in the changes that are being made. One example can be found in automakers’ sales. They are going down, and many economists point to the fact that people are keeping their cars longer today than they were ten years ago. In exchange, they are now spending more money on care and upkeep. Smart sales professionals, therefore will target businesses such as garages, auto repair and tune-up shops.

• Loyalty of customers. “Spend money on those who are spending with you,” writes Francis. Sales professionals should not skimp on marketing, but instead they should step up efforts, especially for those who are likely to buy. Also, reps should focus on up-selling and cross-selling now more than ever.

• Creativity. Now is the time to branch out, so reps should be able to adapt to change quickly because the country’s economy is transforming rapidly. Creative solutions to problems are effective in getting the attention from the best advertisers.

• Selectivity. Use common sense and acquired insight when choosing how to spend time and what prospects to pursue.

“Targeting is as much about staying focused on customers as it is about being able to distinguish those really exceptional clients from all the rest,” Francis says. What are some of your strategies for targeting clients? Do you spend different amounts of energy on different clients depending on their potential to buy? Are there any instances where this has caused problems or helped you? Please, share your thoughts in a comment.

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Hail to the Chiefs: The reasons behind becoming a leader

Managers and supervisors serve their employees and make things run more smoothly. The changingminds.org article “Motivation of Leaders” explains a few of the reasons people seek to become leaders.

• Vision. “If they can communicate that vision to others, effectively ‘infecting’ them with the idea, then this will create a sustaining motivational force in others towards a common goal,” the author explains.

• Control. Of all our basic human needs, a sense of control is high priority. This can be attained by either taking charge of oneself or allowing others to take control. Leaders are able to offer a sense of control to others by managing them.

• Power. Defined by the author as the “the ability to achieve your goals,” power is a valuable commodity.

• Narcissism. “Leaders not only seek to connect people with idealistic goals, but they often also seek to instill devotion of themselves by their followers,” the author explains. Managers must be wary of this motivation because narcissists tend to surround themselves with people who agree with everything they say, regardless of its truth.

• Altruism. Some leaders desire to help others make a difference in the world.

No matter what the motivation, managers and supervisors are significantly affected by what drove them to become leaders in the first place. Do you hold a position of power at your company? What made you reach for that position? How does it affect your every day relationship with your work and your employees? I'd love to hear your thoughts!

Training Tips

Dodging the Low Balls: How to maintain price

After receiving many requests for advice from sales professionals whose clients constantly ask for more and more discounts, Mike Brooks explains in his mrinsidesales.com article “How to Stay Firm on Price,” that the most successful sales professionals stick to their guns when being hounded for discounts.

“To start with, you have to admit the truth: You can only go so low with your price, and some people will buy, and some won’t,” Brooks writes.

If reps continue to lower the price, their commissions will suffer, as will their company margins and their confidence. What’s more — giving into a client’s request for discounts does not always ensure a sale. If a rep goes out of his or her way to offer clients their desired price and still does not win the sale, it can leave the rep feeling duped and unsatisfied. This can weaken a sales rep’s attitude and leave him or her vulnerable to more low-balling. 

Brooks suggests staying strong instead of bowing down to clients’ demands. He says the following response is respectful and effective when dealing with requests for discounts:

“I totally respect that you’re trying to do what’s best for your company right now, but the offer I’ve just made is the best I can do and still give you the (level of service, quality, value, etc.) that you’d expect and be happy with. If you can get this somewhere else and it fits within what you’re willing to pay, then I’ll just have to understand and hope that I can work with you next time. I’m here for you now, but the decision is up to you — what would you like to do?”

Being direct and calling a client’s bluff will often cause him or her to stop demanding a lower price and make a decision. Brooks notes that those who refuse to take the deal would have probably done so anyway. If sales professionals stay confident and try using this type of response when being low-balled by clients, they will go home with more money and more sales — not to mention a less-bruised ego.

What are your strategies for dealing with customers who low ball you? Do you agree or disagree with Brooks' take on what to do? Please feel free to comment and tell me what you think!

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Time for a Change? Five steps to implement development

Today’s business world demands flexibility and willingness to adapt. Problems arise constantly, and sometimes it is necessary to make adjustments to a company’s processes or policies. Because of the constantly fluctuating environment, fear of change can be deadly for managers and the departments they run. Wesley Ford’s leadershiparticles.net article “Alternative Thinking Counts” discusses five steps to follow when implementing change.

1. Identify the problem. This is one of the most important jobs a manager has.

2. Utilize resources. Ford suggests bringing in an expert to assess the situation.

3. Share the findings. “The collection of data is then presented to the management team, and a joint diagnosis of the problem is facilitated,” says Ford.

4. Develop a strategy for change. Managers must work with experts and other leaders in a company to create a plan to for solving the problem.

5. Assess the effectiveness of the strategy. If necessary, managers must be willing to make adjustments to the strategy after it’s been tested.

“This can be a cyclical process. So don’t think in terms of a one-shot cure. This needs to be thought of as a treatment process,” Ford writes. Has your company recently undergone a significant change? How did you deal with it? What worked and what didn't? Please comment with your thoughts, questions and ideas!

Training Tips

Hop to It! Respond quickly to gain business

In his 59-Second Sales Tip “Take Your Time and Let your Competitor Win,” Kelley Robertson explains that sales professionals should respond to prospects’ inquiries in a timely manner.

Companies that receive inquiries submitted through their Web site should reply very quickly if they wish to gain the business. Customers making inquiries are probably shopping around, and if a rep does not respond to their inquiry quickly, they may go with someone else. In today’s highly competitive business world, people from most industries are under constant time constraints and do not have spare time to wait for information.

“If it takes you longer than 24 hours to respond to any type of sales request, you need to improve this because I can guarantee that you are practically giving your competition new sales and letting them win,” Robertson says.

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Conflict Resolution: Four steps to solve disputes

Even among the most mature, professional coworkers there are bound to be office conflicts now and then. These four steps from Richard M. Highsmith’s businessknowhow.com article “Four Steps to Resolve Conflict” can help managers mediate disputes between reps or between themselves and others:

1. Find common ground between both parties. “How are your two positions similar? What points can both agree upon? Tear down the defensive walls so both parties can find a logical, satisfying conclusion,” Highsmith says.

2. Admit faults. No one is right all of the time. It is much easier to fix mistakes with help and support from others. Unless mistakes are admitted, people cannot help fix them.

3. Admit a personal flaw before pointing out those of others. Managers who note their own history in making similar mistakes will be more effective when offering criticism to others.

4. Make amends whenever possible. It is unfortunate and highly unproductive when a relationship ends on a sour note. If one or both parties feel they have been wronged, it makes working together difficult if not impossible. The best way to smooth things out is to sincerely apologize and take action to avoid a similar problem in the future. Even when a manager believes he or she is in the right, it is still important to try to mend fences.

“The longer you wait, the more the problem rankles. Someone must make the first move, and that someone is you,” Highsmith says.

Training Tips

Know Thy Products: Better knowledge equals more sales

Customers will not buy from a rep that comes across as uninformed or incompetent. In her about.com article “Benefits of Product Knowledge,” Shari Waters discusses the importance of knowing your company’s products. Thorough product knowledge:

• Enables better communication. Understanding products allows sales professionals to adapt and use various methods of presenting the products to customers.

• Increases enthusiasm. “The easiest way to become enthusiastic is to truly believe in the product,” Waters writes.

• Boosts confidence. When a customer is on the fence about committing to a sale, the level of a sales rep’s product knowledge may prove to make a difference in their final decision in either direction.

• Helps in responses to objections. Many objections made by customers can be negated with facts about the product.

Waters suggests using literature, other sales reps, training sessions and other educational tools to increase product knowledge. Sales professionals should be aware of pricing structures, varieties, product history, manufacturing process, use and distribution.

“It may take a while to easily articulate your product knowledge, especially with new products, but over time you’ll become more comfortable and confident in providing the correct information to customers,” Waters concludes.

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The Upside of Failure: How to succeed the realistic way

In his leadershiparticles.net article “How to Fail Your Way to Success,” Mike Antoni takes an unusual look at one of the most feared creatures on the planet: failure.

“Most people have the desire to leave behind a legacy but lack the courage to take action,” explains Antoni.

He discusses reasons people should not fear failure, including:

• Failure is not an option; it is a necessity. No one can achieve great success without first achieving failure.

• Failure is the foundation of ethics. Working hard means trying over and over again, through as many failures as it takes to reach success.

• Failure affected even the greatest achievers. “I’ve heard it said Einstein failed at physics. Edison ‘failed’ with the light bulb thousands of times,” notes Antoni.

• Failure must be embraced. Fear of failure causes many people to not take action.

“Go for it. Taking action is the only way to succeed. Take action now, and success will follow,” says Antoni.