RainMaker Blog

2010 is Here – Do You Have a Plan for Sales?

As we say goodbye to one year, in fact an entire decade, and usher in a new one, now is a terrific time to take stock of your company's sales. How did well did your company perform last year? How can you ensure that 2010 will be successful? The answer involves looking back as well as looking forward and planning your sales strategy.

Look back and identify the best customers of the decade. What did these customers have in common? What made them the best? How many of these customers remain loyal to your organization? As you reflect on these core customers, look forward with the knowledge that you want to attract more customers just like them. For example, if you are a caterer and have discovered that your best customers are business event planners, then you'll want to target business event planners in 2010. Likewise, if your best customers are those who have set up their accounts to automatically reorder products when inventory reaches a certain trigger point, consider offering similar auto-reorder programs to your other customers.

While you're at it, identify customers that no longer use your services and find out why. Has the customer's company been acquired by another? Has the decision maker lost his job? If so, who can you contact at the new company? Who is the decision maker's replacement? Where is the decision maker working now?

In addition to identifying potential customers, identify your referral sources. Who has referred business to you in the past? Who is regularly referring business? Are you leaving referrals to chance or are you actively encouraging referrals? Are you thanking your referral sources? Are you returning the favor? What types of referrals do you want?

Next, evaluate your sales team. Which sales people have been the most effective? Which ones haven't? Why? What motivational techniques have worked in the past? Which ones will you use in 2010?

Take the time to consider the past performance of your customers, referral sources, and sales team and identify your ideals. Next, plan a brainstorming session where you come up with ideas on how to find more ideal customers, encourage quality referrals, and motivate your sales staff. At this point, write down all ideas that pop into your head, no matter how crazy they may seem. Later, you can cull your list, but the ideas must first flow and build upon each other.

Now, sleep on it or switch gears for a few days. Let your ideas simmer in your subconscious as you go about your business. Finally, return to your notes and craft a sales strategy for 2010 that addresses targeting customers, managing referrals, and motivating your team.

You can take this strategy even further by setting specific targets and milestones or by setting specific sales goals. However you customize your sales plan for 2010 is up to you. The plan can be as elaborate and detailed as you decide it needs to be, or it can be as simple as "Land one new business event planning customer per month." The important part is to get started and create a plan and then revisit it periodically to make sure that you are on track. With a sales plan in hand, you have a road map to success. Without one, you're leaving 2010's sales up to the status quo and chance.

Selling in a Floundering Economy

Everyone knows that consumers and businesses have tightened their wallets due to the severe economic conditions. If your business relies on sales for its survival as most do, you also know that we’ve got to keep selling, even though the economy is floundering. Pressure and competition is intense. Tight credit, fewer buyers, and other hungry salespeople are making your job tougher than ever. So, how do you succeed in sales right now?

Just because the economy is floundering, it doesn’t mean that you must. First, create a plan. Football coaches don’t send their team out with vague instructions such as “just throw the ball” and neither should you. You must know who to throw the ball to and what you’re going to do with it once caught, right? With that in mind, which prospects are your best prospects? While selling is often referred to as a numbers game, right now, it’s important to carefully target prospects. Ask yourself what type of customer is your best customer and narrow your prospect list down to those that match.

Once you know which type of business to pursue, begin tailoring your approach. For example, if you’re pursuing high end clients, you’ll have a different approach and product lines than if you’re pursuing clients on the lower end of the scale. Ask yourself what types of problems can your product or service solve for this client type and start tailoring your presentations to address your client’s needs. In a floundering economy, focusing on solving problems is more crucial than ever. Consumers can put off purchasing luxuries and even some necessities, but problems need solving.

In fact, despite the gloomy economic news, consumers and organizations are still spending money. They expect more value for their purchases but spending has not come to a screeching halt. Make sure that you are offering a solution as well as value. Now is a great time to be specific in how your product or service solves their problem. For example, “Your company will save $586 per month by switching to our phone service. That’s over $7000 per year.”

In your effort to acquire new customers, don’t neglect your existing ones. They too are suffering the ill effects of a bad economy. Make sure that your current customers are well taken care of and that their problems are being solved. Continue building your relationship and being attentive to their needs and concerns.

Increased networking is also crucial during economic slowdowns. Participate in business events, conferences, and tradeshows typically attended by your ideal customers. While having a booth is good, being a featured speaker is even better. Start building yourself up as an industry leader now and gain greater visibility amongst your prospects. While this may not result in immediate sales, it does distinguish you from your competitors and could be the deciding factor.

Finally, stay motivated. People and businesses ARE buying; they’re just far more selective about what they buy and who they buy it from. Target your ideal customer, tailor your solution to meet your prospect’s needs, continue building relationships and networking, and sharpen your sales skills. It’s tough out there but not as hard when you have a game plan.

Do you have a game plan for selling in a floundering economy? What are your tips? We’d love to hear about them.

Pick Me! Pick Me! Why Should Your Customers Pick You Over Your Competitor?

No matter what business you happen to be in, you likely have competition. You know it. Your customers know it. In fact, your customers regularly compare you to your competition when making decisions. Do you look just like your competitor? If so, get ready to compete on price and price alone. If your customers cannot see much difference between you and your competitors, then the company with the lowest price is the clear winner in the customers' eyes.

We all know that competing on price is far from ideal. Wouldn't you rather stand out as a clear choice for a more compelling reason? In order to convince your customers to pick you over the dozens of other choices available, you have to distinguish yourself. Ask yourself the following questions:

• What do you offer that the competition doesn't?
• Are your customers aware of what you offer that others don't?
• What do customers expect of businesses such as yours?
• What don't customers expect?
• What do your customers value?

One of the best ways to understand how your company is different than your immediate competition is to shop your competitors. Sure, it sounds sneaky, but it's important to see how your business measures up. And it doesn't have to be sneaky either. In fact, when business is booming and you have to turn business away, you'll need another company that you can recommend. For example, if you run a mobile dog grooming business, schedule an appointment with the leading competitor in town to have your own dog groomed. Explain that you're also a groomer and looking for a company that you can recommend when you're overbooked. The other groomer may even return the favor and recommend you from time to time.

As you're shopping the competition, pay attention. How was the phone service? Was the appointment on time? Were the facilities neat and tidy? Were the employees professional? What type of value did you receive for the price? If you were a customer, would you return?

Do the same for your own business. Yes, shop yourself. Pretend that you are a customer and go through an entire transaction from start to finish, paying attention to the details. How did your company do compared to your competitor? Was the phone service better? If not, it's time to invest in customer service over the phone training. Even if it was, you still may want to do this. After all, how you answer the phone and handle the call is often the first - and last - impression your company will make with customers. Go through each key point of the transaction and improve each area.

While this is a good practice to improve your business, it's not enough to differentiate your company from the competition. Examine your customers' expectations of businesses like yours and choose one area to absolutely excel in. Remember Dominos with its delivery pledge of "30 minutes or it's free"? Dominos didn't set out to be known for making the most delicious pizza on the planet; instead, it distinguished itself for speedy delivery. Southwest Airlines with its "no frills" airline and wise cracking flight attendants is another good example of a company that set itself apart from the competition.

The area of specialty that you choose is up to you and your business. You may want to be known for speed, quality, friendliness, professionalism, customer commitment, environmental friendliness, value, selection, or even wackiness. Once you decide on your specialty, become a master of it and let your customers know exactly how you are different. Once they know, they'll have one more reason to pick you instead of your competition.

Simple Sales Tips Anyone Can Use to Increase Sales

In our exuberance about our products or services, it's easy to get caught up in the features and benefits of what we are selling. After all, the product is great and your customer should love it just as much as you do, right? And, you've been taught about the importance of the product's features and benefits. However, are you presenting the right product for your customer's needs? Is your customer trying to tell you something? Are you listening?

Your customer will indeed tell you but you've got to ask - and you have to listen.

Consider this scenario for a moment. You are at your desk when a phone call comes in. The customer asks for a quote for one of your products, let's say a ceiling fan. You proceed to tell the customer about all of the fan's features and benefits, how you'll do the wiring, how the fan has a lifetime warranty, and its price. The customer says, "Thank you." Are you tempted to say "You're welcome"?

Who wouldn't be? Good manners have been drilled into our heads since we were toddlers. However, this is a sales situation. This doesn't mean that good manners don't play a part; it means that you need to be a master of conversation. You have to shut up and let the customer speak. Customers don't generally speak up though, so you will need to ask open-ended questions. Here are two good ones:

• How does that sound?
• What if?

For example, after explaining the fan's features and benefits and giving its price, ask the customer, "How does that sound?" This forces the customer to tell you exactly what he thinks of the product or the price. A response might be, "The fan sounds great, but I can get it $50 cheaper at Bob's Hardware Supply" or "It sounds really good. When can you install it?" Had you not asked, the customer may have been content to hang up the phone and dial the next phone number. By asking this open-ended question you can find out exactly where you stand - and you may make the sale simply by asking it.

"What if?" is also a powerful open-ended question that you can ask. "What if I can match Bob's price?" or "What if I throw in the light kit for free?" or "What if I can guarantee installation this weekend?"

You can ask questions all day long but if you don't listen to the customer's responses, you'll get nowhere and may even drive the customer elsewhere. Active listening shows customers that you have heard what they just said. Everyone wants to know that they have been heard and everyone wants to feel as if their concerns are being considered. Paraphrasing is an excellent active listening technique that both clarifies your understanding of what's been said as well as demonstrates that you are listening. It can also be combined with open-ended questioning techniques.

For example, if you ask the customer how your proposal sounds and he responds by saying, "That price sounds high." Pause for a moment and paraphrase by asking, "Are you saying the price sounds high?" Now shut up and let the customer explain. Don't assume anything. He may have a better price or he may have a simple concern that you can address. Let the customer tell you why he thinks the price sounds high. He might say, "Yeah, I expected it to cost a hundred dollars or so but I suppose that since you have to do the electrical it's a fair price."

Finally, after asking questions and listening, don't forget to ask for the sale. "Would you like to place an order?"

The Ins and Outs of Inbound Marketing

A relatively new marketing concept, inbound marketing, is generating quite a bit of buzz. But what exactly is it? Should you adopt an inbound marketing strategy? Should you abandon your outbound marketing efforts? Before you make your next move, let's explore the ins and outs of inbound marketing.

First, inbound marketing isn't necessarily new. You've been doing it all along by establishing a presence where the customers are. For example, if you run an oil change business, your shop is likely located where cars congregate such as at a busy shopping center or in an automotive business park, right? You chose your location because you understood that customers looking for a place to have their oil changed would easily find you. That's inbound marketing.

Inbound marketing techniques ensure that you are easily discoverable to those needing your product or service. Outbound marketing involves sending out your message to the masses that may or may not need your product or service. For example, if you send out thousands of coupons for 10 percent off an oil change to residents in your service area, many of these residents may not even own a car. Some car owners will prefer doing their own oil changes while others already have a reliable oil change service. Outbound marketing is a numbers game where you cast your net far and wide, hoping to catch enough customers to make your efforts worthwhile.

But what if you knew where your customers were going for information? What if you had a presence there? Today's customers flock to the Internet for information before they make their purchasing decisions. By using inbound marketing techniques on the Internet, blogosphere, and social media sites, you are far more accessible to customers who want what you are selling.

Outbound marketing techniques such as direct mail, coupons, and telemarketing are becoming less effective. Many of today's consumers simply tune out. Their mailboxes are overflowing with junk mail that goes straight from the mailbox to the trash can. Their DVRs allow them to skip commercials. Their phone numbers are on the "do not call" list. And they get their coupons delivered to their cell phones or online.

In the past, customers found businesses by looking in the Yellow Pages. Not too long ago, they'd search Google. Today, they search Twitter. Word of mouth has moved online, too, with more people relying on online reviews and social network chatter for recommendations.  
 
The beauty of adding inbound marketing to your marketing plan is that you don't have to abandon your outbound marketing efforts altogether. Inbound and outbound marketing work well together - and you may already be doing it. For example, do you have your Web site's URL on your direct mailers? Do your service trucks have "Follow us on Twitter" decals? Blend inbound and outbound marketing techniques to build your social network. Those who are interested in what you have to offer will join your community. As your online presence grows, potential customers will find you.  

The popularity of the Internet, blogs, and social media sites has transformed inbound marketing as we know it. Customers are searching for exactly what you offer. Will they find you?

 

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