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What Should Be Our Sales Target This Year?

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What Should Be Our Sales Target This Year?

In the ever-evolving realm of business, setting realistic sales increase targets is crucial for sustained growth and profitability. However, determining the optimal target requires a strategic approach that takes into account various factors, including market dynamics, saturation levels, and forecasts. Let's explore how businesses can navigate this complex terrain to identify the right sales increase target for their unique circumstances.

Understanding Your Market

A fundamental step in setting sales increase targets is gaining a comprehensive understanding of your market. This entails analyzing market trends, customer preferences, and competitive dynamics. By conducting thorough market research, businesses can identify growth opportunities, emerging trends, and areas for differentiation. Understanding the nuances of your market enables you to set targets that are both ambitious and attainable, aligning with the realities of your industry landscape.

Assessing Market Saturation

Market saturation refers to the degree to which a market has been penetrated by existing products or services. Evaluating market saturation levels is essential for gauging the potential for further growth. In saturated markets, achieving significant sales increases may require innovative strategies, such as product differentiation, target audience expansion, or geographic diversification. However, it's also important to consider alternative approaches, such as increasing prices, which can boost revenue even in a saturated market.

Increasing Prices in High Market Saturation

In highly saturated markets, where competition is fierce and differentiation is challenging, increasing prices can be a strategic approach to boosting revenue. By positioning your product or service as premium or high-value, businesses can capitalize on the perception of quality and exclusivity. Additionally, raising prices can help mitigate the impact of saturation by focusing on a smaller, but more profitable, segment of the market. While increasing prices may result in some loss of market share, the net effect on revenue can be positive, especially if the increase in revenue from each sale outweighs the decrease in sales volume.

By setting the right sales increase target is a strategic imperative for businesses seeking sustained growth and competitiveness. By understanding market dynamics, assessing saturation levels, and analyzing market forecasts, businesses can identify realistic yet ambitious targets that drive performance and align with organizational objectives. While there is no one-size-fits-all approach to setting sales targets, a data-driven and strategic approach enables businesses to navigate uncertainty and capitalize on opportunities in today's dynamic business landscape. By considering alternative strategies such as price increases, businesses can unlock new avenues for revenue growth and enhance their competitive position in saturated markets.

Have a great week!

“Businesses wonder why it is still hard to be thought of as the brand of choice with the best customers and top employees.    How can our business make more profitable transactions and stay out of the commodity battle with low profits?  How can we land and keep top talent in our organization with the salary wars.  Kevin teaches your sales and leadership teams how to build the key ingredient to be successful with their relationships and take your goals to the next level with high levels of engagement.

Kevin’s website: www.kevinsidebottom.com

Kevin’s email: kevin@kevinsidebottom.com

The Sales Process Online Membership Site 

The Sales Process Uncovered Book 

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Why Should I Network With Other Businesses?

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Why Should I Network With Other Businesses?

In the dynamic landscape of modern business, success isn't solely determined by the quality of products or services offered. Rather, it's often the result of strategic relationships forged through networking. Businesses that recognize the importance of connecting with other businesses position themselves for growth, innovation, and longevity. Let's delve into three key reasons why networking with other businesses is essential for sustained success.

The 150-Person Rule

It's said that each person influences approximately 150 others within their network. This principle underscores the immense potential for businesses to expand their reach exponentially through strategic networking. By forming alliances with complementary businesses, entrepreneurs can tap into new audiences, gaining access to potential customers who may not have been reached through traditional marketing channels. Through shared connections, businesses can amplify their influence and extend their brand's visibility far beyond their immediate sphere of influence.

People Buy from People

In an era of relentless competition, building trust is paramount to winning over customers. People are more inclined to do business with those they know, like, and trust. Networking provides an invaluable opportunity for businesses to establish genuine connections with peers and potential clients, laying the groundwork for meaningful relationships built on trust and mutual respect. By engaging in face-to-face interactions, attending industry events, and participating in online forums, businesses can humanize their brand and differentiate themselves from impersonal competitors. Ultimately, cultivating trust through networking can lead to increased customer loyalty, higher conversion rates, and sustainable growth.

A Culture of Collaboration

In the interconnected ecosystem of business, collaboration breeds success. Other business leaders understand the challenges and opportunities unique to their industries and can offer valuable insights, resources, and support. By actively engaging with peers and fostering a spirit of reciprocity, businesses can tap into a wealth of knowledge and expertise, accelerating their growth trajectory. Moreover, by extending a helping hand to other businesses, entrepreneurs lay the groundwork for future collaboration and goodwill. As the adage goes, "Other business leaders will help us if we help them." By cultivating a culture of collaboration and mutual support, businesses can harness the collective power of their network to overcome obstacles and seize new opportunities.

Networking with other businesses isn't just a nicety—it's a strategic imperative for success in today's competitive marketplace. By leveraging the power of networks to amplify influence, build trust, and foster collaboration, businesses can position themselves for sustained growth and resilience. As people influence around 150 others, and people buy from people, businesses that prioritize relationship-building and networking stand to reap the rewards of stronger connections, increased visibility, and a competitive edge. So, let's seize the opportunity to expand our networks, forge meaningful partnerships, and propel our businesses to new heights.

Have a great week!

“Businesses wonder why it is still hard to be thought of as the brand of choice with the best customers and top employees.    How can our business make more profitable transactions and stay out of the commodity battle with low profits?  How can we land and keep top talent in our organization with the salary wars.  Kevin teaches your sales and leadership teams how to build the key ingredient to be successful with their relationships and take your goals to the next level with high levels of engagement.

Kevin’s website: www.kevinsidebottom.com

Kevin’s email: kevin@kevinsidebottom.com

The Sales Process Online Membership Site 

The Sales Process Uncovered Book 

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Generating More Business To Business Sales

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Generating More Business To Business Sales

In the dynamic world of Business-to-Business (B2B) sales, success is often rooted in a combination of strategic approaches. In this blog post, we'll explore simple key areas —as powerful tools to increase your B2B sales.

Successful execution begins with a deep understanding of your customers’ needs. Prioritizing active communication to clearly document the expectations of the relationship as well as how the organization will support the customers for a successful relationship.  This not only has to be communicated to the customer, but to the rest of the selling organization’s teams.

While the sales team may be able to gain the needs and document the relationship between the organizations, it is up to the operations teams to execute the plan successful and consistently.  We need to have consistency how we show up with our customers so that they can build trust that we have their best interests at heart so when times get tough, they don’t jump ship to another option leaving us with excess obsolete materials driving up our costs.  Far too often customer service teams fail to maintain a good level of communication as well as execution with the customer’s teams.

When the customer service team consistently underperforms things escalate quickly.  Trust also is decreased as more and more resources from both organizations are required to meet to understand why there are issues in execution.  This is the time when if done poorly things heat up and trust is crushed.  This is why in the beginning of the relationship sales people need to have a sense of conservativism when it comes to commitments.  One rule I like to use is Under commit and over produce.

Under committing and over-producing is a powerful philosophy that sets us apart in the competitive B2B landscape. It involves promising less than we deliver and then exceeding those expectations. Customer service is a vital component of over-delivering. Be responsive, proactive, and going the extra mile to address client concerns swiftly will result in a positive experience with our customer.  When this is executed correctly the customer can not help but stay engaged and offer up other opportunities to the sales team.

By mastering the art of execution, maintaining unwavering consistency, and adhering to the principle of under committing and over-producing, our B2B sales strategy can reach new heights. These three pillars not only attract clients but also cultivate long-lasting relationships, positioning our businesses as a trusted partner in the ever-evolving B2B landscape. Remember, success in B2B sales is not just about selling a product; it's about delivering an exceptional experience.

Have a great week!

“Businesses wonder why it is still hard to be thought of as the brand of choice with the best customers and top employees.    How can our business make more profitable transactions and stay out of the commodity battle with low profits?  How can we land and keep top talent in our organization with the salary wars.  Kevin teaches your sales and leadership teams how to build the key ingredient to be successful with their relationships and take your goals to the next level with high levels of engagement.

Kevin’s website: www.kevinsidebottom.com

Kevin’s email: kevin@kevinsidebottom.com

The Sales Process Online Membership Site 

The Sales Process Uncovered Book 

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How To Increase Our Sales Revenues!

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How To Increase Our Sales Revenues!

In the exhilarating world of sales, the mantra is simple: more sales, more influence, more profits. It's not just a tagline; it's a mindset, a strategy, and a relentless pursuit of success. In this blog post, we're diving into the dynamic trio of selling more, amplifying influence, and using a process as the secret sauce for unprecedented revenue growth. Buckle up, because it's time to turn your sales game into a profit powerhouse.

In sales, the bottom line is all about selling more. It’s about increasing revenues exceeding targets, and turning no’s into resounding yeses. Embrace the unapologetic art of selling.  Understand your customer's needs, support them the best you can, and go after those sales with an unwavering tenacity.

In the realm of sales, influence is the golden ticket. The more influence you have, the more doors open, and the more deals seem to come your way. Cultivate your personal brand, build relationships, and position yourself as an authority in your field. Influence isn't just about closing deals; it's about leaving an indelible mark on every interaction.

Here's the game-changer – the process. Selling without a structured process is like navigating a maze blindfolded. A well-defined process not only streamlines your efforts but also ensures consistency and repeatability. It's the secret weapon that transforms sporadic wins into a steady stream of successes.

A process isn't set in stone; it's a living, breathing entity. Success leaves clues, and a dynamic salesperson knows how to adapt and conquer. Analyze what works, refine your approach, and stay ahead of the curve. A nimble adaptation to the ever-changing sales landscape is the hallmark of a true sales professional.

No let's cut to the chase – in the world of business, profit is the endgame. Selling more and wielding influence are pivotal steps, but they're all in service of the grand finale – maximizing profits. Understand your profit margins, identify areas for improvement, and let the pursuit of profit be the driving force propelling your sales endeavors.

In the pursuit of more sales, influence, and profits, never lose sight of the customer. A customer-centric approach isn't just good business; it's the ultimate revenue catalyst. Understand their pain points, exceed their expectations, and watch as satisfied customers become your most potent sales force.

Have a great week!

“Businesses wonder why it is still hard to be thought of as the brand of choice with the best customers and top employees.    How can our business make more profitable transactions and stay out of the commodity battle with low profits?  How can we land and keep top talent in our organization with the salary wars.  Kevin teaches your sales and leadership teams how to build the key ingredient to be successful with their relationships and take your goals to the next level with high levels of engagement.

Kevin’s website: www.kevinsidebottom.com

Kevin’s email: kevin@kevinsidebottom.com

The Sales Process Online Membership Site 

The Sales Process Uncovered Book 

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Building Relationships With Influencers

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Building Relationships With Influencers

In a world driven by connections and influence, recognizing the impact of influencers is paramount for businesses seeking to thrive in the digital age. This blog post explores the concept that everyone holds a sphere of influence, from global icons like Taylor Swift to the everyday person with a network of 150 individuals. Additionally, we delve into the strategy of cultivating relationships with your top customers to transform them into influential advocates who can ripple positive effects throughout their networks.

The Celebrity Influence

When we think of influencers, global celebrities like Taylor Swift often come to mind. These individuals possess the power to sway masses, shaping trends and influencing opinions. Their reach is vast, and their impact is undeniable. However, the landscape of influence extends far beyond the realm of A-list celebrities and landing one of these influencers can be costly to your organization.

Beyond the megastars, micro-influencers—individuals with a modest but engaged following—hold significant sway within niche communities. Their authenticity and relatability often result in higher engagement and trust.

We also need to recognize that each person, in their own right, wields influence over their network. From friends and family to colleagues and social media connections, the potential to shape opinions and behaviors exists in every individual's circle.

The "Dunbar Number" suggests that humans can maintain stable social relationships with approximately 150 people. This principle holds profound implications for businesses seeking to harness the influence within these networks. Recognize the value of personal relationships. By fostering meaningful connections with individuals, businesses can tap into the influence of each person within their network.

Word of Mouth Marketing

Every positive interaction with a customer has the potential to amplify through word-of-mouth. Satisfied customers become advocates, influencing others in their circle to explore and support your brand. By identifying and nurturing relationships with your most loyal and satisfied clients, you can transform them into advocates who influence their network positively.

Analyze customer data to identify your top 10 clients—those who consistently engage with and support your brand. These individuals become the focal point of your advocacy strategy. Offering these customers unparalleled support and personalized experiences. Happy customers are not only likely to stay but also become vocal supporters of your brand.

Ask them to share the success stories from using your product / service whether through testimonials, case studies, or collaborative content, highlight their achievements to inspire trust and admiration within their network.

Influence is a multifaceted concept that extends beyond global celebrities to encompass the vast network of connections each person holds. By recognizing the power of micro-influencers and understanding the dynamics of personal networks, businesses can strategically leverage relationships with their top customers. Transforming satisfied clients into influential advocates creates a ripple effect that extends far beyond individual transactions, ultimately shaping the success and perception of your brand in the digital landscape.

I hope this helps and I hope you have a great day!

“Businesses wonder why it is still hard to be thought of as the brand of choice with the best customers and top employees.    How can our business make more profitable transactions and stay out of the commodity battle with low profits?  How can we land and keep top talent in our organization with the salary wars.  Kevin teaches your sales and leadership teams how to build the key ingredient to be successful with their relationships and take your goals to the next level with high levels of engagement.

Kevin’s website: www.kevinsidebottom.com

Kevin’s email: kevin@kevinsidebottom.com

The Sales Process Online Membership Site 

The Sales Process Uncovered Book 

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How To Increase Your Sales With The Right Process

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How To Increase Your Sales With The Right Process

In the ever-evolving landscape of sales, efficiency is the key to success. The Sales Process Uncovered was created to provide a blueprint for sales professionals to not only streamline their approach but also liberate their minds for more strategic thinking. In this blog post, we will explore how focusing on efficiency, speed, and mental freedom can elevate the sales process and lead to increased success.

Efficiency is the linchpin of any successful sales process. By embracing a methodical and well-structured approach, sales professionals can navigate through the complexities of the sales cycle with precision. The Sales Process Uncovered emphasizes the importance of efficiency from prospecting to closing the deal.

An efficient sales process ensures that time and resources are utilized optimally, allowing sales professionals to focus on what truly matters – building relationships and securing deals. By reducing redundancy and eliminating unnecessary steps, the sales team can operate with heightened effectiveness, translating into increased sales figures.

In today's fast-paced business environment, speed is a competitive advantage. The Sales Process Uncovered recognizes the need for agility, encouraging sales professionals to move swiftly through the sales cycle without compromising quality. By minimizing delays, responding promptly to client needs, and expediting decision-making processes, sales teams can gain a significant edge.

A streamlined sales process not only accelerates the time it takes to convert leads into customers but also positions the business as responsive and dynamic. This agility is particularly crucial in capturing opportunities before competitors do, contributing to increased sales revenue and market share.

The right process doesn't just focus on the mechanical aspects of selling; it also acknowledges the importance of mental freedom. When sales professionals are burdened with unnecessary administrative tasks or bogged down by convoluted processes, their ability to think strategically is compromised.

By implementing an efficient and straightforward sales process, individuals are freed from the basic day-to-day operations. This mental freedom empowers sales professionals to engage in higher-level strategic thinking, identify innovative solutions, and adapt quickly to changing market dynamics. Ultimately, a liberated mind is a catalyst for creativity, enabling the sales team to approach challenges with fresh perspectives and uncover new avenues for growth.

The Sales Process Uncovered champions efficiency, speed, and mental freedom. By embracing this approach, sales professionals can unlock their full potential, streamline their efforts, and increase their sales prowess.

Have a great week! Happy Selling!

“Businesses wonder why it is still hard to be thought of as the brand of choice with the best customers and top employees.    How can our business make more profitable transactions and stay out of the commodity battle with low profits?  How can we land and keep top talent in our organization with the salary wars.  Kevin teaches your sales and leadership teams how to build the key ingredient to be successful with their relationships and take your goals to the next level with high levels of engagement.

Kevin’s website: www.kevinsidebottom.com

Kevin’s email: kevin@kevinsidebottom.com

The Sales Process Online Membership Site 

The Sales Process Uncovered Book 

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90 Days After The Sale Is Sooooo Important

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90 Days After The Sale Is Sooooo Important

In the narrative of customer success, the customer should emerge as the hero of their own story. This involves going beyond the initial transaction and actively helping customers realize the full potential of their purchase. Whether it's guiding them through product features, offering additional resources, or addressing post-purchase concerns, businesses have an opportunity to empower customers to be the heroes of their own success stories.

By ensuring that customers feel supported and equipped to overcome challenges, businesses create a narrative where the customer is the protagonist, showcasing the positive impact their product or service has on their journey. This approach not only enhances the customer experience but also fosters a sense of loyalty and appreciation.

Trust is the cornerstone of any enduring customer relationship. The 90-day period after the sale is a critical window where customers assess the level of support and commitment from the business. Actively engaging with customers during this time, providing timely assistance, and addressing any concerns that may arise showcases a commitment to their success beyond the initial transaction.

This sustained support builds trust by demonstrating that the business is genuinely invested in the customer's satisfaction and ongoing success. Trust is not only earned through the quality of the product or service but also through the reliability and accessibility of the support provided.

In the age of social media and online reviews, satisfied customers can be powerful advocates. Making customers heroes of their own stories creates a ripple effect where they are more likely to share their positive experiences with others. This word-of-mouth marketing is a potent tool for influencing potential customers and shaping the overall reputation of a business.

Businesses that actively support customers beyond the sale not only create satisfied customers but also foster a community of advocates who willingly share their success stories. This influence extends far beyond the 90-day mark, contributing to long-term brand loyalty and attracting new customers based on the positive experiences of existing ones.

Beyond the initial transaction, businesses have the opportunity to contribute to the narrative of their customers' success stories. In doing so, they not only build trust but also wield a powerful influence that extends far beyond individual transactions, shaping the perception of their brand in the eyes of both current and prospective customers.

Have a great week!

“Businesses wonder why it is still hard to be thought of as the brand of choice with the best customers and top employees.    How can our business make more profitable transactions and stay out of the commodity battle with low profits?  How can we land and keep top talent in our organization with the salary wars.  Kevin teaches your sales and leadership teams how to build the key ingredient to be successful with their relationships and take your goals to the next level with high levels of engagement.

Kevin’s website: www.kevinsidebottom.com

Kevin’s email: kevin@kevinsidebottom.com

The Sales Process Online Membership Site 

The Sales Process Uncovered Book 

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What Is Sales Account Management

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What Is Sales Account Management

Sales account management entails building strong, trust-based relationships with a specific group of accounts. This role goes beyond merely selling products or services. Instead, account managers act as the primary point of contact, serving as a trusted advisor to their clients. They understand their customers' needs, challenges, and goals and work collaboratively to address them. Account managers serve as advocates for their clients within the company, ensuring excellent customer service, facilitating problem-solving, and identifying opportunities for growth. By providing personalized attention and tailored solutions, they build customer loyalty and enhance the overall customer experience.

 

Successful sales account management requires a deep understanding of financial metrics and profitability analysis. Account managers must be able to evaluate the profitability of each account and make data-driven decisions to allocate resources effectively. By analyzing sales data, pricing structures, and costs, account managers can identify opportunities for margin improvement, cost reduction, and upselling or cross-selling. This financial acumen allows them to prioritize accounts, allocate resources, and optimize sales strategies to maximize profitability and drive sustainable growth.

 

Growing account revenues is a core objective of sales account management. To achieve this, account managers employ various strategies tailored to their customers' unique needs. Some effective strategies include:

Building Strong Relationships: Account managers focus on building trust, understanding their clients' businesses, and aligning their products or services with their customers' goals. By nurturing relationships and delivering exceptional value, they encourage account expansion and repeat business.

Upselling and Cross-Selling: Account managers identify opportunities to upsell or cross-sell relevant products or services to their existing accounts. By understanding their customers' evolving needs and providing tailored recommendations, they can increase the average deal size and revenue per account.

Identifying Growth Opportunities: Account managers actively seek out opportunities for account expansion by identifying new projects, markets, or business initiatives within their customers' organizations. By staying informed about industry trends and customer challenges, they position themselves as strategic partners and help drive their clients' growth.

Sales account management is a specialized role that focuses on building and maintaining strong customer relationships to drive sustainable revenue growth. Account managers act as trusted advisors, utilizing their financial understanding to assess profitability and make data-driven decisions. By employing strategies such as relationship building, upselling, cross-selling, identifying growth opportunities, and providing value-added services, account managers can successfully grow account revenues and foster long-term customer loyalty. With the right combination of expertise, personalized attention, and strategic thinking, sales account management becomes an art form that drives both customer satisfaction and business success.

 

“Businesses wonder why it is still hard to be thought of as the brand of choice with the best customers and top employees.    How can our business make more profitable transactions and stay out of the commodity battle with low profits?  How can we land and keep top talent in our organization with the salary wars.  Kevin teaches your sales and leadership teams how to build the key ingredient to be successful with their relationships and take your goals to the next level with high levels of engagement.

Kevin’s website: www.kevinsidebottom.com

Kevin’s email: kevin@kevinsidebottom.com

The Sales Process Online Membership Site 

https://www.kevinsidebottom.com/pricing-page

The Sales Process Uncovered Book 

https://www.amazon.com/Sales-Process-Uncovered-Success-Influence/dp/0578421518/ref=sr_1_1?crid=8XUM4QL2RC6M&keywords=the+sales+process+uncovered&qid=1673274567&sprefix=the+sales+process+uncovered%2Caps%2C90&sr=8-1

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How To Build Customer Relationships

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How To Build Customer Relationships

In today's competitive business landscape, building and nurturing strong customer relationships is more important than ever. While closing a sale may bring immediate gratification, establishing a long-term connection with customers requires a strategic approach and a genuine commitment to their success. To build lasting customer relationships, it is essential to focus on supporting customers, understanding their business, and aligning with their goals. In this blog post, we will explore these key principles and provide actionable insights for cultivating enduring customer relationships.

First we should state that building trust with customers is not a sprint, it is in fact a marathon.  We need to continually focus on supporting our customers in all aspects of our organization.  It encompasses creating a positive experience throughout the customer journey. Show genuine care and attention, promptly responding to queries and concerns. Be proactive in anticipating their needs and offer personalized assistance. By providing exceptional support, you build trust and foster loyalty, setting the foundation for a long-term relationship.

To truly connect with your customers, it is crucial to understand their business and their particular industry. We need to invest time in research, gather insights, and gain a deep understanding of the customer’s pain points, challenges, and opportunities. By acquiring this knowledge, you can position yourself as a strategic partner, offering tailored solutions that address their specific needs. Aligning your products or services with their goals demonstrates your commitment to their success.

Every customer has unique goals and objectives as well. Take the time to engage in meaningful conversations to understand their vision and aspirations. By actively listening and asking thoughtful questions, you can uncover valuable insights that will enable you to provide solutions aligned with their goals. Tailor your offerings to help them achieve their desired outcomes, and continuously reassess their evolving needs to stay ahead of the curve.

Clear and effective communication is the cornerstone of any successful relationship. Regularly update customers on relevant industry trends, product updates, and opportunities for growth. Be proactive in addressing any concerns or challenges they may encounter. Foster an open and transparent line of communication, encouraging feedback and actively seeking ways to improve your offerings. By being attentive and responsive, you demonstrate that their opinions matter, building trust and loyalty.

Building enduring customer relationships requires consistency in both actions and values. Be reliable in delivering on promises, meeting deadlines, and maintaining high-quality standards. Consistency creates a sense of dependability and reliability, fostering a strong foundation for trust which is something I have written about in the trust equation. By consistently providing exceptional experiences, you differentiate yourself from competitors and become the go-to partner for your customers' needs.

In the fast-paced business world, it is important to recognize that building customer relationships is a marathon, not a sprint. By focusing on supporting customers, understanding their business, and aligning with their goals, you can create long-lasting connections that go beyond individual transactions. Remember, nurturing customer relationships requires ongoing effort, active listening, and consistent communication. By becoming a trusted partner, you will foster loyalty, increase customer satisfaction, and position your business for long-term success.

 

“Businesses wonder why it is still hard to be thought of as the brand of choice with the best customers and top employees.    How can our business make more profitable transactions and stay out of the commodity battle with low profits?  How can we land and keep top talent in our organization with the salary wars.  Kevin teaches your sales and leadership teams how to build the key ingredient to be successful with their relationships and take your goals to the next level with high levels of engagement.

Kevin’s website: www.kevinsidebottom.com

Kevin’s email: kevin@kevinsidebottom.com

The Sales Process Online Membership Site 

https://www.kevinsidebottom.com/pricing-page

The Sales Process Uncovered Book 

https://www.amazon.com/Sales-Process-Uncovered-Success-Influence/dp/0578421518/ref=sr_1_1?crid=8XUM4QL2RC6M&keywords=the+sales+process+uncovered&qid=1673274567&sprefix=the+sales+process+uncovered%2Caps%2C90&sr=8-1

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How To Make A Profit In Business

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How To Make A Profit In Business

In business, the pursuit of profitability remains a primary goal for entrepreneurs and organizations alike. To achieve sustainable success, it is crucial to adopt strategies that focus on optimizing profits. In this blog post, we will explore three fundamental factors that contribute to maximizing profits: understanding the sales price minus costs equation, conducting thorough market research, and scaling the workforce strategically. By implementing these strategies, you can pave the way for increased profitability and long-term growth.

1.     Sales Price Minus Costs: One of the fundamental principles of profit maximization is the calculation of the sales price minus costs. To determine profitability, it is essential to analyze the revenue generated from sales and subtract the costs associated with producing or delivering the product or service. By understanding and carefully monitoring this equation, you can identify areas where costs can be minimized without compromising the quality or value of your offering. Regularly review your expenses, negotiate with suppliers, and explore more efficient processes to optimize your profit margins and you will succeed at managing good profits so you can invest back into your organization.

2.     Doing Homework on the Market Place: Market research is the backbone of any successful business. Understanding your target market, customer preferences, and competitive landscape allows you to position your product or service effectively and identify opportunities for growth. Conducting thorough market research enables you to identify the pricing sweet spot—finding the balance between competitive pricing and maintaining healthy profit margins. Analyze market trends, consumer behavior, and competitor strategies to gain insights that will inform your pricing decisions and allow you to maximize profitability.

3.     Scaling Workforce Strategically: While expanding your workforce may be necessary to accommodate business growth, it is essential to approach it strategically to avoid unnecessary costs that may eat into your profits. Rapidly scaling your team without careful consideration can lead to bloated overheads, inefficiencies, and potential cash flow challenges. Instead, evaluate your business needs and growth projections, and scale your workforce accordingly. Consider outsourcing certain functions or leveraging technology to automate tasks and streamline operations. By scaling strategically, you can strike a balance between productivity, cost-effectiveness, and profitability.

Maximizing profits in business requires a strategic approach that encompasses several key factors. Understanding the sales price minus costs equation enables you to optimize your profit margins by minimizing expenses while maintaining the value of your offering. Thorough market research helps you position your product or service effectively, identify competitive pricing, and identify opportunities for growth. Scaling your workforce strategically ensures that your business remains agile, efficient, and cost-effective. By implementing these strategies and continuously evaluating your business model, you can pave the way for sustainable profitability and long-term success. Remember, profitability is not just about revenue generation; it's about creating a solid foundation that supports growth, innovation, and a thriving bottom line.

“Businesses wonder why it is still hard to be thought of as the brand of choice with the best customers and top employees.    How can our business make more profitable transactions and stay out of the commodity battle with low profits?  How can we land and keep top talent in our organization with the salary wars.  Kevin teaches your sales and leadership teams how to build the key ingredient to be successful with their relationships and take your goals to the next level with high levels of engagement.

Kevin’s website: www.kevinsidebottom.com

Kevin’s email: kevin@kevinsidebottom.com

 

The Sales Process Online Membership Site 

https://www.kevinsidebottom.com/pricing-page

The Sales Process Uncovered Book 

https://www.amazon.com/Sales-Process-Uncovered-Success-Influence/dp/0578421518/ref=sr_1_1?crid=8XUM4QL2RC6M&keywords=the+sales+process+uncovered&qid=1673274567&sprefix=the+sales+process+uncovered%2Caps%2C90&sr=8-1

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Writing a Sales Strategy

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Writing a Sales Strategy

A sales strategy is a plan of action for achieving sales targets and objectives. It involves identifying target customers, determining the products or services to offer, setting pricing, and outlining the steps to take to close deals. It is crucial that creating a great sales strategy is essential in growing our revenue and profits.  Here are some steps to help you write a sales strategy:

1.     Understanding Your Market - The first step in developing a sales strategy is to identify your target market. Who are your ideal customers? What are their needs, pain points, and purchasing habits? What is the competition doing and how are they succeeding as well as faltering.  By understanding your market, you can tailor your sales approach to meet their specific needs.

2.     Understand What Customers Need – Ask the customer what they are having pain points with.  What is concerning them to grow their business?  What is their greatest area for need?  What is it that they believe is missing in the product offerings at this moment.  Ask lots of questions.  This is crucial to understanding what the customers need.

3.     Use The Correct Sales Process – The key thing that makes anyone successful is following a process.  As boring as that sounds, a structured process makes us more efficient.  Our speed and free thought will go up because of the process.  Check out The Sales Process Uncovered Book for more information. 

4.     Setting Goals – Goal setting is crucial to have a target to shoot for for the team.  We need to know what we are shooting for, or we will hit nothing.  Creating SMART goals that are strategic and have a time table so we can gauge how we are doing to the goals.

5.     Recalibrate – Just because we set our goals and our plan does not mean we are done.  The market constantly changes and customers come and go.  We need to recalibrate regularly, travel with sales team, and be intentional to check our plan to see if it is still relevant.

Sales strategy is essential for achieving sales targets and objectives. By using these five steps you will have a winning sales strategy to stay ahead of the competition.  This increases revenue and profits.  Now that is a strategy I like!

“Businesses wonder why it is still hard to be thought of as the brand of choice with the best customers and top employees.    How can our business make more profitable transactions and stay out of the commodity battle with low profits?  How can we land and keep top talent in our organization with the salary wars.  Kevin teaches your sales and leadership teams how to build the key ingredient to be successful with their relationships and take your goals to the next level with high levels of engagement.

Kevin’s website: www.kevinsidebottom.com

Kevin’s email: kevin@kevinsidebottom.com

 

The Sales Process Online Membership Site 

 

https://www.kevinsidebottom.com/pricing-page

The Sales Process Uncovered Book 

https://www.amazon.com/Sales-Process-Uncovered-Success-Influence/dp/0578421518/ref=sr_1_1?crid=8XUM4QL2RC6M&keywords=the+sales+process+uncovered&qid=1673274567&sprefix=the+sales+process+uncovered%2Caps%2C90&sr=8-1

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Seven Tips For Business Networking For New Entrepreneurs

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Seven Tips For Business Networking For New Entrepreneurs

As a new entrepreneur, building a strong network is essential to help your business grow and achieve its goals. However, networking can be intimidating, especially when you're starting out. Here are some tips to help you network effectively:

1.     Attend industry events: Look for events related to your industry and attend them. These events provide an excellent opportunity to meet other professionals and exchange ideas. They can also help you stay updated on new trends and developments in your field.

2.     Come prepared: Before attending a networking event, prepare yourself. Get your energy levels up especially if you are an introvert.  Be ready to engage in conversations and follow up with people afterward.  A great tool that you can use for capturing leads is mobile card.  I gave up handing out business cards and worrying if they would end up in bathroom stalls or trash cans…. Make sure you are not being superficial and speed dating when meeting new prospects.

3.     Join networking groups: Joining networking groups is a great way to meet new people and build relationships. These groups can provide opportunities to connect with other like-minded entrepreneurs and professionals in your industry.  The University of Toledo has the Family Business Center which is a great resource for business leaders.  I am sure other Universities have this as well near you.

4.     Build authentic relationships: Focus on building genuine relationships. Take the time to get to know people on a personal level, find common interests, and build trust. This approach will make people more likely to want to do business with you in the future.

5.     Follow up: After meeting someone at a networking event, make sure to follow up with them. Send them an email or connect with them on social media. Take the time to personalize your message and show that you are genuinely interested in building a relationship.  A great resource I talked about earlier is Mobilo.

6.     Give before you receive: Networking is not just about what you can get from others. Look for opportunities to serve others in your network. This could be as simple as sharing information or resources, making introductions, or providing support.

7.     Be consistent: Building relationships takes time and effort, so be patient and persistent. Attend events regularly, follow up with people, and stay engaged.

Networking is an essential aspect of building a successful business. By attending events, joining networking groups, building authentic relationships, following up, giving before receiving, and being consistent, you can build a strong network that will help your business grow and achieve its objectives.

“Businesses wonder why it is still hard to be thought of as the brand of choice with the best customers and top employees.    How can our business make more profitable transactions and stay out of the commodity battle with low profits?  How can we land and keep top talent in our organization with the salary wars.  Kevin teaches your sales and leadership teams how to build the key ingredient to be successful with their relationships and take your goals to the next level with high levels of engagement.

Kevin’s website: www.kevinsidebottom.com

Kevin’s email: kevin@kevinsidebottom.com

 

The Sales Process Online Membership Site 

 

https://www.kevinsidebottom.com/pricing-page

The Sales Process Uncovered Book 

https://www.amazon.com/Sales-Process-Uncovered-Success-Influence/dp/0578421518/ref=sr_1_1?crid=8XUM4QL2RC6M&keywords=the+sales+process+uncovered&qid=1673274567&sprefix=the+sales+process+uncovered%2Caps%2C90&sr=8-1

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Does Free Shipping Increase Sales?

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Does Free Shipping Increase Sales?

Will I increase my sales if I offer free shipping?  Amazon does it so does it generate more sales?  How do I compete with Amazon and other big retailers?

These are some of the questions that I hear when I am coaching sales organizations with becoming the brand of choice.  It’s something that sales organizations ask all the time when it comes to generating more revenues. 

This is about the time that I burst the bubble about free shipping and making more sales.  Amazon does offer free sales and they sell quite a bit of products on their sites every day.   Sometimes I even buy too much on their site.  

Yes, Amazon does offer free shipping, but they offer fast shipping, with great updates on their app that you can see how the product moves through their delivery system.  They also offer really simple and low effort returns.  The third thing that they do is offer free two-day shipping by a use of a subscription. 

This is more than just simply offering free shipping.  We need to look at our business and our product offering to understand what we can offer as a solution to our customers so that they will want to do more business with us.  Likely we have more than one product / service offering that will benefit our customers far better than just free shipping.

This is the time we need to open our file cabinets and study our customers.  What we can do to benefit our customers better?  When we really understand our customers, we can start building partnerships with them to buy more and more of what we offer instead of one off sales.  We want returning partners that will benefit the more they do business with us.

What I teach in the sales process is that we need to ask a great deal of questions at the beginning of the sales process to understand our customers.  This is also the time that the customers start to believe we are really looking to help them and not just sell our products / service. 

We need to get the customers to buy into us if we are ever going to sell them more.  We need to make sure that we are building that influence and that is why it is crucial that we ask a great deal of questions to truly understand our customers. We need to understand their situation, their issues, and the ramifications. 

If we can solve them and get the customer to a better way, then we will reap the rewards of more sales and increased revenues.  Each customer has an acquisition cost and we need to make sure that we are selling enough to cover those costs to manage those customers.  If we do not, then it does not matter as much about the revenue because we will have too high of costs resulting in lower profits.  In the end profits are what keep businesses moving forward.

“Businesses wonder why it is still hard to be thought of as the brand of choice with customers.  How can our business make more profitable transactions and stay out of the commodity battle with low profits?  I equip your sales team to walk with the customer through the five buying decisions, and in the correct order to generate explosive revenues with greater profits!”

www.kevinsidebottom.com

https://drive.google.com/file/d/1lWIVasmkFsoYL4h0AqIZgH6LC3qaw_gI/view?usp=sharingclient profile sheet

https://www.amazon.com/Sales-Process-Uncovered-Success-Influence/dp/0578421518 - Book

The Sales Process Uncovered Membership Page

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What Else Could The Customer Buy?

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What Else Could The Customer Buy?

Far too often money is left on the table by sales professionals because they are so giddy about making a sale.   As soon as the paperwork is done, they are running off into the sunset to celebrate their victory.  Only the great sales professionals know that if they are truly going to be successful, they are going to understand the customer so well that they can turn customers into partners buying everything they can from us.

You may be asking, what does that look like if I sell houses, or one main product / service.

It’s a fair question, but likely there are other products or services that are overlooked by sales professionals.  Are there other solutions that our organization offers to help individuals with financial help, insurance, software, inventory management, etc?  We should make sure that when we are at the beginning of the buying stage that we understand all the S.I.R.’s that the customer are experiencing.

S stands for situation.  The customer is in a situation that they need a solution to avoid obstacles they are facing or will face in the future.  During discussions it will be revealed the full scope and our organization has solutions to not only help with the surface level situation, but uncover the deeper level situation that are not truly recognized yet.  Ever been to a therapist to talk about something and they ask questions and by the end you feel even worse because there was a blind spot you didn’t see?  That is why we really need to ask a lot of questions at the beginning to dive deeper into the situation for our customers.  When we do this, it will open up a great deal of possibilities for us to help them.

I is for issues.  The situation that the customer is in has issues tied to it.  Something is not working like it should because of the issues that are creating roadblocks for success.  Just like the situation there are usually underlying issues that are not totally recognized yet and it is up to the sales professional to ask deeper questions to uncover those issues.  When sales professionals do this, they can they help the customer even better than initially thought.

R stands for ramifications.  That’s right, ramifications are the results if the issues for the situation are not resolved.  It could be profit losses, job losses, or worse death.  This is why doctors ask a great deal of questions because the ramifications are life and death.  Most likely in sales the ramifications are not as severe, but the ramifications still have huge impacts on the customer’s performance.  If the customers do not succeed in finding solutions to avoid the ramifications, they may be promoted to customer from their organization.  That’s just a nicer way of saying fired 

It is up to the sales professional to make sure they understand the customer fully and deeply if they are going to help them.  Most of the time if the sales professional does a great job up front they will make more sales and have a customer turn into a partner buying even more from them repeatedly.  We don’t want one-time sales, we want repeat partners buying more and more from us if we are going to be successful in our sales careers.  When do we do that well, we will have a better quality of life.  Typically, that means larger bank accounts that we can do more trips, family memories, philanthropy, etc.     To become the brand of choice we need to serve the customer well through the sales process.  For more on that I have created my online member site for learning the sales and leadership concepts I teach without the price tag of having me in person.

“Businesses wonder why it is still hard to be thought of as the brand of choice with customers.  How can our business make more profitable transactions and stay out of the commodity battle with low profits?  I equip your sales team to walk with the customer through the five buying decisions, and in the correct order to generate explosive revenues with greater profits!”

www.kevinsidebottom.com

https://drive.google.com/file/d/1lWIVasmkFsoYL4h0AqIZgH6LC3qaw_gI/view?usp=sharingclient profile sheet

https://www.amazon.com/Sales-Process-Uncovered-Success-Influence/dp/0578421518 - Book

The Sales Process Uncovered Membership Page

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How To Sell More!

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How To Sell More!

How can I sell more?  How can I make more sales?  How can I hit my goals?

These are questions that sales professionals often ask me.  They are looking for a quick answer, pitch, or some kind of leverage to get their customers to buy more of their products / services.

Unfortunately, that is the incorrect lens to look through.  Simply wondering how I can sell more of my product / service is not the question we should be asking.  That makes the sales professional do and say things that are not true, and will likely come back to bite them in the long run.

Sales professionals have gotten a bad rap because of this lens they view selling through.  Why do people associate Used Car Salesmen as evil?  I’m sure not all of them are evil. Some may be, but the majority are just there trying to make an honest living. 

Ever walked into a clothing store and someone ask you what brings you in today?  Likely your response like most customers is something like, “Umm, just looking.”  That is because we have put sales professionals in a category low trust and to be avoided if possible.

When I talk with organizations and sales professionals, I tell them if they want to grow their numbers, they need to build influence.  That is right influence.  Influence is the ability to have an effect on others and their decisions.  This means that if we want to have influence there has to be trust involved. 

If customers trust that we are there to help them with their situation, issues, and ramifications, then they will be open to our help.  If not, they will just say, “just looking” and move on.  We need to build that trust so that we can have influence with our customers if we want them to buy more of our products / services.

True if we only want a one-time sale we can lie and not worry about building influence, but unfortunately each person that we are selling to has influence over 100-150 other individuals.  That means we are jeopardizing a lot more when we just focus on a one-time sale.

If we focus on building trust and influence with our customers, serving them well, then we will have the opportunity at more sales with others in their influence.  If we focus on serving customers to solve their situations, issues, and ramifications with a great experience, then they will tell others that they need to deal with us. That is like having our own salesforce that we don’t even have to pay.  Who wouldn’t want that?

Here is the interesting thing.  I have served customers well with a great experience and they did not buy my product / service.  Because I served them so well, I have had others that I have never met reach out to me and bought from me because they were referred by the person that I didn’t make the sale to.  I have also had that same person reach out later to buy something else in the future. 

To succeed in sales, we need to really focus on serving the customers to the best of our ability.  If we serve them well even if we do not make the sale this time, they will remember what we did for them and how we served them.  They may come back at a later date, or tell others that they need to deal with us. 

Remember Sales is a marathon, not a sprint!

“Businesses wonder why it is still hard to be thought of as the brand of choice with customers.  How can our business make more profitable transactions and stay out of the commodity battle with low profits?  I equip your sales team to walk with the customer through the five buying decisions, and in the correct order to generate explosive revenues with greater profits!”

www.kevinsidebottom.com

https://drive.google.com/file/d/1lWIVasmkFsoYL4h0AqIZgH6LC3qaw_gI/view?usp=sharingclient profile sheet

https://www.amazon.com/Sales-Process-Uncovered-Success-Influence/dp/0578421518 - Book

The Sales Process Uncovered Membership Page

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Does Free Shipping Increase Sales?

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Does Free Shipping Increase Sales?

If I include free shipping, will it automatically increase my sales?  Does free shipping make people buy more?

These are a couple questions that I have been asked about the free shipping topic.  Unfortunately, the answer is, it depends…  With Amazon selling so many things people have been accustomed to being able to get free shipping on a great deal of their orders at a lower dollar amount.  Amazon does a fantastic job of customer service with free shipping, easy returns, and ease of shopping. 

Just adding free shipping on a product that we offer does not mean that will automatically generate more sales.  We need to look at our products that we are offering and understand the current customer buying habits first.  How often do we receive returning customer purchases for the same product.  Who is buying our product.  Why are they buying the product again and again. 

Before we just pull the trigger of offering free shipping, we should understand what our business is doing and understand our customers.  This will help us understand if free shipping is worth it.  Simply adding free shipping is not going to be the end all save all either.

We may need to know how to get customers to buy add on products so that we can generate more sales as well.  This means that we will need to set the dollar amount high enough to get add on sales.  If we simply add free shipping for one product we will lose the opportunity to sell more accessory products to our customers that they may be missing out on.

We likely have a great product line that the customers have not tapped into yet so we need to find ways to get them to buy more or our offerings.  Typically add on products that are smaller in purchase price have higher profit margins as well.  How can we entice others to buy these add on products. 

Amazon in their app makes it so easy to get to the dollar amount by getting customers to order multiple things.  They also offer prime service subscriptions so that people can get their orders faster, but the customers pay for this.  Amazon also makes it easy to return products which is why people keep coming back.

It revolves around customer service.  How we serve the customer affects our sales more than free shipping could ever do.  If we want to generate more sales, the customer experience with us has to be high.  The customer has to know that we are there to help them be the hero of their own story.  If we do that then we will win more sales. 

Free shipping alone will not drive more sales unless we are doing other things to enable the customer to win when they do business with us. 

How can we serve them better should be the filter we use to drive more sales.

“Businesses wonder why it is still hard to be thought of as the brand of choice with customers.  How can our business make more profitable transactions and stay out of the commodity battle with low profits?  I equip your sales team to walk with the customer through the five buying decisions, and in the correct order to generate explosive revenues with greater profits!”

www.kevinsidebottom.com

https://drive.google.com/file/d/1lWIVasmkFsoYL4h0AqIZgH6LC3qaw_gI/view?usp=sharingclient profile sheet

https://www.amazon.com/Sales-Process-Uncovered-Success-Influence/dp/0578421518 - Book

The Sales Process Uncovered Membership Page

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Want Customer Loyalty? Then Change Your Focus

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Want Customer Loyalty? Then Change Your Focus

Just about every major retailer has a loyalty program.  Offers are given with point systems in hopes of retaining customers.  These are all great things, but there is one area that businesses are falling short when they try to build customer loyalty.

All of us are familiar with Starbucks and Chick-Fil-A who both host lines for the drive through wrapping around parking lots and disrupting street traffic flow.  What we need to do is think about ways to serve customers so well and consistently that they want to keep coming back.

Both Starbucks and Chick-Fil-A do one thing really, really well.  It’s customer service.  That’s right, they are always going above and beyond the call to serve the customer. This is resulting in customer loyalty, a Fanocrocy, and great business success even during pandemics.  People will literally wait in 20 min lines for a cup of coffee, or a chicken sandwich (with waffle fries of course.) 

Chick-Fil-A also has one thing they do every time they serve us when we say thank you.  They respond immediately with “it’s my pleasure.”  They literally ingrain each employee to be customer service focused.  It does not matter which location we to go, we still get great consistent service.

When an organization focuses only on profits and not on serving the customers it never ends well.  Doing the right thing consistently over time creates brand loyalty.  Making sure we have set up a customer experience mindset, we will see customers return again and again.  Even if we sell and inferior product / service, by serving the customer we will see returning customers.

Too many organizations focus on short term profits.  One main driver for this is publicly traded companies focusing on making their stock holders more money as their main goals.  All organizational goals serve this one main goal.  How do we make shareholders more money?  Unfortunately, these large organizations forget about the investments needed to keep the customers happy who are actually paying the bills.  Investments to maintain quality, delivery, and customer focused service.

Organizations should consistently do the right thing for the customers to generate loyal “Fans.”  When “Fans” pledge their loyalty to us, they tell others how awesome our organization is  They share stories of how we have helped them and rave about our service.  We have sales people selling for us that are not on our payroll.  Wouldn’t you like that?

Do not take the customer’s payment and walk away from the transaction waiting to see if the customer will buy from us again before we give extra effort.   Give the extra effort up front and every time we engage people and we will be rewarded! Consistency over time equals more profits and more customer loyalty.

I am also not sponsored by either organization discussed in this blog, but if they want to give me free food, I fat Kevin would be glad to accept it :)

“Businesses wonder why it is still hard to be thought of as the brand of choice with customers.  How can our business make more profitable transactions and stay out of the commodity battle with low profits?  I equip your sales team to walk with the customer through the five buying decisions, and in the correct order to generate explosive revenues with greater profits!”

www.kevinsidebottom.com

https://drive.google.com/file/d/1lWIVasmkFsoYL4h0AqIZgH6LC3qaw_gI/view?usp=sharingclient profile sheet

https://www.amazon.com/Sales-Process-Uncovered-Success-Influence/dp/0578421518 - Book

The Sales Process Uncovered Membership Page

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Why Leaders Know Sales

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Why Leaders Know Sales

When I first started in sales it was on the premise that if I wanted to be a great manager, business owner, lawyer, president, I needed to know sales.  That is what a successful business owner told me after I had told him that I wanted to be a manager.  He was a great leader and still has people working for him that were with him since he opened his company in the mid 1980’s.  I was not sure why I needed to know sales to be a good manager to be honest, but I knew I would figure it out. 

At first, I was hesitant to change careers.  Six months of hesitation and discussions to be exact.  I did not want to be a salesperson because all life had taught me was that they were evil.  All I had ever been told was bad and experiences were also proof to that same point. 

When I did decide to try this sales thing out, I quickly learned that there was a key ingredient to being a successful sales professional.  Once I figured out that ingredient, customers started opening up to me and sales increased.  I was awarded the prize of top salesman for the United States and had taken the territory to where it had never been before.

I literally had customers asking me about what software would work best for their business and other things that had nothing to do with what I sold.  They trusted me and were asking for my insight on various things that they were struggling with in their businesses. That key ingredient is Influence. In sales the more influence you have the more you sell.  The same is said for leaders.

 As influence increases, people trust us more and are willing to go deeper in relationships with us.  This can be in business ventures, nonprofits, community support, etc.  The more influence someone has the more they excel in whatever they are doing with others.

What I found is that the sales process that I keynote and perform trainings on helps people build amazing amounts of influence fast!  That is right, selling correctly helps us build high levels of influence! 

Keep in mind that selling is not just a product or service.  It can be selling a vision, idea, or that we are going to lead those that report to us.  Building influence using the sales process, leaders gain more engagement from those around them.  Utilizing the sales process to sell our vision and our mission will grant us more influence and greater buy in from those around us.

As you look around your organization look at those relationships of those that go out of their way to help you and those that don’t.  See how much influence you have with these relationships.  Ask yourself, “Why do I have more influence with this person as opposed to another?  What is different with each of these individuals?”  What you’ll learn is that the level of our influence determines how much we can say and do with each individual.

The more influence you have the farther our organizations can go.

“Businesses wonder why it is still hard to be thought of as the brand of choice with customers.  How can our business make more profitable transactions and stay out of the commodity battle with low profits?  I equip your sales team to walk with the customer through the five buying decisions, and in the correct order to generate explosive revenues with greater profits!”

www.kevinsidebottom.com

https://drive.google.com/file/d/1lWIVasmkFsoYL4h0AqIZgH6LC3qaw_gI/view?usp=sharingclient profile sheet

https://www.amazon.com/Sales-Process-Uncovered-Success-Influence/dp/0578421518 - Book

The Sales Process Uncovered Membership Page

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Why We Need Relationships In Business

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Why We Need Relationships In Business

Good morning everyone,

I remember a story of a successful business owner that had sold his company and stayed on to support the transition.  This owner had a pretty large company that was sold to an organization with a Chief Operating Officer that hated salespeople.  This COO also believed anything done by salespeople could automatically be done through a business transaction from an internal call center.

This same CFO also discussed that business school professors from some of the elite universities even teach that relationship building outside of the professional transaction are not a good idea.  People that are scholars in theory, but unfortunately not life application.

Golf outings were not allowed, customers meals were frowned upon, and basically anything that was not transactional was outlawed.  I have also worked for companies that the focus was purely transactional and there was no focus on growing customer relationships, unless they had a purchase order attached.  Now I am not saying you have to validate a golf outing with this blog, but the fact that relationship building is important. 

If you are not meeting with customers regularly to learn about their needs, then how are you going to build influence?  Sales is influence and the more influence you have the more sales you make.  A lack of influence will quickly turn you and your product into a commodity!  The only differentiating factor for a commodity is price.  Then starts the race to the bottom where there is no margin and likely no quality.

Some of the most successful business owners that I have had the chance to sit with state that it is imperative to build the relationship with the customer.  I have also been able to visit some of my old customers that I have not called on in years. They will smile, ask me out to dinner, and sit with me for hours to discuss where they are at with their current business situations.  They even have asked for insight on what I might recommend still to this day!  It is a great feeling that I was able to influence individuals enough that they will take time to catch up as well as look for my advice.

These conversations would not have happened had I not worked on the personal side of the business as much as the transactional side.  Knowing your customers on a personal level and understanding their aspirations is a huge benefit.  People want to know that they matter to you.  Building that relationship is extremely important. 

It is almost an art form watching an old sales professional work the personal relationship and send birthday cards for the customer’s family, as well as celebrating wins that the customer has had.  Meetings on the golf course have transacted in large business deals that cannot be instantaneously measured.  Looking back on the sales process and building relationships will allow your business to grow with your customers.   The transactions do happen, but after work on the personal side.  People will not buy from you if they do not know, like, and trust you. 

I encourage you to leverage the personal side of business along with the professional side.  If learning about people was not important than why do Amazon, Facebook, and your smart phones listen in on your conversations as well as track your searches?  Statistics have shown that when there is a relationship in place between organizations a great deal of growth has happened as well.

Send a card for your customer’s birthdays, kids’ birthdays, weddings, anniversaries, etc.  It is a great feeling to celebrate with your customers and form lasting relationships. 

Remember the first buying decision a potential customer makes is the Salesperson.  Grow that relationship!

Have a great week!

“Businesses wonder why it is still hard to be thought of as the brand of choice with customers.  How can our business make more profitable transactions and stay out of the commodity battle with low profits?  I equip your sales team to walk with the customer through the five buying decisions, and in the correct order to generate explosive revenues with greater profits!”

www.kevinsidebottom.com

https://drive.google.com/file/d/1lWIVasmkFsoYL4h0AqIZgH6LC3qaw_gI/view?usp=sharingclient profile sheet

https://www.amazon.com/Sales-Process-Uncovered-Success-Influence/dp/0578421518 - Book

https://kevinsidebottom.kartra.com/page/5AF12 - Sales Process Uncovered Online Training

https://kevinsidebottom.kartra.com/page/68N10 - Trustworthy Online Training

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Please Don’t Use The Elevator Pitches!

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Please Don’t Use The Elevator Pitches!

Have you ever been subject to an elevator pitch?  You know where the person says all these great things that they do and how you need to do business with them.  Some time ago elevator pitches came into existence because business people needed to be able to tell someone what they did in the time it took to reach your destination on the elevator.  Quick and be effective were the requirements of an elevator pitch. 

When I think about an elevator pitch, I see a picture of the old sales guy wearing a three-piece suit and playing with his pocket watch.  For those of you younger readers, a pocket watch is not your phone that is in your pocket. 

I remember when I first got into sales this was the language you needed to use when someone asked what you did.  People came up with all sorts of weird pitches.  After a few years came the unique selling proposition that you needed to craft so when you talked to customers you could use this to differentiate yourself from the competition.

Now there is a new approach that is called positioning statement.  I have used this approach when speaking to organizations for speaking and it goes like this:

“I work with organizations just like yours who want to increase sales and influence, so that they can improve profits and elevate their people.” 

This positioning statement is to position yourself as an authority and how you actually benefit people at a 10,000 ft view of what you do.  This positioning statement is to also pull the prospective customer into asking more questions to learn a little more.  This is a way to start the conversation to learn about the customer which is a better way to approach selling.  I mean how do you know what to sell someone if you don’t know what they need?

This Positioning statement flows well with my company which  “Sales and Leadership Enterprises.”  I emphasize the fact that I help people walk through the sales process and how salespeople can intentionally understand where they are at in the process.  Using the same process helps leaders gain influence with employees and customers. 

Today we no longer use the elevator pitch, and as we move into the positioning statement where we want to be in our customer’s minds.  We want them thinking about how they need more help and how we can help them through conversation.   We are not making quick closes, but we are having the conversation to help our customers move forward to a better place.

What is your positioning statement? 

Leave a comment below and tell me what your positioning statement is.  I like learning about my readers and how I can help them achieve more.  I will give a free signed copy of my book to the winner the best positioning statement!

Have a great week!

“Businesses wonder why it is still hard to be thought of as the brand of choice with customers.  How can our business make more profitable transactions and stay out of the commodity battle with low profits?  I equip your sales team to walk with the customer through the five buying decisions, and in the correct order to generate explosive revenues with greater profits!”

www.kevinsidebottom.com

https://drive.google.com/file/d/1lWIVasmkFsoYL4h0AqIZgH6LC3qaw_gI/view?usp=sharingclient profile sheet

https://www.amazon.com/Sales-Process-Uncovered-Success-Influence/dp/0578421518 - Book

https://kevinsidebottom.kartra.com/page/5AF12 - Sales Process Uncovered Online Training

https://kevinsidebottom.kartra.com/page/68N10 - Trustworthy Online Training

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