Category: Sales 101

Seems like, for a lot of folks, there is never enough time to do it right, but there is always enough time to do it over. However, in selling situations, there is rarely enough time to do either. You simply don’t get the chance. It’s over, the fat lady sings, and you have squandered your opportunity.

I hate losing probably even more than I like winning. Mind you, I’m not a bad loser. Most often, losses have been fault alone, plain and simple. Therefore, I made a pact with myself. I could stomach losing if, and only if, I could look at myself in the mirror and say … “You did 100% of everything that you could to win this sale.”

The only thing that is worse than losing the sale is “what if?”  What if I had done this? If only I had … These are examples of knowing what needed to be done but either lazily not doing them or … not remembering to do them. This knowledge had not yet become … reflex.

Ultimately it comes down to doing your job, putting 100% effort into every sale, and never becoming complacent. Complacency will often rear its ugly head when you figure that this job is in the bag. Perhaps so, but then it still remains your deal to lose. You get one chance. One chance only.

Winning deals is not complex, but then neither is losing them. And, for the record, the close is overrated. A win is the natural culmination of a selling process well done! Some tips …

Be prepared – Know your product and know your customer. Take good notes and refer to them prior to your next engagement.

Help to set, and then to manage, customer expectations – Every customer has expectations. Do you know what they are? Are they reasonable? Now, even though they might have expectations, they might choose to  not share those with you unless … you ask them. 

Educating your customer on the process … from this call all the way through to completion … will go a long way toward making sure that you are both on the same page. Speaking of expectations … there are only 3 possible outcomes from any selling engagement …

1. You did not meet their expectations – No explanation needed.
2. You met their expectations – Meh. Neutral. Even if you got this sale, you don’t have a customer.
3. You exceeded their expectations – Referrals and repeat business.

Continuously hone your skills – I’ve been in B2B selling since 1977, but I am constantly striving to be better at my craft. I don’t know it all. Buyer behaviors have changed, there are multiple new tools and strategies that are available, and all are designed to help me to sell more. If you are not open to new ideas, I feel sad for you and I fear for you.

Practice, practice, practice – If you want to turn this knowledge into reflex, you are going to have to practice and do so continuously. Reflex often gets lost due to a lack of consistent practice … aka complacency. Honest self-reflection also goes a long way toward solidifying skills as does asking your customer why they did or did not buy from you.

How about you? Always up to get better or too old of a dog to learn new tricks?

Most people are familiar with F.I.F.O. or L.I.F.O. as inventory control terms … First In First Out or Last In First Out. However, they are also applicable in selling. There are two schools of thought.

Proponents of F.I.F.O. would suggest that, in any competitive deal, he who is in first can seal that deal and avoid competitors altogether. L.I.F.O. aficionados prefer to give competitors their best shot and then rise above them and walk out with the sale. There are benefits and risks to each strategy.

Let’s start with the risks. If you choose F.I.F.O., and your customer is keen to shop, you may not even get that chance to close the deal. If you follow L.I.F.O., you may never reach the point of seeing that customer … period.

Benefits … If nothing else, F.I.F.O. folks have a chance to control the sale and to set the criteria that their competitors will have to follow. Even in a deal that the customer has identified as being “competitive”, you will still have an opportunity to change that script.

If you are L.I.F.O., you can take advantage of the work that your previous competitors have put in. Your customer should have a pretty good idea of what they like, and dislike, about what they have seen to this point. And, if you are last, you can still scoop the deal as all other cards have been played … hopefully.

One must always anticipate the unexpected. If you become complacent (lazy), I can just about guarantee you that something, someone, will rear its ugly head and bite you in the hindquarters. This is where good listening, questioning, and qualifying skills become so important. And, of course, where you come in may not be your choice.

While which strategy will work best for you is up to you, your industry can certainly play a role as well as how this opportunity has been structured by the customer. Let’s say that, if they are the ones who are reaching out to you, you are going to want to know why and how they found you. In my day, if the answer was “the phone book” … no bueno.

There is also a considerable difference between a spec’d out “bid” situation and one where the customer has little to no idea of what they want and need. Your first question about that bid should be … who wrote the specs? If not you … it’s probably going to be a tough row to hoe.

In my businesses, in multiple industries, I always preferred to be the first in and the first out. I could set the standards that others would be expected to follow. What I liked even better was either creating the deal out of nothing or getting a great referral. Both are sales gold!

If I was unable to convert that opportunity prior to competitors being given their chance, I always made sure to have valid reasons to get back in front of that customer throughout the entire buying process. By the way … “I just wanted to check in with you and see if you have made a decision” … is not a valid reason. 

Regardless, you always want to be the last face that they see! First Out wins. Arriving in the middle of the pack? Not good but, that’s me. How about you? F.I.F.O. or L.I.F.O. and why?

Anybody who has spent anytime around me knows that I am of the strong opinion that nowadays the bar has been set so incredibly low that any salesperson can set themselves ahead of any competitor by only doing one simple thing … return calls and answer emails. Be responsive.

You don’t believe me? Be honest now. As a buyer, how often do salespeople respond to your messages in a timely manner? Never or close to it. And the ones who do? Is their status elevated in your mind? Of course it is. They have demonstrated that they want your business.

I was talking to a couple of members of our networking group the other day. One indicated to me that his industry has a reputation for ignoring potential customer calls. He doesn’t and … he is highly successful. 

Another told me that she returned a call the other day (same day), and the customer was ecstatic. He had left a message three weeks ago for one of her competitors and, she too, is highly successful. Duh.

Is there a pattern here? Sure there is. Return calls, messages, and emails and make more sales. Nothing, and I mean nothing, could be simpler. Same day is good. Next day should be the minimum. Within a few hours is exceptional. Be exceptional.

Mind you, if you are slammed you don’t have to be prepared to engage in an hours- long conversation. Acknowledge receipt and promise to get back with them for further discussion by (insert day/time). Then exceed that expectation. No more excuses. It gets better. 

Not that anybody likes it, but we have all become conditioned to expect crappy service. It’s a sign of the times. Even mediocre service is bound to exceed expectations.  As the height of the bar is relative to the current expectations, maybe we could dig a hole and drop it in there. That way you won’t even have to trip over it.

Being responsive is not to be confused with having nothing to do. People do want to work with busy people because the perception is that they are in demand. So … create demand. 

“I can’t see you tomorrow, but I can see you next Tuesday. Would that work?”. Hell, I’m pretty much retired but I’m always “busy”. I have never, repeat NEVER, had a client push back on me regarding a suggested alternate meeting time and, generally, I will. I’m also highly responsive. The two work well together.

My shortest post … evah. Nothing more to say. Not needed. Simple.

Not that long ago I was reading an article on “sales data” that was written by a man who I highly respect … David Brock.

As David pointed out … sales has more data points to analyze than ever before. The problem is … are they looking at the right data and are they deriving the correct conclusions from reading it? Does their analysis lead to the most effective solutions? Not often enough, it seems, on both counts.

The common answer to sales challenges has always been to “do more”. Need more prospects? Make more calls. Need higher sales? Increase your pipeline. Now, I have always been a “do better” vs “do more” person but, there are times when you might need or want to “do both”. Continue reading “Do More or Do Better? Sales 101”