Posts Tagged ‘sales’

Growing Up Companies—and Clients

Tuesday, March 29th, 2011

As the recovery continues, the companies that are still in the game have a playing field that is now in a stronger position.  That’s because many companies that did not have the financial wherewithal have disappeared or have focused their efforts elsewhere.  But, we also find ourselves facing new, fresh competition that comes from new market entrants.

Oftentimes tough economic times have provided opportunities for many to enter and realize their entrepreneurial dreams.  We need to decide where the opportunities are and leverage what we’ve already built. Business school teaches three ways to grow a business:

  1. Sell more to existing clients.  This is usually considered the biggest opportunity, as low-hanging fruit are often located in an existing client base.  Many clients have the ability to grow their sales as much as 50 percent within their own database.
  2. Grow the area you sell to.  The Internet allows many of us to sell products if not worldwide, then certainly nationwide. Some products, such as knowledge or services, can be readily adapted to Internet    applications.  And, with the use of multi-media services that offer online video communications, the cost of travel is no longer prohibitive.
  3. Increase product lines through synergistic offerings.  FedEx realized that people who ship documents probably also need to create them. Thus, they purchased Kinkos. In addition adding storefront FedEx locations provided a retail revenue stream that did not exist in the past.

 

So what’s the best strategy to grow your business?  I believe that at the very heart of each of these three options is the definition of your ideal client based on the unique combination of skills and experience that they—and you—provide.

With the 80/20 rule in mind, I took a closer look at a trucking client and evaluated their client base. We discovered that most, including some larger customers, did not have a dedicated fleet or traffic master.  Sure they had people who were in charge of moving freight and warehousing, but they didn’t have a dedicated traffic foreman.

We then looked at what type of freight their clients moved, and whether there was opportunity to grow the area they currently sell to.  It turned out it really wasn’t about the type of freight they moved.  It was the level of customer service my client offered.  Whether a client required industry-specific documentation, or buttoned-up knowledge of government regulations regarding hazardous material or food, my client provided a knowledge and skill set that was out of the norm. So what their clients really valued was an outsource traffic department or freight department to manage this part of their business for them.  My client? They never skimp on customer service and pride itself on the fact that they have never let a client down in more than 30 years.

When you ascertain that your clients have a special need, you need to scrutinize and adjust your sales process. That process is geared towards how you can be a strategic partner in the day-to-day operations of their company.  How you can positively impact their P and L.  How you can help grow clients.  How you can direct day-to-day customer service that eats up too much of management’s valuable time.

When it comes to growing up companies and clients, we need to take a step back.  Borrow a page out of Bill Gates’ book and take a couple of days out of the office. Think outside the box and about why clients remain so loyal to us. And why we’re a good choice for them.  It’s great to think it’s because they like us or the restaurants we take them to. The fact is that our quality clients make choices on what is good for their business and their business’ bottom line.

So take a closer look at how you can change your industry for the better.  I’ve worked with printing companies who are now CD and DVD distribution companies.  I’ve worked with equipment manufacturers who are now system reengineering people focusing on work flow.  I’ve worked with clients who had national sales forces of 20-30 salespeople and are now down to two.  And they’re doing more business through the Internet.  So go ahead, get out of the box, see what your clients really think you’re about, what you mean to them.  Sometimes you’ll find opportunities right under your own head.

That’s Q from the street.

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Posted in Business Development, Marketing, Sales and Marketing | 2 Comments »

The Three R’s of Selling

Wednesday, February 2nd, 2011

 

Choosing the right method of showing our appreciation for a client has its challenges. We struggle with political correctness and varying corporate guidelines, balancing our appreciation with a need to demonstrate it in compliance with a new set of gift giving rules born from the economic restructuring of business as we know it.

Did you ever notice the people that go over the top in their “appreciation to clients” usually have good reason to. Perhaps it’s a waning relationship, or maybe, more commonly, a new buying relationship. Did you ever look at these relationships and compare them to the insecure person that tries to impress, solidify, or even hold on to their partner?

So what makes a healthy relationship with our clients? I think balance is at the center of this answer. Specifically, Balance of a relationship’s Big Three:  Respect, responsibility, and reliability.

These are the real gifts that your clients value all year round. That token material gift, without the balance of the Big Three, is just a symbol with no real impression or value. However, supported by the Big Three, the material item becomes a reminder of all that your relationship brings to that special person and their organization.

Let’s break them down:

Respect.  Some believe that this word is at the very core of good and bad. No matter how it is displayed or expressed, showing respect is the first symbol of gratitude in a relationship. Mom, Dad, client, friend, are all people we respect in a myriad of ways: greetings, punctuality, communication, assistance and, most importantly, watching out for them. So the next time you take a client for granted, remember it’s a sure sign of disrespect.

Responsibility. Every relationship contains varying levels of responsibility. But no matter the type of relationship, at the core of being responsible is being truthful. Relationships based on truth are always fruitful relationships. Think back in your past and reflect upon the people who have had the most positive impact on the direction of your life. The best parents, teachers and managers, are the ones who follow the laws of fairness, honesty, and truth, no matter how difficult. So remember. Always be completely honest if you want your relationships to grow.

Reliability. The last the Big Three dictates that no matter what time of the day, no matter what the situation, you know this person will not let you down. They say we are lucky if we have more than two or three true friends when our life is all said and done. Those are the people that we know we can call, whenever or whatever the situation. So think about that the next time your client is calling at 5:30 in the evening on a Friday night. And remember that sometimes just “Being There” is monumental.

Writing this article is certainly going to have me try harder this New Year. If my words have any effect, I hope they can take one of your relationships to a newer level in 2011.

Q,

From the street. Keep on selling.

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Posted in Sales and Marketing | 2 Comments »

Relationship First

Friday, September 4th, 2009

We often wear our sales process like a badge of honor. We knock on ten doors—nine of which are promptly closed in our faces—and savor that one time when the prospect says “OK, I’ve got ten minutes.” Then it’s all about isolating and communicating compelling benefits within that tight time frame.

On average, for every three pitches, we close one. And that’s usually with the guy that, when our ten minutes are up, spends another hour or so asking questions.

So what’s really working here? Time and time again, it comes back to one thing: relationships. When we started out in the sales game, conventional wisdom claimed that three specific characteristics were needed in order to be successful: empathy, perseverance and ambition (i.e., defined goals). I never agreed. I believe that all salespeople need the potential to acquire these attributes, but what’s paramount is empowering these traits with a passion for your product or service. When you possess that passion and you begin to communicate to someone who has a need, it becomes clear you are serious, not only about your business, but the needs of your prospect.

And, once you sell with passion, commitment to success and a sincere belief in your product or service resonates not just through your words, but in your comportment and your energy.

So how can we improve our close ratio? A typical presentation or pitch begins with an overview of your company, service, product, staff and, naturally, some nice, colorful charts and graphs that make us look professional. As an afterthought, we leave the prospect with printed collateral: oftentimes client references, case studies, and relevant success stories that we like to leverage.

I suggest you try this approach: Flip the order. Rather then starting by telling how great your company is, how many years you’ve been in business, and why you can offer more benefits and features than the last guy, talk about some of the projects you’ve worked on, just like those case studies that we typically leave behind. But this time, let all your passion and enthusiasm and belief resonate. Be prepared to discuss two or three projects that the prospect can most closely associate with.

Then watch what happens. This technique will peak an interest in the prospect because you’re now engaged in a dialogue, not a presentation. The dialogue will evolve into a conversation which will lead to the beginning of a relationship. And that, my friend, is our goal. They’ll be plenty of time to talk about how long you’ve been in business and the particulars of the company and staff. Because once we’ve established that relationship, all those other factoids become supportive to the close, but not necessarily integral to it.

Anthony Quaranta spent 30 years as a sales professional generating upwards of $10M in revenue annually, calling on businesses in the tri-state area. Today he is President of Q Group, a sales and marketing consulting firm that focuses on “Building Business…… Measurably” by setting goals, synchronizing marketing and sales efforts, and tracking these activities in order to improve a company’s overall results. The Q Group team works with organizations with a sales force of one to larger nationwide teams. You can contact Anthony by visiting www.QGroupltd.com or calling 631 234 7670.

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Posted in Business Development, Marketing, Sales and Marketing | 2 Comments »