Profits: How to Save on Sales Opportunity Costs

If your sales efforts aren’t leading to your desired results, here are a couple of questions: How many times have you been burdened by so-called prospective customers who waste your time without buying? How many times has a business or government agency asked for information on projects but used your ideas without paying you?

Ouch. That’s a waste of time and other resources.

Candidly, there are four plausible reasons why people don’t buy from you:

• You haven’t done a good enough job selling your company.
• You’re dealing with habitual tire-kickers.
• You’re trying to sell to customers who are too price-conscious and are not value-minded.
• Not to be gauche, but you’re dealing with parasites or thieves who will try to replicate your ideas without paying you.

Regarding the latter, remember these two adages: 1. “What goes around comes around.” 2. Sooner or later, they’ll get theirs.”

Don’t get mad. Get even. Getting angry only hurts you. It’s usually a waste of time and energy, and often creates negative PR images.

When you point your finger at someone, there are usually reasons why you have three fingers pointed back at yourself. So before you start pointing fingers, remember to assess your role and processes, and make the necessary improvements.

There are five basic dos and don’ts for productive selling:

1. Review your branding and marketing. A strong marketing program will prevent such problems by pre-selling your products and services, and will minimize the footwork required to close sales.
2. Distribute informative sales collateral and upgrade your Web site – without divulging too much information.
3.  Improve your customer service and sales processes. Make sure that you and members of your team are using the techniques. Basically, this means remembering when and how to use the Golden Rule – empathy; incisively qualifying and researching your prospects; asking the right questions; listening; providing strong value propositions; showing an attitude of enthusiasm coupled with gratitude; preventing buyers’ remorse; and providing added value whenever possible.
4.  Become a better student of human nature. Remember the basic law in economics 101 – know when to cut your losses. On the other hand, understand when it’s important to persevere and not give up prematurely.
5.  Maintain your mental acuity and balance when dealing with prospects. Don’t be desperate to make a sale to a prestigious-looking customer or company. Don’t allow them to use you or your intellectual property. As a prospect deliberates, keep moving and prospecting. Don’t spend your profits before the customer buys, and remember the adage: “A sale ain’t a sale until the money is in the cash register.”
6. Be loyal to customers who are good to you. This will make you feel better and you’ll enhance your odds for repeat business, which will also cut your sales opportunity costs.

Remember the essence of productive selling and you’ll save on sales opportunity costs. It’s all about wisdom in creating a happy buying environment and developing relationships.

From the Coach’s Corner, for more on profitable sales techniques, see: The Seven Steps to Higher Sales.