10 Tips to Optimize Your Web Site for Higher Sales
If you haven’t optimized your Web site for sales, you might want to reconsider. There are more and more indications that online shopping will continue to grow.
In an article entitled, “Cyber Monday Prep: 10 Tips for Greater Sales,” Website Magazine offered some excellent strategies in 2010. They’re still relevant. They were intended to help you for Cyber Monday, but my sense is they’re great tips to keep in mind year-round.
Here’s the checklist:
- Ad campaigns – make certain they’re consistent with all your promotions, and they have the right key words.
- Landing pages – review and improve your landing pages for the desired results.
- Shipping information – make sure it’s highly visible and easy-to-understand.
- Return policies – should be easily read and linked to your shipping policies.
- Contact information – should contain telephone accessibility.
- Discount codes – need to be active and connected to the right products.
- Affiliates – should be kept in the communication loop, and be apprised of all the necessary elements (i.e. codes, creative and links).
- Social campaigns – have them properly orchestrated and monitored.
- Shopping cart – do some practice runs to make sure there are no glitches.
- E-mail – responses should be prompt, show appreciation, cross-selling options, and opportunities for consumers to receive your newsletters.
Finally, make certain your site is ready for a sudden increase in traffic. And ask your friends and relatives to try out your site.
From the Coach’s Corner, here are related articles:
- Tips, Plus Why it’s Never Too Early to Plan for Q4 E-commerce
- Web Site ‘Priming’ – 6 Tips That Will Help You Succeed
- Want to Start an E-mail Marketing Campaign? 6 Tips for Small Business
- Best Practices to Optimize Your Brand, Manage Your Web Reputation
- The Key to Internet Dominance: Think Integration
“Your brand is created out of customer contact and the experience your customers have of you.”
-Stelios Haji-Ioannou
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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.
Enthusiasm Prevails in 2010 Q4 Plans of Internet Marketers
Oct. 22, 2010
Almost two-thirds of respondents in an Internet marketing study forecast healthy double-digit percentage increases this holiday season, according to a Website Magazine report on the Shop.org 2010 eHoliday Study.
This year 63.3 percent anticipate 15 percent or higher increases in sales. That compares to 45.8 percent of responding marketers last year.
BIGresearch conducted the study for Shop.org.
Website Magazine reported other salient data:
- 40 percent of online retailers will begin holiday marketing by Halloween, and another 40 percent will begin by November 1
- 84.5 percent will offer free shipping at some point during the holiday season
- 72.5 percent have increased their Facebook presence for the holidays
- 54.9 percent have enhanced or invested in product pages for cross-selling during the holidays
- 54.9 percent have optimized site search features to maximize holiday sales
- 52.9 percent have invested in customer ratings and reviews platforms in advance of the holidays
- 43.1 percent will increase their presence on Twitter this holiday season
The magazine also reports 32.2 percent of shoppers will shop online.
Here’s why:
- 35.1 percent – 24-hour convenience
- 33.1 percent – easy price comparisons
- 30.8 percent – lack of crowds
So, consider what your competitors might be planning, and strategize what’s best for you.
For other marketing insights, you might wish to review this site’s Marketing/Sales and Tech business-coaching columns. You’ll find more than 130.
Are You Web-Ready for the All-Important Q4 Sales?
Oct. 2, 2010
New data from a Bold Software survey helps businesses develop their holiday online sales strategies, according to Website Magazine.
The answers are in Bold’s Holiday Readiness Handbook. The company interviewed more than 400 employees of its 300 customers that use its live-chat technology services.
For the upcoming holidays, here are the top 10 Web site changes companies have planned:
1. Moderate design changes
2. Site navigation
3. Landing pages
4. Optimization of live chat (tie)
4. Site search (tie)
6. Search engine optimization
7. Video content
8. Purchase process changes
9. Wholesale design changes
10. Mobile commerce optimization
Here’s what businesses are offering for customers:
1. General discount coupons/codes
2. Specific product promotions
3. Free or reduced shipping
4. Free giveaways
5. Lowest-price guarantees
6. Contests/sweepstakes
They’re also maximizing their live-chat systems:
1. Evaluate canned messaging
2. Implement proactive chat
3. Empower agents to offer incentives
4. Optimize proactive rules
5. Chat window customizations
Forty-six percent of respondents made the changes in Aug. Twenty-eight percent said the changes are being implemented. Seventeen percent hadn’t launched implementation.
Sixty-one percent forecast higher sales this quarter, but 37 percent don’t forecast change and 2 percent anticipate less sale volume.
From the Coach’s Corner, if you have not solved all design issues,Website Magazine also published an informative article: Four Principles of Design.
Microsoft’s adCenter Expands Negative Keyword Limits
Aug. 22, 2010
Now that the Yahoo-Microsoft merger is underway, Microsoft has announced a new wrinkle to its advertising program – an increase in negative keyword limits.
The change enables advertisers to increase by “thousands of negative words…both the campaign and ad group levels,” reports WebProNews.
“If you’re not familiar with negative keywords, advertisers can prevent their ads from appearing in response to certain search queries using negative keywords (specific words or phrases that help prevent ads from being displayed to customers who are unlikely to click),” explains writer Chris Crum.
“Doing so will also keep your keyword-level negatives from overriding your newly expanded lists at the higher levels,” he quotes Microsoft’s Tina Kelleher.
Here is Microsoft’s explanation of its negative keyword limits in adCenter.
“Advertisers need to upload their expanded lists of negative keywords at the campaign or ad group level with the negative keywords migration wizard in the Desktop, then remove keyword-level negatives, the company says,” adds Mr. Crum.
“Unless, of course, you’re perfectly happy with your campaigns as they are now and don’t need the increased capacity for negatives at the higher levels, then there’s no action you need to take at all,” he quotes Ms. Kelleher.
From the Coach’s Corner, for an explanation of the Yahoo-Microsoft merger, see:
Web Publishers: Are You Optimized for Bing?
Banks Have Credibility Issue with Affluent Women, Study
More than half of wealthy women are frustrated with their banks, according to a study by Boston Consulting Group (BCG). The BCG study concludes 55 percent of respondents with a quarter of a million dollars in liquid assets believe they get poor service from banks.
The women customers complained in 2010 about men getting more consideration, a higher level of counseling, and better value in financial terms.
Respondents also said they feel ignored by wealth managers in discussions in favor of their male partners, even when it’s made clear that they’re the decision-maker not the man.
Women also believe they get fewer favorable choices because bankers assume they have a low-risk tolerance.
The wealth manager issues are reminiscent of the car business. Even in the 1990s, car manufacturers such as Chevrolet installed vanity mirrors only in the visor above the passenger’s front seat. Salespeople would often only address the man when a couple was in the showroom.
“What banks need is a revolution like the automotive industry had,” said one wealthy woman, “to finally understand that women not only sit in the cars, but also choose buy and drive them.”
It’s reported that women are responsible for a third of North America’s Indeed, women control (i.e., make the decisions) 33% of North America’s affluence. Their aggregate portion is $9 trillion.
Ostensibly, wealth managers don’t know how to communicate with women. In essence, women want to be treated equally and be apprised of services designed for them.
“This may seem contradictory,” BCG reports, “but the desire for a tailored approach is really a sign that women have distinct needs and expectations as clients.”
There are several reasons why women have different concerns; they range from the birth of a child to divorce.
Preferences of women include simpler financial statements and financial goals for the long term. And women want deals structured on a friendly relationship basis – empathy, tailored counsel and trust.
My sense is that wealth managers don’t have to panic in this $4.5 trillion+ marketplace. If they start the client process with a foundation using empathy and treating the woman client like it’s an event, they should do well.
Actually, that’s the same process I’d recommend for wealth managers with male clients. Simply put, wealth managers should do their homework, ask open-ended questions and be mindful of a woman’s perspective.
From the Coach’s Corner, see this portal’s Marketing/Sales category for strategies on successful sales and customer service.
“I wouldn’t have seen it if I hadn’t believed it.”
-Marshall McLuhan
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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.
Business Got You Down? Tips for a Morale Boost
If sales are discouraging and you feel like you’re on a treadmill going nowhere, it’s probably because you’re worried about the future. Trust me, you’re not alone.
The trick is taking baby steps and not worrying about the future results. Instead, focus on the positive. Business success and strong sales stem are made possible by enthusiasm, and an attitude of service and gratitude.
This means not focusing on the proverbial “results department.” That department door might not open. So only focus on footwork and simply knocking on the “results department door.” Imagine knocking on one door and then moving quickly to knock on another.
Don’t wait for the doors to open because that’s what leads to despair. It’s true that a watched pot never boils.
Moreover, this is a good time to measure your progress – not your obstacles.
Consider the acronym, GO, which stands for gratitude and options.
By way of explanation, sometimes discouragement is so bad a businessperson obsesses about what’s not working instead of relishing what is working. By focusing solely on the problems they become bigger. When that happens, it’s an endless cycle of despair. The person feels trapped.
Conversely, if a businessperson focuses on the positive, such an attitude of gratitude opens the person up to a childlike wonder and creates hope. Hope leads to options. So, with hope, anything is possible. Know that for each problem – I prefer the word challenge – there are 10 possible solutions for options.
But how can you get gratitude and options?
First create hope for growth. Examine the progress you have made and start a gratitude list. Pat yourself on the back for any footwork. Start by asking yourself, “Where, how, when, why and with whom have I made progress?” Write or type your answers. No progress is too small to list.
Ask yourself these 10 sample questions:
- What networking events, lunches or meetings have I attended?
- What new acquaintances have I made?
- What recognition or positive comments have been made by others about me?
- What free publicity have I received either from my efforts or those of others?
- Have I created a new Web site or marketing collateral?
- Any new skills or knowledge?
- Have I attracted any new clients or retained old clients?
- Are there any companies or businesspersons indicating interest in my capabilities?
- Have I done any pro bono or volunteer work?
- Do I have a support system or mentor?
If you can’t give a positive answer to the 10 questions, then do what you have to do for the right answers. That’s just to get you started. Perhaps there are other pertinent questions you can ask.
Now, it’s time for a new vision for growth, here’s how:
- Write out your vision plan. One page will do.
- Set goals for footwork – not results.
- Periodically, each day ask yourself, “Is what I’m doing right now, productive?” (Chances are it isn’t productive, so focus on what is.)
- Keep records of your baby steps.
- Honor your progress with gratitude and keep it going with affirmations.
- Stay in close contact with your support system.
- Get exercise, sleep and medical care when needed.
- Practice stewardship of your assets. Focus on cleanliness and organization.
- Focus on your favorite hobby and recreation.
- Ask clients for feedback. If a client complains, don’t get defensive just take notes. When you’re complimented, ask for referrals to two people who might also appreciate what you have to offer.
- Keep on practicing gratitude. Always handwrite a thank you note when someone considers buying or hiring you. Thank people for their business. In fact, in every e-mail, note, meeting or telephone conversation, remember 98 percent of the time a thank you is warranted.
- Keep in mind the adage, “What goes around comes around.” Try to listen more and avoid treating others as though they’re invisible, and you will be accorded greater respect.
- Keep smiling. A jovial Joe or Jane is an attraction to others.
- Look around for someone else to help. This will help you smile.
- As you succeed, carry this message to others.
As you go along and think of other pointers, add them to these suggestions.
Now, GO! Good luck!
From the Coach’s Corner, here are 30 Time Management, Stress Reducing Skills.
“The best morale exist when you never hear the word mentioned. When you hear a lot of talk about it, it’s usually lousy.”
-Dwight D. Eisenhower
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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.
How to Win Your Major Marketing Campaign
In major marketing campaigns – in business or politics – there’s nothing more frustrating than losing. But a lack of funds or a small war chest is not the salient reason for defeat. It isn’t necessarily how much you spend.
There are many reasons for marketing failure of a campaign.
Here are 14 of the more important reasons:
- Inadequate analysis of strengths, weaknesses, opportunities and threats
- Drawing incorrect conclusions from the analysis (leading to ineffective overall strategic planning)
- Unrealistic budgeting
- Ineffective testing of ideas and messaging
- Arrogance – over confidence
- Poor coordination with centers of influence
- Not developing effective teamwork and communication among stakeholders
- Targeting the wrong market
- Lack of job descriptions – who will do what and when?
- Wrong people in many key positions
- Poor positioning in attributes and benefit statements
- Ineffective allocation of promotional funds – wrong mediums preventing top-of-mind awareness in customers, or voters
- Unproductive evaluation of the campaign and return on investment
- Unsuccessful responses to negative surprises and failure to capitalize on opportunities
Two basic rules include: “Know thyself” and “Know thy audience.”
Not to over-simplify, in essence, the key is to properly plan but only after you perform a strategic analysis.
Identify your centers of influence and strategic partners, quantify your goals, make a budget, identify your target audience, test your messaging, implement your plan, create a positive image, create a call for action, continually evaluate your progress, and respond to challenges and create opportunities.
No detail is too small: In collateral, from colors to font choices, or in developing centers of influence for the multiplier effect. But don’t get paralysis from analysis.
Plan your campaign to reach each person in your target audience with a positive message for a minimum of five times. That’s the magic number for optimal results. And be consistent to develop trust.
Remember the difference between marketing and advertising, and developing the right message. Broadcast advertising is all about frequency, reach and cost per thousand. Internet advertising is concerned about cpm, pay-per-click, pay-per-lead, and cost-per-action. Yes, despite what you’ve heard about social media, TV, especially, TV news remains the most powerful of mediums. Radio is still strong. But marketing is not simply creating a radio, TV or Internet advertisement or harnessing social networking tools. Advertising is merely one component of marketing.
Marketing pertains to the big picture. Marketing is the understanding of your target audience for the cost-effective process of selling the right product or service at the right time and at the right price. It’s a systematic development, coordination and implementation of a myriad of initiatives – proactive events to establish a dialogue – not just a bunch of advertisements.
Social media
Make certain to orchestrate and synergize your advertising with public relations, videos, word-of-mouth and social media. Thanks to the new Digital Age, consumers are in charge. Set up a dialogue, not a monologue.
For example, if you’re targeting young adults or teenagers, it’s sad to say, but they are getting their “news” from their social media.
Your communication plan should contain timelines. Press kits are helpful, but in this green age, they are not necessary. Regarding relationships with journalists, here’s a hint: Reporters like to deal with experts. So portray yourself as one.
Choose wisely. Insert and distribute effective videos and provide the right motives for people to share. The right content has to be presented in right place.
Follow the trends to see how to get the most attention. For example, Digg.com can be helpful but remember it’s mostly a young audience – big on tech and off-the-wall stories.
Just like reporters, every generation likes experts and stories. Storytelling holds great power for you. So tell a good story, write a good headline, deliver on your promises, and cite outside participants for proof in your claims.
Value perceptions
In marketing, people base their buying-decisions on emotion. Following are strategies with business in-mind, but are applicable to politics.
Some 18 percent of people, whether blue-collar or white-collar in B2C or B2B situations, buy products and services solely at the cheapest cost they can find (according to my consulting firm’s research since 1992).
Avoid these people. They complain the most and they’re not loyal – they return only for cheap deals. Further, an HR concern: Many companies, such as restaurants, find it more difficult to retain their most-talented workers in such an environment. They tire from such customers. Plus, their tips from such customers are much less.
Companies that focus on selling at the lowest price either struggle unnecessarily or worse – they fade away. Companies are advised to target the other 82 percent.
The 82 percent is comprised of the most highly prized prospects – customers who are value conscious – value vis-à-vis cheap. Such customers have “five value-motivating perceptions” – emotionally, how they feel and what they think – that motivate them to buy.
The five value-motivating perceptions:
Employees, Spokespersons (52 percent) – What customers think about a company’s spokesperson and company employees. Key characteristics are integrity, judgment, friendliness and knowledge. But listening skills and empathy are of paramount importance to customers. About 70 percent of customers will buy elsewhere if they feel they’re being taken for granted – it only takes from one to five bad experiences before customers are gone forever. And customers normally will not volunteer why they switch to a competitor.
Image of the organization (15 percent) – Prospective customers prefer to do business with companies that have a good image. Cleanliness and signs of good organization are important to them. In addition, cause-related marketing is a big plus in forging a positive image.
Quality of Product or Service Utility (13 percent) – The customer is subconsciously and often verbally asking a question similar to this: “What will this do for me?”
Convenience (12 percent) – Customers like convenience and accessibility. That includes all experiences such as their ease in navigating the company’s Web site and making a shopping-cart purchase, a happy buying environment at a store, making a telephone inquiry, and convenient bricks-and-mortar locations, and the level of service after they buy.
Price (8 percent) – To value-minded customers, price is important, but note it’s the least concern among the five value-motivating perceptions.
Seven marketing elements
Once you understand what motivates the customer to buy, there are seven steps you must take for creating a happy buying environment. Fear is a great motivator. But Americans are tired of negativity. Yes, the marketing process goes a lot easier if you can make buying fun.
For marketing in a downturn or not, every PR or advertising message should – as much as possible –contain these seven elements:
- FEE. This is an acronym for establishing a common ground for a foundation using the principles of event and empathy. Every purchase is an event in the life of a customer – no matter how big or small. It also helps to show concern about the welfare of the customer.
- Research/focus groups on attitudes. Use tools to get the prospect to open up.
- Agreement on Need. Get the prospects to agree on their need to buy a product or service.
- Generic Value Proposition or Benefit Statement. Here’s where you explain your value proposition. Remember the difference between features vs. benefits to answer the basic marketing questions, such as the acronym, WIIFM , “What’s in it for me?” or “So What?”)
- Fill Prospect’s Need. Depending on your audience, use more specific benefit statements.
- Commitment – Ask for the order using a non-threatening, closed-ended question.
- Seal the Deal. This final step has three components –
- Use the magic words: “Thank you.”
- Prevent buyer’s remorse – remind the customer of benefits they’re receiving
- Look for an opportunity to provide the person with unexpected, perceived added value without hurting your bottom line.
How to overcome objections: If you’re at a meeting and encounter an objection, be careful with your response. Always empathize. Your first statement should be a note of empathy even if you disagree.
If you don’t know how to answer the person, explain you need more information and will get back to them later ASAP: “How about if I call you at 4?”
If you do know how to respond and in order to overcome an objection, it’s still important to use empathy.
Here are the three steps to overcoming objections:
- Get the prospect to restate his/her concern. Then repeat the person’s words: “If I understand you correctly, you feel…?”
- Empathize: “I can see how you feel that way”…or “You know, someone said the same thing last week.”
- Overcome the objection with facts. (Then recap the seven steps.)
After you’ve won, best-practices also call for follow-up and laying a foundation for an infrastructure that promotes long-term success.
From the Coach’s Corner, do you want a fun look back at the top 100 advertising campaigns of all time? See them here.
“The hardest thing about any political campaign is how to win without proving that you are unworthy of winning.”
-Adlai E. Stevenson
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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.
Fast-Food Restaurateur Shares Secrets for Success
How a restaurant franchise rocks.
Franchising is big business. A published report indicates one in 12 businesses is a franchise. it’s a profitable way to grow your business.
In the aggregate, franchises provide jobs for 14 million Americans. It’s an accepted business model for people who want to be in business, but who need business-model support.
To be successful for either side – the company or franchisee – it takes commitment and discipline.
Companies have to be diligent about selling to the right franchisee – someone who has the character and tenacity to successfully follow a game plan and be committed to community involvement. That’s one reason for MacDonald’s success. It’s been estimated MacDonalds only selects 1 percent of the people who apply for a franchise.
On the other hand, prospective franchisees have to pick the company with a strong game plan.
Quiznos appears to have picked the right person in Seattle’s Pioneer Square, located near Safeco Field where the Seattle Mariners play. He’s 30-something Victor Twu, who’s also a jazz musician and big-time Mariners’ fan. He owns a second location on Westlake Avenue in South Lake Union.
Note: His customer service and attention to detail caught my eye. My other half and I have been lunchtime customers for more than a year off and on. Sometimes, months would go by before we returned to his establishment. But he always remembered us and our favorite menu items.
He didn’t pressure us to try other menu items, which most restaurateurs try to do. They think it insures long-term customer loyalty if customers sample all the menu options. That’s true in some cases, but some customers have specific reasons for patronizing a restaurant at lunchtime, and don’t want to be bothered. In my case, it’s the location, tasty sandwich, quick service and being remembered as a customer.
So it’s helpful if restaurateurs know when and whether to lobby customers. And the savvy Mr. Twu seems understands human nature. What makes him tick?
Here’s an edited interview:
Q: What’s your background?
A: My educational background is a degree in music from the University of Washington. That said, as a musician, I gained many years of experience in the hospitality and restaurant business. But prior to my current business, I’ve had no management or business experience.
Q: Why did you go into business?
A: I decided to go into business when I was at a crossroads. I knew I didn’t want to make a career out of teaching music and taking whatever gigs I could – I wanted to play and write music because I enjoyed it. So I did consider going deeper into my education for music hoping to attend a good school in New York (the “Mecca” of jazz). Then I remembered how much I hated school, probably ever since third grade. So what about my own record label? The riskiest most unprofitable industry to get into? No. I figure I was ready to get to work. I knew I was willing to work hard and if I am going to do so, I might as well do it for myself with these goals in mind: Comfortable living, growth in knowledge and skills, and eventually gain the time and space I need so I can concentrate on music and also do a little traveling.
Q: What’s your feeling about Quiznos’ value-pricing strategy?
A: Quizno’s new everyday lower price strategy is a smart idea based on other lower price models. Market research has shown that most people believe Quiznos has superior food compared to similar brands but are not as likely to visit more often because they think it’s too expensive. The idea is to drive more volume with frequent visits and to gain new customers as well.
Q: What are your challenges?
A: Consumers are very low in confidence and this has an effect on selling sandwiches as well. People are spending less per transaction in my restaurant or visiting rarely. Not to mention, there are fewer customers due to layoffs or offices closing or lower occupancy in buildings or whatever. It doesn’t matter; the fundamental ways to operate are still the same. Each guest must get friendly prompt service and enjoy a satisfying lunch day in and day out and now I’m giving everyone a good deal as well! I’m also trying to grow my business through catering and delivery – this is a critical component to grow my business.
Q: What advice would you like to offer?
A: If you are considering being your own boss at one point you should 100 percent decide either yay or nay. Be prepared for long hours and hard work. I believe being a good example and very team-oriented is a good way to go. Nobody wants to work for a lazy dictator. If you are indifferent to your employees, they will be indifferent to your customers. Also be prepared to be number one, be the best at your craft and exude this confidence. Be prepared to enjoy mental and emotional growth and hopefully financial freedom!
Postscript: He’s apparently achieving his goals. I stopped by recently and inquired about Victor and an employee said he wasn’t at the store – he was traveling.
Go Victor and go Mariners!
From the Coach’s Corner, one cool way to make money and to feel good about your business is cause-related marketing. For more information, see: Cause-Related Marketing Can Increase Sales by Double Digits.
“To be successful, you have to have your heart in your business, and your business in your heart.”
– Thomas Watson, Sr.
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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.
Are You Committing The Seven Deadly Sins of Selling?
Whether you are an established company or a startup, what you probably need most in this economic climate is a positive revenue stream. It’s possible with a higher-performing sales staff.
So you might wish to consider the latest strategies of a globally known sales trainer, Roy Chitwood, who is based in Seattle.
He says salespeople often commit seven crucial errors. Mr. Chitwood, of Max Sacks International, has the credentials to address the topic – more 250,000 salespeople at 3,000 companies in 18 countries have used his sales counsel.
He’s released a white paper, “The Seven Deadly Sins of Selling.”
Here’s an excerpt:
Sin No 1: Talking too much, listening too little. The typical salesperson walks into an office, gives the official two minute warm-up – asking about the fish on the wall or the family photo on the desk – then, like a high diver, leaps into a hot presentation about this feature and that feature, the options available, the price and the savings. There is no close. Most interviews are terminated by the prospect so they can get on with their life. Knowing what questions to ask and how to ask them is the only way to find out if you’re making a presentation to the person with the real need, the authority and the money.
Sin No 2: Selling the product, not the benefits. When someone buys a drill bit, it’s not the drill bit the customer wants, it’s the hole. People buy to fill a need or solve a problem. No one is willing to pay for a product or service they don’t need or does not perform. Yet salespeople sell as if they will. Presentations continually focus on the width, height, weight, power, speed, buttons, bulbs or whatever of the product/service. Whether they’re individuals or committees, people buy benefits, not features. Prospects have hidden buying motives. There are reasons why they select one brand over another, why one product/service seems to fill the need better.
Sin No 3: Never asking for the order. As a prominent study proved, more often than not, customers don’t have to worry about a pressured close, because in 62 percent of the cases, the salesperson never asks for a sale. For most salespeople, selling is an uncomfortable experience because they don’t know where to go in their presentations.
When prospects say “I would like to think it over,” “Your price is too high,” “I want to shop around,” what they’re really saying is, “You haven’t convinced me to buy.”
Sin No 4: Pushing for the close too often, the salesperson tries to “sell” rather than help the customer “buy.” When the salesperson is ready the trick closes begin. These old closes and gimmicks are outdated and backfire more often than they work. The prospect has fears, uncertainties and doubts about the decision to spend money, and when closed too soon, reacts negatively to being forced to makea decision. Pushing too hard means the salesperson is forcing the prospect to build a defensive wall that won’t come down easily. Following the sequence of a well- given presentation means asking for the order will be at the right time.
Sin No 5: Wasting selling time. Selling is a problem for most salespeople because they don’t know how to spend their time profitably. Selling is prospecting, cold calling and obtaining leads. It is traveling to meet strange people, having to send emails and proposals, make phone calls and hand out brochures. It is doing the paperwork and servicing the client. There is only one way to insure you get to the close, and that’s by having a logical sales procedure. This is why the salesperson should learn the buyer’s decision-making process.
Sin No. 6: Not identifying prospects from suspects. There are many people who will listen to a sales presentation. It may make them feel important or help them fill their time. Whatever the reason, it doesn’t help the salesperson get any nearer to the sale. In fact, it takes the salesperson further away from the sale because time has been wasted and the point-of-entry into a company has been mismanaged.
Presenting to people who are not qualified is just that – presenting. It is not selling. And a company or a salesperson can’t make a profit by just presenting. Probably the greatest misuse of a salesperson’s time is presenting to someone who doesn’t have the need, the authority or the money.
Sin No. 7: Making a sale, not a customer. A professional salesperson is someone who helps a prospect satisfy a need. And most importantly, your company can count on the loyalty of a new client – one that will return with repeat and increasing orders. For many salespeople, just getting the sale is the only objective. To accomplish this end, they use whatever means are available – assumptive closes, high pressure tactics, promises of extra incentives, threats of price increases or whatever other tricks are in the bag. Salespeople like this sometimes walk out with a sale, but they don’t sign on customers. In fact, the customers may be so resentful of the pressure and tricks, they may rethink their commitments.
Mr. Chitwood’s Web site: www.maxsacks.com. Mr. Chitwood also has sagacious advice if you’re discouraged in job hunting and need powerful tips for the best job.
From the Coach’s Corner, see these resources:
“The superior man is distressed by the limitations of his ability; he is not distressed by the fact that men do not recognize the ability that he has.”
-Confucius
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Author Terry Corbell has written innumerable online business-enhancement articles, and is also a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.
Competitive Intelligence Author Shares Her Insights
Even before the Great Recession, businesses had headaches in reducing risks. KPMG’s 2007 study of 544 global executives revealed that many companies wanted to be able to be able to manage their performance, but only 20 percent were able to make reliable forecasts.
Yes, it’s increasingly difficult to stay on top of marketplace challenges and to invest in trends to get the most return on your investments. That’s why the competitive intelligence (CI) process is sweeping the planet. CI enables a company to reduce risks and accelerate profits.
The returns are great, but it usually requires a hefty investment. Best Practices LLC said in 2007 the average CI budget was a whopping $821,613. The average CI manager was paid $148,709.
If anyone knows how to make CI cost effective, it’s author Seena Sharp. She wrote the book, “Competitive Intelligence Advantage: How to Minimize Risk, Avoid Surprises, and Grow Your Business in a Changing World.”
“It’s a pragmatic view of CI and how it can immediately provide benefits to those companies that use it,” she said. “Better decisions, reduced risk.”
Not only is she a great author, she is the knowledgeable as principal of consulting firm, Sharp Market Intelligence, www.sharpmarket.com.
Here’s an excerpt of an interview with Ms. Sharp:
Q: How do you differentiate CI from market research?
A: Market research (MR) captures what consumers say about what they’ve done or will do. Often, the reality is not the same as actual behavior. No one is deliberately lying – we just believe better about ourselves. We exercise four times a week, and eat five vegetables a day, etc. MR is more focused on the past and on intentions.
CI is more focused on what is actually happening in the marketplace and on the near future.
MR is more tactical and methods-driven, while CI is more strategic and results-driven.
MR results are mostly quantitative; CI results are factual, but also include insight, perspective, and raising questions.
MR relies mostly on consumers, while CI taps a wide range of constituencies, including competitors, suppliers, distributors, major customers, and experts.
With MR, software is widely used, while you cannot get CI from software. CI requires analysis and thinking, identifying patterns and discontinuities.
Q: What are your “11 Myths about Competitive Intelligence?”
A: The myths are:
1. Market research and competitive intelligence are the same.
2. Competitive and competitor intelligence are the same.
3. Data, information and intelligence are the same.
4. Competitive intelligence is spying.
5. There’s no information on private companies.
6. The best information comes from my industry.
7. Information is free.
8. Information costs too much.
9. Not every decision requires competitive intelligence
10. Competitive intelligence is a waste of time.
11. You cannot use software for CI. Software can gather and organize info – to a limited extent – but it cannot do the analysis of a seasoned, experienced, sophisticated businessperson.
Q: Why do you feel statistics, facts and forecasts are the wrong tools for gauging the future?
A: There are no statistics or facts about the future. Statistics and facts are very useful for providing an understanding of what has happened, for providing a foundation for understanding a company or industry or product. We can forecast the near future for planning purposes, as long as we understand the likelihood of their not being accurate.
No one has more statistical information or formulas for analyzing them than do economists and stockbrokers – and yet they can’t get it right. How can the rest of us, with far more limited tools available to us, hope to have accurate forecasts? So, as long as we understand their limitations, they will be useful – just not likely to be true.
Part of the reason we cling to forecasts is that they provide comfort. It’s a hard number that won’t be challenged, in comparison to an idea or opinion. The 1950s were a period of relative stability and expected growth, so it was far, far easier to forecast fairly accurately. Somehow, we’ve never let go of that belief, even for those who weren’t in the work force during that period. We want to be able to forecast and to get a sense of our future.
I have dozens of headlines from the mainstream newspapers with the following words in their headlines, “unexpected,” “lower than,” “surprising.” These all indicate that what was predicted by the experts just didn’t happen. And it doesn’t – not in a changing world, and what industry isn’t changing.
The reality is that few businesspeople recognize the changes that are happening in their industry, and when they do point to changes, they’re ones that have been happening for decades, such as more technology, faster, more convenient. But they rarely know about the changes that provide opportunities.
Q: What are the key indicators of change, opportunity and potential threats?
A: Differences. Change refers to something that’s different. So, any observation of what doesn’t fit or isn’t the same is ripe for consideration of an opportunity or threat. I counsel my clients to pay attention to surprises, as well as info that’s contradictory or unconventional, or challenges assumptions. This is the info that is typically ignored, laughed at, or underestimate. But it’s virtually always a first sign of market changes.
Q: Businesspeople typically are apprehensive about uncertainty. What’s an example of your principle, “surprise to avoid surprise?”
A: Customers who don’t fit your target profile. Virtually all businesses have customers who don’t match who the company thinks buys their products. They could be women or teens or rural dwellers, or people whose income is below $25,000, etc. Businesses are still stuck in defining their customers according to demographics. That’s useful – to a limited extent.
The book, “The Millionaire Next Door,” clearly painted a picture of wealthy individuals who have 10-year-old cars, and don’t buy jewelry or expensive cars. Yet, sellers of pricey items passionately believe that it’s the wealthy who have the means to buy their products. The reality is that your customers are those who want your product or service, not those who can afford it.
Q: What’s your philosophy on determining if changes are fads or trends?
A: I have studied the definitions of fads vs. trends – and while the matrix comparing them is reasonable, I would be hard-pressed to identify anything as a fad. Virtually all fads last several years, so while they may not have staying power, they’re not gone in a few months or a year, as most people think of fads.
On the other hand, when I ask people for trends in their industry, they mention things that have been going on for years and often for decades, such as more technology, faster, more convenient, etc. The point here is that most trends are facts, because people don’t recognize trends until they’ve been happening for years. They will categorize virtually anything that’s different from conventional wisdom as a trend, when it’s really a fact. This could include customers who don’t fit the profile.
Think about people older than 50. Their purchases or activities are constantly and still referred to as something new or different, when the reality is that it’s been true for decades. Many of the attention that boomers have been getting are things that people over 80 have been doing for decades – dating, having sex, exercising, working, etc. Not new, but many refer to it as a trend.
Q: What do you consider the importance of substitute and indirect competitors and the danger of focusing on competitors?
A: Any customer or prospect who buys a product or service from a company that is not a direct competitor, is a substitute or indirect competitor. For example, if you need a financial planner, but had a bad experience with one in the past and refuse to use another one, you might get your needs met from a wide variety of other companies – such as banks, lawyer, accountant, and software, etc.
Now, a financial planner will not consider any of these to be competitors. But if they lose business to a lawyer, the lawyer is their competitor for that particular service. The important thing to recognize is why is a non-industry professional getting the business? This is the key to satisfying customers. The financial planner will usually refer to price, but in industry after industry that we have investigated, price is virtually third or fourth in importance. It’s only first when the companies have not differentiated themselves, so that to the customer, all seem the same.
Q: What else would you like to add?
A: CI is not gathering data, and it’s not focusing on competitors. It’s going way, way, way beyond that to gaining insight and perspective about a world that is constantly changing and changing in unexpected ways.
The value from CI should save far more money than the investment, such as hiring an accountant to do your taxes. CI tells you – in advance – what you will discover later. The reality always presents itself. It’s just a matter of when you want to learn it.
From the Coach’s Corner, Ms. Sharp provides an entertaining, informative blog.
Not only is she authoritative, Ms. Sharp is a fun consultant with whom to work. (We’re members of Consultants West, www.consultantwest.com, a roundtable of veteran consultants that meets regularly in Los Angeles.)
“I have been up against tough competition all my life. I wouldn’t know how to get along without it.”
-Walt Disney
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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.