By Sales Tracking Portal [ Free Online Sales Tracking Software]
Often the real profits lie in back-end sales.
Once you have a customer, you simply offer additional products, add-ons, upgrades, a super-deluxe version of the original product purchase with all the bells and whistles. The customer is already “sold” on the product or service, based on your sales material or presentation.
The back-end offer should supply the answer to “what’s next?” It should be related in some way to the original product, and the most successful back-end products are higher-priced accessories that makes it easier of better for the buyer than simply having the original.
A back end product should further enhance the product that the buyer intended to purchase. Whatever the original product does, a good back-end product will make it faster, better, more detailed, more complete or easier to use and benefit from – in essence it is far more helpful to the prospect in satisfying his wants, than is the original, more basic product.
Keys to Success
The success of back-end products can be attributed to having a captive, highly targeted audience who is definitely interested in achieving a specific result or solving a specific problem. The add-on product makes it easier to solve the prospect’s problem, quickly.
Another factor is to further sell the customer while he is still in the buying mode and while he is feeling good about solving a problem or moving closer towards a goal.
Examples
To come with examples of back-end products simply ask “What product or service could I also offer that would be a natural match for what my customer is buying now? A self-publisher could offer a booklet on a specific topic. As a back-end, he could offer the same topic covered in greater detail and presented in a multi-media format complete with audio cassettes, videos, manual and CD.
Opportunities for back-end or additional add-on products are easy to find. A shoe store can offer shoe buying customers, laces, polish, protectants or, other accessories, based on the type of shoe sold. Ever visit a theatre to watch a movie and not order popcorn, chips, soft drink, or some other refreshment? Those items are all back-end products. First you bought your tickets, then you went to the snack bar.
My local video store now offers “tape protection” as an extra option. It’s basically insurance against returning a damaged video. Since most videos rented out these days are new releases, tapes being returned in damaged condition are a rarity. Yet, many people gladly pay the extra twenty-five cents to “feel” secure. A clever new profit center for the video-rental industry.
How?
Always be mindful of products, services or ideas that your customers will willingly pay for. Anything that can make it easier or hassle-free for the customer, could be a good candidate as an add-on product. Convenience is a wonderful thing and many will willingly pay you for it.
By Sales Tracking Portal [ Free Online Sales Tracking Software]
Simple, Achieve more sales!
Wednesday, January 12, 2011
Tuesday, January 11, 2011
10 Low-Cost Sales Boosters You Don't Want To Overlook
By Sales Tracking Portal [ Free Online Sales Tracking Software]
You don't have to spend a fortune to boost your sales! Take a look at these 10 quick and easy ways to send your profits to the moon without digging into you advertising budget.
1. Test and Evaluate
Have you ever wondered just how much of your advertising budget should go toward experimenting with the latest marketing strategies? Marketing gurus say... spend 20 percent looking for new and improved marketing methods, while the remaining 80 percent uses the "tried and true" marketing strategies to keep the profits flowing.
2. Capture Attention on your Website
Use headlines that leap out and grab the reader's attention to moment they open your Web page. Hey, they're just like you... if their attention isn't caught immediately, they 're ready to surf on the more exciting things!
3. Use the Best-Kept Marketing Secret - Postcards
Postcards are quick and easy to read, not to mention the fact that you can shave off a great deal of wasted advertising expenses by targeting your market. Hey, they're cheap and convenient for you, and they get read more than other types of advertising materials... a winner all the way around!
4. Let Customers Sell You
Some things sound better coming from someone else. Yes, it's hard to brag your business up as effectively as a satisfied customer. Testimonials are evidence that you deliver what you promise. Paste them across ads, your Website, and any other sales copy you happen to distribute.
5. Just Ask
Great salesmen take the time to listen to the questions the customer has, identify their wants and needs, then ask for the sale. That's right, they're not afraid to just ask them to buy! Sometimes customers just need that little bit of pressure to cement the deal.
6. Raise the Value
Sometime value is only in they eyes of the beholder. You can raise the perceived value of your products by pointing out benefits that consumers may have overlooked. While you're at it, raise the price. Yeah, we all know that more valuable items have higher price tags! Don't be surprised if your profits skyrocket.
7. Make it Easy to Decide
Have you ever had a hard time deciding what to buy? Uh-huh, you don't always come to a conclusion immediately. Every time a customer walks out of the store without making a decision, you take a big chance on losing the sale. Keep the options to a minimum to maximize the sales numbers.
8. Break it Down
Got a big ticket item? Break the price into bite sizes for more appeal. Yeah, 90 cents a day sounds much cheaper than $325!
9. Create Bonuses
An unexpected bonus with a purchase makes it seem like you got a lot more for your money. Keep customers smiling when they walk away from the cash register, and they'll keep coming back for more.
10. Handle Customer Complaints With a Little TLC
Don't waste time getting to the bottom of the problem. Customers want to feel they are being heard, or they wouldn't take the time to complain to you. Are you afraid that you'll be losing profit, if you have to bend too far backwards to accommodate them? Think of it this way... an unhappy customer you turn into a happy customer will become a loyal customer. Yeah, it'll pay in the long run.
By Sales Tracking Portal [ Free Online Sales Tracking Software]
You don't have to spend a fortune to boost your sales! Take a look at these 10 quick and easy ways to send your profits to the moon without digging into you advertising budget.
1. Test and Evaluate
Have you ever wondered just how much of your advertising budget should go toward experimenting with the latest marketing strategies? Marketing gurus say... spend 20 percent looking for new and improved marketing methods, while the remaining 80 percent uses the "tried and true" marketing strategies to keep the profits flowing.
2. Capture Attention on your Website
Use headlines that leap out and grab the reader's attention to moment they open your Web page. Hey, they're just like you... if their attention isn't caught immediately, they 're ready to surf on the more exciting things!
3. Use the Best-Kept Marketing Secret - Postcards
Postcards are quick and easy to read, not to mention the fact that you can shave off a great deal of wasted advertising expenses by targeting your market. Hey, they're cheap and convenient for you, and they get read more than other types of advertising materials... a winner all the way around!
4. Let Customers Sell You
Some things sound better coming from someone else. Yes, it's hard to brag your business up as effectively as a satisfied customer. Testimonials are evidence that you deliver what you promise. Paste them across ads, your Website, and any other sales copy you happen to distribute.
5. Just Ask
Great salesmen take the time to listen to the questions the customer has, identify their wants and needs, then ask for the sale. That's right, they're not afraid to just ask them to buy! Sometimes customers just need that little bit of pressure to cement the deal.
6. Raise the Value
Sometime value is only in they eyes of the beholder. You can raise the perceived value of your products by pointing out benefits that consumers may have overlooked. While you're at it, raise the price. Yeah, we all know that more valuable items have higher price tags! Don't be surprised if your profits skyrocket.
7. Make it Easy to Decide
Have you ever had a hard time deciding what to buy? Uh-huh, you don't always come to a conclusion immediately. Every time a customer walks out of the store without making a decision, you take a big chance on losing the sale. Keep the options to a minimum to maximize the sales numbers.
8. Break it Down
Got a big ticket item? Break the price into bite sizes for more appeal. Yeah, 90 cents a day sounds much cheaper than $325!
9. Create Bonuses
An unexpected bonus with a purchase makes it seem like you got a lot more for your money. Keep customers smiling when they walk away from the cash register, and they'll keep coming back for more.
10. Handle Customer Complaints With a Little TLC
Don't waste time getting to the bottom of the problem. Customers want to feel they are being heard, or they wouldn't take the time to complain to you. Are you afraid that you'll be losing profit, if you have to bend too far backwards to accommodate them? Think of it this way... an unhappy customer you turn into a happy customer will become a loyal customer. Yeah, it'll pay in the long run.
By Sales Tracking Portal [ Free Online Sales Tracking Software]
Monday, January 10, 2011
4 Ways to Use Auto-Responders to Build Sales
By Sales Tracking Portal [ Free Online Sales Tracking Software]
Auto-responders, email systems which are built to deliver multi-step messages over time, will add value to your business in four ways: auto-responders can educate customers about your products and services, auto-responders can build rapport with your prospects, and auto-responders can carry much of your customer support and customer training load. These systems are always working for you delivering important and valuable information. Please see several ideas on how to do this below:
1. Communicate with Customers: Enter company data and product information into a series of auto-responders. Messages should be informative for your customers and should include an offer of value which the recipient can respond to. The auto-responder cycle can add value by making your company information more accessible to your clients.
2. Increase New Business Sales: Put a lead management system in place with auto-responder functionality. This will solve a common problem. Sales people will work a lead list, and burn a lead if it does not respond. The multi-step auto-responder system keep your company in your prospects's mind. The AR system spark a low fire into the mind of your prospect and build mind-share touch by touch.
3. Distribute Training: Training is critical to customer adoption and customer retention. Training is expensive and can eat up valuable sales and operation time. Distribute training to customers, new and existing, with an AR. The messages can range from the "Welcome on-board" basics and can evolve to advanced learning. Why not create advanced usage streaming videos and content and load up a 7 or a 10 message AR and put this Advanced Training offer to your customers for a fee?
4. Distribute Support: Set-up an auto-responder with Frequently Asked Questions. Determine what customer queries are asked and put a series of answers into your auto-responder. Put your AR to work for you by distributing your FAQ to your customers and your trial users.
The auto-responder sequences are fluid: work always to improve your messages and your offers. Your auto-responders can differentiate your business by optimizing customer communication and getting the most from your lead generation and marketing systems.
By Sales Tracking Portal [ Free Online Sales Tracking Software]
Auto-responders, email systems which are built to deliver multi-step messages over time, will add value to your business in four ways: auto-responders can educate customers about your products and services, auto-responders can build rapport with your prospects, and auto-responders can carry much of your customer support and customer training load. These systems are always working for you delivering important and valuable information. Please see several ideas on how to do this below:
1. Communicate with Customers: Enter company data and product information into a series of auto-responders. Messages should be informative for your customers and should include an offer of value which the recipient can respond to. The auto-responder cycle can add value by making your company information more accessible to your clients.
2. Increase New Business Sales: Put a lead management system in place with auto-responder functionality. This will solve a common problem. Sales people will work a lead list, and burn a lead if it does not respond. The multi-step auto-responder system keep your company in your prospects's mind. The AR system spark a low fire into the mind of your prospect and build mind-share touch by touch.
3. Distribute Training: Training is critical to customer adoption and customer retention. Training is expensive and can eat up valuable sales and operation time. Distribute training to customers, new and existing, with an AR. The messages can range from the "Welcome on-board" basics and can evolve to advanced learning. Why not create advanced usage streaming videos and content and load up a 7 or a 10 message AR and put this Advanced Training offer to your customers for a fee?
4. Distribute Support: Set-up an auto-responder with Frequently Asked Questions. Determine what customer queries are asked and put a series of answers into your auto-responder. Put your AR to work for you by distributing your FAQ to your customers and your trial users.
The auto-responder sequences are fluid: work always to improve your messages and your offers. Your auto-responders can differentiate your business by optimizing customer communication and getting the most from your lead generation and marketing systems.
By Sales Tracking Portal [ Free Online Sales Tracking Software]
Friday, January 7, 2011
Why It Seems So Hard to Get Hired for Your Services!
By Sales Tracking Portal [ Free Online Sales Tracking Software]
To answer this question let’s first take a look at the difference between promoting products VS services.
Products often have cool features that show results quickly. Talk about the benefits of a feature and how it’ll make your customer’s life easier and you’ll probably get a sale.
Services on the other hand, are intangible. There are no buttons to push or “before and after” pictures to see. Services often get categorized as “luxury items” we can usually survive without. They are more challenging to sell because the “results” of a service can be difficult to quantify measure or prove.
Many “hard sell” sales trainers shy away from working with service providers. It is easier to train someone to sell products with features you can see and results you can prove.
After four years in the corporate world selling products (Electronic telephone systems), I transferred into yellow pages advertising. Many of the “sales” techniques we used to sell telephones wouldn’t work at all in advertising! I quickly found out that I needed new sales techniques to promote the intangible results of advertising.
Authors, Coaches, Consultants, etc. produce results that improve the human side of life and business and “Alternative Healers” deal with subtle energies that may take longer to produce quantifiable results. To the average consumer, these are luxuries that, although desirable and beneficial, can be “done without” if money is tight.
Most of my clients haven’t got a clue how to tell people about the benefits and results of their good services. They feel frustrated and wonder why clients are so hard to get. Many are good at explaining how they work and what tools they use. The problem is that most consumers couldn’t care less about how you work. We care more about the benefits we’ll experience after hiring you. We want to be clear on what results you can deliver in exchange for our hard-earned money.
“What’s in it for me?” your customers are asking. It is time to stop feature-dumping! Features only imply that a “process” is beneficial, or a “technique” is going to help…. As service providers we must be able to describe clear results to potential clients.
Success Story:
One client arrived in despair. She had a great service as a professional organizer and sadly, few customers to show for it.
I asked her to give me the top 10 benefits of her good service…alas she (like many others responding to this request) provided a list of top 10 features instead.
She listed “features” that describe how she gets to a result. Features like:
- Customized quotes
- Office flow organization tweaking
- Created new filing systems
- Ergonomic layouts for offices, etc.
Sound pretty good, don’t’ they? Sure, and her customers seemed interested and keen, BUT they were not following through and hiring her.
I helped her articulate a more effective sales list of the benefits and results of her good work. Results like:
- Added value of charging only her client’s specific needs
- Improved and streamlined office procedures
- To save time and decrease frustrations
- Ability to provide better customer service
- Increased efficiency with improved filing structure
- Less time wasted due to poor office layout
- Resulting in increased productivity all around.
We created a list of 6 good questions she can ask to uncover if a client needs organizational help. Why waste time telling clients all about our services if they don’t need them?
Now, my client will always ask questions to find out first if someone seriously needs her service. If they do, she tells them with confidence about the results she can provide and is more secure asking for their business. By following these guidelines you too can get hired faster with more confidence practically every time!
"Anna Kanary's Sales class was exactly what I needed! As someone with very little sales background and who struggles to close the deal with potential clients, this class gave me the format, confidence, clarity and momentum I needed to get out there and get more clients! Anna's expertise combined with her warmth makes this class not only exceptional but necessary...you will get more than you ever expected!"
Sarah O. Bloomquist, Personal Life Coach, Innermost Coaching, www.innermostcoaching.com
By Sales Tracking Portal [ Free Online Sales Tracking Software]
To answer this question let’s first take a look at the difference between promoting products VS services.
Products often have cool features that show results quickly. Talk about the benefits of a feature and how it’ll make your customer’s life easier and you’ll probably get a sale.
Services on the other hand, are intangible. There are no buttons to push or “before and after” pictures to see. Services often get categorized as “luxury items” we can usually survive without. They are more challenging to sell because the “results” of a service can be difficult to quantify measure or prove.
Many “hard sell” sales trainers shy away from working with service providers. It is easier to train someone to sell products with features you can see and results you can prove.
After four years in the corporate world selling products (Electronic telephone systems), I transferred into yellow pages advertising. Many of the “sales” techniques we used to sell telephones wouldn’t work at all in advertising! I quickly found out that I needed new sales techniques to promote the intangible results of advertising.
Authors, Coaches, Consultants, etc. produce results that improve the human side of life and business and “Alternative Healers” deal with subtle energies that may take longer to produce quantifiable results. To the average consumer, these are luxuries that, although desirable and beneficial, can be “done without” if money is tight.
Most of my clients haven’t got a clue how to tell people about the benefits and results of their good services. They feel frustrated and wonder why clients are so hard to get. Many are good at explaining how they work and what tools they use. The problem is that most consumers couldn’t care less about how you work. We care more about the benefits we’ll experience after hiring you. We want to be clear on what results you can deliver in exchange for our hard-earned money.
“What’s in it for me?” your customers are asking. It is time to stop feature-dumping! Features only imply that a “process” is beneficial, or a “technique” is going to help…. As service providers we must be able to describe clear results to potential clients.
Success Story:
One client arrived in despair. She had a great service as a professional organizer and sadly, few customers to show for it.
I asked her to give me the top 10 benefits of her good service…alas she (like many others responding to this request) provided a list of top 10 features instead.
She listed “features” that describe how she gets to a result. Features like:
- Customized quotes
- Office flow organization tweaking
- Created new filing systems
- Ergonomic layouts for offices, etc.
Sound pretty good, don’t’ they? Sure, and her customers seemed interested and keen, BUT they were not following through and hiring her.
I helped her articulate a more effective sales list of the benefits and results of her good work. Results like:
- Added value of charging only her client’s specific needs
- Improved and streamlined office procedures
- To save time and decrease frustrations
- Ability to provide better customer service
- Increased efficiency with improved filing structure
- Less time wasted due to poor office layout
- Resulting in increased productivity all around.
We created a list of 6 good questions she can ask to uncover if a client needs organizational help. Why waste time telling clients all about our services if they don’t need them?
Now, my client will always ask questions to find out first if someone seriously needs her service. If they do, she tells them with confidence about the results she can provide and is more secure asking for their business. By following these guidelines you too can get hired faster with more confidence practically every time!
"Anna Kanary's Sales class was exactly what I needed! As someone with very little sales background and who struggles to close the deal with potential clients, this class gave me the format, confidence, clarity and momentum I needed to get out there and get more clients! Anna's expertise combined with her warmth makes this class not only exceptional but necessary...you will get more than you ever expected!"
Sarah O. Bloomquist, Personal Life Coach, Innermost Coaching, www.innermostcoaching.com
By Sales Tracking Portal [ Free Online Sales Tracking Software]
Thursday, January 6, 2011
Purchase Order Finance - Your Tool For Unlimited Sales
By Sales Tracking Portal [ Free Online Sales Tracking Software]
Do you sell to the government or to large companies? Do you regularly get purchase orders that stretch your company’s ability to deliver? Lastly, if you had financing to cover all your supplier costs, could you sell more? Much more?
If you answered yes to any of these questions, then purchase order financing could help your business grow.
Purchase order financing is a way of financing sales that has been gaining popularity with US and Canadian businesses. It offers a very simple proposition. If you have an order from a large credit worthy business (or government agency), then the financing company will provide you with the necessary funding to fulfill your supplier payments and make the sale. Call it sales based financing. It works well for resellers, distributors and wholesalers, although it can also be used in other industries.
Here is how purchase order financing works. Let’s say that you own a company that has been getting progressively larger orders, tightening your cash flow. After setting up a purchase order financing agreement, this is how your sales financing would work:
1. You get an order from a client
2. The purchase order finance company handles up to 100% of your supplier payments (by direct payment or letter of credit)
3. The order is fulfilled and the goods are delivered
4. The transaction is settled, once the client pays their invoices
As you can see, purchase order financing allows you to leverage the resources of the financing company and allows you to increase your sales. With PO financing, lack of cash flow will never be a reason to lose a sale.
As opposed to a business loan from a bank, purchase order financing is very easy to obtain and can be set up in days. The main requirement is to have valid orders from good commercial or government clients. Most banks won’t offer this type of financing, but you can get it from a factoring company. As a matter of fact, purchase order financing and invoice factoring are frequently combined to help reduce the costs of the transaction.
So, if your purchase orders are piling up, be sure to consider financing with purchase order funding.
By Sales Tracking Portal [ Free Online Sales Tracking Software]
Do you sell to the government or to large companies? Do you regularly get purchase orders that stretch your company’s ability to deliver? Lastly, if you had financing to cover all your supplier costs, could you sell more? Much more?
If you answered yes to any of these questions, then purchase order financing could help your business grow.
Purchase order financing is a way of financing sales that has been gaining popularity with US and Canadian businesses. It offers a very simple proposition. If you have an order from a large credit worthy business (or government agency), then the financing company will provide you with the necessary funding to fulfill your supplier payments and make the sale. Call it sales based financing. It works well for resellers, distributors and wholesalers, although it can also be used in other industries.
Here is how purchase order financing works. Let’s say that you own a company that has been getting progressively larger orders, tightening your cash flow. After setting up a purchase order financing agreement, this is how your sales financing would work:
1. You get an order from a client
2. The purchase order finance company handles up to 100% of your supplier payments (by direct payment or letter of credit)
3. The order is fulfilled and the goods are delivered
4. The transaction is settled, once the client pays their invoices
As you can see, purchase order financing allows you to leverage the resources of the financing company and allows you to increase your sales. With PO financing, lack of cash flow will never be a reason to lose a sale.
As opposed to a business loan from a bank, purchase order financing is very easy to obtain and can be set up in days. The main requirement is to have valid orders from good commercial or government clients. Most banks won’t offer this type of financing, but you can get it from a factoring company. As a matter of fact, purchase order financing and invoice factoring are frequently combined to help reduce the costs of the transaction.
So, if your purchase orders are piling up, be sure to consider financing with purchase order funding.
By Sales Tracking Portal [ Free Online Sales Tracking Software]
Wednesday, January 5, 2011
The Effective Use of Business Lead Databases
By Sales Tracking Portal [ Free Online Sales Tracking Software]
Business lead databases are an incredible resource for any business wanting to generate clients. Leads are the life source of almost every successful business. Without leads you have no customers and without customers you have no sales, no referrals, and definitely no income.
Business lead databases are essentially a huge resource of business leads. They are websites or companies that have a list of businesses categorized into industry sector. Decent business databases will be updated often and they will only contain opt-in leads to businesses that wish to be included.
Fresh Leads
Regularly updated lists mean you will always have up to date information. You won’t be clicking dead links to sites, you won’t be trying to contact people who have left the company or moved department and you won’t be contacting companies who are in a different industry to the type you are interested in.
Opt-In Leads
Opt-in leads mean that the business and contact details you are using are not only relevant but they are also willing recipients of your emails, letters or phone calls. With the increase of Spam and the prosecution of people and companies who partake in spamming individuals and companies it is in your best interest to make sure that you do not Spam.
Targeted Prospects
Specific leads from business databases will be categorized accurately dependant on geographic location, industry and any other specifications you may have. The increasing use of the Internet to run businesses means that geographic location isn’t as important anymore. You can sell your products or services to customers across the world but you may also want to send mail campaigns or paper flyers. You may be selling large heavy equipment or a service that can only be performed in person. In these cases you will only want to contact companies or people who are in a region close to your own.
Reputable business databases will offer all of this and much more. As you can imagine, keeping a database like this maintained and up to date will entail a lot of work. In order to do this effectively, they will more than likely charge a small fee to cover the ongoing work.
Find a Good Business Database and Stick With It
The Internet has a lot of available business databases and you should be careful to select one that has a large number of businesses included and keeps its records up to date and as accurate as possible. You shouldn’t just jump in with the cheapest one you can find or you may find that you wasted your money and you have to pay again for a better database.
Business databases are an invaluable resource for getting large amounts of leads in a very short period of time. They can save you months, even years, of trying to develop your own leads and every web site and small business should consider using one.
Paying for the use of business databases can either be as a one time payment allowing you full lifetime access or on a monthly basis, or even for each category of mailing list you require. There’s even a chance you could get some free leads for your money.
In short, business lead databases can be a great investment. Don't just jump in and buy the first lead list you find. Shop around, find a reputable company and the extra work and fees involved will likely be very worth the effort.
By Sales Tracking Portal [ Free Online Sales Tracking Software]
Business lead databases are an incredible resource for any business wanting to generate clients. Leads are the life source of almost every successful business. Without leads you have no customers and without customers you have no sales, no referrals, and definitely no income.
Business lead databases are essentially a huge resource of business leads. They are websites or companies that have a list of businesses categorized into industry sector. Decent business databases will be updated often and they will only contain opt-in leads to businesses that wish to be included.
Fresh Leads
Regularly updated lists mean you will always have up to date information. You won’t be clicking dead links to sites, you won’t be trying to contact people who have left the company or moved department and you won’t be contacting companies who are in a different industry to the type you are interested in.
Opt-In Leads
Opt-in leads mean that the business and contact details you are using are not only relevant but they are also willing recipients of your emails, letters or phone calls. With the increase of Spam and the prosecution of people and companies who partake in spamming individuals and companies it is in your best interest to make sure that you do not Spam.
Targeted Prospects
Specific leads from business databases will be categorized accurately dependant on geographic location, industry and any other specifications you may have. The increasing use of the Internet to run businesses means that geographic location isn’t as important anymore. You can sell your products or services to customers across the world but you may also want to send mail campaigns or paper flyers. You may be selling large heavy equipment or a service that can only be performed in person. In these cases you will only want to contact companies or people who are in a region close to your own.
Reputable business databases will offer all of this and much more. As you can imagine, keeping a database like this maintained and up to date will entail a lot of work. In order to do this effectively, they will more than likely charge a small fee to cover the ongoing work.
Find a Good Business Database and Stick With It
The Internet has a lot of available business databases and you should be careful to select one that has a large number of businesses included and keeps its records up to date and as accurate as possible. You shouldn’t just jump in with the cheapest one you can find or you may find that you wasted your money and you have to pay again for a better database.
Business databases are an invaluable resource for getting large amounts of leads in a very short period of time. They can save you months, even years, of trying to develop your own leads and every web site and small business should consider using one.
Paying for the use of business databases can either be as a one time payment allowing you full lifetime access or on a monthly basis, or even for each category of mailing list you require. There’s even a chance you could get some free leads for your money.
In short, business lead databases can be a great investment. Don't just jump in and buy the first lead list you find. Shop around, find a reputable company and the extra work and fees involved will likely be very worth the effort.
By Sales Tracking Portal [ Free Online Sales Tracking Software]
Tuesday, January 4, 2011
Sales Prospecting and a Targeted Selection Process
By Sales Tracking Portal [ Free Online Sales Tracking Software]
What’s a Targeted Selection Process? As related to prospecting, it is a process or system of defining whom you want to call on and performing the due diligence of data procurement to understand who you are calling on and why you have chosen them.
It can be as simple as choosing an industry, picking a company name out of the yellow pages, understanding the appropriate level of contact to call on, and investigating a name that goes with the title.
Or it can be as complex as an expensive CRM (customer relationship management) system for existing customers, defining market share of your product portfolio and routinely touching the existing base to broaden the revenue pond.
But here’s what’s important to understand. Your Targeted Selection Process is a separate component of your sales strategy. It stands by itself.
But it is directly allied with your other Sales performance indicators. The degree of success you’ll have in the business of sales is proportional to raising and maintaining these success indicators to a level more proficient than the industry norm.
And the direction you decide to travel is strategic to the outcome. I call it the ‘Playing Field’. Because that’s where it all starts… it’s where the game begins.
Here’s what I mean. There are basically (2) strategies in picking your ‘Playing Field’; a ‘Bottom-up’ approach or a ‘Top-down’ approach.
The following is an example of a Bottom-up approach. A Telecommunications rep initiates a telephone call into a company and asks the question “Who handles your telecommunications needs?” Guess where they are sent? If you said ‘office manager’ you guessed right. If you said ‘Head Janitor’ you weren’t far off.
Is there anything ‘wrong’ with that? Not really; it’s legal and a lot of folks out there do it.
But let’s think through this option as a ‘Business person’ would. Let’s study it as it relates to our sales process and individual Key Performance Indicators (KPI); Conversation-to-appointment ratio, 1st appointment to Proposal ratio, Closing ratio, sales cycle and average revenue per sale. Because these success indicators are gateways that directly affect the outcome of a sales process.
Do your KPI’s go up or down with a bottom-up approach? Historically, a bottom-up approach promotes a:
1. 1st appointment to Proposal ratio to decrease
2. Closing ratio to decrease
3. Sales cycle to increase
4. Average revenue per sale to decrease
Bottom line, you’ll be leaving time and money on the table if you choose this Target strategy.
We’ll revisit the Conversation-to-appointment KPI in a minute.
At the other end of the Target spectrum is the ‘Top-down’ strategy for securing a new Targeted business appointment. Let’s say that same telecommunications rep chose this approach in prospecting for new business. The first step in this process is ‘Homework’; some due diligence prior to picking up the telephone.
Activities like:
• Gathering a list of appropriate industries
• Assigning the highest appropriate level of contact to each account; by company size and industry
• Researching contact name for each appropriate title and account
• Researching what each business does to exist and prosper
That sounds like a bit of work. But what historically happens with a ‘Top-down’ approach in line with sales performance KPI’s?
1. 1st appointment to Proposal ratio increases
2. Closing ratio increases
3. Sales cycle decreases
4. Average revenue per sale increases
OK. We agree that’s a no-brainer. So it all comes down to the 1st and foremost sales performance indicator, your Conversation-to-appointment ratio.
That’s simply how many times you conduct a conversation with a target prospect versus how many times you achieve one. And the national average on that KPI is between 4% and 18%; Top-down or Bottom up approach. So it takes 10, 12 or 20 conversations to achieve 1 or 2 appointments. And that’s a lot of work. In fact, JDH Group studies show sales individuals spend an average of 50% of their time on prospecting activities, or about 22 hours per week.
That leads a sensible person to the conclusion that one needs to focus on efficiencies in Prospecting. And to secure those ‘Competencies’ one must develop a communication ‘system’ in line with your business solutions, your ‘Top-down’ Prospect perceptions and your competitive influences.
Not from a product/service angle, that’s ‘selling’ over the telephone. But a communications methodology that lends itself to ‘Business acumen’; insight into what is strategic to your target prospect’s business objectives, what pains they are facing due to recent events or what changes are on the horizon that may effect their current status quo.
Next is figuring out how to communicate to your ‘Top-down’ target the prospective benefits of your product/service in terms relevant to their financial Key Performance Indicators; line items like ROI, IRR and Payback Period. Those are success indicators that organizations rely on to measure progress toward their organizational goals. It’s their ‘Scorecard’.
So lesson number one. When you’re addressing a target level that has Budget authority; a President/Owner of a small company or a CFO/Controller of a medium size one, you’d better be talking terms in line with what they need to accomplish, not in a ‘sales language’ creating a prospect perception that you’re (1) don’t understand their business and (2) are simply trying to make a living.
From a 10,000 foot altitude, understand and communicate what’s on your ‘Top-down’ target prospect’s ‘Front Burner’ business objectives…not clear over in the freezer!
You can choose not to accept the standard ‘sales 101 playing field’.
Identify your individual performance components (KPI’s) that are essential to your success and develop or seek systems to raise your competency ratios and performance efficiencies.
And start your process by picking a ‘Top-down Playing Field’ and educating yourself to their world.
By Sales Tracking Portal [ Free Online Sales Tracking Software]
What’s a Targeted Selection Process? As related to prospecting, it is a process or system of defining whom you want to call on and performing the due diligence of data procurement to understand who you are calling on and why you have chosen them.
It can be as simple as choosing an industry, picking a company name out of the yellow pages, understanding the appropriate level of contact to call on, and investigating a name that goes with the title.
Or it can be as complex as an expensive CRM (customer relationship management) system for existing customers, defining market share of your product portfolio and routinely touching the existing base to broaden the revenue pond.
But here’s what’s important to understand. Your Targeted Selection Process is a separate component of your sales strategy. It stands by itself.
But it is directly allied with your other Sales performance indicators. The degree of success you’ll have in the business of sales is proportional to raising and maintaining these success indicators to a level more proficient than the industry norm.
And the direction you decide to travel is strategic to the outcome. I call it the ‘Playing Field’. Because that’s where it all starts… it’s where the game begins.
Here’s what I mean. There are basically (2) strategies in picking your ‘Playing Field’; a ‘Bottom-up’ approach or a ‘Top-down’ approach.
The following is an example of a Bottom-up approach. A Telecommunications rep initiates a telephone call into a company and asks the question “Who handles your telecommunications needs?” Guess where they are sent? If you said ‘office manager’ you guessed right. If you said ‘Head Janitor’ you weren’t far off.
Is there anything ‘wrong’ with that? Not really; it’s legal and a lot of folks out there do it.
But let’s think through this option as a ‘Business person’ would. Let’s study it as it relates to our sales process and individual Key Performance Indicators (KPI); Conversation-to-appointment ratio, 1st appointment to Proposal ratio, Closing ratio, sales cycle and average revenue per sale. Because these success indicators are gateways that directly affect the outcome of a sales process.
Do your KPI’s go up or down with a bottom-up approach? Historically, a bottom-up approach promotes a:
1. 1st appointment to Proposal ratio to decrease
2. Closing ratio to decrease
3. Sales cycle to increase
4. Average revenue per sale to decrease
Bottom line, you’ll be leaving time and money on the table if you choose this Target strategy.
We’ll revisit the Conversation-to-appointment KPI in a minute.
At the other end of the Target spectrum is the ‘Top-down’ strategy for securing a new Targeted business appointment. Let’s say that same telecommunications rep chose this approach in prospecting for new business. The first step in this process is ‘Homework’; some due diligence prior to picking up the telephone.
Activities like:
• Gathering a list of appropriate industries
• Assigning the highest appropriate level of contact to each account; by company size and industry
• Researching contact name for each appropriate title and account
• Researching what each business does to exist and prosper
That sounds like a bit of work. But what historically happens with a ‘Top-down’ approach in line with sales performance KPI’s?
1. 1st appointment to Proposal ratio increases
2. Closing ratio increases
3. Sales cycle decreases
4. Average revenue per sale increases
OK. We agree that’s a no-brainer. So it all comes down to the 1st and foremost sales performance indicator, your Conversation-to-appointment ratio.
That’s simply how many times you conduct a conversation with a target prospect versus how many times you achieve one. And the national average on that KPI is between 4% and 18%; Top-down or Bottom up approach. So it takes 10, 12 or 20 conversations to achieve 1 or 2 appointments. And that’s a lot of work. In fact, JDH Group studies show sales individuals spend an average of 50% of their time on prospecting activities, or about 22 hours per week.
That leads a sensible person to the conclusion that one needs to focus on efficiencies in Prospecting. And to secure those ‘Competencies’ one must develop a communication ‘system’ in line with your business solutions, your ‘Top-down’ Prospect perceptions and your competitive influences.
Not from a product/service angle, that’s ‘selling’ over the telephone. But a communications methodology that lends itself to ‘Business acumen’; insight into what is strategic to your target prospect’s business objectives, what pains they are facing due to recent events or what changes are on the horizon that may effect their current status quo.
Next is figuring out how to communicate to your ‘Top-down’ target the prospective benefits of your product/service in terms relevant to their financial Key Performance Indicators; line items like ROI, IRR and Payback Period. Those are success indicators that organizations rely on to measure progress toward their organizational goals. It’s their ‘Scorecard’.
So lesson number one. When you’re addressing a target level that has Budget authority; a President/Owner of a small company or a CFO/Controller of a medium size one, you’d better be talking terms in line with what they need to accomplish, not in a ‘sales language’ creating a prospect perception that you’re (1) don’t understand their business and (2) are simply trying to make a living.
From a 10,000 foot altitude, understand and communicate what’s on your ‘Top-down’ target prospect’s ‘Front Burner’ business objectives…not clear over in the freezer!
You can choose not to accept the standard ‘sales 101 playing field’.
Identify your individual performance components (KPI’s) that are essential to your success and develop or seek systems to raise your competency ratios and performance efficiencies.
And start your process by picking a ‘Top-down Playing Field’ and educating yourself to their world.
By Sales Tracking Portal [ Free Online Sales Tracking Software]
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