The One Thing Everyone Wants to Buy (Rewind)

This entry was originally posted in December 2010, but I thought it was worth reviewing once more as the content is still relevant today and can help you sell into 2013.

On Friday, November 5th, I arrived at the Atlanta airport by 6:35AM. I checked my bags by 6:40. At 6:45, I walked into the Brooks Brother Store near Delta’s check-in area. Before the clocked hit 7:00AM on the dial, I spent $198 for a gray suit jacket to expand my working wardrobe.

As I handed over my credit card, I didn’t worry about price or wonder if there was a better gray jacket to be found at another store. I was happy to spend the money because buying clothing at the airport at the crack of dawn saved me time.

We’re all short on time and we all want more of it. Even when buyers claim they need a low-priced option, most of them really mean they want the lowest acceptable price taking the least amount of time to find.

What does this mean for sales professionals?

It means all of us need a time-saving component in our selling scripts. “Customer, we save you time because . . ."
• We’re easy to deal with.
• We’re watching your back.
• We are experts at this.
• We eliminate problems.
• Customers get what they expected to get.
• Customers like the end-product.

More time is the one thing everyone wants to buy. Selling your time saving advantage helps you sell more.

Fill the Funnel - Your Market

If you’re looking to increase sales, take a new look at the sales funnel. The funnel concept survives because it’s simple and brilliant. Potential customers flow in at the top of the funnel and the process of qualifying prospects begins. Some leads progress down the funnel and turn into opportunities. Other leads decide they’re not interested and evaporate. The speed of progress depends on the urgency of the buyer’s needs and your team’s selling skills. Some opportunities turn into orders and cause dollars to drip out at the bottom of the funnel.

Do You Serve a Big Enough Market?

Customer needs, geographical reach, and your ability to create awareness all place practical limitations on the size of the market you serve. If you can’t reach customers, they won’t buy from you. Your ability to create awareness combines with the buyer’s willingness to consider you as a supplier. Those two factors set boundaries and limit your reach.

Awareness is critical when selling. Many people may need your offering, but unless they know you exist, they won’t consider buying it from you.

If there aren’t enough potential buyers in the area you reach and serve, you must expand your territory to pour more into the funnel. If there are plenty of local buyers, but too few know you exist, your problem is creating awareness.

Some companies have a tougher problem to solve. There are plenty of potential buyers and loads of them know you exist, but they still aren’t interested in purchasing. Then, the problem could be your value proposition. Simply put, your value proposition states the benefits the customer gets when they pay your price.

Customers believe a price is “fair” when they think rewards justify costs. When too few customers are willing to buy at your price point, you have two options. You can increase the number of benefits offered so they get more for their money. Or, you can reduce the price to fit expectations.

Your Sacred Responsibility

Something to think about....

Every time you touch the client it is your sacred responsibility to build a stronger perception of value. To do that, every phone call, email and meeting must focus on the most important person on earth - the buyer - and how you can help them.

Loyalty

There is an enormous payoff for companies who move customers from satisfied to loyal on the spectrum because you'll get more business with higher markups. Identify a list of ten satisfied customers with big potential and talk to them. Find out what you would have to do differently in order to qualify for the gift of loyalty.

Reward loyal customers for their continued support.

• Have an event to thank them
• Send a thank you card signed by everyone in your company
• Send out a small appreciation gift
• Mark significant anniversaries like the tenth year of a partnership

Have You Determined Account Potential?

If you have yet to determine the account potential for your customers, read Friday's post and do so today!

Check back Wednesday for information on assessing account retention!

Account Potential

Take the time to assess the potential of your accounts by doing a gap analysis.

1. What is the customer's total spending for all the services that you offer?
2. How much do they buy from you?
3. How can you get more of the total?

Some customers know their total spend and will share that number with you. Others won't know or won't share, and you'll have to make an educated guess. After you come up with a number, do a quick calculation:

Total Customer Spend - Total Spend at Your Company = Opportunity Gap

Armed with this information, start conversations. Talk to the customer. Ask how you can get more of the total and then decide on a course of action.