This morning I had the opportunity to attend a presentation delivered by Robert Herjavec from The Dragon’s Den television show. The program was sponsored by Harry Rosen, a high-end men’s fashion store, and approximately 70-90 people attended the presentation. I was looking forward to the session because I have been a fan of the TV show since it aired six or seven years ago.
Here are a few things I picked up from his 45-minute presentation.
1. You need to be passionate about what you do. Successful people are very passionate about their business which means they will put in the effort that is required to succeed.
2. You have to put in the effort. Although he didn’t say it directly, he did mention several times that it takes hard work to run a business.
3. One of the biggest differences between very wealthy people and everyone else is their ability to think big. Herjavec admitted that he probably would be worth much more than he currently is if he had been able to believe that he could achieve enormous success earlier in his career. He admitted to being in awe of working side-by-side with Mark Cuban during a taping of Shark Tank, the Mark Burnett version of Dragon’s Dens.
4. You don’t have to be an asshole to succeed. Herjavec is a genuine, down-to-earth person. During his speech he said there are times he would like to be demanding and rude but in the back of his mind he could picture his mother slapping him and saying, “Don’t be rude.”
5. You need to have goals to focus on. It doesn’t matter whether they are business goals or personal objectives; you need to be able to focus your effort and energy on something.
6. You can captivate people without PowerPoint or multi-media presentations. As a professional speaker, I was extremely impressed how well he kept everyone’s attention during his presentation. Certainly part of this can be attributed to his celebrity status but beyond that it was his ability to share stories and real-life examples. He simply had a conversation with us and everyone listened.
The cool thing about the presentation was seeing how down-to-earth Herjavec was when interacting with people. Here’s a guy who has achieved enormous wealth by traditional standards but he didn’t stand at the front of the room and boast about it. He didn’t brag about his net worth or what he had accomplished. However, he wasn’t embarrassed by his success. It was obvious that he now used to it and comfortable with it. Plus, he admits in his book that he now enjoys the fame and recognition.
It was also interesting learning more about the behind-the-scenes of television programming. Herjavec shared insights about both the Canadian and American shows and the differences between the two.
But, ultimately, it was about meeting the man and hearing what he had to say. And it was definitely worth a morning of my time!
Thanks to Steve Ritchie, an account manager at MicroStrategy who sent me the link to sign up for this event; the power of social media!
In today’s business climate, virtually every company has more competition than they did a few years ago. And many of these competitors are beating at YOUR customers’ door in an effort to get their business. Some of these competitors will be more aggressive than you are and will succeed in getting your client’s attention. If that happens, there’s a good chance you could lose that customer.
However, if you are proactive in differentiating yourself from your competition you may be able to prevent from uprooting you. Your goal is to create or develop a strategic partnership with your customers instead of the typical vendor/supplier relationship. It’s not an easy task but it can be done.
Here are several strategies you can implement that will help you block your competition and maintain your foothold.
1. Increase the value you bring to the equation. Every time you see, meet, connect or interact with a customer, make sure you add value to the interaction. This can include industry insights or information to help them achieve their goals and objectives or advising them of new trends in the marketplace. It can mean giving them articles, white papers, journals or other information you come across that may be of value to them.
Of course, the only way you can accomplish this is to learn more about each customer’s personal situation. What’s important to them and their business? What business challenges they are experiencing? What business goals and objectives do they want to achieve? What career goals are they striving towards?
Invest time learning these details and you can quickly determine what information will be of most benefit to them.
2. Increase face time. You don’t need to increase the number of appointments sales calls you make. Instead, think of networking events, conferences and trade shows your customer’s may attend and make arrangements to be there too. The great thing about conferences and networking events is that your customer may have more time to talk. They may be more relaxed. And you may be able to have a conversation with fewer interruptions.
However, don’t attend these types of events with the intent of selling. Instead, follow the first suggestion above and think about what you can do to add more value to the interactions with people you connect with.
Also, your time and resources are limited so you need to look at this strategically. Where events do your BEST customer’s attend? Does it make sense for you to be there? I once attended an industry conference that many key decision-makers I wanted to meet attended. I made contact with one person and that connection generated a high-five figure sale.
3. Increase touch points. Many of your customers will accept more contact from you so increase the number of times they receive contact from you. This can include; email, telephone, face-to-face meetings, direct mail, fax, email, etc. Once again, the key is to provide some type of value in each of these contacts. Here are a few suggestions.
You can send articles, handwritten postcards or cards with an interesting business idea. Leave a brief voice mail with an idea to help them improve their business. Send a fax with 10 tips. You can do the same with email—although I suggest that you limit email correspondence for this because it can easily get lost in the noise (the average executive receives approximately 150 emails a day).
Although these strategies sound simple, the execution requires planning and forethought. You need to carve out time in your schedule and target your campaign to EACH customer. However, the investment will pay off when your competitors finally connect with your key contact and they hear something like, “We love our vendor and have no desire to consider a change.”
By the way, you can also use these ideas to edge out a competitor from a company that you would like to add to your roster. Plan your strategy. Be diligent. Be persistent. Be patient. And your competitor may end up hearing, “We’ve decided to try someone else.”
You’d think with all of the articles, webinars, podcasts, videos, and blog posts out there about how to conduct sales conversations, that those doing the selling would be experts who rarely have a prospect slam the phone down on them. Sadly, that is not the case.
There are still many sales people who don’t know how to first get a prospect’s attention and then hold it and guide the conversation to an eventual sale
During a recent podcast interview with Rain Today I stated, “Even though there’s a ton of information available, the interesting thing is the vast majority of sales people either don’t make themselves available for that information or use that information. And those that do read a lot of the blogs and information and attend webinars and things like that don’t actually apply the concepts on a consistent basis.”
I strongly believe that two things contribute to the problems people experience during their sales conversations:
1. People who have been selling for a long time think they can use the same approach they used 15 years ago. 2. New reps don’t have the experience or knowledge and most new sales people don’t receive any type of formal sales training.
One of the big mistakes both types of sellers make is focusing on the features of their service and not on their prospects and uncovering their pain points so they can position their solution appropriately.
The great folks at RainToday.com have asked me to share some other ideas so tomorrow afternoon I will be conducting a full-length webinar from 2:00-3:30 PM ET. Here’s a glimpse of what I will be discussing:
- Three fatal mistakes many sales people make in the first few minutes of a sales call or meeting. – How to develop rapport quickly and easily with new prospects (it’s not what you think!).
- 16 powerful questions to gain valuable insights into your prospect’s situation, decision-making process, concerns, and priorities.
- How to effectively transition from the qualifying process to presenting your solution.
- The one way to begin every sales presentation that will capture your prospect’s attention.
- 3 proven strategies that will help you reduce buyer resistance.
- How to gain commitment and move the sales process forward without being rude or pushy.
Well, the San Francisco Giants won the 2010 World Series. I admit that I didn’t follow the entire series since the Toronto Blue Jays did not qualify for the pennant race. However, like many World Series playoffs, thevictory was a result of the pitching. I love watching slow motion replays of pitchers because it reminds me of selling. Here’s why:
Effort. World championship pitchers put a tremendous amount of effort into EVERY pitch. They wind up as far back as they can go and throw as hard as they can…with every single pitch. I’m constantly amazed at the force they generate with each pitch.
Do you put maximum effort into every sales call and meeting?
They don’t hold back. Championship pitchers put 100 percent of their strength and energy into every throw. Just watch their body and face as they gear up to throw the ball. Their face contorts with the effort. Their muscles ripple and you can see the well-developed mechanics unleash as they work through the wind-up and complete the throw.
Do you put 100% of your energy into every sales call, meeting and conversation?
They do research. Before every game, World Series pitchers carefully watch video footage of the opposing team. They read the batting stats of each player and know what pitches each player favors and which ones they have a difficult time hitting.
What research do you complete before your sales calls and meetings?
Concentration. As a pitcher prepares to throw their next pitch, their concentration is completely focused on the batter. They aren’t thinking about the next at-bat or what they’re going to do after the game. All of their attention is focused on selecting and throwing the right pitch.
Do you focus your full attention on your prospects and customers during sales calls and meetings?
They get feedback. It’s not uncommon for the catcher and/or coach to walk out to the mound and offer feedback when the pitcher gets into trouble. The best pitcher listen to this feedback and make adjustments accordingly.
Do you ask for, and listen to, feedback from others?
They are hungry. Watch a major league pitcher when he gets that third strikeout. He pumps his fist in victory and strides confidently off the mound. You can see the pain of frustration on their face when they walk a batter or miss a particular pitch. These players are hungry for victory and anything less simply isn’t good enough.
Are you hungry enough?
High self-expectations. World Series pitchers have extremely high expectations for their performance. Second place simply is not acceptable. They know they can win and they want to win. They expect to win.
Do you expect to win?
Everyone in sales can learn a lot from major league sports, especially during Championship play. The next time you watch a sporting event, think about the lessons you can apply to your own business of sales.
My youngest daughter’s 10-year old car has been in the shop for the last week and the mechanics still don’t know what’s causing it to frequently stall. So, yesterday Mrs. Fearless and I decided to check out some new cars with her. We did a bit of research online and decided to visit four local dealerships.
On the way to the first dealership, Mrs. Fearless said, “This should provide some good content for your newsletter and blog.” As usual, she was right.
Dealership 1: We were greeted shortly after entering the showroom and when we told the salesperson the reason for our visit, he started the conversation by saying, “If you don’t mind, I’d like to ask you a few questions so I can point you in the right direction.” This sounded like something I wrote in my first book, so the conversation was off to a good start. During the conversation he focused most of his attention on my daughter and my wife. After learning what Shannon wanted in a car and the budget she was working with, he made two recommendations. He showed us the two vehicles, pointed out some features, and suggested a test drive. We explained that we were just in the information-gathering process and that we would return at a later date to test drive the car. He suggested that we call ahead to make an appointment to ensure that we didn’t waste our time.
Dealership 2: Once again we were approached shortly after our arrival. However, the only question the sales person asked was, “Do you want a small or medium sized car?” He then proceeded to talk about the car we were standing in front of, explaining things like engine size and fuel consumption. No attempt was made to find out what my daughter wanted in a car. However, he did give us a tour of the parking lot as he looked for several models to show us.
Dealership 3: The experience started off great when an employee held open the showroom door for us. Unfortunately, it quickly went downhill since no one approached us as we browsed the showroom. After several minutes we ventured outside to look at the cars in the lot. A few more minutes passed and still no sign of a sales person. However, as we got into our car and started to leave, a sales person walked outside and stared at us.
Dealership 4: A young man (late 20s to early 30’s) approached us a few moments after we entered the showroom. One of his first questions was budget, and although I normally don’t suggest leading a sales conversation with this question, in my daughter’s situation it was appropriate since she is working with a strict budget. The sales man was honest and said that he didn’t have any new cars that would fit into Shannon’s budget so he recommended a used vehicle. He took us outside and showed Shannon a couple of models that fit her needs and wants. His approach was friendly and helpful, although he repeatedly said some variation of “I can get you into this car…” and this statement annoys me to no end.
To make a long story short, the first and last dealerships stood out for us and we plan to make appointments at each so my daughter can test-drive the two cars she is considering.
I know that the car business is ultra-competitive and that price and financing terms can make or break a sale. However, the sales person also makes a significant difference in a person’s willingness to buy from you. This applies to virtually every type of business, too.
Whether you sell in a retail environment, business-to-consumer, or in a B2B setting; your approach, your focus on your customer/prospect, and the manner in which you handle each sales call will determine if you get a second meeting or the opportunity to move the sales process forward.
One of my favourite television shows is Dragon’s Den, a popular program that has budding entrepreneurs pitch their business idea in hopes of gaining funding from five venture capitalists. In exchange for the funding, the entrepreneurs give up a share of their company.
Several things struck me as I listened to the pitches on last night’s show (I really dislike that word, but that’s what these presentations are).
1. Overvaluation. Many of the people trying to secure money grossly over-value their company. For example, if someone asks for $100K in exchange for 20% of the company, the business has a valuation of $500,000. I have seen valuations that make absolutely no sense and it’s obvious that the person asking for the money has no idea how to value their company.
2. No revenues. Several of the entrepreneurs do not have any sales or their revenues are so low that they’re virtually non-existent. Unfortunately, the entrepreneurs don’t realize that the Dragons will not invest in their business if they don’t have the revenues to back up their claims. This is particularly true when the entrepreneur places a high valuation on their business.
3. Dumb idea. I don’t profess to be the smartest business person on the planet but even I know that a book written with the intention of reading it to a dog to help the dog fall asleep is a ridiculous idea, not to mention a stupid business venture. A book is NOT a business!
Yet, show after show, intelligent people pitch a ludicrous idea and they are dumbfounded when the Dragons reject it. What’s even more disturbing is that some of these people have invested tens of thousands of dollars in developing prototypes or trying to launch their idea.
What does this have to do with selling?
Every sales call, meeting and presentation you make is being evaluated by your prospect. If you fail to capture their attention, present a solid case that demonstrates how your prospect will benefit, they will reject your idea, product or solution and move on to other opportunities.
BTW: The US version of this show is called Shark Tank and it airs on ABC.
Yesterday was going to be a highly productive day.
Two networking meetings in the morning followed by a telephone conversation with a newsletter subscriber. After that, I would write a new blog posting. And then I needed to put the finishing touches on a speech I was scheduled to deliver this morning. A busy and productive day.
Productive, that is, until I experienced a sharp pain in my lower back and could barely get out of the car before my first networking meeting. The pain level was minor—until I moved. That’s when my well-laid plans changed entirely.
I missed a meeting, postponed the call and didn’t write my blog post. Oh, and I never did get around to rehearsing parts of my speech. I did, however, spend unplanned time at my chiropractor’s office followed by lots rest in bed icing my back when I returned home.
Where am I going with this?
Your prospects experience the same challenges. In fact, we all do. We make plans but unexpected problems crop up and prevent us from executing those plans.
Your prospect’s face competing demands on their time, problems crop up unexpectedly, and meetings run overtime and/or get bumped or changed. These situations interfere with their plans and prevent them from making progress on projects, moving forward on tasks, and making buying decisions.
Yet, many sellers forget this. They get frustrated when a prospect doesn’t return their call and they become annoyed when someone misses a scheduled call. But put yourself in their shoes for few minutes.
Your prospect gets to the office with a full schedule including a call with you. However, fifteen minutes before your scheduled call, they have to deal with a pressing problem that, if left unresolved, could cost them thousands of dollars.
What takes priority?
Obviously it’s the big problem. Which means your call gets bumped. It wasn’t your fault; the prospect didn’t intentionally miss your meeting. It’s just that other priorities took over.
So don’t get bent out of shape when a prospect misses a scheduled call. Instead, be patient and reschedule.
A few weeks ago I went to get my eyes checked because I needed a new pair of reading glasses. After updating my records, the person at the optometrist’s office asked in a very hesitant tone, “Will you be getting your glasses here or…”
It was evident from her tone of voice and the way her sentence trailed off at the end that she was extremely uncomfortable asking me if I wanted to buy new glasses from their office.
This is not uncommon. Many people are uncomfortable asking others for the sale or any other type of commitment. However, corporate decision makers expect you to ask and they expect you to be confident when asking for a commitment.
The most effective way to become comfortable asking someone for their business is to practise. Here are a few questions you can use.
“Would you like to go ahead with this?” “Can we do business together?” “How you would like to pay for this?” “Are you available to meet next Thursday?” “If I don’t hear back from you by Friday, can I call you?”
The key is to recite these questions aloud until they start to feel natural and comfortable. Don’t wait until you meet with your prospect; practise them beforehand so when you are in front of your prospect, you can ask with confidence.
A few weeks ago my wife suggested that I upgrade to Windows 7 and Office 2010. We knew that neither my laptop or desktop computer could run these updated pieces of software so I made the decision to buy a new laptop. I admit to being partial to the Sony Vaio so I emailed a sales rep at the local Sony Style store to find out when he was working. Even though he now only a part-time sales person, I preferred to deal directly with him because I had purchased numerous products from him over the last 7-8 years.
A few moments after entering the store, Nathan walked out from the back room and warmly greeted my wife and I (I brought my wife with me because she’s the computer expert in our household). I know, it’s a classic case of role reversal here but since she has been teaching people how to use computers more effectively for almost 20 years she’s more qualified than I am. And yes, I can admit that…
Anyway, Nathan asked how my car was after the accident and inquired about Louise’s health. I hadn’t told him about the crash which happened in late August but we’re connected on Facebook and he also reads my weekly newsletters.
As we were comparing two different laptops, he asked if I would be leasing it like I did the last time. That purchase was over 4 years ago! He also mentioned that the laptop I was considering had an HDMI output so I could hook it up directly to my television. He even went as far as mentioning the screen size of my TV. He also told me that it would connect easily with my projector that I had bought from him three or four years earlier.
I know that the store keeps records of our purchases and it’s highly likely that Nathan pulled up our purchase history before we met with him. But I was still impressed. It was obvious that he took the time to review what we had bought from him in the past and he subtlety used that information during our conversation.
My goal going into the store was to see the latest laptops and compare them with other alternatives, However, Nathan’s approach compelled me to buy. Buying a new laptop from him was a no-brainer. In fact, the entire process took less than 20 minutes!
Here are three lessons that can be learned from this interaction.
1. Do your homework before you meet with a client or prospect. Use that research to not only open a conversation with your customer but also to help them with their buying decision.
2. Know your customers’ preferences, likes and dislikes. Mention them during your sales conversation to help make the buying process easier for them.
3. Treat every customer as an individual and make them feel special. People want to know that you appreciate their business and Nathan’s approach demonstrated this.
This applies to B2B selling as much as retail. Corporate decision makers are more likely to deal with sales people who do their research before contacting them. They will be more motivated to do business with you if you can use this knowledge to demonstrate why they should buy from you. And you will earn their respect when you personalize the sales process.
I suspect that I will receive a thank-you card from Nathan in the next few weeks and your prospects will appreciate the same gesture from you.
Now, excuse me while I go and figure out this new software!
