How to Increase Sales by Being a Market & Product Expert

Developing your marketing appeal to the largest group of buyers is the difference between growing slowly or rapidly with more leads than you can handle.  You'll be the rare business owner or entrepreneur that can focus the sales team on both market expertise and product expertise. Here's how... 

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Visualize you have an audience of potential buyers where they are told they had to come but did not have to stay.  How do you keep them in the room?

Research by Chet Holmes in his book, The Ultimate Sales Machine, shows that only 3% of the people who can benefit from your product or services are ready to buy now and another 7% are open to the idea.  Assuming you can identify those 10% cost effectively that’s still a small number?  What if you could arouse the attention of the other 90% and re-educate them about their market vs. trying to sell your product immediately?  

If you use the direct approach with who’s buying your specific product/service you’ll get the 3% response.  What if you go with market approach, “The 5 Ways You’re Wasting Money and Time with ABCD?”  That will grab their attention for a little while and want to know more.  

The premise - offering to re-educate them on something of value vs. simply trying to sell them your product/service positions you as the expert and separates you from your competition.  Can you see how this makes it a lot easier to get appointments and enable you to get in to see just about anyone including the 90 percent who were not buying now.  Since the information was so good, it established the salesperson as an expert rather than merely a salesperson.

Want to serve Your Buyer Better…?  Be a Market Expert vs. a Product Expert

• Market data is far more motivational to your buyers than product data

• How does the market data make your products and services more important
• Apply this research as part of your marketing and sales appeal

ActionITEM:  Do a brainstorming session with your team on what industry market research you can re-educate your buyers on. Look at the findings historically to determine the amount and rate of change.  Give your buyers context that arouses their desire to know more about how your products and services benefit them.  

Want to know more on how to be a Market Expert vs Product Expert?  Then let’s talk.

Call me at ph:  972 291 5566 or eM:  StephenMarino@ActionCOACH.com

And we’ll get your sales team opening doors faster and more easily than directly selling products and services.

"Your Price is Too High...!" How does Your Sales Team Respond?

Business owners - how do your sales people react to the objection, “Your Price is Too High?”  Are they amateurs or professionals and can find out what is really holding back the customer?    

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Welcome to “Conversations every business owner has with their sales team.”  And today’s topic covers how your sales team reacts or responds when they receive the price objection.  

“Your price is too high!”  Now, you may be getting somewhere with your customer.  They're acknowledging the need for a solution, so follow up with further questions.

 

Here are 21 responses that will increase the probability engaging the customer and learning what’s keeping them back from purchasing.

Instead of reacting agasped and surprised as an amature, practice responding as a professional and ask with confidence...  

1. Which means?
2. Compared to what?
3. What was your expectation?  
4. If our competitor is much less, what does that tell you?  
5. You can always find a cheaper solution but you won't find both the quality and value.  Isn't that what interests you?
6. I am glad you mentioned price.  Is it the amount or the terms?  
7. It is high compared to what some companies charge.  What does the fact that we have over 500 customers buying from us imply?  
8. You really feel that our price is too high?  Could you explain that for me?
9. It costs only about 15¢ per hour of operation.  What kind of peace of mind does that buy?
10. If it wasn’t the price is there anything else that is getting in the way making a decision to purchase?
11. Our price is high, compared to what some others companies in the field in charge.  But I believe it’s not high enough for what it does.  As a matter of fact, as the economy improves we're expecting a price increase any day.  Why not buy now and get our high quality at today’s price?
12. Have you ever figured the price of not having a high quality?  The price of breakdown, the cost of wasted time, the extra phone calls, the headaches, the repairs bills…you see, high quality actually saves you money in the long run.  Let’s compare when we add these cost?
13. Don’t deceived by today's prices.  You actually pay less because we are giving you more service, more quality, more expertise, and more security.  Isn’t that what you really interested in?
14. The sweetness of low price is quickly forgotten when you have to deal day after day with the bitterness of low quality.
15. We can lower the price right now, but you need to make a decision on what options to cut from our proposal.  Okay?
16. I might get in trouble for saying this, but I know a way to save you a few bucks.  What if I cut my commission on this transaction to lower the price?  
17. Yes, we are not the cheapest in our field; however, we do over $8 Million a year at the same price.  We cannot do that if our customers weren't convinced that this is the best buy.  Wouldn't you agree?
18. Does your company pay you only to buy the cheapest products?  Are they really interested in getting the best value for the dollar?  Shall we talk about value?
19. Our price is too high?  We very rarely hear that, what do you mean?
20. How much too high is it?  Do you realize that if you keep and use your products for 5 years, and most people do, the price difference is only 12¢ a day?  Isn't it worth 12¢ a day to have the very best?
21. If it were cheaper, would you want it?  Good!  Then what you are telling me is that you're interested.  Let's look at some ways you can afford it!

So there you have it, 21 ways to respond and most are questions that get the customer to share what's holding them back from a purchase.  Some of these responses may not be suitable for your situation but use this as a brainstorm with your sales team to come up with the right ones for them.  And then practicing these responses so they ask the follow-up questions confidently to engage the customer vs being argumentative or defensive with the customer.

Obviously, the best sales engagements address price long before it comes up from the customer.  How to avoid the price objection is the subject of another blog.

If your sales team is facing objections like price that's consistently hindering sales, let's have a discussion on improving their effectiveness.

Call me at ph:  972 709 6776 or em:  StephenMarino@ActionCOACH.com

Let's get started...improving your sales team’s effectiveness to give you back control of your business, so you can earn more and work less...

Hi Stephen Marino, with ActionCOACH - World’s #1 Business Coaching firm, successfully coaching thousands of business owners globally over the past 20 years through the numerous boom/bust economic cycles to overcome the time, team, money and systems obstacles that get in the way of predictable increasing profits and productivity.

5 Ways to Prepare Your Marketing & Sales Team to Sell Your Brand

Business owners - how do your marketing and sales people describe your products and services?  Are they described in terms that address the customer’s fears, wants, needs and unmet desires?   

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Welcome to “Conversations every business owner has with their marketing and sales team.”  And today’s topic covers how your marketing and sales team communicates with your customers to find solutions.  Can your team describe all the different ways the customer can experience your company’s brand?   

Here are 5 questions to ask your marketing and sales team to discuss your products and services.  Improve performance here and you’ll make more sales...

1.   List the company’s range of products and services offered...this will spark an enlightening conversation

2.   How are the products and services offered and packaged to give customers choices for good, better, best options?  People are more likely to buy when they have options.  Step back look at the display offers.  Do the offers communicate easily the benefits, options, expectations and value to your customer?

3.   How do the sales people engage the customer to determine what problem needs to be overcome?  Do they share a story or follow an outline or script that lets the customer feel understood and appreciated and that you can help?

4.   How do the sales people present solutions to the customer?  How does the marketing and sales material enhance the buying experience?

5.   For your existing customers how do they learn of all your products and services after the first sale.  When do they learn of what else you could offer to delight them?

Review these questions with your Marketing and Sales team and you’ll improve the experience they give your customers and make more sales.  

If you discover the discussion was unsatisfactory, then let's talk.

Call me at ph:  972 709 6776 or em:  StephenMarino@ActionCOACH.com

Let's get started...improving your marketing and sales team’s effectiveness to give you back control of your business, so you can earn more and work less...

Hi Stephen Marino, with ActionCOACH - World’s #1 Business Coaching firm, successfully coaching thousands of business owners globally over the past 20 years through the numerous boom/bust economic cycles to overcome the time, team, money and systems obstacles that get in the way of predictable increasing profits and productivity.

Identify Why Your Marketing Leads Declined

Welcome to "Conversations Every Business Owner Must Have with Their Marketing and Sales team.  

When Marketing leads decline impacting sales, how do you to determine the cause and what to change?

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Whether you are a team of one or with several people dedicated to Marketing and Sales going through this evaluation will identify what to change.

Let's start by evaluating these 4 key areas...

1. Audience:  Start with your target audience...do you have your ideal customer, client, patient or member identified by demographic, psychographic and geographic characteristics?  These are the people that benefit the most by experiencing your products and services.  Can you describe them and determine where they are in the greatest number at the time they are most receptive to your offer?  The more you can segment this audience the more effective your marketing will be.  
2. Offer:  What is your company offering customers that fulfills a want, need, must have or unmet desire to engage them?  The offer must create an eager want to initiate their response so a conversation can start.   
3. Copy:  Does the marketing message resonate with your customer?  Is it in their language that lets them know, you know them, understand them, and demonstrate you're likable, trustworthy and credible?  Is your message delivered suitably for their communication style - visually, auditory and/or kinetically?  Is there sufficient evidence you're relating to them in their personally preference for social proof and logically? 
4. Distribution:  How and when are you reaching and connecting with your target audience?  For most businesses with less than 50 employees direct response, online, print, social media, networking and speaking are the likely cost effective choices vs. advertising.  

This evaluation identified where the likely shortcoming is.  Now you and your team can concentrate specifically on solutions and avoid the destabilizing blame, excuse and denial behavior that's detrimental to your business.  

Still stumped and want an outside perspective?  I'll offer you a free marketing and sales consultation?  Then contact me at  ph:  972 709 6776 or eM:  StephenMarino@ActionCOACH.com

Let's get your marketing and sales re-ignited so you can be more profitable and productive...

How to Humanize B2B Marketing and Sales Conversations

Conversations Every Business Owner has with Their Marketing and Sales Team Series

Today’s question is, “What guidance do you give your marketing and sales team on how to humanize what you sell, especially in a B2B environment?”

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What you sell is stuff – it’s tangible and intangible products and services providing functionality, knowhow, speed, convenience, labor, compliance, feel good and confidence.  What they buy is you and your company’s promise to deliver on-time, to spec, on budget and wow – every time. 

The overarching premise is that you are having a conversation with a person in a company.  Yes, prioritize the person in the B2B environment.  The key to humanizing the discussion is to go beyond logic that gets them thinking and rationalizing and to personal emotion that gets them acting. 

Here are 7 tips get your marketing and sales team focused on humanizing your offering…

1.  Be Human:  Engage authentically, be genuine, show competence, as well as, vulnerability and character

2.  Tell a Story:  People listen to stories especially ones where they can see themselves participating.  Give them a beginning, middle and end with the point on how they benefit

3.  Site Relevant Statistics/Facts:  Research the evidence that describes their problems, the implications and how it doesn’t need to be that way.  You have a solution

4.  Ask your audience what’s important via conversations, interviews and surveys.  Ask what’s their #1 obstacle interfering with their productivity and profitability is it Time, Team, Money and/or Systems?  Why that one?  What would they do to overcome this obstacle?  Dig deep and don’t assume the answer.  They must acknowledge and express the discomfort and only then, can they decide to change 

5.  Show Social Proof:   Capture and document your customer Advocates and Raving Fans doing your selling for you.  “If I got these benefits so can you.”  If you say it, it may be true or not.  If they hear if from other’s it more credible

6.  Be news worthy:  Create events where the media wants to publicize it    

7.  Assure them they are not alone and you’re not going to judge them.  Demonstrate you hear, understand and appreciate their situation

To accelerate implementing how to humanize what you sell in a B2B environment, let’s talk.  I offer a complementary marketing and sales assessment.  And you’ll learn how to sell more by humanizing your marketing and sales conversations vs. competing on price and features.    Let’s get started…

Call 972 709 6776 or Email:  StephenMarino@ActionCOACH.com 

Which is Harder to Calculate - Acquisition Cost of the Moon or Your Customer?

As a kid during the 1960's I was excited and enthralled when President Kennedy declared there would be a man on the moon before the end of the decade.  By then I wouldn't need my parent's permission to go, either. I eagerly followed all of the Mercury, Gemini and Apollo programs leading up to the moon landing on July 20, 1969. I sought out opportunities to retell the story for science class in reports with information covered by national television, radio, New York Times, National Geographic, Time and Life articles as the subject was too new to have books published. I even continued the pursuit with undergraduate studies. I served in the military and kept my options open.  Eventually, the military allowed me to apply and was screened for the shuttle astronaut program in 1981. I didn't make the cut. 

Since that time, I've soared in the business environment while following the NASA missions.  Last week I heard a telling marketing statistic by David Meerman Scott, co-author of "Marketing the Moon: The Selling of the Apollo Lunar Program." "Can you imagine deciding that we’re going to send 12 people to the surface of the moon and it's going to cost 4 percent of the national budget and 2 percent of the national workforce for a decade? So we had to sell it."  Heck, I didn't need to be sold, I bought it.  

Regardless, what he just stated was the acquisition cost to walk on the moon in tangible terms.  Wow, if they can put numbers to that audacious feat why can't most business owners put numbers to what it cost them to acquire a customer?  Or the cost to retain a customer and determine the a customer's lifetime value?

To be fair, I did rocket off an email to the co-authors asking what the lifetime value of walking on the moon was?  I haven't received their number back...

To determine and reduce your customer acquisition and retention cost and increase their lifetime value numbers...Let's talk.  

call ph: 972 709 6776 or em: StephenMarino@ActionCOACH.com

What Level Business Do You Operate? And What You Can Do to Move Up

Business Owners – Do you notice the term “take your business to the next level a lot?”

What does that mean?

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It assumes clarity on where you are, where you’re going, as well as, the resources and time to get there.  If you’re like many of the thousands of business owners ActionCOACH has coached over the past 20+ yrs, you'll be interested in these 3 significant findings…

First, we have general agreement that the goal is…

“to create a commercial profitable business that ultimately works without the owner always being there.”  

What was vague were the intermediate levels to achieve this?  Vagueness created reservation, doubt and maybe fear, thus kept you from achieving the critical mass necessary to accelerate you and your business forward.  You end up languishing - taking longer, working harder and incurring too much debt and stress along the way.

Second finding was that most owners believed they really deserved better for the energy, money and time they committed.  Their families especially believes this.

Finally, when asked are they open to accelerating their growth - less stressfully?  Most were initially curious and appropriately skeptical yet eager to know more…

Hi this is Stephen Marino - ActionCOACH - The Worlds #1 Business Coaching Firm.  And for the past 21 years, through numerous boom/bust economic cycles, we’ve successfully coached thousands of business owners.  Specifically coaching owners globally between ~$1 mm to ~$9 mm revenues with 3 to 45 employees…through our 6 levels of business development in dozens of industry segments, with all types of business owner personalities from over 800 offices around the globe.

So we know this path works.  

I’ll share how in a coaching relationship we mitigate the time, team, money and systems obstacles that get in the way of predictable increasing profits and productivity.

Here are the 6 levels to your “commercial profitable business what works without you.”

What level business do you operate?

I’ll share the 6 levels, starting with top level 6 – Results because that’s where we want to be and work backwards down to level 1 - Mastery.

Watch for the level that's most descriptive of your current situation.

When I’m finished, you’ll know exactly where you’re starting and how much further it is to the profitable business that works without you.

The top level is Level 6.  It's a RESULTs business.

The business operates “for” the owner, without the owner working “in” the business.

The RESULTs are so stellar you have freedom of choice, lots of dividends, discretionary time and operational capabilities to expand, diversify and/or replicate…

And when the decision to transition from the business comes, you earn the premium valuation.

At Level - 6 Results, you’re feeling great and have lots of options.

Congratulations if this is where you operate.

Otherwise, you may be at a level 5 business…

A Level 5 business is at the Synergy Level with a COO, President or GM conducting the day-to-day business.

At Synergy the Owner/Operator does only what they are genius at…

Sound like you?  Great.

If not, then you may operate at Level 4?

Level 4 is a TEAM Level business – where your team makes decisions in your economic and customer interests.

There is strong leadership, a common goal, rules of the game, action plan, initiative expected and 100% team inclusion and participation.

At Level 4 – Team, business is fun.  You’re surrounded by a high quality team.

Not you, then you may be at Level 3…

Level 3 – business level is at LEVERAGE for maximum productivity and effectiveness.

The routine is systematized and exceptions are humanized.

A vision, mission, values, SMART goals, KPI’s, position agreements, procedures for marketing/sales, operations, admin/log/finance/IT, customer retention and management are all documented.

It's a great feeling knowing that once a sale is made it’ll be delivered on time, spec, budget and wow!

Every time!  

Not at this level then you may be at level 2…

Level 2 – business is at NICHE Level.  It has predictable cash flows generated from marketing and sales.

The customer experience delivered differentiates you from the competition.

You’re not competing on price.  You have a great guarantee.  It’s easy to do business with you.

You’re attracting more and more new customers and retaining your existing customers longer.

You measure and test all strategies for lead generation, conversion rates, number of transactions, average dollar sale, and your margins.

Your marketing machine is generating more leads than you can handle.

You have a predictable rewarding sales process.  

You know your customer acquisition and retention cost and their lifetime value.

Level 2 Niche gives you confidence in your future.

Not at this level, then you may be at level 1…

Level 1 – Business has MASTERY of the fundamentals.

A compelling direction, why you’re in business and control of your money:  a budget, cash flows, break-even, margins and…KPI’s, capability of delivering as promised after the sale and wisely uses the owner/operator’s time.

At this level you experience being God-like as described in Genesis…“And saw that it was good” going from chaos to control.

Which level was most descriptive of where you’re at?

Regardless of where you're starting...Here’s your way to close the gap between your current level and the level you want to be.

It starts with us having a conversation and sharing information about the level business you operate today. We’ll invest time and energy to know each other.  We’ll exchange information on the phone, FedEx, email and web about who I am and ActionCOACH while I gain insights from you about your business.

If we both decide we want to know more we’ll invest another 60 to 90 mins one-on-one for a business diagnostic, with your key decision makers, likely at your business location, to assess solutions and options.

The business diagnostic is a complementary session.

We seek understanding at what level the business is operating at today, your objectives, what’s working and where are the shortcomings. 

Only now we’re ready to assess strategies to move you forward…

And, we’ll even take this discussion to the crucial next step of quantifying the benefit of increasing the number of customers, revenues and profits by working together in a coaching relationship.

How encouraging is that…?

Do we guarantee our work? 

Short answer is “Yes.”

You do your part and I mine. And if in the first 17 weeks you don’t receive at least a benefit greater than the investment in coaching…the next 17 weeks are free.

So you can see why I’m selective about who I coach?

Because you control my reputation which I’ve kept unblemished for 15 years. And that’s all I have.

And professionally, if we both don’t see at least double digit increases in customers, revenues and profits or major freeing up of your time and stresses then we’re not likely to to proceed forward.

There are several coaching options from our flagship one-on-one coaching to group coaching, workshops and seminars, digital and book libraries on the 6 levels.

There’s even a special projects coaching option.

Now we’re in a position to make an informed decision on whether working together is mutually beneficial.

I can determine whether I can help you and you can determine if coaching is right for you.

Now you know what it means to take your business to the next level. Let’s get started…

Call me at ph:972 709 6776 or

eM: StephenMarino@ActionCOACH.com
It’s that simple. 

For those that say you’ll think about it… 

Think about this…

If you continue working harder and longer, are you likely get any special heroic recognition from your banker, your spouse, your accountant, your kids or your attorney by running your business through back-breaking work and long hours…?

Do you have every right to expect and achieve your goals as fast and least stressfully as possible?

Finally, as you reflect on these questions can you think of any good reason to operate a business in Texas and lack the knowhow, accountability and motivation to move to the next level?

Let’s get started…

Your business coach…
Stephen D. Marino

Master License Partner - OneCo

Ph: 972 709 6776

Em: StephenMarino@ActionCOACH.com

Why to Avoid Discounting and Competing on Price?

Business owners - what’s your marketing philosophy toward discounting prices vs. adding items of high perceived value?  
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Let’s assume we are not under duress, clearing inventory or other mitigating circumstances and seek what’s in the best interest for both the customer and company long term.  

If you choose discounting what are the implications?  

1. You admit you’re competing primarily on price and you’re looking for a transaction vs a successful and fulfilling relationship with the customer.  You educated the customer that your new base price is now your discounted price.
2. If your discount was significant to attract customers you probably discounted your profit margin away and are in first place to a race to the bottom
3. And even it you still have a positive margin you have to make a lot more sales to make the same profit as you would with a higher price. For example, if you have a 35% margin, and you are considering a 10% price decrease, you must have a whopping 40% increase in unit sales to end up with the same total gross profit dollars.

If you choose adding items of high perceived value, then

1. You’re enhancing the offer with other products and services that enrich the transaction and make the customer feel more fulfilled and successful and it didn’t cost you a lot to include
2. You are preserving your margins
3. And you had to make fewer sales to achieve the same profit amount

ActionITEM Tip:  To avoid having to discount prices, come up with a product and service list everything your customer values, calculate your margins per product and service and determine where you can add these to your marketing offers.  For the best answers of what has high perceived value, ask your customers.  Finally, measure and test your offers so you know what’s working and how to improve.

If you’re at a loss as to whether to discount or what you can offer that has high perceived value, then let’s talk.  I’ll offer a complimentary marketing assessment guaranteed to leave you with at least a half dozen ideas to avoid competing on price.  

Ph:  972 709 6776   Em:  StephenMarino@ActionCOACH.com