Selling is a skill, one that is crucial to the success of almost any business organization. That's why companies spend large sums of money, and a lot of employee time, exposing their sales staff to the wisdom and insights of professional sales trainers. These companies know that they are making an investment, that they are building the skills and techniques their sales forces need to identify and qualify prospects, to turn prospects into customers, and to turn new customers into loyal, repeat customers.
All this training is about "how" -- how to talk to prospects, how to listen for customer needs, how to present benefits. And there are some excellent consultants out there who really do help sales representatives to master all these "hows" for a greater impact on sales revenues.
But "how" is only part of the sales interaction. The "how" must be wrapped around the "what" -- the hard data about the products and services being sold. That's just as important to the sale, but too many companies don't provide the quality training needed to get a good return on their product knowledge investment.
If you look at several companies who have hired professional training consultants to build sales skills, you'll probably find that only a fraction of those companies outsource training development on product knowledge. And they achieve significantly poorer results through this neglect.
Why do they develop the product knowledge components in-house? Because they have staff "experts" on the products, the clinicians or engineers or programmers or other specialists who actually developed the product or service. They tap these experts to share their knowledge sometime during the training session.
Often, that's a mistake. Just look at your own experience . . .
Did you ever have a brilliant math teacher who did very little to help you understand mathematics? Or a language teacher who spoke fluently, but didn't produce students who could speak the language? Have you ever met a doctor, an engineer, a programmer, or, for that matter, an insurance agent who knew what he or she was talking about, but couldn't get it across to you?
These experts are on staff because of what they know and what they can do. When they were hired, no one thought about whether or not they could really be effective at teaching non-experts, working in the very different context of sales. Their idea of what information is important, and what is not, is valid in the laboratory or the design center, but it is often wildly inaccurate when applied to a sales call.
In short, they are experts in the product, but you need experts in communicating about the product.
If you want your salespeople to boost revenues and beat the competition, invest in professional talent on both the "know-how" and the "know-what" sides of the equation. That doesn't mean that you have to completely outsource your product knowledge training.
It does mean you have to recognize the importance of high-quality training about the product, and get the help you need, whether that's instructional design, content development, or training delivery.
After all, your competition is also paying professional sales trainers to take care of the "how". Your sales representatives are probably learning the same skills that are taught to your competitors.
The sales force that effectively shares the "what" with prospects is the one that will pull in new customers.
Over the past couple of decades, Best Training Practices owner Will Kenny has played a key role in enhancing product launch and sales training results for companies in a wide range of industries. He is highly effective at bridging the mindsets of the product/service developers and the marketing/sales staff. We focus on teaching sales reps the "what" they need to share with their prospects -- including what to leave out of the conversation -- working with other sales training professionals who develop the "how", the skills and techniques of the effective salesperson. Best Training Practices can be found at http://www.besttrainingpractices.com/, offering free articles and The Training Tipsheet, our free biweekly e-zine.
_________________________________________
By Will Kenny
Monday, September 03, 2007
Friday, April 27, 2007
Managing Customer Expectations
As Sales Professionals, it is our responsibility to manage our Customers expectations. This is really the foundation of all sales success. Do you sell your product/service, or do you oversell your product/service? The image our clients have of our product/service is largely determined by the picture we paint. That image can be derived from collateral, your web presence and the information/expectation you have set with your client through your sales conversations.
Where have you put the bar? Is it realistic? Is it attainable? Your client/customer will find out soon enough. You might as well set a real expectation as opposed to one that you and your company can never reach. This will only result in negative results all the way around.
How to arrive at proper expectations
What is the right expectation? You can only determine this from a complete and thorough knowledge of your product/service and how it fits the needs of your customer. Make sure that you are only selling what you can efficiently and cost effectively deliver. This can only be accomplished by conducting a thorough sales interview. Your ability to translate your products benefits into problem solving solutions for your customers is the vital skill that will propel you to sales success.
Don't oversell! If you need to exaggerate your products/services benefits to make the sale, it will not be worth it in the long run. By closing this over promised sale, you will begin a domino effect series of problems that will haunt you for weeks or months to come. Sometimes, the sale we work hardest to get (the one we make the most concessions on) will be the one that messes with us for a long time. It is not worth it! Know where to set your expectations and how to effectively communicate those to your client.
How do deliver the expectation
If you do an excellent job of setting the expectation, your customer will love you! You will give them EXACTLY what you told them you would give them. What a concept! Maybe, just maybe if you acted as a professional, you will find ways to deliver more than expected. This is what will give you the advantage. This is what will set you apart from all of the competitors your customer is looking at or has ever had.
I'm not advocating over under-promising. Don't minimize the benefits of your product/service just to shine after the sale. That is not what I am saying. If you truly believe in your product and have done an excellent job crafting a solution to your clients problems with your product, then the result of your efforts will be a well received solution.
Creating value while under delivering
Always sell value. This cannot be understated. You are selling your product for a reason. Value should be foremost in your discussions with prospective clients/customers.
Conclusions
This is how you deliver and manage the expectation. It is up to you. You create in your clients mind the picture of what they will expect. Paint a picture that is accurate and achievable. Don't over sell. Always under promise and over deliver. Manage the expectations of your clients/customers and your Sales career will be less stressful and more profitable.
http://www.Salesmotivation.net was launched to fill the need for no cost, quality training and motivational material for Sales Professionals of all levels. Our goal is to train you, equip you, challenge and motivate you.
I have been a top producing Sales Professional for over 17 years. I have sold for large corporations and small start up companies. I believe that Sales is one of the most challenging yet rewarding fields an individual can choose. You have the ability to create your own destiny and determine your level of success. I take my profession very seriously, but have a great deal of fun achieving my goals. My wish is for you to do the same.
We are always hear to help and I am available to speak at Sales meetings and conferences. No cheesy pictures, no pumped up resumes. My presentations are packed with tons of humor and mountains of information and practical tools your sales staff can use right away. Please email me at gary@salesmotivation.net for more information.
Where have you put the bar? Is it realistic? Is it attainable? Your client/customer will find out soon enough. You might as well set a real expectation as opposed to one that you and your company can never reach. This will only result in negative results all the way around.
How to arrive at proper expectations
What is the right expectation? You can only determine this from a complete and thorough knowledge of your product/service and how it fits the needs of your customer. Make sure that you are only selling what you can efficiently and cost effectively deliver. This can only be accomplished by conducting a thorough sales interview. Your ability to translate your products benefits into problem solving solutions for your customers is the vital skill that will propel you to sales success.
Don't oversell! If you need to exaggerate your products/services benefits to make the sale, it will not be worth it in the long run. By closing this over promised sale, you will begin a domino effect series of problems that will haunt you for weeks or months to come. Sometimes, the sale we work hardest to get (the one we make the most concessions on) will be the one that messes with us for a long time. It is not worth it! Know where to set your expectations and how to effectively communicate those to your client.
How do deliver the expectation
If you do an excellent job of setting the expectation, your customer will love you! You will give them EXACTLY what you told them you would give them. What a concept! Maybe, just maybe if you acted as a professional, you will find ways to deliver more than expected. This is what will give you the advantage. This is what will set you apart from all of the competitors your customer is looking at or has ever had.
I'm not advocating over under-promising. Don't minimize the benefits of your product/service just to shine after the sale. That is not what I am saying. If you truly believe in your product and have done an excellent job crafting a solution to your clients problems with your product, then the result of your efforts will be a well received solution.
Creating value while under delivering
Always sell value. This cannot be understated. You are selling your product for a reason. Value should be foremost in your discussions with prospective clients/customers.
Conclusions
This is how you deliver and manage the expectation. It is up to you. You create in your clients mind the picture of what they will expect. Paint a picture that is accurate and achievable. Don't over sell. Always under promise and over deliver. Manage the expectations of your clients/customers and your Sales career will be less stressful and more profitable.
http://www.Salesmotivation.net was launched to fill the need for no cost, quality training and motivational material for Sales Professionals of all levels. Our goal is to train you, equip you, challenge and motivate you.
I have been a top producing Sales Professional for over 17 years. I have sold for large corporations and small start up companies. I believe that Sales is one of the most challenging yet rewarding fields an individual can choose. You have the ability to create your own destiny and determine your level of success. I take my profession very seriously, but have a great deal of fun achieving my goals. My wish is for you to do the same.
We are always hear to help and I am available to speak at Sales meetings and conferences. No cheesy pictures, no pumped up resumes. My presentations are packed with tons of humor and mountains of information and practical tools your sales staff can use right away. Please email me at gary@salesmotivation.net for more information.
_____________________
By Gary Jones
Monday, March 26, 2007
Double Your Income In 2 Years
If you are a business owner or sales person, this article will appeal to you. You both earn your income from selling, so I guess you want to earn a few bucks more! What is it that sees two equally qualified people going into similar sales calls, with one of them consistently outselling the other?
I did this when I was in sales, but at the time, I did not know what precisely I was doing right. This sent me on a search of a system; so that I could help other people model this success. What you will read here is a summary of a fool proof system, created from the very best life coaches, sales trainers and business gurus on this planet, both dead and alive!
The Power of Certainty
"You become what you think about", Buddha, circa 500 BC. In fact all the great Gurus, from Buddha, who had it right all those years ago, to the inventors and practitioners of NLP (Neural Linguistic Programming) all share the same toolbox.
Modern Life and Business coaching has moved from the "positive thinking" era, to one of "positive doing". What this means is that you set your goal, visualise it, and take powerful action, towards obtaining it.
As you move along your course of pre-determined action, you must constantly take note of the events around you, and adjust your approach accordingly, with your goal still in sight.
So how does one visualise what a P60, double its current net amount would look like. OK, so you guessed it, it's twice as big a number. No, that's not what I mean, what will that get you, is the real question.
OK, take a moment and write down, what you could do, own or give with that extra money. Now close your eyes and really visualise what that would look like. What can you hear, smell. What does it feel like to be living that life? What is your breathing like, do you feel excited, happy, proud or grateful that you have that extra money.
But can you do it? If you can answer yes, with absolute certainty, then it will happen.
Approaching a sales call with certainty
Once you understand that you can achieve the very best outcome from a sales call how do you go about structuring it?
First you must understand how you will cope with not getting your desired outcome. If for example, you wanted to get the go ahead for a proof of concept trial. You must understand what NOT getting the proof of concept trial will mean to you. You will get a red light for one of the following 3 reasons.
1. The prospect does not want to proceed.
2. The prospect wants the products, but has a legitimate reason for postponing the purchase.
3. You really messed up the call!
Whichever of these 3 rationales you get for not achieving your desired outcome, you must understand exactly what they would mean to you, and how you can take advantage of the situation.
Once you know how to handle NOT achieving your goal, you will no longer have a fear of failure. This almost certainly will remove the 3rd situation, due to your confidence, and make the first 2 outcomes easy to deal with.
What are the 3 stages of a successful sales call?
With a desire to succeed, a certainty of success, and no fear of failure, once you have the simple tools for making all your customer calls first rate, your earnings will start to skyrocket.
The 3 parts of the ultimate sales call are as follows;
1. Thank your prospect for their time, and really mean it with a genuine smile on your face. Next ask them precisely what THEIR desired outcome from this meeting is. And then listen intently to their answer.
2. Find out exactly how long they would really like the meeting to run for, and spend the remaining time, minus 15 minutes, asking questions about their business, needs and desires. Make a note of how these may or may not be relevant to what your offering is.
3. With 15 minutes to go, suggest to your prospect that you summarise the meeting, as you see it, and ask them to correct or clarify any points you may make. You will then finish with an action plan that INVOLVES both you and the prospect. You will then confirm this action plan within a day in written form.
Now how many of you, go into a sales call, and when the prospect asks you why YOU wanted to see them you go into sales mode.
Well from now on, help your prospect go into BUYING mode, and close more sales, raise more finance and double your income in two years.
I did this when I was in sales, but at the time, I did not know what precisely I was doing right. This sent me on a search of a system; so that I could help other people model this success. What you will read here is a summary of a fool proof system, created from the very best life coaches, sales trainers and business gurus on this planet, both dead and alive!
The Power of Certainty
"You become what you think about", Buddha, circa 500 BC. In fact all the great Gurus, from Buddha, who had it right all those years ago, to the inventors and practitioners of NLP (Neural Linguistic Programming) all share the same toolbox.
Modern Life and Business coaching has moved from the "positive thinking" era, to one of "positive doing". What this means is that you set your goal, visualise it, and take powerful action, towards obtaining it.
As you move along your course of pre-determined action, you must constantly take note of the events around you, and adjust your approach accordingly, with your goal still in sight.
So how does one visualise what a P60, double its current net amount would look like. OK, so you guessed it, it's twice as big a number. No, that's not what I mean, what will that get you, is the real question.
OK, take a moment and write down, what you could do, own or give with that extra money. Now close your eyes and really visualise what that would look like. What can you hear, smell. What does it feel like to be living that life? What is your breathing like, do you feel excited, happy, proud or grateful that you have that extra money.
But can you do it? If you can answer yes, with absolute certainty, then it will happen.
Approaching a sales call with certainty
Once you understand that you can achieve the very best outcome from a sales call how do you go about structuring it?
First you must understand how you will cope with not getting your desired outcome. If for example, you wanted to get the go ahead for a proof of concept trial. You must understand what NOT getting the proof of concept trial will mean to you. You will get a red light for one of the following 3 reasons.
1. The prospect does not want to proceed.
2. The prospect wants the products, but has a legitimate reason for postponing the purchase.
3. You really messed up the call!
Whichever of these 3 rationales you get for not achieving your desired outcome, you must understand exactly what they would mean to you, and how you can take advantage of the situation.
Once you know how to handle NOT achieving your goal, you will no longer have a fear of failure. This almost certainly will remove the 3rd situation, due to your confidence, and make the first 2 outcomes easy to deal with.
What are the 3 stages of a successful sales call?
With a desire to succeed, a certainty of success, and no fear of failure, once you have the simple tools for making all your customer calls first rate, your earnings will start to skyrocket.
The 3 parts of the ultimate sales call are as follows;
1. Thank your prospect for their time, and really mean it with a genuine smile on your face. Next ask them precisely what THEIR desired outcome from this meeting is. And then listen intently to their answer.
2. Find out exactly how long they would really like the meeting to run for, and spend the remaining time, minus 15 minutes, asking questions about their business, needs and desires. Make a note of how these may or may not be relevant to what your offering is.
3. With 15 minutes to go, suggest to your prospect that you summarise the meeting, as you see it, and ask them to correct or clarify any points you may make. You will then finish with an action plan that INVOLVES both you and the prospect. You will then confirm this action plan within a day in written form.
Now how many of you, go into a sales call, and when the prospect asks you why YOU wanted to see them you go into sales mode.
Well from now on, help your prospect go into BUYING mode, and close more sales, raise more finance and double your income in two years.
_________________________________
By Peter Lawless
This article was written by Peter Lawless, founder of 3R Sales and Marketing. For previous articles like this, visit 3R's Articles. Alternatively, subscribe to Success our free monthly Information Bulletin with sales and marketing articles.
This article was written by Peter Lawless, founder of 3R Sales and Marketing. For previous articles like this, visit 3R's Articles. Alternatively, subscribe to Success our free monthly Information Bulletin with sales and marketing articles.
Saturday, February 03, 2007
3 Ways of Pricing – Why Value Pricing is the Best
Where you sit in the distribution chain and how long that chain is often influences how your pricing strategy is set.
There are probably just three ways you can price:
1. Cost plus: this is where you decide how much profit you want to make from a given product and you apply the margin to the cost.
2. Competitive pricing: this is where you check out your competitors and price against them, or just below.
3. Value pricing: this is where you look at your total proposition and charge a fair price for the service you provide.
Of course, you will probably say that you use a combination of 1 and 2. You calculate your margin to arrive at a price, then you sanity-check it against the competition and tweak it as necessary.
If you use a combination of all three, you can stop reading now and go back to counting your money, which must be a full time job for you. For those of you still with me, here are the strengths and weaknesses of each.
Cost Plus:
If you just use this system you will be flying blind in the market. You may well be successful, or even very successful, but you will never know if you could have made more profit, or if you could have sold more product. On the plus side you will definitely make your budgeted gross margin on your sales. Whether you will make and net profit will depend on your total sales value and your overheads.
Competitive:
If you use this system you will certainly know a lot about your customers and competitors, that is, assuming that your market intelligence is accurate. You will of course be aware of what a full-time job it is just to keep up with constantly changing pricing in the market. Your competitors continually discover your pricing structure, match or better it and you are back to square one, re-pricing again.
The up side is that you will often be competitive and will probably make good sales numbers, what a pity that the monthly accounts don’t look so healthy and the gross margin is down again and you’ll have to look at cutting costs to keep in front.
Value Pricing:
This pricing system takes account of both competition and cost, then applies it your business proposition. It takes account of all the advantages your business has over the competition and charges a premium, however modest, for this. Because it is carefully applied, it is justifiable, more than that, it’s a sales proposition that can be marketed to your customers as an advantage to them. The downside to this is that it requires some careful planning and enough conviction to make it work; other than that, it’s all positive, more sales at higher margins.
How does it work?
For example, lets assume that you are a wholesaler and you sit between the manufacturer and the retailer. The retailer could buy directly from the manufacturer, so why wouldn’t he?
- Space restriction for minimum order value
There are probably just three ways you can price:
1. Cost plus: this is where you decide how much profit you want to make from a given product and you apply the margin to the cost.
2. Competitive pricing: this is where you check out your competitors and price against them, or just below.
3. Value pricing: this is where you look at your total proposition and charge a fair price for the service you provide.
Of course, you will probably say that you use a combination of 1 and 2. You calculate your margin to arrive at a price, then you sanity-check it against the competition and tweak it as necessary.
If you use a combination of all three, you can stop reading now and go back to counting your money, which must be a full time job for you. For those of you still with me, here are the strengths and weaknesses of each.
Cost Plus:
If you just use this system you will be flying blind in the market. You may well be successful, or even very successful, but you will never know if you could have made more profit, or if you could have sold more product. On the plus side you will definitely make your budgeted gross margin on your sales. Whether you will make and net profit will depend on your total sales value and your overheads.
Competitive:
If you use this system you will certainly know a lot about your customers and competitors, that is, assuming that your market intelligence is accurate. You will of course be aware of what a full-time job it is just to keep up with constantly changing pricing in the market. Your competitors continually discover your pricing structure, match or better it and you are back to square one, re-pricing again.
The up side is that you will often be competitive and will probably make good sales numbers, what a pity that the monthly accounts don’t look so healthy and the gross margin is down again and you’ll have to look at cutting costs to keep in front.
Value Pricing:
This pricing system takes account of both competition and cost, then applies it your business proposition. It takes account of all the advantages your business has over the competition and charges a premium, however modest, for this. Because it is carefully applied, it is justifiable, more than that, it’s a sales proposition that can be marketed to your customers as an advantage to them. The downside to this is that it requires some careful planning and enough conviction to make it work; other than that, it’s all positive, more sales at higher margins.
How does it work?
For example, lets assume that you are a wholesaler and you sit between the manufacturer and the retailer. The retailer could buy directly from the manufacturer, so why wouldn’t he?
- Space restriction for minimum order value
- Tight cash flow
- Lack of category knowledge
- Multiple suppliers needed to cover the category
A wholesaler can consolidate from different suppliers and supply little and often. To the retailer that means:
- Reduced inventory
A wholesaler can consolidate from different suppliers and supply little and often. To the retailer that means:
- Reduced inventory
- Improved cash flow
- Less administration (one account)
- Less sales people to see
- More time to spend with customers
Why wouldn’t he pay a premium for all that?
If you’re really good, you could provide category management for the customer, recommending which products to stock, how to display them and of course, how to price them! To do this properly, you have to be truly independent, know what you’re talking about and recommend what will sell, rather than what you make the most profit on.
The principles of value pricing can be applied to any business, but the key is to properly analyse your business and fully understand what your proposition really is. If you don’t have a clear proposition, it’s probably time you did!
Why wouldn’t he pay a premium for all that?
If you’re really good, you could provide category management for the customer, recommending which products to stock, how to display them and of course, how to price them! To do this properly, you have to be truly independent, know what you’re talking about and recommend what will sell, rather than what you make the most profit on.
The principles of value pricing can be applied to any business, but the key is to properly analyse your business and fully understand what your proposition really is. If you don’t have a clear proposition, it’s probably time you did!
_____________________________________
By John Crockett
Crockett has long experience in B2B sales, marketing and general management with leading companies in the UK automotive aftermarket. His customer experience includes major chain and independent retailers, supermarkets, shopping channel and warehouse distribution. For other articles by Crockett see http://price-it-right.blogspot.com
Crockett has long experience in B2B sales, marketing and general management with leading companies in the UK automotive aftermarket. His customer experience includes major chain and independent retailers, supermarkets, shopping channel and warehouse distribution. For other articles by Crockett see http://price-it-right.blogspot.com
Friday, January 26, 2007
Increasing Your Profits is a G.I.F.T
If you want to increase you business profits, you must accept your GIFT formula. The Formula: Combine Growing your “real” market with Investing in new product lines and by Freeing your revenue growth through pricing tactics along with Transforming your profit margins through expense and process changes.
Growing Your Real Market
Growing your “real” market starts by analyzing which clients your products have satisfied. Which are your best selling products? The only facts you have to forecast forward are your past orders. It’s amazing how infrequently small business people ignore their history even though they already have all the pertinent data in their sales, billing and service records.
“In our video business, my wife only purchased those movie genres which our customers would rent. One of my teenage employees helped me analyze the types of movies our customers were renting and which were barely breaking even. Using the results of our study, we increased our children’s titles and our ‘ horror flick’ inventory. Those are genres I don’t watch, but my customers did.”
Invest in New Product Lines
Where is your industry going? If you Invest in new product lines by focusing on the “future” rather than “now” you will be ahead of the curve. It is very easy to stay in your comfort zone, especially if you have competition. You are good at what you do but how can you move up? What can you offer to make your business standout in the crowd?
“Cheryl owned a towing and recovery company and she, like any other business owner, saw that her revenues were flat. Other towing businesses waited for the same “phone calls”, to help stranded vehicles, as she did, Intuitively she knew she needed more business than the work supplied from the local police departments and car dealerships.
I recommended she become a “Minority Supplier” and attempt to “contract” with large companies. We got responses from AT&T, J&J & UPS and several others; UPS became a client.”
Freeing Your Revenue Growth Through Your Pricing
Freeing your revenue growth through pricing tactics will help you grow your revenues. Most businesses in competitive markets are forced into charging what the competition charges. “Profits” can only be increased by eliminating costs. But I have a different question: Are you charging enough for your product or service? Many times businesses can increase prices on their existing and new product lines because they have demonstrated how superior their products are.
“Mary made and sold dolls as a "crafter" and charged what she thought the doll was worth, given her skills ( which she took for granted) and the cost of the materials and the market she targeted hr price, about $25.00 to $40.00 per doll.
After some’ pricing’ consultation,, Mary realized that she really fashioned “collectible dolls” using antique fabrics and using her artistic talents to create a unique product. She then targeting those collectors who sought uniquely crafted dolls created out of antique materials. One of her dolls sold for $1200. “ Freeing” her revenue growth.”
Transforming Your Profit Margins
Transform your profit margins through expense controls and process changes. There are ALWAYS expense savings and process efficiencies available within the framework of your business. The information/data is captured in your procedures, your accounting system, your customer database and your marketing and sales reports. If you don’t like crunching numbers, get someone to take a look. Use this data to change your procedures, manage expenses and increase your profits.
Jack in Florida owned a paper products ( napkins, place mats, paper plates) distribution company. He competed directly with two very large companies in the Fort Lauderdale area. His business demand had decreased over the past six months. The sales force seemed to be working, however, he was losing customers and profits started to drop.
Jack decided to visit his existing clients along with one of his salesman. At first the salesman balked at the “boss” wanting to go out on his route, but he finally agreed. They visited existing clients and others whom he had “lost”.
In two days Jack booked several new orders and retrieved one of his lost accounts. He realized he should be out “selling” and so, he hired his wife, who had been an executive secretary before they were married, to manage the office. He changed his process, reversed his profit drop.
Do you want to increase your profits?
Increasing Your Profits is a G.I.F.T.!! Your business profit will increase by combining G + I + F + T. Accept your GIFT!!
Growing Your Real Market
Growing your “real” market starts by analyzing which clients your products have satisfied. Which are your best selling products? The only facts you have to forecast forward are your past orders. It’s amazing how infrequently small business people ignore their history even though they already have all the pertinent data in their sales, billing and service records.
“In our video business, my wife only purchased those movie genres which our customers would rent. One of my teenage employees helped me analyze the types of movies our customers were renting and which were barely breaking even. Using the results of our study, we increased our children’s titles and our ‘ horror flick’ inventory. Those are genres I don’t watch, but my customers did.”
Invest in New Product Lines
Where is your industry going? If you Invest in new product lines by focusing on the “future” rather than “now” you will be ahead of the curve. It is very easy to stay in your comfort zone, especially if you have competition. You are good at what you do but how can you move up? What can you offer to make your business standout in the crowd?
“Cheryl owned a towing and recovery company and she, like any other business owner, saw that her revenues were flat. Other towing businesses waited for the same “phone calls”, to help stranded vehicles, as she did, Intuitively she knew she needed more business than the work supplied from the local police departments and car dealerships.
I recommended she become a “Minority Supplier” and attempt to “contract” with large companies. We got responses from AT&T, J&J & UPS and several others; UPS became a client.”
Freeing Your Revenue Growth Through Your Pricing
Freeing your revenue growth through pricing tactics will help you grow your revenues. Most businesses in competitive markets are forced into charging what the competition charges. “Profits” can only be increased by eliminating costs. But I have a different question: Are you charging enough for your product or service? Many times businesses can increase prices on their existing and new product lines because they have demonstrated how superior their products are.
“Mary made and sold dolls as a "crafter" and charged what she thought the doll was worth, given her skills ( which she took for granted) and the cost of the materials and the market she targeted hr price, about $25.00 to $40.00 per doll.
After some’ pricing’ consultation,, Mary realized that she really fashioned “collectible dolls” using antique fabrics and using her artistic talents to create a unique product. She then targeting those collectors who sought uniquely crafted dolls created out of antique materials. One of her dolls sold for $1200. “ Freeing” her revenue growth.”
Transforming Your Profit Margins
Transform your profit margins through expense controls and process changes. There are ALWAYS expense savings and process efficiencies available within the framework of your business. The information/data is captured in your procedures, your accounting system, your customer database and your marketing and sales reports. If you don’t like crunching numbers, get someone to take a look. Use this data to change your procedures, manage expenses and increase your profits.
Jack in Florida owned a paper products ( napkins, place mats, paper plates) distribution company. He competed directly with two very large companies in the Fort Lauderdale area. His business demand had decreased over the past six months. The sales force seemed to be working, however, he was losing customers and profits started to drop.
Jack decided to visit his existing clients along with one of his salesman. At first the salesman balked at the “boss” wanting to go out on his route, but he finally agreed. They visited existing clients and others whom he had “lost”.
In two days Jack booked several new orders and retrieved one of his lost accounts. He realized he should be out “selling” and so, he hired his wife, who had been an executive secretary before they were married, to manage the office. He changed his process, reversed his profit drop.
Do you want to increase your profits?
Increasing Your Profits is a G.I.F.T.!! Your business profit will increase by combining G + I + F + T. Accept your GIFT!!
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Robert J. Sivori Business Advisor and Speaker Coach
Bob Sivori, Business Advisor and Speaker Coach, combines business knowledge and public speaker coaching to specialize in Presenting “YOU” Better. As a Business Advisor he uses his experience in both small business and large corporate settings to improve business efficiency and business profits. As a Public Speaker he addresses the need for better presentation skills to improve career aspirations. His professional speaking experience allows him to work individually or in groups to increase speaker confidence and get better audience response.
He has been Business Advisor and Professional Public Speaker Coach since the early 1990’s and has developed business instructional courses and coach/mentor programs. Bob has worked with myriad of small businesses, professional groups and organizations. Bob's website ( http://www.businesstherapyonline.biz) gives an overview of his experience and knowledge.
Robert J. Sivori Business Advisor and Speaker Coach
Bob Sivori, Business Advisor and Speaker Coach, combines business knowledge and public speaker coaching to specialize in Presenting “YOU” Better. As a Business Advisor he uses his experience in both small business and large corporate settings to improve business efficiency and business profits. As a Public Speaker he addresses the need for better presentation skills to improve career aspirations. His professional speaking experience allows him to work individually or in groups to increase speaker confidence and get better audience response.
He has been Business Advisor and Professional Public Speaker Coach since the early 1990’s and has developed business instructional courses and coach/mentor programs. Bob has worked with myriad of small businesses, professional groups and organizations. Bob's website ( http://www.businesstherapyonline.biz) gives an overview of his experience and knowledge.
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