How to Use and Leverage the 80/20 (Pareto) Principle for Sales Success!

The analysis of sales performance data and your company’s position within external environments can be utilized in both decision making and strategic planning activities. It’s a well-known fact that it’s almost impossible to be successful in business without adequate future planning. Every company will have external factors that must be addressed properly in order to improve both current sales performance and future results.

Different Types of Analysis

There have been many techniques and methods developed by experts. Some of these methods deal with internal environments. Yet, others focus exclusively on external conditions. Many of these types of analysis methods are derived from statistics and mathematics. Pareto is one of them. This type of analytic endeavor has been used widely in decision making activities by many sales organizations. Its primary function is to show how a certain amount of tasks can influence overall performance. This rule states that twenty percent of anything can influence the remainder in obtaining benefits.

Pareto Analysis as a Business Model

Many companies and sales organizations closely follow this type of analytics theory as a guideline. Whether it is company revenue as it relates to sales staff, products and services, or even client retention, it has proven to be a widely accepted and accurate measure. However, there can be many outside influences that affect these statistics. When a sales team is constantly striving to improve closing ratios across their entire staff, and is successful, the Pareto numbers can change significantly.

Importance of Effective Management

As a small business owner or sales manager, using a Pareto analysis can be a valuable tool for your management efforts. Every business has areas that need improvement. This type of data can help improve processes within your organization. It can make it much easier to see where you may be lacking. Problem areas can include lower volume of sales, customer service errors, and increased overhead expenses.

Summarizing the Pareto Principle

This type of effective analysis can be applied to all aspects of your sales organization or small business operation. It makes it easy to identify and track problems that may be affecting your client relationships, or your opportunities for improving profitability while reducing costs. By utilizing this data effectively, improvements to certain processes can be achieved. Overall, this helps a business or sales team become much more efficient and profitable. This principle has become a highly effective sales management tool for many companies, leading to some great sales success stories.

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How to Speak Sales Success

Managing larger sales teams is often very challenging because of the nature of the selling business. Sales personnel generally are assertive and extroverted, therefore most sales managers are going to have their hands full. It is not an easy job working with upper management while trying to support your staff; however this can be done by following a few easy guidelines.

 

Keeping Your Sales Team Motivated

The first step is maintaining team spirit. Being a sales manager, you’ll be dealing with people that sell for a living. Many professional salespeople will have big egos, yet also are highly sociable and can establish rapport with clients easily. In order to maintain control with a sense of teamwork, it’s important to give individual attention to each salesperson every day. Those with weaker skills will especially need constant support and reassurance but your high performers must also realize they are acknowledged and important. It’s essential to point out those who perform well, and ask them to help others do the same.

 

Always Stand Up for Your Sales Personnel

Another important motivating factor for sales managers is acting as an advocate for their staff while still being an authority figure in the eyes of upper management. This can be a delicate balancing act. Upper managers need to be aware of what’s going on in the sales department. However, your salespeople need someone advocating for better commissions and as a go-between if any disputes arise. Probably the most important function of a sales manager is motivating salespeople to be as productive as possible. The clearest evidence of this is a successful team that accomplishes goals and sales targets.

 

Understanding Your Leadership Role

The primary thing any sales manager must understand is that their job is to get things done through others utilizing motivation and effective sales strategies. Any manager is only effective when the combined effort of the sales force is performing at their highest level. Not only do managers act as coaches and motivators, they must also reward and appreciate individual efforts. This way, they can motivate every person to develop their skills and perform at a consistent level.

 

What Really Motivates Sales Staff

Although most sales professionals are motivated by financial reward, it is certainly not the only factor. Involving people in the formulation of sales goals and strategies, and recognizing them for their contributions and efforts, is also highly important. Additionally, the average sales person enjoys meeting new targets and other achievements on the job.

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How to Raise the Bar on Your Sales Performance and Win the Gold

For some people, being able to get by is just enough. For others, and particularly those in the sales business, there is a drive and a motivation that will take you beyond your comfort zone. If you want to be a true success in this business, you need to be able to shoot forward from your familiar surroundings, and conquer unknown territories. That could mean expanding your market to new areas, or it could mean jumping into new technologies that could set you apart from the competition. Those who stand still will remain where they are, but the world will keep turning. You need to keep up, or you will get moved to the back.

 

Good is Great, Great is Better

Your sense of accomplishment should not be downplayed. Without a feeling that you have accomplished something of importance, you may find it hard to get the motivation that you will need to carry on to bigger things. Do not let yourself get comfortable with the accolades that “good” will get you, however. Many make the mistake of thinking that positive feedback only comes in one form. You will need to push your levels higher to find out what lies beyond “good.”

 

We are Endurance Runners by Nature

Human beings were not meant to sprint. Joint damage, losing your breath, tearing a muscle, these are all the signs of overexerting yourself. We are endurance runners; we take even strides, we keep a pace, and we get to our destination when the other guys are out of breath. Do not sprint to your sales, because you will burn yourself out. Keep a steady pace, day to day. When your competition pushes itself as hard as it can, maintain your speed and watch as they trip over their own feet. Put your energy in the long term of the race, and let the new guys burn themselves out.

 

There is No Finish Line

One sale will lead to another. Improving profitability means being able to expand operations. In business, there is only an endless horizon to follow. If you set your sights on one location, you will invariably burn out once it is reached. Your real goal should be the ability to sustain yourself and your business, and to sustain your expansions. The longer that you are in the business of sales, the easier it will be to recognize opportunities to raise the bar without wearing yourself thin.

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5 Ways to Get Noticed By Your Customers

 

 

Animation of Salesmen

In a fast paced market, being the seller who stands head and shoulders above the rest can prove challenging. If you are not getting noticed, then you are not getting business. If you own your own business then competing with larger conglomerate businesses can be daunting. Here are some tips that can help you get noticed by potential customers and hopefully gain you the business that gets you in that tax bracket of your dreams.

Tip one is to stay connected. Using social media to your advantage, especially if your ideal market is of the age where social media is a way of life. Use the free features of social media for giveaways, raffles, and just good advertising. Get your friends or employees involved too. Make an incentive to spread the word. A big thing in social media marketing is the “like” and “share to win” feature. Offer a small discount for your product if people like your Facebook page. This a great incentive. Another great incentive to get your name out there and move some product is to do a “like and share” promotional. This is where people who share your advertisement are entered to win one of your products if they like and share your advertisement. Social media is a such a great tool to get noticed by potential customers. Make the most of this practically free service.

Tip two is a pretty common technique. Find the places that your business is needed and go there to market. For example, if your product is a new weight loss shake, why not pass out some free flyers at a mall food court? When people are in malls to buy inaccurately sized clothing, plus the greasy, self-gratifying, heart attack in a bag lunch combination is just the place to put a subtle seed in someone’s mind about trying a weight loss plan. Boom. Business acquired. Think about where your audience is, and then go there. This way your market doesn’t have to come to you. You have gone to them. Can we say Girl Scout cookies outside the grocery store? Easy business.

Tip three is to try different means of being noticed. Think mass market, and then get a newspaper circular put in the following weeks mail. Offer free experiences of your service if you business is service based. Invite people to see you in action. Food is always a great motivator to get people to come out and watch. Why not try a little coffee and cake and a demo? Just find a way to let your face be seen. Be charming, inviting, trustworthy, and above all human. No one likes to think that the salesperson they are talking to is actually trying to sell something.

 

Tip four is to try more mainstream events. Find out if there are vendor fairs coming to your area. Then get involved in a fair. Sometimes local county or regional state fairs will include local vendors as part of their exhibitions. Pay a little more to get prime real estate at these events. The poor guy in the back corner is the vendor who is never seen or heard. So spring for a little extra and get a booth near the door.

The final tip is to just be yourself. No one goes into sales unless they believe they can actually sell their product. So be personable, be charming, and have fun.

 

Resource Box: If you need help gaining attention from your customers, turn to Doug Dvorak for more great business tips at http://salescoach.us

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3 Greatest Sales Setbacks And How To Avoid Them

When it comes to making the sale you are driven to succeed. This can lead to many great benefits but it can also lead to many great falls. Closing the deal is important and many companies will emphasize this above all else. But what are you to do when your sales pitch no longer reels in the big catch? Is there a reason that your once dynamite angle is no longer working? The truth is that while your message is the same, your method may need to be reworked or even completely overhauled. The following examples will highlight a common approach in the sales industry and why they are destined for failure. These sales approaches will set you back further than you ever thought possible.

 

First, lying is never a good place to begin a sales presentation. And while you may be laughing at this first point, the reality is that many sales professionals will utilize the little white lie or they will completely misrepresent their products just for the sale. Not only is this unethical but it is a poor way to conduct business and it should be completely removed from your company. If your sales career is based off of how well you can lie then you need to reconsider why you ever entered into this business. One example of the dishonesty is when a company sends a piece of mail to a potential client and acts as if they know each other. More often then not your “client” will know that you do not know each other and they will bypass your organization in the future. Be honest.

 

Second, is the approach used by many men. The bullying tactic seems to be a favorite of this group because it allows them to be boisterous and loud and arrogant. The bully tactic will usually involve placing a call into an office, speaking loud and fast with the secretary, and even making statements that are not true. Acting as if you have a previously scheduled appointment or that you have time sensitive information that cannot wait. This tactic is tired and it is played out. Not only are you presenting a false image of the business but you are, again, lying.

 

Finally, the most common sales setback is talking. This will come as a surprise to many but the truth is that you can talk too much. It is important to know your product and it is important to sale your product. But it is also important that you allow your product to sale itself. Know when to stop talking. If you continue talk, you will be perceived as a know it all and a loud mouth. Remember, it isn’t how many words you use. It is always about using the right words.

 

Resource Box: Doug Dvorak has a proven record of helping businesses reach new levels of success. Get more tips to improve your sales at http://www.the-sales-coach.biz

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The 7 Deadly Habits of Ineffective Sales People- VLOG

Founder & Managing Principle of The Sales Coaching Institute shows some of the bad habits sales people fall into. Before you can start avoiding these habits you have to know what they are, so listen carefully!

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How to Ace a Sales Call

Do you want to know how to convert those calls that you just don’t seem to close into sales? It’s easy. You need a change of perspective. In the world or sales, as in life, it is largely about perspective. If you have the determination to overcome the things that pull people back, such as lack of motivation, then you can achieve your dreams. Ask yourself the following questions. The answers will tell you where you stand with regard to this perspective.

Do you believe that you can be successful?

Remember what Henry Ford said. He said that those who believe they can achieve something will do so, and those who believe they can’t, simply will not. This is quite simple to see. If you believe what you are talking about, then you are likely to be more convincing about it, and sell your idea to the other person. What you believe will show in the way you talk about it.

This is one of the greatest reasons why salespeople have to face failure. It’s because they have lost their belief in the ability to sell their product or service. You have to find a way to be so invested in the products or services that you are trying to sell, that you become confident and enthusiastic when you talk about it.

Do you have the confidence for a sales call?

It is absolutely essential to have confidence when you are making a sales call. You need to be confident about various things – the pricing, the product, the service. If you are confident that a product will suit a customer, it means that you are perfectly able to see the need that the customer may have for that product. It’s not enough to be sure about the quality. What you need to be sure about is that the customer will need what you are going to sell him or her.

Can you be creative?

You may not know it but your customers can very often sense exactly what you think about a product by the things you don’t say. You need to be creative enough to be able to let the customer know that they will be in good hands by placing their trust in your company’s hands. You should be confident about the pricing of the product as well.

Are you enthusiastic during a call and do you focus on the customer?

The customer will be able to gage your level of confidence from your enthusiasm. It’s easy to be enthusiastic. Simply think about past successes you have had within the company. Think of great sales that you made, and anything else that will make your customer take notice of how much value you place on the product.

Lastly, make sure that the customer is the focus of the call. The last thing a sales caller should do is to pitch their own line. You must gage the customer’s needs and find out whether you think they need the product you are selling. When you are convinced, you can begin to convince them that they need it. Follow these simple practices, and you will never have to ask how to ace a sales call again.

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How to Pack Some More Punch in Your Sales Presentations

Whenever economic slowdowns occur, the selling field will typically be impacted. This could mean that locating new prospects is somewhat more difficult and an organization’s sales goals could start to slip. In these scenarios getting the attention of potential clients will become more crucial than ever before. With this in mind, many sales companies are discovering new techniques that potentially provide more positive results. Your sales presentations are going to remain a key in determining your success.

Offering Increased Value to the Prospect

Taking care of your clients with no cost services or products, particularly in an economic slowdown, is a highly effective technique. An existing client or prospective buyer might need extra incentives when making final decisions. Many organizations increase sales through price-cutting as well as providing clients with more services and products than usual. For prospects that are undecided, it might be the difference between a sale and a non-sale. This is an effective way of adding more punch to a sales presentation.

Emphasizing Customer Service in Your Presentation

With the increased competition nowadays, servicing clients will play a big role. Sending out thank you cards to clients or prospects can be a great way for maintaining contact on a deeper level. Be certain you take time to contact prior customers each month and assess any needs they have. Always promptly reply should potential problems or issues arise. Many times top professionals can lose sight that a past customer will be just as important as newer ones. Also, increased customer service could lead to the client providing referrals.

Networking as a Resource

Because of the fact that many sales professionals don’t always have consistent lead generation techniques, networking can be a good resource. For a sales organization or individual, having new leads is vital for company growth. Despite how the current economy performs, you’ll always have new prospects available each day; some of these may even be accessible without the salespersons knowledge. This is why it’s vital to put aside time each day to contact existing customers and ask for referrals.

Stay Connected to Your Existing Clients

Even though an existing client is often very busy and doesn’t return calls immediately, it is necessary to try to maintain contact whenever possible. The more the sales professional corresponds or even meets with clients, the better the overall relationships will be. Additional attention given to prospective and existing customers illustrates a company’s value and added attention to details. Clients with continual contact ultimately will be highly lucrative as sources for even more sales via referrals.

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5 Critical Success Factors for Proper Territory Management

If you are one of the many people who make a living based on your ability to make a sale, then there are many things that you need to pay attention to. While the list that you need to keep in your mind is rather long and extensive, this list is going to highlight five of the most critical factors that can lead you to success as a salesperson. Territory management can be a difficult job. Coupled with the long hours and the countless miles traveled, this is perhaps one of the most grueling jobs in the world. By following this guideline you will become aware of how you can take advantage of your abilities and how you can improve your sales pitch.

Sales Training Book

As a salesperson you invest your time in a plethora of ways. From board meetings to driving time, you have little time to devote to the actual process of making contacts and securing a new sales contract. One of the best tips for increasing your success is by maximizing your time. This could mean multitasking on your lunch break or even skipping lunch all together. To properly increase your efficiency you need to manage your time wisely.

Additionally, your sales region is a breeding ground for success. The majority of regions are made up of similar people and similar businesses. This means that in order for you to be successful you need to understand the people and speak the same language. A great example would be the fact that you are not going to deal with a person from New York the same way that you deal with a person from Oklahoma City. Know your clients.

Another great way to find success as a territory manager is by setting goals for your sales. Many people will call this a quota. It is important that your goals be difficult but attainable. If you set your goals to high you run the risk of burning out or even losing interest. Set a realistic goal and work towards making the goal a reality.

Do you have a sound business strategy? This is one of the most overlooked aspects of selling. It is very easy to set out a parameter of where you will go and what you would like to see happen. But how are you going to make the dream a reality? Without a proper strategy for implementing your techniques you will not realize success. Always have a sound strategy for your clients and for yourself.

Finally, are you maintaining a running list of potential new clients? If you are not making new contacts then you are planning for failure. A business is only as successful as its next client. It is easy to ride the wave of status quo but that will not lead to new accounts.

Resource Box: If you are looking for ways to take your business to the next level, invest in some training from the experts at salescoach.us.

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How to Overcome the Price/Budget Objection

A Five Step Process to Add Value and Never Compete on Price Again

For those who are in the selling profession, one of the first things learned is the art of overcoming sales objections. It is one of the toughest parts of the selling process to master, particularly during an economic slowdown. In this type of scenario, prospective clients may not be as inclined to make purchases as they previously were. However, with creativity, it’s possible to make potential clients understand the benefit of purchasing your product or service.

 

Enthusiasm Is Essential

Among the more important selling skills top professionals employ is product or service excitement in the presentation. It’s essential to have a sense of urgency attached to the offering. Carefully explain all the great features your particular service or product has to offer the client with enthusiasm. Incorporate ways to detail how the product makes their business more productive as opposed to simply explaining what it is.

 

Assume the Sale

When a sales individual has achieved rapport with a prospect, they should start assuming a sale. The client could have additional questions and these should be addressed immediately without hesitation. Quite frequently sales objections are simply just unanswered questions. Be prepared ahead of time for these questions and answer all inquiries in a highly positive manner.

 

Reasons for Objections

There can be many reasons why clients give objections to purchasing services or products. In order to understand which direction to pursue whenever handling an objection, it’s important to be aware of precisely why the objection occurred in the first place. Always agree with clients, they are making good points, but still emphasize how much your offering benefits them and will meet their needs. Many clients want to purchase but simply need reassurance that it’s the best decision to make.

 

Altering Your Presentation

When a sales individual isn’t successful in overcoming objections, and particular sales techniques don’t seem to work, it’s essential to recognize the problem could be attached to the sales presentation itself. Perhaps the presentation needs to be more concise or isn’t adequately explaining how the client will benefit from making a purchase. Additionally, incorporating a sense of urgency in the presentation might also be needed.

 

Success through Handling Objections

Handling objections will make a tremendous impact concerning success in the selling industry. The primary objective is to know your product and its capabilities for fulfilling customer needs. When clients make objections, add additional information and reasons to make a purchase today.

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