The Problem of Service
No discussion of marketing challenges in sales would be complete without mentioning the problem of service. In many industries, service levels tend to decrease as volume rises. When the market is slower, everyone competes for the business at a feverish pace, motivated to action by fear and increased competition. As the market starts to gain momentum, service levels become strained. Order volumes swell and customers begin searching for other options, hoping that changing companies will resolve their need to have phone calls returned promptly and to have a less apathetic service level. Then as the market takes a breather, sales people and sales managers point to the constant outflow of customers that occurred which causes market share to remain stagnant, existing customers to leaving for greener pastures as they are being replaced by new customers. At the end of all of this, the company is left in a similar market share position where it was in the beginning, only with different customers.
Creating consistent service levels is a group effort. Operations and Sales must be service driven and embody a customer-oriented work habit. Sales people must communicate with operations and customers, facilitating service level improvements. Sales managers need to be cognizant of service level fluctuations and help the sales force to communicate these fluctuations to the marketplace, while informing escrow and county managers about potential service weaknesses. When all these things work in systematic unison, service levels tighten and customer attrition slows.
The successful sales manager is one who defines themselves and their company as different, builds a knowledgeable sales force, creates and implements accountability systems, and actively participates in the evolution of service levels. This is an extremely difficult set of tasks in many industries with little to no existing resources for sales managers.
Wednesday, December 10, 2008
Wednesday, December 3, 2008
The Problem of Accountability
The Problem of Accountability
Any comprehensive list of the consistent frustrations of many sales managers would have to include the problem of accountability. In many ways, the lack of the ability of sales managers to track and grade performance could be considered the largest inefficiency in the marketing arena of the title business. Too often, sales people focus on entire offices rather than specific target customers, or fill out general call sheets rather than activity-driven tracking reports. It is physically impossible to gauge a sales person’s actual performance without activity-specific business plans and individual target lists. These tools provide insight into a sales person’s strengths and weaknesses and provide aid to sales managers in both market share forecasting and profit projections. When sales people are held accountable to the right activities, their efforts yield more focused results.
Accountability is a difficult discipline in an industry where business originates from so many possible areas. It is sometimes difficult to determine whether a business development officer, a sales person, or some other activity brought in a deal. More importantly, it is difficult to determine who controls a customer over long periods of time as the customer becomes attached to many people and services within an operation. Long-term efforts to secure customer loyalty are hard to track and difficult to quantify, causing many managers to live in fear of a seasoned sales person’s departure. Accountability systems solve this challenge by giving sales managers the ability to measure results, both short and long-term.
Any comprehensive list of the consistent frustrations of many sales managers would have to include the problem of accountability. In many ways, the lack of the ability of sales managers to track and grade performance could be considered the largest inefficiency in the marketing arena of the title business. Too often, sales people focus on entire offices rather than specific target customers, or fill out general call sheets rather than activity-driven tracking reports. It is physically impossible to gauge a sales person’s actual performance without activity-specific business plans and individual target lists. These tools provide insight into a sales person’s strengths and weaknesses and provide aid to sales managers in both market share forecasting and profit projections. When sales people are held accountable to the right activities, their efforts yield more focused results.
Accountability is a difficult discipline in an industry where business originates from so many possible areas. It is sometimes difficult to determine whether a business development officer, a sales person, or some other activity brought in a deal. More importantly, it is difficult to determine who controls a customer over long periods of time as the customer becomes attached to many people and services within an operation. Long-term efforts to secure customer loyalty are hard to track and difficult to quantify, causing many managers to live in fear of a seasoned sales person’s departure. Accountability systems solve this challenge by giving sales managers the ability to measure results, both short and long-term.
Thursday, November 20, 2008
The Problem of Knowledge
The Problem of Knowledge
The most elusive of all marketing challenges in many industries; the problem of knowledge, can be broken down into two major areas: a lack of knowledge about the customer and a lack of knowledgeable sales people. The lack of knowledge that most sales people have about the customer begins with assumptions that have trapped the their industry into buying business rather than justifying worth in other ways. For Example in many in the Real Estate Services Companies (Title, Escrow, 1031 exchange etc...), sales people make the assumption that customers do business with companies because of long-term operations-driven relationships. The truth is that some customers do business with their present company of choice because of a internal relationship, but most customers would change companies if a competitor could show them how to increase their business or efficiency. In a recent survey of 300 customers, RightNow Business Development Systems found that over 77% of would change services companies if another could show them how to operate more effectively. The overwhelming message that these customers are sending is that these companies should be providing success resources and “intellectual capital,” rather than trying to sell basic feature and benefit services. Orders are the compensation received for providing these resources. The trick is to help sales people to get past assumptions by asking the right questions of prospective customers, even when they think they know the answer. The best armor against assumptions is questions, questions lead to answers that the customer feels are important, building customer specific knowledge in the process.
The lack of knowledge that sales people have about the customer’s business creates a significant barrier to developing new business relationships. Real estate agents have shared with me that “all service companies are alike” and that the best thing they can do is provide the basic service. In most cases, customers feel that sales representatives don’t know enough about their business to be helpful and consider the reps to be nice, but unworthy of respect. The most successful sales people in any industry are considered to be experts by their customers whose business savvy advice and opinions are necessary and important. While knowledge that sales people possess about business is often perceived to be important by sales managers, knowledge about helping customers to run a more profitable business outranks product or services knowledge ten to one in the minds of top customers. Because of this, one of the goals of an effective sales management program should be to find, train, recruit, and evolve this knowledge.
The most elusive of all marketing challenges in many industries; the problem of knowledge, can be broken down into two major areas: a lack of knowledge about the customer and a lack of knowledgeable sales people. The lack of knowledge that most sales people have about the customer begins with assumptions that have trapped the their industry into buying business rather than justifying worth in other ways. For Example in many in the Real Estate Services Companies (Title, Escrow, 1031 exchange etc...), sales people make the assumption that customers do business with companies because of long-term operations-driven relationships. The truth is that some customers do business with their present company of choice because of a internal relationship, but most customers would change companies if a competitor could show them how to increase their business or efficiency. In a recent survey of 300 customers, RightNow Business Development Systems found that over 77% of would change services companies if another could show them how to operate more effectively. The overwhelming message that these customers are sending is that these companies should be providing success resources and “intellectual capital,” rather than trying to sell basic feature and benefit services. Orders are the compensation received for providing these resources. The trick is to help sales people to get past assumptions by asking the right questions of prospective customers, even when they think they know the answer. The best armor against assumptions is questions, questions lead to answers that the customer feels are important, building customer specific knowledge in the process.
The lack of knowledge that sales people have about the customer’s business creates a significant barrier to developing new business relationships. Real estate agents have shared with me that “all service companies are alike” and that the best thing they can do is provide the basic service. In most cases, customers feel that sales representatives don’t know enough about their business to be helpful and consider the reps to be nice, but unworthy of respect. The most successful sales people in any industry are considered to be experts by their customers whose business savvy advice and opinions are necessary and important. While knowledge that sales people possess about business is often perceived to be important by sales managers, knowledge about helping customers to run a more profitable business outranks product or services knowledge ten to one in the minds of top customers. Because of this, one of the goals of an effective sales management program should be to find, train, recruit, and evolve this knowledge.
Saturday, November 15, 2008
The Problem of Differentiation
From a previous post in October I thought some elaboration was called for with regards to the 4 problem areas that Sales Managers must deal with to be successful. Here's the first...
The Problem of Differentiation
A sales manager must separate his or her sales force from the competition to be successful in building and retaining profitable market share. Many times, it is difficult to tell one company from another in any given geography. Every company has good escrow officers and bad escrow officers, similar title products, and roughly equivalent price schedules. To be different, a sales manager must identify a potential opportunity (or opportunities) in the marketplace that the competition has not uncovered and define their company’s “brand” within that opportunity. This can include things such as developing a computer training program for real estate agents, teaching agents to market their services on the internet, or any number of other unique ideas. The basic rule of thumb should be that nothing the competition does well is worth doing the same way. Great sales managers look for ways to define their sales force’s uniqueness in the marketplace rather than giving in to the urge to look like every other company. Differentiation from competitors is critical for marketing success.
The Problem of Differentiation
A sales manager must separate his or her sales force from the competition to be successful in building and retaining profitable market share. Many times, it is difficult to tell one company from another in any given geography. Every company has good escrow officers and bad escrow officers, similar title products, and roughly equivalent price schedules. To be different, a sales manager must identify a potential opportunity (or opportunities) in the marketplace that the competition has not uncovered and define their company’s “brand” within that opportunity. This can include things such as developing a computer training program for real estate agents, teaching agents to market their services on the internet, or any number of other unique ideas. The basic rule of thumb should be that nothing the competition does well is worth doing the same way. Great sales managers look for ways to define their sales force’s uniqueness in the marketplace rather than giving in to the urge to look like every other company. Differentiation from competitors is critical for marketing success.
Thursday, November 6, 2008
5 Inhibitors to Success
A colleague of mine recently put this together and I thought it was so good I had to post it... Thanks to Anthony George.
Five Inhibitors to Success
Reality continues to sink in. We have all recently felt the effects of the shifting market. In fact, we are reminded daily that ‘the sky is falling’ from a variety of sources: the media, the internet, the news and perhaps most notably, from our clients (or lack of!). During challenging times, sometimes we need to “let go” in order to “grow”. We need to stop doing the things that have gotten us here and focus on the things that will get us there. We need to step out and step up!
Here are five inhibitors you must STOP doing in order to grow your revenue and take your territory to the next level. These same five inhibitors can be shared with your clients/prospects to help them increase their sales and in turn strengthen your business relationships.
Five Inhibitors to Success
Reality continues to sink in. We have all recently felt the effects of the shifting market. In fact, we are reminded daily that ‘the sky is falling’ from a variety of sources: the media, the internet, the news and perhaps most notably, from our clients (or lack of!). During challenging times, sometimes we need to “let go” in order to “grow”. We need to stop doing the things that have gotten us here and focus on the things that will get us there. We need to step out and step up!
Here are five inhibitors you must STOP doing in order to grow your revenue and take your territory to the next level. These same five inhibitors can be shared with your clients/prospects to help them increase their sales and in turn strengthen your business relationships.
- Stop standing still. Stop being passively paralyzed and get into action. Start moving now! Get into action early each day and stay in motion all day. Set your attitude the second you wake-up and resolve to become an order-maker not an order-taker.
- Stop worrying about how much work you need to do and focus on what you need to work on. Spend more time on doing the right activities, such as those that contribute to new revenue growth, that are going to get you the best results. Prioritize based on productivity. Drive your schedule based on highest-return activities instead of letting your schedule drive you. Spend more time with top producing clients and prospects.
- Stop complaining and start contending. Excuses will get you nowhere you want to go. Identify the real issues and take action to get results.
Write down your top three excuses for lack of greater achievement. Now tear up that piece of paper and let them go! - Stop thinking of training as a luxury. Start thinking of training & education as a necessity for you and your organization. Now more than ever, we need to be the best and brightest professionals in the business.
Practice makes pros who out perform the competition. What is your current skill level? How effective are you as a sales reps? What is something new you’ve learned in the past week that will contribute to your success? - Stop hanging around with nay-sayers. Don’t answer the calls from Pessimistic Pete and Debbie Downer.
Spending time with losers will contribute to your losses. Cultivate a can do/will do attitude by associating with leaders who have a positive influence on your values, discipline and production. Reach out to other in and out of the industry that will pick you up and prime you for success.
Thursday, October 9, 2008
Successful Sales Management - Four Problems to Solve
Over the past couple of years I have spent a good deal of time helping my clients to handle the trials and tests of managing sales reps in the real estate services industry. I have observed from my experience inside the industry and out that sales managers often feel powerless and frustrated, searching for resources that often don't exist and are generally hungry for guidance.
Many times sales managers find their way into that position through a variety of means, be it they were in operations and we needed a sales manager so voila! Or as a retention tool to keep a top producing sales rep, we promoted them to manager. Many organizations don't have the internal resources, training, or tolls which are designed to increase the effectiveness of sales management efforts.
All of the above contribute to four core problems of managing sales efforts (and specifically in the real estate services industry).
The four problems are (which I'll elaborate on in future posts, so stay tuned)
Many times sales managers find their way into that position through a variety of means, be it they were in operations and we needed a sales manager so voila! Or as a retention tool to keep a top producing sales rep, we promoted them to manager. Many organizations don't have the internal resources, training, or tolls which are designed to increase the effectiveness of sales management efforts.
All of the above contribute to four core problems of managing sales efforts (and specifically in the real estate services industry).
The four problems are (which I'll elaborate on in future posts, so stay tuned)
- Differentiation (separating your sales team from the competition)
- Knowledge (knowing your customer or knowledgeable sales people)
- Accountability (focused on activity)
- Service (consistency)
Monday, September 8, 2008
Peter Drucker - Management Thoughts
Couple thoughts from a recent article on the book – Management: Revised Edition, by Peter F. Drucker
Drucker considered management to be a blend of action and contemplation. The words "think" and "thinking through" appear throughout. Managers must take the time to consider what they are doing and just as important, why they are doing it. He produced a vast body of work, nearly 40 books and countless articles, before he died in 2005 at 95.
Many of his classic themes are on display, including:
•Management by objectives. Your organization's strategy for the present and future, converted into targets and assignments in such areas as marketing, innovation, human resources, productivity and social responsibility.
•The theory of the business. Collectively, it's the assumptions an organization makes about markets, customers, competitors, technology and other factors that make up its reason for being, or as he bluntly puts it, "what a company gets paid for." If your theory is outdated or no longer valid, you're headed for trouble.
•Management revolving around people. A manager's job is defined by relationships with colleagues, "upwards, downwards and sideways."
•Information responsibility. You must ask yourself what information you need to do your job and where you will find it. Related questions are what information you owe to others and what they owe to you.
•Getting out of the office. The key areas affecting your organization will inevitably take place in the outside world. Go out and talk to customers and find out who your non-customers are. Become a volunteer in a non-profit agency, not only for personal growth and helping others, but to work with and learn from people who don't necessarily see things as you do.
a few good pearls from Peter Drucker... Hope you enjoyed.
Drucker considered management to be a blend of action and contemplation. The words "think" and "thinking through" appear throughout. Managers must take the time to consider what they are doing and just as important, why they are doing it. He produced a vast body of work, nearly 40 books and countless articles, before he died in 2005 at 95.
Many of his classic themes are on display, including:
•Management by objectives. Your organization's strategy for the present and future, converted into targets and assignments in such areas as marketing, innovation, human resources, productivity and social responsibility.
•The theory of the business. Collectively, it's the assumptions an organization makes about markets, customers, competitors, technology and other factors that make up its reason for being, or as he bluntly puts it, "what a company gets paid for." If your theory is outdated or no longer valid, you're headed for trouble.
•Management revolving around people. A manager's job is defined by relationships with colleagues, "upwards, downwards and sideways."
•Information responsibility. You must ask yourself what information you need to do your job and where you will find it. Related questions are what information you owe to others and what they owe to you.
•Getting out of the office. The key areas affecting your organization will inevitably take place in the outside world. Go out and talk to customers and find out who your non-customers are. Become a volunteer in a non-profit agency, not only for personal growth and helping others, but to work with and learn from people who don't necessarily see things as you do.
a few good pearls from Peter Drucker... Hope you enjoyed.
Sales Scripts - Prospecting Emails
I've been getting some questions about prospecting emails so I've compiled a few that might be helpful.
Prospecting Email Samples
Please cater these emails to your company and your territory… Several Industries can apply
Example 1 – for when the market tightens…
Hello Mr. Curtis,
As you already know our market has shifted considerably. A large percentage of Realtors and Title Companies will not survive.
I am grateful to say that the ABC Title is a leader in financial strength giving policyholders over “1 billion dollars- or insert appropriate amount here” in protection, and also provides valuable tools and resources to help Realtors be more successful.
With the disappearance of so many of your competitors I would like to help you capture as much of their market share as possible.
I am committed to help my clients not only maintain their success but to continue to grow their business by 10-15% over the next 6 months, despite the fluctuation in the market. Obviously, I won't know if we can reach this goal together until I sit down with you to better understand how you run your business and how I can help you build your business.
The best case scenario is this: I will provide enough value to your business to increase your closings by 10-15% in 6 months and in return you allow me to close a percentage of your directable transactions.
The worst case scenario is that our combined efforts do not result in an increase in your business and you proceed as usual.
I have time available to meet with you on Tuesday August 3rd or Wednesday August 4th in the afternoon. I will need just 20-30 minutes of your time so that we can have a dialog about your business and explore possible ideas and solutions for increasing it.
Please let me know what time works best for you. You can either email me back or call me at 515-xxx-xxxx.
Sincerely,
John Repp
ABC Company
Example 2
Hello Kay,
Thanks again for meeting this morning, and I apologize for the confusion. I have attached the photos we took so that you also have a copy of them, and I have sent them on to Sam Smith with Broker Associate Magazine. I am so excited that you are going to be the "Cover Girl", it is very well deserved, as I know you are a great role model to my mother and I as well as many others in the real estate community.
I would like to take you to lunch as I mentioned this morning. Please let me if you are available next Friday (the 20th), or another time that would work better for you.
I recognize, and appreciate your loyalty and friendship with Ginger at Security. I want you to know that I am also here to help you as well with any of your title or business needs. I would love the opportunity to earn your business as your #2 or #3 title person, and to do what I can to continue to help your business excel further.
One of the goals that I have set is to help successful agents like youreself to increase your busniness 10% to 20% over the next year. I believe that with a little better understanding of what you do now to be successful, I can help you increase your revenue and the amount of time you have to enjoy all of your CAR and board activities, as well as your grandkids a little more. Together I think we can achieve this goal.
Thanks again, and I hope you have a fabulous evening.
Susy Title
USA Company
Prospecting Email Samples
Please cater these emails to your company and your territory… Several Industries can apply
Example 1 – for when the market tightens…
Hello Mr. Curtis,
As you already know our market has shifted considerably. A large percentage of Realtors and Title Companies will not survive.
I am grateful to say that the ABC Title is a leader in financial strength giving policyholders over “1 billion dollars- or insert appropriate amount here” in protection, and also provides valuable tools and resources to help Realtors be more successful.
With the disappearance of so many of your competitors I would like to help you capture as much of their market share as possible.
I am committed to help my clients not only maintain their success but to continue to grow their business by 10-15% over the next 6 months, despite the fluctuation in the market. Obviously, I won't know if we can reach this goal together until I sit down with you to better understand how you run your business and how I can help you build your business.
The best case scenario is this: I will provide enough value to your business to increase your closings by 10-15% in 6 months and in return you allow me to close a percentage of your directable transactions.
The worst case scenario is that our combined efforts do not result in an increase in your business and you proceed as usual.
I have time available to meet with you on Tuesday August 3rd or Wednesday August 4th in the afternoon. I will need just 20-30 minutes of your time so that we can have a dialog about your business and explore possible ideas and solutions for increasing it.
Please let me know what time works best for you. You can either email me back or call me at 515-xxx-xxxx.
Sincerely,
John Repp
ABC Company
Example 2
Hello Kay,
Thanks again for meeting this morning, and I apologize for the confusion. I have attached the photos we took so that you also have a copy of them, and I have sent them on to Sam Smith with Broker Associate Magazine. I am so excited that you are going to be the "Cover Girl", it is very well deserved, as I know you are a great role model to my mother and I as well as many others in the real estate community.
I would like to take you to lunch as I mentioned this morning. Please let me if you are available next Friday (the 20th), or another time that would work better for you.
I recognize, and appreciate your loyalty and friendship with Ginger at Security. I want you to know that I am also here to help you as well with any of your title or business needs. I would love the opportunity to earn your business as your #2 or #3 title person, and to do what I can to continue to help your business excel further.
One of the goals that I have set is to help successful agents like youreself to increase your busniness 10% to 20% over the next year. I believe that with a little better understanding of what you do now to be successful, I can help you increase your revenue and the amount of time you have to enjoy all of your CAR and board activities, as well as your grandkids a little more. Together I think we can achieve this goal.
Thanks again, and I hope you have a fabulous evening.
Susy Title
USA Company
Friday, August 29, 2008
Real Estate Investors Invade California
Here's a press release we just put out... important information - timely, enjoy.
If the real estate market is in a meltdown, California real estate investors haven’t gotten the memo. In fact, residential real estate investment activity has grown over 65% in the past year alone.
Walnut Creek, CA, August 28, 2008. According to an analysis of current California real estate statistics, residential real estate investors are the most rapidly growing population of buyers in California. RightNow Consulting announced today the results of a research project analyzing purchasing activities of California residential real estate buyers. Preliminary July 2008 residential property data reveals that the percentage of residential purchases by investors has risen from 6.74% to 11.41% since July of 2007. This represents a 69% increase in year over year proportional activity.
Despite fewer financing options and lots of bad publicity, investors are taking an aggressive stance. “We wondered whether investment activity might have increased in California given current market dynamics, but were truly surprised by these results,” says Dan Miller, CEO of RightNow Consulting. “Not only did the percentage of residential purchases by investors increase, but so did the number of investor transactions, increasing 16% from July 2007 to July 2008. Given that California median home prices continue to slide – down 3% from June and over 33% from July of last year according to CAR statistics – the dramatic increase in investor activity is surprising.”
By any measure, the increase is an encouraging nod to the perceived long term value of California real estate. Despite the doom and gloom, for investors and home buyers still sitting on the sidelines, favorable interest rates and price declines might push the California real estate market towards a recovery a bit sooner than expected.
[Research Methodology: Total monthly index records searched ranged from a low in July 08 of 67,329(preliminary data) to a high in July 07 of 160,275 inclusive of refinance activity. Refinance activity was removed, and non-owner occupied percentages of total purchase activity were calculated using property data provided by First American Core Logic. The final analyzed data set consisted of non-owner occupied purchases (excluding corporate owned properties) and included all CA counties, extracted from indexed property transfer records monthly from July 2007 to July 2008. Purchase transactions which did not require financing were excluded. Data analyzed and compiled by Laura Compton of RightNow Consulting.]
If the real estate market is in a meltdown, California real estate investors haven’t gotten the memo. In fact, residential real estate investment activity has grown over 65% in the past year alone.
Walnut Creek, CA, August 28, 2008. According to an analysis of current California real estate statistics, residential real estate investors are the most rapidly growing population of buyers in California. RightNow Consulting announced today the results of a research project analyzing purchasing activities of California residential real estate buyers. Preliminary July 2008 residential property data reveals that the percentage of residential purchases by investors has risen from 6.74% to 11.41% since July of 2007. This represents a 69% increase in year over year proportional activity.
Despite fewer financing options and lots of bad publicity, investors are taking an aggressive stance. “We wondered whether investment activity might have increased in California given current market dynamics, but were truly surprised by these results,” says Dan Miller, CEO of RightNow Consulting. “Not only did the percentage of residential purchases by investors increase, but so did the number of investor transactions, increasing 16% from July 2007 to July 2008. Given that California median home prices continue to slide – down 3% from June and over 33% from July of last year according to CAR statistics – the dramatic increase in investor activity is surprising.”
By any measure, the increase is an encouraging nod to the perceived long term value of California real estate. Despite the doom and gloom, for investors and home buyers still sitting on the sidelines, favorable interest rates and price declines might push the California real estate market towards a recovery a bit sooner than expected.
[Research Methodology: Total monthly index records searched ranged from a low in July 08 of 67,329(preliminary data) to a high in July 07 of 160,275 inclusive of refinance activity. Refinance activity was removed, and non-owner occupied percentages of total purchase activity were calculated using property data provided by First American Core Logic. The final analyzed data set consisted of non-owner occupied purchases (excluding corporate owned properties) and included all CA counties, extracted from indexed property transfer records monthly from July 2007 to July 2008. Purchase transactions which did not require financing were excluded. Data analyzed and compiled by Laura Compton of RightNow Consulting.]
Tuesday, July 29, 2008
Branding your self - Niche Marketing
Most title companies and title agents I’ve spoken with have not taken the time to really put down on paper what they will do to “specialize” or how they will service a particular niche differently. The differences may be subtle but going able to articulate those differences are very important to building a niche brand.
As you read through some of the examples below – be sure to ask yourself the following questions, in doing so you’ll get a clearer idea of what niche you might want to go after.
- Could you create a division in your company specifically to serve the needs this niche?
How would you operate differently? - Who in your operation has the skills to services a particular niche? Or even more broad, what are the skills required to service this particular niche if any?
- What services and adjustments would be necessary to achieve success?
- What would you call it?
- What kind of sales and marketing effort would best attract these clients?
A few examples worth talking about given current market conditions and should help to illustrate this concept of developing a niche.
Top Producers: Let’s say you have been noticing the national trend which suggests that top producing residential real estate agents (those in the top 20% of production in their market) are gaining more and more share of individual markets. This trend also shows that top producing real estate agents have increased their share of the market over 160% during the past twelve months). Creating a “Private Client Services” division that is more in tune with these high volume targets and clients can enable you to be the company of choice for this niche.
Reverse Mortgage: Rapidly growing in volume and expanding in product type, the Home Equity Conversion Mortgage or HECM is a great source of business. Over 100,000 have closed in the FY 2006/2007 according to HUD, and these are likely to grow at the current rate (over 35% growth in the past two years) or higher given the aging of the baby boomer population. Isolating this business as different and unique, serving its customers specifically, and branding that effort separately from your core products and services will give you a high return. Everyone might be closing reverse mortgages, but who is serving the needs of the clients in such a way that they become recognized as the provider of these services? Who is marketing themselves as the reverse mortgage expert? Might as well be you.
Loan modifications: If you have mid sized mortgage bankers in your area, chances are they are performing loan modifications in order to stem the foreclosure tide. Although the national lenders have contracts which handle these limited title searches on a nationwide basis with title information service providers, there are opportunities at the local and regional level. Be sure to talk to your banker to see if your bank is actively performing loan mod’s in their servicing department and if so, get their title work.
Credit Unions: One of the fastest growing locally sourced high quality areas of refinance transactions. Don’t overlook the multitude of Credit Unions, many of which out produce community banks at a rate of approximately 2 to 1 in certain markets (CUNA Stat.)
Private banking and private mortgage services: The Private Banking and Wealth Management department of national, regional and local banks represent the majority of deposits in the United States owned by wealthy clients. Many of these people own lots of commercial and residential real estate and their banker can approve commercial mortgages as well as refer residential refinances and purchases. None of your competitors call on these accounts and your upside in terms of deal sizes and frequency is unlimited.
Pre-foreclosure/Short Sales sales: Teach real estate agents to handle pre-foreclosure transactions, becoming the local expert in this rapidly growing market segment. In certain parts of the US, over 20% of all residential transactions are predicted to be “short sales” over the next year or two. Even if your area is less affected by this issue, it is still a great way to get introduced to real estate professionals around a hot topic.
A little time spent asking yourself questions about how you'll "specialize" in a specific niche might just be the next step to winning more accounts and adding to your bottom line.
Monday, July 7, 2008
Do's and Don'ts of Sales and Marketing - Part 4
Leadership and Management - Driving Results from the Top Down
Do
Do
- DO Make sure everyone in your operation knows the goals (Open, closed, clients, revenue)
- DO Focus on individual targets - offices can't give you business, individual agents or LOs can.
- DO involve everyone in your organization in the sales effort with specific action items, tasks and goals
- DO make sure that everyone in your organization knows what differentiates you from your competitors - You're customers should be able to finish the sentence, "I use you because...." and your sales people should be able to help your customers articulate that
- DO make sure each person knows what their role is in achieving the goals
Don’t
- DON’T assume each person knows how to sell or ask for business
- DON’T pay for customer service reps….incentives should be based on mainly new business
Short and Sweet. Happy selling!
Monday, June 30, 2008
Do's and Don'ts of Sales and Marketing - Part 3
Execution - Sales Activities that Drive Results: here are some very specific tactical things that you should pay attention to...
Do
Do
- After an interview with a target, schedule/calendar a plan for the next follow up – don’t leave an appointment without setting the next one
- Make 1 hour of outbound phone calls daily to targets and other prospects of interest
(if you think about it this is only 12.5% of a 40 hour work week. Make it mandatory for yourself or for your reps. (you can make between 15-25 calls in an hour – if you use 5 call blocking) - Interview broker managers every other month to get speaking engagements and other opportunities
- Sit with Closers while they make customer phone calls (they will not do it otherwise). Help create 'message' – empower them to make warm calls (not cold) – in fact here are 5 areas to call: Orphaned Clients, Lender in the middle, Non directing Agent, Best clients to ask for referrals, Cheaters
- Internal public relations – regularly/daily inform your Closers of all sales activities
I have seen reps live and die by their ability to communicate with their closing/branch teams. It will be very difficult to over communicate what you’re doing as a rep to gain new business. It’s very easy to under communicate - Ask for the sale. Ask for the appointment. Ask for the next step. Don’t rely on “accidental” results. (Know and) ask for what you want.
- Learn to Listen
Don’t
- DON'T deliver anything if you can convince an EO to do it. Get EO to set drop off appt with agents.
- DON'T spend time creating marketing flyers; or limit it to one hour a month.
- DON'T spend more than 30 minutes on your email per day.
- DON'T do lunches, unless that is the only way to get a target to talk to you. Quite coffee houses are better. Best case scenario, get them to meet you at your office.
- DON'T join committees or task forces that have little or no exposure to top producers, unless it is your first year in title sales, and even then be choosy.
- DON'T talk too much. Know when to shut up. People like to hear themselves talk...ask questions that get your prospect talking and let them go...continue to ask follow up questions to show that you are engaged.
- DON'T Sell the same way to every person. Be skilled in reading others, and then make sure you can flex your style to best suit your prospect.
In sales it's all about the execution - make sure that you're DOING the right things with the right people.
Happy Selling!
Monday, June 16, 2008
Do's and Don'ts of Sales and Marketing - Part 2
Planning and Strategizing - Make it happen...don’t be happy with accidental results!
Do
Do
- Know what activities are most productive for YOU and understand your activity ratios...they may be different from other people on your team. Most top producing sales people can tell you their highest gain activities (things they do that pay them the most amount of money). In our business those activities typically are:
Asks (referrals and for orders directly)
Face to face appointments / interviews
Conversations with prospects
They can also tell you that metrics like, “I need to set 10 appointment to have 7 show up” and constantly tweek those metrics. - Set goals and create a daily activity plan to achieve them...look for incremental successes to celebrate, not just the final “close”. Spend 10 minutes at the end of each day planning your strategy for the next day. Ask yourself how much different your days would be if you spent just a minimal time the day before planning what you’d like to do. Someone said, not having a plan is planning to fail… I think they’re right.
- Measure and track your progress and results, know where you are daily so you can tweak and adjust your plan. Don’t over do it (but I really meet great sales people or marketers that overdo tracking), typically it’s the other way around. Make it simple and just track the four things I mentioned above on a daily or weekly basis. The simpler the better.
- Have a daily contact and interview goal: minimum 2 per day.
Don’t
- Wake up without a defined plan/strategy for your day – based on our recommendations for what to DO – this goes without saying
- Go a single day without any selling activity. Keep your skills sharp and your pipeline full by making sure that every day has purposeful selling activity included.
Literally, if we’re not living for getting new clients and doing something everyday that puts us in a position to get a new client we’re missing the boat
Friday, June 6, 2008
Do's and Don't of Sales and Marketing - Part 1
I constantly get asked to describe the do's and don'ts of sales and marketing for our industry. As easy as the question may sound the answer I've discovered is somewhat complex. I've divided the the answer into four areas or four parts each having a brief list of what we consider at RightNow, the do's and don'ts of sales and marketing:
Attitude and Demeanor - Acting and Dressing “The Part”: this is about how to “be”, behaviours and attitudes that will positively affect, or detract from your sales results.
Do
Attitude and Demeanor - Acting and Dressing “The Part”: this is about how to “be”, behaviours and attitudes that will positively affect, or detract from your sales results.
Do
- Think and act positively. Negative self-talk will only reinforce negativity. Good sales people are by nature positive and this attracts (Law of Attraction) positive results.
- Make sure your outer appearance matches your inner self...always dress professionally and make sure you look polished. Appearance matters, whether we like it or not – marketing and sales people are the “face” of your company. Don’t be afraid to set expectations or standards about how you want your companies image portrayed in the market place.
- Constantly evolve your skills, mindset and perspective. Read voraciously, “interview” other top performers in other industries, try new things, recognize stagnancy, try and be ahead of the curve when change is imminent. Don’t be afraid to learn and keep learning, sharpening your saw (if you’re the president of a title agency on this call, ask yourself when is the last time you made a cold call or when on a sales appointment with a new prospect – hopefully it’s been recently, if not schedule sometime to make some calls this week
- Be accountable to YOURSELF first. Remember this... “If it is meant to be, it is up to me.” You can only be accountable if you have committed to measurable objectives. Get clear on how much you want to make, how many orders you want (the results), then work backwards to the activities you need to do to get those results and hold yourself accountable to the activity that you can control.
Don’t
- DON’T get stuck in price wars-it is not about price, it is about perception of value. This is easier said than done, but with few exceptions when we can demonstrate value to our customers, they are willing to pay more – and at the end of the day they’re not paying anyway…)
- DON’T “buy business" or get stuck in that sandbox. If you’re in TX – P53 pretty much lays it out for you. Find ways to add value through your knowledge or tap into the knowledge of your company and it’s employees to create mutually beneficial relationships in an ethical way.
- DON’T believe that anyone is off limits…everyone cheats! This is all about assumptions. Assumptions about our prospects without actually asking or finding out for sure leads us to inaction. It’s typically us looking for an excuse not to do something out of our comfort zone so for example instead of asking and hearing no, we assume a target is off limits and don’t ask.
- DON’T do it ‘because everyone else is doing it’ Otis spunkmeyer cookies… need I say more
- DON'T Work for someone else. Create the mentality that you are “self-employed” regardless of whether you have a base pay or not, and plan and work your day/month/year as if no one but you were responsible for the results you achieve and the money on your paycheck
Next we'll dive into Planning and Strategizing do's and don'ts
Happy Selling
Tuesday, May 27, 2008
Management Time Woes - Managing your Return on Time Investment
70/20/10
Jack Welch, Chairman and CEO of General Electric from 1981-2001 has discussed his simple management strategy which served him well as he built GE into the success it became. According to Welch, all your employees fit into one of three categories, 70/20/10. Most fall in the middle 70%, employees that are generally meeting your expectations, neither flying above nor below the radar. About 20% fall into your most coveted employee category…those who are highly productive, highly motivated, and are a great cultural fit for your organization. The bottom 10% is just that, they either need to elevate into the middle 70, or they need to leave. Here are some strategies to consider in working with your people after you have identified where they fit.
Talent Strategies
Top 20 – Deepen the relationship
Most of these people are vocal when the need something, but otherwise go about their business quietly. Because they don’t demand very much management attention, they can be vulnerable to recruitment. Make sure that you are creating purposeful strategy for retaining your BEST employees while at the same time taking action to move out the bottom 10%.
Jack Welch, Chairman and CEO of General Electric from 1981-2001 has discussed his simple management strategy which served him well as he built GE into the success it became. According to Welch, all your employees fit into one of three categories, 70/20/10. Most fall in the middle 70%, employees that are generally meeting your expectations, neither flying above nor below the radar. About 20% fall into your most coveted employee category…those who are highly productive, highly motivated, and are a great cultural fit for your organization. The bottom 10% is just that, they either need to elevate into the middle 70, or they need to leave. Here are some strategies to consider in working with your people after you have identified where they fit.
Talent Strategies
Top 20 – Deepen the relationship
Most of these people are vocal when the need something, but otherwise go about their business quietly. Because they don’t demand very much management attention, they can be vulnerable to recruitment. Make sure that you are creating purposeful strategy for retaining your BEST employees while at the same time taking action to move out the bottom 10%.
- Create challenges
- Create participation in leadership direction
- Reward performance
- Connect personally
- Create opportunity
Middle 70 – Accelerate performance
Many of these individuals need little to now management support to achieve mild success. Some of these people can blossom with the right support and mentorship and can become the next generation of Top 20’s in your organization. Pay attention to “influencers” in this group, and look for the leaders of tomorrow.
- Create individual expectations
- Formalize coaching/learning
- Implement skills enhancement/practice
- Specify growth progression
- Communicate progress regularly
- Praise successes
Bottom 10 – Upgrade
If you combine the mental energy you devote to these people, with the actual physical time and energy you have to commit to, these people take up an inordinate amount of your time, especially in relationship to their contributions. Simply, move up or move out...they can become “a cancer” in your organization.
- Execute written Performance Improvement Plans
- Require skills development
- Closely monitor progress within defined timeframes
- Terminate decisively
If you would like a talent scorecard that helps you identify and create action steps for your employees in these catagories please email us at info@rightnowconsulting.com
Also remember that the 70/20/10 rule can also directly to apply to our customers and prospects. Think about it... would love your comments and your stories.
Happy selling.
Tuesday, May 20, 2008
Coaching for Results
Coaching/Counseling
We have developed the coaching model here, for use with performers all along the spectrum. Depending on where someone is (70/20/10) your coaching may be more collaborative and less directive, or more directive and less collaborative.
Consistency is the key to successful coaching. In order to create a “culture of accountability” within your organization, you must communicate what you want, and then follow-through to assess progress and results.
For your Bottom 10, define desired outcomes, meet frequently, give support/training if need be, and then act decisively. If you allow your Bottom 10 to stay, you unwittingly communicate to everyone else that lackluster performance is acceptable.
Be prepared to deal with the following coaching challenges:
We have developed the coaching model here, for use with performers all along the spectrum. Depending on where someone is (70/20/10) your coaching may be more collaborative and less directive, or more directive and less collaborative.
Consistency is the key to successful coaching. In order to create a “culture of accountability” within your organization, you must communicate what you want, and then follow-through to assess progress and results.
For your Bottom 10, define desired outcomes, meet frequently, give support/training if need be, and then act decisively. If you allow your Bottom 10 to stay, you unwittingly communicate to everyone else that lackluster performance is acceptable.
Be prepared to deal with the following coaching challenges:
Salesperson “too busy” to be coached
• Politely insist
• Go to them
• Make it fun
• Politely insist
• Go to them
• Make it fun
Not being prepared
• Delay the meeting
• Ask when he or she will be ready
• Delay the meeting
• Ask when he or she will be ready
Talking too much:
• Reiterate time constraints
• Use a timer
• Reiterate time constraints
• Use a timer
Bringing other issues into the session:
• Make a follow up appointment to discuss
• Make a follow up appointment to discuss
Not doing what he or she agreed to:
• Counseling
• Counseling
At the end of the day coaching is about helping your people to succeed and having real conversations with them that ENABLES them to do the right activities. Coaching is one of the most powerful ways to motivate and demonstrate thoughtful leadership.
Let me know how it goes.
Thursday, May 8, 2008
Planning a Sales Meeting
Do you ever dread going to meetings? Those extremely long meetings where all you want to do is check your blackberry the whole time that leave you feeling why am I not in the field with my customers or better yet, in front of a new one. Yeah, I thought so.... Effective sales meetings are valuable for everyone involved, not just a venue to cover requisite housekeeping issues.
Here are a few tips for organizing your next sales meeting:
Determine a reason for your meeting...
Reasons for Sales Meetings:
· Train or retrain
· Communications
· Motivation/Recognition
· Solve Problems
· Introduce a new product or contest
Encourage Participation: Extremely important and helps get buy in
· Tap everyone’s creativity
· Create team spirit
· Stimulate interest
· Reward and recognize
· Hone skills
· Increase motivation for self-improvement
· Evaluate salespeople in-depth
· Receive feedback on effectiveness of training
Pitfalls to Avoid:
· Lack of form or content
· Overly administrative
· Generalizing problematic behavior/results
· Irrelevant topics
Some things to consider…
· Off-site meetings
· Guest speakers
· Duration and timing
· Monthly meetings for everyone…weekly meetings for non-performers
Meeting Topics…some examples: (don't try all of these)
· Industry updates
· Market/customer knowledge
· Cold Calling
· Setting Appointments
· Overcoming Objections
· Systematic and strategic follow-up
· Time Management
· Product knowledge/new product training
· Customer service
· Role-playing
· Building goodwill
· Contests and special promotions
Ways to Make Sales Meetings More Interesting and Lively
· Show films or video
· Update product knowledge
· Create a game show
· Case studies/role playing
· Increase competitor knowledge
· Allow “show off” time
· Conduct brainstorming sessions
Here are a few tips for organizing your next sales meeting:
Determine a reason for your meeting...
Reasons for Sales Meetings:
· Train or retrain
· Communications
· Motivation/Recognition
· Solve Problems
· Introduce a new product or contest
Encourage Participation: Extremely important and helps get buy in
· Tap everyone’s creativity
· Create team spirit
· Stimulate interest
· Reward and recognize
· Hone skills
· Increase motivation for self-improvement
· Evaluate salespeople in-depth
· Receive feedback on effectiveness of training
Pitfalls to Avoid:
· Lack of form or content
· Overly administrative
· Generalizing problematic behavior/results
· Irrelevant topics
Some things to consider…
· Off-site meetings
· Guest speakers
· Duration and timing
· Monthly meetings for everyone…weekly meetings for non-performers
Meeting Topics…some examples: (don't try all of these)
· Industry updates
· Market/customer knowledge
· Cold Calling
· Setting Appointments
· Overcoming Objections
· Systematic and strategic follow-up
· Time Management
· Product knowledge/new product training
· Customer service
· Role-playing
· Building goodwill
· Contests and special promotions
Ways to Make Sales Meetings More Interesting and Lively
· Show films or video
· Update product knowledge
· Create a game show
· Case studies/role playing
· Increase competitor knowledge
· Allow “show off” time
· Conduct brainstorming sessions
Sample Agenda
- Icebreaker/Team Building activity
- Provide agenda and desired outcomes of meeting
- Representative reporting – Provide to sales reps (prior to meeting, ideally at least 1 week before) an outline for their 3-5 minute update. Include:
a. Report on prior months production…new clients, total orders, revenue, etc
b. 3 things that went well, and 3 things they need help on (take notes, because after the meeting, you can either pair people up to contact each other, or include in the meeting notes so some may take initiative and call each other)
c. Territory update: competition, branch challenges, opportunities, etc. - Overall report out for your profit center. Include all measurements including total new clients, total revenue compared with prior month, retention statistics, etc…
- General company announcements
- Training or Guest Speaker
a. Consider having your reps take turns presenting their area of specialization
b. Ask a top performer to prepare 15 minutes worth of training - Exercise (tied into speaker or training)
a. Role playing
b. Group brainstorming
c. Group Activity: Share best practices. (Getting interview, kicking off interviews, good interview questions, asking for business, prospecting). Have groups work together for 5-10 minutes, then have a report out so all the groups can hear what each other said. - End the meeting with each representative giving their own personal goals related to revenue (orders), new clients, and interviews with Top 25 prospects. Have someone take notes. Compile notes, and send out updates monthly.
Wednesday, April 23, 2008
Books for Building and Growing Successful Businesses
Books for Building and Growing Successful Businesses
- The E-Myth Revisited – Michael Gerber (Business strategy)
- 7 Habits of Highly Effective People – Steven Covey (Sales/Management)
- The Game of Work – Chuck Coonradt (Sales Management)
- The 5 Dysfunctions of a Team – Pat Lencioni (Leadership)
- How to Become a Great Boss: The Rules for Getting and Keeping the Best Employees – Jeffery Fox (Management, Leadership)
- Everyone’s A Coach – Don Shula & Ken Blanchard (Sales Management, Leadership)
- Execution – Larry Bossidy & Ram Charan (Leadership)
- How to Win Friends and Influence People – Dale Carnegie (Sales, Leadership)
- Guerrilla Marketing Excellence – Jay Conrad Levinson (Marketing)
- 21 Things I Wish My Broker had Told Me: Practical Advice for New Real Estate
- Professionals – Frank Cook (General Real Estate)
- The Millionaire Real Estate Agent – Gary Keller (General Real Estate)
Thursday, April 10, 2008
Effective Client Business Reviews
Business Reviews
Strategic objective - It is OK to tell your client what your objective is...if you want to insulate them, tell them, if you want a bigger share of their pie, tell them... this will help you:
Do client business reveiws no less than annually, but ask your best clients if they would like them more often; make it a scheduled meeting or call, not part of a file update or routine visit
Seek to understand their business and their goals, ask how you can help.
Service review - Ask and understand their perception of your company’s and your customer service (this information helps you sell to new clients)
Strategic objective - It is OK to tell your client what your objective is...if you want to insulate them, tell them, if you want a bigger share of their pie, tell them... this will help you:
- Insulating Your Best Clients from Competitors
- Growing Your Share of a Low Revenue Client
Do client business reveiws no less than annually, but ask your best clients if they would like them more often; make it a scheduled meeting or call, not part of a file update or routine visit
Seek to understand their business and their goals, ask how you can help.
Service review - Ask and understand their perception of your company’s and your customer service (this information helps you sell to new clients)
Include 5 simple questions
- What are your goals this year and how do see me helping you to achieve them?
- What one thing can I improve or refine? (Probe for an answer if they decline; once you get one, makes sure to ask “is there anything else?”)
- How much of your current directable business would you say you send my way? Is there a way for me to earn a larger percent this year?
- Would you be willing to help me grow my business this year? (When they say yes, and they will, tell them that you would like at least 1 referral per month; someone who is either experienced in the business or a seriously promising newcomer. Tell them exactly what you want.)
- Can I count on you to talk to me first, if you ever consider taking your business somewhere else?
Business reviews have been extremely powerful rention and sales tools in my sales and marketing career and would love to hear how you're using them to deepen your relationships with your clients.
Happy Selling!
Monday, March 24, 2008
Prioritizing your accounts...
As a sales person I’m always waging the classic war against time. Since there are only 24 hours in a day, and I’m only willing to work during my waking hours, I have to be smart about where I allocate that time. This is especially important for those of us who are paid on performance – if where we spend our time doesn’t pay, we don’t get paid.
Sound familiar? In another context we need to look at how we prioritize our account to make sure we’re maximizing our return on our time invested (ROTI)
Take a look at your entire client list and rank them into the following catagories
A - Low maintenance/high revenue (Coddle and protect, leverage for referrals)
B - Low maintenance/low revenue (Grow share)
C - Low or high maintenance/low revenue (low producer) - Dump them or resist any time investment whatsoever
D - High maintenance/high revenue (Selectively dump/recruit layers from leadership)
E - High maintenance/low revenue - Dump them
Don’t forget to assessing “aggravation” factor...is it worth it (think of all the mental and physical energy exerted, how can you better spend that time) In some cases it’s worth “firing” a client that is not yielding a return. Get focused and spend "appropriate" amounts of time with each client segement. Work with A's, B's, and D's and dump your C's and E's.
Happy Selling!
Sound familiar? In another context we need to look at how we prioritize our account to make sure we’re maximizing our return on our time invested (ROTI)
Take a look at your entire client list and rank them into the following catagories
A - Low maintenance/high revenue (Coddle and protect, leverage for referrals)
B - Low maintenance/low revenue (Grow share)
C - Low or high maintenance/low revenue (low producer) - Dump them or resist any time investment whatsoever
D - High maintenance/high revenue (Selectively dump/recruit layers from leadership)
E - High maintenance/low revenue - Dump them
Don’t forget to assessing “aggravation” factor...is it worth it (think of all the mental and physical energy exerted, how can you better spend that time) In some cases it’s worth “firing” a client that is not yielding a return. Get focused and spend "appropriate" amounts of time with each client segement. Work with A's, B's, and D's and dump your C's and E's.
Happy Selling!
Thursday, March 13, 2008
War against time...
As a sales person I’m always waging the classic war against time. Since there are only 24 hours in a day, and I’m only willing to work during my waking hours, I have to be smart about where I allocate that time. This is especially important for those of us who are paid on performance – if where we spend our time doesn’t pay, we don’t get paid.
I know that I spend my time in essentially three different areas:
- Administrative work (expense reports, tracking results, planning, attending meetings – I never let this take more that 15% of my time)
- Maintaining my current clients (where I spend a majority of my time - 60%)
- Prospecting (purposefully going after new business – the rest, 35% or so)
Administrative work I must do or I’d get fired eventually for not doing it.
Client Maintenance I will never forget since those are the people I like (usually) and they pay my bills.
Prospecting… Ah there’s the trick, it’s the most elusive time of all, spending it purposefully focused on getting new business. It’s the first time that goes out the window in lieu of a client need or at the drop of a hat. It’s talking to people that I don’t currently do business with – let’s be honest, I’d much rather talk to my favorite clients over someone whom I don’t know and may tell me to got lost.
If I don’t focus my time on prospecting I’m lost, I’m beholden to where-ever the market takes my current clients – oh and by the way, it’s a fact that current clients are always a dwindling species (they move, they cheat, they get unsatisfied with service, they don’t forget mistakes, etc…).
Take control of your business, take control of your time by guarding your prospecting time with your life… you’re future paychecks certainly depend on it.
Next I’ll talk about how to effectively work with your clients and how to prioritize accounts and how to do business reviews to check in and leverage your best relationships.
Wednesday, March 12, 2008
The Key to Sales Success - Listening
The Key to Sales Success
By Brian Tracy
A vital key to sales success is listening
Learn to Listen Well
A vital key to sales success is listening. The ability to listen well is absolutely indispensable for success in all human relationships. The ability to be a good listener in a sales conversation is the foundation of the new model of selling. It leads to easier sales, higher earnings and greater enjoyment from the sales profession.
Being A Good Talker is Not Enough
Many salespeople have been brought up with the idea that, in order to be good at your profession, you must be a glad-hander and a good talker. You have even heard people say, "You have the 'gift of the gab'; you should be in sales!"
Focus On the Other Person
Nothing could be further from the truth. As many as seventy five percent of all top salespeople are defined as introverts on psychological tests. They are very easy going and other-centered. They would much rather listen than talk. They are very interested in the thoughts and feelings of other people and they are quite comfortable sitting and listening to their prospects. They would much rather listen than talk in a sales situation. Poor salespeople dominate the talking, but top salespeople dominate the listening.
Practice "White Magic" With Everyone
Listening has even been called "white magic." It is too rarely engaged in by business people. When a salesperson develops a reputation for being an excellent listener, prospects and customers feel comfortable and secure in his or her presence. They buy more readily, and more often.
Practice the 70/30 Rule
You've heard it said that God gave man two ears and one mouth, and he is supposed to use them in that proportion.Top salespeople practice the "70/30 rule." They talk and ask questions 30 percent or less of the time while they listen intently to their customers 70 percent or more of the time. They use their ears and mouth in the right ratio.
Action Exercises
Here are two things you can do immediately to put these ideas into action.
By Brian Tracy
A vital key to sales success is listening
Learn to Listen Well
A vital key to sales success is listening. The ability to listen well is absolutely indispensable for success in all human relationships. The ability to be a good listener in a sales conversation is the foundation of the new model of selling. It leads to easier sales, higher earnings and greater enjoyment from the sales profession.
Being A Good Talker is Not Enough
Many salespeople have been brought up with the idea that, in order to be good at your profession, you must be a glad-hander and a good talker. You have even heard people say, "You have the 'gift of the gab'; you should be in sales!"
Focus On the Other Person
Nothing could be further from the truth. As many as seventy five percent of all top salespeople are defined as introverts on psychological tests. They are very easy going and other-centered. They would much rather listen than talk. They are very interested in the thoughts and feelings of other people and they are quite comfortable sitting and listening to their prospects. They would much rather listen than talk in a sales situation. Poor salespeople dominate the talking, but top salespeople dominate the listening.
Practice "White Magic" With Everyone
Listening has even been called "white magic." It is too rarely engaged in by business people. When a salesperson develops a reputation for being an excellent listener, prospects and customers feel comfortable and secure in his or her presence. They buy more readily, and more often.
Practice the 70/30 Rule
You've heard it said that God gave man two ears and one mouth, and he is supposed to use them in that proportion.Top salespeople practice the "70/30 rule." They talk and ask questions 30 percent or less of the time while they listen intently to their customers 70 percent or more of the time. They use their ears and mouth in the right ratio.
Action Exercises
Here are two things you can do immediately to put these ideas into action.
- First, resolve today that, from now on, you are going to dominate the listening in every sales conversation. Become comfortable with silence.
- Second, practice the 70/30 rule in every sales conversation. Listen 70% of the time and only talk and ask questions 30% of the time.
Wise words by Brian Tracy...
Tuesday, March 4, 2008
Why you can’t live without a 90 day sales plan…
Why you can’t live without a 90 day sales plan…
It’s true. Every top producing rep I talk to has in some way shape or form a 90 day plan that outlines a couple of very key things. We’ll get into those in a minute.
Sales Manager / Profit Center Manager:
“Why 90 days, when I have to do a budget for the whole year?”
Simple – creating a budget is a critically important for the health of a business and budgets are typically designed to hit an over all expense number subtracted from an over all revenue number to give you an over all profit number. We’re then asked as managers to come up with metrics of opened orders and closed orders to “figure out” the revenue on a monthly basis. This is absolutely reasonable if you just stick with the big picture and use it as a management tool to ENABLE your sales reps to plan for themselves quarterly while allowing them to adjust for seasonal and market conditions.
Sales Rep:
“Why do I have to plan if my boss has already done the budget?"
It’s true. Every top producing rep I talk to has in some way shape or form a 90 day plan that outlines a couple of very key things. We’ll get into those in a minute.
Sales Manager / Profit Center Manager:
“Why 90 days, when I have to do a budget for the whole year?”
Simple – creating a budget is a critically important for the health of a business and budgets are typically designed to hit an over all expense number subtracted from an over all revenue number to give you an over all profit number. We’re then asked as managers to come up with metrics of opened orders and closed orders to “figure out” the revenue on a monthly basis. This is absolutely reasonable if you just stick with the big picture and use it as a management tool to ENABLE your sales reps to plan for themselves quarterly while allowing them to adjust for seasonal and market conditions.
Sales Rep:
“Why do I have to plan if my boss has already done the budget?"
Budgets and 90 day sales plans are two entirely different things that sometimes get lumped together. In simplified terms; budgets for our business or sales team project where revenue and expenses will be and how we’re allocating each to hit a profitability number (basically why we’re in business). 90 day sales plans identify both business metrics that an individual wants to hit in the next 90 days AS WELL AS what that individual will do to get there.
Function:
The function of a 90 day sales plan is for a rep to clearly articulate what results they want (I work backwards from how much commission I want to make this year, break it down to quarters, then figure out how many open deals I need based on my book of business – see the post that more clearly explains how to do that…) AND to help that rep define the activities that he or she knows can bring them results.
Here are some examples for both results and activities:
Results
- Open Orders
- Closed Orders
- Revenue
- Market-share
- Commission
Activities
- Asking for referrals
- Face to face appointments with prospects
- Business review meetings with customers
- Asking for orders
- Conversations with prospects
As sales or marketing reps we should be diligent about creating a 90 day plan every quarter, and commit to tracking what’s working and what’s not working so we can focus on DOING the things we know and have directly experienced in getting us new customers or more revenue. Commit to a minimum activity for each week, because at the end of the day – it’s the ACTIVITY that gets you the results, not just saying I want the results to happen.
By being diligent in creating a 90 day plan and keeping track of your activities, you’ll emulate the top producers both inside and outside our industry. Visit our RightNow eStore for a free download of the template of the 90 day sales plan we use in the real estate services industry. It is provided as a free Excel download, with permission to modify and use.
http://www.rightnowconsulting.com/store/index.php?p=catalog&parent=4&pg=1
Happy Selling!
Monday, February 11, 2008
Do you have a Sales Process?
Ask yourself this question: "How would I describe the process I use to develop a prospect into a client in a step by step manner?". Most marketing and sales reps I ask this question of have vague answers to this question and in many cases - top sales reps do have a process that they haven't clearly defined for themselves.
My position is simple: If you have a sales process, the process alone will help you win more business. Having a process allows you as a rep, sales manager, or president of a company clearly define what activities are required to move a prospect through the sales cycle. Once that is done you just have to commit to doing those activities that you know yeild results.
Here is the sales process I use in our industry - although it relates outside our business as well.
We're creating a set of "Audio Boosts" in the next few months that will delve into each step of this process more indepth and will be available at our website - the link is also to your right.
Basically, imagine $$$ at the top of this pyramid and the foundation which it sits is your 90-day sales plan (see previous post to see what that means). You will work your prospects step by step hitting each milestone along the way until you've reached the top.
A sales process in itself is not rocket science. Sticking to one and holding yourself accountable to activities that help a majority of your prospects move through the process is where great sales people distiguish themselves. If you have a need get a coach, leverage your sales manager and above all, have fun doing this!
Happy selling...
My position is simple: If you have a sales process, the process alone will help you win more business. Having a process allows you as a rep, sales manager, or president of a company clearly define what activities are required to move a prospect through the sales cycle. Once that is done you just have to commit to doing those activities that you know yeild results.
Here is the sales process I use in our industry - although it relates outside our business as well.We're creating a set of "Audio Boosts" in the next few months that will delve into each step of this process more indepth and will be available at our website - the link is also to your right.
Basically, imagine $$$ at the top of this pyramid and the foundation which it sits is your 90-day sales plan (see previous post to see what that means). You will work your prospects step by step hitting each milestone along the way until you've reached the top.
A sales process in itself is not rocket science. Sticking to one and holding yourself accountable to activities that help a majority of your prospects move through the process is where great sales people distiguish themselves. If you have a need get a coach, leverage your sales manager and above all, have fun doing this!
Happy selling...
Monday, February 4, 2008
Find Me Some Buyers...
We’ve heard this very comment countless times in the last 60 days, perhaps more notably in the Western United States, as the market continues to shift. The average days-on-market is longer. There are more houses on the market. And, the tables have turned in favor of the “all mighty buyer.” The market has shifted, and this inevitably means for some, on its way back to ‘normal.’
As Title Sales Professionals, what can we really do as real estate ‘Business Consultants’? Do Realtors actually expect us to pull buyers out of our pockets and hand them over? The answer is undoubtedly, ‘no’.
Remember, in the last 60 days, Average Joe Real Estate Agent has communicated more than ever with his/her clients (on the listing side) explaining why their house hasn’t yet sold.
This is commonly due to two things:
As Title Sales Professionals, what can we really do as real estate ‘Business Consultants’? Do Realtors actually expect us to pull buyers out of our pockets and hand them over? The answer is undoubtedly, ‘no’.
Remember, in the last 60 days, Average Joe Real Estate Agent has communicated more than ever with his/her clients (on the listing side) explaining why their house hasn’t yet sold.
This is commonly due to two things:
- A shift in market inventory, creating more cost pressure - a.k.a. "Improperly Priced Home,"
- High Expectations set by their clients from past market performance, combined with lack of evidence - a.k.a. "Comps are Reinforcing High Prices."
Feels like all buyers have fallen off the face of the earth. In ANY given market, there are plenty of buyers for properly priced homes.
We are most likely using the same marketing techniques that have worked for the last 5 years. And so are our Realtor clients. Today is a different market, and sometimes a different market requires us to change some of the ways we look at our business and how we do things. (Please note: I said, some, not all).
SO, Where ARE the Buyers? As a valued business partner in your client’s success, here are a few key topics of discussion with around finding more buyers…How are you….
How are you...Communicating with Your Clients?
- Pricing in general - methods thereof
- Communication around current listings and price adjustments, if needed
- Expectation setting with future listing clients
How are you . . .Marketing the Property to Buyers?
- Increasing the sales price of a home – lot’s of articles attached
What is the profile of the buyer? - Where are you looking for buyers (Is it strategic? Is there a plan?)
- Positioning the property in the market to be more appealing to buyers
How are you . . .Pricing a Listing?
- Methods of pricing (comps, other agents, brokers, etc..)
- Research (Are there other homes out there that fit the profile in the same neighborhood?)
Where can you . . .Find more Buyers? Ask yourself “Who needs to buy Right Now?”
- People that are relocating. Get a contact list of all HR departments of large companies in your territory.
- People with kids entering high school - school district lock down.
- People with kids entering college - downsizing.
- People with 3/5/7/10 year ARMs
- Investors with 4+ properties - not the onsie/twosie-types
I hate to say this one, but here it goes…..
- People that are dividing assets through a divorce or estate. Marketing to divorce attorneys for referrals.
Five articles I found in 5 minutes researching “How to increase the sales price of a home”, and “Why not to lower it (if it’s a fair price)?”, and “What the percentage return you can get if you decide to spend the money to make improvements.”
http://www.bankrate.com/brm/news/real-estate/BuyerGuide2004/increase-resale1.asp
http://www.reiclub.com/articles/never-reduce-sales-price
http://rs6.net/tn.jsp?t=fa9mpwbab.0.0.7qs4zobab.0&p=http%3A%2F%2Fmoneycentral.msn.com%2Fcontent%2FBanking%2FHomebuyingguide%2FP84657.asphttp://rs6.net/tn.jsp?t=fa9mpwbab.0.0.7qs4zobab.0&p=http%3A%2F%2Flala.essortment.com%2Fincreasehome_rwli.htm
We are not expected to have all the answers – the key herein lies in asking your clients the right questions. All of the possible, unique, individual, customized solutions to this ‘Problem of Buyers’ are already in your clients’ heads. YOU just have to pick their brain to help them get it. Asking the right questions, armed with the right information from the articles above will help you do just that.
Remember, your overarching goal is to help your clients build their business in a way they see as meaningful. In this next 60 days, try focusing on what they are telling YOU. It is NOT ‘not enough buyers’, it is in empowering your clients and prospects knowing where to find them.
Try this out to get some appointments:
"My goal for all my clients this quarter is to help them position themselves in this market to capture a greater share of the buyers that are out there. Is that worth sitting down for 30 mintues to talk about and see if there is some way I can add value to your business?"
Good luck out there, I know it's tough...
Monday, January 28, 2008
Top 10 Golden Rules to Selling to Realtors - or just about anybody
Top 10 Golden Rules to Selling to Realtors - or just about anybody...
So how can you differentiate yourself from your competition? Stop being a salesperson! Instead, become a valued business partner or consultant to your clients. It all starts with making YOUR top priority knowing what THEIR top priority is ~ to increase their business, or a way to improve their business by working less. You are bringing VALUE to them. A consultant advises after listening and obtaining facts. A consultant is knowledgeable and worthy of respect. A consultant’s customer doesn’t want what they have - s/he wants what they know. This is what today’s salesperson must become.
So how can you differentiate yourself from your competition? Stop being a salesperson! Instead, become a valued business partner or consultant to your clients. It all starts with making YOUR top priority knowing what THEIR top priority is ~ to increase their business, or a way to improve their business by working less. You are bringing VALUE to them. A consultant advises after listening and obtaining facts. A consultant is knowledgeable and worthy of respect. A consultant’s customer doesn’t want what they have - s/he wants what they know. This is what today’s salesperson must become.
Below are a few of the top Golden Rules of Selling to Realtors which may put you in the correct mindset moving forward:
- Know who you are, and how YOU want to be perceived.
- Limit your target list to no more than 40 contacts and update every 30 days.
- Focus, focus, focus.
- Set up formal appointments. Don't perform drive-by sellings.
- Never make a call without a purpose. Provide value.
- Interview prospects to educate yourself, not to close the sale. Since you don’t know if you can help..get more info and be a consultant to set up the next appointment.
- Intend to understand what it is the customer wants, rather than “sell” your services and products.
- Never tell a customer what to do, or what they want.
- Focus on after-sale fulfillment, communication, and service issues to build customers-for-life.
- Look for opportunities to evolve or expand with your customer. The second you take your customer for granted, they become vulnerable. Meet with them once per month in a business setting to re-evaluate your service levels.
Sales is about perseverance. Typically, the most fear-inspiring realtor, lender or attorney in the office is the one you should be talking to. It will take creativity and tenacity to get time in front of them and likely he/she thinks you are just like every other title rep or lender. As General Patton said- "Courage is fear holding on a minute longer."
So persevere, and be courageous. Apply what you’ve learned and blow away your competition by setting a higher industry standard.
Happy Selling!
Monday, January 21, 2008
Working By Interview
Working By Interview
As you think about the clients you interact with, especially top producers, notice that those that are extremely busy and value their time, tend to be driven by scheduling. When we work by appointment / interview ONLY, we communicate to those we are working with that our time is as valuable as theirs. (look at other professionals that work by appointment, Doctors, Lawyers, Accountants, etc…)
I understand that there are times when we absolutely have to do things for our customers RIGHT NOW! I’m not suggesting that you put off an important client with an immediate need. What I am suggesting is that when working with a new Prospect, use scheduling to create perceived value. By showing our Prospects that we can and will be available at their beck and call, we set an unproductive precedence which will permeate the relationship going forward.
By now, you’re probably getting pretty good at getting interviews with your Top Prospects – if you want to know how to get these appointments, email us at info@rightnowconsulting.com .
Once you’re on these interviews, it is important to remember that you are using a new method of uncovering needs and determining if there is a possibility of a mutually beneficial relationship. Resist the urge to present a solution during the first meeting. Remember, your prospects are more interested in how well you understand their needs BEFORE they are concerned with how well you know your products.
Beginning and Ending Interviews and Conversational Questioning.
Beginning the interview
I'll elaborate further on each as I get comments from you.
Happy selling!
As you think about the clients you interact with, especially top producers, notice that those that are extremely busy and value their time, tend to be driven by scheduling. When we work by appointment / interview ONLY, we communicate to those we are working with that our time is as valuable as theirs. (look at other professionals that work by appointment, Doctors, Lawyers, Accountants, etc…)
I understand that there are times when we absolutely have to do things for our customers RIGHT NOW! I’m not suggesting that you put off an important client with an immediate need. What I am suggesting is that when working with a new Prospect, use scheduling to create perceived value. By showing our Prospects that we can and will be available at their beck and call, we set an unproductive precedence which will permeate the relationship going forward.
By now, you’re probably getting pretty good at getting interviews with your Top Prospects – if you want to know how to get these appointments, email us at info@rightnowconsulting.com .
Once you’re on these interviews, it is important to remember that you are using a new method of uncovering needs and determining if there is a possibility of a mutually beneficial relationship. Resist the urge to present a solution during the first meeting. Remember, your prospects are more interested in how well you understand their needs BEFORE they are concerned with how well you know your products.
Beginning and Ending Interviews and Conversational Questioning.
Beginning the interview
- Build rapport
- Restate your Value Statement
- Establish joing confidentiality
- State your goal for the interview
- Ask if the agent has a goal for the interview. Or, perhaps a qualifying question such as,
- "How will you know if this was a successful interview?"
Start with a kick-off question (unique to the customer and/or focused on past successes) – see my other post on asking great questions
Conversational Questioning Steps
- Ask a baseline question to introduce a topic
- Continue with at least two follow-up questions to explore key points raised by the customer
- Summarize what you heard regarding that topic
- Check for the customer's agreement
Ending the Interview
- Summarize the interview
- Re-establish your desire for a business relationship
- Confirm the need and specify next steps
- Ask a Relationship Definition Question
- Arrange for the next appointment
I'll elaborate further on each as I get comments from you.
Happy selling!
Thursday, January 10, 2008
Ride-Time for Sales Managers
It's Time to Be Seen
It is 2008. Where has the time gone? With a New Year already upon us, it is time to venture out from behind our desks and be seen. Not only should you be seen by those beyond the security of your own office, more importantly, it is time to get out there and visit your customers.
Caught Between a Rock and a Hard Place
It's funny when you overhear discussions about sales management. Most of the time, these discussions are centered around a few key things. There is the tendency for upper level management to want more accountability and measurable results from the sales effort. The sales manager is caught between their boss, who wants to quantify sales results, and their salespeople, who sometimes struggle (as we all often do) to turn in an expense report on time. Frustrated, sales managers exhaustively find themselves caught between a rock and a hard place. The goal is hardly worth the punishment
The One Single Thing
OK, so what’s the point? The point is, the most important subject gets lost in the shuffle. I know it’s hard to imagine there is anything more critical to sales management than accountability or keeping up with the competition. Even though sales reports seem like the Holy Grail of sales management, there is something more important to the process. There is a secret, a hidden treasure of the successful sales managers of the world. The bizarre thing is that the secret is what made you successful when you were a top-notch salesperson in the first place. The secret is simply this: Spending more time in the field talking to customers is more important than any other single thing you do. Period.
You’re probably scratching your head. You might be thinking, "isn’t that what I have salespeople for?" Well, yes, and no. Yes, your salespeople do a good job at developing and maintaining relationships on a daily basis. But, you don’t have to be everywhere and do everything for everyone, as much as it often feels that way. When you are in the field with customers, a lot of really important things happen. Let’s look at some of them in a little more detail.
Benefits of Field Time
As sales management, when you call on customers, you get a different level of interest. It’s amazing what a little 'perceived' power will do for your sales process. The title on your business card will give your access to people, places, and issues others will never be a part of. It’s not until you’ve been invited inside do you realize the opportunity had been there all along.
You should be going out in the field with your salespeople a minimum of once per quarter, using a call route you design. Here’s why. Seeing your rep in action gives you a chance to experience their strengths (and weaknesses?) first hand. It gives you the ability to make recommendations, offer encouragement and give compliments when you catch them doing something right.
Your field call schedule should include the big offices or top producers you want to your reps to be targeting. Offer pointers and help support the interaction; either way, you’ll both learn something.
This also allows you get a great sense of the salespersons’ work habits, how well-known they are, and how dominant your company is in the territory. In general, your rep’s value to the customer will become very apparent. Do the receptionists seem to know the rep? What about the top producers? Do they acknowledge the salesperson? Does the rep introduce you warmly to people they clearly have already met? Has the rep figured out how to get behind the iron curtain in closed offices? Answers to these questions will truly help you to gauge their effectiveness, something that can only be expressed first hand.
Staying In Touch
Being in the field allows you to stay in constant touch with customer opportunities and needs. When you are busy running sales meetings, having endless internal conversations, handling customer calls, and attending meetings, it’s easy to make the mistake of relying on salespeople to supply you with information about competitors, customers, and the market in general. It isn’t that the information they provide you isn't important, it’s just that outside observations will be from their frame of reference. It won’t (in most cases) be “global” enough. The goals of outside conversations for a sales manager might not be the same as the salesperson. Asking existing and prospective customers about their views of the market place, about your competition, about their business challenges, and their views of opportunity will help you get connected to things that are about to happen outside the office, rather than history of a particular escrow file. This inevitably helps you guide your strategic efforts while you’re building relationships with high-end prospects and customers. A “no-lose” scenario.
It is 2008. Where has the time gone? With a New Year already upon us, it is time to venture out from behind our desks and be seen. Not only should you be seen by those beyond the security of your own office, more importantly, it is time to get out there and visit your customers.
Caught Between a Rock and a Hard Place
It's funny when you overhear discussions about sales management. Most of the time, these discussions are centered around a few key things. There is the tendency for upper level management to want more accountability and measurable results from the sales effort. The sales manager is caught between their boss, who wants to quantify sales results, and their salespeople, who sometimes struggle (as we all often do) to turn in an expense report on time. Frustrated, sales managers exhaustively find themselves caught between a rock and a hard place. The goal is hardly worth the punishment
The One Single Thing
OK, so what’s the point? The point is, the most important subject gets lost in the shuffle. I know it’s hard to imagine there is anything more critical to sales management than accountability or keeping up with the competition. Even though sales reports seem like the Holy Grail of sales management, there is something more important to the process. There is a secret, a hidden treasure of the successful sales managers of the world. The bizarre thing is that the secret is what made you successful when you were a top-notch salesperson in the first place. The secret is simply this: Spending more time in the field talking to customers is more important than any other single thing you do. Period.
You’re probably scratching your head. You might be thinking, "isn’t that what I have salespeople for?" Well, yes, and no. Yes, your salespeople do a good job at developing and maintaining relationships on a daily basis. But, you don’t have to be everywhere and do everything for everyone, as much as it often feels that way. When you are in the field with customers, a lot of really important things happen. Let’s look at some of them in a little more detail.
Benefits of Field Time
As sales management, when you call on customers, you get a different level of interest. It’s amazing what a little 'perceived' power will do for your sales process. The title on your business card will give your access to people, places, and issues others will never be a part of. It’s not until you’ve been invited inside do you realize the opportunity had been there all along.
You should be going out in the field with your salespeople a minimum of once per quarter, using a call route you design. Here’s why. Seeing your rep in action gives you a chance to experience their strengths (and weaknesses?) first hand. It gives you the ability to make recommendations, offer encouragement and give compliments when you catch them doing something right.
Your field call schedule should include the big offices or top producers you want to your reps to be targeting. Offer pointers and help support the interaction; either way, you’ll both learn something.
This also allows you get a great sense of the salespersons’ work habits, how well-known they are, and how dominant your company is in the territory. In general, your rep’s value to the customer will become very apparent. Do the receptionists seem to know the rep? What about the top producers? Do they acknowledge the salesperson? Does the rep introduce you warmly to people they clearly have already met? Has the rep figured out how to get behind the iron curtain in closed offices? Answers to these questions will truly help you to gauge their effectiveness, something that can only be expressed first hand.
Staying In Touch
Being in the field allows you to stay in constant touch with customer opportunities and needs. When you are busy running sales meetings, having endless internal conversations, handling customer calls, and attending meetings, it’s easy to make the mistake of relying on salespeople to supply you with information about competitors, customers, and the market in general. It isn’t that the information they provide you isn't important, it’s just that outside observations will be from their frame of reference. It won’t (in most cases) be “global” enough. The goals of outside conversations for a sales manager might not be the same as the salesperson. Asking existing and prospective customers about their views of the market place, about your competition, about their business challenges, and their views of opportunity will help you get connected to things that are about to happen outside the office, rather than history of a particular escrow file. This inevitably helps you guide your strategic efforts while you’re building relationships with high-end prospects and customers. A “no-lose” scenario.
Sales managers who are in the field regularly have direct control over their results. Though it probably goes without saying, the most powerful benefit of getting out in the field with salespeople and customers might be the timing of the market knowledge you gain. For example, if you are discovering a market opportunity before your competition, you’ll have the chance to get there first. You’ll hear about customers who want to enter into joint ventures, competitors you should be recruiting, and overall market conditions. The information you gather will be high quality and will answer the global questions you struggle with when making strategic decisions. You’re able to test ideas that you’ve been considering before wasting a ton of time and energy on their implementation. You’ll be able to put your resources and people in motion going towards tangible customer opportunities, rather than making healthy guesses and getting lucky.
Sales managers have so many conflicting priorities, it can be difficult to make this one of them. Unfortunately, we find that more than 68% of the sales managers we consult don’t spend one full day in the field with each of their salespeople in a year, much less a quarter. The good news is, if you are one of the few, the elite managers who make a serious commitment to the “once per quarter” field effort, you’ll likely be the only sales manager in your area who does this and have a serious competitive advantage.
But, But... Ten Easy Reasons
If you struggle with finding the time to do it, let me leave you with a list of ideas that will put you in front of customer situations that take less than an hour to conduct.
- Call your company’s top existing customer and take her (or him) to coffee. Bring the appropriate rep.
- Call your Company’s top prospective customer and interview him/her in their office. Bring your rep.
- Set up an office presentation in one of your high priority existing customer’s office operations and bring your salesperson.
- On a weekend, go with a salesperson to visit three prospective customer’s open houses.
- Create a list of your top 10 target customers and interview them in the course of 90-day period. Bring the appropriate rep.
- Take the top competitor’s best salesperson out to lunch. Don’t bring a rep.
- Create an event that your company conducts entirely on its own. This could be a Mastermind group, a highly pertinent educational event, whatever. So long as it’s yours and you call to invite your top 10 customers personally. Get all of your reps involved
- Arrange to meet one of your highest opportunity office managers at an office where your company has little to no market share for lunch. Don’t bring the rep.
- Arrange to meet a customer who you are aware had a pretty ugly problem in their office and let them rant their frustration. Bring the appropriate rep.
- Stop by one real estate office every day and meet its top producer.
No Excuses
OK. There you have ten easy reasons to spend time out talking to customers, each in less than an hour. It is a New Year and time to renew your commitment to finding out what is important to your customer. Time to be seen, ask questions, and find out for yourself what makes your customers (and future clients) tick.On your way home, take this as an opportunity to pick one of the ideas and act immediately, (but don’t hurt yourself.) If you’re working at home, or working out, do one of these things immediately after you’re done. You’ll be on the road to being more informed, more in control, and even more successful. And by the way, the next time you hear someone talking about the three over analyzed issues in sales management, tell them the best kept secret. Go out and talk to customers and everything else will follow.
So why are you still reading this? Now get out there.
Thursday, January 3, 2008
Coaching the Enthusiasm for Results
Bold Enthusiasm
I keep hearing people say that we are in a “down market.” I keep hearing that “times are tough.” I keep hearing that “the golden days are over.” This reminds me of a marriage or relationship that has hit a rough spot, and I am certain everyone can sympathize ~ be it lack of time, kids, financial stress, careers or communication breakdowns. Just because the honeymoon is over doesn’t mean that the marriage is. The passion that brought it all together is still there, but sometimes it just needs to be re-examined and re-ignited. Passion. Bold Enthusiasm.
Now More Than Ever
Now more than ever, we as an industry need to have Bold Enthusiasm in how we approach our business, our co-workers, and of course, our clients. No one wakes up and says ‘Oh, I want to be in title when I grow up.’ So, it begs the question, what has kept you here through tough times in years past? I would venture to say that it is a passion for what you do. It is a passion for serving your clients needs. I know because that is why I am here, too. I know that is also why I left my former profession. The passion was gone. I needed to re-ignite the passion ~ to try to find it again. And I did. And here I am in the title industry.
When a marriage is in a rough spot, it is the best time to rekindle the passion. It is the time when we can rediscover what it is that we love about our career and why we come to work every morning. If you are passionate about your business, so will be the people around you. The most successful people and companies in this world are fueled by a contagious passion within their employees that generates positive results, and by the way, profits, regardless of external circumstances.
So how do you turn Passion into Profits? Here are a few tools for ensuring success in good and bad times.
IGNITE THE PASSION
Be a Leader
Be honest with yourself. Understand where you are in your life, what you already have, what you want and what you are willing to do to get there. Leadership is an internal approach that is seen externally. Being a leader means being the one who creates the vision and encourages others to see it! Stop Coasting & start Contending.
Live with Purpose
What kind of legacy do you want to leave behind? What are you committed to on both a personal and professional level? What is your cause? What do you mean to your clients, your co-workers?
On your epitaph, will it read “Went to work each day and came home.” Or, will it read “Was purposeful, passionate about life, and the people that she touched.”
Reconnect with your vision, goals & people
Project yourself and your company into the future and what do you see? What does it look like? Be specific and describe it in detail. Create a vision of success for yourself and those around you. Goals are attainable dreams that make you reach and develop. Review and revise your goals, consistently tracking your progress.
Share your vision and goals with your team. Let them know where they a going and how they are going to get there. Give them a sense of purpose and show them how their efforts contribute to the company as a whole.
PLAY WITH FIRE
Create a Play Space
Do you remember recess? That wasn’t just the school’s way to make sure that children tired themselves out so they wouldn’t drive teachers crazy. Playing is a great way to get the blood flowing and allowing people to blow off steam. They are more refreshed, focused and more productive. I am not suggesting you build a playground in your parking lot, but do create an atmosphere that fosters fun! Keep a few toys on hand, Koosh balls, ping pong table, foosball.
Encourage Creativity
Remember when you were learning to draw? You created pictures that looked more like lines on a page than the animal that you claimed it was? Well, you were being creative. You could see a pattern where others saw chaos. Look for the patterns and encourage out–of-the-box thinking. Be You.
Applaud Positivism.
Start small. The only way to reinforce new behavior is to make sure that you allow yourself to achieve and celebrate smaller goals before you move onto bigger ones. Acknowledge proactive attitudes.
PASS THE TORCH
- Attitude: How do you arrive at work each day? Believe in yourself it will show on the outside and it will make people want to be around you. Focus on the things you can control and build on the positive.
- Energy: Persistence is key in this time of change. You won’t see results overnight, but you will see small changes right away. Keeping that energy steady is important to lasting success. Almost like playing catch, pass the energy along to those who need it most. Keep the energy high.
- Integrity: Be truthful in all that you do. Be true to yourself, and to others. The Golden Rule is never out of style.
In Summary
In the end, our clients want to do business with people they like, who exude unbridled BOLD enthusiasm and are passionate about what they do.
By Dr. Cynthia McGovern and Anthony George
Senior Consultants, RightNow
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