Tag Archives for " Objections "

TSE 1189: How to Nurture No into YES

TSE 1190 How to Nurture “No” Into “Yes”

A good salesperson knows how to nurture “No” into “Yes”. Hearing No in the sales world is common regardless of what you sell or to whom you’re selling to. When you hear a no, you can’t just back down and give up. You need to get back on track and fix it. 

Craig Klein is based in Houston and he works in the energy business. He used to make deals with large oil companies and the deals would take a year or more to close. With that period of time and the level of complexity of every sale, he sought help from others. 

He began Sales Nexus to address that inefficiency. Today, his company helps other businesses to grow and aims to help everyone in the community give their fair share of making their community a better place to live. 

No is difficult to hear 

Craig was trained by Dave Blanchard for awhile. Dave does executive training and he talks a lot about our need to be right. Humans as we are, once the idea is planted in our head and we start dreaming about it, the idea becomes real. If that idea is taken away, we end up getting hurt. 

It is the same with sales. We meet our clients with big plans for closing the deal but when we turn up, we are told no and that hurts. There’s a lot of burnout in the sales position because sales reps tend to make many phone calls and end up getting No. The thing about it is that when we hear No, we tend to take a step back and sometimes, we don’t ever make a step forward again. 

Nurture “No” into “Yes”

Salespeople need to learn to be a bit aware of themselves and to focus on the customers’ needs, not on what they need. It’s also important to realize that sometimes, the prospects say “No” not because they don’t want to do business with you. They may be tied to a contract to your competitor or now may not be a good time. 

The primary way to nurture “No” into “Yes” is to have a sales strategy that makes you stay engaged with the prospects and build relationships over time. #Relationships

It’s not efficient to just focus on who you can close this month, it’s also about focusing on the people you can close deals with in due time. 

Stay in touch 

For every No you get, you make sure to take their name, their email address, their phone number, and keep it somewhere safe. You always have to write down everything you have learned from this customer including their budget cycle and their needs. Then, you create a system that allows you to keep connecting with time and getting them engaged. Check them out every once in a while and ask them how they’re doing. Let them know that you’re there. 

Meanwhile, you can find somebody else who is ready right now. Just keep nurturing and keep moving forward. 

Change your mindset that you will close every deal you have because that won’t happen. Instead, think of every appointment as a way of establishing a relationship based on trust. Resonate to them that you came not just to close but to understand what their needs are. 

Salespeople are like doctors. Physicians don’t sell their service in a way that’s too in your face. They diagnose their patients and examine what is something wrong with them. They then show you the patients how they can help with the problem. 

The same is true for salespeople. We examine their problem and we show them how we can help. You don’t sell the product the moment you meet them. You warm them up and figure out what they need first before presenting your options. 

The automated email drip campaign 

Craig’s Sales Nexus Platform uses an automated email drip campaign in order to stay in touch with their potential customers. They take every lead and put it into their system and into an automated email drip campaign. The potential clients don’t just get generic emails, they get personalized email depending on what they need. 

When the time is right for them, they’d click on the link to their site and they’ll be notified by it. This is their time to give them a call and ask them if anything has changed. 

One of Craig’s clients used the auto-drip campaign and things have been better for them now. They used to have sales reps call chiropractors all day long but these professionals are busy and they don’t look at their phones most times of the day. Then they started putting the chiropractors’ name on the system, they searched for their needs, and on the things they focus on.

They are then placed on their appropriate auto-drip where they get emails that are relevant to their needs. When they interact with the emails, the company is being notified and they get to start pitching again. The auto-drip system allows them to build relationships with prospects without compromising their sales rep’s manpower. 

There other ways to do it. Some are using the typical marketing system and sends out weekly or monthly emails to their list. Others also hire someone whose job is to focus on making mails and sending them out. 

“How to Nurture “No” Into “Yes”  episode resources 

Reach out to Craig Klein by visiting his website. Check out the site to get downloadable PDFs on how you can organize your customer list to send the right emails to the right people. 

Wanting to learn and hear more about sales? Don’t hesitate and connect with Donal via LinkedIn, Instagram, Twitter, and Facebook

If you’re a sales rep looking to hone your craft and learn from the top 1% of sellers, make plans to attend the Sales Success Summit in Austin, Tx, October 14-15. Scheduled on a Monday and Tuesday to limit the impact to the sales week, the Sales Success Summit connects sellers with top-level performers who have appeared on the podcast. Visit Top1Summit.com to learn more and register! 

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Closing, Albert Alexander, Donald C. Kelly

TSE 1173: Three Great Closing Questions

 

Closing, Albert Alexander, Donald C. KellyThere are three great closing questions that salespeople often ask because everyone in the sales arena wants to make sure that we’re closing effectively. The answers to the three great closing questions will help salespeople close like a pro. 

Albert Alexander has been a partner in a construction equipment sales company that makes parts for excavators and bulldozers for 11 years now. Albert does all the marketing, inside sales, and digital marketing for the company. 

Closing questions

Often, sales reps are good at finding prospects and having a talk with them. Things change, however, when they’re turning them into leads. There are challenges in closing. 

Sales reps have this predisposed idea about how they purchase that gets in the way when they try to close a deal. Albert’s company grows 70% every year and that’s because they stick people to a process

For other sales reps, they stop in the middle of the process and it stops the action of the process moving forward. It could be because of the fear of rejection or any other reason, but the end result is the same. It halts the closing process. 

Imposing your buying style 

There are many decision types and processes that they take. For this reason, sales reps should know their customers through their pains and needs and be completely open to the different decision styles they have. Sales reps should remove their own fears and worries of rejection from the sales process and focus on their customers instead. If they do that, they can be empathetic to the needs of the clients. 

Say, for example, the client’s million-dollar equipment is not working and it needs a $50,000 part that the company sells. For the sales rep, the amount is huge and so he’d say, “I understand you need to think about it,” but that’s not the case for the client. The client is willing to spend $50,000 for his million-dollar equipment to work, but because the sales rep put his purchasing decision in the process, the entire closing will take a hit. 

Sales reps need to change their perspective or their purchasing styles and decisions when closing a deal. Sales reps need to learn to think like the clients they’re talking to instead of imposing their fears, views, concerns, or buying styles to their clients. 

Make a good logical decision for and with somebody, even when they’re concerned. Remind them of the things that are logical and that matter. 

The first step to close a deal is to put yourself in that person’s shoes better and eliminate the fears and worries. 

Closing styles 

We all have closing styles and the first one is the assumptive close. It’s extremely easy and it’s when sales reps choose and assume the next information that you have to collect and continue down the process. It’s almost like assuming that everything’s good and done after they’ve spoken with the client. 

This works for Albert’s company. They’ve implemented the assumptive process and it improved their closing deals to 25%.

So, their sales reps ask the following questions: 

  • Hey, where did you want me to deliver that?
  • When did you want that delivered? 
  • How did you want to pay for that? 
  • Is it going to be a Mastercard or wire transfer?

Most sales reps think that closing is an event and it shouldn’t be. They think that they have to ask questions and shake hands. That’s not how it works. 

If they investigate, build rapport, and lay out the solution that’s logical and emotionally fulfilling, sales reps can assume the next information and assume. Closing is not an event, it should be a natural thing. Sales reps should do all the work upfront and the closing is part of that.

Dig into the objection 

In the case of objections during a close, it’s often not the truth and just a reaction. Sales reps should dig deeper to overcome the objection. 

In Albert’s industry, there are five reasons that clients use to decline. 

  • Time 
  • Money
  • Price
  • Value
  • Quality 

Our sales reps dig deeper by feeding either of the top reasons why clients object to a deal. They wait for their response and try not to be pushy. They just make a conversation and wait because people have different buying styles. Some people like to think about it before saying yes, and some others just agree immediately. 

After the assumption, sales reps should dig deeper into their objection to see the real issue and not just the surface-level problem. In that way, you can give a solution to the real objection. 

A good sales rep is the one who can talk well and has the tenacity to understand and get down to the reasons to investigate. 

Being able to compensate with somebody doesn’t lead to a sale, you need to have a purpose and process. 

Utilize technology 

Sales reps can connect with a customer in a building effect of value. While sales reps are closing, they can talk to their clients in the process. In Albert’s company, their sales reps would send their clients’ invoices while talking to them on the phone. They also email and text pictures of what they’re going to get. They do these things while they’re closing the clients. People love how attentive the sales reps are in the whole process. 

When their sales reps close, they strive to make the clients feel like family. It’s different when clients get all the information they need while they are talking to the sales reps. 

So, utilize technology and use text and video messaging while closing because these things make them less guarded. 

Closing 

Don’t think that closing is an event

It has to be a process that sales reps are moving forward through. As a sales rep, you need to cover all the bases because everyone is the same and the sale is the same. There are different variables but you can sum them up to a few things that you can master. 

Don’t complicate it and know that you’re closing from the very start. 

Three Great Closing Questions” episode resources

Connect with Albert in his site, ConEquip.com. You can also listen to their podcast at Sellingforlife.com where they share ideas of the entrepreneurial journey. Their company has gone from zero sales to 30 million a year. They’ve become experts in Google marketing and ad words. 

You can also connect with him on his email at al@conequip.com

If you’re a sales rep looking to hone your craft and learn from the top 1% of sellers, make plans to attend the Sales Success Summit in Austin, Tx, October 14-15. Scheduled on a Monday and Tuesday to limit the impact to the sales week, the Sales Success Summit connects sellers with top-level performers who have appeared on the podcast. Visit Top1Summit.com to learn more and register! 

This episode is brought to you in part by TSE Certified Sales Training Program. It is a 12-course program to help sales reps and sales teams to improve their skills in finding the right customers, to know the activities and strategies that work, and how to ask the right questions to build a strong value and close business deals. Simply go to thesalesvengelist.com/freecourse to get the first two modules for free. 

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TSE 1145: Flip the Script


Oren Klaff

Many sellers rely on old ideology to engage their customers without realizing that if they flip the script, they can set the rules for the sale instead of conforming to the buyer’s rules.

Oren Klaff is the author of Pitch Anything, a required reading throughout Silicon Valley, Wall Street, and Fortune 500 companies. Oren is the world’s leading expert on sales, raising capital, and negotiation and has written for Harvard Business Review, Advertising Age Entrepreneur, among others. He is also an investing partner in a $2 million private equity investment fund and loves motorcycles. Oren is about to release his follow-up book entitled, Flip the Script.

Raising money for companies  

There is very little flexibility in most meetings, in that what happens in the first few minutes determines the outcome of the whole thing. The pitch is very important because there are high stakes in every presentation. It’s expensive to travel to presentations, so you have to get everything right the first time. 

Making a pitch is like a surgery. There’s no room for error. 

A pitch is a pitch regardless of the value: $1,000, $5,000, $100,00, $10 million, or $15 million. An account is an account.

This is what Oren does. He invests in companies, buys companies, and he trains the salespeople in these companies to raise money. He knows this works because companies tell him that their sales averages have doubled, that they’re closing deals, and that they’re raising money effectively. He isn’t an academic who dives into the numbers and writes a study about it. He is the one who dives in and takes action. 

Pitch is everything 

You walk into the boardroom where there is a lot of money at stake and you give the pitch. The next five minutes determine the outcome of the meeting. In sales, if you don’t win the deal, you just go to the next one. In a given fund-raising project, you might be trying to raise $10 million for a company and have only 10 pitches to do it. You have to learn it, give it, and raise the money. If you don’t, it’s a catastrophic failure. 

You do what you can to give a pitch that will help you win your sales situation. 

Pitch Anything shares all the things Oren learned from all the pitches and high-stakes situations over 20 years and teaches how to apply the exact same rules to everyday business. Whether you’re taking part in a sales meeting, doing sales over the phone, or recording presentations for a webinar, the book teaches how to win in everyday sales situations. 

Pitch Anything sold a million copies and the follow-up book, Flip the Script, shows you how to do the things you never would have thought possible.

Writing ‘Flip the Script’

Oren has seen people put his concepts into practice: how to open a meeting, how to raise your status, how to control the frame, and how to lead the buyer to a purchasing decision, and how to build your status so high that people will be desperate to buy your product. Even when people are trained, we still make mistakes. This is what Oren has seen and he believes that the follow-up book is going to change the world. 

Inception 

Oren said that most people wouldn’t recognize his techniques as the way to conduct sales. For example, Oren met with a guy who wanted help in selling his company. They discussed the terms and proposals for 45 minutes. After that, he left and then came back 90 seconds later, which usually isn’t good. You don’t want people to leave just to walk back into the conference room. But when he came back, he had a check ready for $15,000. 

When someone decides that even with no contract, no agreement, and no terms, he’s committed to working with you, this is inception. It happens when the buyer decides internally to do business with you and starts taking things forward. It doesn’t demand price negotiations, because you’ve positioned all the information in such a way that the decision to work with you bubbles up inside them. 

Buyers are cold and digital. They want information, pricing, and a cheaper and better version. There’s no buyer loyalty and they are never satisfied. 

When you order food for a group who’s working late in the conference room, you open the door wide enough to grab the food. There’s no tip and no humans involved. This is what buyers are today.

The conspiracy suggests that you can take that kind of buyer and try to close them by overcoming their objections and selling them, but people aren’t sold. 

We should forget the thought that we can sell to people because that’s not the truth today. People don’t want to be sold, they want to buy. 

Getting started with inception 

Begin by buying the book because it’s where you learn about how to get a buyer to inception. It’s where you are setting up the framework, and leading them through it. 

Next is to recognize that the videos, books, and all the standard knowledge today that are out there represent 40-year-old technology. You aren’t using a 40-year-old phone or a 40-year-old car because life is totally different than it was 40 years ago. Buyers needed you then but they don’t need you anymore because they have the internet. and know that it’s not your fault that you’re being trained on information that is decades old. 

Ask yourself who benefits from the notion that you can overcome objections by selling features and benefits and by providing discounts.

There is a trend, a recurring theme in the market that says “I deserve to get what you sell for free.” Recognize that this trend is out there. Flip the Script will walk you through specific steps that will help you recognize why these concepts don’t work. 

Becoming reliable 

Features and benefits don’t matter until your prospect understands three things:

  • that you’re an expert
  • that what you do is incredibly hard
  • that your product matters in the context of survival of companies

You have to make sure that you are an expert and that you speak their language. They must believe that this is incredibly hard and that nobody else can do it at the level you’re doing it. Lastly, you need to put in a survival context or you change the context. 

There is no point in explaining the features and benefits until all that is baked in., you try to establish all those three things mentioned earlier then you explain the benefits. 

There are probably other vendors who will be pitching the same things and they’ll start with the benefits and the features. You need to be different by coming in and showing that you’re an expert in the industry. Build your character and the character of your business then you go to the features and benefits. 

Power of plain vanilla 

Oren likes to commoditize everyone. Among Microsoft, Oracle, Google Services, and Amazon, they’re all the same stuff. The offerings in the market are plain vanilla, and his company offers the same stuff, too. 

Once you commoditize everybody, you can build the “power of working with me.” Everybody in the industry that you’d be looking at offers nearly identical services at the baseline. Avoid the confusing comparison of features and benefits. Commoditize the competition so that you don’t have to deal with them. You can commoditize your competition and build on that. 

Welcome the anxiety 

Flip the Script includes only new sales information that isn’t available in any other sales book. If the information was presented elsewhere, Oren didn’t include it in his book. As a result, though, there’s a sense of anxiety because it’s all too new.

Take a driverless car. It’s new, it’s cool, and it drives you from your home to your office and across the country. It’s interesting, but are you really going to buy a car without a steering wheel or brakes? Maybe you’d wait for other people to buy it and use it for a year and see what happens.

The highly differentiated features and benefits may also trigger anxiety. The same is true in this industry. We offer additional features that may create anxiety. There is reluctance and we shouldn’t forget that people are like sheep sometimes: we want to follow right behind others. 

In today’s complicated world, if you create something new, people would be interested and at the same time, be anxious. 

Positioning things on a trend

You must learn how to position things on a trend. For example, the trend today is gearing toward AI and machine learning and security hacks. 

Winter is coming. There’s an event in every industry that changes the trend of that particular industry. In real estate, it’s tax and regulation. In consumer devices it’s privacy. You should know that to be able to ride the changing waves. 

For example, when stadium seating came to theaters and stadiums, it wiped out every normal theater. Oren calls it the “nuclear winter” for typical seating. If you were selling anything to a theater during that time, you’d say, “stadium seating is coming, and if you haven’t made that adjustment before then your business won’t survive.” 

Similar to Game of Thrones, when they say Winter is Coming, it means something is coming that is going to change the world and people must believe it and act in order to survive. The same is true in business. Believe that something is coming to your industry and know how to operate on the other side of it. 

Flip the Script 

Buyers have a formula that they impose on you. Flipping the script means you are showing the buyer how they get to buy from you. You are giving them the formula by which they’re allowed to buy from you. 

You don’t control your buyer, you give them options. You flip the usual “do this and do that” speech and instead, sit down with the buyer and present options of how things work. Set a sandbox that the buyer is allowed to play in. 

This is why it’s important for them to know that you speak their language. that you’re an expert, and that what you do is incredibly hard to do. It is important that they know that you have the value or the product or the idea that when the change is finally settling in, you are the one they want to work with. You are setting up the formula that they’re allowed to buy. But you only work with a certain kind of people.

If they end up not buying from you, it means they weren’t right for you. They weren’t going to pay that price where you could have margin, they weren’t going to do reorders, and they weren’t going to be easy customers. 

When you control the formula, it becomes incredibly obvious that they were never going to be a good account.

“Flip the Script” episode resources

Sales leaders can go to FlipTheScriptBonus to see Chapter 1 and get an example of how to do inception. There are basic rules there that are also discussed in this episode. 

You can also connect with Oren via his website where he has some great blog contents and amazing articles. Hear our first conversation with Oren here

Check the TSE Certified Sales Program while you’re at it, while the first two modules are absolutely free. We want you to find the right customers, close deals, and go out every single day doing big things.

This episode is brought to you in part by Audible. Sign up now to get a book for free and enjoy its 30-day free trial. It’s also brought to you by TSE Certified Sales Training Program, a guide for sales reps in finding better prospects, making more meaningful conversations, and knowing the right questions to ask to close a powerful deal. Check it out and give the two free episodes a try. 

 If you enjoyed this episode, we’d appreciate your review and thumbs up on If so, please consider leaving us a rating on Apple Podcast, Google Podcast, Stitcher, and other platforms you use. You can also subscribe to our podcast and share it with your friends and colleagues. 

Handle Objections, Jim Jacobus, The Best Sales Podcast, objections

TSE 811: How Do I Handle Objections?

Handle Objections, Jim Jacobus, The Best Sales Podcast, objectionsYour success as a sales professional depends largely on your ability to handle objections.

Give up too quickly and you’ll miss an opportunity to dispel your client’s concerns. If you view the objection as a buying signal, you’ll create an opportunity to collaborate with the customer.

On today’s episode of The Sales Evangelist, Jim Jacobus shares his experience with objections and explains why sales professionals must learn to handle “no” if they want to succeed.

Objections create opportunity

Customers often object to price without realizing their concerns might actually lie elsewhere.

Objections give us an opportunity to ask questions and identify what their true objections are. Is the payment too high? Is it outside of their budget? Is it truly too expensive?

Objections create dialogue which provides clarity.

Objections require education

Most sales people give up too quickly because they have never been taught to handle objections.

Inexperienced salespeople will address objections by immediately discounting the price. Very often, though, the price wasn’t the true problem.

Honor the objection, clarify it, and then respond to it.

When the client presents an objection, you have to respond as quickly and unemotionally as you would if he asked your birthday.

Don’t flinch. Get good at responding to objections.

Objections help you prioritize

Three possibilities exist in any transaction: great price, great quality and great service. You can have two, but you can’t have all three.

Objections determine which two are most important to your customer. If your customer is less concerned with service, you’ll adjust your presentation to focus on quality and price.

When sellers and buyers are on the same page, the relationship becomes collaborative instead of subservient.

Each party gets to decide today whether to do business with the other.

Resiliency counteracts “no”

“No’s” are part of sales.

If you can handle objections, you’ll develop the ability to bounce back at the highest level when the stakes are high.

If someone says no to listing a house with you, and it keeps you out of the game for two weeks, the agent that bounced back the same day will be more productive than you are. She’ll sell more.

If you can’t learn to handle  adversity and objections, you don’t belong in sales.

If you learn to handle objections, the second part of the process is turning “no” to “yes.”

Handling objections is your greatest opportunity to demonstrate your expertise and your competence.

Episode resources

Understanding how to overcome objections enables you to provide tremendous value to the customer.

It is possible to learn to address, overcome, and even prevent objections.

The Sales Evangelist Hustler’s League is an online coaching program for sellers of all levels and all industries, and we can coach you through objections. We can teach you what to look for and how to avoid getting stuck.

Our spring semester begins this month, and we’d be honored to have you join us.

If you enjoyed this podcast, subscribe to it so you won’t miss a single episode, and then tell others about it.

Consider leaving us a review wherever you consume the content so others will have a better chance to find us.

To connect with Jim, find him on Facebook, or email him at jim@jjacobus.com. You can also connect with him on The Sales Evangelizers Facebook page by tagging him in a question or comment.

Additionally, Jim recently launched a podcast called The “Man Up” Project 2020 aimed at helping men navigate their lives as husbands, fathers, businessmen, and leaders. If you love it, subscribe, and share the message with others.

Check out the The “Man Up” Project 2020 Facebook page, engage with the content, and share it with others who might benefit from it.

Audio provided by Free SFX.

 

Phillip Washington, The Sales Evangelist, Full Commission Selling

TSE 799: Sales From The Street-“Full Commission”

For Phillip Washington, Jr., the transition to a full commission sales position was a no-brainer.

It was stressful because he had a family to support. He learned from his years in sales that he wasn’t wired to do anything but sell.

On today’s episode of The Sales Evangelist, the owner of Stonehill Wealth Management and author of Retirement Investing 101 explains how he weathered the transition to full commission.

Full commission

Washington’s philosophy is that you have to sell what you believe in. He went independent and switched to a pay model that meant his pay was based on the value of his client’s accounts.

He had a wife and a child on the way, and he didn’t have a predictable revenue model every month.

Washington discovered that it was the uncertainty of his situation that caused stress. He realized the stress would either cripple him or drive him to succeed.

Imperfect system

Washington knew he could make the transition, but he had to ensure that he had enough savings to cover him while he learned a new system.

He enrolled in a sales training program that changed his system but ultimately helped him win.

Objections

Washington uses objections to his advantage during interactions with clients.

He frequently tells clients they shouldn’t fix something that isn’t broken. Sometimes he brings up objections before his prospects have a chance to do it themselves. Washington encourages clients to postpone their decisions until after they have come up with questions to ask.

The key, he says, is to be confident without being over-eager.

Selling

Washington said that learning to convince people of something has made him a better communicator in marriage.

He also believes that everyone should learn to sell, especially in a world where people fear being replaced by robots.

Episode resources

Pre-order Washington’s book Retirement Investing 101 or find him on LinkedIn.

If you’re involved in full-commission sales and you’d like to find the kind of supplemental training that helped Washington be successful, check out The Sales Evangelist Hustler’s League.

Our online coaching program helps sellers of all levels take their sales to the next level and help you learn from others in the sale community.

 

Jonathan Pellegrin, Donald Kelly, Selling The Family Business

TSE 736: How to Handle the Most Major Challenges You Will Face When Selling

Jonathan Pellegrin, Selling The Family Business, The Sales Evangelist Podcast

If you’re creating or running a business, big or small, you should have that mindset that you’re going to be able to sell it when the opportune time comes. What? Yep! You’re creating value in your business so you have to be prepared.

We’ll have our guest today expound on that, particularly on the major sales challenges business owners face when it comes to selling their own business.

Jonathan Pellegrin has been in the publishing business for 30 years, having published trade magazines and business publications in 30 different industries.

Here are the highlights of my conversation with Jonathan:

Major challenge businesses face: Lack of energy to do business

  • This is the time to monetize the value of whatever assets you’ve built to provide for happy, productive retirement.
  • Businesses typically represent 90% of the owner’s net worth. Any business that can operate without the founder has value.
  • The business owner should always be thinking that whenever necessary to sell your business, you’re able to do that.

Selling a Business is an Art

  • Buyers are doing multiple transactions and make acquisition.
  • Sellers have one big sale to make so it requires a lot of attention and planning. It’s imperative they do everything possible to be able to go toe to toe with sophisticated buyers.

Intellectual Capital

The real value of any business is intellectual capital, but people often overlook this.

What comprises the intellectual capital?

These are the processes, the routines, and all of the methods the business owner has developed over the years to make their business successful and to make their business replicable.

100% Close Rate

  • We have 100% closing rate in our selling activities.
  • Closing is about getting a yes or a no. The absence of a yes is a no.
  • But salespeople are afraid to try to find out what the impediments are to getting a yes. If you don’t get there, there’s something standing in the way.
  • Not getting a yes or a no is worthless. When you get a no, you get to ask for a why. So find out what’s standing in the way?
  • Getting a no is the same as closing a sale because with a no, you have something to work with. Without any answer, you have nothing to work with.

The Framework of Selling a Business:

1. Exploration

This means gathering information. It’s important to talk to people who sold their businesses. Reach out to them and treat them as a mentor and they will share everything.

2. Decision making

If you’re a sole owner, you can decide yourself. But if there are shareholders, you have to create an alignment. It can be complicated if it’s a family business to get people on the right page.

3. Execution

Buyers have far more experience than sellers so sellers have to educate themselves. 4.Create your selling team composed of:

  • Right hand/Middleman: Have a right hand person to stay with the business after it’s sold and they should be part of the selling team because that’s part of what the buyer is buying.
  • Confidant: This could be you’re lawyer, only if they’re experienced and skilled in doing transactions.
  • Accountant: They should have experience selling companies. This is critically important. You also want to have audited financial statements even if you’re a small business so you have credible numbers.
  • Seller: This should be somebody who has sold a company before.

5. Position your company and develop a selling strategy.

Keep in mind that once you sell the company, you don’t own it anymore so they can do anything they want. Buyers are often not honest with what their plan is for the company. So shift the proposition so the added value is to the benefit of the sellers.

Jonathan’s Major Takeaway:

Be prepared. You’re creating something of value so you need to educate yourself. Talk to people who sold successfully and unsuccessfully. You should have a middleman about you still have to be actively engaged in the process.

Episode Resources:

Connect with Jonathan on www.sellingfamilybusiness.com or www.jonathanpellegrin.com.

Get his book The Art of Selling the Family Business.

Check out the TSE Hustler’s League.

Tired of PowerPoint decks? Use Prezi Business and your presentations will never be the same.

About Our Guest:

Formerly Chairman and Chief Executive Officer of Johnson Hill Press, JONATHAN PELLEGRIN, author of  The Art of Selling the Family Business, launched his first magazine while a student at the University of Wisconsin.  After graduation in 1967 and completion of the executive training program at a major New York retailer, he returned to Wisconsin in 1968 and joined Johnson Hill Press, a single-magazine publishing company founded by his father.  He became CEO in 1976, a position he held until 1994, at which time PTN Publishing Company of New York acquired his family’s firm.

Pellegrin led three catalog trade missions in markets served by the company’s publications for the US Department of Commerce in developing countries on the African continent.  This earned him an invitation from the Secretary of Commerce, Rogers Morton, to come to Washington and discuss his successful business endeavors.

Pellegrin attended the Owner/President Management program at Harvard Business School and received the distinguished alumni award from the School of Business at the University of Wisconsin Madison. This was followed by an invitation to become an executive-in-residence at the International Institute for Management Development in Lausanne, Switzerland. Working with IMD, Pellegrin created the IMD Distinguished Family Business Award as well as lecturing MBA students about entrepreneurship and writing a case study on the value of high functioning independent boards of directors in family companies. In addition, he earned a Doctorate of Business Administration at Business School Lausanne where he researched and wrote his doctoral dissertation on the sale of family companies. 

Bernie Cronin, Donald Kelly, The Sales Evangelist Podcast

TSE 521: 21 Common Problems Most Salespeople Encounter

Bernie Cronin, Donald Kelly, The Sales Evangelist PodcastBeing in sales, you have to play multiple roles. It’s more like a “one man theater act” where you have to play the parts of the actor, the producer, the scriptwriter, the director, and everything else.

My guest today is Bernie Cronin and he shares with us some problems most salespeople encounter as well as some weaknesses and reasons salespeople fail. Bernie also talks about how theater and sales are alike.

Bernie was actually my first sales trainer, the first coach we’ve ever had in my previous company and he has helped us transcend in our performance. Almost everything I know when I started off in sales was because of him.

Bernie is a speaker, a coach, and author of the book, Showtime!!! Celebrating the Actor in YOU! where he demonstrates how selling is like a theater performance.

Here are the highlights of my conversation with Bernie:

How selling is like a stage performance:

  • There is a message you want to leave to your audience.
  • You have to be prepared with the different roles that you take on.
  • There is an opening, an end, and a walk-away point.
  • Sales is all about improv.

Common Problems Most Salespeople Encounter:

  1. Difficulty in creating the proper mindset

If you don’t believe in yourself, your product, or your company then you can’t sell something. Always be learning and growing no matter how long you’ve been in the business. Believe in the value you bring to the table because clients can see right through you. Believe in your product. Believe in your company. Be around winners who truly want you to succeed.

  1. Not having written goals

90% of written goals are accomplished. Most people’s goals or plans are merely dreams. Writing your goals down makes it more realistic. It serves as your road map or compass to help get you to where you want to go.

  • Create SMART goals (Specific, Measurable, Attainable, Realistic, Time-bound). Follow them.
  • Have an accountability partner. Share your goals with someone to make yourself accountable.

The 3 x 9 Rule

Make 3 calls before 9am everyday and you’ll grow your business by 20%

The “One More Call” Rule

Make one more dial before you leave the office and that’s 240 dials a year!

3 Main Reasons Why People Fail in Sales

  1. Fear of rejection
  2. Fear of failure
  3. Fear of success

3 Heavy Weaknesses of Salespeople:

  1. Our buy cycle

At a subconscious level, we sell the way we buy.

  1. Need for approval

You don’t need it!

  1. Talking about money

Many of us grew up in families that didn’t talk about money and sometimes we have to talk about what’s the substantial amount of money to us. Once you overcome this, you’re able to create value of your product. You have to talk about money at some point in the sales process.

Episode Resources:

Showtime!!! Celebrating the Actor in YOU! by Bernie Cronin

The Alchemist by Paulo Coelho

Feel the Fear and Do It Anyway by Susan Jeffers

Connect with Bernie Cronin via phone 954-295-9202 or send him an email at bernie@berniecronin.com. Visit his webpage www.berniecronin.com and get access to his book.

Get a free audio book download and a 30-day free trial at audibletrial.com/tse with over 180,000 titles to choose from for your iPhone, Android, Kindle or mp3 player.

What do you like about our podcast? Kindly leave us some rating and/or review on iTunes. This would mean so much to me.

Questions, Business Development, Prospecting

TSE 116: Getting Out of Tough Sales Situations

Questions, Business Development, ProspectingMany salespeople run away when they feel they’re being attacked by a question or an objection. That’s not how it’s supposed to be done in sales.

Warning: This is not for the faint of heart!

In this episode, I’m going to talk about returning a question with a question. It’s a powerful skill I learned while doing door-to-door security sales in college.

When does this “counter-question” strategy apply:

  • When you get caught up in the corner
  • When the client gives you wishy-washy words
  • When there’s something that’s stopping the client / the deal is stalling out

Reasons for the question or objection:

  • The customer doesn’t understand… OR
  • They’re pleading for MORE information!

Before anything else, remember that TONALITY is a key part when using this method of conversation.

3 Examples of Handling Objections:

  1. Question: The customer raises the question, “Why is the price so high?”

Usually, that it isn’t the true objection. Rather, there is something they don’t understand or somehow don’t  see value in what you are selling. This then allows you to re-position, find out the real objection of the buyer, and offer value/solution to their concern.

  1. Statement/Objection: The customer asks you to “just send me some literature”.

Watch you’re tonality and tell your client that there are 3 possible reasons why they’re saying this:

  • They’re just not interested right now
  • They want to learn more but they’re probably just busy
  • I didn’t EXPLAIN it well enough

Suppose they chose #2, counter it with this question: “When would be a better time for us to connect?”

Instead of just sending information or “literature” and it getting lost in the email shuffle, ask that question.

It will make you:

  • Stand out
  • Know what’s really going on!
  1. Dealing with wishy-washy people.

These kind of people love to put things off and they might ask you to get back to them in 6 months to a year or so. What you need to do is to find out what they’re really saying.

What to ask to help you find out the real reason:

“What will change between now and then for you to be able to do something?”

Don’t be afraid to try this out. Have the backbone to go for people who are ready to purchase and who are serious. As always, let me know how this goes by sending me an email at donald@thesalesevangelist.com or via Twitter @donaldckelly or via LinkedIn at Donald C Kelly.

Remember, DO BIG THINGS!

 

 

 

 

 

 

 

Cold Calling, Prospecting, Business Development

TSE 112: “I Already Have A Vendor, I’m Not Interested.”

Cold Calling, Prospecting, Business DevelopmentPretty much you’ve come across this line at one point in your sales career one way or another.

“I already have a vendor, I’m not interested.”

What do you do when your prospect tells you this?

If you’re the type of person who runs away from uncomfortable situations like this,  I want to help you because I was there too.

Here are two important principles you can apply to handle this objection.

  • Get uncomfortable!

Who says selling is comfortable? If you really want to achieve success in sales then you better learn to go out of your comfort zone. Selling takes a ton of guts, and if you don’t have it, then this may not be the right career for you.

When confronted with a prospect who says he or she is not interested in what you have to offer because he/she already has a vendor, that’s okay. It’s uncomfortable, yes. But don’t run. Instead, this leads to my second principle

  • Challenge them by asking questions!

Gather more information about your prospect and his/her existing vendor and use that to position your company.

You can go along these lines that I often use:

“I’m not in business of breaking up marriages, but I know no one is perfect. If there’s one thing that xyz company could improve upon, what would that be?

“I don’t suppose xyz company is a sacred cow…?”

Trust me, asking these questions would help you dig into relevant information that can allow you to learn more about what the prospect needs (that even their current vendor doesn’t offer), thus giving you the opportunity to talk about the value you could offer.

Learn more about the course!

Cold Calling Course, How to Cold Call

 

 

The Sales Evangelist, Pricing Questions

TSE #077: How To Handle Pricing Questions Early In The Sales Process

The Sales Evangelist, Pricing Questions During this episode I answer questions that are often brought up by sellers in regards how to handle the situation when your customer is trying to bring up pricing too soon. I feel that one of the important things to establish with the prospect is that you are not going to enter a price war or bidding match. If they are out kicking the tires or actively looking for a product or service you need to know. If they are just trying to get a price to have you compete with other vendors, it will be a waste of your time because no matter what you do or say they are just going to go with the lowest bidder. These types of opportunities are neither worth my time nor yours. Telling them up front that you may not be a fit if they are just looking to get a low price is the way to go. In my experience those who are just about trying to get the lowest price end up costing you more time than those who have money and are more of a fit.

If the prospect is honestly looking to see if the price fits in their budget, I don’t mind, offering them a ballpark figure of what others have paid. I have seen that a ball park such as $1,000-$5,000 a month tends to be more of a meaningful way to offer a realistic idea. I then follow up with the idea that in order to offer a more accurate pricing, it will require that I understand more of what they are looking for/need. I can also share insights into how others are leveraging what we do specific to their industry. By so doing I can then offer them a finer tune realistic  price. It also helps me to sell based on value and not be seen as a commodity item. This approach has helped me to close many business deals. Some organizations are secretive about pricing. However, I don’t feel that it’s needed. But I do want to be up front with buyers and have them be up front with me.

Check out the episode and feel free to share with me if you have your own strategies that have worked for you. As always, remember to “DO BIG THINGS”!

Check out our recent mention in Entrepreneur Magazine 

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The Sales Evangelist

TSE 044: “Can You Send Me Some Literature?”

The Sales Evangelist We have all heard this before “can you send me more literature”? Well, in this episode I share some tips on things you can do when approached with this question. In my experience as a young sales professional, I would get excited and start to think, this buyer is very interested! They want more information! “MAYBE” they will read it and realize that our product/service is great and come back wanting to buy!

It’s has been years and I still have not seen any of those folks come back begging to make a purchase. Now, learn from my experience. Many times when someone says send me more information, they are just too polite to tell you that they are NOT INTERESTED or they are too busy to speak with you.

Here is what I recommend you do when faced with this question:

  • In a polite way address the elephant in the room (are they just too busy or are they just not interested?).
  • Rescue them by letting them know that you understand that they are busy and if you can set up an appointment for another day and time to share more.
  • If they are really interested in getting information, provide basic summary of the product/service. They can read it real quick and get an idea of what your product or service is about. You can have a meaningful discussion next time you meet with them.

Listen to the episode and get more details. Tell me what you think by sending an email to Donald@thesalesevangelist.com or a tweet @DonaldCKelly.

Remember, go out and DO BIG THINGS!