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INSIGHTS & JOY
A business newsletter with Pizzazz! "We help leaders become better marketersusing a holistic business approach!"
Let's make a deal!
When you take the time to thoroughly understand your prospect's situation, view your proposal from the prospect's perspective, and present the best solution to the accepted need, you and your prospect will most likely complete the deal. This month, let's explore the dynamics of a simple Sales Matrix to better understand how and when to employ education and motivation to improve your sales versus proposal ratio. Let's make more deals! Subscribe directly by e-mail to rpmorgan@morganmarketingsolutions.com and writing "subscribe" in the subject box. Check our web site for: $ Million Marketing Tips, Insights & Joy Archive, Speaker's Bureau, and our Article Library! www.morganmarketingsolutions.comIN THIS ISSUEUsing the Sales Matrix to increase sales success Smiles make the day!$ Million Marketing TipsAmazing facts...Marketing Facets - The Market Focused
Guide to Company Analysis
Using the Sales Matrix to increase sales success When a prospect sees an unfulfilled need and wants your solution to that need, you take the order and gain a client or customer. That situation is depicted in the upper right-hand box of The Sales Matrix below. But, more often than not, your prospect either doesn't understand the need or doesn't have the desire to fill his/her need at the moment. When the prospect doesn't understand the need or doesn't want to act, you'll require some form of additional selling. The sales matrix provides a graphic means of determining how to approach the reluctant prospect. The Sales Matrix
When the
prospect doesn't understand the need, you are faced with an
educational task. The education process goes both directions. Your prospect may
not yet understand all of the benefits your product and
service provides. The more complex and intangible the product and service,
the more difficulty a prospect may have in grasping the benefits. Conversely, it
is just as likely that you may not fully understand your prospect's goals and
perspective.
It's important to continue to probe and
confirm that you have a clear picture of what is in the prospect's mind before
continuing. When you understand your prospect's situation and know that you can
best fill his/her valid need, then you can provide additional information,
perhaps in a different form, to ensure that your prospect clearly sees the
situation from your perspective too.
Selling, in this case, boils down to
creating mutual understanding of the need and the benefits of your
solution.
When the prospect doesn't want to fulfill the
need now, you need to generate the motivation to act. You
do your prospect and yourself a disservice when you allow your prospect to delay
making a sound decision. When there is a valid need, and you have the best
means of fulfilling the need, delay simply postpones and lessens the mutual
benefits!
In some cases, the prospect may procrastinate due to an
valid but unstated reason, e.g. temporary lack of funds. Probing for more
information should uncover the real reason for hesitation. You might be able to
overcome the obstacle by offering payment terms, or third party financing. Other
prospects may delay a decision because they really don't have the
decision-making authority. You've been selling to the wrong person!
You'll need to use your initial prospect to gain the attention of the decision
maker and close the sale at the proper level.
In other cases, the prospect delays a decision because
of simple inertia or apathy. The more important the decision, the greater the
personal risk to the prospect! Inertia may also signal a lack of trust. You can
motivate the reluctant prospect by showing that the risk of doing nothing is
greater than any risk of moving ahead. Possible risks of delaying are rising
costs, loss of immediate benefits, missed opportunities, etc. Few prospects
will admit that making a decision makes them feel vulnerable
or frightened, but you can bet that such concerns are part of the
prospect's thought process.
Summarizing the facts for the prospect, along with the
benefits and the reasons to accept your proposal, may overcome initial
reluctance. If you truly feel you are not offering anything better than
what the prospect already has, it would be wise to rethink your proposal.
Remember, nobody else can provide your personal experience and attention. That
is an enhancement you should never overlook!
When you take the time to thoroughly understand your
prospect's situation, view your proposal from the prospect's perspective,
and present the best solution to the accepted need, you and your prospect
will most likely complete the deal.
When the prospect doesn't see a need and
doesn't want what you offer, it's usually best to ignore the prospect
and move on. The cost in time and effort to move a totally negative prospect to
the upper right-hand box is often greater than any reward. The simultaneous
tasks of education and motivation will siphon off your energy and the odds
remain against ever closing a significant sale. If you think there is a chance
for eventual success, start with education. Providing general information
to low probability prospects can sometimes move a few of them to the right,
where some additional motivation can be effective. Education can be accomplished
with collateral materials. Motivation is usually a time intensive one-on-one
selling activity.
I hope this brief summary is of value to you and those
in your organization who daily face difficult sales
challenges.
Smiles make the
day! The future is
that time when prospects will be wishing they'd done all the things they ain't
doin' now! $ Million Marketing Tips TIP: Can you tell prospects, in one
compelling sentence, why they should buy from you instead of your competitor?
Work on it!
TIP: You can't be all things to all
people. What do you do better than others? Focus on your best skills. Then, tell
everybody, every day, every way!
Amazing facts! Alexander Graham Bell insisted the best way to
answer the phone was by saying "Ahoy!"
A frog actually drinks through the skin.
A quarter of the American public think Sherlock Holmes was a real
person.
Tony the Tiger will turn 51 this year! The Jolly Green
Giant will be 78.
It takes seven standard shuffles to thoroughly mix a
52-card deck.
What was Elvis's favorite amusement park ride? Bumper
cars!
The ballpoint pen was patented in 1938, almost 68
years ago.
Marketing Facets - The Market-focused Guide to Company Analysis Marketing Facets - The Market-focused
Guide to Company Analysis. Marketing Facets is a
practical Marketing Facets is a valuable
resource to private investment fund managers, individual investors, venture
capital specialists, investment banks, > Electronic in MS Word .doc or Adobe .pdf format via the Internet @ $79.95 > CD/ROM format @ $85.95 including U.S. shipping and handling > Ring binder version and CD/ROM combo @ $99.95 including U.S. shipping and handling Consulting is also available.
Please contact me for additional information.
Telephone: 972.931.7993 Fax 972.931.0542 rpmorgan@morganmarketingsolutions.com. P.S. Ninety-five percent of our engagements originate as a referral from helpful people like you! If you know someone who:> Wants to develop a more productive
marketing program, or
> Needs help building and implementing an
effective operational business plan,
I would appreciate the opportunity to discuss the situation with you. Our ideal client is a business owner or CEO between 30 and 60+ years old. Usually with a financial, engineering, or production background.Who is often impatient, and interested in improving company performance. Comes alive when you ask, "How's business?" He, or she, is practical but also enjoys the finer things in life. So, you may see my ideal client driving a Lexus or SUV to Neiman Marcus...and to Sam's Club. Who do you know that fits this description? A client
speaks: "Thank you again for listening to me and taking time to
thoughtfully respond to my questions and concerns. You always have such great
insight into so many issues." To unsubscribe, e-mail to rpmorgan@morganmarketingsolutions.com and write "unsubscribe" in the subject box. ©2006 Morgan Marketing Solutions, Inc. All rights reserved. Other distribution permitted with proper attribution.
Richard P. Morgan CMC Telephone 972.931.7993 fax 972.931.0542 www.morganmarketingsolutions.com Author,
Marketing Facets - The Market-focused Guide to Company
Analysis
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