Want Greater Sales Success? Look at your LOST Deals

Posted on April 13, 2015 by Adam Kash

Want Greater Sales Success?
Look at your LOST Sales?

The lost sales analysis is an excellent sales tool. It really helps measure success against competition based on sales that are lost.
When a sale is lost to competition it also means that the future revenue stream associated with the revenue may also be lost as well as any “service or specialty” sales. Normally, we only count the sales that are won. On the surface, that makes sense because those are dollars that we can take to the bank.

What about the sales (deals) each person loses? To understand this let’s do a calculation of lost sales.
1. What is the value of all opportunities the sales person quoted? This is the potential business. What was the total business won? What was the total business lost? How do these results affect my monthly forecast? In addition to the lost business we should ask ourselves a few questions to see the real cost of lost sales:
• How much time, expense (samples, drawings, mock up’s lunches, travel, etc) went into each lost deal?
• When looking at all our people are some causing more costs with less return, are some losing more business ; what can you learn by doing a little analysis?
• Why did the sales person REALLY lose the business? Do we factually know?
• Was this deal real and was it truly qualified?
• If we don’t know and if the sales person can only “guess” there is one person who really knows the answer: THE LOST CUSTOMER.

KEY IDEA: Lost Sales Analysis for greater sales!

Try this: The Business Loss Review.
Select a few key deals that were lost and contact the lost customer. This can be an excellent “Flip Call.”

Contact the lost customer and let them know:
1. Who you are.
2. Why you are calling… “As part of our company continued and on going efforts of continuous improvement and total customer satisfaction…we periodically and informally contact customers to hear from them first hand why we both won business and why we lost business.”
3. Ask for permission to talk about why you lost their business.
4. Have your questions prepared in advance
5. Determine the real reasons: did our person understand all the factors in the deal? Why did the “other guy” win…? (Maybe we lost because of something out of our control.). What was the customer’s honest opinion of our sales rep? How did he or she represent us? Anything that you as the manager should know or be aware of?
6. (One last Chance) Ask: “If there was one thing we could have done better or different that would have helped us win the business, what would that be?” Obviously, if you can address it ask if there is a chance to capture the business (or at least have an opportunity for the next opportunity.
7. Review the findings with your sales person (and the rest of the staff) these are real world examples that each person in the group can learn from. You can even ask the group: “Given the background and the facts…what would you have done? What did you learn?
Key Learning? (Also, Action Steps and Specifics)

Want a fresh, objective perspective on business development, call us @ 630-560-3614 or complete our contact form –  Kash Development Corporation.

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Implementing Time Controls: Taking Ownership For Success

Posted on March 16, 2015 by Adam Kash

We are often asked, “What can I do to get better?” A very vague and general question. There are very specific things anyone can do to improve their success rate, and the key is managing your time and implementing time controls.

1. Have a Plan
-Weekly plan: assign specific times for high value sales tasks. Isolate low value tasks and schedule them too.

2. Get Control of “Fire-Fighting”.
-How do your people control the fires?
-How much time do these interruptions take?
-Which are truly important and urgent?
-Use the “3:00 file” for: 90% of fires and interruptions.

3. Make and Use Lists
-Monthly and weekly schedules
-To Do List: Daily Priorities/People to Call/Etc.

4. Link Everything to your Goals
-Give your people reasons for what they’re doing: Increase Productivity
-Measurement improves performance. Are they tracking/measuring activities and results?

5. Minimize Unplanned Activity
–Time is the sales person’s #1 asset. By reducing unscheduled time and unplanned activity, they will reduce waste.

6. Minimize Internal Meetings
-What gets accomplished in most meetings?

If you look at the cost of the meeting: # people x their salary @ hour + lost productivity or opportunity cost…can you economically justify the meetings?
Good meetings: Agenda, start & stop time, written follow-up on action steps.

7. Use Downtime
-Travel time: phone/contact
-Waiting in airports

8. “Sandwich Activities”
-Do your people have a sales call 2 hours from the office?
Have them sandwich a call on the way to the appointment and one of the way back. The same holds true for out-of-town sales calls.

9. Institute
-The Magic Word to helping your people focus…just say “NO”.

Sales people have varying degrees of need for approval. This gets them to say “yes” too many times when they should say “no.” They’ll tell you they don’t want to miss an opportunity. Help them determine what NOT to do today is also important. If they work on goals, make lists, block time they will have more opportunities and choices…to say “yes” or “no”. What can/should your people say “no” to?

10. Reinforce that “Sales is a numbers game!”
-The number is the budget or sales goal. The objective is to “retire” that number…every month, every quarter, every year.
What should each persons’ numbers look like?
Do you and they know their “metrics”?
Do you track and measure activities and results?

Metrics
Phone calls:
Appointments:
Sales calls:
Quotes or proposals:
Closed deals: Sales

Time Investment & Return
Hours per week
1) New accounts Prospecting
2) Existing accounts A,B,C Nurturing/Prospecting
3) Prime Time / Non prime Time
4) Results & R.O.I.

Pipeline / War Board
“The single most critical predictor of sales success”.
• Week to week time investment must focus on adding new opportunities, closing opportunities and deleting “deals” that are stalled or going nowhere.

While most people are probably doing SOME of these, the truth is, many people are not doing most of these – and most are not doing them consistently. If it feels like you or your sales team are “Winging It”, consistently having appointments cancel/reschedule, or not finding enough business – there needs to be more structure in all of your activity.

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10 Secrets To Success

Posted on February 19, 2015 by Adam Kash

Investor’s Business Daily’s 10 Secrets To Success

Investor’s Business Daily has spent years analyzing leaders and successful people in all walks of life.  Most have 10 traits that, when combined, can turn dreams into reality.  Each day, focus on one…

  1. HOW YOU THINK IS EVERYTHING: Always be positive.  Think success, not failure.  Beware of a negative environment.
  1. DECIDE UPON YOUR TRUE DREAMS AND GOALS: Write down your specific goals and develop a plan to reach them.
  1. TAKE ACTION: Goals are nothing without action.  Don’t be afraid to get started now.  Just do it.
  1. NEVER STOP LEARNING: Go back to school or read books.  Get training and acquire skills.
  1. BE PERSISTENT AND WORK HARD: Success is a marathon, not a sprint.  Never give up.
  1. LEARN TO ANALYZE DETAILS: Get all the facts, all the input. Learn from your mistakes.
  1. FOCUS YOUR TIME AND MONEY: Don’t let other people or things distract you.
  1. DON’T BE AFRAID TO INNOVATE; BE DIFFERENT: Following the herd is a sure way to mediocrity.
  1. DEAL AND COMMUNICATE WITH PEOPLE EFFECTIVELY: No person is an island.  Learn to understand and motivate others.
  1. BE HONEST AND DEPENDABLE; TAKE RESPONSIBILITY: Otherwise, Numbers 1-9 won’t matter.

Focus on one “secret” everyday on your personal marathon to becoming successful.  Making these part of your daily routine will provide huge dividends in both your business and personal lives.

 

 

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“What’s Your Price?”

Posted on December 15, 2014 by Adam Kash

“What’s Your Price?”

It’s the question we all hate to hear, and it means we are about to be “worked over” on price.  You will always feel that way if you believe that a low price is the most important reason your customer buys for. We know that customers ask this question because they are trying to determine the value of what you are selling.  Also, they may be indicating to you that they have an offer from someone else that they believe is the same and under those conditions they will always buy on price.

In order to handle the price objection effectively, you must first have the right attitude or “belief” about price.  Most salespeople have been conditioned by customers (and their own buying habits) to focus on price. This tends to create the belief that only price is important. In reality, price is often the least important issue. The real issue is “what they get for the price.” 

Once the salesperson understands (believes) this, they will naturally respond to the question in a different way.  Under this scenario they might be inclined to ask “If the price was low but the quality was too, is that acceptable?”  Or they might ask “I know price is important to you but besides price, what else is important?”

You must understand that if you give your price too early it will always be considered in the absence of any additional value you bring to the customer. In the absence of that value the price you ask will always be too high.  Answering the price question too early in the sales process will always lead to the price objection.

You must realize that the question “what’s your price” is really a request for information that would help the customer determine the value of what you sell.  By answering the question and not determining what else is important to the customer, you run the risk of ending up selling on price alone, getting low margin sales, and worse yet,  not getting your customer what he or she really wants.  The next time someone asks you “What’s your price?”, turn it into a discussion of what is valuable to the customer.  Ultimately, you will both end up getting more.

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Positive Self-Talk: Attitude and Empowering Beliefs

Posted on November 14, 2014 by Adam Kash

Attitude and Empowering Beliefs

The keys to success in sales

It begins with developing the potential within us by first creating the right outlook to help achieve the right outcomes. The way we internalize and see ourselves, being in sales and developing desire and commitment, makes us better, stronger and successful. We’ve listed some of our favorite Empowering Beliefs and affirmations…to help you become more aware of the positive choices at your disposal.

  •  I am very successful at selling. I enjoy selling and I enjoy the many rewards which my success brings to my life.
  • I begin each day with a clear mind and a specific plan to get the most from my time and my effort. Each day I follow my plan. Because I do, I reach my goals.
  • I see every day as a new opportunity to create more sales and more success in my life.
  • I review my goals every morning, and I keep them clearly pictured in my mind.
  • I never let problems stop me. I take action, I keep moving and everyday I follow my plan.
  • I never make excuses or spend time thinking about why something cannot be done.
  • People benefit from the sales I make. When I create more sales for myself, I create more benefits for others.
  • I always reach or beat the sales goals I set.
  • I recognize, each day, that there is an unlimited potential in front of me.
  • I never put off making a call.
  • Every success I create starts with the action I take.
  • I alone am responsible for what I think – so I keep my attitude up, and my objectives in front of me.
  • I never let “No” stand in my way. I can handle No’s.
  • I have respect for others, and they have respect for me. I regard everyone I meet as being important to me. I create a feel of trust and respect quickly and easily with people.
  • I make more sales because I strongly and systematically qualify prospects and opportunities and close more sales.
  • Each time I read or hear these words, and visualize their meaning in my mind, I improve my selling skills and create a winning sales attitude.

Now, highlight the beliefs you want; act on them; take control of your attitude and outlook!

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Listen Up! (And Stop Talking)

Posted on October 15, 2014 by Adam Kash

Have you, as a sales person, ever unsold a sale?  Have you been talked out of a sale by a sales person’s never ending babbling?

There is a key skill that is diminishing quickly from the country (in addition to being able to write), and that is the ability to listen.  All too often people talk and talk and talk and talk.  Other times, people are too distracted to listen, whether it is by their phone, email, Facebook, or Twitter.  Are you or your sales people SO anxious to tell your prospect about all the great benefits (“Features tell, benefits sell” – NOT ANYMORE!) of your product and service, that the prospect never has an opportunity to tell you anything about his why he is seeing you?

Why aren’t people listening?!?!

It’s not an “active” skill.  It is not an “I’m going to go out there and do it” activity.  Sales people are not engaged with their prospects if they are not listening…the sales person is only caring about themselves.  “What am I going to say next?”  “What if he says this, then I’ll say this!”  “Am I going to close the sale?”  “I really need this business.”  “I know I can get this account.”  “I’m going to tell him about…”

These thoughts show two unfortunate realities: 1.) The sales person is thinking only about themselves. 2.) They are not listening to their prospect (They can’t be if they’re flipping thru their mental encyclopedia of “What am I going to do next?”

Industry research has shown that 65% of prospects would be favorably inclined to purchase from a sales person if they just listened to them!

Remember: You do not learn anything by talking.

Listening, will open a world of information that a sales person would typically miss, if they were talking.

Building rapport with a prospect does not mean having meaningless chit-chat at the beginning of your meeting, it means listening to what your prospect is (and is not) telling you.

Posted in Business Challenges, Coaching, Leadership, Sales, Sales Development, Sales Management, Sales Training | Tagged , , , | Leave a comment

Not Getting Good Info from your own team – Ask Better Questions!

Posted on September 2, 2014 by Adam Kash

Often times, sales managers feel that their sales people aren’t getting good info from prospects on initial sales calls – this is far too common.  Correcting this is a long, rocky journey – sometimes impossible.  Experience has shown us, however, that it is not solely the sales person who needs help, but the sales manager.  The sales manager needs coaching and continual improvement as well.  When was the last time your sales manager looked in the mirror?  Is he or she asking their sales team these questions:

  1. “I don’t have a clear next step in my notes from last time…can you help?”
  2. “When you asked them…what did they say?”
  3. “When you say…what does that mean?”
  4. “I know you know…but how do they know?”
  5. “I get the idea…so where are we now?”
  6. “So, what are the options at this point?”
  7. “Where are we in this deal?”
  8. “How do we track that?”
  9. “Assuming they love us…how do we get paid?”
  10. “What is their time line?”
  11. “Is that best case or worst case?”
  12. “Who is our competition on this?”
  13. “Where did this opportunity come from?”
  14. “How do we make it easy for them to do business with us?”
  15. “How do these people normally work?”
  16. “OK, let’s keep moving.”
  17. “So, from where you sit, where do we go from here?”
  18. “This sounds like it should happen.  What am I missing?”
  19. “Are they working you?”
  20. “Do we have any leverage with this prospect?”
  21. “Is there a return appointment set up?”
  22. “How does the money work with these people?”
  23. “Why do you feel that way?”
  24. “Is _________ our inside sales person?”

Asking your own team better questions in your weekly sales review meetings (You’re doing these, right?) will create the norm of your sales team getting deeper, more truthful information from prospects.  If the sales culture is to accept the status quo – your company is leaving piles of money on the table.  Is your company growing at a rapid rate, or accepting mediocrity because of people being afraid or unwilling to change?

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Buying Or Selling??

Posted on August 4, 2014 by Adam Kash

Are you trying to convince your prospects about what you’re selling or are they convincing you that they really need and want what you have?  Selling, in the traditional sense, endorses using features and benefits to “sell” the product.  The problem is that too often the prospect has no interest in what is being sold.  Not only is this a waste of time for the salesperson, but also for the prospect.

Kash Development Corp  professes an entirely different and consultative approach to the selling process.  We believe that people prefer to “buy” rather than “be sold to” and that they buy for their own reasons not ours!

Following this theory, we learn that prospects first need to have a reason or “motive” in mind in order to have an interest in any product or service.  A salesperson’s first job in the selling process is discovering that “motive.”  Without “motive” or “reason to change”, it is unlikely that a sale will be made.

Amateur salespeople go out and make a lot of presentations and then use various “closing techniques” to try and close the sale.  They often waste time following up on people that have no interest or “motive” to buy.

The “professional” salesperson operates differently.  They would rather walk away from someone who has no “motive” than waste time by trying to sell them.   Additionally, the salesperson builds credibility in the prospect’s mind when he/she is willing to simply walk away rather than try and sell them something that they really can’t benefit from.  Now the salesperson is viewed as a professional and potential partner, not just someone whose job it is to sell!

Is your sales team full of amateurs or professionals?  The only way to find out is through our sales force evaluation.

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Sales Has Changed…Sales Management Must Change Too

Posted on July 21, 2014 by Adam Kash

Sales Manager Coach

The sales manager must be proactive in helping salespeople moving a deal forward.

Too often sales managers accept “face value” from salespeople, and the deal never progresses.  Imagine the sale as a hamster in a wheel.  “It should close next week,” you hear.  A week later you’re told, “It’s going to be next week – they promised.”  “They couldn’t meet this week, but it’s going to close.”  “We had a great conversation, and we’re going to move forward,” but nothing happens.  There appears to be “movement” on this deal week after week, but in reality – the wheel is just spinning in the same place.  How do we make sure these types of answers do not become the norm?

The sales manager must become the sales coach.  Every interaction with sales people must be focused on moving the sale forward.  This is done through a detailed process, while improving the sales person’s skills at each step.

Your manager must review (weekly, at a minimum) with each sales person:

  • Top 5 accounts and the steps taken to move them forward
  • Sales calls and prospecting activities for new clients
  • $ potential of each deal
  • Biggest obstacle faced and the lesson learned from the obstacle
  • 3 goals for the upcoming week and how those will move each deal forward

If the sales manager is not doing this already, start immediately.  It will be ugly – because you will find that many of the deals that looked great are actually spinning in the wheel and going nowhere.  Can this be done? Yes.  Will it be easy? No.  Is my sales manager capable improving my sales team?  That is the unknown.  Anyone can ask sales people these questions, but can they elevate the sales people and their skills?

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Attitude Is Everything!

Posted on June 5, 2014 by Adam Kash

Henry Ford said “whether you think you can or can’t…you’re right”.

Our attitude or mind set is so crucial for success is sales that we as professionals must continuously refocus, remember what we are wanting to accomplish while casting out weak or limiting beliefs that can hold us back, create doubt or fear and force us to settle for less than we can truly become!

It is a psychological fact that we move in the direction of our most dominant thoughts. So ask yourself, “What have you been thinking about most?”

Thoughts and beliefs drive our actions. Behind every decision, activity, or inaction there is a belief that put it into action. If you are not getting the results that you want right now there is some belief that is preventing you from obtaining it! What beliefs are preventing you from taking the actions you need to be taking? What beliefs are causing you to create roadblocks in communications, in sales activity, in closing business, in getting commitments? These beliefs require immediate attention…in fact these beliefs must be change or rewritten! Awareness of your beliefs is a powerful first step.

We need to rewrite our beliefs or refocus on what we think about. Everyday pick one new strong, positive empowering belief to concentrate on. Write it done in your planner. This is the critical element to focus on. Next rate yourself on a 1 to 10 scale (and what you need to improve or do better) at the end of the day as to how well you did “acquiring” this new belief. For example, “Strangers cannot personally reject me…they can only reject my offer.” Rate yourself on this one (especially if you suffer from call reluctance or getting people to make decisions). If the rating is less than 9 or 10…put it BACK on the list tomorrow learn why and how this happens so you can correct it. We don’t want to live in a trance.

Take control, improve your attitude and put good beliefs to work for you!

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