Tag Archives: service

Sell Smarter – Ditch the Pitch

Ditch the PitchHow to Sell Smarter: ‘Ditch the Pitch’

Review by Ray Silverstein

There’s one subject entrepreneurs can’t get enough of: how to increase sales.

Well, here’s a thought. If your current sales pitch isn’t delivering the results you want, it’s time to switch things up. Better yet, why not do something radical, and ditch the sales pitch entirely?

My friend Steve Yastrow, a shrewd business advisor and wonderful author, recently introduced this fascinating “Ditch the Pitch” approach to selling, which you’ll find in his new book of the same name. It’s so packed with worthwhile ideas, I asked Steve for permission to share my top takeaways with you.

Fact: Nobody Likes a Sales Pitch

You don’t enjoy being on the receiving end of a canned sales pitch, do you? I know I don’t. And, let’s face it, our prospects don’t either.

So, when you do get valuable face time with a prospect, don’t waste the opportunity by launching into a flat, unwelcome sales pitch. Shake things up: try using these three strategies instead.

Engage in Persuasive Conversations

People want to talk about the things they care about, not listen to monologues. You’ll get much further by drawing prospects into meaningful conversations about subjects that matter to them.

Yes, your sales pitch is a comfortable crutch. Engaging in real conversations will require you to improvise. But this is something you already know how to do. After all, we are all improvising our way through life. Assuming you know your stuff, businesswise (of course you do), you’ll do fine. And you’ll actually enjoy your sales interactions more.

Say Less to Notice More

Most people are better talkers than listeners. So let your prospects do most of the talking. Your first job is to listen, observe, and process what they’re saying. By doing so, you can identify their hot buttons and pain points, and then figure out how your products or services fit in.

That way, when you do open your mouth, what comes out will be interesting and relevant to them, which will get you closer to your goal.

Create a Shared Story

Here’s a great rule of thumb: make 95% of the conversation about your prospects. They don’t need to know everything about you and your business, only the parts that matter to them. Be very selective in what you share.

And another great sales tip: only speak about a paragraph’s worth of words before tossing the conversational ball back to your prospect. That way, you weave your story in with theirs.

In addition, your story is more likely to have a happy ending, in the form of a successful sale.

If you keep doing the same thing over and over again, you can’t expect different results. Now is a great time to try a new sales approach. You can learn about Steve’s book, Ditch the Pitch, at www.yastrow.com. And you can get my complimentary Weekly Sales Worksheet—a real-world sales activity tracker—by emailing me at Ray@propres.com

Biography: Ray Silverstein is president of PRO, President’s Resource Organization, a network of entrepreneurial peer advisory groups in Phoenix and Chicago. His latest venture is Propelus, a specialized peer group for business advisors and achievers who want to achieve more. He is author of “The Best Secrets of Great Small Businesses,” and “The Small Business Survival Guide.” You can reach Ray at 1-800-818-0150 or ray@propres.com.

Are Your Habits Helping or Hurting Your Business?

a3feAre Your Habits Helping or Hurting Your Business?

By Ray Silverstein

Right now, many of us are wrestling with the personal habits we resolved to break or build back on January 1, like losing weight and giving up smoking. But what about your business habits? Have you given them any thought?

Like it or not, we are slave to our habits. According to research, a whopping 40% of our daily activities are habitual, not things we consciously choose to do. So chances are, if you put in an eight-hour workday, you’re spending three hours and twelve minutes of it on auto-pilot.

That’s 16 hours—two who eight-hour days—every single work week!

That can be good or bad, depending on your habits. If you have built good, productive habits (following up with prospects, monitoring sales activity), they’ll serve you well.

But if you’ve developed unproductive habits (checking emails continuously, tending to mundane tasks), your habits may be wasting prime work time.

Habits are extremely…well, habit-forming. Our brains are hardwired to create habits, according to Charles Duhigg, author of the fascinating book, The Power of Habit: Why We Do What We Do in Life and Business.

If you’re trying to grow your business, it’s important to understand what habits drive you, so you can either put them to work for you or change them. The first step? Identify them. Learn what they are.

According to Duhigg, a habit consists of a three-step loop:

  • The cue – the trigger that prompts your brain to begin a specific routine.
  • The routine – the activity itself, which may be physical, mental, or emotional.
  • The reward – the payoff for performing the routine, which gives your brain a reason to remember the habit.

Habits are powered by cravings. For example, I’ve developed a habit of craving a chocolate chip cookie at 2 a.m. My habit breaks down like this:

  • The cue – I wake up at 2 a.m.
  • The routine – I eat a chocolate chip cookie.
  • The reward – It tastes good. I feel good.

Most habits don’t go away by themselves. If I want to break my cookie habit, I can start by recognizing the cue for what it is when I wake up. I can change my routine, switching out a cookie for a piece of fruit. It still tastes good, though not as good, but now part of my reward is knowing that I’m eating something healthy instead of something less healthy.

It’s the same thing in business. For example, when we discussed habits in one of my PRO peer groups, one business owner—who had previously expressed concern that his close rates were dropping—had a moment of enlightenment.

He realized that he had fallen into a bad habit at sales presentations. Instead of engaging prospects in conversation, he would immediately launch into a features-and-benefits recitation.

It was driving people away.

His cue was getting in front of a prospect; his reward was sailing through the presentation. But a better reward would be closing more deals. Now, he is consciously changing his routine, engaging prospects in real conversation and making his presentations more organic.

So here’s my challenge to you: identify your good and bad business habits. Figure out what triggers them and how you can modify them to better serve your business.

In other words, make it a habit to pay attention to your habits.

 

Biography: Ray Silverstein is president of PRO, President’s Resource Organization, a network of entrepreneurial peer advisory groups in Phoenix and Chicago. His latest venture is PRO-preneur, a peer group with unique features for emerging businesses, solopreneurs and those who want to achieve more. He is author of “The Best Secrets of Great Small Businesses,” and “The Small Business Survival Guide.” You can reach Ray at 1-800-818-0150 or ray@propres.com.

How’s Your Crystal Ball?

How’s Your Crystal Ball

by Ray Silverstein

When you own a business, you need to be able to tell the future. To know where revenues are headed and what resources you’ll need. The good news is, you don’t need to be clairvoyant to see what lies ahead. 

Because you have something better than a crystal ball: your business indicators. Some indicators are nearly universal (i.e., the economy), and some are unique to every business. Either way, when you track your indicators, including those listed below, you can get a handle on the future.

Indicator #1: Present and Future Sales 

Reviewing current orders is the first step to projecting revenues. But you can estimate even more accurately if you factor in outstanding bids/proposals.

For example, review past proposals for the last 12 months. What percentage did you close?  

Apply that percentage to today’s proposals, and you’ll get a sense of where you’ll be in X number of days, depending on the length of your sales cycle. In essence, you’re diagramming your sales funnel. (Then you can also work backwards to determine how many proposals you must generate to hit your sales goals.)

Indicator #2: Service/Maintenance

If your sales have a ‘tail’—i.e., the initial sale will result in service activity down the road—that’s another indicator.

Say you sell and service equipment. By analyzing past maintenance activity, you can predict what service/parts will be needed when. Apply that information to your equipment in the field, and you cannot only proactively line up parts and staff, but anticipate maintenance-related revenues.

Indicator #3: The Domino Effect 

Certain activities in one industry  impact related industries. If you can pinpoint those relationships, you can use them to make projections.

For example, one of my PRO peer group members is in the furniture business. By talking to her customers, she found they shared one common denominator: many had purchased homes within the prior 6-12 months. By tracking the local housing market, she can project which way sales are trending.

Indicator #4: Fill-in-the-Blank!

There may also be some indicators unique to your business. Keep a look out for them.

For example, years ago when I owned a manufacturing company, I used to sell to a well-known mail order house. This was before the Internet. Every day when the mail arrived, the mail order staff would immediately weigh it. Yes, weigh it. The company’s savvy owner knew the value of his average order and had calculated the number of orders that made up a lb. of mail. So hours before the orders were processed, he knew what the day’s sales would be.

Indicator #5: The Local Landscape

Your business is part of a local community. Depending on what you sell or do, all kinds of local activity may affect you: big construction projects, hiring moves by major employers, even the school calendar. By staying abreast of your community and keeping tabs on local business news, you can get a sense of what will impact your business.

So, put away your tea leaves and cancel your appointment with Madame Marie. Learn to track and read your key business indicators, and you’ll be able to predict what the future holds.


Ray Silverstein is president of PRO, President’s Resource Organization, a network of entrepreneurial peer advisory groups in Phoenix and Chicago. He is author of “The Best Secrets of Great Small Businesses,” and “The Small Business Survival Guide.” He has partnered with the Phoenix Business Journal to bring you access to the Journal’s Digital Portal, a goldmine of potential business indicators. For more information, contact Ray at 1-800-818-0150 or ray@propres.com.

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