Simply put, there are only three ways to increase the top-line sales of a business.1. Increase the number of customers2. Increase the average value of each sale3. Increase the frequency of salesIt looks pretty simple, but there are a lot of different ways to impact each of these things. For example, increasing the number of customers includes a host of methods for finding new prospects, and another list of strategies for converting prospects to...more
In part 1 and 2 we looked at generating leads and converting interest into purchase decisions. Now it's time to seal the deal. Closing and delivery round out the four stages of the sales led business cycle.Closing - Negotiating the Details and Signing the DealClosing is all about negotiating the details and agreeing to delivery and payment details. This happens after the customer has seen the value and made a decision that they want to buy....more
In part 1 we talked about the importance of getting leads to a successful sales cycle. But a lead that never reaches a decision to buy is ultimately just a liability. It's not enough to find a lot of interested people. At some point you need to get those people to decide to purchase something from you if you want to stay in business.Conversion - Convincing People We Have What They NeedConversion is the process of getting the customer, or lead, to a state of mind where they have decided they are going to get what you are offering. Let's be very clear on this because it's important. It is not the process of actually getting the customer to buy. It is the process of getting them to decide in their minds that they are going to buy; to get them to say "okay let's do it" in their minds and begin to picture themselves already owning it rather than continuing to debate with themselves about whether or not they really want it. We are going to consider two critical aspects of conversion:1. identifying the best solution for the customer, and 2. the fact that people buy from peopleRemember that business is about helping ourselves by helping others. The best sales person (or conversion expert)...more
The basic philosophy behind the sales perspective is the more you sell the more money you make. This makes a lot of sense, so let's take a look at business management from the perspective of a sales led organization.The basic representation of business from a sales perspective consists of four main steps:1. finding leads2. converting...more
If you want to turn on the profit making potential of your business you need to put your focus back on the market.Market First, Product SecondAsk yourself this simple question. Who is my target market? Now stop for a minute and write down your answer so you can't deny it in two seconds when I ask the next question.Now put your answer in the middle...more
Early in my career I believed that hard work was the key to success. Most of my first jobs were doing manual labor, and I was often complemented for how hard I worked on a consistent basis. The harder I worked, the faster we got things done, and so I believe that hard work was the key to success. After graduating with a degree in Electrical and Computer Engineering my first corporate job was testing and developing software that required me to be somewhat creative and perform certain tasks, and I did them to the best of my ability. I looked around and saw 30 other people doing the same. As long as everyone was pitching in and working hard I figured we must be making a lot of progress.A few years later I moved into a position managing a team of software designers. They had been without a manager (and hence without leadership) for some time, and I still remember the day I moved into my new office. There was round table in one corner piled 6 inches high with a messy pile of white, orange and yellow papers. The papers were strewn out covering most of the table top, many just managing to not spill off the sides. On quick inspection I realized each paper was filled out with some type of...more
Let's take a look at a financial perspective of business and examine where the money goes. A favorite saying of one of my mentors is "follow the piles of cash". Although this is not all there is to business, it is definitely something you can never...more
How do you measure success? After years of trial, error, training and research I have a management tip for you: the four top level measurements that I recommend everyone have in place across their business or team. They should be built into...more
At a high level there are only two ways to grow a business: increase sales and decrease costs. Here's a simple management tip that will save you a lot of wasted effort. Before you start looking at the details of each method, you should understand the...more
Sales is all about helping customers shop for and get what they need or want. It places focus on finding leads, converting leads, and closing the deal. Once those three things are done, all you need to do is deliver the product. So if sales minded...more
The more efficiently you can fill orders the more money you get to keep from each sale. If you sell an extra $10 product you may only get to keep $1 or $2 after you finish paying for the product, warehouses, salaries, etc. But if you can find a way...more
A "Deed in Lieu of Foreclosure" is when a lender accepts a deed to the homeowner's property in foreclosure instead of continuing the foreclosure process and incurring more expenses to get the deed anyway. However, this does not mean the homeowner is...more