You have planned for a couple of weeks. Put everything in place for a very important meeting with a major prospect including travel and accommodations as you will need to be there the night before to be able to meet them on time. Then you get the call: “Hi. I will be coming over to your town and would like to meet Tuesday instead of Monday.” All you can think is: “But, I had everything arranged for Monday in their city.”
“Now what do I do?”
This is where your versatility and mind has to shift because of an unexpected event.
I love this time of year. Not for the sunshine, singing birds and the warmth of the summer months coming, but rather, for the lie that everyone tells themselves about sales for this time of year.
The lie that says: “No one buys during the summer.” or: “Everyone is either on holidays or thinking about their holidays and not the business.”
If only those were true. However, how many of us fall for the great summer lie? This time of year could be the most productive time of the year for you if you change certain behaviors which will take you from salesperson to sales professional.
You have an incredible product/service. You have a phenomenal presentation showing the features and benefits of your product/service. However, you are not making any headway. Why?
Is this scenario familiar to anyone? Let’s take a closer look at this often occurring situation.
What we must all accept, is that consumers today are aware and educated about our products/services even before they meet us. Therefore, if you are still highlighting the features of your product/service, you are putting your audience to sleep as they in all likelihood know as much, if not more, than you may. Do not sell on features. If you do have to mention features, keep it to a minimum. When you have a good feel for the minimum, cut it in half.
We had, what is referred to in Vancouver, British Columbia, a major snowstorm. In the rest of the Country, it would be considered a mild dusting. Driving in this ‘snowstorm’ is not only comical but also dangerous, because of the reaction of other drivers.
You may be asking yourself: “What does this have to do with anything in business?” The answer is, because of the reactions of some of these drivers. That reaction is ‘fear.’
There are some of us that still recall the days before any technology hit the business world and that one of the selling points was that we would be able to increase the speed that business is done and further, we would become a paperless society.
Well, there seems to be a great spasm between what was promised and what actually is happening today. First, I submit to you the need for paper has actually increased, and secondly, while some functions have become extremely more streamlined such as inventory control, invoicing, and immediate communications with a paper trail, the decision-making process has increased.
The fundamental rule of business is to retain customers. It has also been proven by numerous studies it cost five times more to attract a new customer than to keep an existing one.
These studies go on to show only 18% of companies actually work on client retention.
There are many factors, other than the economical one already mentioned as to why you may want to switch your focus more into the retention side rather than the acquiring effort.