7 Steps to Creating Sales

Cultivating Business Success

7 Steps to Creating Sales Proven Solutions for Sales Success Derived from PRO Peer Group Meetings Ray Silverstein To contact Ray Silverstein: AZ - 480-686-9099 ● IL - 312-337-3658 ● 800-818-0150 ● [email protected] www.propres.com ● Copyright © 2014 Ray Silverstein

7 Steps to Creating Sales

Introduction Cultivating Business Success

For decades, my professional life has revolved around talking to entrepreneurs about business challenges and solutions. From the beginning, I found that there is one great universal question: how to increase sales? Table of Contents Introduction Step 1: Target Your Market Step 2: Manage Time Wisely

I’ve talked to thousands of entrepreneurs, in every conceivable industry, and when they talk about what has worked and what has flopped, I’ve paid close attention. I’ve measured their experiences—as well as my own—against what all the experts say, too.

Step 3: Ditch the Sales Pitch Step 4: Maximize Referrals (10 Quick Tips) Step 5: Make the Most of Tradeshows Step 6: How to Use Sampling to Win Over Tough Prospects Step 7: How to Sell When Nobody’s Buying About the Author

And ultimately, what I’ve found should be very reassuring to every entrepreneur grappling with sales Because boosting sales is not a magical, mystical process. Anyone can do it, with some planning and effort. Admittedly, some people are “born” salespeople. But even if you aren’t, there are tried-and-true steps you can take to increase sales.

Many of these are strategies you probably learned along the way, although some may be new to you. Either way, I am happy to share what I’ve observed to be the most foolproof pathway to maximizing sales.

I hope this provides you with insights and ideas, and inspires you to try something new in your quest for sales success.

To contact Ray Silverstein: AZ - 480-686-9099 ● IL - 312-337-3658 ● 800-818-0150 ● [email protected] www.propres.com ● Copyright © 2014 Ray Silverstein

7 Steps to Creating Sales

Step 1: Target Your Market Cultivating Business Success

No matter what size your business is, the key to growth is working smarter, not harder. That means focusing your resources—time, money, personnel—on those activities that deliver the greatest return.

Find Your Strike Zone Review your current prospects and customers. Identify: ·

Who is giving you the most (and most profitable) business?

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Who has the greatest potential to give you more business?

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Which of your prospects are most like your best customers?

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Where and how can you find more prospects like your best customers?

Follow the 80/20 rule of productivity: just 20% of our customers, products, and activities generate 80% of our business results. When it comes to setting priorities, this is a highly useful rule of thumb. By identifying the top ‘20%’ of every aspect of your business, and focusing your time and energy accordingly, you’ll not only work more efficiently but achieve much greater outcomes. Let’s apply this concept specifically to your sales efforts. Which of your current customers belong to that elite minority that generates the bulk of your sales? By knowing who they are and discovering their shared demographics, you can refine your target market and pinpoint your sales’ ‘Strike Zone.’ Now you can target your sales efforts more effectively, whether targeting current customers or prospects. By working in your Strike Zone, you can cut down on busy work and time-burning activities, aiming for quality over quantity. You can apply this principle across every sales situation. For example, when attending a networking event, don’t try to collect as many business cards as possible. Instead, scan the attendee list—do advance research— and focus on those few individuals who are, or could lead you, to Strike Zone prospects. Similarly, when requesting referrals, hone in on Strike Zone accounts and associates, and ask specifically for referrals to ‘companies like yours.’ Operate in the Strike Zone, and you’ll hit it out of the park.

To contact Ray Silverstein: AZ - 480-686-9099 ● IL - 312-337-3658 ● 800-818-0150 ● [email protected] www.propres.com ● Copyright © 2014 Ray Silverstein

7 Steps to Creating Sales

Step 2: Manage Time Wisely Cultivating Business Success

No matter what size your business is, the key to growth is working smarter, not harder. That means focusing your resources—time, money, personnel—on those activities that deliver the greatest return.

The 100-Point Sales System 1 Point = Calling a prospect or asking a customer for a referral 2 Points = Making an appointment with a prospect 3 Points = Meeting with a prospect or current customer 4 Points = Submitting a proposal 5 Points = Closing a sale or receiving an order Aim for 20 points per day/ 100 points per week

When you’re the company rainmaker, you need to invest serious time in selling your products or services. But selling is not often easy for entrepreneurs who wear many hats. One of the tough things about selling: it’s easy to procrastinate. Selling requires energy, passion, and focus—something that’s tough to conjure when you’re juggling a dozen other responsibilities. Every hour of every day, you’re making decisions—conscious or otherwise—on how you’ll spend your time. The real question is: how much time are you actually devoting to sales? If you’re not content with your current sales activity, then there’s only one answer: clearly, not enough! Track Your Activity Sometimes, it feels like we’re spending time on sales, when really we’re doing anything but. It’s important to get a handle on your actual activity. One way to do this is to keep a time log. For one solid week, document your business activity hour by hour. No, it’s not fun, but by the end of the week, you’ll have a true picture of how much time you’re actually devoting to sales. Or, try tracking your activity using a simple point system. In other words, give yourself points for performing various functions essential to your sales process. Try the 100-point sales system shown here.

To contact Ray Silverstein: AZ - 480-686-9099 ● IL - 312-337-3658 ● 800-818-0150 ● [email protected] www.propres.com ● Copyright © 2014 Ray Silverstein

7 Steps to Creating Sales

Step 2: Manage Time Wisely

(cont.)

Cultivating Business Success

By the way, this works just as well if you have a sales team and want to get a handle on their productivity. The point system can also double as a goal system. It’s a great way to give beginning sales reps structure.

The 100-Point Sales System 1 Point = Calling a prospect or asking a customer for a referral 2 Points = Making an appointment with a prospect 3 Points = Meeting with a prospect or current customer 4 Points = Submitting a proposal 5 Points = Closing a sale or receiving an order Aim for 20 points per day/ 100 points per week

The point is, you’ll quickly see how much effort you’re truly spending on sales. You may be surprised by what you learn. But don’t be dismayed. Rather, use this as an opportunity to make some needed changes. Don’t Do Well What You Shouldn’t Do at All If you conclude you need to spend more time on sales, the next step is freeing yourself from less important tasks. Consider delegating: Paperwork – Perhaps it’s time to get some office help, even part-time. There are only so many hours in the day; you won’t be able to grow your company beyond a certain point by yourself. Already have employees? Start handing off more responsibility. Customer Service – Strong customer service is essential to ongoing sales, but that doesn’t mean you must answer every phone call yourself. Get some support. If you’re worried your customers may feel neglected, don’t be. They might feel more secure knowing that you have backup. Lead generation – Cold-calling is a poor use of your time, but it’s perfect for outsourcing. A direct mail expert or telemarketing pro might get better results than you can. And if they’re providing a steady stream of leads, it frees you up to focus on the best of them. The key to smart time management is putting your energies where they’re most meaningful. Your time is your most valuable asset. Spend it wisely.

To contact Ray Silverstein: AZ - 480-686-9099 ● IL - 312-337-3658 ● 800-818-0150 ● [email protected] www.propres.com ● Copyright © 2014 Ray Silverstein

7 Steps to Creating Sales

Step 3: Ditch the Pitch Cultivating Business Success

If your sales pitch isn’t delivering the results you want, switch things up. Better yet, do something radical: ditch the pitch entirely! Fact: Nobody Likes a Sales Pitch My friend Steve Yastrow, a shrewd advisor and author, recently introduced this “Ditch the Pitch” approach, which you’ll find in his book of the same name at yastrow.com. It’s so packed with great ideas, I asked Steve for permission to share my top takeaways here.

You don’t enjoy being on the receiving end of a canned sales pitch, and prospects don’t either. So, when you do get valuable face time with a prospect, don’t waste it by launching into a flat, unwelcome sales pitch. Use these 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. Your sales pitch is a comfortable crutch. Engaging in real conversation requires you to improvise. But you have the skill; we all improvise our way through life. If you know your stuff (of course you do), you’ll do fine. You’ll even enjoy sales interactions more. Say Less to Notice More Most people are better talkers than listeners. Let prospects do the talking while you listen, observe, and process. Then, you can identify their hot buttons/pain points and see where your products or services fit in. And when you do open your mouth, what comes out will be interesting and relevant, getting you closer to your goal. Create a Shared Story Make 95% of the conversation about the prospect. They don’t need to know all about you, only what matters to them. And only speak about a paragraph’s worth of words before tossing the conversation back to them. That’s how to weave your story in with theirs. And your story is more likely to have a happy ending, in the form of a successful sale.

To contact Ray Silverstein: AZ - 480-686-9099 ● IL - 312-337-3658 ● 800-818-0150 ● [email protected] www.propres.com ● Copyright © 2014 Ray Silverstein

7 Steps to Creating Sales

Step 4: Maximize Referrals Cultivating Business Success

10 Quick Tips Few sales tools are more powerful than referrals. They’re simple, effective, and absolutely free. Yet many of us are reluctant to request them. Get over it, already! Every business relationship can lead you to more. Relationships. If a customer is happy with you, why be shy? It’s not hard to request a referral. Just seize an opportunity, or get into the habit of asking. Here’s how: a customer or contact says something positive about your company, 1 Whenever respond with a thank you, followed by a prompt referral request. You just earned it! best way to get referrals is by doing a great job. So find out what “great 2 The service” means to your customers and provide it. Ask for feedback, informally (say, during a phone call) and formally (through satisfaction surveys). Use positive feedback as a springboard to ask for referrals. your customers to complain. Truly. Complaints, no matter how trivi3 Encourage al, give you an opportunity to make it better. Winning over an unhappy customer is a major coup, and picky customers often give the most compelling referrals. referrals part of your new customer agreements. As in, “We’re going to 4 Make work hard to prove ourselves to you. Once we do, will you give us three referrals in return?” People like go-getters. Be one. relationships with people who can provide you with referrals, and return 5 Build the favor whenever possible. Thanks to social media like LinkedIn, it’s easier than ever to build a network of mutually supportive contacts.

To contact Ray Silverstein: AZ - 480-686-9099 ● IL - 312-337-3658 ● 800-818-0150 ● [email protected] www.propres.com ● Copyright © 2014 Ray Silverstein

7 Steps to Creating Sales

Step 4: Maximize Referrals Cultivating Business Success

10 Quick Tips (cont.) you’ve got a network, work it. Beyond referrals, offer your contacts 6 When support. Share resources and solutions to common business problems. The more you nurture these relationships, the more people will think of you when referral time comes. assume friends and associates know what you seek in a prospect, or that 7 Don’t you know what they seek. Describe your target customer as specifically as possible, and ask them to do the same. It’s more effective for both of you. carry business cards. You never know who you may run into or where 8 Always conversations may lead. And when you meet someone you’d like to connect with, don’t be bashful. Ask if you may call them to set up an appointment. for networking events. Identify who you want to meet and what you want to 9 Plan achieve. An associate of mine who hates networking events finds it’s easier if she sets goals for herself, such as: “I’m going to introduce myself to the speaker” and “I’m going to meet three new people today.” be ready. Everyone you run into during the day will ask you “what’s 10 Always new?” so always have an interesting answer ready. Make it one that can lead to referral territory: your newest products, your latest prospects, who you’re targeting now. There is no shame in requesting referrals. After all, you only get them when people are happy with you. All referrals are earned, but most of the time, you need to request them.

To contact Ray Silverstein: AZ - 480-686-9099 ● IL - 312-337-3658 ● 800-818-0150 ● [email protected] www.propres.com ● Copyright © 2014 Ray Silverstein

7 Steps to Creating Sales

Step 5: Make the Most of Tradeshows

Cultivating Business Success

Tradeshows can be a highly powerful marketing tool or a big fat drain on your time and resources.

When attending tradeshows, have specific goals in mind as well as strategies for achieving them… · Before · During, and · After each event

There are many excellent reasons to exhibit at tradeshows. It’s a great way to connect with customers and prospects, launch new products, and catch up on industry buzz. At the same time, exhibiting at tradeshows is a large investment, from prepping and shipping your booth and materials…to travel and entertainment costs…to your lost work time and activity. Never attend a tradeshow “because we go every year.” Always have specific goals in mind and strategies for achieving them, before, during, and after the event. Before the Tradeshow Before you even register, identify your tradeshow goals. This makes all future decision-making easier, because now every choice can be weighed in terms of getting closer to your goals. In addition: ·

Promote your attendance at the tradeshow, through emails, newsletters, and on your website. Encourage customers to visit your booth, perhaps through a contest.

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If your goal involves meeting with clients, don’t leave it to chance. Set those appointments up well in advance.

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Don’t wait until the last minute to inspect your booth. If you need to spiff it up, you’ll need time to do it right.

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Ditto your marketing materials. Are they current? Do you have enough of them? If you need a particular marketing piece, now’s the time to do it. Give yourself time to get it done right.

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Between ad books and expanded trade pub circulation, tradeshows offer once-a-year advertising opportunities. Determine if advertising will help you achieve your goals. If so, have a compelling ad ready before the deadline sneaks up.

To contact Ray Silverstein: AZ - 480-686-9099 ● IL - 312-337-3658 ● 800-818-0150 ● [email protected] www.propres.com ● Copyright © 2014 Ray Silverstein

7 Steps to Creating Sales

Step 5: Make the Most of Tradeshows

Cultivating Business Success

(cont.)

Before the Tradeshow (cont.)

When attending tradeshows, have specific goals in mind as well as strategies for achieving them… · Before · During, and · After each event

·

Devise a strategy for collecting contact information at the tradeshow. A prize drawing—with a valued prize like a tablet or gift card—gets people to part with their business cards.

·

Create your basic follow-up email or mailing now. That way, with a few tweaks, they’ll be ready to go upon your return.

During the Tradeshow Keep your goals in mind. For example, while it’s tempting to socialize with pals, don’t be sidetracked from connecting with new prospects. Because you’re talking to so many people, it’s easy to forget conversations. After an exchange, quickly jot down the key points. At the day’s end, review and expand your notes while they’re fresh in your mind. Once you’re back home, you won’t be wondering what you forgot. After the Tradeshow Plan in advance to spend your first days back fulfilling the commitments you made. Before you get drawn back into day-to-day activities... ·

Follow up with contacts who requested information. Do it while their memories are fresh, so it’s more relevant (plus, you’ll make points for follow-up).

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Follow up on all the business cards you collected, using the materials you created before you left.

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Review your tradeshow performance as objectively as possible.

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Did your booth do its job? Are improvements required?

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Were your materials effective? Are changes required?

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Was your advertising worth the investment?

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Were your meeting effective, or is there something you should do differently next time? Did you miss anyone?

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Most importantly, did you achieve your goals?

Finally, keep a “tradeshow” file, so you’ll have an edge when the next tradeshow rolls around and you start the process again.

To contact Ray Silverstein: AZ - 480-686-9099 ● IL - 312-337-3658 ● 800-818-0150 ● [email protected] www.propres.com ● Copyright © 2014 Ray Silverstein

7 Steps to Creating Sales

Step 6: Use Sampling to Win Over Tough Prospects

Cultivating Business Success

One way to get a prospect’s attention is ask for permission to work on their hardest problem, their toughest challenge within your scope. Basically, you’re inviting the prospect to sample your services.

Some entrepreneurs look upon sampling as a marketing investment. Even if you can’t devise a viable solution for the prospect, he/she may want to work with you after seeing you in action.

Why Sampling Works Sampling can be a very effective marketing tool (provided the project is a good fit). It exposes your prospect to your skills, expertise, and initiative. It also allows you to start building a relationship with a prospect who might not otherwise give you an opening. If a prospect does agree to hand off the challenge, you’ll learn a lot about them in the process. And once you get the assignment, you have the opportunity to communicate regularly: providing updates (create a schedule in advance), collecting information, even potentially problem-solving together. Make Sure It’s Worth It Don’t work for free. You can’t offer sampling to just anyone. You have to make sure upfront that the payoff is worth the risk and time investment. Once you’ve done your research, make sure the prospect is serious. You want more than gratitude. Asking these qualifying questions: ·

How important is it to you to find a solution?

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If I were to identify a solution, what would be the procedure to get the business arising from it?

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Would you bid the project, or award it to me at a budgeted amount?

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What would you consider a realistic budget and timeframe for this?

There are very few truly impossible problems and prospects, if you want them enough.

To contact Ray Silverstein: AZ - 480-686-9099 ● IL - 312-337-3658 ● 800-818-0150 ● [email protected] www.propres.com ● Copyright © 2014 Ray Silverstein

7 Steps to Creating Sales

Step 7: How to Sell When Nobody’s Buying

Cultivating Business Success

Every business experiences down periods, whether it’s a nationwide recession, a new competitor, or just a slowdown for your company. When sales are tough, there are things you should do and things you shouldn’t do, even though our instinct often leads us astray. Identify Your Strengths · What qualities brought customers to you in the first place? What keeps them coming back? · What does your business do best? · Where is your passion? · What differentiates you from your competitors? How can you leverage this? · Who are your target customers? Define them in as much detail as possible. What need do you fill for them? What characteristics do they share?

So, what should you do to power through slow periods? Focus on Your Strengths When you’re hungry for sales, there’s an urge to try to sell just about anything to anyone who’s buying. But trying to be everything to everyone only wastes your resources and undermines your brand. Identify your core strengths. Your strengths—whether it’s providing great service, your mastery of technology, or your unique marketing approach—are your secret weapon. Don’t squander them. Then Leverage Your Strengths Once you’ve identified your strengths, figure out how you can leverage them in new ways. Chances are, there are ways to expand your market while staying true to your brand. You just developed a profile of your target customers. So, what qualities do they share with other groups you might target? For example, an executive recruiter I know used to specialize in corporate job searches. But when the last recession hit, most of his clients stopped hiring. Since recruiting is what he does best, he looked around to see what organizations were still hiring. He began targeting colleges and trade schools. Because many laid-off workers were going back to school to acquire new skills, this was a growing sector. He leveraged his existing strengths to this new market, reinventing himself while staying true to his strengths.

To contact Ray Silverstein: AZ - 480-686-9099 ● IL - 312-337-3658 ● 800-818-0150 ● [email protected] www.propres.com ● Copyright © 2014 Ray Silverstein

7 Steps to Creating Sales

Step 7: How to Sell When Nobody’s Buying (cont.)

Cultivating Business Success

If Your Customer Has Changed, Adapt

Even slow periods present opportunities. They force you to make changes you would otherwise delay.

Think back over the last year or so. Is there anything different about your customers’ buying patterns? Are they focused on different products or services? Are they spending differently? If your customers’ interests have changed, it’s up to you to keep pace with their changing needs. Be flexible. For example, I know an entrepreneur who owns a martial arts studio. He used to require that students sign-up for six-month minimums, and parents used to be fine with that. But these days, parents are unwilling to make that kind of financial commitment. What if their kids lose interest? So he took a cue from health clubs and began offering month-to-month memberships. Now, his classes are filled again. Keep Marketing Aggressively When money is tight, it’s smart to cut back on some expenses. But the first thing many firms cut is the very thing they need most to keep sales flowing: marketing activities. Studies confirm that companies that maintain or increase marketing efforts during a downturn will rebound higher and faster than others. So don’t stop marketing. Just be smarter about it. Look for new opportunities (never say never), and drive a hard bargain when you invest in marketing initiatives. And remember: every situation presents opportunities, even slow periods. They force you to change your perspective and make changes you otherwise would delay.

To contact Ray Silverstein: AZ - 480-686-9099 ● IL - 312-337-3658 ● 800-818-0150 ● [email protected] www.propres.com ● Copyright © 2014 Ray Silverstein

7 Steps to Creating Sales

About the Author Cultivating Business Success

Ray Silverstein is a small business expert, advocate, and author, known for his insightful, positive approach to successful entrepreneurship. Ray has spent decades studying real-life stories of entrepreneurial success and failure. He has shared many of them in his books, “The Best Secrets of Great Small Business” and “The Small Business Survival Guide” (BestSmallBizsecrets.com). He is an online columnist for the Phoenix Business Journal and has contributed numerous articles to Entrepreneur.com. Feel free to contact Ray! 480-686-9099 (AZ) 312-337-3658 (IL) 800-818-0159 [email protected]

Ray is a proficient talker and listener. He was one of the original proponents of peer advisory boards, where businesspeople gather to share their ideas and challenges. He has facilitated 1,500 meetings since founding PRO: President’s Resource Organization, a peer group network, in 1993 (ProPres.com). Ray knows a thing or two about success. He has owned, grown, and sold several businesses, including a hand tool manufacturing company and automotive parts company that he grew into $65 million enterprises before divesting them in the 1980s. Today, Ray talks to hundreds of business professionals each month, discussing every aspect of running and growing a business, from sales and marketing to finance and leadership. One of his upcoming ventures is to open the University of Practical Business, a step-by-step business course for entrepreneurs and start-ups, which will launch in the Phoenix area later this year. Ray operates vibrant PRO peer groups out of Phoenix and Chicago. His groups welcomes new members who share their interest in growing their businesses.

To contact Ray Silverstein: AZ - 480-686-9099 ● IL - 312-337-3658 ● 800-818-0150 ● [email protected] www.propres.com ● Copyright © 2014 Ray Silverstein