Before you do offer a discounted price, bear in mind the following dangers associated with lowering your original figure:

• When you offer discount, you set a precedent. The new price you offer is the reference point from which your customer will start negotiating. When you discount, it’s telling the customer that’s the starting point, and it’s going to be mighty difficult to raise prices again in the future.
• Your pricing point creates an image for your product and your company. By discounting, you effectively reposition your brand message. You are sending the message that your product isn’t as good as you say it is, and you turn it into a commodity, rather than something of value to the customer.
• You tell your competition you are willing to start a price war. When your competition see you discount, they will retaliate by cutting prices, and it’s a downward spiral.
• You are less profitable, and you earn less money. You become more dependent on a price-only strategy, eventually leading to a policy that focuses less on what you can do for the customer and more on cutting costs. This means you have less to invest in R&D and product enhancement, stifling your growth and leading to poorer quality.
• You send the message to your customers that, because your focus is on discounting, you might as well shop around for the cheapest price anywhere, because I have nothing to offer you but a lower price.
• Since the only way your company makes money is through the profits you bring in, you have to start looking inside your company to cut costs. You start asking questions like ‘how can we save a little on quality costs?’ and ‘do we need all these people to support our discounting salespeople?’. You have to cut costs on the inside because you aren’t making the profits on the outside.
• You tell the whole world that your products and services are not as valuable as you suggest they are, making the customer wonder where else you might not be strictly honest.

Do a study on how much your discounts actually cost your company. You may be surprised by how much your short-term thinking affects your long-term prosperity.

Happy selling!

Sean

Sean McPheat
The UK’s #1 Authority On Modern Day Selling
MTD Sales Training

Have you downloaded my latest report “The Sales Person’s Crisis”? Over 10,000 sales pros have.

Click on the image below to find out why you’re very existence as a sales person is in doubt…

In this video Google Chrome (Google’s Browser) is pitted against several different objects and activities in a series of speed tests to show just how quick it is.

The purpose of the video is obviously to creat buzz via viral marketing but another objective of the video is to demonstrate just how quick the browser is.

Google could have just proclaimed in it’s marketing and sales gumph that Chrome is the quickest but their approach with this is something completely different.

Chrome is not even pitted against Internet Explorer or Firefox – two direct competitors.

It’s very clever and reminds me of salesman that used to sell security glass and instead of saying how good it was he used to take a piece of this special glass and a hammer with him to meet a prospect and would ask the prospect to smash it with all their might.

90% of the people he met signed up within 20 minutes!

Be different and unique in your selling and you can often win deals on this alone.

Ok, here’s the Chrome video – enjoy!

Click here to view the embedded video.

Happy Selling

Sean

Sean McPheat
The UK’s #1 Authority On Modern Day Selling
MTD Sales Training

Have you downloaded my latest report “The Sales Person’s Crisis”? Over 10,000 sales pros have.

Click on the image below to find out why you’re very existence as a sales person is in doubt…

Many salespeople tell us that the way they differentiate themselves from their competition is by adding value to their products, in order for the customer to see why they are charging the price they are.

Nothing wrong with this per-se. It adds meaning to why they are positioned where they are, right? The customer can see exactly what they are getting for their money, and by adding value, the customer can make the connection between the product and the savings he will make.

This is good, but could it be better?

How many times do you ‘hold something back’ so you can surprise the prospect with that little extra to encourage them to buy? We sometimes cause ourselves problems here, because the prospect may be wondering what else might you be holding back, and have they really got everything they could from you?

Something to try might be to add value up front.

What I mean by this is showing how much you care, showing the customer what they will gain by working in partnership with you. Your ‘value-add’ ideas may include:

• Free ideas and newsletter from your website
• Free consultations with a specialist department before the prospect makes a decision
• Videos and DVDs of how others have benefited from using your product
• Testimonials from others about you
• Special terms and conditions
• Free samples
• Free trials of the product before they commit

By offering extra value before they have to commit to a decision, it makes the prospect feel they would be missing out if they didn’t go with you. Then you don’t have justify a higher price than your competition by adding on the extras; they have seen the value of your offering before you even start talking about price.

Happy Selling!

Sean

Sean McPheat
The UK’s #1 Authority On Modern Day Selling
MTD Sales Training

Have you downloaded my latest report “The Sales Person’s Crisis”? Over 10,000 sales pros have.

Click on the image below to find out why you’re very existence as a sales person is in doubt…

Ever thought of yourself as a vertical niche resource?

And don’t dare say ‘What’s that?’

You should know the term and be using it consistently if you’re going to be growing in tomorrow’s market-place.

Now you might be a provider of excellent solutions for companies and might focus on particular sectors but have you ever proclaimed that “we are going to own this sector of the market”.

Now to do that, you have to start thinking of yourselves as more than just a sales force that sells to specific companies.

You have to think of yourselves as a vertical niche resource. You have to get on boards. You have to speak at conferences. You’ve got to do podcasting to that niche. You should produce DVDs of clients who are using their services, to send to prospective clients. You must have a blog where you interview subject matter experts. You’ve got to do all of these things that don’t cost a lot of money but take time and definite planning. You must be the expert in whatever it is that you do, whatever market you serve.

If you’re not an expert, then you’ll be devalued in the marketplace. Keep working on your own knowledge base.

Some salespeople say that they may become so specific that their market won’t be abundant anymore. It’s probably the opposite–the more ‘niche’ you go, the more abundant it becomes because the more of an expert you are, the more people who are reaching out to you saying, “I like what you have to say. You need to come talk to us. We need help.”

There’s an abundance of problems out there. You become more valuable to clients when you become a finder and solver of problems.

Happy Selling!

Sean

Everything the company does contributes or detracts from that image. High-octane brands, like Coca Cola, Microsoft and Mercedes, have built their reputations over years.

But what about you?

Are you aware of what image you are putting across? This is commonly known as your own personal brand.

Remember, a brand is people’s expectation of their interaction based on perceptions of past dealings or word of mouth. So, a strong and valuable personal brand can be established by focusing more on solving others problems and less on promoting yourself.

If prospects searched your name and company online, what would they find?

Try it now.

What comes up? Are you number one when people search your name? You can achieve higher status in the search engines by carrying some specific and targeted activities. Your LinkedIn, Facebook and personal blog profiles are important to create awareness.

And there are other things you can do to enhance your personal brand. Some examples are:

Create a marketing plan for yourself annually, and review it quarterly. Include specific goals, strategies, action steps, and a timetable.

Become an expert source in your field. Write a specific article, design a white paper on your industry and become an expert source for reporters. Make sure you have a current photo, biography and resume for people to check on.

Design your ‘elevator speech’. Within the time that it takes an elevator to travel upwards, be able to deliver a precise description of what you do, how you do it differently, and the benefit it provides.

Network creatively. Make new contacts and remember to stay in contact with them. Powerful personal brands have powerful friends.

Be aware of your personal appearance. Balance your individual style with clothing that will appeal to those you are trying to impress. Your brand image will shout louder than any words you say.

Every contact you have with a client creates ‘touchpoints’. Ensure each one is remembered and stands out for the right reasons.

Remember, your personal brand is one of your greatest business assets. Your brand will speak for you anyway, because it’s the emotional connection you make with all you meet. Make sure yours is one that is memorable.

Happy selling!

Sean

Sean McPheat
The UK’s #1 Authority On Modern Day Selling
MTD Sales Training

Have you downloaded my latest report “The Sales Person’s Crisis”? Over 10,000 sales pros have.

Click on the image below to find out why you’re very existence as a sales person is in doubt…

When it comes to selling, a lot of talk is always made about sales technique or fancy closes to use etc

But an area that is often overlooked is the attention span of our prospects.

Let’s face it, our prospects are being bombarded every single day with advertisements, promotions, marketing – you name it! They are overworked, time poor and have huge pressures heaped upon them from their superiors at work.

So if you sell B2B you need to realise that your prospects are just crying out to be led by an expert.

Frankly speaking they cannot afford to spend days, weeks or even months on selecting a short list of vendors for their products and services – they simply do not have the time.

Therefore, you need to appreciate that speed of response is a vital ingredient for success in modern day selling. If a prospect contacts your company you can really set yourself apart from the competition by getting to them first and being the first “expert” to start the relationship with them.

You could have had an initial telephone conversation, have sent some further information out to them and spoken to them twice before your rivals have even got back to them the first time!

This is critical.

You can have the best sales people in the world but if your contact systems are not greared up properly then you’ll always be in a heavy reactive mode.

So appreciate that today’s modern buyers are strapped for time. They have an attention deficit disorder and when prospects are in this mode they look for short cuts.

So if you can practically do things for them, educate them, cut the length of the process down for them and also demonstrate your expertise, then you’ll go a long towards to cementing that relationship that will really make the difference in your selling.

Surprise them and grab their attention from the outset and that positive first impression will pay big dividends.

Happy Selling!

Sean

Sean McPheat
MTD Sales Blog

MTD Sales Training

Telephone: 0800 849 6732

Have you downloaded my latest report yet? “The Sales Person’s Crisis” has been downloaded by over 10,000 sales pros and entrepreneurs. Don’t miss this unique report that lifts the lid on modern day selling!

Click on the image below to find out why you’re very existence as a sales person is in doubt…

But what they always leave out is “What can we do as a company and as a sales team to get “hunted out” too?

That’s when new prospects come to you.

If you can position yourselves right through delivering the best service, proposition, support, marketing, sales care, PR and so on your prospects will HUNT YOU OUT.

They will talk about you in forums, in networking events, in social media, across their company, through word of mouth and so on.

They will qualify themselves and will have a much higher probability of purchasing from you.

You need to work closely with the other departments in your company so they enable prospects to hunt you out.

After all, we all want that don’t we?

And the great news is that when prospects hunt you out they usually have their needs already defined too.

So don’t forget – hunt, farm and be hunted too! Have strategies in place for all of them.

Happy selling!

Sean

Sean McPheat
The Sales Jedi
MTD Sales Blog

Telephone: 0800 849 6732

Have you downloaded my latest report yet? “The Sales Person’s Crisis” has been downloaded by over 10,000 sales pros and entrepreneurs. Don’t miss this unique report that lifts the lid on modern day selling!

Click on the image below to find out why you’re very existence as a sales person is in doubt…

Do you just dust yourself down and move onto the next one?

Or do you put that “lost deal” lead into a follow up system and then dust yourself down and move on?

Hopefully it will be the latter.

The fact that you lost a sale means that the prospect was interested in your services but for some reason or t’other chose another company to do business with.

Well, you should keep infront of this “lost prospect” every quarter via email or direct mail or through a telephone call just to keep an eye on the situation.

You never know what might happen.

Before we had the capability of being able to train sales people in over 8 different languages we lost a piece of business because of this fact. I was gutted as it was a worldwide programme worth in excess of £150,000 per year. Anyhow, I kept a regular dialogue with the Sales Director and the HR Director and kept them informed of our multi-lingual capability as it grew over the past 2 years and now that the contract is being renewed they called us in instead of the previous firm and we have won the next piece of business.

By keeping in regular contact with lost deals keeps you informed of their progress and of future needs.

I strongly urge you to have a “lost prospect strategy” in place to keep in regular contact with those people who slipped through the net. Out of every 100 lost deals I would bet that you could generate another 5-15 pieces of business by “being there” when the timing is right.

Happy Selling!

Sean Mc

Have you downloaded my latest report yet? “The Sales Person’s Crisis” has been downloaded by over 10,000 sales pros and entrepreneurs. Don’t miss this unique report that lifts the lid on modern day selling!

Click on the image below to find out why you’re very existence as a sales person is in doubt…

I recommend that you send some further information to the client BEFORE you meet with them. I’m not talking about an information pack here or a brochure.

Instead, I am talking about sending them something that will position yourself as an expert. Something that will get them to know you better.

I usually send our clients a physical sales tips newsletter full of ideas and strategies to improve their sales. I also send them my biography so they can "Get to know a little bit more about me" before I arrive. Within this are press cuttings, newspapers I’ve been featured in, my numerous TV apprearances etc.

Why and I doing this?

Well, I am positioning myself as an expert in the field and I am preselling the client on MTD and ME.

When I turn up they already have a picture of what I am like in their minds and this improves my credibility. 90% of the time they always start by asking a question about the info I sent them like "How did you get such great coverage in the Guardian?" or "What was it like to be interviewed on CNN in front of 140 million people LIVE"

This builds rapport and positions me as an expert.

QUESTION – So you may not have a lot of media credits to your name, if you have, great and you should use these, but what could you do to presell yourself and your company before you meet with your client?

By doing this you will make it a whole lot easier for yourself during your meeting.

Happy Selling!

Sean Mc

Have you downloaded my latest report yet? “The Sales Person’s Crisis” has been downloaded by over 10,000 sales pros and entrepreneurs. Don’t miss this unique report that lifts the lid on modern day selling!

Click on the image below to find out why you’re very existence as a sales person is in doubt…