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ARE YOU GIVING AWAY THE FARM WITH YOUR SALES DISCOUNTS?

Horse_Farm_318_shadowA discounted sale is better than no sale…right?

Certainly not always, and most likely not as often as you may think.

A common frustration among leadership above sales teams is that their salespeople give away too many discounts.

They’re giving away profits they could have retained if they were better prepared to respond to the steady stream of requests for discounts they receive from buyers.

Sales trainer, keynote speaker & coach Don Cooper, a.k.a “The Sales Heretic” (@doncooper), recently took on this issue head-on with a very useful blog post titled, Nine Reasons Salespeople Discount When They Shouldn’t.”

Cooper gets it right when he writes:

Buyers will never stop asking for discounts, for the simple reason that it’s in their best interest to. Salespeople need good reasons to be able to say no.

The post goes into the most common reasons why sales professionals give discounts when they really shouldn’t do so. Copper explains each one of them convincingly, and I agree these are the typical reasons why discounts are given.

A few of them include:

  • Fear of losing the sale
  • “Everybody does it.”
  • Unable to articulate the value

It’s the final reason, #9, that really sums up what’s needed at a foundational level. Addressing this issue with this one solution takes care of the other 8 reasons why discounts are too often given.

You’ll need to read Cooper’s post to find out what that ninth reason is.

With all of this said, are there times when discounts can or should be given? Yes, those situations certainly do exist. But, over time we gain experience and understand better how those moments are fewer and further between than we once thought.

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QUESTION ::: Can you think of a time when you gave a customer a discount when you really shouldn’t have done so?What was that situation and why don’t you believe a discount was the right call?

Let’s talk about it…

Click here to download our free guide:
2015 Guide to Sales Optimization: Restoring Sanity to Sales

Read more »

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FRIDAY SALES GROWTH LINKS ::: SALES PROSPECTING, COACHING & OVERSELLING

Prospecting_319_shadowThis week’s links cover the topics of sales prospecting, sales coaching, the problem of overselling and additional links to more helpful, relevant resources.

Come back and visit this blog every Friday for my Friday Sales Growth Links feature where I filter online resources to help you grow in your sales career:

FOUNDATIONAL SKILLS :::

PeopleLinx Blog
Expert Selling Tips: Sales Prospecting
Danielle DiStefano (@daniellejdistef, for @PeopleLinx) compiled a list of PeopleLinx’s 6 favorite blog posts, from other sources, specifically about sales prospecting.

KEY QUOTE: Prospecting has figured out what it wants to be when it grows up. No longer is prospecting a surface-level activity, where sales reps make cold calls, pitch the product, confirm interest, and get off the phone as fast as possible.

Also check out the first and second installations in this series of blog post. They are also worth your time. #makeaprospectingbreakthrough
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THE LEADING OF SALES TEAMS :::

MHI Research Institute Blog
Getting Serious about Sales Coaching
Kim Cameron (@kimcameroncso, for @CSOinsights) offers some information from the 2015 Sales Management Optimization Study (from CSO Insights). This peek into the findings reveals a vital need in our industry for more effective sales coaching.

KEY QUOTE: One of the major tasks managers focus on is coaching sales team members – coaching accounts for 21.8% of an average work week. The average salesperson to sales manager ratio came in at 6.2 to 1 (down from 6.7 to 1 in the 2014 Sales Management Optimization study), which works out to 1.4 hours per week spent with each salesperson.

Where does your team’s sales coaching need to improve immediately? How will you do it? #effectivesalescoachingisunderutilized
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LISTS I LIKE :::

Heinz Marketing Blog: Daily B2B Sales & Marketing Insights
B2B Reads: Ethically Stealing & B2B Sales
Rebecca Smith (for @heinzmarketing) offers her list every Saturday and it’s a blend of consistently helpful sales and marketing links. I’ve been watching this one for a while to see if the consistency is there, and it is. Rebecca does a fine job with this regular feature.

KEY QUOTE: A lot of sales efforts are stuck between efficiency and effectiveness. Figuring out the right balance can be tricky at first.

I highly recommend reading each week’s B2B Reads, and bookmarking this link for archived posts of links. #likeminded
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NUTS & BOLTS :::

EngageSelling.com
Beware the Oversell
I love a good nuts and bolts article about something common to us in the process of selling, and Colleen Francis(@EngageColleen) delivers. Francis expertly dissects and then shows us how to reassemble our selling approach…minus the oversell.

KEY QUOTE: Conversations that are question-based and focused on the client’s needs will ensure you have the criteria to close the deal. By demonstrating you want to deliver precisely what’s asked for, you’ll create a win-win situation for you and your client that can ultimately lead to ongoing sales and service  ̶  as well as referrals.

You may be thinking you’ve heard this all before, but I recommend reading this one from start to finish and discovering what you needed to be reminded of or what you needed to hear for the first time in new words. #neveroversellagain
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>>  View past posts for Friday Sales Growth Links  <<

Click here to download our free guide:
2015 Guide to Sales Optimization: Restoring Sanity to Sales

Read more »

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FRIDAY SALES GROWTH LINKS ::: TOP REPS, POST CALL TIPS & SALES TEAM BOOSTS

Team_Work_308_shadowThis week’s links cover what top sales reps do outside the office, what you need to do after a sales call and two resources to help you boost the overall strength of your sales team.

Come back and visit this blog every Friday for my Friday Sales Growth Links feature where I filter online resources to help you grow in your sales career:

WHAT TO DO :::

The Peak Sales Blog
What Top Sales Reps Do Outside of the Office
Eliot Burdett (@eliotburdett with @peaksales) put together this clear understanding of 2 kinds of sales professionals. If you aren’t already in the group described as Top Performers, here’s a clear map on how to do what you need to do to get there.

KEY QUOTE: “…the top performing reps kept working while the majority of reps, come 5pm, would leave the office and not touch any work until 9am the following morning.

While unplugging at the end of the day isn’t necessarily a bad thing, I noticed the best reps were unique in the sense that they did at least one and usually all of these 5 things outside the office.”

Choose now. #whichoneisyou
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Sales Performance Blog
5 Things to Do As Soon As You Hang Up a Sales Call
Justin Zappulla (with @janekpg) offers one way, which works for him, to begin a plan of making the most out of every call in order to improve your customer and prospect relationships as well as being more effective on the next call you make.

KEY QUOTE: Ultimately, it’s good business—and very satisfying—to have a post-call plan and be deliberate about carrying it out. It will not only help analyze the call you just hung up from, but will make your next call even more dialed in.

This is an intentional process requiring discipline, but it’s not a big commitment. You can do this. #getdialedin
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IMPROVE YOUR SALES TEAM :::

Sales Initiative Toolbox
12 Power Questions For Rapidly Improved Performance
René Vidal (@goalsexpert) offers some excellent diagnostic questions that get down to the heart of some sales performance issues you may already be facing.

KEY QUOTE: At the end of the day, personal and professional success belongs to those who start with a specific plan, then exert the daily self-discipline to finish. Game over.

Don’t skip this one. You’ll definitely find at least a few great questions you’ll know you need to answer right away. #performanceenhancing
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NextGen Leads
Eight Experts Reveal How To Boost Morale On Your Sales Team
Logan Strain (@lm_strain) really did a great job pulling together many important insights from these 8 sales experts. It’s vital to keep your sales team motivated, but simply being a cheerleader is NOT what they need from you this week.

KEY QUOTE: Only YOU can motivate you. With that said, I can certainly de-motivate you.

Which of these recommendations will you put into practice first? #bemorethanacheerleader
[Reading/Listening Time: 6:00+]

 

>>  View past posts for Friday Sales Growth Links  <<

Click here to download our free guide:
2015 Guide to Sales Optimization: Restoring Sanity to Sales

Read more »

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