Customer Decision-Making 🛒 Guiding customers through choices rather than telling them what to buy leads to a more effective sales experience and increased likelihood of purchase. 🧠 Paralysis by analysis occurs when customers face too many options, as demonstrated by a Stanford study showing only 3% approached a table with 24 flavors versus 30% for 6 flavors. Sales Techniques 🎯 Funneling choices from many to few (e.g., 24 to 6, then to 2-3) helps customers make decisions more easily and reduces buyer's regret. ❓ Asking qualifying questions to understand customer needs and providing 2-3 tailored options creates a more personalized and effective selling approach. Customer-Centric Approach 🤝 Validating customer preferences through targeted questions and narrowing choices based on their responses enhances the overall customer experience and increases sales success.
Performance Management 🎯 Measure output to manage results and avoid micromanaging, but switch to measuring activities when not hitting numbers to guarantee output, as per Dr. Michael Lebau's "The Greatest Management Principle in the World" (1985). 📊 To ensure output, focus on key metrics introduced by Frank B. Kern in the 1940s-50s: cold calls, call-to-meeting ratio, pipeline size, average deal size, close rate, and sales cycle length. Diagnostic Approach 🔍 When performance lags, zoom in on specific activities while maintaining oversight of high-level dashboard metrics like sales, new clients, and revenue. Motivation and Rewards 🏆 Recognize and reward desired activities through both monetary and non-monetary means (e.g., encouragement) to motivate people and drive the right behaviors. Strategic Shift 🔄 Flip the equation from output measurement to activity measurement when targets are missed, ensuring that the right activities are being performed to achieve desired outcomes.
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Guaranteeing Your Results - Sales Influence Podcast - SIP 589
The Cycle of Success 🔄 Attitude leads to activity, which leads to achievement, which reinforces attitude in the "wheel of success" cycle. 🎯 Results guarantee a good attitude, not vice versa, as achieving goals validates one's approach and boosts self-esteem. Overcoming Procrastination 🏋️ Jordan Peterson's strategy of "lowering the bar" involves breaking goals into smaller, manageable sub-goals to build momentum and confidence. 📚 Example: To read more books, start with one page a day and gradually increase, creating a habit and overcoming procrastination. Momentum and Motivation 🚀 Getting results drives a good attitude, creating a positive feedback loop where small achievements lead to greater goals and motivation. 💪 The "Peterson principle" of breaking down activities into achievable sub-goals is a powerful strategy for overcoming procrastination and achieving success.
There are three customer buying situations that dictate the approach a salesperson should take. First, for clients not currently using any solution, the presentation must create a sense of need and urgency for the product. Second, when customers are using a do-it-yourself or in-house solution, the sales strategy shifts to an advantage presentation, highlighting the superior benefits of the offered product. Finally, for clients already utilizing a competitor's product, the focus becomes a switchover presentation, emphasizing the positive outcomes and ease of transitioning to the new system. Understanding these states allows salespeople to tailor their presentations effectively, moving beyond generic pitches to address specific customer contexts.
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The Golden Triangle - Sales Influence Podcast - SIP 587
Compensation and Motivation 🏆 The most motivated salespeople achieve a great balance between loving their product and feeling financially appreciated by their company through an effective compensation plan. 💰 Salespeople require monetary compensation, not just gratitude and joy, to pay bills and stay motivated in delivering value-centric, customer-focused service. Sales Performance Framework 📊 The "left side of the ledger" in sales represents what salespeople do for customers, while the "right side" reflects their financial rewards, forming a holistic performance framework. Management Strategy 👔 Managers should prioritize creating a compensation plan that excites and motivates salespeople to provide value-centric, customer-centric service on behalf of the company. Employee Appreciation 🌟 Companies can demonstrate appreciation for salespeople by implementing a compensation structure that aligns with their efforts in delivering customer value and achieving sales targets.
Today's buyer is more informed and more skeptical when it comes to buying. In this podcast, we'll discuss "Finding the Why in How Clients Buy" by using the latest studies in consumer behavior and neuromarketing to sell more effectively!
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