by Mike Brunel | Oct 31, 2017 | Strategy
Distinguishing between a small and large sale
If you get the chance, read the best-selling book Spin Selling authored by Neil Rackman. Rackman maintains throughout the book that there are fundamental differences between a small and a large sale and require different closing techniques. You will save a lot of time going into the prospect if you can tell the difference.
What defines a small sale?
This is best illustrated in an anecdote from Spin Selling. Rackman describes browsing an airport store whilst waiting for a connecting flight. He comes across a multipurpose swiss army knife and proceeds to buy it immediately for only $15. The length of time between the need arising and purchase was only a few seconds. A short transaction time is just one of the defining elements of a small sale.
Minimal risk is another defining feature of a small sale. Rackman only spent $15 on the army knife so there was a very small risk factor involved. Small sales are often impulsive decisions with emotional motives. Rackman did not need the army knife for any practical purpose and may not have purchased it if he had spent more time rationalising the decision. An emotional motive is more prominent in small sales.
How does a large sale differ?
Let’s use another scenario: imagine you are meeting a client cold for the first time. This client could potentially invest several thousand dollars into your company. So how are you going to get them to buy on the first call?
The best way to approach a sale of this magnitude is to have patience and expect the sale will take longer. Transaction time is longer for a large investment as the need is usually developed over a longer period of time.
Here a few sure-fire tips for learning how to recognise the difference:
- Larger sales contain more than one decision maker
- A larger sale will require asking more specific questions about the customers’ problem and finding a solution
- Larger sales will take longer as they require a rational decision-making approach on the customer or client’s behalf.
Understanding the psychology of your customer or client based on the type of sale you are making will take you a long way in your sales career.
Task
Write a list of all your large sale clients based on the size of the sale, then see if this stacks up against the criteria above.
Over time you should build a list of all your large sale clients in a notebook so you know to to work through all their problems.
Happy selling everyone!
Mike.
Mike Brunel started Mikebrunel.com after being a successful entrepreneur and founder of NRS Media. He co-founded NRS Media in Wellington, New Zealand, expanded it into a global powerhouse in media sales and training, and was eventually responsible for opening offices in
London, Atlanta, Toronto, Sydney, Capetown, and Bogota. His products and services are now sold in 23 countries and in 11 languages generating $250 million annually in sales for his clients. Mike sold the company in 2015 and now spends his time following his passions which include rugby, travel. His promise: “I can find thousands of dollars in your business within minutes – GUARANTEED” TRY ME OUT!
by Mike Brunel | Oct 27, 2017 | Sales
Reducing your business expenses is easier than you think
A leading manufacturing company based in Japan is said to have saved a quarter of a million dollars just by turning off the lights.
The company ran a competition with a reward asking people to answer this question:
How can we save money in our company without damaging, effecting or interrupting the day to day operation of the business?
It’s as simple as flicking a switch
The staff at the company embarked on a weeklong program in groups from senior management right down to the factory workers. Once the final entries were collated the prize went to one of the lowest paid workers.
Their suggestion was simple: turn all the lights out in the computer room and factory where automatic robots assembled parts for major components. The worker was awarded 20 percent of those first savings as their reward.
The solution is right in front of you
Sometimes the best solution to a problem was right in front of you the whole time. The answer doesn’t always need to be complicated and simpler is often better. Management doesn’t exclusively have the answers so put your problem to all your employee’s. You might be blown away by the responses from you lower-skilled departments.
Happy selling everyone!
Mike
About the Author:
Mike Brunel started Mikebrunel.com after being a successful entrepreneur and founder of NRS Media. He co-founded NRS Media in Wellington, New Zealand, expanded it into a global powerhouse in media sales and training, and was eventually responsible for opening offices in
London, Atlanta, Toronto, Sydney, Capetown, and Bogota.
His products and services are now sold in 23 countries and in 11 languages
generating $250 million annually in sales for his clients. Mike sold the company in 2015 and now spends his time following his passions which include rugby, travel. His promise: “I can find thousands of dollars in your business within minutes – GUARANTEED” TRY ME OUT!
by Mike Brunel | Oct 11, 2017 | Leadership
This week I want to share a story about a father and son and the importance of having an open mind.*
The Newspaper story
A man is busy working at home when his young 5-year-old child comes into his study and with the enthusiasm that children have in abundance, he asks his Dad if they can go to the park.
The Dad in the middle of his work tries to resist his son’s requests but the child persists, and with frustration, the Dad looks around him and lifts up a newspaper and opens it up to double page picture of a map of the world.
A Map with a secret
He then pulls out the map, and tears it up into handfuls of small pieces and gives them to his son.
He then says “after you put together this map of the world, then we will go to the park.” his son took the pieces of the newspaper in both hands and scurried eagerly over to the other side of the room and set to without delay. The Dad knew that his son had no idea what a map of the world looked like, and thinking it would take him ages he got back to his work.
Five minutes later his son ran across to his Dad, “I finished he said, can we go to the park now”
It was Easy
The Dad thought his son was making it up, but on the floor was the finished makeshift jigsaw of the map of the world.
“How did you finish this so quickly?” he asked his son
“It was easy, Daddy.” said the boy as he turned over the pieces of the jigsaw one at a time, and on the other side of the world map was a photograph of a man.
“You see, when you put the man back together the whole world falls into place.”
*The moral of the story is it is how you look at things.
You see what you want to see, sometimes you have to open up (Growth Mindset).
I have to challenge myself every day to start thinking a little differently about this profession called sales.
Have a great time selling your stuff.
*Chicken Soup for the Soul- Jack Canfield- Mark Victor Hansen
Mike
PS. Why not open your mind and take the 7 Day challenge.
by Mike Brunel | Oct 4, 2017 | Sales, Strategy
Photo – Austin Kleon- Steal like an Artist
“Are Sales are contingent upon the attitude of the salesperson? Or the attitude of the prospect”
I get to hear good stories from all over the world as to how salespeople are making a difference to people’s lives.
In many situations businesses worldwide are feeling (according to them) the pressure of not getting their numbers, the market is tough, it is not like it used to be, people are simply not buying like they used to, the excuses seem to go on and on.
I want to debunk that, it simply is not true. I know that if you offer value, and are committed to your customers, they will buy off you.
Money is still there.
The truth is that the money is always there, it may be less for some, but nonetheless, it is always there, it just moves around. It might move from your business to another, but the facts are that that retail revenue is up in countries like NZ and Australia.
It might move from your business to another, but the facts are that that retail revenue is up in countries like NZ and Australia.
The thing is that businesses have to do things differently; they need to think about how their clients are purchasing their product.
I can guarantee that in most homes these days television and other media is not the main source of entertainment or information.
The internet has become a big part of our lives.
Clients do research your product along with your competitors before they even venture into your store or place of business.
Information is Power.
Many business owners that I have worked with all over the world have had to come to terms with a changing market.
The ones I notice that are doing well train their staff on a regular basis, keep them up to date with all the new products or services, help them make the decisions, this is done usually at least once a week.
In any business product knowledge is based upon attitude, if you visit a store and a staff member does not know their product what happens?
You lose confidence, you are not really sure if they are to be trusted, you might retreat, and go off to someone else.
Want a secret to more Sales?
Product knowledge and information about a product have an invisible benefit. It gives the salesperson the “right attitude” it rubs off. They get confident, and the clients feel that confidence.
Try these simple exercises that work.
Here a just two exercises you can do in your business to get your team to buy into product knowledge training.
- POP QUIZ- write up 10 benefits of your most popular products, list what you think is the #1 benefit for the customer if they buy this product.
- TEST ONE ON ONE, OR IN A TEAM MEETING – Give each of your staff a test on every one of those products. You can do it in written form or as part of their one on one meeting.
These simple tests can give your business a foot up and you might get an extra share of the money that is out there.
Have a great day selling your stuff.
Mike
PS. If you want a simple test format to help you do that then download our 7 day Sales Mindset Challenge. Or if you need help to help your team make more sales or get more leads then contact me.
“Sales are contingent upon the attitude of the salesperson, not the attitude of the prospect” –William Clement Stone.
