I know I talked about the importance of mindset in my last video, and how much that plays a part in the selling journey.
Insight, in the context of sales, means understanding your own product. It also means understanding your own businesses strengths and weaknesses.
For example, London’s traditional black cab drivers rely on what they call “The Knowledge” to set them apart from other transportation services. Pay a visit to London and a black cab will probably be one the first things you will see. London taxi drivers are almost as famous as the black cabs they drive.
Their fame stems from their incredibly comprehensive knowledge of the city. Hail down a black cab in London and you can be assured that the driver will find the shortest route to your destination without the aid of any technology.
London taxi drivers go through stringent training to obtain their licenses. They need to pass “The Knowledge” test; and studying for it is often likened to having an atlas of London implanted into your brain.
To become an All-London taxi driver, you need to master no fewer than 320 basic routes, all of the 25,000 streets scattered within the basic routes, and approximately 20,000 landmarks and places of public interest within a six-mile radius of Charing Cross.
It takes the average person between two and four years to learn “The Knowledge”. This education is a big investment, but the training sets this service apart from the competition, whether they are taxi drivers or Uber drivers, utilising GPS gadgets.
In fact, on the ground, a black cab driver will always out-perform the Uber driver. Their extensive, specific knowledge actually offers an opportunity to re-position themselves as the ultimate experts.
Customers are willing to pay for a service this good, and the only way to make it this good is to have true insight into the product you offer.
Swot Analysis
The question for your business, then, is how do you know what you—and your salespeople—don’t know?
One way to develop insight into your own company is to use a swot analysis on your products and services.
The swot framework comes from Albert Humphrey, who tested the approach in the 1960s and 1970s at the Stanford Research Institute. Developed for business and based on data from Fortune 500 companies, the swot analysis has been adopted by organisations of all types as a decision-making tool. As its acronym implies, a swot analysis examines four elements:
Strengths: Internal attributes and resources that support a successful outcome.
Weaknesses: Internal attributes and resources that work against a successful outcome.
Opportunities: External factors the project can use to its advantage.
Threats: External factors that could jeopardise the project.
Questions to ask during a swot analysis of your sales process:
Strengths: What are you the best at? • Why do customers buy from you? • What are your competitors’ benefits?
Weaknesses: Where do you need to improve? • Are there any gaps in product lines? • should you add a guarantee? • What’s preventing you from making more sales?
Opportunities: How can you take advantage of your new knowledge? • Is there something unique you have to offer? • What do these facts tell you about the future?
Threats: Is this the right product or service for the current market? • What happens when the market changes? • Do you need to evaluate your clients? • Do you have a sales mindset? • Do you train well and consistently? • Does your team believe in your mission?
Evaluating your offerings this way helps you develop the insight necessary to sell them. Let’s look at one example of how insight, or lack of it, affects everyday sales interactions.
Imagine someone comes to your store, intending to buy. They already have an interest in the product. They quite reasonably make an inquiry with the salesperson. This is where the relationship between seller and buyer can quickly break down.
If the customer expresses interest in an item and the person who can sell it to them doesn’t demonstrate enough insight, the sale will drop dead right there.
The once-promising customer will walk right back out that door. For instance, suppose an appliance store supervisor has only trained the sales staff in the bare minimum product knowledge.
The salespeople on the floor know that a washing machine has a lid at the top, and it opens when you press a button, and that’s it. Chances are, your customers already know more than the salespeople.
The internet now allows people to research your product thoroughly. if you are not careful—if you don’t always have some sort of valuable knowledge to add—you will lose the sale.
Work out ahead of time what your strengths, weaknesses, and opportunities are, and try to match them up against your competition. You want to be able to convince the customer of the benefit of choosing your product over any other.
Here are 3 ways I can help you make more sales in your business – whether you businesses is big or small.
1. Try the new 7 Days to Sales Success Framework.
Make More Sales in 7 days. The framework of everything you need to get started in making more sales in your business. The Sales Success Framework is based on a simple 7 day challenge. Click here to find out how you can grow your business by making more sales.
2. Join our Private Facebook Group – The Salesmindset Inner Circle. Get all the latest up to date sales ideas.
Every week we do Facebook Live updates on all things sales. Tips, ideas, free coaching, and much more. Join me by clicking here.
3. Work with me One-on-One.
If you’re a business owner, small or large or in the professional services you might just be a few strategies, tactics and tools away from doubling your lead flow, revenue and impact. Jump on a FREE 15 minute Brainstorm call with me by clicking here.
In many of my blogs I talk about recognising steps needed to navigate the sales journey successfully. I am going to share in these upcoming blogs, the steps of that sales journey.
Before we get more deeply into those steps, let’s look in detail at how our perception of sales informs our understanding of that journey from the start. Sales is shaped more by how you think about it than by what you do.
We are talking about your mindset: your core beliefs about yourself as a salesperson and about selling itself.
All too often, these beliefs are negative and limiting. When you change your perspective, you also change your results.
People think selling is hard and assume that the ability to sell is an inborn trait.
They tell themselves, “I can’t sell. I tried it once and it didn’t work. I will look really stupid if I don’t close the deal.”
They think that in order to succeed in sales, they have to win every time. This leads many talented people to conclude, “I hate sales. I really hate it. I’m not interested. I will never be any good at it.”
People who have a more productive mindset around sales tend to instead think, “Sales is easy. Salespeople aren’t born with something I don’t have. I can actually do this stuff, if I have a great product and I provide excellent service, then I should be able to make a sale. After all, the customer gets a real solution to their problem from me.” A positive sales mindset always comes from understanding that the customer is a person with needs, wants, and desires that you can help them fulfill.
When you think about a sale that way, you will find it much easier to talk to that person about their problems and ask how you can make those problems disappear. The trick is to talk yourself out of the limited mindset and into the more expansive perspective.
When you don’t get a sale, do you think, “I knew it! I told you so, didn’t I? This is impossible.” Or, do you think, “Well, I tried one thing, and it didn’t work, but what did I learn? What could I do next time?” Here’s a story (author unknown, recounted by Jack Canfield and many others) that shows how important perspective is when you’re trying to make the seemingly impossible, possible. Here is a story about how mindset and looking at things differently plays a big part, when you go to sell a product or service.
The newspaper story
A man is busy working at home when his five-year-old son comes into his study. With the enthusiasm that children have in abundance, he asks his dad if they can go to the park.
Dad, in the middle of his work, tries to resist his son’s requests but the child persists. Frustrated, and hoping to buy some time, Dad looks around, lifts up a newspaper, and opens it to a double-page world map.
He pulls out the map, tears it up into small pieces, and gives them to his son. “After you put together this map of the world, then we will go to the park,” he says. The boy takes the pieces of the newspaper in both hands and scurries eagerly over to the other side of the room.
He sets to the task immediately. Dad knows that his son has no idea what a map of the world looks like; he thinks it will take ages to put it back together. Dad goes back to his work. Five minutes later, his son runs over. “I’m finished,” he says, “can we go to the park now?”
Dad thinks his son is making it up, but on the floor is the finished puzzle of the map of the world. “How did you finish this so quickly?” he asks his son. “It was easy, Daddy,” says the boy. Then he turns over the pieces of the jigsaw one at a time, and on the other side of the world map is a photograph of a man. “You see, when you put the man back together the whole world falls into place.”
Here are 3 ways I can help you make more sales in your business – whether you businesses is big or small.
1. Try the new 7 Days to Sales Success Framework.
Make More Sales in 7 days. The framework of everything you need to get started in making more sales in your business. The Sales Success Framework is based on a simple 7 day challenge. Click here to find out how you can grow your business by making more sales.
2. Join our Private Facebook Group – The Salesmindset Inner Circle. Get all the latest up to date sales ideas.
Every week we do Facebook Live updates on all things sales. Tips, ideas, free coaching, and much more. Join me by clicking here.
3. Work with me One-on-One.
If you’re a business owner, small or large or in the professional services you might just be a few strategies, tactics and tools away from doubling your lead flow, revenue and impact. Jump on a FREE 15 minute Brainstorm call with me by clicking here.
When I came into media, my main challenge was to sell something invisible. I learned that people buy ideas more than things. They buy concepts, promotions, and methods for getting people into their stores.
In the early 90s, the media industry in New Zealand was entering deregulation. The government had decided to “open up the airwaves” and issue new opportunities for starting radio/media companies. Doug Gold the original owner of More FM (now Mediaworks) recognized an opening when he saw one. He obtained several licenses to operate new radio stations in cities and towns all over the country.
Culture First- The Rest Follows.
Doug had created an amazing culture and fun way of doing business at media companies he had previously managed. Once word got around that he was starting a new venture, former staff flocked to be on the journey with him. Some would not be receiving any incomes for several months, but they trusted him and believed that his latest project was going to be special.
The challenge for the new media enterprise was that they would be working in one of the most competitive categories in the world. Media bleeds money like a wounded bull and it is riddled with failures, obnoxious personalities, and owners with huge egos.
Doug’s personality, on the other hand, was just the opposite. He had courage, belief, and an unbending single-mindedness; the usual hurdles would not present a problem for him.
Starting off on an unusual note, Doug launched his new company with a product called The Gold Key program. When Doug had researched the best way to enter the advertising market, he had sought advice from hundreds of clients.
Needs Matter
He asked questions about everything. He asked what they wanted in their advertising, examined the paths they took in sales and marketing and observed their needs.
He knew it would be a lot easier—and less daunting—to ask for someone’s business if he already knew what that prospective customer needed. He was involved in every aspect of the business, down to the formatting of his own stations’ programmes.
One of the insights Doug gained from his research was that his advertising clients were sick of just buying “spots and dots.” They wanted to belong to a group, a modern-day tribe of sorts.
Doug also discovered that clients needed to advertise and promote themselves on a continual basis. Constant exposure paid off and made advertising more affordable to small-to-medium companies. Many big companies already supported their products and services this way, and it worked well.
They were the big guys, though; they could afford it; with their resources, they could simply outshout anyone else’s marketing. Now even the little guy could compete.
When it has gone it’s gone.
Most media companies generate their income through advertising. It’s their inventory, just like all the stock in a retail store. The only difference is if that “inventory” is not sold that minute, hour, or day, then the opportunity at that moment is gone forever. Once the advertisement that was due to be sold at midday is NOT sold, it’s gone. The use-by date has expired.
The Amercian Express of Media
Doug understood his clients and the market, so he created a membership program. He asked his clients to commit to him for twelve months. Each advertiser would receive a monthly allocation of commercials; in return, they received benefits like travel deals, access to unsold airtime, and upgrades to better commercial times. While perks like this are common today, they were a novelty in media back then.
Selling this way works best in a seminar situation, in what is often referred to as “one-to-many” selling. Every client who attended Doug’s seminar received valuable information on how to advertise and promote their business.
Any advertiser who agreed to a membership also earned a free chance at winning a brand new BMW. This was unheard of at the time. It was mind-blowing, really, and took the market by storm.
In year one, Doug and his amazing team sold $1.2 million in revenue before they even opened the media company and before one song was played. In today’s dollars that would be around $4.6 million. What sold it?
Creating a Selling System.
The key was a combination of belief, systems, a great team, and innovation. Doug generated hundreds of memberships and improved his already stellar reputation.
Over several years, Doug’s product became known as the Image Plus program. With my other founding partner, Brian Duffy, driving the helm, and me writing all the sales manuals and implementing the training programmes, we then took on the world.
These days, that one product is part of a suite that my old company NRS Media sells in over 400 media companies in twenty-three countries, in eleven languages. In the past ten years alone, the Image Plus program has generated over $300 million annually in revenue for its clients.
The start of something special. These days you would have called it a start up. The only difference that over the next 20 years, NRS Media never borrowed a cent, zip, zero. All self-funding.
An idea tested refined, then proved.
Why did it sell? The market was ready for it.The media companies advertisers wanted to buy it, and in the end, there were 40,000 of them that bought it every year for 15 years.
And now there is more to come, something new for media companies.
Mike
PLUS: WHENEVER YOU’RE READY…
Here are 3 ways I can help you make more sales in your business – whether you businesses is big or small.
1. Try the new 7 Days to Sales Success Framework.
Make More Sales in 7 days. The framework of everything you need to get started in making more sales in your business. The Sales Success Framework is based on a simple 7 day challenge. Click here to find out how you can grow your business by making more sales.
2. Join our Private Facebook Group – The Salesmindset Inner Circle. Get all the latest up to date sales ideas.
Every week we do Facebook Live updates on all things sales. Tips, ideas, free coaching, and much more. Join me by clicking here.
3. Work with me One-on-One.
If you’re a business owner, small or large or in the professional services you might just be a few strategies, tactics and tools away from doubling your lead flow, revenue and impact. Jump on a FREE 15 minute Brainstorm call with me by clicking here.
