In this selling 101 summary we’re going to talk about exactly what selling is and how you can use this blog post as a handy manual in the future.
Sound like a plan to you?
Now, the goal in selling your product/service is to get your prospect to buy to right?
So, that must mean you should always be closing? Asking for the business?
[tweet_box design=”default” float=”none”]ABC – Always Be Closing[/tweet_box]
This is a good time to show you this short video. I promise you’ll like.
No, this is not true. You should only be closing when you have earned the right to close.
I hope so.
So, why should you keep reading the rest of this blog post? Besides the fact that I am a highly entertaining writer!
- We’re going to discuss a selling 101 summary that you can use a pocket guide in the future.
- I can promise you this will make a difference no matter what in your customer acquisition efforts.
Proof is in the pudding, so keep reading.
Selling 101 summary for every business owner
Selling is more than just asking for someone to fork over their credit card to buy your product/service. Even though on the surface that is the essence of it.
It goes a lot deeper than that. Yes, there are only 4 steps to the selling process as we discussed a couple days ago, but there is more meat on that bone, if you know what I mean.
You have to form a relationship with your prospective customer.
You need to not only find out what their problems, needs, wants, and desires are.
You need to find out what their goals are for their business and how they’re planning to get there.
Why is this important?
How does that relate to the product/service you sell?
Reason this is important is that it positions you as more of a consultant in the fact that you can position your product/service as a way to help them achieve those goals.
When you do that you’re in a sense partnering with your customer, rather than just simply trying to sell them something.
Which means that no matter how aggressive your competition is in trying to take your customers away from you it will be next to impossible for them to do so.
Your customer does business with you because you act more as a partner to them, you help them achieve their goals by positioning how your product/service can do that for them.
This is huge.
Are you picking up what I am putting down?
Let’s walk through an example of what we’re talking about here.
Your customer’s goal is to increase revenue for 2016. They’re looking to increase their customer acquisition rate and want to use a blog to do so.
Now you can go ahead and show them how the service you provide can help them with setting up a blog and how to best utilize it for customer acquisition.
Piece of cake.
But here is where you differentiate yourself. Here is where you act more as a partner or consultant.
Why not propose to them to focus on their customer retention and/or increase their revenue in 2016 by selling more to their existing customers?
Two reasons why this makes more sense.
- It costs significantly less to sell more to your existing customers than acquire a new one.
Increasing customer retention rates by 5% increases profits by 25% to 95%. (Source: Bain & Company)
82% of companies agree that customer retention is cheaper to execute than customer acquisition. (Source: eConsultancy Report)
- It is 1,000 times easier to pick up the phone, email, whatever and get someone to buy more from you when they’re already doing business with you.
Or let me ask the question this way.
If you’re doing business with someone, are you more likely to buy an additional product or service from them if they just reach out to you?
Would you buy from some Tom, Dick, or Harry that just called you up on the phone peddling whatever product/service they’re selling?
If I were a betting man I would say the former, not the latter.
Am I right?
I believe I am.
So, do you see how you become more valuable to your customers by acting more as a partner/consultant?
Rather than just another company trying to sell your product/service?
I hope so.
When you have a moment you should spend a minute or two of your precious time and read this blog post on 114 epic sales statistics as this will help with customer acquisition.
Make sure to come right back though.
That is really the essence of the selling 101 summary, but there is one more critical component that makes it all go.
Do you know what that might be?
Asking open-ended and closed ended questions for customer acquisition
What do I mean by that?
You need to ask questions. Lots of questions in order to find out what you’re prospects goals are. You’re not a mind reader and unfortunately your prospect will not just volunteer that information.
You must find it out!
Here are a couple of examples to serve as a refresher for you.
Tell me how your customer acquisition process works?
Do you have a customer acquisition process?
That’s all there is to the selling 101 summary.
- Ask questions – open-ended and closed-ended.
- Align yourself as a partner or consultant.
Do you have a customer acquisition process in place for your business?
Is that process working?
Is that process efficient?
Is that process cost-effective for your business?
If you could improve that process would you?
Do you need help in figuring out which parts of your process should stay or go?
If you’re answering “Yes” to all of these questions then my hats off to you. Business must be awesome!
Otherwise you and I should talk. Let’s see how I can get you to where you want to be.