Opening A Dollar Store - How to Recover Sales When They Drop - September 30, 2008 -
One of the challenges that face the entrepreneur who is opening a dollar store is dealing with recovery of sales. It might be a situation where the store was just purchased, or the owner has simply allowed sales to fall off. No matter what the situation, there needs to be a recovery plan that is developed to get sales back on track.
No matter what the situation, it is important that sales be brought back to previous levels when you are opening a dollar store. There are many steps to the process, but none of those steps can be initiated until the store is prepared. Preparation of the store really involves assessing the situation and then reacting.
Think of the sales recovery as requiring all of the actions that were taken when you are opening a dollar store for the first time. Think of the assessment as a way to see what needs to be done to bring the stores appearance back to pre-grand opening condition.
When you are opening a dollar store start by looking at the lighting. Burned our bulbs need to be replaced. Next look at the walls. A little spot painting might be needed. The stores windows should be cleaned inside and out. Anything that is in need of repair (Doors, windows, cash registers, etc.) should be fixed or replaced. Finally, the floors should be thoroughly cleaned.
Next examine the merchandise in the store. To really capture customers and to get them to come back time and time again on the future the store must be fully stocked. Store inventory must be maintained into the future, as empty shelves mean customers will stop coming into the store. Maintaining sales floor inventory is a necessary requirement for success when you are opening a dollar store.
When opening a dollar store take the time and invest the money to bring the store back to pre-grand opening condition when sales have been allowed to sag. Only then should you initiate advertising and promotions to grow the sales of the store.
To Your Dollar Store Success!
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Visit us at http://www.openingadollarstore.com for more information.
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Opening A Dollar Store - How to Minimize Inventory and Maximize Sales
One of the challenges that every entrepreneur who is opening a dollar store faces is having the right amount of merchandise in-stock and ready for purchase. Even more important is the product mix to meet the wants and needs of the customer. Many owners invest their merchandise inventory dollars in low-cost items rather than creating the right mix o...
Opening a Dollar Store - Achieve Your Sales Goals
One of the most important activities to complete prior to opening a dollar store is to establish specific sales goals. It is even more important to determine the actions that will be taken to actually achieve those goals. A reasonable budget must be established to support those actions. Finally ongoing monitoring of actual sales is required to insu...
Opening A Dollar Store - Focus on Cost Reduction
Are you opening a dollar store? If so never lose sight of the importance of cost reduction. In fact cost reduction should take place from the day you start your planning. Once the store has opened, there are three areas that must remain a focus.Start by always focusing on the Cost-of-Goods-Sold. Cost-of-Goods-Sold is a major portion of expenses for...
Managing the Sales Floor in a Box Store
One of the most difficult things to do is to manage the sales floor of a large box store, especially when the corporate office keeps cutting your staff, apparently to cut costs and increase profits. Yet when a Box Store is understaffed you need to work a lot harder and this is not always as easy as it seems. Why? Well it is human nature when one pe...
What Happens To Hardy Tropical Plants When It Gets Too Cold?
Many people love to put their houseplants outside for the summer. A problem arises when they forget to mark the calendar and bring the plants inside before the temperatures begin to drop. Plus plants need to acclimate to the new surroundings.If the plants go through a night thats just a little too chilly the leaves may turn brown and start fall off...
Forex Basics - An Exchange Rates Tutorial
Profits are gained and lost on the foreign exchange, or 'Forex', market due to fluctuations in the exchange rate. This fact may seem like common knowledge, but one should not take for granted how exchange rates are determined.There is actually a very rich history behind the concept of the exchange rate, and it is important that you understand why t...
Currency Forex System Trading - What Will The Dollar Do In 2008?
As traders we all want to know the direction of the currency we like to trade. True, nobody has a magic wand or crystal ball but there are tell tale signs of where a certain currency is headed. I love trading period and currency is as open and profitable an area in the investment world as you are going to find. 2008 will be no exception and the dol...
How To Develop Higher Levels of Emotional Effectiveness For Greater Sales Success! - September 30, 2008 -
Everyday, people dismiss the role that emotions play in the cold hard reality of todays business as well as in our personal lives. Peoples excuses for acting irrationally come from focusing too much on feelings. Lets be honest the coldest, hardest truth is that, like it or not, emotions play a major role in every area of our lives and wishing it wasnt so accomplishes nothing.
Emotional Effectiveness is what keeps you in balance for achieving, manifesting and reaching higher levels of performance in all areas of life.
Often you hear people refer to highly successful people as having emotional intelligence. A term used by many leading researchers to describe a form of social intelligence that involves the ability to monitor feelings and emotions of yourself and others and to use this information to guide your thinking and actions. Extensive research validates that those who exhibit a high degree of emotional intelligence tend to be more fulfilled and productive.
So not to confuse emotional intelligence with cognitive intelligence (IQ); emotional intelligence is essentially non-cognitive enabling a person to create positive outcomes in relationships with others; whereas cognitive intelligence has traditionally been known as a key indicator and predictor of success. However, it is not, by itself, a good predictor there are many examples of individuals who are exceptionally gifted, yet are remarkably ineffective and unproductive.
Many people would be the wiser to assess their emotional effectiveness before moving forward with the time and investment of opening a business. For example: Ones keen mechanical knowledge of computers isnt enough to guarantee a successful business if in fact that businessperson has low ego drive and low empathy. Far too many businesses fail and the blame more often is associated with the times, lack of working capital, low product demand, wrong location, etc. etc. However, after studying many businesses we can find the failure of a business in the emotional effectiveness of the business owner. The same holds true for people in sales and management.
Emotional Effectiveness referring to specific behaviors, habits and attitudes is something you can develop for enhancing and significantly improving your capacity for success.
Steps for you to develop higher levels of personal and business success are divided into two categories with six sub-categories each.
Categories are Personal Competencies and Social Competencies.
Under Personal Competencies the six sub-categories are:
1. Self-Awareness: Individuals who exhibit a high degree of emotional effectiveness have a clear, conscious understanding of what is most important to them in life. This awareness continually guides them, especially in difficult of trying circumstances.
2. Confidence & Self-Esteem: Confidence and self-esteem give us the self-assurance when we need to forge ahead to step up as leader, to take the emotional risk necessary for significant achievement.
3. Self-Control: Individuals with a high degree of emotional self-control effectively manage their impulsive feelings and distressing emotions. They stay composed, positive, and think clearly even under difficult or challenging circumstances.
4. Authenticity: You can build trust through your own conscientiousness, owning up to your mistakes and confronting unethical actions in others. Take trough, principled stands when necessary, even if those stands are unpopular.
5. Optimism & Resilience: Optimism isnt inherently better or worse than pessimism, but the actions that spring form optimism tend to produce greater results.
6. Self-Actualization: Self-actualized individuals become involved in pursuits that lead to meaningful, rich and full lives. They make enthusiastic commitments to their long-term goals in an ongoing, dynamic process of striving toward the maximum development of their abilities and talents. Self-actualization is often referred to as the state of being that one can achieve after other basic needs in life have been met.
Under Social Competencies the six sub-categories are:
1. Empathy: Developing genuine empathy with others is a hallmark of emotionally effective individuals. This rather, you should seek to understand their feelings.
2. Spirit of Service: A spirit of service is what causes people to go above and beyond the call of duty and give something of himself or herself beyond just doing a job or fulfilling an obligation. People who possess a spirit of service consciously decide to choose service over self-interest.
3. Social Awareness: Having a high level of social/political awareness means having the ability to read a groups emotional currents and power relationship, to de-code the informal communication and interpersonal relationships that may not be obvious unless you are paying attention.
4. Interpersonal Influence: Having a high level of influence with other people is a key skill that significantly enhances your emotional effectiveness. Firs, because this ability helps you help others. Secondly it gives you a greater sense of control over your own environment and destiny.
5. Communication: The ability to communicate effectively in writing, one-on-one conversations and group presentations, strongly distinguishes star performers from average or below average ones. A lack of communication skills not only has negative effect on the individual, but also tends to have a destructive effective on those who work most closely with him or her.
6. Cooperation: One of the keys to achieving greater productivity is through collaboration and cooperation to cultivate and maintain extensive informal networks. Proactively seek out professional and personal relationships that are mutually beneficial. Go out of your way to build rapport with others, keep them “in the loop, and show genuine interest in helping them achieve their objectives.
Assuming you do want to change and willing to do the hard work necessary, the good news is that improving your level of emotional effectiveness is very doable. These are not traits that are hard wired into your nervous system. With consistent effort, you CAN become much more emotionally effective.
Don L. Price: Author, Sales/Marketing & Positive Change Solution Provider, International Speaker & Mental Fitness Coach http://www.donlprice.com
Invite Don to speak at your next Convention, Meeting or Retreat. Optimize your Power to Succeed with Strategic Performance Marketing/Sales and Success Coaching, for Reaching Higher Performance in Your Personal and Business Life.
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If Your Sales Strategy Is Not Clear Sales Will Suffer
Ask any of your sales managers to define sales strategy and you might get a myriad of responses. Some right, some wrong and many just vague. Ask them to define operational effectiveness and you will tend to get more accurate answers depending on the level of the manager.Strategy is the what direction of the organization. Organizational effectiv...
The Urgent Factor
The sense of urgency is the supreme motivator for anyone wanting to get something done. You can consider urgency a tool, you can use it to promote something for sale, or put the fire to a project to get something finished. Whatever the case, urgency is a secret weapon of all successful people. In the Home Based Business Industry it is like the a...
Improving Sales Effectiveness - The Question is Why?
Achieving sales success is crucial to every business, after all sales is the only revenue generating function within a company, everything else costs money. So what do we do to ensure that our key players in the sales arena are doing all they can to develop this most important of areas?Much is said about the process and techniques of sales and ther...
Is Your Sales Trust Factor High Enough to Win Against the Competition?
How high is your sales trust factor?Is it higher than the sales trust factor of your competition?It should be, if you want to increase your success in sales.Your trust factor represents the level of trust that buyers have in you as a seller. In the buy/sell relationship, perception is the reality under which sellers operate, and trust is based on t...
The Traits of Great Sales Leaders
The key to sales performance is the quality of an organizations salespeople. That includes, and starts with, having a great sales leader. But, what makes a great sales leader? There isnt a single extraordinary defining characteristic. But, there are common traits and practices.A profitable growth focus is the foundation of the great sales leade...
How To Keep Your Best Employees
Have you lost any good employee talent recently? Was it necessary to lose them? Why did they leave, was it for a better opportunity or because your organization needs a serious look at the way it treats is most valuable asset, its people.Granted that during a persons career, regardless of their expertise and experience, sooner or later people mov...
How To Move Out Of Your Comfort Zone?
I just read Brian Tracys Sales Success Newsletter on Move Out of Your Comfort Zone.I have heard about moving out of your comfort zone many times. But it did not sink in until these recent months.I was out of job for more than a year. I have worked for more than two decades in the IT industry. Unfortunately, circumstances changed and then somethi...
The Second Step in Sales - September 29, 2008 -
This second step in sales is about the immortal on-liner: the offer you can not refuse.
There are two or more views on sales. The individual view in which the professional sales representative is able to persuade the next deal. The other view is one in which corporations manage the sales process. Both sales activities have in common that the way in which this process is managed defines the success of the sales.
Large corporations that depend heavily on sales will try to select the best sales representatives. Yet this is (apparently) not enough. To be successful in sales requires a sophisticated method. And the offer you can not refuse is an important second step.
There are many reasons why you cannot refuse the offer. One is that you are not really aware that the offer is part of the deal. For example when you buy your internet package at home the offer includes a FREE virus scan. The only thing the buying customer needs to do is cancel this part of the deal after three month after which he will be charged. The virus scan is no longer free. If you let go you are stuck with something you didnt ask for.
Other offers you cannot refuse include all those little presents that will pull you over (the barrier). By accepting such a small and handy gift — you would never have bought yourself, but comes in very neat — you have emotionally unveiled yourself for the next step. This is for the real bonus you have to pay for. And you will.
Many additional examples fit in this step, including all those where you offer a discount if the prospect acts soon, preferably right now.
But the essence of this step and of the other two steps of the general sales process is that organizing is all. It is the method that does it. Therefore you have to be prepared so that you can show the potential customer the way.
2007 Hans Bool
Hans Bool writes articles about management, culture and change. If you are interested to read or experience more about these topics have a look at: Astor White or sign-up for our newsletter.
The First Step In Sales
Most if not all sales processes consists of three steps. The first one is a very simple one. It is such a basic step that many tend to forget to use it. Even in a normal communication process this activity is also required, but often source of confusion when the complete step has been skipped or ignored. But whether it is the internal sales process...
How to Create A Vision For Sales Success
Imagine youre on a crowded company bus. It is a dark rainy night so you cant see outside. The bus is on a winding mountain pass. You notice the bus driver is not sure where they are going and both the headlights and wipers arent working. As scary as this may sound, it is exactly how some sales people feel with directions from sales management.If a ...
How To Deliver More Next Year With Less!
I want you to deliver more:- Profit- Sales- Productivity- Customers- QualityAnd, by the way, youve got less:- Money- Staff- TimeSound familiar? Year on year, sales leaders are being asked to achieve improved results with fewer resources or, at least, more from the same. To most Sales Directors, the attainment of a permanent increase in sales revenu...
Sales Management and CRM - Setting up the Central Memory
With the arrival of CRM, the sales process has changed.CRM became a new trends a few years ago. And with this concept of CRM (Client Relationship Management), also the CRM system was invented. A system that provided a standard in managing relations.The first aspect of such a system is that all relevant information about clients is to reside in a ce...
Automate Sales and Start a Revolution
Sales Management can learn by example from Henry Ford. Almost a hundred years ago Henry Ford revolutionized an industry. This allowed the Ford Motor Company to gain market share that remains strong today. Although Henry Ford didnt invent the automobile, he did create the assembly line. The assembly line concept continues to thrive today. With today...
Failing to Manage Your Sales Staff Will Eventually Manage to Sink Sales
Sales Management is a necessity in any company that wants to hit its target goals for income, sales and or profits for the fiscal period. If you fail to manage your sales staff correctly then it is quite evident that this will manage to sink sales. How do you set up a sales management program if your current sales management is lacking or basically...
Qualifying Equals More Sales and More Income
In my experience in the new home sales industry and the opinion of the top producers across virtually every business, the most important step in the sales process is Qualifying.As it so happens, this is also the step that is most often either just glossed over or left out all together. There are many reasons for this, but the most common reason is...
Sales Management for Bike Manufacturers - September 29, 2008 -
There are so many types of sales in commercial industry. One I would like to discuss today is selling to get new distributorships for a manufacturer. Specifically a bicycle manufacturer, as without these distributors the manufacturer has their options reduced to nothing more than selling to purchasing agents for big Box Retailers and that means slow payments, receivable problems, headaches, lawsuits and low cost high volume.
Such a limited business means cost cutting is key and therefore the brand names ends up suffering due to cheapness of product. It is far better a strategy in many cases to set up dealers networks and distributors in each market to sell the products. But in order to do this you have to set up dealers and that means personal sells; that is to say selling the dealers into moving into a dealership agreement to buy so many units per month, quarter or year and to give it their full attention.
Often companies who sell bicycles will want to carry a certain brand but only if the terms are good for them. Nevertheless the bicycle manufacturer must sell lots of bikes or no bikes are needed to be produced and the factory must close. Managing these dealer network sellers is not easy, as many are away in travel, with travel expenses and costs. Sometimes these sales processes take weeks and months and multiple visits.
It is therefore a huge cost, but a necessary one. With a strong set of dealers the bicycle manufacturer can move a lot of product. To insure this is the case it behooves bicycle manufacturers to hold back commissions and base it on the original sale plus an over ride of orders for the year. Consider these thoughts if you will.
“Lance Winslow” - Online Think Tank forum board. If you have innovative thoughts and unique perspectives, come think with Lance; http://www.WorldThinkTank.net/. Lance is a guest writer for Our Spokane Magazine in Spokane, Washington
Sales Performance Management
Sales management is an integral sub-system of marketing management. It translates the marketing plan into marketing performance. Sales management is hence described as the muscle behind marketing management. The sales manager in a modern organization holds a multitude of responsibilities. He has to plan, direct and control the personal selling effo...
Sales Lead Management
Sales lead management is one of the key foundations of good sales. If you are a business owner, it is essential for you to have proper sales lead management tools in order to convert prospects into clients. Without some sort of sales lead management system, it will be very hard for you to keep track of follow-up calls, meetings and many other detai...
Failing to Manage Your Sales Staff Will Eventually Manage to Sink Sales
Sales Management is a necessity in any company that wants to hit its target goals for income, sales and or profits for the fiscal period. If you fail to manage your sales staff correctly then it is quite evident that this will manage to sink sales. How do you set up a sales management program if your current sales management is lacking or basically...
Sales Management Made Easier With CRM
An effective sales management team is considered to be the backbone of an organization. While sales management was considered to be an extremely tedious task earlier on, it has taken on a completely new form ever since CRM tools came into the picture.CRM has automated most of the sales management tasks and has now made it possible to collaborate it...
Dont Wait Until Its Too Late To Work On Your Sales Turnaround
Im doing a sales turnaround assessment and planning project right now for a company thats lost a large percentage of its sales in the last year. The CEO has come to us and asked us to help him devise a strategy to quickly get revenues back up to their previous levels. The company is losing money and while it has scaled back on its employee headco...
2007 Sales Management Strategies to Think On!
All entrepreneurs and companies must manage their sales because without sales the company is no longer viable. Sales management sounds easy, but it is not easy at all. Most small businesses cannot afford a sales manager to solely work in the sales department. Instead the sales manager usually has multiple jobs; such as sales trainer, new product d...
Automate Sales and Start a Revolution
Sales Management can learn by example from Henry Ford. Almost a hundred years ago Henry Ford revolutionized an industry. This allowed the Ford Motor Company to gain market share that remains strong today. Although Henry Ford didnt invent the automobile, he did create the assembly line. The assembly line concept continues to thrive today. With today...
Thoughts for Incentive - September 28, 2008 -
Incentives are one of the greatest challenges most sales organizations face. While many start with the age old adage that incentives drive behavior, they still find it difficult achieving a plan that drives business.
One of the core challenges is that many organizations do not clearly define the behavior that they are truly trying to drive. While it is easy enough to say you want your incentive plan to drive sales, sales are not a behavior, they are an outcome. An outcome is a set of actions and client interactions that lead to a sale. Successful organizations have a clearly defined sales process that helps them in mapping out the actions that reps have to follow to be successful. Their goal is to have a process that lays out the steps for their reps and clients to have a value add relationship.
Their ultimate goal is not so much the sale, but having a road map that will allow their reps to consistently repeat the steps with each client that will lead to a transaction. If they have this map, they can use it when one of their reps seems lost, (declining sales, lack of prospects, etc.). They can also use to evaluate new candidates and ramp up their new reps by giving them a step by step map for the actions that will drive on going success.
Many of these organizations reward not just the outcome but the successful implementation of the process. After all, if you can follow a structured plan, reinforce it with skills and talents; the outcome is more likely than in an environment where you seemingly have to make it up each time you set out with a new prospect.
To achieve this, incentives may take on two additional forms to the traditional commission payment. First, some actually incent specific actions being taken. For example, in a high volume transaction based sales force, where prospecting for new names is key to achieving numbers, you can reward people for actually prospecting and pursuing new clients rather than relying on existing clients or marketing generated leads. While it is not advisable to pay for the act of prospecting, you can take advantage of methods such as scorecards, KPI, or MBO.
Second way is through investing in your staff, not just through skills development and training, but systems and tools to assure their success. What you may notice is that your best sales people respond to training most. As part of the managers coaching activity she can define those areas that will support the process and drive sales, and invest in training to directly impact those areas. When you bring on new systems, say a CRM, dont just train them on features and functionality of the system, but also on what is in it for them when they use the system. Often tools are not used not because they are difficult, but there was no connection made to the direct benefit the rep will get from using it. Said another way how it helps them more sales in less time with less effort.
With both the above examples communication is key, not only as to why things are taking place, but the direct impact on their ability to earn tangible rewards.
Another effective means of mutual benefit from incentives is focusing on margins, while has been a standard in some industries, it is new to others. More and more companies I work with are paying commissions based on a percentage of margins rather than gross revenues from a sale. The advantages for the company are clear, and they can be for the rep too when done right. Where it has been successful, companies introduced it as a means of involving the rep in the health of the business, and getting them to accept greater responsibility and accountability for their actions. Of course greater responsibility and accountability goes hand in hand with greater autonomy to make decisions that impact the outcome. While many companies talk about empowering their sales reps, this provides an opportunity to put some teeth in to the mantra. Since the amount of commissions earned will be a direct result of the margins, give the rep greater flexibility in pricing. Shift their view from discounting and going straight to price in a sale to developing value. The better job they do in leading with value and validating the price, the more commission they will earn.
To ensure success, some companies are adding a couple of elements to the mix. Some pay a higher scale for higher margins. So if at list there would be 25% margin, and the average sale is fetching 15% margin, they add more incentive for sales coming in at 21% margin or higher, where a bulk of the gain above 17.5% goes to the rep, allowing him to more directly benefit, and more importantly driving the behavior that consistently results in higher margins.
Another way companies are ensuring long term relationships with their best reps and clients is to also measure reps on over-all territory margin in addition to sale by sale margins. This again empowers the rep to decide which client he may want to sell at a lower margin this time in order to secure an otherwise profitable long relationship. If the rep feels he can manage his territory and make up for the margin elsewhere, and is showing good judgment, both you and he benefit from taking a holistic view.
While margins are one aspect, another is pay back period. Many companies understand that it may take over a year before a relationship with a client begins to show returns. Most reps are ready to talk to the client about the ROI of their product, using any number of models to prove their products value. Often however, the same reps do not calculate the ROI for their own company, the pay-back period for that client, which often extends to 18 months plus. Many companies have a claw-back policy; this has a number of negative effects. Least of them is the cost of maintaining the plan, there costs associated with tracking, applying and administering the process. There is also the negative sense it leaves the reps with. Many of them feel that they have done the work when they sold the client, and that they are not directly responsible for the loss, especially if they can point to pricing issues with a competitor under cutting you to win the business.
Over the long term there are those who question if clawing back really delivers results or shapes behavior. Most reps work the incentive plan and find ways to deal with this issue, not always to the benefit of the company. They build in allowance for churn and manipulate timing, etc.
Some have turned to a more inclusive and positive means of addressing the balance between motivating reps and attaining strong ongoing business. Some split the potential incentive between growth of revenue in the territory and commissions paid for new revenue stream. This works in some cases, but runs into trouble in a mature market where the number of customers is not growing at the rate high enough to satisfy corporate growth. Market growing at 5% a year and the company is looking to achieve 8% growth. Add a strong competitor, and the pressures of market share, and you run the risk of encouraging discounting and reliance on commissions as reps work the plan and focus on new sales to out pace loss of revenue in their territory. Resulting in discounting, no growth in revenues and increasing payouts; how many of you paid more in incentives last year, but lost revenue?
Another alternative spreads the incentive over the life of the relationship. After all you dont receive all the benefit in year one, why pay out the cost of the revenue streams all at once? In all other aspects of the business you accrue to match related revenues to expenses why not here. It is not a cap; the rep will earn full incentive as long as the company realizes full benefit. In fact, done right, as long as the client continues to perform for you as a customer, the rep will continue to receive incentive. After all, a new customer is much like an annuity that will pay-out over a period of time, why not have a reciprocal incentive plan that works in reverse. Its amazing how the reps take a different view of the client and ongoing relationship.
Tibor Shanto, is a Principal with Renbor Sales Solutions Inc., Renbor Sales Solutions Inc. enables companies achieve sustained growth, by focusing on critical aspects of revenue growth. By recognizing that an outstanding sales force is THE differentiator in todays environment, our clients with our help, focus on the development of both strategic and tactical initiatives to foster a winning team that will out think, out sell and out perform competitors while consistently gaining market share.
Renbor Sales Solutions Objective Based Selling (OBS) is a structured approach to delivering ongoing results and improvement by focusing the entire sales organization on a key set of objectives. The overarching objective for any sales organization is to achieve exceptional and sustainable revenue growth. This is accomplished by creating a culture of sales excellence built around the principles and processes adopted by world-class sales organizations.
For more information on helping your team sell better, write to: info@sellbetter.ca, visit http://www.sellbetter.ca or call 416 671-3555.
Sales Force Incentives
Sales force incentives are a vital part of business and one of the best reasons is that they work. This is one of the few motivators that can rev up a sales force for pennies on the dollar. However it has to be well designed and executed to reap the full benefits and get the most out of your sales force.The reasons sales force incentives are so eff...
Success - 3 Keys to Taking Control of Your Thoughts
Your thoughts are a major part of the success that you have in your life. If you have thoughts that tell you that you cant succeed then you will find it very difficult to succeed at anything. However, if you have thoughts that assist you in your success then you will have much more success. Here are 3 keys to help you take control of your thoughts ...
Sales Incentive Program Design
There is a process for developing sales commissions with respect to overall sales compensation that can be followed. The principles are quite easy. The variables include the amount of base salary that you pay to an individual (if any), and the percentage of total compensation that base salary represents in relationship to the incentive program i...
Think Thinking
What is our thinking to each of us? Solomon said, For as he thinketh in his heart, so is he Proverbs 23:7a. James Allen, in his book, As A Man Thinketh, states, All that a man achieves and all that he fails to achieve is the direct result of his own thoughts. Thinketh is the key word. Our thinking precedes our thoughts, and then our actions.The thi...
Tips on How to Make Sales Incentives Work for Your Business
Your companys sales team is arguably the most exposed and hardworking group in your workforce, and thats just one reason why they need to be given the RIGHT incentives REGULARLY. And so yes, not just any incentive will do. What works for one company may not work for yours so its important that you take the time to know your sales team well and dete...
Rotten to the Core: The Story of How the Best and Brightest can be Ruined
The objective of an incentive is to incite action within an organization using a device or mechanism that that allows the rewarding or recognition of behaviors. This can be accomplished by offering preferential treatment, money, privileges, promotions, verbal praise, or complements. With that states, I suggest the answers to the questions above a...
So What Are Your Thoughts About Fantasy Stuff, Like Astrology?
Many people are very into astrology in the spiritual sense, are you? What do you think about it all? Do you have thoughts on fantasy stuff like astrology? You don not have to believe in all of it to think about the concepts.For instance I have very much enjoyed discussions with Wikens with regard to their beliefs. They have an intriguing perspectiv...
Managing Your Self Talk To Get Powerful Sales Results - September 28, 2008 -
I want to thank my teachers Cynthia Loy Darst, Faith Fuller, and Marita Fridjhon for their brilliant ideas on this topic. I owe them all.
Have you ever had a project where you succeeded? Sure you have. So have I. Mine include starting a business, growing my business, staying fit, having a family, and buying a house.
Have you ever had a project where you didnt succeed? Yes, I have, too. Mine include not developing a solid business niche, not losing weight, not networking regularly, and not staying in touch with out-of-town friends.
Recently I have learned a new way of looking at why we succeed or fail at certain goals or projects. The concept is called the Inside Team. We are heavily influenced by the voices we listen to from our Inside Team, that group of players who live inside our head and talk to us through our inner dialogue. These voices variously cheer us on, bring us down or get in our way.
You know the dialogue. Youre thinking about changing something in your life, say, launching a new business development push, or finding new ways of helping your sales team surpass their goals. Then the Inside Team chatter begins:
Voice One: Well, what if I tried this? Yeah, that sounds like a blast! Voice Two:Hold on, you dont have the time or energy for that. Voice Three: Ive got to try something anything! Voice Four: Maybe you should just give up. Youll nev/er get around to it and you know it. Back to Voice One: Yes, I will, I just need to find the right approach.
For every endeavour you wish to fulfill, for every issue with which you struggle, for every arena of your life, there is a corresponding Inside Team.
Here are a few members of my team who come to visit when I think of a new way to develop my business (with the appropriate names I have given them and their typical comments).
Faith, Not Fear: Itll work out. Youve been around the block enough times to know that it will.
Rottenella: Why bother trying? Youre a loser and you wont succeed.
The Lone Ranger: Take care of all the details yourself and do everything perfectly today.
The Turtle: Whoaslow it down. Slow and steady wins the race.
My job is to choose which voice to listen to, and when. By paying closer attention to the helpful and encouraging voices, and toning down the critical and fearful ones (theyll nev/er go away, and there is wisdom in each voice), I can clear the way to coming up with the best solution.
Heres an exercise to try so you can start to identify some members of your own Inner Team and how they influence you. Think about a project you want to start or a goal you want to achieve. As you listen to your own thoughts youll notice a dialogue beginning to form in your mind.
Take a moment to listen to the messages youre hearing and the differing values that are fighting for attention. These are the voices of your Inside Team as they debate about that project or goal.
What does this exercise have to do with managing/coaching sales people? If, as a sales coach, you can help your sales people identify their Inside Team players and access the wisdom of each voice, you help them make conscious choices about who they want to listen to, and who they want to send to the bench.
Heres how to coach your salespeople using the Inside Team concept:
Ask each team member to identify a project with which he or she is struggling.
Introduce the Inside Team concept.
Ask about the struggle, with an ear to hearing different Inside Team members.
Help each individual identify 5 7 different players. You may have to begin by sharing your insights about the players you hear, and checking whether you are interpreting correctly. The person may or may not agree with your interpretation, and thats fine. The point is to get the ball rolling.
During the discussion, here are some questions to ask each salesperson:
Whos that talking?
What is she or he saying?
Whats important to this player?
What is he concerned about?
What does she think you are going to forget?
Have fun with this. The results, I promise you, will be profound.
Nicki Weiss is an internationally recognized Certified Professional Coach, Master Trainer, and workshop leader. She brings to her work 25 years of experience with corporate sa1es executives, small to medium size entrepreneurial business leaders, and sa1es teams of all shapes and sizes.
Sign up for her award winning ezine - Sa1esWise - for great tips on finding, retaining, and developing ideal clients and sales teams at http://www.saleswise.ca
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Excuses For Failure - September 27, 2008 -
A keynote speaker was asked to speak at a real estate convention in Pittsburgh, Pa. during the time of the closing down of the steel mill industry in Pittsburgh. The outlook was bleak as almost everyone had lost their job. When this gentleman arrived at the convention he found a completely negative group of agents that were just completely devastated.
When he was getting ready to seat himself, he was worried about sitting around all those negative people. All of a sudden this very cheerful lady invited him to sit next to her. Unlike everyone else she was extremely cheerful. The keynote speaker, taken aback asked the nice lady why she was so happy and cheerful when everyone else was complaining about no sales because no one had jobs. She went on to tell him that in all the years she had been selling real estate she was having her biggest year ever. Wondering out loud the speaker asked how that could possibly be when no one had jobs.
The cheerful lady went on to tell him that in all her years of selling, it was the first time all the husbands WERE HOME! They couldnt use the excuse that they had to work! She had turned a potential negative and turned it into a positive by seeing the entire picture, not the obvious one that everyone else was focused on. Needless to say the keynote speaker changed his planned speech and used her story to elevate the crowd into another dimension. This applies to all of you when you by into excuses for failure. When one door closes there is always another one that opens. You just have to SEE IT.
A lot of those families had lifetime savings tucked away but never had the time to purchase a home. Now because of one lady that had positive thinking, they not only had the time but also had the money, and ended up with their dream home! Analyze this and see how it applies to your business! THEN APPLY IT!
The Specialist has over 25 years of hard core door to door sales with no leads and no referrals and for 38 years has never had a guaranteed paycheck! The Specialist has interviewed over 250,000 people in the privacy of their home, has interviewed over 5,000 people for employment opportunities, group interviewed and sold literally tens of thousands of people, spoken at colleges and universities and has literally amassed millions upon millions of dollars in sales!
http://greatsales.wordpress.com
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Marketing Today - Helpful Hints for Understanding Your Future and Existing Clients - September 23, 2008 -
There exists several unspoken secrets in the marketing world that you should be aware of when contacting prospective or regular clients. Familiarizing yourself and your employees with these principles can build confidence and help you to remember the business worlds big picture.
When it comes to marketing your business, walk into any possible situation with the approach that clients do want and need your services. Believe in your products and services and promote what you are offering confidently. Dont let negativity or a few bad experiences destroy your vision of success. There may be other companies out there that are providing some of the same work that you are involved in, but strive to be the best. Let your clients know this.
Regardless of what business you are in, know that your clients want to feel better. They want an eye cream that minimizes wrinkles, and that makes them feel better. They want industrial appliances in their business for efficiency, and also so that they can feel better about their workload and energy usage. They want their hard wood floors resurfaced, so that their natural quality is improved and so that they can feel better about entertaining and enjoying their home. Establish making clients feel better as a part of your companys philosophy.
Make it easy for potential clients to reach you. Today, searching for a massage therapist, accountant, or printing company most likely means using the Internet. Create a web site. Publish your contact information. Have a cell phone. Be available for customers. Post your hours of operation. Be present at your physical location if you operate out of one. If you are unable to be present, hire someone to answer inquiries so that clients have a response. If you operate solely on-line, have enough personnel to make communication possible.
Understand that because of our globalized economy, many of your customers have more to manage than they desire. Consider the emails, faxes, telephone calls, written correspondence, and personal and financial issues that most of us deal with on a given day. Remember this, and have patience when marketing your services. If you reach out to a first time or repeat client, and they fail to respond, give them some time. Then, try again.
Treat each prospective client as though they were your best client, yet have the mentality that you cant make every deal. Likewise you cant realistically make every single person happy. Though, having a warm, positive approach is likely to attract people regardless.
Be clear about what you are offering clients. This will save confusion and client relationships later. If your Japanese restaurant only serves sushi, make this unmistakable. The people that want to eat there will do so whole-heartedly and will continue. Those hoping for something else will know this in advance. They may choose to take their money some place else, but in the end, they wont have had a bad experience because of a lack of communication. On the other hand, they may decide to try your cuisine any way, or make a referral to someone else.
Possible clients are not always experts in your field. They may know what their goals are, but you have the education and experience to make that happen for them. If your client has never been to cosmetology school, their telling you how to cut their hair could be disastrous. Let them paint picture of the desired outcome, but assure them you have skills to materialize their wishes. In any business, often times what customers request or how they do so is not always what they really want.
Your prospects might need time to consider the best decision for themselves and those involved. Allow them the space they require for further research or exploring other possibilities. In the end, if you truly believe in your services, your confidence will emanate and attract clients.
Whether you communicate over e-mail, via the telephone, or in person, your clients are human beings. Both on-line and written communication can be interpreted as ambiguous. Be aware of this.
Remember the golden rule. Evaluate your own preferences for being contacted. How do you appreciate being approached? In what manner do you wish to be responded to? Have you ever needed time to process a decision? What are your needs in the role of a consumer?
These principles may seem simple, but in our hurry to accomplish what we would like to, they can be easily dismissed. Recharge your marketing batteries with these key points and prepare yourself for success.
Author: Rick Sheldon has 18 years experience in the Promotional Products Industry and is currently CEO of Save on Promotional Products Inc. a Discount Online Promotional Products Company He can be contacted at 1-800-826-8706; email: rick@justpay10.com or go to our site: Promotional Items
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Sales Effectiveness Guidelines for Taking Over a New Territory - September 22, 2008 -
Sales professionals are high-energy, fast-thinking, opportunistic people. If they are good, they often shoot from the hip and take calculated risks. They can be called mavericks and thats a good thing. It takes a little maverick in the blood to be effective in the world of professional sales. Most are willing to try anything that offers the potential for a fast boost, a quick sale, increased value, or the strengthening of their relationship with their customer. Too often, however, this quick fix mentality reduces the long-term focus and discipline of the sales force. This can be especially true for a new sales person or a sales person taking over a new territory.
Ask your sales people to follow these guidelines for any new territory development or when a new sales person takes over an existing territory.
1. Meet and qualify all the key-high potential accounts in your territory before you begin to focus on a few.
2. Do your homework. Know your company first; the strong points, the weak points. Know who and what your internal resources are. What is your companys sweet spot?
3. Do your homework. Know your customers. What do they buy? How do they buy? Who are their five largest customers? Research your customer and their industry on the web. Become an industry expert for your customer. Meet people and cultivate relationships beyond your customers purchasing department.
4. Create a call plan prior to every call. The objective can be as simple as getting an appointment with someone higher up in management to meet with your management on a subject as complex as a full-blown Power Point presentation designed to secure a contract.
5. Keep a data record on every buyer at your major accounts. Get to know him as well as his family knows him.
6. Create an itinerary for each week. Know what you are going to do. Set at least two base appointments in the morning and afternoon with major accounts. Fill in around these appointments as appropriate.
7. Know your customers personality. People buy from people so develop a relationship with each of your customers. PIMS (Personal Information Managers) or sales programs such as TeleMagic and Goldmine have a place for this information. Use it, or put it in your spiral binder. Nothing is more important to Jennifer than her daughters ballet or to Bill than his golf or his sons little league, BUT do not waste your time or theirs. Some people will reject you as a time waster if you talk about this, others will keep you on the phone for hours with trivia. Know your customer and control the conversation. Your job is to sell and move on but do it in the most productive and effective manner and only you know what that is for your customer.
8. Create a territory plan. Establish goals, identify milestones, create a time line and engage all your resources including upper management.
9. Create an action plan for every major account. Know your customers Rules of Engagement. What keeps them up at night? Create a strategy that involves your entire team including the President of your company if appropriate.
10. Set specific goals and objectives. Write them down.
11. Maintain a positive attitude. Dont procrastinate on anything.
12. Keep your promises. Dont make promises you cant keep.
13. Sell yourself first. Develop a trusted relationship, and then sell your company.
14. Know your competitive advantages and your companys core competencies.
15. Think creatively. Think outside the box.
16. If voice mail is blocking your contact, call someone elses extension as if by mistake and ask them to transfer you. Voice mail has become the gate keeper. Call early before business hours or later after business hours.
17. Listen more speak less. Get your customer to talk about himself. If your customer spends most of the time in a sales call talking about himself, he cant help but like you. Apply the 80/20 rule listen 80% of the time.
18. Review in great detail all the previous information supplied by the company, internal records and sales support personnel such as inside sales and customer service.
Sales Effectiveness best practices are defined as those activities that create the result of maximizing growth, maximizing profitability and increasing market share. It is a set of techniques used by upper quartile performers that help them realize significant improvements in reaching their predetermined measurable goals. Creativity and innovation are the essence but models of excellence based on best practice must adapt to the companys individual needs and circumstances. Most of these practices are only effective if they are process based providing focus, process and the discipline to carry them out supported by effective sales management. These guidelines are basic sales effectiveness practices for developing a new territory. However, they can become the platform for increased sales and profitability.
http://www.ceostrategist.com Sign up to receive The Howl a free monthly newsletter that addresses real world industry issues. Straight talk about todays issues. Rick Johnson, expert speaker, wholesale distributions Leadership Strategist, founder of CEO Strategist, LLC a firm that helps clients create and maintain competitive advantage. Need a speaker for your next event, E-mail rick@ceostrategist.com. Dont forget to check out the Lead Wolf Series that can help you put more profit into your business. E-mail rick@ceostrategist.com for your special Howl discount order form. Get the CEO Strategist Interview Guide and Conducting an Effective Sales Training Session Guide just for signing up for The Howl. Dont forget to check out the Lead Wolf Series that can help you put more profit into your business. E-mail rick@ceostrategist.com for your special Howl discount order form.
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Additional Sales for No Extra Cost - September 22, 2008 -
Did you know that it costs about 5 times more to acquire a new customer than it does to sell to an existing one? Why then is customer service generally so bad?
Im constantly interacting with organisations as a customer, either shopping or in my business life where Im left thinking if only theyd done., or why didnt they tell me… In other words my experience as a customer is not as I would like and Im left dissatisfied.
That organisation now has an unhappy customer, who possibly hasnt complained (so they may not even know that Im dissatisfied) but Ill probably share that bad experience with others and may not shop there again. A costly mistake!
On the other hand, however if I experience outstanding service, (because its unusual) Ill be delighted. Ill tell everyone I meet, Ill certainly shop there again, Ill make recommendations and if asked Ill even give referrals.
Lets look at these two scenarios
In the first, the organisation has delivered bad service and as a result has lost a client and possible numerous new customers.
In the second, the service was outstanding; they have retained a client, possibly gained more customers and have a reference if needed. And the service cost the organisation no more.
So heres 3 ideas to help you deliver better service
1) Make sure that you communicate with you clients, tell them what your doing, why your doing it and when youve done it.
2) If you commit to do something, make sure you do it.
3) Go the extra mile under commit and over deliver.
More ideas next time.
Copyright tcryl.com 2006. For free articles, and ideas on how to take control and regain your life visit http://www.tcryl.com The site will help improve your wealth, increase your health, help you build stronger relationships, improve your time management and much more. Visit http://www.tcryl.com/ .You may reproduce this article at no cost provided that you do so in its entirety including this full paragraph
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