How To Decrease Profits Without Really Trying
Hurting your sales efforts can be accomplished easily with the proper guidance. The following effective yet simple ideas are designed to generate results when implemented into your sales strategy. ? Don't listen to what your clients are saying. You are the expert and prospects should be happy that you have been able to set aside some time for them. Spend your time talking more than asking questions and listening. Try to not answer as many of their questions and concerns as possible, this turns the focus away from you and on to the customer. Above all keep talking up the features of what you are offering as one of them may somewhat meet the client's needs. ? Don't target your customers effectively Selling is a game of numbers although some odds may be higher than others. To that end remember each lead is as good as another. Dealing only with qualified and interested prospects increases sales, revenue, and profit ratios but cuts down on prospecting time, prospecting of course being the name of the game. Kudos to whoever realized that prospecting should be 75%-80% of your career and actually selling should be 20%-25%. This may seem backwards and counterproductive if you really examine this formula but the founder of this principle is a genius I am sure. ? Work towards improving your situation and not the client's Listen, you wouldn't be in business if clients didn't exchange their money for your services. Knowing that, make as much money as you can from the client in as short a time as possible. Sell them, and then sell them some more regardless of its usefulness to the client. Don't be concerned with the future relationship or business. We can almost guarantee that you will not see this customer in the long term so no time like the present. If their checking account can handle it then have them buy it. It's about you not them. ? Focus on how great you are and not how you can improve the clients situation in some way. Unleash a barrage of information on the prospect regarding your awards, world class customer service, cutting edge this and that, and every other self determined worthwhile achievement that you can think of. If the prospect tries to interrupt with anything resembling a "what's in it for me" attitude pour on some more. They have not been sufficiently impressed by you and are still concerned with what they want, use, and can afford. Sooner or later they will realize that it is all about you and will send you on your way. CONGRATULATIONS!! There is another inflow of revenue lost. You are well on your way. ? Force referrals from clients at inappropriate times Ask for referrals before the client is comfortable with you or what you offer. If they seem reluctant make them feel guilty. Not only are you sure to not receive any referrals then but you will probably not get them at all. ? Think of all customer interactions as battles The more you think of clients as adversaries and less as collaborators the better the chance you have of losing them. One simple exercise is to firmly believe that it is impossible for you and the client to get what both of you want. One of you has to lose in order for the other to win. Organizations that employ this method are realizing substantial revenue loss and client defection daily. ? Make it hard for customers to do business with you This by far is the best, most easily implemented, and widely used method for sales, revenue, and profit degeneration. As this method can take many different routes to the end result you may have already implemented some portions without realizing it. Are any of these already hard at work undermining your organization? - Do not return phone calls or emails in a timely manner or at all in some cases.
- Whether a customer wants to use your service, ask a question, or solve an issue pass them along until they give up or fall through the cracks.
- Train employees to believe that once a customer has been sent somewhere they are in the clear and their job is done. Soon enough they will realize that the goal is to send the customer along and not actually provide a solution. No follow up internally or externally is necessary.
- Focus on where the customer is wrong and keep hammering away at those points.
- Make sure that each new person the client speaks to has a different story and a healthy portion of blame for someone or something else. As an extra bonus send them back to the original person they spoke to.
- By all means DO NOT allow anyone the opportunity to fix a small issue before it becomes a big problem. Make your employees as well as customers jump through hoops of fire if they want satisfactory service.
Using any of these seven methods will turbo charge the process of "Going Out of Business" for your organization. The use of more than one increases your chances exponentially. This is an opportune time to evaluate how many of these your organization uses everyday. Remember the more of these you use the faster you get results. Lowered market share, lost revenue, poor sales performance, and unhealthy profits are easily realized with this model. About The Author Kennedy C. Rahaman, President of Bluefin Management Consulting, assists sales organizations in accelerating and increasing revenues and profitability by leveraging the resources available within the organization. To learn more about us browse our website at bluefinventures.com. For information on consulting, training, or speaking call 781 341 3998 or email us info@bluefinventures.com. krahaman@bluefinventures.com
Related News
|
 |
|
|
RELATED ARTICLES
Romford Accountants: Accountancy Firm Roles and Responsibilities
If you own or operate a business in the UK, especially in Romford, then you know how time consuming it is to not only run your business but to also make sure all of your financial bases are covered. I want to help you understand some of the common roles and responsibilities a Romford based accountant / accountancy firm may face in a given day.
Productivity Through Positive Reinforcement
Most people just want to be appreciated. If you're a manager, that's something to seriously think about as you set the tone for maximum productivity.
Prioritise Your Day - Keep Focus - Win!
Whether you run your own business or manage a team, there are times when things
don't go to plan. Like:-Your key people don't show up.A
deadline shifts.Your boss turns up unexpectedly.You get really busy
beyond expectations....and more.How do you get clear on the priority
of the day?Value it - that's how!So, if you run any sort
of business, consider what the most important thing would be to your business,
if you were down to the barest of bones in personnel numbers, for just one
day, what would you do?Here are some thoughts...Be
honest with yourself, and very, very realistic - in fact, plan what you can achieve
and then less! It is far better to be great at less, than poor at too much.
Be honest with your people and get them on board - appeal to their
emotional side, "I need your help", usually works.Think damage limitation
- what would do the most harm to your business - and resolve that first
(hint - think Customer).With customers, be honest and realistic with them
- usually, they will be very understanding if you are clear about it being a bad day
- they will not forgive inadequate information and poor performance.Plan short-term solutions on the run - by making space for thinking time (see 1 above) to resolve where your problems are today, so you move on tomorrow.Celebrate success with your
people. Back to basics and succeeding against all the odds builds teams - utilise
the opportunity to let it sink in - together!Learn and make changes - so
that there will not be a next time. Your clients and your own staff have only so
much generosity when things go wrong - so make sure it doesn't happen again.
Fire-fighting happens! So, when you need to have a day doing just the top priorities for your business, let go of everything else. Have the courage to be honest with yourself, park not-necessary-now stuff and enjoy your day truly in the business. Be honest with your people and welcome them on board the firetruck! Finally, yet most importantly, be honest with your customers and clients, forging new, mutually supportive relationships with them too.If you need to do this too often for comfort, you need a rethink - then is the time for some real 'source' problem solving (see the "Solving Problems with Whys" article at www.ezinearticles.com - checkout 'Expert Authors, sort by name, Martin Haworth)
Five Ways to Turn Resistance into Opportunity
Resistance. It isn't something people cherish or enjoy encountering. We experience resistance everywhere at work:
Guidelines For Conducting A Good Meeting
Okay, so you've figured out what kind of meeting is needed, you've planned well and you have all the right materials. How about the meeting itself? How can you be sure the meeting you've so carefully planned and prepared actually comes off as expected?
Encouraging Behavior That Gets Results
You're the boss, and you have every reason to feel good about your organization.
The Compliance Officers Killer Application
It used to be that only the largest multi-nationals needed a Compliance Officer. Today most practices, regardless of size, would be wise to charge someone within their organisation with the responsibility of keeping abreast and managing the compliance process.Take as an example European employment law that has been introduced over the last few years that has changed the face of European businesses. Small businesses in particular are finding that a casual and informal approach to employment issues can now result in statutory fines that have no bearing on the financial health of the individual company and could, without as much as a by your leave, directly result in the demise of a company.Small to medium businesses do not often have the luxury of employing a full time Compliance Officer and although larger organisations can afford a dedicated person they are finding that with compliance issues mushrooming the Compliance Officer now has a team, a department and if not already, how long before compliance becomes a division? Regardless of size, the first step in compliance for any organisation requires them to identify the areas of compliance that are applicable to them. Rules and regulations are being introduced monthly on a local, regional, national and international level, covering everything from data protection and freedom of information, anti-money laundering to environmental waste control, race relations to health and safety; with ignorance being no defence there is a requirement on the individual businesses to know their responsibilities, and fines for those that wait to be told. Having identified the areas of compliance the company then needs to understand what they need to do to ensure they comply. It is becoming conceivable that with the shear volume of compliancy issues that companies who can show a good faith effort in complying will, even when they fall short, reduce the risks of fines.Having identified and understood the compliance issues the Compliance Officer needs to define and implement policy and disseminate the information throughout the organisation.It is important for the Compliance Officer that they do not inadvertently become the company's patsy. Senior managers are not averse to ignoring the internal memos they receive advising them of their responsibilities. Compliance Officers need to deliver their messages up and down the corporate food chain and record that their advice and directives have been received and more importantly understood.The Compliance Officer has to avoid becoming the company scapegoat. This won't happen by itself, a sales team that has a long history of success though a relaxed attitude to selling is not going to willingly adopt new, and what they will see as restrictive, practices without a fight. 'I didn't get the memo', 'I didn't understand it', 'I thought it meant something else', 'I thought these were only guidelines' are likely to be stock replies, along with the one or two old timers that didn't think compliance issues applied to them. It used to be a safe bet to blame IT, blame Compliance is rapidly taking its place.One valuable tool in the Compliance Officer's tool box is the online survey and questionnaire.The online survey can deliver a message internally to the individual; it can be informative like a memo and educational by referencing detailed policy. Importantly it can become a valuable self registering record that confirms that the information has been properly disseminated and understood.A single survey question can achieve all these objectives at the same time.Take an example:-Are you aware that section 45 of the Companies (Auditing and Accounting) Act 2003 imposes an obligation on directors of certain companies to prepare statements on their company's compliance with its relevant obligations? (Click here for a summary of Company's Policy on Compliance Reporting Obligations)YesNoFor those Directors that have not read the policy the survey will give an opportunity to view the company's policy online (using an embedded live HTML link). Should Directors answer 'No' the Compliance Officer knows who to target.The survey also records the manager's response and shifts the responsibility away from the Compliance Officer to the individual manager where the responsibility needs rest for a company to meet its compliance obligations.Using an online website such http://www.surveygalaxy.com where multiple surveys can be managed, easily modified, updated and re-issued on a periodic basis across an organisation online surveys can be the Compliance Officer's killer application.Through the regular use of online surveys the Compliance Officer will be in the driving seat, leading and not chasing compliance issues, not only circulating the information on a one to one basis but also monitoring and recording the level of awareness throughout the organisation.The Compliance Officer's role is a difficult one, like a parent keeping a wayward child on the straight and narrow, most employers, let alone their employees, often do not fully understand the true consequence of their, often innocent, minor discretions. Assigning a Compliance Officer is a start but enabling them to fulfil their remit will be the difference between a company being fully compliant and one that risks suffering the consequences for having let compliance take a back seat.
Action Learning: Its More Than OJT
For centuries companies have used on-the-job training (OJT). OJT works because it follows much of what we know about adult learning theory. For example, we know:
Project Management 101
Project management is a very important business concept because it is in place to ensure that projects are completed in a timely fashion as well as to the best of the company's ability. Project Management is basically the discipline of making goals and reaching those goals. Usually, the entire scope of project management is taken care of by an individual project manager.
When Change Is In the Wind...Heads Up!
In these days of takeovers and mergers, of downsizings and lean management, chances are that you are going to be caught in a job upheaval at least once in your career. Probably more than once!
Meeting Your Meeting Expectations
"To get something done a meeting should consist of no more than three people, two of whom are absent."
~Author unknown
Creativity and Innovation Management ? Hierarchies
Creativity can be defined as problem identification and idea generation whilst innovation can be defined as idea selection, development and commercialisation.
Profound Knowledge
We all are on a quest for knowledge. Whether its information that will make our lives easier or just small packets of data that in a trivial way allows us to sort out "why things are the way they are on this planet." As intelligent beings we are constantly receiving and sorting information, in most instances, we are overwhelmed. Therefore, when relevant information arrives that is meaningful, concise and thought provoking, we have a tendency to reflect on this data for the principles and guidance that it offers. Here are seven insights that are worthy of the title Profound Knowledge.
To Outsource or Not to Outsource
In these days of restricted head count and tight budgets, the question of whether to outsource or hire in-house staff is more critical than ever. The technical publications function, however vital, is undergoing more scrutiny and also facing greater challenges than ever before. Companies that already employ an in-house technical publications department are looking at doing more with fewer resources. Start-ups, with no internal technical publications staff, are struggling with how to develop technical documents in the most cost-effective way.
7 Steps To Hire The Best
You can use this step-by-step method to hire applicants who are likely to be "superstar" employees:
Creative and Innovative Culture, Change Management ? Three Easy Tests
Creativity can be defined as problem identification and idea generation and innovation can be defined as idea selection, development and commercialisation. From this simple definition, it is clear that certain cultural characteristics ought to be prevalent if creativity and innovation are to be maximised. And maximisation of these ought to be a priority for senior leaders, as those organisations that take them seriously, tend to be leaders in their field, tend to maintain their leadership position longer and are quicker to bounce back when competitors leap frog.
Employee Motivation: It?s More Than A Paycheck
Managers often ask, usually with exasperation, "How can I keep my employees motivated? I pay them decently. What else is there?"
Treat Employees Fairly, Car Wash Entrepreneur sets Industry Standards
I believe that whether corporations expense their stock options is besides the point, especially when the stock is worthless. We have studied over the years the rift between employees and employers and we have discovered many great brand names are eventually destroyed from internal strife and friction within the company itself. Many great corporate leaders and thinkers of our era have discussed this at length. Tom Peters, consultant and author has discussed this in speeches and in many of his books. The book "Built to Last" discusses what makes and breaks great companies, from their mission statement to their employees and sense of team spirit. The late great Vince Lombardi had many comments on the subject of Team Work. Winston Churchill and General Patton, even Von Clauswitz, which both leaders had read frequently in understanding the will to win and rules of engagement, discussed the frontline and the dedication needed.
Time Management Tips for Managers
Late last year I was presenting a workshop for the senior managers of a major organisation. Whilst doing a pre-workshop survey to assess the challenges these managers were experiencing it became very apparent to me that many of them were showing the signs of business burn-out. And it was no wonder why. They were suffering from 'Priority Problems'. Quite simply they were making the mistake of doing the urgent rather than the important tasks.
So, You Want to be in Management? Five Essential Factors that Will Determine Your Chances
The following information is based upon over 500 interviews with senior executives with whom I conducted over the past four years. These senior executives represent a variety of industries and organizations. It is interesting to note the similarities of their responses. The research concentrated on five areas:
|
