Business Strategies In A Recession: Low Lying Fruit

So a potential client calls me and asks if I can help them make money. Truth is I want to say yes right away, but I don’t know until I am able to conduct an assessment…a reality trip of the situation if you will. I ask them big picture kinds of questions and ask them what the goal is. Then I have them shopped over the phone and/or in person…sometimes both. This way I have the client’s perspective and that of the potential consumer to that client. I have enough to now go in and ask employees and client’s of this prospective client what they think. Usually no more than a week of this and I have a darn good idea what the situation is and how to fix it so this client can maximize revenues and profits. I produce an aggressive short, medium and long term strategy and tactical plan complete with action steps, timeline and estimated needed investment. If they agree to the plan we then sit with many authors (employees) to get their buy-in and input to make the plan even better. To get the employees to help in the plan requires training skills and sometimes it is just communicating, but we do it within plain sight and include absolutely everyone. So where do I now usually begin to try and make an economic impact with this client?

Low lying fruit. We look at the potential business that is already trying to come into my newest client’s business first and foremost. Why go scaring up new clients just yet when we may have some really good ones already trying to get in? We look at the phone inquiries, walk-in consumers and potential consumers, e-mails, web site SEO and even people that still write letters to businesses. Any and every channel that a potential client would use to contact my client is what we analyze. From that analysis we develop a plan that will get this first impression to be the very best it can be and better than every competitor we will shop for this client. Again, this may take training or it may just be communicating expectations and keeping everyone accountable…especially us.

Here is one TRANSACTIONAL SELLING example that we made an industry best and industry standard in the hospitality world at www.Signatureworldwide.com . An initial phone call, e-mail or potential customer walks in. Here are the more important elements of the selling and service formula that we would implement:

1. Answer the phone in 3 rings or less with an approved and upbeat greeting. Say something that will pleasantly surprise someone…like: “Thanks for calling the award winning XYZ, this is John, how may I help you?” They indicate they are interested in your product or service so you go to the next step.

2. Qualify. What dates, how many persons, what product or service. “While I am checking on that availability, may I ask what brings you to the area?” if you are a hotel. “To better serve you may I ask what you will be using this dump truck for?”…. if you are an equipment rental place. The more you know about your prospects needs, the better you can take better care of these needs and possibly sell them additional things they might not have known you could handle for them.

3. Value Proposition. Name 4 benefits about what you are selling and offer 2 options of possible…..then the price. Consumers like options (not too many). As consumers we also make value kinds of decisions, like your product may cost more….but as a consumer I am getting far much more. The value formula V=D/E was talked about in my last blog and it is called offering discounts to consumers. Always, always, always benefits before price.

4. Ask to confirm. Far too many salespeople do not ask for the business……..ASK. One example would be to say “May I please go ahead and confirm one of those for you?”

5. If the client buys, then read back the order to make sure you got the information correct. Find out how they will pay for your product or service and finalize all needed details. Offer a memorable and hearty thank you and when you will follow up. If they don’t buy then you will initiate a Resistance Question. Even though you have done everything correctly in this formula there still may be something preventing the potential customer from buying. We want to know what that concern is without sounding or being desperate. “I’m sorry, is there something that I have failed to mention…maybe something else you were looking for?” Make it your fault they did not buy.

6. Overcome objections. Address their concerns. Also think about quoting additional benefits, a sense of urgency (limited supply or availability….never ever lie about this), your GURANTEED satisfaction policy or whatever it is that you feel will show the prospect that you care and are confident in your product or service.

7. Ask to Confirm again.

There are so many more skills that can be used like getting and using caller name, adjusting your tone to meet that of the prospect and so on…..but focus on these 7 skills and you will be ready for more. The right number of skills that you should be using are dependent upon your market, rates you are trying to get, what your competition is doing and consumer profiles. Some clients only need these 7 skills to convert 80% of their low lying fruit inquiries. Others need all 19 skills that we teach.

This is a formula and not a script. People hate scripts. Use this stuff and our staff will get more comfortable with these steps and it will sound like a conversation. You are not looking for 100% conversions but somewhere closer to 70-80% for many businesses. If you convert 100% of your inquiries then you are not charging enough.