S&MM SoundOff

Got Marketing Velocity?

A key lesson I learned from some of the industry’s smartest marketers is that a prospect who doesn’t convert is not always a lost sale. They taught me that there’s a big untapped revenue opportunity in following up immediately with prospects who have expressed interest, but decided not to buy for one reason or another. They taught me the importance of response time and having a system in place for immediate follow-up before a hot lead cools off.

I’ve come to call this ability to strike while the iron is still hot “marketing velocity.” And what’s required to pull it off is automated remarketing technology.

Here’s how it works:

We recently helped a nutritional supplements merchant boost their TV response ad conversion rates by quickly hitting luke warm prospects with a follow-up promotion while their motivation still ran high. The company would run 1-800 ads on the Lifetime network, targeting primarily women looking to get their physical lives back in shape.

Sixty percent of people who were motivated to call in decided not to buy. Perhaps the phone banks were jammed and they didn’t feel like holding. Or maybe they needed to rethink the $29.95 per month subscription cost. Whatever the reason, they wavered despite their demonstrated interest.

Automated remarketing services enabled the merchant to immediately glean name and address data from the phone numbers of the 60% who didn’t convert. Within the next day or two, those prospects received a direct mail postcard offering deep introductory discounts if they acted soon.

A significant percentage did — an additional 12% of those undecideds converted into buyers. The key was hitting them with incentives while the ad and the emotional driver that led them to call in the first place were still fresh in their minds.

Without real-time response capabilities, those prospects probably would have received the incentive weeks or months later — whenever the merchant’s next direct mail cycle occurred, long after the ad and emotion withered away.

A cable and satellite service provider experienced similar returns. When it ran TV ads, it got a 50% conversion rate. Not bad, but not great. When it did separate direct mail campaigns, it got a sub-1% response rate, which is an industry norm. But when it combined the two campaigns with a real-time automated remarketing incentive, the cable company experienced a six-fold increase in responses, and 33% increase in conversion rates.

The bottom line is that companies running direct-response TV campaigns are spending millions, yet most are leaving a good chunk of those investment returns behind. All their money and effort is spent on taking orders from already converted buyers.

But as my market mentors taught me, if they treat the non-converters as motivated leads, they can dramatically boost their conversion rates. The marketing velocity approach lets marketers pursue the larger majority who didn’t convert by identifying who they are in real time and getting a targeted incentive to them while they are still in the purchase decision cycle.

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Paul McConville

Director of Consumer-Facing Services for TARGUSinfo, a marketing services company in the Virginia suburbs of DC.

You can reach me at paulmcconville at TARGUSinfo dot com.
http://www.TARGUSinfo.com/marketing

Sales Training Companies as Sellers

My firm, ES Research Group, Inc., is engaged with a company assisting them in understanding their sales training requirements as well as guiding them through the selection process. Just this week RFPs were distributed to six sales training vendors. As part of the RFP, the company stated that no vendor had been involved in the creation of the RFP, nor had the company spoken with any vendor. In addition, the company stated that from their perspective every vendor had an equal opportunity to win their business.  The company also assured the vendors to whom the RFP was sent that this is a real opportunity.

Not unexpectedly several of the training companies balked, saying they don’t respond to blind RFPs.  My team at ESR discussed this situation.  We feel strongly that the vendors that aren’t willing to respond don’t understand that the way business has been conducted in the past is not a reliable indicator of how business will be done in the future. In fact those vendors will have to adapt their own selling methodology to evolving buying methodologies--in this case, the buying methodology of ESR’s client.

There is a parallel in the IT field.  Years ago it was as the vendors suggest. A vendor often helped write the RFP. However, firms such as Gartner changed the buying behavior.  Rather than develop their own RFPs, their own 'long lists' and 'short lists' and solicit vendors directly, companies looked to the research and advisory company to:

a)      Create the short list based upon their unique understanding of the market

b)      Help develop the RFP

c)      Review the responses, and in many cases

d)   help in the negotiations. 

Where's Dwight Shrute When We Need Him?

By Mona Piontkowski, SeminarInformation.com

The role of the sales department has always been important and usually undervalued in a company -(so says this former Sales Manager). No, really, we take for granted the job of the sales force - the gang in the trenches - selling their hearts out so our company can survive and even prosper. As more and more company's report losses and downtrends in revenue, the role of the salesperson is even more critical.

As a fan of NBC's The Office I sit on Thursday nights and laugh at the antics of the sales staff at Dunder Mifflin. They seem like fools, for the most part, hey it is a comedy after all - but when pushed, like the recent episode where the new boss wanted to automate the sales process via the new website - the sales staff went into high gear and Dwight Shrute single-handedly outsold the website. Realistically it's pretty far fetched that a single individual could outpace your corporate website - or is it?

What is the value of the one-on-one sales pitch either in person, by phone or even email? Are buyers more likely to buy from an impersonal website or rather from the friendly voice they've come to know over the years. I think it remains to be seen - but why not value Dwight Shrute a bit more and train him to be the best possible salesperson on your staff - better still train all your staff to be the best they can be.

A few seminars that might steer you in the right direction when it comes to getting new staff trained, polishing up old skills - or retraining seasoned salespersons to state-of-the-art :

Fundamental Selling Techniques for the New or Prospective Salesperson - Level I
(http://www.seminarinformation.com/event/4206)

Principles of Professional Selling
(http://www.seminarinformation.com/event/4236)

The Ultimate Sales Workshop
(http://www.seminarinformation.com/event/23402)

It's Not About Price: Value Selling
http://www.seminarinformation.com/event/21360

No matter how much technology has changed our lives over the past few decades - business is still business. Be it the ever disappearing Mom and Pop store on the corner, the ever-present Starbucks, Dunder Mifflin, or your company - we still all rely on our customers for our revenue and our sales staff to serve our customers so they continue to do business with us and help us pay the bills

Up Your Attitude!

By Tom Richards

An interesting observation was made by one of the broadcasters at the Denver Broncos-Detroit Lions game two weeks ago.  The Lions were annihilating the Broncos and, in the fourth quarter, a Broncos player put out a great extra effort to gain some yards when the game was, obviously, out of reach.  The broadcaster said, 'You know, Mike Shanahan will watch the films from this fourth quarter to see which of his young players will continue to guts it out even though the game is, essentially, over.'

I think sales managers have to look at their sales reps in the same way.  Having been a salesman for many years, I know that selling is not about winning all the time.  It’s really a game of averages.  You won’t sell everyone but you’ll never know when, after several rejections, that the big sale happens. 

It’s all about attitude.  An attitude is a habit of thought.  And when salespeople are in the habit of thinking positively about what will happen, not what won’t happen, good things happen.  A sales manager’s job, like a head coach in the NFL, is to regularly remind their sales staff, that you must maintain that positive, I won’t be denied, attitude.

Two processes to keep your sales staff on track:  First, goal-setting.  Anyone who has a realistic, meaningful personal goal always stays motivated.  And I don’t mean a company goal.  Find out what your people want, personally, and assist them in achieving that goal.  Second, there are hundreds of motivational tapes: from Tony Robbins to Zig Zeigler.  They’re all good and they are available on cassettes, CDs and DVDs.  And they remind you of what you should be thinking about when you’re selling.  If I were a sales manager today, I’d play a lot of these tapes at my sales meetings and then give them to my staff, I’d keep them loaded with reminders of what a great joy and challenge it is to sell and what a reward awaits the winners. Have them write out meaningful quotes from these famous speakers and read them constantly.  It’s called the Law of Attraction and a best-seller called “The Secret” expands beautifully on the concept.  We become what we think about.

Tom Richards is president of 1 on 1 strategies inc in Santa Fe. He has been a customer communications and guest satisfaction consultant for 27 years to manufacturers, retailers and resorts.  Visit his website at: www.1on1strategies.com

Would your team be thankful to be rid of you?

Thanksgiving may be creeping up on us, but if your subordinates spend most of their working hours discussing which blunt objects they’d like to throw at you, it’s a fairly safe bet they’re not getting into the spirit of the holiday. And it doesn’t require any great feats of deduction to ascertain who’s responsible for this sorry state of affairs.

John M. McKee, a world-class career coach and author of Career Wisdom, offers the following tips for establishing kinder, gentler relations with your team:

1. Give credit where it’s due. Among the biggest complaints about managers is that they are ‘glory hogs.’ One of the fastest ways for a manager to become disliked and disrespected is by taking the recognition for others’ work – or exclusive credit for a team effort. Staff members will be appreciative and pleasantly surprised when they notice you sharing the accolades that will ultimately further their career growth as well.

2. Have an open door policy. Let’s face it; most managers have to work hard to keep up with daily demands and expectations. Meetings, telecons, e-mails, number crunching, planning – all of these tasks can keep managers separate and apart – both physically and emotionally – from their team. It’s important to remember, however, that one of a manager’s primary jobs is to know what your staff is doing at all times, and help them to do it better. The best way to accomplish this is by staying visible and accessible with staffers by not only welcoming them into your office, but also by walking around the department where you can ”mix it up” with subordinates in a less formal way and in their territorial comfort zone.

3. Appreciate face value. Today’s professional is decidedly 'wired,' with e-mail, voicemail, teleconferencing and web-conferencing taking the place of good old human-to-human interaction. The most effective managers communicate with their staff in person whenever possible. Although remote communication is admittedly efficient, technology is not entirely effective when it comes to getting people energized or feeling like they are part of a team led by someone who cares about what’s on the collective plate. There is simply no direct substitute for having a face-to-face dialog – not a monologue – with staff members if you want to get things done while also cultivating a positive spirit within the organization.

4. Be firm but fair. Every office has its 'suck-ups' and 'brown-nosers,' and everyone knows who they are … except the boss. If your team thinks you are allowing others to have special privileges or that you are too naive to recognize when you’re being manipulated, you will lose their respect very quickly. Once lost, respect is a virtue that is very hard to regain. To avoid this, debrief your team as often as possible so they understand why you do things a certain way or have made a certain decision, and so they consider your decisions fair in a business context.

5. Find, and maintain, a 'whole life' balance. Busy times and demanding jobs can cause managers to lose their humanity – those other things in life that make it 'all worth it.' It’s okay to burn some midnight oil once in a while, but everyday demands at the expense of your personal or family life is a recipe for disaster: High stress levels and low energy, attention span, patience and tolerance levels makes for a less than lovable boss. This, of course, leads to low morale and decreased team productivity coupled with increased staff turnover – all of which plays into a vicious cycle of both professional and personal unhappiness. When you are frustrated and wound tight, your staff truly feels your pain.

The Sales Industry: Decadent and Depraved?

CareerBuilder.com teamed up with Harris Interactive this summer to survey sales employees on their behavior in the workplace.  The results of the survey, "Workplace Taboos," were released this fall.  I'm considering a career change.

The study claims that the work environment in the sales industry is more like the infield at the Kentucky Derby than the Victorian atmosphere endemic to the rest of professional culture.  According to the study, about half of those in sales have kissed someone at work, 42 percent have fallen asleep and 30 percent have consumed an alcoholic beverage while on the job.

Numbers like those haven't been produced since Harris polled students emerging from a homecoming party at Tappa Kegga De.

I can't make any sense of it.  David Brooks of The New York Times recently wrote in his column that advances in technology enable him to externalize certain mundane tasks, like remembering directions and keeping a schedule, freeing his mind up for higher pursuits.  Is the same thing at play here?  Have advances in communication streamlined sales to the extent that employees have more time to get-it-on with co-workers?

Vice President of HR at CareerBuilder, Rosemary Haefner, says that the evolving culture of the industry enables this type of behavior.  "As companies continue to embrace more casual environments, employees may develop a false sense of informality when it comes to office behavior," she said in the company's release.

I see her point, but something else must be at play.  I mean, things are casual in the media world too, but we're not passing the bottle around.  At least, no one's passing it to me. 

So, salespeople, until things loosen up around here, how about an evite?  Or if it's an exclusive thing, comment here and let me know what's going on in your world. 

The Trust Factor

Did you ever buy anything from someone you didn’t trust? In all likelihood, probably not.

Trust is an important issue when it comes to selling. It doesn’t matter what you sell or to whom. It makes no difference if you sell business-to-consumer, B2B, or in a retail setting. Trust is the foundation of virtually every sale.

Yet, it never ceases to amaze me how many sales people will stretch the truth, mislead the customer, misrepresent their company, product, or service, or even deliberately lie in order to capture a sale. While this will certainly work once or twice, most people will seldom fall for this approach again. In the long run, you might win the battle but you will lose the war.

So how can you earn a person’s trust? Here are three core concepts that will help you accomplish this.

1. Do WHAT you say you will do, WHEN you say you will do it. Many sales people forget this basic fundamental. If you make a promise to a client, keep it. If you say you will do something, make sure you follow through. This more than anything else will demonstrate that you are trustworthy and someone they can count on. And in business, that goes a long way.
2. Be on time for your appointments. Regardless of how long you have worked with a particular customer, make sure you show up on time for your meeting. If, for some unforeseen reason you are going to be late, call. Your clients are busy—show them that you respect their time.
3. Be yourself. How you behave and interact with your clients and customers should not be “an act.”

These may sound like pretty simple concepts. However, I can guarantee that many of your competitors are NOT executing them on a regular basis. That means you can gain a competitive edge just by following these three concepts. But there’s more to it than that.

Ultimately, everything you do influences the level of trust you develop with your customers and prospects. Let’s look at a few more examples:

§         How you treat clients’ employees, including receptionists and mail-room staff. Many sales people are rude and treat non-management employees with disdain because they are not involved in the decision-making process. However, behaviour like this seldom goes unnoticed. Regardless of whom you interact with, you should treat them with respect and dignity.

§         The speed with which you respond to clients and prospects. If you delay in answering a prospect’s request or question you lose the opportunity to gain their trust. I have experienced this in my own business countless times when I have contacted a company for information and they have been slow in responding. In my mind, if you don’t respond quickly BEFORE I am a customer, what will happen once you get my business?

§         Making outlandish claims about your product or service. Even when they know better, many sales people exaggerate the capabilities of their products. In most cases, their intent is completely harmless. However, if your product or service fails to meet your customer’s expectations, anything you tell them in the future will be questioned and they may perceive you as someone who will say anything to capture a sale.

§         Pushing unwanted services. While I’m a believer of capitalizing on every sales opportunity, I believe that it is unethical to try and sell a person something that he or she doesn’t need or want. This approach shows your customer that you are concerned only with getting as many sales as possible. While you may end up selling more, in the long run you may harm your reputation.

§         Listening carefully to your customer. Everyone wants to be heard and one of the easiest ways to earn your customer’s trust is to demonstrate that you listened to them. You can do this through the use of verbal prompters, good eye contact, body language such as nodding, and summarizing what they tell you.

Trust is as important now as it was two or three decades ago. In fact, it may be even more critical given today’s highly-competitive business world. I recall a sales coach once saying, “The only thing you have is your reputation.” It doesn’t matter what you sell or to whom, if you tarnish your reputation, you will not be as successful as you could be. I also remember hearing someone else say, “If you always tell the truth, you never have to remember what you said.”

Lastly, it’s not always what you say. Actions speak louder than words and people will often judge your trust worthiness by what you do and how you do it.

What are you doing to create a high level of trust with your customers and prospects?

Kelley Robertson, author of The Secrets of Power Selling helps sales professionals pinpoint how to improve their results. Receive a FREE copy of “100 Ways to Increase Your Sales” by subscribing to his free newsletter available at www.kelleyrobertson.com. Kelley conducts workshops and speaks regularly at sales meetings and conferences. For information on his programs contact him at 905-633-7750 or [email protected].