Friday, February 14, 2014

5 Amazing Facts About Sales - Untold truths that can totally change your perspective about sales and improve your results

5 Amazing Facts About Sales

Fact #1 - Selling is simply helping your prospect see that the value is greater than the price

Selling will be easy, if your prospect can see that the value he can get from your product is greater than the price he will be paying. Your job as a salesperson would simply be helping your prospect understand how this can be possible. Emphasize on the benefits and paint a picture in your prospect's mind how he could be enjoying the product after commiting to the purchase. Explain to your prospect how the cost savings he can achieve can easily outrun the price he is currently paying. Let him reach a conclusion, which may be a simple decision to make.

Fact #2 - Sales is not just a numbers game

If 5% of your cold-call prospects become your paying customers, then simply double your cold-call efforts would improve your results by two times. How many times have you heard that sales is just a numbers game. Well, not exactly true. Suppose you are selling luxury bags, you might not want to try your luck with just everybody out there on the street. As students may not have the purchasing power to buy your bag, while men do not have a need for ladies' items. Do you qualify your prospects and assess if they match your targeted customers' profiles? Do so could probably allow you to spent your prescious time more effectively, and save you lots of potential rejections and headaches.

Fact #3 - 80% of sales are closed on the 5th to 12th contact with the prospects

"Close the sales as quickly as possible!" Have you heard that piece of advice often from your sales counter-parts and colleagues? Well, according to a survey conducted by the National Sales Executive Association (NSEA), 80% of the sales are closed on the 5th - 12th contact with prospects. This showed that most prospects are usually not ready to commit on the very first meet-up, and will need some time to consider and think the proposal over. They are aware that purchasing on impulse and acting irrationally will often accompanied by regret. Rather than pushing for close at the very first meeting with prospects, a salesperson should instead focus on building good relationship with them, and help them with making the decision when they are comfortable.

Fact #4 - You don't need to be an expert in your product to sell it

If you fell ill one day and went to consult a doctor, he will probably prescribe you a medicine and advice you on the amount and timing to consume your medicine for you to feel better. Would you expect the doctor to explain to you how the medicine will integrate into your body after consumption, and how the medicine will tackle the bacteria and virus in your cells? Probably not. Similarly, your prospects are likely more interested in how your products are able to address their problems, rather than how your products was designed and built. You do not need to be an expert and know 100% of its ins-and-outs for you to sell it. Should such a need arise, simply consult your engineers or technical teams and get back to your clients at a later date.

Fact #5 - Price is not the primary reason why a product is purchased

I will not deny that price is an important factor to consider before clients commit to a purchase, but it is not the only and primary reason why clients purchased a product. Price-cutting is a common sales tactic for fast-moving undifferentiated commodities goods, which have lots of close substitutes in the markets and face stiff competition from competitors. However luxury goods exist which targeted a different niche market altogether, and catered to a group of customers who are willing to purchase these items for their branding and presumed social status. Customers are also willing to purchase more expensive products which are deemed to have higher quality, especially electronic appliances. Buying a second-rated electronic product may cost them more money in the long run from repair charges, not taking into account the troubles and headaches trying to get their appliances working again.

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