| Let's consider the example of an entrepreneurial | | | | greatly enhanced if you can subtly direct the buyer to |
| inventor attempting to market his newest creation: a | | | | sign the order. "Mike, we need to get this contract |
| portable hydrostatic body fat test appliance. Design is | | | | done today, so we can have inventory in time for the |
| complete, testing is finished and results exceeded initial | | | | catalog mailing"!Limit Risk for the Buyer!Buying requires |
| assumptions, several working prototypes have been | | | | action. Let's face it, it is far easier to be inactive, stick |
| built, UL Approval is in hand, patents filed and a | | | | with what you have and know, than to bring in a new |
| business plan has been customized. The wellness | | | | product. The new item requires a lot of logistic work: |
| aspects of the unit make it timely and potentially very | | | | creating a new vendor file, issuing a new purchase |
| lucrative if handled properly.Most entrepreneurs would | | | | order, assigning a new warehouse area, a new |
| consider the status of the above-described project to | | | | in-store shelf alignment, discontinuing the product you |
| be advanced and well positioned. Only one problem, a | | | | will replace, etc. In addition, there is a history with the |
| very big problem: the inventor is a brilliant engineer and | | | | old item, and there is no certainty your new product will |
| conceptualist, but is phobic about standing up and | | | | perform better, or even as well. This represents risk.It |
| presenting himself, his product and his profit opportunity. | | | | is crucial that you leave the prospective buyer feeling |
| As a result, he will struggle to find investment capital, a | | | | that there is minimal risk involved in purchasing from |
| license deal or a strategic alliance. To successfully | | | | you, and there is a significant potential upside. Your |
| commercialize this new wellness appliance, and any | | | | features, benefits and novel improvements need to be |
| other new product opportunity, the inventor must be | | | | detailed in an open, transparent and comprehensive |
| able to sell all aspects of the features, benefits and | | | | presentation that leaves no doubt that you offer a real |
| income generation to be derived from the novel | | | | advance over competition. No flim-flam, just the facts |
| device.The example cited here is true. It is one of the | | | | ma'am.Friendship Makes Sales!When I make a cold call |
| saddest spectacles we see in the consulting world | | | | I have two goals: make a friend, and make a sale. We |
| when poor basic sales skills stand between a great | | | | all have experienced meeting a stranger in a social |
| opportunity and success. The creator has identified a | | | | situation, bumping into them later, chatting and |
| need. He has addressed the need. In the run up to | | | | commencing the process of building a relationship that |
| presenting the product he has taken every correct | | | | results in creating a friend. When you make a call, |
| step in the development process. Now, finally at the | | | | whether the first or tenth meeting, your goal should be |
| cusp of success, the inability to sell the idea is a major | | | | a sincere offer of yourself as a friend to the buyer. A |
| roadblock.This is silly. The most important task | | | | buyer, as a friend that evolves from a commercial |
| confronting any new business or product opportunity is | | | | stranger, knowing that you are playing in a local tennis |
| the ability to sell the project. The only affirmation to a | | | | tournament next weekend, is always more likely to |
| products value occurs when the item is sold, and for | | | | purchase from you than if they know nothing about |
| how much. The inability to sell confirms in the eyes of | | | | you other than what they see in a meeting. Friends |
| buyers and investors that there is a lack of need, | | | | ask questions that reflect their real interest in another's |
| commitment, confidence, and passion for the | | | | needs, desires and motivations. Friends are good |
| product.Selling is simply asking a person for a preferred | | | | listeners. Make each contact an opportunity to prove |
| outcome and obtaining their agreement to buy. The | | | | that you are interested in the buyer's wellbeing, as well |
| seller conveys a product (or service, technology, | | | | as their business.Testimonials Are the Most Important |
| patent, trade secret, etc.) and receives consideration | | | | Tool for New Entrepreneurs!A testimonial is a quote |
| (money, goods, property, etc.) from the buyer. Each | | | | for attribution that supports the feature and benefit |
| side in a sales transaction should receive a fair | | | | claims related to a business or product. The acquisition |
| perceived value.For many people the fear of finding | | | | of a file of testimonials is invaluable in cementing that |
| themselves in a sales presentation or meeting format | | | | current users of a product are strong voices for the |
| is truly enervating. They love their project and know it | | | | utility of the item. I never take a prototype or product |
| cold. However, they cannot overcome a dread of | | | | to a presentation until I have a handful of quotes from |
| failure, rejection. They take failure personally. I have | | | | focus groups, customers that have seen the product |
| seen capable people break out in sweat, nervousness, | | | | demonstrated or product buyers. This is more valuable |
| become confused and flighty before a sales | | | | than any advertising.I have every buyer physically |
| presentation that could dramatically change and | | | | touch and handle the testimonial file and encourage |
| improve their life. This real effect of the dread of selling | | | | them to contact the people that have offered the |
| themselves, and their opportunity, can be overcome | | | | positive comments. In 35 years of selling, I have only |
| and must be if entrepreneurial success is to be | | | | had one buyer actually reach out and make the |
| achieved.Short the option of hiring professional sales | | | | contact (the call resulted in a glowing review). The |
| talent, or sales consultants, an entrepreneur will always | | | | mere fact that they have in their hands an inventory of |
| need to be the sales face of his product and business. | | | | happy product users is a powerful closing tool.My Price |
| He has so much to gain and so little to lose. Gaining a | | | | is Fair and Firm!Price is the Achilles Heel for 95% of all |
| customer from a confident, successful sales | | | | sales people, and 100% of the unsuccessful sales |
| presentation is crucial to a new enterprise. Losing a | | | | people. Do not sell price. Somebody will always sell |
| sale because of a stumbling performance can be | | | | cheaper.20 years ago the Japanese were the low |
| crushing (and a lost sale is gone for good).Here are a | | | | cost producers of our imports. The Korean's then |
| few points that an inexperienced entrepreneur, with | | | | replaced the Japanese as the low cost producer in the |
| limited sales skills can utilize to improve in this essential | | | | Orient. Today the Malaysians, Indonesians and Central |
| area.Prepare, Prepare, Then Prepare Some | | | | America all provide lower prices than Korea. The next |
| More!Before any sales presentation you must do | | | | wave of nano-priced labor will be from Vietnam, Laos |
| everything possible to learn about the prospect, their | | | | and Cambodia. Somebody will always be ready, willing |
| industry, needs, competition, current pricing models, | | | | and able to produce for less.Sell the quality and |
| promotions and industry trends. The more knowledge | | | | benefits of your product. "My price is firm and fair, this |
| you have, the more confident you will be that you | | | | product lasts twice as long as my competitors, and this |
| have answers for probable questions and objections. | | | | makes the price differential negligible". Be proud to |
| This preparation can go a long way to assuaging fear | | | | detail the reasons your product is priced as it |
| of the selling process. Confidence results in a | | | | is.Negative Selling is Not Negative!Every product has a |
| conveyance of strength, and strength is always | | | | negative in one area or another. These negatives are |
| admirable in selling.Seek Out a Mentor!Somewhere in | | | | the sales points that competitors hang their hat on |
| your life's experience, you have made contact with a | | | | when seeking advantage. Negative selling is not an |
| person with experience in business at some level. | | | | attack on the competition. Negative selling is when you |
| Family, friend, a neighbor, a cousins brother-in-law, they | | | | are up-front about a perceived deficiency in your |
| are out there and closer than you think. Ask for help. I | | | | product and turn that feature into a positive.Mercedes |
| mentor at a university and consider it one of the most | | | | Benz automobiles are expensive (relative to Lexus, a |
| fulfilling parts of my busy schedule. I get back a lot | | | | direct competitor), costly to maintain, and fuel. |
| more than I give, and I give a lot. Mentoring is | | | | Mercedes knows this. They have perfected a |
| rewarding. Contact small business incubators, SCORE | | | | negative selling technique to turn these perceived |
| and local university business schools for information on | | | | flaws into strengths. Mercedes position is that safety |
| available mentor programs.Practice, Practice, | | | | and superior performance requires advanced |
| Practice!Have you ever played a sport? The first time | | | | engineering, strength in materials and thus, added |
| you swing at a golf ball I will bet that you did not hit a | | | | weight (resulting in heavy fuel consumption) but this is |
| 300-yard linear rocket. You practiced. The more you | | | | overcome by a real safety advantage. "Would you |
| practice the better you become at hitting a golf ball. | | | | want to put your family at risk in anything less than the |
| Don't read theoretical books on developing the golf | | | | best engineered car on the road"?In one of my early |
| swing, or watch training tapes. You learn, really learn, | | | | ventures I had a direct competitor. His product was |
| by doing something repetitively and critiquing | | | | 100% natural. My product was synthetic. There is a |
| performance results.It is no different in achieving sales | | | | real belief in many people that natural is always better. |
| success. The more you put yourself and your product | | | | It is not. There are reasons that we live longer, better, |
| in the sales arena the more comfortable you will | | | | healthier, more active lives than prior generations and |
| become. With comfort, comes confidence. Confidence | | | | yet consume copious amounts of products artificially |
| is contagious and with more faith in your abilities sales | | | | enhanced with chemicals, preservatives and |
| will begin to happen and then cascade.Give Value | | | | supplements. Nevertheless, his tout that his all-natural |
| First-and Then Close!Actually asking for the | | | | product was superior to mine had resonance with |
| purchase-order, or an investment (the closing), is the | | | | retailers and consumers.Here is how I developed a |
| greatest persistent hurdle many struggling sales people | | | | negative sales strategy to overcome the synthetic vs. |
| can not overcome. They either can't ask for a | | | | all-natural argument. " Brand X is an excellent product. |
| preferred, needed outcome, or cannot properly time | | | | It is 100% natural. I looked at making a totally natural |
| the attempt. Timing in sales is crucial. The buyer has | | | | product for my Company. I decided, after a great deal |
| many options for consideration. Why is your offering | | | | of research and clinical testing, to make my product |
| of better value, performance, durability and novelty? | | | | using a blend of herbs, vitamins and preservatives. The |
| Confirming the value of your product for the buyer is | | | | preservatives are absolutely essential in stabilizing the |
| the foundation of the sale.Too many sales people | | | | product, extending the shelf life of the product and |
| attempt to close too quickly because they mistakenly | | | | safe usage by your customers. I would never |
| believe that they have fully detailed the benefits of | | | | compromise safety in order to obtain an edge."In this |
| their product. Only the buyer can confirm that the | | | | case, the negative selling proposition that I proposed |
| product benefits have been fully explained. The best | | | | also had the wonderful advantage of being true. My |
| way to confirm that no stone has been left unturned is | | | | competitor was eventually withdrawn from the market |
| to ask questions, and then listen carefully to the | | | | because consumers experienced bacterial infection |
| answers.With the value proposition of the product on | | | | around the eyes. The FDA ordered the product |
| offer fully described, and an understanding of how the | | | | removal. The preservatives I used (thus making my |
| item will be of value to the buyer, you are now in | | | | product synthetic) protected against microorganisms |
| position to ask closing questions.Learn to Use | | | | that caused infections.I love to sell. All successful |
| Assumptive Closing Questions and Statements!Never | | | | entrepreneurs either are, or must become, strong |
| ask a question you do not know the answer too! | | | | advocates for their opportunity. This advocacy is most |
| There should be only one answer, not open to | | | | fully confirmed by sales success. Nothing happens in |
| variables. For instance, never ask a decision-maker | | | | any enterprise until somebody sells something. Every |
| (you are selling a weight loss product), "Why should | | | | other facet of business depends on the crucial trigger |
| any kid be fat today"? What is wrong here? Possibly | | | | mechanism of a buyer deciding to purchase a good or |
| the buyer has an overweight child. Possibly the child | | | | service from a seller.Selling is fundamental to all |
| has a medical condition. You do not know with | | | | commercial life. It is an elemental form of competition. |
| absolute certainty that you have not touched a raw | | | | The drive to try, to achieve, to overcome odds is |
| nerve. Theoretically kids probably should not be fat but | | | | inherent in all entrepreneurs. Sales success is the |
| they are, and for many reasons.Instead, ask | | | | utmost confirmation of this desire to test oneself in the |
| assumptive closing questions sprinkled throughout the | | | | marketplace.Geoff Ficke has been a serial |
| meeting. "You can certainly recognize the labor saving | | | | entrepreneur for almost 50 years. As a small boy, |
| feature we have engineered into in the new Type 54 | | | | earning his spending money doing odd jobs in the |
| Platform Loader, can't you Tom"?"You can see that | | | | neighborhood, he learned the value of selling himself, |
| the option to utilize the multi-purpose blending/grinder | | | | offering service and value for money.After putting |
| blade on the new rotor is a real labor saver and | | | | himself through the University of Kentucky (B.A. |
| advance on the old Expedient model"."The new unit will | | | | Broadcast Journalism, 1969) and serving in the United |
| save 4.2% in energy and maintenance expense over | | | | States Marine Corp, Mr. Ficke commenced a career in |
| our past models, and anything else currently on the | | | | the cosmetic industry. After rising to National Sales |
| market. Won't that look nice on your departments | | | | Manager for Vidal Sassoon Hair Care at age 28, he |
| bottom line"?You want to plant seeds that the choice | | | | then launched a number of ventures, including Rubigo |
| has already been made based on the value | | | | Cosmetics, Parfums Pierre Wulff Paris, Le Bain |
| proposition you have detailed for the decider. If you | | | | Couture and Fashion Fragrance.Mr. Ficke and his |
| receive doubts, objections or negative comments, you | | | | consulting firm, Duquesa Marketing, Inc. ( has assisted |
| have not constructed the value confirmation | | | | businesses large and small, domestic and international, |
| properly.Tell to Sell!For many inexperienced sales | | | | entrepreneurs, inventors and students in new product |
| people, the following will be difficult, but it is the best | | | | development, capital formation, licensing, marketing, |
| sales training point I ever received: "people do not like | | | | sales and business plans and successful |
| to make decisions, so you make decisions for them". | | | | implementation of his customized strategies. He is a |
| Telling is selling, while asking is buying. The opportunity | | | | Senior Fellow at the Page Center for Entrepreneurial |
| to control the presentation, ask qualifying questions, set | | | | Studies, Business School, Miami University, Oxford, |
| up a successful close and then receive the positive | | | | Ohio. |
| commitment you seek (and need, and deserve) is | | | | |