Archive for March, 2010
219 vs. 212
Posted by: | CommentsA few hours ago Congress passed the Health Care Reform Bill by a vote of 219 to 212. I don’t know how people do their math, but I’m finding it hard to believe that paying for 32 million uninsured people which will cost almost $1 trillion will help reduce our federal deficit. Hhmm… I heard most of the arguments for this bill this past weekend with the best one being that this will encourage more entrepreneurs to start businesses because they don’t have to worry about getting themselves health insurance. In principle, I believe everyone supports people getting access to health care, regulating insurance companies (i.e. denying people with pre-existing conditions, redefining what pre-existing means, and removing coverage caps), etc. But, I’m not sure that increasing taxes during these economic times and putting more burden on small businesses is the right solution (there might be some tax credits, but I know there are many SMEs that can’t afford health care for all their employees). And, it’s very disturbing when many of these experts on the news (and politicians) don’t even know the details of the bill and can say with a straight face that this will not put more burden on the public and the economy. We’ll see what happens with the upcoming Senate vote and in the November elections.
Don’t Forget Your Current/Existing Customers
Posted by: | CommentsThe hope is that once you sell something to a customer that person or company will be your customer for many years to come. But, reality is that you have to continue fostering that relationship or risk losing that customer without even knowing it. As an example, we recently lost a customer who bought an entry-level product to manage one part of his business but later bought a full suite of products from a different company because we lost contact with him.
Many times, we bend over backwards to win that first deal but end up forgetting that we still need to work hard at maintaining that relationship. Especially in this economy, don’t forget your current/existing customers as they can be your best allies, references, and customers. As the economy improves and businesses begin to invest, if you have maintained that relationship, it’s almost guaranteed that your customer will at least talk to you first before looking elsewhere.
The Sales Process is “FOR” Your Customers
Posted by: | Comments Before my current position, I founded a software company that developed a POS solution for the restaurant industry. When we were starting out, I was the only salesperson in our company. I believed in my heart (my apologies for being a little sentimental) that the product we created and sold was a good product that solved our customers’ problems. Without hesitation, I later sold a system to my in-laws who own a restaurant. Everytime I made a call or gave a demonstration to potential customers, I took it as an opportunity to educate them and believed that this process was actually “FOR” them so that they can get more information to make the best decision for their business. Just to be clear, it didn’t mean that I didn’t want to make the sale, but that I was okay if they decided that our solution was not the best fit for them.
So, I hope that the next time you’re picking up the phone or meeting potential customers, you’re looking at it as an opportunity to educate them and not just an opportunity make a sale. It’s worked for me thus far, thinking that the sales process is “FOR” my customers.
So, what’s the point of this story? Similar to my previous Sales role at my own company, I know that Ideal Software Systems has a very good product and is a very good company (i.e. products that solve customers’ problems; company with great, smart people who care about our customers’ success). Therefore, I have no hesitation in contacting potential customers and answering any questions they might have about our products or services. So, I hope that the next time you’re picking up the phone or meeting potential customers, you’re looking at it as an opportunity to educate them and not just an opportunity make a sale. It’s worked for me thus far, thinking that the sales process is “FOR” my customers.
Is Your Redemption Counter Up To Snuff?
Posted by: | CommentsToday I joined a seminar “Redemption 2010 for the FEC and the Street” hosted by two panelists, John Maurer and Jim Chapman, which changed my view of the FEC (Family Entertainment Center) industry. I’ve listened to many high profile businessmen from Fortune 500 companies and have been to a few large tradeshows, so I was very curious about what these speakers would talk about and how they would present their material. I came out a little impressed as they spoke well and taught me a few things.
Some of the topics they discussed were: 1) Trends, 2) Redemption Counters/Prizes, 3) Cranes and 4) Promotions. I will try to give a short summary. First, for Trends, customers are expecting higher end products like laptops, TVs, iTouch, and iPads (i.e. the latest stuff). These items create an incentive for people to save their tickets and come back more. Second, for Redemption Counters/Prizes, are your redemption areas and bins “full” of prizes? It just makes sense that nicely organized and fully stocked counters are more inviting and leave a better impression that ones that are not. Third, for Cranes, operators should check that they have proper signage, are clean, and should have a bill acceptor. Also, cranes should not have the same prizes as the redemption counter and should be placed on the way out of your facility for the potential to generate extra revenue (i.e. impulse spending). Finally, for Promotions, the presenters shared some interesting and creative ideas such as first jackpot wins 1,000 tickets, beat the GM/Owner, birthday wheel, blind skee-ball/basketball, etc.
Differentiate and Dominate
Posted by: | CommentsHow is your product or service different from your competitors? If you can’t clearly and succintly describe how you are different or unique in a sentence or two then you have a big problem. If you can’t do so, you will eventually find yourself competing on price ONLY. And, that’s not the game most businesses wants to play in.
Do You Have a “Sales Buddy”?
Posted by: | CommentsToday I was on a Sales/Demonstration call with my colleague. I asked her to help me out as she knew the software much better than I did. While she was giving the demonstration over a web conference, I was initially taking notes on the main points the potential customer shared and asked us. Over the course of the 1.5 hour session, my colleague and I began to work as a team and helped each other ask the customer the right questions that allowed us to better understand his business, pinpoint his issues, and showcase the benefits of our solution. As a team, we were very effective in engaging the customer as we both tried to help each other and did not fall into any pre-defined role (e.g. one person only asking questions). In this particular situation, and many other Sales calls, it can be very helpful to have a “Sales Buddy” in the same room. Sales is not always a one man/woman show! Know your limitations and do what’s best to give you the greatest chance to close a deal. So, who’s your “Sales Buddy”?