MOS Blogs

I picked this topic because I’m curious; I want to know more of what works and what doesn’t.? Although my career has not been “sales”; I have been exposed to lots of “closing techniques”, listened to tapes and watched videos.? After all, you’ve heard it said that any entrepreneur is 100% commission.? I’ve been 100% commission since 1993.

I’m curious also relative to internet marketing (SEO, CRO, PPC, twitter, etc.).? You may recall in my blog on internet vs. traditional marketing; I noted that leads from good SEO are relatively “warm”?i.e. they generally want/need the service?at least enough to make the call, fill out the form, or send the email.? I’m not going to tell you what our closing ratio is, but I am going to tell you I think it could/should be higher.? (Especially because we have great products and are such neat people?right?)

Googling “how does one sell more” or “what’s a good closing ratio”; of course yields a ton of advice?? Much of what shows up is overcoming objections and the like or what I would tend to call “power selling”. ??(And a lot of webinars that will teach you all about it?right?)? ?My problem with this attitude is that I don’ t like to be pushy or aggressive ? maybe “assertive” at times?.? ?And, much of what one reads says that most people don’t like to be sold that way?although I know it still can work.? Wouldn’t it be nice for sales folks, if our products “sold themselves”; like some commercials like to claim?

So, how does one close more and still build long term relationships?? (You can note that is important to us in MOS values.)

Now, I know you are thinking “elementary?my dear Watson”??? Simply build rapport, know your competition, know your prospect, price it right and have references; and you’re there..right?? We’re back to the beginning; why does this not always work as we want or think it should?

After doing my research, my conclusion certainly is that there is (as usual) no magic formula; and it will vary by product, industry, audience, price range, and much more.? So, the following is a few key ideas that we/you may be able to apply as appropriate.? (And you let me know if MOS is applying any of them with effectiveness?for you..?? in other words, you are buying; with commensurate excitement that we can help you.)

These ideas can certainly be applied to successful sales in general.? But, when you think about it, you don’t have a successful sale, until you close.? However, a successful sale (close) is much more than asking the closing question. (The proverbial “will you buy?”)? This will become more apparent below.

1.? Know your prospect: In an article “What’s your closing ratio?”, at www.freebiearticles.com by Keith Ellertson; in discussing successful closers:? “They laser target their prospects. They sit down and think about who they are and what they are going to be needing, and most important, they are inquiring what are these people looking for?” I?m sure it’s routine for many of us these days to peruse the web site of a lead before calling.? But what about really thinking about the industry they are in, their competition (and yours), the size company they are and what they can afford, their location and what/who you might have in common, the current events/weather in the area, etc, etc.

Knowing your prospect allows you to know their needs and desires.? That same article notes this:? “Notice that the McDonalds is conveniently located at places where people might be hungry?” Or, maybe it’s the other way around; but it did remind me of the milk being in the back of the store at Walmart, the auto dealerships all located together, the fountain area at convenience stores being easily accessible, etc.? Impulse buying is alive and well.? Soooo, doing your homework and knowing your prospects hot buttons, even over the phone (which is how MOS sells most often), could/should help increase the odds of making that sale.

2. Qualify rigorously: Yes, this is related to the previous point, but, again in researching, I can relate to reduced closing ratios from spending time on prospects that are really just kicking tires, going through the motions because the boss asked them to, are looking for something very specific, or already has a price threshold; and don’t tell you any of this up front.? A lead in these categories may result in the sales person going through the normal sales process with a lead that starts out with a 5% chance of success.? If (by qualifying early) that “chance” can grow to 20% or more; think about the difference in the results from your time.

IF (and it’s a big IF, because we must be respectful and grateful that they have made contact), we can find out near the beginning of the process how serious they are?; we can both save time for more serious prospects and increase our (proverbial) closing ratio.? Some ideas in this arena:

• Why are you looking? Find out their pain, with specific questions.? It is usually easiest to get them talking about the current or most recent vendor, or even who else they are considering and what did/do they like and not like.? Find out about price, service, support, quality, even likeability.? It seems reasonable to me to say:? “I want to know these things so I can do my best to not repeat them; I want you to be happy with me/us”?? Also, I have empathy for you.
• Who is my competition? And even; who are you leaning toward and why?? Again, I simply want to know how I can best compete.? If I can’t compete, I will tell you.??? (I will be honest with you.)
• What is your most important criteria? Find out in that first call, what is it going to take to get their business.? I admit, I don’t have a habit of doing this, but I’m going to ramp that up (reminds me a little of used cars?) but, if done right, it makes sense.? It can be done without being or seeming pushy; you simply want to know how to best serve them.? And, you don’t want to waste their time or yours if they are not ready to make a decision.? If the answer is “later”; great. ?”When can I get back to you?”

3. Price Does it always come down to the bottom line?? No, not always, but, as noted above, it is (usually) very important to find out if that is a deal killer as soon as possible.? At MOS, we like to discuss our pricing as “transparent and flexible”.? Does that mean we’re going to always blink first?? No probably not, as variables in deals changes our cost, etc; but it does mean we remain flexible with the intent of creating a win-win?.in pricing.

If we have the attitude of “fair” in pricing; then blinking first is not that big a deal.? We do not build long term relationships by gouging our clients; and conversely, clients are not endeared to us, if they are totally focused on price.? In order to serve you well; we cannot always be (generally will not be) the “cheapest”.? “You get what you pay for” is alive and well in our business and in most businesses.? Yes, service, support and quality do count; and we usually prefer a client who appreciates that.

Think of higher closing ratios as another way to grow the business.? Adding more leads is important, but so is working those leads in an efficient (quick) and effective (get to the deal or no deal) manner.? Doubling the closing ratio is the same as doubling your leads.? And if working double the leads requires more staff, you help your bottom line even more by increasing your closing ratio.? (Small hint on where to put your priority)

So have we (you and me) learned anything?? I think I have.? Essentially, let’s find out as soon as possible (without offending anyone) if we have a match?; then make it a win-win experience for the long term.? Life’s good.

Thanks for “listening”.

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You know, you would think with the articles I write with “vs.” in the title, I like controversy.? Ironically, I don’t; I avoid confrontation when I can.? It is “life” however, and we may as well discuss it; and deal with it.

I received an email from a prospect today (mid July 2010) and the comment was “the CEO would probably like to stay within our state; but we will keep you in mind”, etc.?? They are really nice sincere people, and I wrote back with the usual; “I understand, but it will cost you”.? (I said it more professional?but that’s the essence.)? I also made the comment that this issue does not come up very often, which is true.? Given the stigma, the politics, and the news associated with this issue; one might think it would.? My “off the cuff” assertion was that “savings trumps PR”, but it did get me thinking?and doing a little research.

As always a Google search turned up a lot; ranging from the very scholarly white paper (written in 2003): Onshore Versus Offshore Outsourcing: Significant differences require unique approaches to Wikipedia’s objective treatise of “There are different views on the impact on the various societies affected, which reflects the attitude of Protectionism versus Free Trade. Some see it as a potential threat to the domestic job market…, while others, including the countries who receive the work, see it as an opportunity.”

The literature (in general), notes that sending work offshore is less expensive; and then also the usual discussion of potential offsetting issues in quality and communication; along with jobs (in both countries), and the overall global view of things.

I noted above that this issue does not come up with prospects as often as one might think.? It is possible (even probable) this is due to how MOS handles the situation.? We believe we have hit the “sweet spot” and/or the best of both worlds, by providing offshore production, but handling all the liaison, support, communication with offshore, monitoring of results, etc. “domestically”.? From our headquarters in Tulsa, Oklahoma, (from the heartland no less?) to all our management, ownership, registration, support, etc. being located in the US; we can offer good results for less.

From our standard introduction in proposals:? “To provide a value added solution, we realize we must be able to provide you not only with quality service, but with improved cash flow and cost savings.? We do this by utilizing international resources; that we have fully qualified to provide quality and efficient service.? This generally allows the devotion of more personnel for more hours to any given project due to lower operating costs.? We are constantly researching and vetting these resources to better serve our clients.? These resources are fully trained and knowledgeable to produce the desired result.”

One comment and quote on the Global Economy.? While published originally in 2005, Thomas Friedman’s ground breaking book; ?The World is Flat?, in our opinion is even more relevant today, and it only continues to grow.? One cannot listen to any business news without hearing about China, Japan, India, and much more.? The global financial “crisis” it seems may affect us all.? Our business is positioned to take advantage of this global economy; which we can pass on to our clients.? One can find articles, white papers, etc on how this is good for the US, due to saving businesses money, increasing the overall work pool talent, etc, but for now, we think it simply is good business.

In a bit more “educated” way of saying this, the New York Times, in reviewing “The World is Flat” said:? ?For Friedman, cheap, ubiquitous telecommunications have finally obliterated all impediments to international competition, and the dawning ‘flat world’ is a jungle pitting ‘lions’ and ‘gazelles,’ where ‘economic stability is not going to be a feature’ and ‘the weak will fall farther behind.’ Rugged, adaptable entrepreneurs, by contrast, will be empowered.?

We do hope MOS is positioned as a “rugged, adaptable entrepreneur; and we do so on a global basis.? We also make total use of “cheap, ubiquitous telecommunications” by extensive use of the internet, on a global basis.? I love saying to an office manager; “yes, we will work right on your software, as if we were sitting right there in your office”.? I can say that with all confidence, even though the “worker” might be 10,000 miles away.? Ain’t it awesome?

So, which is it, offshore or domestic?? We think some of both.? MOS is based in the heartland of America; with owners and managers rooted here, and with every desire to help other US businesses.? At the same time, we work with “rugged entrepreneurs” all over the world; all focused on providing economical and effective results for each client, each project,? each individual we can; while still putting food on the table for our families.? Check us out.

Thanks for “listening”.