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”.

I know this will age me, but in the early 90’s; I was really into Tom Peters‘ books, and was often quoting from “in Search of Excellence” and “Thriving on Chaos”.  (Also liked “The Pursuit of WOW” a lot…).  While I had been in “management” for a while, this was primarily as I was beginning my entrepreneurial career, and I was into encouraging philosophies such as “support fast failure” and “extraordinary responsiveness”.  I was also promoting the motivational aspects of “ownership mentality” and “everybody does everything”.  It was certainly during this time (and many times subsequently) that I would use the phrase “light on your feet” relative to business. A little research notes that phrase continues to be well used in business.   While those books were written 15-16 years ago, I believe much of it is still relevant.  I must admit I’ve slowed my reading; but the world is certainly continuing to change rapidly; and “keeping up” definitely requires a business to be flexible, willing to change, and “light on your feet”.

We have been working diligently to do that at MOS.  Beginning rather basically with medical transcription in 2002; we have continually embraced new technology and added new services (and new ways to deliver the old service).  Perhaps our best example of adding new services (as well as embracing internet technology) is the now 6 (count em) web sites we have.  Each of these sites contains information about a full line of outsourcing solutions; although some emphasize different areas.  I noted the full list in my article “You Want to Outsource What“? We continue to look at and add (when were ready) new solutions as the company continues to expand.  Rajeev and I both consider new product development as part of our job.

We all work every day to stay flexible and light on our feet.  On a daily basis, decisions are made regarding clients, vendors, employees, proposals, support issues, etc; with the intent of finding the best solution for all involved parties.  The best way to accomplish this (in our humble opinion) is an attitude of “outside the box” as well as a deep regard for our values.   These attitudes keep us grounded and not hung up on any black and white issues.  The best way to take care of customers is to be willing to make adjustments, etc., on the fly.  This is our M.O.

Yet, we constantly write and tweak a “strategic plan” for growth; that tends to include multiple years.  I also know vividly that the guys who now run Kruse & Associates are really into “controlled growth”.  (I feel controlled growth probably deserves its own article…stay tuned); but for now, how fast is too fast? is a constant issue for owners, management etc.; the balance of risk and reward, etc.  So, can we do both at the same time?  Of course, in fact good business demands it.

It is of course, the old adage(s) of micro vs. macro, the “forest and the trees”, and the “30,000 foot view” vs. “in the trenches”.  While all businesses need both (fortune 500 types have specialists in each category; (some CEO’s look from much higher than 30,000 feet…)), us small(er) businesses tend to wear both hats.

Since this is an article for public consumption, this is not the place to talk specifics on how we manage this for MOS.  But…, I would like to give the reader the sense that we are doing both; and that the growth of MOS is both “flexible” as well as “strategically planned”.  In fact, as I write this (early July 2010) Rajeev is in India; laying groundwork for parts of that plan.

For perspective, in the most current strategic plan we have put to writing (May 2010) has:  “MOS is …poised in markets with growth potential.  I believe we are in a position to make some “investments” into our future growth.  So the question is what investment(s) will offer the best bang for the buck?  What is the best way to manage that “investment”? …  As in the past, my biggest “suggestion” is more time for “management”….  When  are in the trenches, I believe that loses us some opportunity to step back, think, plan, reflect on things, and change policy level stuff…that may/could make a difference.”

Ok, enough divulging of our “secrets”; but you get the idea that the very essence of this article is alive and well at MOS, as I suspect it is in many/most businesses.  Managing it is the key.  Hopefully, if nothing else, by writing about it, you know we are cognizant and working to find the right balance.  You can rest assured that the comment on “what’s the best investment” is followed up with concrete ideas and plans.

The strategic plan, as noted, covers multiple years.  Goals and plans to achieve them are more detailed for the next 12 to 18 months, with annual goals beyond that.  (Right out of the MBA handbook, right?)  We have sales goals, product line goals, as well as bottom line goals, for at least five years; and roughly beyond that.  We and our employees have a good idea of the road ahead, and to a large extent, participate and “own” those goals.

All this brings me back to Tom Peters and “think like an owner” and “everybody does everything”.  We hope and expect, when you call MOS , you are greeted like we care and we will be flexible and light on our feet, to take care of you NOW because you are important to us; but at the same time you are treated like you are part of our future; because….you are.

Found this image at http://medicblog999.wordpress.com/2009/08/04/thinking-outside-of-the-box; a very popular blog from a paramedic in the UK.  Ain’t it a small world?

I considered using “proverbial” box in the title; as “the box” can obviously have many definitions.  What I’m going for in this article involves marketing (uniqueness) and technology (The proverbial “state of the art”).

One can find a ton of information on “differentiation” in the marketplace.  What sets you apart?  How are you different?  How are you better, cheaper, higher quality, etc. than the competition?  We all strive to find ways to show prospects “why you should choose us”.  After all, isn’t t that the essence of why we are in business?  We don’t grow by being “the same”, or mediocre”.

Kruse & Associates still used the motto we came up with back in 1994; the beginning; a slogan attributed to Ralph Waldo Emerson:

Still a very good way to approach business and life.

So, what is being unique; what is ‘outside the box”?   If you have been following me at all, you will hear me say “no magic” on occasion.  In most subjects these days, there is already so much written; the best we (you and me collectively) can do is synthesize some of the  wisdom that is out there into what works for us; or at least what we hope will work for us.  And then (a small sidebar) work really hard to make it work.

I like the concise definition that Wikipedia (www.wikipedia.com) has:  “Thinking outside the box is to think differently, unconventionally or from a new perspective. This phrase often refers to novel, creative and smart thinking.” I especially like the “smart” definition.  You will remember; “work smarter, not harder”.  (Well, I actually believe it takes both, but today we are talking about smarter…)

So how does one be smart?  One event that prompted my thinking about this is a conference call we were in with a group of partners (we call ourselves the “Healthcare Alliance“.  I had asked that we each provide a short marketing piece we could each use to send to prospects; and leadership at MRC Blacksheep (www.mrcblacksheep.com) made the comment;  (paraphrasing)  We have worked very hard to be different, we prefer to talk to people, not simply “send a brochure”.  They picked “black sheep” in their name on purpose; from the definition of “deviation from the accepted standards” or “unusual or unconventional.”  And “We at MRC Black Sheep think it’s a GREAT idea to be different”. I agree, and, guess what; it is working for them.

MOS has chosen to differentiate in both aspects noted at the opening (marketing and technology).  Yes, we are big into quality and service, but isn’t everybody?  Yes, we say our people will “feel your pain” and be there for you; but doesn’t everybody?  What we like to use to set us apart is in our name; SOLUTIONS; and even going further into “MANAGED SOLUTIONS”.  You will see “You have Challenges? We have Solutions” all over our literature.  In a widely used “overview” we send to prospects (yeah…we still send a brochure on occasion…); we discuss the added benefits we provide over consulting.  And so on.

Now, saying we do that is fine, but our real uniqueness has to be in RESULTS.  You can check references, but the real proof (in the pudding) is trying us out.

Technology: MOS relies on state of the art technology to exist.  Without digital technology and the internet, we wouldn’t exist; and in many ways, outsourcing as we know it wouldn’t exist.  One could argue that it was others thinking outside the box (We didn’t create the internet), but we certainly know how to make good use of it.  In a recent article; “You want to Outsource What?” I made the comment:  “If data can be transferred, the work can generally be outsourced.”  Digital technology makes that statement possible.  Many things can be done virtually these days.

MOS has embraced this technology by making internet marketing a major product line; including all forms of Search Engine Marketing (SEM).  This includes SEO (Search Engine Optimization) as well as the front end of building a good web site (Web development) and then getting people to call you once they find you (CRO); Conversion Rate Optimization.  See our site www.viralseoservices.com.

Many folks these days want to go paperless; or technically; “digitization”.  MOS offers all kinds of data conversion options, including all the indexing, etc to create a searchable database of all your current “paper”.  We are finding demand especially in the legal and medical arena for this service.

And the list goes on.  The combination of state of the art technology and creative thinking; in my humble opinion, puts MOS squarely in the category of a company “Thinking outside the Box”.

Thanks for listening.