Month: July 2020

Understanding the Know, Like, Trust Factor

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We all know the know, like and trust factor. But do you understand the know, like and trust factor? Do you know the tiny important phrase that so many people leave off ? – “all things being equal”.  The actual quote from Bob Burg is “All things being equal, people do business with, and refer business to people they know, like and trust.”

Understanding the Know, Like and Trust Factor In Sales

And, I have some concerns over the way people use, or overuse, or even mis-use the know, like and trust factor, without taking all being equal into account.  Because all things are NOT equal – especially in 2020, right?

Everything is different.

Today I’m going to share with you why I think that trust is the ultimate factor.  Please allow me to explain.

Most importantly, people need to trust that you will do the job better than anyone else, no matter how much they might like someone else.  

I have bought many things from people that I didn’t necessarily like. I didn’t even know most of them. I just trusted that they were the best person to help me get what I wanted. What I wanted was results or the knowledge of how to do something.

In the end, a client getting what they want and their belief that you will provide that for them is what will make the sale. 

Trust in the product itself.  In an online world we now look at a product, the reviews, and buy something that we trust will do what it says it will do. Usually, I know nothing about the seller.

We only have the reviews that we can read, from total strangers, saying the product will do what we trust it will do. Now you can see why getting testimonials from people you have  helped in the past are so important?

You don’t know the seller, or the company, but you trusted you would get the results that you want based on reviews from strangers.

Why do you buy something?

What makes you open your wallet to a total stranger?

While someone being friendly might get me started talking, I will buy because I believe they can help me get the results that I want. It’s not their knowledge of the product that impresses me, it’s how well they can show me that the product will do what I expect it to do.

So ask your prospect … do you trust me?

Actually, you should just say it to yourself, because it sounds spammy and fake if you really ask your prospect directly. Watch them and listen to them as you go through your presentation. Pay close attention to how they are interacting and reacting with you.  You may want to watch my YouTube video about Body Language.

On the other hand, there are people that I am friends with that I wouldn’t trust with my business, or my children.  I’m sure you understand what I mean. If their expertise is not with what I want to buy, I don’t care how friendly I am with them. I know that they will not be able to do the job, and I will not refer them to people or do business with them, even though I love them.

A trend that I have seen recently

Prospects want to know we are going to the extra step to help them stay safe in a face-to-face situation. I tell people what I am personally doing to guarantee my office is clean and disinfected between meetings. I am wearing a mask, wiping down surfaces, cleaning pens, and social distancing. But that is a new way we can establish trust. Show that you care enough about their health and safety to do what is necessary to keep them safe.

I have stopped going to stores that are not reinforcing safety measures., and I have even paid more money to do it.  This is because I trust in the stores that are trying to do what they need to do to protect their customers.

And when people trust you, they are more likely to buy from you, even if your product is more expensive.

The best part is, people are more likely to refer others to you because they trust you. They trust that you will provide the same satisfaction level to the person or company that they refer to you that you provided to them.

Ways that you can build trust

Be available for your prospects, and answer their texts, emails, phone calls, and questions quickly.

Express empathy about how they feel and what they want. This will show people that you have their best interests at heart.

Listen to your prospect and determine their needs and the results that they want to see. For example, be respectful of your prospect’s needs, even though it might not be what you would do.

Show integrity – do what you say you’re going to do.

Be reliable and dependable – don’t ghost your clients the minute something needs your attention that may be time-consuming or uncomfortable.  Face it head-on and correct the situation.

Establish rapport – buyers are more likely to trust a salesperson when they can find a common ground, like an interest. If you can’t find a common interest, express interest in their hobby or expertise or passion and listen to them.  You don’t have to be their best friend, just try to be nice.

So, when someone does not buy from you, it is because of one of these three reasons,  based on trust.

– they don’t trust what you’re saying to them, 

– they don’t trust that you can provide them the with results they’re looking for, or 

– they don’t trust in the value of what you say you’re giving them.

 Ultimately, if you can overcome these three objections and understand that often-left-out part of the know, like and trust phrase, you will close more sales.

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Value Selling vs. Benefit Selling – Is there a Difference?

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Value selling vs. benefit selling – is there a difference between value selling and benefit selling, or are they the same thing?  Someone asked me that last week, and I thought it would make a great topic to share with you.

Value selling.

Many sales people think it is giving someone the most they can give a customer – more services, or benefits, more products … for the least amount of money. 

Actually, it’s showing your prospect the impact your products or services will have for them or their business, compared to how much it will cost them. Even going so far as to showing them how much it can cost them to not use your product or service.

Benefit selling.

Telling prospects the benefits of using your product or services, and how it will help them. 

So, to answer the question of value selling vs. benefit selling, is there a difference? – you can use the benefits to help create the value, but you first have to know and understand your prospects’ goals before you just start presenting benefits.

Your products or services may have some great benefits that your prospect could care less about! They want to know how what you are offering fits into their ideas and goals. And every prospect is different. 

Value Selling vs. Benefit selling  What's the Difference quote

Buyers make decisions based on emotions, and justify decisions with facts
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Now that you know what value selling is, I’m going to share with you

8 tips on how to sell based on value vs selling based on price.

You can check out this article from Brian Tracy for more information about this topic.

1. Ask questions to find out what is important to them.

Don’t just assume that what would be important to you will be important to them, because it may not be important to them. So find out what’s important to them and give it to them.

Take your time, have a conversation with your prospect. Let them talk and you listen. Are they looking for something to save them time, increase their productivity levels? Find out their needs and fit your product or Services into their goals. Use their words and terminology.

2. Talk about what you know to show your expertise to earn your prospects trust, not to show off how smart you are.  

Keep it simple and meet them where they are. And ask them their experience with other companies like yours. What did they like? Where did the other salesperson fail them, and how?

3. Use stories and testimonials from your happy customers to help overcome their fears about making the wrong decision.

4. Be an educator – earn their trust and help solve their problems.

5. Highlight the benefits of your products or services.

This is where you show them how the benefits work, once you have learned about them, Then highlight the benefits of your product or services. Use the benefits that you have learned that would be important to your prospect.

If you know your competitors, and you should, you can explain to your prospects the things that your product or service will do – that your competitors’ will not do, without even mentioning the competitors name or bad-mouthing them. 

Use your competitors inadequacies to show the superiority of what you are offering.

If and when your prospect talks to your competitor again, they will ask if they can do what you promised you can do, which of course you already know, they can’t. 

Your prospects will notice this difference and it will be  important to them. 

I always like when my prospects talk to me after they have met with my competitor first. For one, if they are now talking to me, there’s a reason they did not buy from my competitor. I just have to find out what that reason is. Maybe the competitor was missing an important thing the prospect needed, or maybe they just didn’t trust them. 

When I can determine the reason and give them what they want and earn their trust, price may not even become an issue. 

You can see why it is so important to find out what is important to your prospect. Take the time and have a conversation and listen. 

Have I said that before? Yes, and I am sure I will say it again.

6. Emotions.

You can use stories here about how buying your product or service tremendously helped someone else. You can talk about how much money it’s saved them, or how and help them stand out from their competitors. Show your prospect how you can help them achieve their goals.

Unless you have asked the right questions and taken the time to listen, how will you even know what their goals are?

Buyers make decision based on emotions, and justify their decisions with facts.

If you geek out about stuff like that, here is an article by Gerald Zaltman, a Harvard Business Professor that you might like.

7. Add a bit of humor.

Ask the prospect what their savings would be by not buying what you are offering. They will probably laugh and repeat the dollar amount of your offer. For example, “Well, I’ll save $5,000!”. You can laugh with them and then say, “Seriously, how much more will it cost you in time, productivity (whatever they say was important to them) to not make this decision?”

Get them to think about the cost of their indecision.

8. Discounts.

How could we have a conversation about value without talking about — discounts? Include your prospects in “earning” their discounts. 

For example, are they part of an affiliate program that company you offer a discount to? 

Are they buying in quantity where they can “earn” a discount by buying more?  

Do you have a referral program where you can offer your prospect a discount if they give you a referral?

Find creative ways for your prospects to participate in the amount of their discount. 

Remember, value selling vs. benefit selling, is there a difference? – you can use benefits to help create the value, but you first have to know and understand your prospects’ goals so that you will show them only the benefits that will serve them.

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Close Your Sales With Confidence

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Confidence and closing go hand-in-hand.

While it is possible to close without confidence, confident people close more often. Confident people expect to close, so they do. Unconfident people aren’t so sure. Learn how to close your sales with confidence.

Are you confident in your abilities? I have found that I am more confident when I am comfortable, or when I am in my comfort zone. When you are not closing, you may start to doubt your abilities and close less.

Are you afraid of success? Could that be what’s holding you back?

When I am at my peak, selling everyday like crazy, it’s not any more work than when I’m not selling and spending my time prospecting all day long. And selling is a lot more fun than prospecting, don’t you agree?

Projecting confidence with your sales prospects

We all know you have to believe in what you are selling. But is that enough? In my opinion, no. What you were selling has to light you up. For example, I love my iPhone. In fact, I love all things, or almost all things Apple. Do I want to sell phones or computers? – no, I don’t.

Find something you believe in, and that lights you up. Because when it lights you up, you will happily work 24 hours a day, and it won’t feel like work.

Another part of it for me, and many other sales people I talk to, is learning. If I feel like I am learning and growing, I’m happy. If I feel like I’m not learning, I feel stagnant and bored.

 On that positive note, let’s move into closing techniques.

Close your sales with confidence.

You have to be comfortable and confident asking for money, no matter what you were selling. Close your sales with confidence means being able to create urgency and being comfortable asking for the money.

When you really believe in what you’re selling, or offering, and you believe it will make a difference in your prospects’ lives, then it is your duty to share that with them. Whether it is something they need or want. 

Will it make their life better? Will it give them physical or mental peace or happiness?Remember it’s how you make them feel. If they feel good about what they are doing with you, they will buy what you are offering.

To quote Maya Angelou, “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.

How to close sales with confidence

Creating urgency.

Do they want to feel good now? Don’t we all? If they bought your product or service today, would they feel better about themselves or their situation?

In this world of immediate gratification, it amazes me how many people put stuff off. Like making a decision about buying something that would make their lives easier. Like a bigger, or smaller house, a gym membership, or a reliable car. 

Where are they in the buying process?

Find out what do they want to do or what are they are looking to accomplish. Then help them find the best way to close that gap. 

Just because they know they have a problem, does not mean that they want to close the gap. There has to be a need, a want, and a trust that you can help solve their problem and help make their “pain” go away. 

If all three of these things are not in place, you will not get the sale. They may have a need and know that you could help them, but they don’t want help. Or they have need and want, but no belief in your offering. If it’s the latter, you stand a chance. Because, through conversation you can find out why they feel that you can’t help them. What is missing that you aren’t giving them?

You have to be confident to ask the difficult questions.

This, my friends, is where your confidence comes in. Ask for the sale more than once, in different ways. Not by pounding the sale out of them, but finding where the disconnect is. 

Sometimes it can be so simple, like they didn’t understand how your product or service would work for them. Just by asking “What are you looking for that you don’t feel my product or service can’t do?” Direct questions. Maybe they are right, and your product or service is not for them. 

And maybe they missed something you said. One simple question, but you have to ask.

If you ask that question, and nothing is missing, you can ask, “Why would you not do this today?“ or, “What is stopping you from doing this today?”

Most of the time, if you have gotten this far but they still won’t buy, it is because they are afraid they are going to make the wrong decision. Or that they will make a mistake. Do you like making mistakes? I don’t. And neither do your customers. At this point, can you offer them a money-back guarantee that might make them feel more comfortable?

Next is money.

When I ask for money, I write down the dollar amount, and I put it in front of them. Then I don’t talk. It’s even better if I can show them two numbers. Place both numbers in front of them, and watch their eyes. Again, don’t speak. Which number are they more drawn to? Before they even speak, you will know their answer. Because their eyes will linger longer on the number that is most appealing to them.

Let them speak first. If you find they are avoiding both numbers, they fidget and can’t look at either number, then they don’t like what you are showing them. If this is the case, and you’ve been quiet, you now have my permission to speak up and say, “Would you like to see payment options?” because they may not know that you can offer that. Don’t assume anything, because something that seems so obvious to you, may not be so obvious to them. 

If they say no, ask another question. Assume the sale and let them know your payment options. Just take a deep breathe and say, “Would you like to pay that with a check or a credit card?”. If they stop you, you can ask them what is stopping them.  Ask for the sale boldly and unapologetically and close your sales with confidence.

If they have been honest with you with their answers to your questions, and they still aren’t buying, it’s a pricing problem, and you haven’t established the value of your product or service. Go back and find out what you missed. Again you have the confidence to ask the tough questions. 

Remember, be the guide to help them get what they desire, and you will be able to close your sales with confidence.

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A Confused Mind Never Buys

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Have you ever heard the phrase “a confused mind never buys” before? Let me explain it, by sharing a story with you about the Jam Study of 2000

Yes, It’s a real thing.

People were offered 6 types of delicious jam, and after they tried the jam, they picked what they wanted and bought it.  Sale made!

BUT, when they changed up the study a bit, gave the testers 24 types of equally delicious Jam, they were 90% less likely to make a decision! 

I get this, because there is a flea market near me that has a pickle place. And the pickle place has 100 different types of pickles.

Have you ever heard the phrase “a confused mind never buys” before? Let me explain it, by sharing a story with you about the Jam Study of 2000.

I was thrilled, and I knew I would be bringing home some pickles with me that day. I’m always looking for a good garlic pickle, the old – fashioned ones they used to keep in a barrel. Anyway, easy sell, right? No! I tried all of them, at least it felt that way. But, I didn’t buy anything! For one, I was full, and I never wanted to eat another pickle ever again.

 And two, I was just overwhelmed with all the choices, and, a confused mind never buys.

 It’s the same for your customers. There are seven ways you can confuse your customers, and you might not even realize the confusion you could be creating.

We all want to show our potential clients how knowledgeable and capable we are.

But what are you really saying to your customer, or what are they really hearing? Are you using too much industry – speak, talking in a language your customer just doesn’t understand? Use what I call “simple speak”, almost like you are talking with a child in kindergarten, without insulting the customer’s intelligence, of course. Speak clearly, and with words your customers will understand. Even if they act like they understand, they may just be too embarrassed to tell you they don’t. And, a confused mind never buys. No sale.

Is the potential customer not exactly sure what you want them to buy?

Sometimes we will talk too much about what we offer, without asking good questions to learn more about the needs of the customer. And the potential customer may not be exactly sure what you’re asking them to do. Be clear about your offer and make it easy for them to make a decision.

What should your potential customer do next?

Are you asking for the sale? If they are already a customer, are you asking for the upgrade or the add on? Do you want them to give you a referral? Is there something that you need from them so that you can complete their project? Please don’t ask for everything at once. Make a list, and when it’s done, move on to the next thing. If you ask for everything all at one time, the customer will become confused, and you will accomplish nothing.

Does your potential customer understand why you are asking them to do something?

Why should they buy what you are offering? Yes, this sounds so simple, but it’s true. They understand what you’re saying, what you’re asking them to buy, but they may be wondering why you’re asking them to buy. Let them know why you feel this product or service would benefit them. Will it save them time or money? Protect them or their families in the time of crisis, or just provide entertainment and relaxation? Be clear on the value and benefit for them.

When will what you promised them happen?

What steps do they have to take? Give them a time frame or an agenda. A confused mind complains or gets upset if they feel you are not living up to your promises and their expectations. Make sure you are both on the same page.

What are you promising?

On top of the time frame of what will happen when, be clear on what your promise is! Sometimes the customer may think you have promised them something you did not promise them. I avoid this by writing down a list of the promised things, if they are not laid out in a contract. I have them review it with me, and I ask them if I missed anything. That way when a customer asks for something additional out later on, I can remind them of what we spoke about and offer to help them with their next step.

Stay in touch with them.

Don’t just take their money and run. After all, you have now established a relationship and they trust with them. You’ve done the hard work, don’t loose the benefits. It could be a phone call, an email, a handwritten note. Let them know you are thinking about them once in a while.

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