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34 - The Oakville Beaver Weekend, Saturday June 24, 2006 www.oakvillebeaver.com Z THE BUSINESS is for: OAKVILLE CHAMBER of COMMERCE Sponsored in part by THE THE TAX ADVISORY INCORPORATORS ADVISORY ZONE IN TO BiZZZ MINDING YOUR BUSINESS The Product Oriented Peddler group makes up another 50% of the sales profession. These people face the highest rate of rejection of any of the four groups. They typically know the various stages in the selling process, but because of their mindset, have reversed the appropriate amount of time devoted to each of these stages. Let me illustrate this. · 5% of their time is devoted to customer Needs Analysis, but this analysis is focused on their own product, not on what the customer really needs, or more importantly what the customer really wants. · 10% of their selling time is devoted to Problem Solving, but because they haven't really uncovered a true problem (or opportunity) they don't have to spend a lot of time here. Just dig out presentation #2A, and that should do. · 35% of the sales cycle time is spent on delivering a Presentation complete with Features & Benefits. This takes time because the Features (and more importantly) the Benefits have no relationship to the client's problems. · 50% of the time is now spent on Closing and Handling Objections. The salesperson has not identified a real need opportunity, therefore can't come up therfore can't come up with benefits that are meaningful to the client, and as a result spends most of his result spends most of his or her time fielding objections that they are ill equipped to handle. This level of sales professional deals in pre-determined packages or offerings irrespective of client needs. Their typical mantra is "Have I got a deal for you." The Counselor Sales Type, which only accounts for 8% of all salespeople, goes through the same sales cycle, but reverses the time spent with each phase. · 50% of their selling time is in customer Needs Analysis, but this analysis is done from the customer's point of view. There is no brochure or company literature given out on the first call. They never sell on the first call. Rather, they listen and probe via questions as to what's really on the prospect's mind. They identify a problem worth solving. · 35% of the sales cycle is spent on Problem Solving. This takes some time if you are going to prepare a custom solution for your prospect. · 10% is devoted to the Presentation, with Features & Benefits that are specific to the client's needs and wants, and nothing else. · 5% of the time, if any, is devoted to Closing. Prospects who are served in this manner by professional salespeople are ready to buy well before the end of the presentation. And the best salespeople in this stage of development, stop their presentations right there, and ask them to buy. These salespeople are problem solvers. Their mantra could easily be, " People won't care how much I know, until they know how much I care." The remaining 2% of salespeople are Sustaining Resources. They are problem preventers in addition to being problem solvers. They are viewed by their clients as someone from which to draw ideas from. They are a sounding board, a shoulder to rest on. They're received as unpaid staff members in the customer's employ, with all the benefits and responsibilities. With only 10% of all salespeople out there who make a point of truly understanding client needs, is it any wonder that so many Sales Managers tell me that Closing the sale (and by association, handling objections) is their number one concern with their sales force. Closing the sale is for most salespeople their #1 Highest Pay-off Activity, and if done correctly, should take no time at all. Closing The Sale, Opening the Business Relationshop As a follow-up to last month's article on identifying and listing "Top Pay-off Activities" this editorial will focus on one of those activities that appear on most people's lists. However, when I interview Sales Managers and ask them if they could pick one area of the selling process where their salespeople would benefit most, they invariably say CLOSING the sale. After all, isn't Closing one of the most personally rewarding activities for any salesperson? So why is it so difficult? In preparing an answer to that question I took a look back to some sales development materials I used in the early 1990's that amazingly are still valid today. We divided the evolution of sales professionals into four categories. 1. The Commercial Visitor 2. The Product Oriented Peddler 3. The Counselor Sales Type 4. The (on-going) Sustaining Resource At that time, research had suggested that 40% of all salespeople were Commercial Visitors. All they did was close - nothing else. These are the people who are best typified by their mantra "Wanna Buy, Wanna Buy?" And yes, some prospects do buy. Their success is based solely on the number of prospects they ask to buy. |Their style focuses on activity rather than results. Bill Weis is President of The HRD Group in Oakville, and is an active member of the Marketing and Education Task Groups. HF Hynek Financial Providing benefit plans to over 500 businesses & insured financial services to individuals · Group Employee · Life Insurance Benefits · Critical Illness · Disability Income · Succession Planning · Estate Planning Including Best Doctors® provided at no cost to plan members We are exclusive representatives for the Chamber of Commerce Group Insurance plan INCORPORATORS Incorporating Businesses Since 1983. Combining The Best Of The Legal, Business And Income Tax Planning Processes. Who Should Incorporate? · Any business whose annual net profit is in excess of $20,000; · Any business which has a risk of being sued which in today's litigious society is just about everybody. THE Why should I Incorporate My Business? Oakville's Best Kept Secret Built in a park-like setting, our hotel will provide you with comfortable accommodations and banquet facilities to suit you. · Free high-speed wireless internet in all rooms · 2 room suites featuring microwave and fridge. · Jacuzzi suites · Hampton's Rest. · Indoor Pool · Whirlpool & Sauna · Free Parking · To pay less income tax. · To protect your personal assets from your creditors. · To give your business greater credibility. · To protect your business name. Why Should I Have `The Incorporators' Incorporate My Business? 1.800.4.CHOICE www.choicehotelsontario.ca ED FOSTER Daniel Hynek · Benefits Specialist · Financial Planner M.B.A., C.F.P., CLU, CH.F.C. 754 Bronte Rd. Oakville · Our rates are one-third to one-half that of our competition. · The Articles of incorporation that we prepare for you will be designed in such a way as to provide you with maximum flexibility in your personal and corporate income tax planning. · We have been incorporating companies for over twenty-one years. 905-847-6667 1-800-228-5151 or Fax 905-847-7447 www.qualityhoteloakville.com sales@qualityhotelaokville.com For More Information Please Call Us At (905) 469-8777 Or Visit Us At Our Website COMMITTED TO INCORPORATING YOUR COMPANY THE RIGHT WAY THE FIRST TIME www.theincorporators.ca 905-849-4342 www.hynekfinancial.com