Sales is a profession. When it is done 'professionally,' one can earn the type of income that other professionals earn. Years before I was introduced to the sales of manufactured homes, I was fortunate to have been trained by an insurance sales professional. Though the products are different, every business is the 'people business.' So there were helpful lessons that made the transition to a tangible product sales easier.
Posts Tagged ‘conversion ratio’
December 18th, 2011 1 comment
One of the great lessons from that trainer was the difference between the disciplined sales professional vs. a lazy one.
Stop and think. Medical doctors routinely study the latest literature. They take annual update classes. They read daily in their field.
Attorney's keep up with the latest decisions in case law. Lawyers also have to take classes and update information. Good teachers must do similarly, auto mechanics have to keep up with the latest cars and their mechanical trends and so on.
So why do some sales pros sometimes behave as if they know it all and have nothing more to learn?
I spoke with a firm once where the conversion ratio of in the door contacts to closed customers was 1 in a 100. Ouch. As I observed the 'process' that was followed, it was quickly apparent why. Excuses to management were the type of selling that location's sales staff seemed to specialize in.
To be a sales pro who truly wants to earn a professional income, one must:
– have a planned process – not a canned process – from initial contact to satisfied customer. Just as every professional sports team has there play book, but also practice how to ad lib a play, so too sales pros must drill on a process that routinely results in closed business.
– Review every sales encounter. In the insurance business, I was taught that after every sales call, you stopped and did a quick review immediately thereafter. What went well? What went awry? How could it be better next time? Professional players watch film! Why not 'replay' the sales encounter in a studious, professional fashion, so you can learn what works and what doesn't?
– Keep accurate records. Many firms have leaned the value of CRM (customer relationship management) software. A sales pro may be able to handle 20-30 prospects maximum manually and do 'well.' With CRM, hundreds can be in your data base and intelligently followed up. As important, don't lie to yourself or your company. Record and log every sales encounter. That means the 30 second one as well as the 3 hour one. You can't be your best until you – and your manager/coach – know exactly how your conversion ratios are going.
– Stay up to date! As a young student of manufactured housing, I devoured every trade magazine I could get my hands on cover to cover. I listened and observed all the sales people around me. Yes, that meant the good ones AND the poor ones. What made the poor ones weak? What made the more successful ones good? I watched and took notes. I asked questions from those who would shoot straight with me. I wanted to be a sponge, and soak up all the Info on homes, product or industry news and strategies that I possibly could.
As a result, my personal best month was 15 homes sold at retail. 1-3 homes a week was a routine sales result, once I was 'in the groove.' I earned more after my first year in MH sales than my father who was a well published full professor at a major university and more than my older brother-in-law who was a seasoned pharmacist.
Managers, set an example of dedication to learning. Let your staff see you reading news and tips daily here on MHProNews.com. Then, you can look your look your staff in the eyes, and say, here is part of your daily drill. You should have them read Everything!
I leaned sales methods ranging from the Schwepfinger approach to many others taught by factories, trainers, books or audios that I invested in or where provided by companies I worked with. Over the years, I created my own system from what I felt was the best of what I learned, which included such gems as SPIN and SIB-KIS in selling. We could take a house wife with no prior outside sales skills and if she had the right attitude and drive, with an easy to learn, low key approach, have her selling 3-4 homes a month. Those who became proficient would do double that monthly or more. One gent who worked with me accomplished an amazing feat: during a one day open house, he wrote seven up, got all seven approved and closed all seven sales, plus those he did the balance of that month.
7 in a day! That's selling!
Sales people have the advantage, but only if they are professional, respectful, listen and are dedicated. Ask the right questions, listen to what people tell you. Listen to what they mean, not just what they say. Have the right intentions, to truly serve them, not just to shoe horn them into a house.
At the PEAK Retailer summit, which we will have recap of at the Louisville Show mid January 2012, one of the attendees made this powerful statement:
People are more interested in whether you care vs. what you know.
Combine true care for your customers, a true desire to serve them the way you would want to be served. Combine that with a prudent sales process that is user friendly and you will earn a professional income while enjoying the benefits of having happy customers. ##