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Value Based Selling for Small Business Owners

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  • 1. Value Based Selling for the Small Business Owner
  • 2. Who is @MichaelBowers? District Center Manager for Ohio SBDC at Columbus State since 2002 SBDC State Star for Ohio in 2007 Won the SBA Innovation and Service Center of the Year for Ohio and SBA Region Five in 2007 Striving to accelerate the growth of entrepreneurship and small business innovation. #RunNerds Marathoner. What's worth doing is worth doing for 26.2!
  • 3. Who is the Ohio SBDC at Columbus State? An experienced & award winning team providing no-cost, one-on-one business management advice with four centers to serve you at one location: Core SBDC Manufacturing & Technology SBDC International Trade Assistance Center Latino SBDC
  • 4. Who is the SBDC at Columbus State? A team who serves nine counties including: •Delaware •Logan •Fairfield •Madison •Fayette •Pickaway •Franklin •Union •Licking
  • 5. Visit my small business blog at Ideas2Deals.com
  • 6. Why Sales? Nothing happens in a business until someone sells something.
  • 7. Why Sales? 7
  • 8. Ground Rules No Stupid Questions You need to participate and do the work between sessions.
  • 9. It’s All About The Story… What’s Your Story?
  • 10. Pitch Us Introduce Yourself / Pitch Me What do you do? Why are you here?
  • 11. Getting Your Ideas To Spread
  • 12. Traditional Advertising Won’t Work There are so many options and media now that are competing for consumers’ attention that it is easy for them to ignore traditional “Push” advertising
  • 13. Key To Success… Be Remarkable
  • 14. Being Good Is Easy To Ignore
  • 15. Being Safe Is Bad
  • 16. Work The Edges Want To Ignore You Want To Hear From You
  • 17. Key To Success… Earn Attention Of People That Want To Talk To You Build Trust With Them They Will Share With Their Friends
  • 18. Everybody Sells Either you are selling them on buying from you or your are selling them on buying from your competitor
  • 19. Why Sales? Nothing happens in a business until someone sells something.
  • 20. It’s All About Customers
  • 21. Key to Sales  Create Value For The Customer  Find the customers’ pain and solve it!
  • 22. Steve Kloyda The Prospecting Expert HTTP://WWW.THEPROSPECTINGEXPERT.COM 24
  • 23. Message Builder Pain Pleasure Reduce Eliminate Avoid Remove Diminish Increase Expand Maximize Strengthen Build-Up 25
  • 24. Keys to Sales Come up with 5 things that are great about dealing with you and your company Come up with 5 typical objections you get and how you should respond
  • 25. Keys to Sales Identify 10 Fans, Ask For One Referral Identify 100 Fans you can contact Identify 1 Center of Influence and take them to lunch
  • 26. For Information on SBDC Activities The Ohio SBDC at Columbus State p. 614-287-5294 www.SBDCColumbus.com
  • 27. Value Based Selling for the Small Business Owner
  • 28. S. Anthony Iannarino http://thesalesblog.com 30
  • 29. I could get more sales If Only…….. 31
  • 30. The Sales Process 32
  • 31. Effective Sales Process Suspects Prospects Qualified & Interested Presentation Close $ Sale $
  • 32. Key to Sales Nobody cares about what you do They care about what you can do for them
  • 33. Keys to Sales  Create Value For The Customer  Find the customer’s pain and solve it!
  • 34. Value of building rapport 80% of all sales are based on the customer Liking and Trusting the sales person
  • 35. Key to Sales  Sales Presentations  Build Rapport = Trust  Probe / Question  Prescribe a Solution
  • 36. Getting Your Ideas To Spread
  • 37. It’s All About Customers
  • 38. Everybody Sells Either you are selling them on buying from you or your are selling them on buying from your competitor
  • 39. Why Sales? Nothing happens in a business until someone sells something.
  • 40. Key to Sales  Create Value For The Customer  Find the customers’ pain and solve it!
  • 41. Keys to Sales Develop selling questions that get to the right results Develop closing questions
  • 42. What Makes a Sales Person?
  • 43. Why Sales? If you have a product or service that helps people you have an obligation to sell it to them.
  • 44. Key to Sales  Sales Presentations  Build Rapport = Trust  Probe / Question  Prescribe a Solution
  • 45. Biggest Key to Sales CLOSING ~ Ask for the sale Logical conclusion to the sales process
  • 46. Everyone is NOT your Target You need to “target” and “focus” on what will be most successful You can not focus your attention on “Everyone” and “Everything”
  • 47. Vision / Mission vision statement ~ a picture of your company in the future. Your vision statement is your inspiration, the framework for all your strategic planning. mission statement ~ articulates the company's purpose. It is why you do what you do
  • 48. Marketing Analysis  Who is your Target Customer?  What do you know about your customer?  What markets are you competing in?  How are you positioned?  What is your competitive edge?  How does price affect your positioning?
  • 49. Market Research Prove or Disprove There is someone out there to buy your product? There is someone out there to buy my product at my price
  • 50. Market Research WHO: Demographics: the statistical data of a population, especially those showing average age, income, education, etc. WHY: Psychographics: the “hot button” words of your customers that reflect their reason for buying. This is the basis of your overall messaging.
  • 51. Where Are My Customers? Reference USA • Demographics USA • US Census Bureau • Direct Marketing List Source
  • 52. Who Are My Competitiors? Industry Information • Reference USA • County Business Patterns www.census.gov/econ/cbp/index.html •D&B Regional Business Directory • Harris Ohio Industrial and Services Directories
  • 53. Special Directories • Thomas Register of American Manufacturers http://www.thomasnet.com • Food & Beverage Market Place • American Wholesalers & Distributors Directory • Directory of Chain Restaurant Operators
  • 54. Source of Research Information Main Library 96 S. Grant Ave., Columbus, OH 43215 645-2ASK • columbuslibrary.org Science, Business and News is located on the 3rd floor. Hours are: Mon.-Thu. 10-8, Fri. & Sat. 10-4, Sun. 1-5.
  • 55. Are You Marketing Or Selling?
  • 56. Marketing and Sales You need to do both but remember they are separate activities connected by your brand and your messaging.
  • 57. What is Marketing? Everything you do to promote your business to get customers to buy your product/services on a regular basis.
  • 58. What is Sales? The exchange of goods or services for an amount of money or equivalent
  • 59. Why Sales? Marketing costs money ~ Sales makes money
  • 60. What is Marketing? Everything you do to promote your business to get customers to buy your product / services on a regular basis
  • 61. Marketing Your Business  Set Goals  Identify your target market  Establish Your Objectives  Map out your tactics  Construct your budget  Build your timeline  Execute - Evaluate - Execute
  • 62. Marketing Is… Building Activity Above Your Sales Funnel
  • 63. Are You Marketing Or Selling?
  • 64. Why Sales? Nothing happens in a business until someone sells something.
  • 65. Why Sales? If you have a product or service that helps people you have an obligation to sell it to them.
  • 66. Set The Stage Prospecting
  • 67. Make Your Own Game More now than ever before you are able to change the rules of the game through use of social media tools. These game changing tools can allow you to bring your message to more people than ever before for less money than ever before.
  • 68. Make Your Own Game Just having the tools will not make you successful. It is the strategy in employing the tools that will make you successful. By understanding where you want to go you can come up with innovative ways to promote your concepts, ideas and brand.
  • 69. Effective Sales Process • • • • • • • • • Define Target Market Generate Sales Leads Quantify Sales Leads Approach Prospects Make Sales Presentation Handle Objections Close the Sale Create Relationship Service after the Sale • Repeat
  • 70. Sales Steps • Have an objective for the meeting • Build Rapport • Ask “Great” questions • Affirm the prospects needs (find 3) • Tell your story (What is important to the them) • Propose Next Steps • Ask to go to the Next Step • Affirm and thank for their time
  • 71. Prospecting How Full is Your Funnel?
  • 72. The Power of Digital Know Your Prospect Build Fans Convert
  • 73. Why Participate? Marketing is changing The need to spend money on push advertising is diminishing “Word Of Mouth” is a click away
  • 74. Your Website Is Critical This is where the magic happens and by magic I mean SEO and CONVERSION.
  • 75. Your Website Is Critical
  • 76. OhioGrowthSummit.com
  • 77. Prospecting Networking: Cold calling: Trade Shows: Direct mail: Referrals: Prospecting clubs: On-line sourcing: Your website: Social Media: Combine pleasure and business. Calling people with no known interest. Have a strategy to convert Send flyers and information. Get people to give you leads. Collaborating with other sales people. Finding useful detail online. Is a very powerful tool. On-Line Networking.
  • 78. Networking • It’s not about you • • • • • Build a relationship Have to keep moving Don’t be that Guy/Girl There is no prize for collecting business cards Be expected to be there
  • 79. Cold Calling • Be respectful: You have entered their territory uninvited and must show that you are worthy of their time. • Go for yes: Getting agreement sets a pattern whereby they are more likely to agree. • Ask for time: If you ask them for a few minutes and they say yes, they will feel obliged to give you that time. • Get to benefits quickly: You need to sustain their attention by showing “what's in it for them”. • Get to next meeting: Success in cold calling often means getting permission to continue the conversation later • Expect No ~ Keep Moving, It’s a numbers game
  • 80. Cold Calling • 80% of all new sales people fail because of call reluctance. • The telephone as your stage. • What is the purpose of your call? • Is your message clear, concise and consistent? • The entire purpose of your approach is to get invited into the conversation.
  • 81. Cold Calling • If you had the cure for cancer, how many cancer patients would you approach each day? • We ask questions to identify or create an opportunity. • In every call something is being revealed to you. Are you listening for the opportunity? • Don’t overcome objections. Work with them. • What action do you want this person to take?
  • 82. Trade Shows • Go to the conferences and exhibitions where your potential customers go. • Make presentations that will impress them with your products and services. Give out copies of your paper and other material. • Hold 'clinics' where customers can come and discuss their difficulties and issues. • Man the stands and talk to as many people as possible. and draw them into sufficient conversation to discover their potential as a customer • Give out your card, of course. Also get their cards.
  • 83. Direct Mail • Develop and write marketing material that will appeal to your audience. • Provide clear and easy contact information, such as: • Web address • Email address • Free phone number • Pre-paid postcard • Send it through the mail or otherwise deliver it to their door. • Make sure that all calls and messages go to a specialized location that can respond rapidly and knowledgeably. • Quickly follow up on all responses.
  • 84. Referrals Getting referrals is a preferred method of getting leads. After refusal: After you have been turned away or not made the sale is a great time to ask for a referral. But why should a person give you a referral when they could easily just blow you off? We generally dislike refusing and turning away other people, so when we say no, we are more likely to agree to give a referral to the sales person. • After the close: After people have bought from you, they are feeling the post-close warmth and are thus more ready to help you. • After great service: If you sell someone a great product or give them great service, they will help you in return by referring • Any other time: People are often giving you referrals and don’t know it, pay attention.
  • 85. Prospecting Clubs • Work together with other sales people to share the burden of prospecting. • You can even do this with sales people from other companies where they are selling complementary products. • You can either work very closely together on a daily basis or meet up every now and again to discuss how the business and general prospecting is going. As well as sharing leads, also share methods and ways of converting prospects into customers.
  • 86. On-Line Sources • Find information about individuals and organizations who might buy from available information such as their blogs and information on company officers. • Companies often have web pages on their sites that describe their history, organization and products. • There are also many useful websites and firms that provide company information, such as Hoover's and Dun and Bradstreet. • Look also for articles by and other information about the person you are investigating. You might even find their blog.
  • 87. Message Builder Pain Pleasure Reduce Eliminate Avoid Remove Diminish Increase Expand Maximize Strengthen Build-Up 89
  • 88. Keys to Sales Come up with 5 things that are great about dealing with you and your company Come up with 5 typical objections you get and how you should respond
  • 89. Keys to Sales Identify 10 Fans, Ask For One Referral Identify 100 Fans you can contact Identify 1 Center of Influence and take them to lunch
  • 90. For Information on SBDC Activities The Ohio SBDC at Columbus State p. 614-287-5294 www.SBDCColumbus.com
  • 91. Value Based Selling for the Small Business Owner
  • 92. The Sales Approach 94
  • 93. What Is Your Message Pain Pleasure Reduce Eliminate Avoid Remove Diminish Increase Expand Maximize Strengthen Build-Up 95
  • 94. Keys to Sales Develop selling questions that get to the right results Develop closing questions
  • 95. Keys to Sales Come up with 5 things that are great about dealing with you and your company Come up with 5 typical objections you get and how you should respond
  • 96. Keys to Sales Identify 10 Fans, Ask For One Referral Identify 100 Fans you can contact Identify 1 Center of Influence and take them to lunch
  • 97. The Sales Discussion 99
  • 98. 7 Things Tommy Boy Can Teach You About Sales 100
  • 99. 7 Things Tommy Boy Can Teach You About Sales 1. Sell Yourself (People buy from people they like) 2. Reading People (Identify verbal and non-verbal signals. Listen and pay attention) 3. Use stories to tell a story (Put people in the moment and show them how they will benefit) 4. Have Confidence (Success builds confidence) 5. Strangling the sale (Don’t be desperate) 6.You always have a meat lovers pizza in the trunk (Build Your Pipeline so you can relax) 7. Chicken Wings (Treat People right and they will treat you right) 101
  • 100. Yvette Alexander-Slate WWW.CARRIEDTHEBAG.COM 102
  • 101. More Keys To Sales  Each Stage of the sales process is about Customer Commitment.  It’s not a problem until the customer says it is.  Define an economic consequence to the problem. If not customer may choose to live with the problem.  Is there Committed Funding? Note…Budgeted and committed are not the same thing.  Who makes the final decision?
  • 102. Sales Techniques and Tips To sell you need to align yourself with the other person then “lead” them where you want them to go.
  • 103. Sales Techniques and Tips One word rapport buster…”But” Tells the prospect they are wrong. Use “and’ instead. “I understand “and”…; I agree “and”…; I can appreciate that “and” many of my happiest clients felt the same way and here is what they found…
  • 104. Sales Techniques and Tips Get clients into a “Yes” mindset. Get them to say “yes” 3 to 5 times at the beginning of the conversation even if it is in the initial small talk.
  • 105. Sales Techniques and Tips Everybody Sells Either you are selling them on buying from you or your are selling them on buying from your competitor
  • 106. Biggest Key to Sales CLOSING ~ Ask for the sale Logical conclusion to the sales process
  • 107. Sales Pipeline 109
  • 108. Sales Pipeline Mark Sellers http://funnelprinciple.com
  • 109. Sales Pipeline 1. Generate Lead (Preparation and Planning) 2. Do Initial Qualification by making the first contact (Approach) 3. Do detailed discovery (Fact Finding) 4. Make solution definition (Proving Value) 5. Make a proposal (Recommendation) 6. Do negotiation and make a closure (Close) 111
  • 110. Sales Pipeline 112
  • 111. Sales Pipeline and Social Media
  • 112. Sales Process/Pipeline • • • • • • • • • Define Target Market Generate Sales Leads Quantify Sales Leads Approach Prospects Make Sales Presentation Handle Objections Close the Sale Create Relationship Service after the Sale • Repeat
  • 113. Sales Pipeline At each stage of the pipeline create value for the prospect/customer
  • 114. Customer Relationship Management 116
  • 115. Customer Relationship Management Everything Everything about your customer and your interactions with that customer.
  • 116. Move Prospects through the Funnel 1. Generate Lead (Preparation and Planning ) 2. Do Initial Qualification by making the first contact (Approach) 3. Do detailed discovery (Fact Finding ) 4. Make solution definition (Proving Value) 5. Make a proposal (Recommendation) 6. Do negotiation and make a closure (Close)
  • 117. Customer Relationship Management Software Choose a system that’s easy to use: All solutions are not created equal. Some vendors offer more user-friendly applications than others, and simplicity should be as important a decision factor as functionality. Choose the right capabilities: Employees need to know that time invested in learning and usage will yield personal advantages. If not, they will work around or ignore the system. Provide training: Changing the way people work is no small task, and help is usually a requirement. Even with today’s more usable systems, many staffers still need assistance with learning and adoption. 119
  • 118. Final Thoughts (Almost Done)
  • 119. So What Is Your Answer? 121
  • 120. I could get more sales If Only…….. 122
  • 121. Do or Do Not… There Is No Try!
  • 122. Share Your Passion Create Value For Others
  • 123. Everything is always impossible before it works. That is what entrepreneurs are all about – doing what people have told them is impossible.
  • 124. You’re Ready!!!
  • 125. Where Am I? E-mail Ohio SBDC Blog Twitter Facebook Google + Pinterest LinkedIn mbowers3@cscc.edu http://www.sbdccolumbus.com/ http://www.ideas2deals.com/ @MichaelBowers and @Ohio_SBDC https://www.facebook.com/michael.bowers https://www.facebook.com/SBDC.Columbus https://www.facebook.com/Ideas2Deals http://gplus.to/MichaelBowers http://pinterest.com/michaelbowers/ http://www.linkedin.com/in/mbowers030
  • 126. For Information on SBDC Activities The Ohio SBDC at Columbus State p. 614-287-5294 www.SBDCColumbus.com