Handling a Collapsed Sale – Eight Powerful Strategies

When you sell on commission, either in whole or in part, you will run into your fair share of collapsed sales. Whether a rookie or seasoned sales pro, these collapses can cause enormous mental anguish and even cause problems in ongoing performance without the tools to emotionally handle the situation. The emotional pressure of seeing commissions slip away has ended countless careers. Here are eight effective strategies for coping with and even benefiting from the experience.

First: It’s essential to recognize that collapsed sales are part of the selling experience. They do not just happen to you. In fact, if you are not experiencing collapsed sales you probably are not writing enough business.

Deals fall apart for a variety of reasons. Some of which include:

  1. The customer is not able to qualify financially. (the number one cause)
  2. There is buyer’s remorse and the customer cancels.
  3. A third party intervenes after the sale to create doubt in the customer’s mind.
  4. A conditional subject can not be removed by one or the other party.
  5. A lower price emerges elsewhere before delivery takes place.

There are more, but these are sufficient to work with here.

Second: When a sale unravels, evaluate the cause. This step is overlooked by many salespeople. For instance, if the customer is not able to qualify financially, the cause of the collapse does not rest with you unless you have oversold. If you have made that mistake, learn from it. Just remember that you are not personally responsible for the prospect’s credit rating.

Buyer’s remorse is something master salespeople rarely encounter because they work to build the perception of value to a point well above the price being sought. This also helps keep third party intervention to a minimum.

“Subject to…” or conditional sales collapse at a much higher rate than do unconditional sales or sales subject only to credit approval. Work to remove the conditions prior to finalizing the contract. “Subject to’ deals are easier to close but unravel much more often.

Try to schedule completion at the earliest possible date. This reduces the risk of price becoming an issue after the fact.

Third: Avoid mentally spending a commission before it is actually paid after completion. Commissions are actually paid after total completion, not at signup. Don’t take mental ownership of that money prematurely. That way, you will not lose something if everything fails to stay together.

Fourth: Avoid looking for ways to assign ‘blame’. Responsibility and blame are two very different things. You can only be responsible for your own actions. I urge you to do that. You might hope others will take responsibility for their action too, but you can’t demand that they do or even expect it from them. Blaming someone is an expression of negative energy that will drag you down emotionally. The feelings you will experience will not serve you in any positive way. If you want to experience true job satisfaction and inner peace, steer clear of blaming anyone, including yourself.

Fifth: Ultimately, you must learn to let it go. If you have done everything in your personal power to salvage a collapsing sale, understand that you have to let it go emotionally if it can not be saved. This is not easily done by most salespeople but it is a necessary tool understood by all the sales masters who consistently earn the most money, regardless of the industry they sell in.

Six: Avoid war stories.

Many people are legendary for the telling of their war stories where they regurgitate all the things that did not go their way. This spreading of negativity serves only to lower the collective energy of everyone. People who tell war stories are usually wallowing in self-pity or looking for sympathy. Remember the old expression that informed you, misery loves company. War stories, if you tell them, simply dredge up the past where nothing can change and you get to relive unpleasant feelings all over again. War stories, if you hear them, will allow the teller to lower your energy level. He or she gets to feel a bit better and you get to feel a lot worse. Avoid war stories always!

Seven: Learn to salvage something. Try to get referrals. When a deal collapses, chances are, that many times your customer will feel as bad and perhaps even worse than you do. He or she might be feeling guilty, especially if it is a credit issue. You can still have your customer get you paid if you can call upon that customer to provide you with some referrals. Do not be afraid to ask. If you have a good rapport, the customer will usually come through for you.

Eight: Don’t burn the lead. Sometimes after a sale falls apart, salespeople might be tempted to voice their displeasure with the customer. There is nothing to be gained in doing that. Again it is spreading negativity and will cost all chance of future business or referral from that person. I can’t count the times over my selling and management career where I’ve seen customers return to buy after a previous attempt had collapsed. Allow yourself the opportunity to get paid at some future date. After all, getting paid is good, isn’t it?

It can be a fairly complex process but don’t feel overwhelmed, reach out to PrintArt today, and explain your needs.  Their customer service department will put together a cost-effective quote and help your vision come to reality!


PrintArt – Accurate Die Cutting
413 Interchange St.
McKinney, TX 75071
972.562.7921
https://www.printart-adc.com


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Do you have a special project that you need our help with? Just fill out this small form and let one of our representatives give you a call and talk about your project.

Two Words – To Quickly Uncover Your Buyer’s Motivations

Do you already know that open questions are an important tool for finding out what your prospect is looking for, and his or her motivations? It’s a point to master in order to become a great ‘sales interviewer’.

Two words work significantly better than the ones you usually find listed in sales-training books. Typically what you will see are all the ‘w’ words – that is, ‘what’, ‘which’, ‘where’, ‘who’ and ‘why’. But only two of those are really good and one of them is dangerous if you aren’t careful.

‘What’ is excellent. Here are some typical questions you can use it to begin:

What do you want to do with (this item, equipment, etc.)?

What are your priorities?

What matters to you most?

What time-scale do you have?

What do you like about . . .?

‘Which’ and ‘Where’ got a free ride along with the more powerful words, those two are usable but not outstanding.

‘Why’ has to be used with discretion. Anything more than two or three ‘whys’ in an interview comes across as rather aggressive, that is the last thing that a sales-interview should be. (Leave that to Jeremy Paxman and other political journalists).

Powerful use of ‘why’ is a one-off shot in response to a customer saying, ‘I don’t like . . . ‘(some feature or another model, etc.). Just ask, ‘Why?’

‘Who’ has a natural application for discovering the decision-maker(s) involved in buying within the prospect’s company. You can ask, ‘Who else would be involved in the decision?’

I’ve left the other great one to last; ‘How’, a word that works very well together with ‘What’.

An example:

‘What do you want to do with this equipment?’

Customer replies and you continue;

‘How did you handle this issue before?’

‘What happened?’

‘How did you deal with that?’

What do you see as the main problem?

‘How are you planning to tackle it in the future?’

And so on.

‘What’ and ‘How’ give you an almost instant sales interview and find out the buyer’s motivations in an effective, un-pressured way. They have a happy relationship with one another.

I suggest you get acquainted.

It can be a fairly complex process but don’t feel overwhelmed, reach out to PrintArt today, and explain your needs.  Their customer service department will put together a cost-effective quote and help your vision come to reality!


PrintArt – Accurate Die Cutting
413 Interchange St.
McKinney, TX 75071
972.562.7921
https://www.printart-adc.com


Would you like more information?
Do you have a special project that you need our help with? Just fill out this small form and let one of our representatives give you a call and talk about your project.

Top Universal Sales Closes

If you are to become proficient in closing the “sale” you will have to become knowledgeable of the many different types of sale closes. First of all, a good salesperson must understand this fact; products and services are sold, not bought and top salespeople always plan their closes in advance. Shooting from the hip is not a practiced art of top salespeople.

Here are two questions that you must be comfortable asking your customers:

  1. Does this make sense to you thus far?
  2. What questions or concerns do you have for me right now?

These two questions without a doubt will get you the furthest in the sales process than any other questions by causing the customer to share what they do or don’t understand. Most objections from a customer are due from the customer not understanding the value they will obtain by possessing the product or service you present them.

The following is a list of proven closes used by some of the top salespeople in the sales profession:

1. Invitation Close: “Mr. or Miss. Customer why don’t you just give us a trial run to see if our products or services are to your liking. You have nothing to lose but being a satisfied customer.”

2. Preference Close: Give the customer several choices between prices and/or products. No one likes to be pushed into a corner. By offering choices to the customer it gives the customer the illusion that they are in control of the transaction. Always know that the person who is asking the most questions is in control of the conversation. So, ask away!

3. Secondary Close: You will want to keep the customer’s mind on your products or services and bring up as many reasons why the customer may find value in owning or using the products and services you have to offer. In many cases, a customer’s attention may wander. If this does happen to you, it is imperative that you get the customer concentrating back on the subject at hand.

4. Directive Close: Let the customer know what the next step is; (the plan of action) then guarantee the customer that you will take care of all the details personally, concerning the product or service red tape immediately! Most customers want to rest assured that the salesperson is competent and in control.

5. Shape Angle Close: “Mr. or Miss. Customer, if we can satisfy all of your concerns regarding our products or services, what would stop you from doing business with us right now”?

6. Authorization Close: “With your authorization here on this agreement” We can get started right away providing you with the products or services we spoke of this evening.” People want things taken care of right away. People also want to know the value in what they are about to own or purchase.

7. I Want To Think It Over Close: “That’s a good idea that you do so.” “I know this is a very important decision you are about to make.” “Obviously you have a good reason for wanting to think it over?” “May I ask what that reason maybe?”

8. Assuring Your Customer Close: “When working with our organization you will receive extraordinary service!” “The quality of our products and services are the top in the industry!” “Our organization makes our products and services convenient for our customers!” “You will know the true value and the significance of owning our products or services once you see how they work or function!”

There are several keys to being successful in selling. You will want to get serious and decide to follow through with your commitment to be the best at our craft. Next, you will want to identify your prominent skills, so you can become a successful salesperson. You will then want to surround yourself with the best of the best, so you can ultimately become the best.

Taking care of your physical health is very important also. Your health has a lot to do with your demeanor and confidence. Your attitude controls your altitude. So, stay healthy and strive to be the best in all you do. You will want to have a positive visualization of greatness. You will want to see yourself as the very best in your field. You are what you think about all the time. The way you visualize yourself will be the person you will become.

Be careful how you talk to yourself. Talk to yourself positively. You will want to control your inner dialog. Never forget! Positive input = positive output! Garbage in, garbage stays! Never lose sight that the quality of your life will be determined by the depth of your commitment to excellence more than any other factor.


PrintArt – Accurate Die Cutting
413 Interchange St.
McKinney, TX 75071
972.562.7921
https://www.printart-adc.com


Would you like more information?
Do you have a special project that you need our help with? Just fill out this small form and let one of our representatives give you a call and talk about your project.

Your Product is Not What You Sell

It is a common misconception among salespeople and businesses that what they sell is their product. Once you understand this is not correct and can see what your product truly is, you will be on a rocket ride to greater profits, happier customers, and a new outlook towards sales.

In a recent survey, numerous salespeople were asked directly what their product was and 96% of them stated that what they sold was their product. Let’s use a simple example to see why this not the case and can change the way you conduct business.

We will look at Mercedes Benz automobiles for ease of simplicity in our example. Salesman Joe is a proud salesman for Mercedes Benz Anytown and he has been an average salesperson for several years making a moderate income. When asked, “What is your product, Joe?” He responded, “The finest Mercedes Benz automobiles that are produced with the highest standards for quality, precision, and craftsmanship.” Joe stood proud as if he nailed a perfect 10 on the floor exercise in the Olympics. He was beaming with confidence and he felt like his response was perfect and impenetrable. As the questioner stood silently for several seconds, Joe the salesperson began to look for holes in his response. Then Joe was asked one simple question that began his transition from mediocrity to sales superstar.

The question was this: “Joe, is that your product or Mercedes Benz’ product?” Joe scratched his slightly balding head and began to search for an answer. He brought forth this response, “I guess it is Mercedes Benz product!” It produced an incredible “Oh my Word” moment for Joe.

He next began to wonder what his product really is and we began to brainstorm to see what his product is as a salesperson of Mercedes Benz high-quality automobiles.

As the person who asked the powerful question, I took Joe aside and sat down with my trusty dictionary and looked up the word “product”. We narrowed it down to “the desired result, to create anything having exchange value”.

Now we were moving forward with blazing speed. I next asked Joe the following questions to pull the correct response from him.

  • “Who will receive the Mercedes Benz Joe?”
  • “Do you want them to be happy?
  • “Do you want them to pay full price?”
  • “Do you want them driving a Mercedes home today?”
  • “Would you want them to send you referrals?”
  • “Would you want them to buy it again?”

Joe thought for a moment and he came up with some ideas and with a little guidance and support we came up with this as what his product REALLY is;

“A SATISFIED CUSTOMER WHO HAS PAID FOR AND RECEIVED A MERCEDES FROM ME AND WILL REFER FUTURE PROSPECTS”

Joe’s mindset started to shift immediately. He realized his product was a satisfied customer who purchased what he sold and is so happy they will return to buy more and will refer others to him. From that day forward, Joe reminded himself before he greeted a prospect what his product really is and he closed more deals for more gross profit than anyone in his dealership for the next six months. In fact, he went on to be promoted to sales manager and he credits this one small change to his approach as the factor that led to his success.

My question to you is what is your product? How can you profit from this simple change of viewpoint to grow your sales and grow your business to new heights? Your product is NOT what you sell; it is what you produce as a result of your efforts.

Have a great selling day.


PrintArt – Accurate Die Cutting
413 Interchange St.
McKinney, TX 75071
972.562.7921
https://www.printart-adc.com


Would you like more information?
Do you have a special project that you need our help with? Just fill out this small form and let one of our representatives give you a call and talk about your project.