Let’s discuss the number one reason sales people cannot close deals. Many get caught in a vicious cycle which prevents sales. In this episode I’ll...
Two Keys to Cutting Your Sales Cycle in Half
Shorten the sales cycle by being prepared and knowing your value proposition. These two keys can help cut your sales cycle all the way down to a one call close if you are diligent. At every company there are top sales people who close 70% to 80% or more of their deals on the […]
Shorten the sales cycle by being prepared and knowing your value proposition. These two keys can help cut your sales cycle all the way down to a one call close if you are diligent. At every company there are top sales people who close 70% to 80% or more of their deals on the spot and on the first visit. That stuff can be done. Many of you take a week or two on average to close a sale. You could easily cut that down to a day or two. Using these two keys will make all the difference. Learn the secret of using them in this episode.
#1. BE PREPARED TO CLOSE THE SALE. Obviously, this is very practical information. I bet at least 95% of you have never taken advantage of this most valuable tip. Ask someone you trust to give you an hour of time. Give all the details of a scenario such as, “You are going to be a pizza shop owner who processes $15,000 a year.” Have a fake merchant statement, his/her drivers’ license, voided check, everything a merchant would have. Now role play walking into a business. Your “client” should know the objections to use. Go through the ENTIRE sales process and CLOSE THE SALE.
When I’m doing a training seminar, I usually have a role play session. In my mind I am prepared to be the prospect who is willing to sign up right now. However, that is secret information. I go around the room and role play with every rep who is training. The reps give me their pitch. I respond as the easiest customer ever. I am always shocked that probably less than one in ten reps sell me! They inevitably get stuck when I (the client) am ready to buy on the spot. The problem is that most sales people have planned their entire presentation with the expectation that everyone is going to say, “No!” That is really stupid. The only people from whom you are going to make money are the ones who say, “Yes.” So, plan your whole sales process around somebody saying, “Yes.” Role play.
I’m sure you’re wondering how to sell on the spot when you don’t have a statement analysis. I’m glad you asked! You should go to instantquotetool.com and sign up for a 30-day free trial. Of course, I am biased considering that my developers and I built the tool. But I do personally believe this is the best tool in the industry. In one minute or less you can create a proposal on your smart phone for a merchant without a statement. Because the algorithms we have are predictive, the tool can build a new statement based on fees and interchange table. This gives the amazing advantage of showing merchants on the spot how much you can save them. Then you say, “I’m going to email this proposal, so you’ll have a copy of it.” And move on to the next part of the process.
To cut your sales cycle time in half, be prepared to make a sale. Leave the business with every single piece of documentation you need. You must ask for everything you need. If you don’t understand the paperwork, you won’t make a sale in the field. Especially if you’re new to a processor, fill out a completed agreement and send it to your customer support person. Say, “Hey, this is a fictitious pizza shop. Did I get everything right?” Be prepared to make a sale!
If you haven’t done so already, go to instantquotetool.com and sign up for a free 30-day trial. I would really appreciate that. This week we opened the tool even for those who’ve had a trial period in the past. You can get a new 30-day trial. Maybe you’ve been living in a cave and didn’t realize this tool existed. But it’s time to wake up and see the light! Instantquotetool.com is only $29 per month. If it helps you make one extra sale a month, it will pay for itself probably ten times over just in up-front money, not to mention residuals. Look on the home page for two links where you can join my GoToMeeting demos this Friday, February 16th. Choose 10:00 a.m. or 4:00 p.m. EST. If you are curious to learn more about the tool, definitely check that out. If you are an ISO who wants it branded, let me know. There is my pitch. Now let’s move on to number two.
#2. Be ready to give your value proposition. Think through the different verticals you’re targeting. You need to be able to say – “If you are a nail salon – If you are doing invoicing through Quickbooks – If you are a Chinese restaurant using Square (which is very common right now in that market segment), let me explain why you should use me instead.” Have these value propositions. You can find a playlist on YouTube.com/ccsalespro which explains selling merchant services to several specific business types.
Recently I was helping a new rep who contacted me concerning a situation new to him. A merchant who was using Quickbooks for processing needed the availability of invoicing. I pointed the rep to the processor where he discovered there is a gateway with invoicing. Most gateways do offer that. Unfortunately for this rep, he had to leave the business and must make return visits. As reps gain experience, they should think through all those details. Next time, hopefully, this rep will have the proper form in the portfolio book. Every rep should be ready to talk about the value proposition with any vertical. Make sure you know for your specific processor any value proposition. Be instantly able to answer why each business should buy from you.
Hopefully I’m going to get to see you on Friday at either 10:00 a.m. or 4:00 p.m. If you miss those demos, odds are we’ll offer some demos coming up. Register for one of those. Check out the tool and/or start a new 30-day free trial. Then after the trial, it’s only $29 a month. You are not even going to notice that, but it is going to provide a huge extra value to you as you try to cut that sales cycle time in half. I’ll show you exactly how on Friday.
Read the previous article here: http://www.ccsalespro.com/lie-thats-killing-commission/ The Lie that is Killing Your Commission
Read the next article here: http://www.ccsalespro.com/i-need-your-feedback/ I Need Your Feedback