What I learned in sales this week

As part of a continuing blog on real life sales experiences, following are several key lessons learned this week . . .

1. Price becomes irrelevant when you have the right idea. If a prospect maintains that your prices are too high, you simply haven’t established value in your product or service. In presenting an advertising campaign to a professional business category, the idea was exactly what the prospect wanted so the price tag was the easy part of the sale.
2. Maintain regular contact with clients. On a regular basis, contact the client and offer new creative ideas, new research on their respective business category, or simply a coffee or lunch. The key to a successful long term business relationship is constant communication. A client will only change suppliers if something goes wrong and by staying in touch, you can prevent that from happening or fix a problem and strengthen your connectivty.
3. It takes the same effort to make a $ 5000 sale or a $ 50,000 sale. Target prospects that have the ability to be long term clients. Sometimes the smaller clients can create bigger problems regarding payment or a long term vision.
4. Integrity. Make sure that you are completely honest with prospects and do not make promises that you cannot keep. If you say you are going to do something, make sure that you do. I once purchased several high end dress shirts and was impressed when the salesperson told me that he would call me in a couple of days to make sure I was happy with my purchase. Howwever, when he did not call back, I was disappointed and did not buy again from that particular merchant.
5. Consider the long term value of a new customer. If a marketing campaign can garner new customers, they are worth more than just the initial purchase due to the fact that they may become long term customers. Also, make certain to target a younger demographic in the age of acquisition. They can become long term customers of banks, automotive dealerships, and beer. The average 50 something already has solid brand loyalty, whereas, a 25 year old is in the process of developing brand loyalty.

For more information, contact me at tim@storefrontmedia.ca

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