Chris Byrd's Blog, page 5
February 15, 2011
Would you be satisfied in life if only 70% of the people you meet desire to connect with you?
So, let's consider this question for a moment. If 100% of the people around you were interested in connecting with you, could you even stand it. Think of all you would have to remember about those who are marginal connections at best. I don't believe any of us could survive having to be a friend with everyone.
Therefore the question before you is, can you survive on just 70% of the people around you connecting with you? If so, the next question is, are you so picky that only the "right" 70% will work for you? If you only want to connect with your idea of the perfect connection you are going to be extremely disappointed every time that type of person doesn't consider you their perfect connection. Then you lose out on them, as well as those you could have invested in.
If you can just allow the laws of attraction to work, and quit specifying your desired connections, you will be surprised at the results you will have and the feelings of value that come with these outsiders wanting to connect!
Therefore the question before you is, can you survive on just 70% of the people around you connecting with you? If so, the next question is, are you so picky that only the "right" 70% will work for you? If you only want to connect with your idea of the perfect connection you are going to be extremely disappointed every time that type of person doesn't consider you their perfect connection. Then you lose out on them, as well as those you could have invested in.
If you can just allow the laws of attraction to work, and quit specifying your desired connections, you will be surprised at the results you will have and the feelings of value that come with these outsiders wanting to connect!
I think therefore I am...responsible for my thoughts
Sometimes we get into a situation where others around us appear to be dictating our thoughts. Whether they cause us happiness or create a level of resentment, we begin to dwell on the feelings related to these thoughts. It is nice when someone says or does something to spur us to happy thoughts. However, are we only able to have happiness in our mind when those around is influence it, or can we develop a way to think positively regardless of the situation.
See, when a negative image comes on the TV or movies, we can turn it off, and prevent it from having a detrimental affect on our thoughts. However, we cannot turn off the people with whom we have to work, our families or our ministries without drastic actions, which most of the time we would be unwise to do.
So we must recognize that at all times we are responsible for our reactions inside to what is going on around us. We must take hold of the thoughts we have and seek the self control needed to not react on emotion, but on facts. This is so hard, it takes serious concentration at all times. Something we do not really possess.
Prayer is a way to help this, as well as finding a mentor who can advise you when these thoughts begin to control you instead of you controlling them.
Today, if you can just recognize that you are responsible, you have reached the first milestone.
See, when a negative image comes on the TV or movies, we can turn it off, and prevent it from having a detrimental affect on our thoughts. However, we cannot turn off the people with whom we have to work, our families or our ministries without drastic actions, which most of the time we would be unwise to do.
So we must recognize that at all times we are responsible for our reactions inside to what is going on around us. We must take hold of the thoughts we have and seek the self control needed to not react on emotion, but on facts. This is so hard, it takes serious concentration at all times. Something we do not really possess.
Prayer is a way to help this, as well as finding a mentor who can advise you when these thoughts begin to control you instead of you controlling them.
Today, if you can just recognize that you are responsible, you have reached the first milestone.
Been Twittering and realize that a lot of what I say needs more explanation
These next several blog entries will be short and sweet, but will catch me up on some of the wisdom I have been sharing via twitter.
December 20, 2010
Wisdom Selling enewsletter - Volume 1 Issue 3
Christmas is almost here, and with this holiday comes a time of reflection on a year gone by. More importantly, though, with the emphasis on Christ's birth, we find ourselves in the midst of a beginning. A renewal so to speak of what is most significant about what we believe. In my case, it is that Christ was born of a virgin, lived a sinless life and died to restore a relationship with God that was broken by sin.
How do we relate this to Wisdom Selling? By your considering this approach to selling, you are in some ways at a renewal – a crossroads in how you are going to position yourself and your company to WIN. Changes will have to be made, and you must believe that the changes will be valuable enough to make them. There will also be a cost to consider in doing something like this, whether the cost is in making the change, or in not making the change and staying where you are.
This is a great place to introduce one of the first concepts of Wisdom Selling. This concept is one that we all inherently know, but in most cases we underutilize if we use it at all. This concept is known as:
The Value Discount.
We will use the term value so many times in our definitions that you may become jaded to the word, but I encourage you to stay with it. You can also visit the website www.wisdomselling.com to find how all of the value words fit together in our Wisdom Selling Diagram. For now, let's dig into the concept of the Value discount. We all know what a price discount is. We see a price on the product. Then we see that there is a discount of some dollar amount or percentage. We get excited that we are not paying full retail for the product or service, and believe we are getting a better deal. We inherently assign value to the product based on the original price, and as discounts from the price are realized, we think we have received a product worth the original price. The product has not changed, but psychologically we benefit greatly.
This has the amazing impact on some people of causing them to spend more on a product that is discounted than they would for a similar product that is full price but cheaper. Why do you think this is? Is there some sort of valuation that comes from where the price is set? Do your customers believe you have set the price based on a real assessment of what the product is worth? Have you felt this way yourself? Write down in your journal why you felt this way.
There is an amazing personal valuation going on here that we can tap into and help increase the probability of a sale. People want to believe that the value they are getting far exceeds the price they are paying. In the absence of a valid way to accomplish this, people will use relative pricing, as well as relative discounts to make decisions. If two products are of equal value to you, what method are you going to use to make a decision? The cheaper one, or the one that was higher priced but has a discount attached to it? Tough question that retailers deal with every day. As a result, there is often revenue left on the table due to guessing as to how the customer will respond.
Here is a personal example of thinking about this customer psychology. I recently wrote a book called the 70 Percent Solution. This book is an extremely valuable resource for people who want to feel better about themselves, by using service to others. It is a great book for sales professionals as well as people in general who want to be better communicators. I set the price based on what I believed to be the maximum value of the message to my target audience, then added a 15% discount as an incentive to encourage those who have yet to experience the maximum value to try the product. They will realize this value only after reading, and then my price could have been higher and I could have made more revenue. My tradeoff decision was to provide a price discount to benefit from the psychology I discussed earlier. This way I move more units and get my story out faster which is what I believe is most valuable to me in the long run.
Back to Value discount. Based on the discussion above I hope you can see where we are going. Without an alternative method of seeing value, most potential customers use price. This creates significant competitive challenges, particularly against a competitor who has a lower price for what the customer perceives an equal product. We must be able to show the customer the value that has been created in our product. We must be able to do this as quantifiably as possible, but also relationally. Our customers are going to value the economic impact of the products they buy, but they are also going to benefit from the personal feelings attached to the purchase. As an organization, our companies must define the value that has been created by our product development and offering.
Once we have been able to put a value on the product or service and present that value to the customer, we can then discuss our pricing in terms of value discount. In other words, even though our offering has a value of up to some point once you purchase and use, we have discounted the product so that the customer realizes extra benefits above what they pay. As we develop the skills at value discounting, we are able to paint a picture of value that the competition will not be able to duplicate. If we are truthful and transparent on how we calculate the value to the customer, it gives him something to communicate to his or her leadership to show the value of the decision to buy from you, even if there is a price differential.
We will continue to develop this concept as a part of the entire Wisdom Selling™ Solutions so I hope you will visit our site often and ask your questions there. Also, consider allowing Wisdom Selling to assist you in evaluating the Value discount of your product. Visit the website and register for a free analysis on the contact us page.
And Merry Christmas to you!
Now, to last issue's assignment. I asked you to select a product and conduct an analysis of who had input into the design and development of this product. You were to evaluate how the organization as well as the customer and other influencers impacted the packaging, positioning, pricing and promoting of the product. I hope you took the time to do so. Now that you have this information, consider our discussion this week. How would you say the Value in the product was developed? By your organization, or by the customer? Do you think it matters who is responsible for the defining of value in the product? At Wisdom Selling, we believe the more ownership the customer has in defining and developing the value in a product, the more ownership they are likely to have in the outcome. In a scenario where the customer was involved, the Value discount becomes something they have earned, and it is actually a competitive advantage for you to be able to discount from value when you set the price for this customer. You may be better off to not have a standard price, but start with a total value and discount down to the price that is the best WIN for both organizations.
Here is your Assignment for this week.
As you watch people open the gifts you have purchased for them, watch their reactions. Try to gauge the value that they are putting on each gift. You should be able to observe both an actual benefit to them, as well as the feelings that the gift evokes. I hope especially that if the gift is for your significant other, feelings are maximized.
A few days after Christmas, reflect on these reactions. In your opinion, as a purchaser of that product, did you receive the benefit you were looking for at the price you paid? Was the sum of the benefits and the feelings worth the impact to you of the bills in January?
I believe that if you don't find the Value to be there in your mind, you should go back and reassess the feelings side of the Christmas experience. There are hidden values in the day, the season, and the act of giving that are part of the total value of the gift. Don't give up until you have a value in your mind that exceeds the costs! The season is too important not to. Also, by doing so, you may begin to understand just how many aspects of value there can be. Good luck.
How do we relate this to Wisdom Selling? By your considering this approach to selling, you are in some ways at a renewal – a crossroads in how you are going to position yourself and your company to WIN. Changes will have to be made, and you must believe that the changes will be valuable enough to make them. There will also be a cost to consider in doing something like this, whether the cost is in making the change, or in not making the change and staying where you are.
This is a great place to introduce one of the first concepts of Wisdom Selling. This concept is one that we all inherently know, but in most cases we underutilize if we use it at all. This concept is known as:
The Value Discount.
We will use the term value so many times in our definitions that you may become jaded to the word, but I encourage you to stay with it. You can also visit the website www.wisdomselling.com to find how all of the value words fit together in our Wisdom Selling Diagram. For now, let's dig into the concept of the Value discount. We all know what a price discount is. We see a price on the product. Then we see that there is a discount of some dollar amount or percentage. We get excited that we are not paying full retail for the product or service, and believe we are getting a better deal. We inherently assign value to the product based on the original price, and as discounts from the price are realized, we think we have received a product worth the original price. The product has not changed, but psychologically we benefit greatly.
This has the amazing impact on some people of causing them to spend more on a product that is discounted than they would for a similar product that is full price but cheaper. Why do you think this is? Is there some sort of valuation that comes from where the price is set? Do your customers believe you have set the price based on a real assessment of what the product is worth? Have you felt this way yourself? Write down in your journal why you felt this way.
There is an amazing personal valuation going on here that we can tap into and help increase the probability of a sale. People want to believe that the value they are getting far exceeds the price they are paying. In the absence of a valid way to accomplish this, people will use relative pricing, as well as relative discounts to make decisions. If two products are of equal value to you, what method are you going to use to make a decision? The cheaper one, or the one that was higher priced but has a discount attached to it? Tough question that retailers deal with every day. As a result, there is often revenue left on the table due to guessing as to how the customer will respond.
Here is a personal example of thinking about this customer psychology. I recently wrote a book called the 70 Percent Solution. This book is an extremely valuable resource for people who want to feel better about themselves, by using service to others. It is a great book for sales professionals as well as people in general who want to be better communicators. I set the price based on what I believed to be the maximum value of the message to my target audience, then added a 15% discount as an incentive to encourage those who have yet to experience the maximum value to try the product. They will realize this value only after reading, and then my price could have been higher and I could have made more revenue. My tradeoff decision was to provide a price discount to benefit from the psychology I discussed earlier. This way I move more units and get my story out faster which is what I believe is most valuable to me in the long run.
Back to Value discount. Based on the discussion above I hope you can see where we are going. Without an alternative method of seeing value, most potential customers use price. This creates significant competitive challenges, particularly against a competitor who has a lower price for what the customer perceives an equal product. We must be able to show the customer the value that has been created in our product. We must be able to do this as quantifiably as possible, but also relationally. Our customers are going to value the economic impact of the products they buy, but they are also going to benefit from the personal feelings attached to the purchase. As an organization, our companies must define the value that has been created by our product development and offering.
Once we have been able to put a value on the product or service and present that value to the customer, we can then discuss our pricing in terms of value discount. In other words, even though our offering has a value of up to some point once you purchase and use, we have discounted the product so that the customer realizes extra benefits above what they pay. As we develop the skills at value discounting, we are able to paint a picture of value that the competition will not be able to duplicate. If we are truthful and transparent on how we calculate the value to the customer, it gives him something to communicate to his or her leadership to show the value of the decision to buy from you, even if there is a price differential.
We will continue to develop this concept as a part of the entire Wisdom Selling™ Solutions so I hope you will visit our site often and ask your questions there. Also, consider allowing Wisdom Selling to assist you in evaluating the Value discount of your product. Visit the website and register for a free analysis on the contact us page.
And Merry Christmas to you!
Now, to last issue's assignment. I asked you to select a product and conduct an analysis of who had input into the design and development of this product. You were to evaluate how the organization as well as the customer and other influencers impacted the packaging, positioning, pricing and promoting of the product. I hope you took the time to do so. Now that you have this information, consider our discussion this week. How would you say the Value in the product was developed? By your organization, or by the customer? Do you think it matters who is responsible for the defining of value in the product? At Wisdom Selling, we believe the more ownership the customer has in defining and developing the value in a product, the more ownership they are likely to have in the outcome. In a scenario where the customer was involved, the Value discount becomes something they have earned, and it is actually a competitive advantage for you to be able to discount from value when you set the price for this customer. You may be better off to not have a standard price, but start with a total value and discount down to the price that is the best WIN for both organizations.
Here is your Assignment for this week.
As you watch people open the gifts you have purchased for them, watch their reactions. Try to gauge the value that they are putting on each gift. You should be able to observe both an actual benefit to them, as well as the feelings that the gift evokes. I hope especially that if the gift is for your significant other, feelings are maximized.
A few days after Christmas, reflect on these reactions. In your opinion, as a purchaser of that product, did you receive the benefit you were looking for at the price you paid? Was the sum of the benefits and the feelings worth the impact to you of the bills in January?
I believe that if you don't find the Value to be there in your mind, you should go back and reassess the feelings side of the Christmas experience. There are hidden values in the day, the season, and the act of giving that are part of the total value of the gift. Don't give up until you have a value in your mind that exceeds the costs! The season is too important not to. Also, by doing so, you may begin to understand just how many aspects of value there can be. Good luck.
Wisdom Selling enewsletter - Volume 1 Issue 3
Christmas is almost here, and with this holiday comes a time of reflection on a year gone by. More importantly, though, with the emphasis on Christ's birth, we find ourselves in the midst of a beginning. A renewal so to speak of what is most significant about what we believe. In my case, it is that Christ was born of a virgin, lived a sinless life and died to restore a relationship with God that was broken by sin.
How do we relate this to Wisdom Selling? By your considering this approach to selling, you are in some ways at a renewal – a crossroads in how you are going to position yourself and your company to WIN. Changes will have to be made, and you must believe that the changes will be valuable enough to make them. There will also be a cost to consider in doing something like this, whether the cost is in making the change, or in not making the change and staying where you are.
This is a great place to introduce one of the first concepts of Wisdom Selling. This concept is one that we all inherently know, but in most cases we underutilize if we use it at all. This concept is known as:
The Value Discount.
We will use the term value so many times in our definitions that you may become jaded to the word, but I encourage you to stay with it. You can also visit the website www.wisdomselling.com to find how all of the value words fit together in our Wisdom Selling Diagram. For now, let's dig into the concept of the Value discount. We all know what a price discount is. We see a price on the product. Then we see that there is a discount of some dollar amount or percentage. We get excited that we are not paying full retail for the product or service, and believe we are getting a better deal. We inherently assign value to the product based on the original price, and as discounts from the price are realized, we think we have received a product worth the original price. The product has not changed, but psychologically we benefit greatly.
This has the amazing impact on some people of causing them to spend more on a product that is discounted than they would for a similar product that is full price but cheaper. Why do you think this is? Is there some sort of valuation that comes from where the price is set? Do your customers believe you have set the price based on a real assessment of what the product is worth? Have you felt this way yourself? Write down in your journal why you felt this way.
There is an amazing personal valuation going on here that we can tap into and help increase the probability of a sale. People want to believe that the value they are getting far exceeds the price they are paying. In the absence of a valid way to accomplish this, people will use relative pricing, as well as relative discounts to make decisions. If two products are of equal value to you, what method are you going to use to make a decision? The cheaper one, or the one that was higher priced but has a discount attached to it? Tough question that retailers deal with every day. As a result, there is often revenue left on the table due to guessing as to how the customer will respond.
Here is a personal example of thinking about this customer psychology. I recently wrote a book called the 70 Percent Solution. This book is an extremely valuable resource for people who want to feel better about themselves, by using service to others. It is a great book for sales professionals as well as people in general who want to be better communicators. I set the price based on what I believed to be the maximum value of the message to my target audience, then added a 15% discount as an incentive to encourage those who have yet to experience the maximum value to try the product. They will realize this value only after reading, and then my price could have been higher and I could have made more revenue. My tradeoff decision was to provide a price discount to benefit from the psychology I discussed earlier. This way I move more units and get my story out faster which is what I believe is most valuable to me in the long run.
Back to Value discount. Based on the discussion above I hope you can see where we are going. Without an alternative method of seeing value, most potential customers use price. This creates significant competitive challenges, particularly against a competitor who has a lower price for what the customer perceives an equal product. We must be able to show the customer the value that has been created in our product. We must be able to do this as quantifiably as possible, but also relationally. Our customers are going to value the economic impact of the products they buy, but they are also going to benefit from the personal feelings attached to the purchase. As an organization, our companies must define the value that has been created by our product development and offering.
Once we have been able to put a value on the product or service and present that value to the customer, we can then discuss our pricing in terms of value discount. In other words, even though our offering has a value of up to some point once you purchase and use, we have discounted the product so that the customer realizes extra benefits above what they pay. As we develop the skills at value discounting, we are able to paint a picture of value that the competition will not be able to duplicate. If we are truthful and transparent on how we calculate the value to the customer, it gives him something to communicate to his or her leadership to show the value of the decision to buy from you, even if there is a price differential.
We will continue to develop this concept as a part of the entire Wisdom Selling™ Solutions so I hope you will visit our site often and ask your questions there. Also, consider allowing Wisdom Selling to assist you in evaluating the Value discount of your product. Visit the website and register for a free analysis on the contact us page.
And Merry Christmas to you!
Now, to last issue's assignment. I asked you to select a product and conduct an analysis of who had input into the design and development of this product. You were to evaluate how the organization as well as the customer and other influencers impacted the packaging, positioning, pricing and promoting of the product. I hope you took the time to do so. Now that you have this information, consider our discussion this week. How would you say the Value in the product was developed? By your organization, or by the customer? Do you think it matters who is responsible for the defining of value in the product? At Wisdom Selling, we believe the more ownership the customer has in defining and developing the value in a product, the more ownership they are likely to have in the outcome. In a scenario where the customer was involved, the Value discount becomes something they have earned, and it is actually a competitive advantage for you to be able to discount from value when you set the price for this customer. You may be better off to not have a standard price, but start with a total value and discount down to the price that is the best WIN for both organizations.
Here is your Assignment for this week.
As you watch people open the gifts you have purchased for them, watch their reactions. Try to gauge the value that they are putting on each gift. You should be able to observe both an actual benefit to them, as well as the feelings that the gift evokes. I hope especially that if the gift is for your significant other, feelings are maximized.
A few days after Christmas, reflect on these reactions. In your opinion, as a purchaser of that product, did you receive the benefit you were looking for at the price you paid? Was the sum of the benefits and the feelings worth the impact to you of the bills in January?
I believe that if you don't find the Value to be there in your mind, you should go back and reassess the feelings side of the Christmas experience. There are hidden values in the day, the season, and the act of giving that are part of the total value of the gift. Don't give up until you have a value in your mind that exceeds the costs! The season is too important not to. Also, by doing so, you may begin to understand just how many aspects of value there can be. Good luck.
How do we relate this to Wisdom Selling? By your considering this approach to selling, you are in some ways at a renewal – a crossroads in how you are going to position yourself and your company to WIN. Changes will have to be made, and you must believe that the changes will be valuable enough to make them. There will also be a cost to consider in doing something like this, whether the cost is in making the change, or in not making the change and staying where you are.
This is a great place to introduce one of the first concepts of Wisdom Selling. This concept is one that we all inherently know, but in most cases we underutilize if we use it at all. This concept is known as:
The Value Discount.
We will use the term value so many times in our definitions that you may become jaded to the word, but I encourage you to stay with it. You can also visit the website www.wisdomselling.com to find how all of the value words fit together in our Wisdom Selling Diagram. For now, let's dig into the concept of the Value discount. We all know what a price discount is. We see a price on the product. Then we see that there is a discount of some dollar amount or percentage. We get excited that we are not paying full retail for the product or service, and believe we are getting a better deal. We inherently assign value to the product based on the original price, and as discounts from the price are realized, we think we have received a product worth the original price. The product has not changed, but psychologically we benefit greatly.
This has the amazing impact on some people of causing them to spend more on a product that is discounted than they would for a similar product that is full price but cheaper. Why do you think this is? Is there some sort of valuation that comes from where the price is set? Do your customers believe you have set the price based on a real assessment of what the product is worth? Have you felt this way yourself? Write down in your journal why you felt this way.
There is an amazing personal valuation going on here that we can tap into and help increase the probability of a sale. People want to believe that the value they are getting far exceeds the price they are paying. In the absence of a valid way to accomplish this, people will use relative pricing, as well as relative discounts to make decisions. If two products are of equal value to you, what method are you going to use to make a decision? The cheaper one, or the one that was higher priced but has a discount attached to it? Tough question that retailers deal with every day. As a result, there is often revenue left on the table due to guessing as to how the customer will respond.
Here is a personal example of thinking about this customer psychology. I recently wrote a book called the 70 Percent Solution. This book is an extremely valuable resource for people who want to feel better about themselves, by using service to others. It is a great book for sales professionals as well as people in general who want to be better communicators. I set the price based on what I believed to be the maximum value of the message to my target audience, then added a 15% discount as an incentive to encourage those who have yet to experience the maximum value to try the product. They will realize this value only after reading, and then my price could have been higher and I could have made more revenue. My tradeoff decision was to provide a price discount to benefit from the psychology I discussed earlier. This way I move more units and get my story out faster which is what I believe is most valuable to me in the long run.
Back to Value discount. Based on the discussion above I hope you can see where we are going. Without an alternative method of seeing value, most potential customers use price. This creates significant competitive challenges, particularly against a competitor who has a lower price for what the customer perceives an equal product. We must be able to show the customer the value that has been created in our product. We must be able to do this as quantifiably as possible, but also relationally. Our customers are going to value the economic impact of the products they buy, but they are also going to benefit from the personal feelings attached to the purchase. As an organization, our companies must define the value that has been created by our product development and offering.
Once we have been able to put a value on the product or service and present that value to the customer, we can then discuss our pricing in terms of value discount. In other words, even though our offering has a value of up to some point once you purchase and use, we have discounted the product so that the customer realizes extra benefits above what they pay. As we develop the skills at value discounting, we are able to paint a picture of value that the competition will not be able to duplicate. If we are truthful and transparent on how we calculate the value to the customer, it gives him something to communicate to his or her leadership to show the value of the decision to buy from you, even if there is a price differential.
We will continue to develop this concept as a part of the entire Wisdom Selling™ Solutions so I hope you will visit our site often and ask your questions there. Also, consider allowing Wisdom Selling to assist you in evaluating the Value discount of your product. Visit the website and register for a free analysis on the contact us page.
And Merry Christmas to you!
Now, to last issue's assignment. I asked you to select a product and conduct an analysis of who had input into the design and development of this product. You were to evaluate how the organization as well as the customer and other influencers impacted the packaging, positioning, pricing and promoting of the product. I hope you took the time to do so. Now that you have this information, consider our discussion this week. How would you say the Value in the product was developed? By your organization, or by the customer? Do you think it matters who is responsible for the defining of value in the product? At Wisdom Selling, we believe the more ownership the customer has in defining and developing the value in a product, the more ownership they are likely to have in the outcome. In a scenario where the customer was involved, the Value discount becomes something they have earned, and it is actually a competitive advantage for you to be able to discount from value when you set the price for this customer. You may be better off to not have a standard price, but start with a total value and discount down to the price that is the best WIN for both organizations.
Here is your Assignment for this week.
As you watch people open the gifts you have purchased for them, watch their reactions. Try to gauge the value that they are putting on each gift. You should be able to observe both an actual benefit to them, as well as the feelings that the gift evokes. I hope especially that if the gift is for your significant other, feelings are maximized.
A few days after Christmas, reflect on these reactions. In your opinion, as a purchaser of that product, did you receive the benefit you were looking for at the price you paid? Was the sum of the benefits and the feelings worth the impact to you of the bills in January?
I believe that if you don't find the Value to be there in your mind, you should go back and reassess the feelings side of the Christmas experience. There are hidden values in the day, the season, and the act of giving that are part of the total value of the gift. Don't give up until you have a value in your mind that exceeds the costs! The season is too important not to. Also, by doing so, you may begin to understand just how many aspects of value there can be. Good luck.
ANNOUNCING - publication of our first book - the 70 Percent Solution
http://www.lulu.com/product/paperback/the-70-percent-solution/14306324You can visit this website and order the book at a 15% discount. I hope you enjoy the results of this blog in a print format. Coming soon is The 70 Percent Solution Journal to accompany the book.
December 3, 2010
What is a WIN?
This concept will be a large part of what we discuss and learn regarding Wisdom Selling.
In summary, it is this:
W - Wants identified.
We must understand what the customer wants. We will investigate new as well as tried and true methods for identifying wants. You say, "hey, every sales process uses this approach." Really? Ask yourself this question: Do you know exactly what your wife and kids want for Christmas? If you are like me, I find this varies everyday. So our new thinking is this. Wants are a constantly moving target, requiring a constantly moving method for identifying, validating and updating.
I - Intent revealed.
We must understand why the customer is even considering what we have to offer. Yes, this is a fairly common sales issue, but I would like to add that buying intentions vary by purchase. We must find strategic intent, personal growth intent, department intent, and any other influential intent that exists in the buying relationship. This is important mainly because we don't get every sale. To maximize the profitability of our efforts, we have to see long term how we will sell something, and apply our efforts beyond the current transaction or contract.
N - Needs met
Hey, is there anything new here? My assertion on needs met is that most often the customer only cares about meeting their own needs. They appreciate having their needs defined better by us, and us providing our solutions, which they may or may not buy. However, we have needs as well. How do we get the customer to see their responsibility, and create a desire for our needs to be met as well? Wow, this could get pretty interesting.
These are bold assumptions on our part. I hope we can get you to join with us in using them for success!
In summary, it is this:
W - Wants identified.
We must understand what the customer wants. We will investigate new as well as tried and true methods for identifying wants. You say, "hey, every sales process uses this approach." Really? Ask yourself this question: Do you know exactly what your wife and kids want for Christmas? If you are like me, I find this varies everyday. So our new thinking is this. Wants are a constantly moving target, requiring a constantly moving method for identifying, validating and updating.
I - Intent revealed.
We must understand why the customer is even considering what we have to offer. Yes, this is a fairly common sales issue, but I would like to add that buying intentions vary by purchase. We must find strategic intent, personal growth intent, department intent, and any other influential intent that exists in the buying relationship. This is important mainly because we don't get every sale. To maximize the profitability of our efforts, we have to see long term how we will sell something, and apply our efforts beyond the current transaction or contract.
N - Needs met
Hey, is there anything new here? My assertion on needs met is that most often the customer only cares about meeting their own needs. They appreciate having their needs defined better by us, and us providing our solutions, which they may or may not buy. However, we have needs as well. How do we get the customer to see their responsibility, and create a desire for our needs to be met as well? Wow, this could get pretty interesting.
These are bold assumptions on our part. I hope we can get you to join with us in using them for success!
Welcome to Wisdom Selling Solutions
So it is Christmas shopping time. I have enjoyed being with my wife as we have gone from store to store looking for presents for our kids. she has set a budget for each child and I am very busy trying to overspend for each one. It is so easy to do, since they want so many electronic gadgets, each of which is more expensive than the old dolls and race cars we used to buy.
I have noticed a behavior in my wife that I believe is quite common among consumers, and which I believe is a teachable moment for all of us in sales. She will go through a number of stores and not buy from any of them. she will look at the items they have, then come home and get on the web. she will scour the Wal-mart, Amazon and Best Buy sites, for example. she will put items into her favorite search engines, looking for the best deal.
She does not care at all who she buys from. She just has a budget and wants to get as much as she can for it. The more she saves, the more presents each child gets to open. Her value is in the outcome of the search, not the products themselves. She wants to delight her customers, and saving money, or even settling for different gifts than they said in order to have more are all on the table.
Hey, does it really matter which approach to a pitching machine we take? Does it really matter which restaurant gift card we buy? Does it really matter the brand of punching bag? Not to her it doesn't. Her satisfaction is in the deal. She is looking for savings, for coupons, for unbranded lookalikes. She knows the web is her friend. There are lots of options out there, she just needs to ask the right questions. She can learn the questions to ask merely by trolling through the stores, or even more efficiently, through the Sunday sale papers.
So we may go into a store, talk to the store salesperson for five or ten minutes, and they get nothing out of it. Is that unfair, or just the new reality? Is there any opportunity for that salesperson to make a sale? What about the profit lost by the store for the time that associate is engaged with my wife, who ends up buying nothing? Is she going to put this company out of business? Are there enough people like her to scare these stores about the future?
Very possibly the process of answering to the questions above will lead some companies to go out of business, or abdicate the selling process, giving away their value to an on-line or aggregated substitute who sells well but has no particular supplier loyalty.
My assertion is that there is a better way. This way is a path of wisdom, not of skill. Not every person who needs to sell for a company has particular sales skills. However, everyone has the possibility to be wise. That is why Wisdom Selling Solutions exist. Wisdom is the effective application of knowledge. We can all develop this through discipline and effort. We just need direction, sources for knowledge, mentoring and accountability.
I have already talked to some who start to debate the value of this approach, until we get to the issues of trust and transparency. When we see how important trust is in developing a long term WIN, then we can see how the enterprise can assist the sales process through transparency.
If Kelly had trusted the store she was in to have her best interests at heart, be willing to understand her buying motives, and sit on the same side of the table as her, they may have had a WIN together. At the least, this would have become her greatest possibility for a future purchase. Remember in the movie MIRACLE ON 34TH STREET how Santa Claus was working for Macy's, but recommended a customer go to their hated competition Gimbles for a better deal on a product? Macy's management was livid, but the customers were so happy they went on television to brag about Macy's and how they would be back to buy from them in the future. Do you think the Macy's management took advantage of this? Of course. In the long term it was a win.
Let's WIN.
I have noticed a behavior in my wife that I believe is quite common among consumers, and which I believe is a teachable moment for all of us in sales. She will go through a number of stores and not buy from any of them. she will look at the items they have, then come home and get on the web. she will scour the Wal-mart, Amazon and Best Buy sites, for example. she will put items into her favorite search engines, looking for the best deal.
She does not care at all who she buys from. She just has a budget and wants to get as much as she can for it. The more she saves, the more presents each child gets to open. Her value is in the outcome of the search, not the products themselves. She wants to delight her customers, and saving money, or even settling for different gifts than they said in order to have more are all on the table.
Hey, does it really matter which approach to a pitching machine we take? Does it really matter which restaurant gift card we buy? Does it really matter the brand of punching bag? Not to her it doesn't. Her satisfaction is in the deal. She is looking for savings, for coupons, for unbranded lookalikes. She knows the web is her friend. There are lots of options out there, she just needs to ask the right questions. She can learn the questions to ask merely by trolling through the stores, or even more efficiently, through the Sunday sale papers.
So we may go into a store, talk to the store salesperson for five or ten minutes, and they get nothing out of it. Is that unfair, or just the new reality? Is there any opportunity for that salesperson to make a sale? What about the profit lost by the store for the time that associate is engaged with my wife, who ends up buying nothing? Is she going to put this company out of business? Are there enough people like her to scare these stores about the future?
Very possibly the process of answering to the questions above will lead some companies to go out of business, or abdicate the selling process, giving away their value to an on-line or aggregated substitute who sells well but has no particular supplier loyalty.
My assertion is that there is a better way. This way is a path of wisdom, not of skill. Not every person who needs to sell for a company has particular sales skills. However, everyone has the possibility to be wise. That is why Wisdom Selling Solutions exist. Wisdom is the effective application of knowledge. We can all develop this through discipline and effort. We just need direction, sources for knowledge, mentoring and accountability.
I have already talked to some who start to debate the value of this approach, until we get to the issues of trust and transparency. When we see how important trust is in developing a long term WIN, then we can see how the enterprise can assist the sales process through transparency.
If Kelly had trusted the store she was in to have her best interests at heart, be willing to understand her buying motives, and sit on the same side of the table as her, they may have had a WIN together. At the least, this would have become her greatest possibility for a future purchase. Remember in the movie MIRACLE ON 34TH STREET how Santa Claus was working for Macy's, but recommended a customer go to their hated competition Gimbles for a better deal on a product? Macy's management was livid, but the customers were so happy they went on television to brag about Macy's and how they would be back to buy from them in the future. Do you think the Macy's management took advantage of this? Of course. In the long term it was a win.
Let's WIN.
