Tom Hopkins - The "I want to think it over" Close

You are guaranteed to hear a variation of the phrase "I want to think it over" from one out of every five new clients. Some of the variations you'll hear may be:

"I want to sleep on it."

"I'll get back to you."

"We'll review all the facts, then make a decision."

"We never make a decision on the first visit."

The exact words that are used matter little; what really matters is that you recognize the stall and are ready with this reply:

Phraseology: "That's fine, John. Obviously, you wouldn't take your time thinking this thing over unless you were seriously interested, would you? I mean, I'm sure you're not telling me that to get rid of me. So, may I assume you will give it very careful consideration? Just to clarify my thinking, what phase of this opportunity is it that you want to think over? Is it the quality of the service I'll render? Is it something I've forgotten to cover? Is it the color? Seriously, please level with me, could it be the money?"

A tip when using this strategy: Don't pause after the word "over" - if you do, a client is likely to answer "everything," or "the whole idea of going ahead," and you're dead in the water. What you want to do here is review what they've already agreed to.

In other words, you're weeding out all the other objections and narrowing it down to the most common final objection, which is the money. Handle the money objection and begin reclosing.
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Tom Hopkins International
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Tel: (480) 949-0786 or 800/528-0446 Fax: (480) 949-1590
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Identifying Top Salespeople By Brian Tracy

Salespeople are different based on their values. A higher order value always takes precedence over a lower order value. If you place one value higher than another, and you have to choose between doing one thing or doing another, you will always select the action that is consistent with your higher value. Once you are clear about your order of values, decision making becomes much easier.

What Are Your Real Values?
How can you determine what your values really are? Simple. Just observe your behaviors, especially the things you do when you are under pressure. Your values are always expressed in your actions. It is not what you say, or wish, or hope, or intend that expresses your true values. It is only what you do. If you want to know what your values are at this moment, you can examine your recent past and notice the choices you made when you could have gone one way or another. Your choices, and your subsequent actions, demonstrated to yourself and others what was of greatest value and importance to you.

Compare Different People ...
Here is an example. Imagine you have two people who have the same three values. The values are family, health and career success. The only difference between these two people is the order of importance that they placed on these values, their priorities. The first person, Bill, says that, "My family comes first, my health is second and career success is third."

Tom, on the other hand, has the same values, but he says, "Career success comes first for me, then my family, and then my health."

Determine the Difference ...
Would there be a difference in character and personality between these two people? Would there be a small difference or a large difference? Which of these two people would you like to get to know and become friends with? Would you be able to tell these two people apart in conversation? Which one do you think you would like and trust more?

Values Set People Apart ...
The answers to these questions are clear. The person with the higher values in a better order of priority will invariably be a better person than the person whose values are in a different order. Your choice of values determines the quality of your character. When you select values such as integrity, love, courage, honesty, excellence or responsibility, and you live your life consistent with those values, every hour of every day, you actually become a superior person. It is your values that determine the kind of person you really are.

Action Exercises:

Here are two things you can do immediately to put these ideas into action.

First, think about how you behave, how you choose, whenever you are under pressure. Remember, it is only what you do, your actions, that tell who you really are.

Second, observe how other people around you behave when they are forced to choose. You will only be compatible with people whose values are similar to yours. What are they?
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Brian Tracy is a leading authority on personal and business success. His fast-moving talks and seminars are loaded with powerful, proven ideas and strategies that you can apply immediately to get better results in every area. Visit the Brian Tracy web site.

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Will You Pass the Flinch Test? By Lee B. Salz

There is a little test that professional buyers give to every sales person. It is a test to see if they are confident in the price they presented. They call it the flinch test. Will you pass the test?

After a lengthy buying process, the time has come to submit pricing. Countless hours are spent formulating a glorious proposal that details your comprehensive solution. Proud of your accomplishment, you present the proposal to the buyer. Skipping the sections about your company and your solution, she flips right to the pricing page. “Oh my gosh, I didn’t think it would be this expensive!”

What happens next determines whether or not you will get the business. When I say “get” the business, there are two sides to consider. The obvious is whether or not the prospect will award the business to you. The less obvious is whether your company will agree to their desired price level.

The negotiation may get to a point where the prospect says they want to award you the business, but at a price unacceptable to your company. If you’ve ever been there, it is painful to say the least. As a sales person, you have a responsibility to facilitate the process in a way that leads to a mutually acceptable conclusion.

There is a trade secret in the purchasing world. They call it the “flinch test.” This is the test Procurement Agents and other professional buyers give to sales people when they provide pricing. “Wow! You are 25% higher than your competition.”

These pros are trained to react with surprise so that they can see if the sales person is confident in the price they have put forward. It is nothing more than a straightforward negotiation tactic.

Often times, they overstate the price difference such that you can do some quick math and see that the differential is bogus. I can recall a time where I was told that we were 50% higher than the competition. When I reviewed the numbers, this meant that the competitor was losing 18% based on fixed costs that we both had. It was highly unlikely that the competitor was signing up for this kind of an account. When I asked the Procurement Agent about that figure again, he flinched and we ultimately won the business.

The key to passing the flinch test is to respond with confidence in your price. If you don’t believe you are providing a fair, competitive price for the solution, my question is why are you presenting it anyway? One would hope that you have integrity so why present something you don’t believe in?

Some responses that cause you to fail the flinch test.

• What price were you looking for?
• I’ll ask my manager if we can do better.
• How about if I take 10% off?

The reason these are failed responses is that they create trust issues with the prospect. Were you trying to rip them off with the price you presented? One of two things is true. Either you were trying to rip them off or you believe you provided a fair price. What other option is there? Some will say that they were preparing for a negotiation. That’s a fair point; however, it is a terrible negotiation strategy to give the appearance that you will drop your price first moment someone balks. That approach gives the impression that you sought to gouge them.

Most negotiations end at the middle ground. They wanted 5; you wanted 10 and settled at 7.5. That seems logical. However, if you lower your price early, the middle ground is lower. In the same scenario, if you dropped to 8 right off the bat, the middle becomes 6.5. As I mentioned, you have to manage the negotiation such that the middle is not lower than an acceptable price for your company.

Successful sales people have a planned, or dare I say “canned,” response for the flinch test. They don’t expect a prospect to respond with excitement about a price. They anticipate shock and have a process to handle it. Here are their secrets…

1. They set expectations upfront. Early in the buying process, they set the expectation that they are not the low price provider. “To be clear, our company is rarely the low bid, does that mean that we won’t be working together on this project?” If they say no, you are set for the later phases of the process. If they say yes, at least you haven’t invested a ton of time in an account that you won’t win. If you are going to lose, lose early.

2. They don’t flinch! “I’m not surprised by your reaction. I get that a lot. As I mentioned at the outset, we are rarely the low bidder.”

3. They seek to understand. “When you say that you are shocked by the price, which part is surprising? This is the subject of another article of mine which addresses the importance of understanding the prospect’s perspective of price.

4. They reinforce their position. “Since we are rarely the low price provider, what do you think our 1000 clients see that leads them to pay a little more to have us?

Many years ago, I had the opportunity to participate in Procurement Training. Think of it as sales training for buyers. After the session, I had an interesting conversation with the trainer. Here’s what he told me…

“For 25 years, sales people asked me for coaching on the price of their proposal as I was the head of Procurement for my company. I told each one of them the same thing. Provide us with the best price that you feel good about giving and either way, you win. I always got a puzzled expression from that. Let me explain. If we award the business to you at that price, you’re happy. If we award the business to someone else at a lower price, you are happy as well because you wouldn’t have been happy to support the account at that price point.”

To share a little secret, I use the flinch test all the time when I buy. It’s amazing how quickly sales people drop their drawers on price. I bet I’ve saved my family 20% across the board for all of our spending just with that test. It’s no wonder that professional buyers use this. I often wonder how many commission dollars were lost just because they flinched. How may commission dollars have you lost because you flinched?
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Lee B. Salz is President of Sales Dodo, LLC and author of “Soar Despite Your Dodo Sales Manager.” He specializes in helping companies and their sales organizations adapt and thrive in the ever-changing world of business. Lee is available for keynote speaking, business consulting, and sales training. He can be reached via email at lsalz@salesdodo.com, his website at www.SalesDodo.com or by phone at 763.416.4321.

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Making the Most of Internet Inquiries By Tina LoSasso

When someone calls to ask about your product or services, you know exactly what to ask, what to say, and how to follow up. Are you as confident, and effective, responding to an Internet inquiry? Without the benefit of talking with the prospect directly, the contact can feel colder than a cold call.

As more consumers and businesses research and purchase via the Internet, you can’t afford to mishandle these inquiries. To respond in a professional manner, and convert more Internet inquiries into customers, keep these guidelines in mind:

• To call, or not to call? Some salespeople don’t respond to Internet inquiries because they think they’re a waste of time. Others reason, “They emailed me, so they must be expecting me to email them back.” When someone asks for information via email, you should respond via email. But what’s stopping you from calling them as well?

Imagine the impression you’ll make: responsive, helpful, and efficient. A word of caution: you must have a valid reason to call. Restating the information provided in the email, or interrogating the prospect about his company, budget or time frame, are not valid reasons: they’re harassment.

Telling the prospect all about your company won’t cut it either. Instead, consider carefully what you need to know in order to propose the best solution, then ask about that information.

• Respond in Internet time. Internet time is roughly equivalent to the speed of light. Thanks to email and instant messaging, people expect everything right now.

Accordingly, prospects expect a quick response to their email inquiries. If you don’t have enough information to propose a solution, let the prospect know that you’re working on it, and when he can expect to hear from you. No one wants to be left hanging.

Customers also expect “24/7” response—day or night, every day of the week—and automated replies don’t count. You probably check emails while on the road, over the weekend, and late at night. If you’re receiving inquiries after-hours, chances are your buyers are working, too. They will appreciate a response from you, even if you’re only acknowledging their inquiry. Let them know when you’ll get back to them with the requested information.

• Don’t be too quick on the draw. Wanting to respond quickly is no excuse for poor grammar, misspellings, and bad form. Proofread your response carefully before sending it. It’s easy to miss errors on a computer screen. Try this: print out your draft and read it aloud to catch any mistakes, missed words, or poor syntax. Your email response will create your prospect’s first impression of you, so make it a good one!

• Be detached. An Internet inquiry is a dream come true: an interested prospect contacting you! You probably can’t wait to email a proposal, product specifications, company brochure, comparison chart, product brochure and lists of happy customers. But if you send all those attachments, your email may not get through the prospect’s spam filter; it could take forever to be received, and even longer to download.

To avoid coming across like an inconsiderate klutz, send a brief reply. If you have a short proposal, include it in the body of the email, not as an attachment. Let the prospect know that you’ll send the collateral material he requested in a separate email. If he didn’t request it, don’t send it!

• Make an impression. Buyers who email inquiries are probably searching numerous websites besides yours. After awhile, they blur together. Make it easy for the buyer to recall your site, and why he requested information from you in particular. Remind him who you are by including your company tagline, and a link to your site.

If the inquiry came from an industry bidding site, take additional steps to distinguish yourself, keeping in mind that the prospect knows nothing about you, not even your company name. To stand out from the potential dozens of replies the prospect will receive, bypass your normal form-letter response, and personalize your reply. Focus on your special ability to meet the prospect’s particular request, and give him a reason to remember you.

As a salesperson, you probably feel more comfortable speaking with prospects directly, because you can easily establish rapport and rely on instant feedback to guide the conversation.

Email communication robs you of those advantages, but it does not have to rob you of opportunity. Follow these guidelines, and you will convert more Internet inquiries into customers.
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Tina LoSasso is Managing Editor of SalesDog.com, an online resource for sales professionals. SalesDog.com's new book Top Dog Sales Secrets features sales advice from dozens of nationally renowned sales experts. One reader said, “It’s like reading the best ideas from 50 sales books all in one book.” To learn more, go to SalesDog.com.

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Adversity Gives You Strength! By John Boe

How can you stay self-motivated and productive in the midst of turbulent times and a sluggish economy? How do you persevere as a salesperson when times are tough and customers seem to be holding on to every penny in fear of economic uncertainty?

Every challenge, setback and personal difficulty you encounter in life also brings with it the seed of equivalent or greater benefit! The key to overcoming adversity is to avoid the temptation of panic and instead, focus on finding the greater benefit. Adversity will never leave you where it found you; it will either strengthen your character or weaken your resolve.

During the early years of WW II Nazi submarines, operating in wolf packs, roamed the frigid waters of the North Atlantic with impunity sinking an alarming number of British military and merchant ships. Hitler was confident that his U-boats could blockade England and eventually starve the British people into submission.

In the summer of 1940, while the Battle of Britain was being played out over London, the Germans unmercifully sank over 300 British military and merchant ships. Prime Minister Winston Churchill, fearing the negative impact these devastating losses might have on the nation's morale, ordered the information withheld from the public. In an effort to reduce the appalling number of casualties lost at sea, Churchill instructed the British Royal Navy to begin a study to determine what, if anything, could be done to save more lives during sea rescue.

While interviewing the survivors an interesting discovery was made. To their complete astonishment, the researchers noted that the survival rate for the younger, presumably more physically fit sailors was remarkably lower when compared to their older shipmates. The study concluded that the older sailors had a significantly higher survival rate due to the fact that they had overcome more adversity and therefore, had developed greater confidence in being rescued than the younger, less experienced sailors.

The head of the research project, Kurt Hahn, was so moved by this discovery that he created the Outward Bound program. Hahn designed the Outward Bound program, utilizing a series of progressively rugged challenges, to mentally and physically prepare young British sailors to cope with the adversity of naval combat. Today, the Outward Bound program works with troubled youth to help them develop greater confidence and self-image.

I find it interesting that people faced with similar adversity often experience remarkably different outcomes. Some people become weakened, some become hardened and some become stronger. If you place a carrot, an egg and a coffee bean into a pot of boiling water, each reacts in a completely different manner to their conditions. The carrot goes into the boiling water firm and comes out soft; the egg goes in fragile and comes out hardened; while the coffee bean turns the hot water into coffee by releasing its flavor and aroma!

While you may not fear a U-boat sinking your ship, you may find yourself challenged to stay afloat in today's unpredictable and choppy business waters. Selling in these challenging times demands determination and personal fortitude. Having the will to persevere when times are tough is a characteristic commonly found among self-made millionaires. Are you a quitter? The last time you failed, did you stop trying because you failed or did you fail because you stopped trying?

Thomas Edison documented 10,000 failed attempts to develop the electric light bulb. A reporter asked the great inventor how it felt to have failed 10,000 times trying to invent the light bulb. Edison responded, "Young man, I didn't fail 10,000 times trying to invent the light bulb, I simply documented 10,000 ways that it wouldn't work." Imagine how different our world would be today if Edison had been a quitter.

You must expect to encounter detours, roadblocks and potholes of adversity along the road of life. The next time you are faced with adversity, learn from it and know that you are becoming a much stronger person because of it!
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John Boe presents a wide variety of motivational and sales-oriented keynotes and seminar programs for sales meetings and conventions. John is a nationally recognized sales trainer and business motivational speaker with an impeccable track record in the meeting industry. To have John speak at your next event, visit www.JohnBoe.com or call 877 725-3750. John's free newsletter is available on his website.

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