Tag Archives: buy

Sales Insider

April 5, 2017 by

I love sales. It is a career where you, the sales professional, determine your income based on how skillfully you execute the duty. It has a feel of independence, ownership, and entrepreneurship, and it can be extremely rewarding. Professional selling is regarded as one of the top-earning careers on the the planet. Note to you business owners out there: If your salespeople are making more money than you, don’t be jealous, be excited because they are building your business and increasing its value.

The term “commission” is familiar to ranks of sales professionals. However, I want you to think about your income a little differently. Rather than earning commission when a sale is made, think about your pay as an hourly wage. What makes your hourly pay different from the familiar, traditional hourly jobs is that your hourly rate will change based on the activity you happen to be doing at the moment. For example, in my previous career, for every 10 presentations I made, I would close on, and get paid commission for, three orders. On the three projects I won, my hourly rate was great, but on the projects I lost, my hourly rate was $0/hour. I thought “this is just how it is in sales,” so I did little to change or improve my sales performance until I was taught to think of my compensation as hourly. Spending 60 hours per week on sending proposals to my customers meant missing out on my kids’ activities and time with family, all so I could get paid for 30 percent of my time. That made me angry. This is madness, yet a vast majority of salespeople would give you a similar story.

I think there is a better way to sell that will pay more per hour, which means one can earn their desired wage in less time. I just need to figure out how to get rid of the seven prospects who don’t buy quickly and only spend time on the three who will buy. If I can figure this out, then I will close the three orders, so my pay is the same as before, but I do not spend much time on the seven who do not buy. Can you see how my hourly wage more than doubles?

Since your time is just as valuable as your prospects’ time, only the prospects who plan to buy from you get any of it. In order to do this, you must sort all prospects who talk to you as either buyers or window shoppers. The first step in doing this is to recognize that there are four possible outcomes of a sales call: yes, no, maybe, and clear future. Let’s examine each one.

Yes: Congratulations! You achieved an order and you will earn money.

No: Shoot! Shake it off. There are plenty of other customers out there who will buy. Did you know that “no” outcomes are good, and they can actually make you money? If you get a “no,” that opportunity no longer consumes your time, which means you can divert time to those who buy, and your hourly rate actually increases.

Maybe: Stay away from the dreaded “I need to think it over.” These outcomes represent the “window shoppers” and will cost you money. These prospects waste your time and consume your resources. Therefore, when a prospect stalls, push them to “no.”  At least a “no” will make you money.

Clear future: Sometimes your product or service cannot be sold in one call. You might need multiple meetings to formulate the solution and make the sale. This positive outcome is for those prospects who see value in your solution, are willing to move the process forward, and want the sales conversation to continue on a specific day at a specific time.

Thus, the rule is “No more maybes.” If you can make this rule part of your selling system, you will increase your hourly rate and significantly grow your sales. You effectively sort the buyers from the window shoppers and spend more time on those who buy. Now, I close three out of four presentations I make, my income has increased by triple digits, and I spend less time doing it all.

So, what is you hourly wage?

Karl Schaphorst is a 27-year veteran of sales who now specializes in training other sales professionals. He is the president of Sandler Training.

 

 

 

 

 

 

 

 

 

 

 

This article was printed in the Spring 2017 edition of B2B.

Beef Up Your Offer

June 20, 2013 by

With home prices rising, potential buyers need to make their offer stand out. To help beef up your offer, here are five questions you should ask:

  • Do I have a strong pre-approval letter? Get pre-approved for a loan from a trusted lender. This letter is evidence of how much you can borrow and shows that a lender has done a credit check and verified income and assets, so your ultimate mortgage approval can go more smoothly.
  • Do I know what the seller wants? Working with a reputable real estate agent, you should determine the seller’s motivations. In some cases, sellers want to close quickly. Other times, they may be waiting to relocate and a speedy closing is less important.
  • Can I avoid contingencies? Sellers who do want to close quickly may get antsy about contingent offers—such as when the buyer needs to sell a current residence. Try to avoid contingencies if possible.
  • Is my offer price strong? A good real estate agent should be able to advise you on comparable sales and listings in the neighborhood you want. This information can help you strengthen your offer.
  • Do I have the cash to close? It’s helpful to have your cash amassed in a liquid account to cover the down payment, closing costs, and other expenses.

If you answer “yes” to all or most of these questions, then you’ll be on stronger footing when it comes to making an offer on a home.

Mike Becker is a mortgage banking regional sales manager for Bank of the West – Member FDIC, Equal Housing Lender. Becker lives and works in Omaha and can be reached at mike.becker@bankofthewest.com. 

ProTech Xpress

May 25, 2013 by
Photography by Bill Sitzmann

People are just so busy,” says Michelle Fouraker, cofounder of ProTech Xpress. “If you find a car on Craigslist during your break at work, it’s not like there’s a bunch of them sitting on a lot. There’s one. Call us up, we’re there, we’ll go.” Michelle, along with her husband, Jon, launched the vehicle inspection service in Omaha last September.

Drawing on his 25 years of experience as an automotive technician and used-car inspector, Jon takes his knowledge on the road, inspecting used cars on behalf of prospective buyers.

“It’s something that’s been in the back of my mind for some time,” Jon says of the business. “You know, when I worked for dealerships, they didn’t always fix everything that needed to be fixed. They did it out of economics,” he explains. “You can’t afford to fix everything that needs fixed on a car. So I’m kind of out there fighting for the guy with his hard-earned money. I don’t want him to get ripped off.”

Prospective buyers can request an inspection by visiting protechxpress.com, where they can e-mail or call with a car’s information. If neither Michelle nor Jon picks up the phone right away, they’ll get back to a caller within the day, usually within a few hours. The inspection itself takes an hour.

“We’re going out to the car for you,” Michelle clarifies. “You don’t have to be there; we can e-mail you the report. We’re not trying to sell you parts, we’re not selling you repair service, we’re not going to recommend anybody to you. This is our 100-percent-unbiased opinion of the car.”

“We’re not trying to sell you parts, we’re not selling you repair service, we’re not going to recommend anybody to you. This is our 100-percent-unbiased opinion of the car.” – Michelle Fouraker, co-founder

After he receives a request for an inspection, Jon contacts the car’s owner and sets up an appointment to inspect the vehicle. Following the inspection, he doesn’t show the owner his report, however—that’s for the prospective buyer’s eyes only. For the most part, he just presents the facts of his findings. It’s not about advising someone to buy or not to buy.

If he finds something seriously wrong with the car right away, Jon will call the prospective buyer to let them know. “I’ll ask if they want me to finish the inspection,” he says. If the buyer says, no, thank you, they’ll pass on the car, Jon charges $25 for his time and moves on. A completed inspection runs $99.95 for two-wheel drive vehicles and $129.95 for four-wheel and all-wheel drives. If an inspection takes place outside the Omaha metro area, ProTech Xpress does charge extra for the mileage.

A five-page PDF is available for download on the site as a comprehensive sample of what the ProTech Xpress inspection entails. “It’s all in my head,” Jon says of the checklist, “all from experience.”

Michelle recounts one instance where the inspection uncovered that a car had indeed been in an accident, even though the vehicle’s CARFAX report came up clean. “You can tell with a paint meter,” she says. “The paint’s thicker where it’s been repainted, and there was a little bit of overspray on one of the tires. The car’s owner didn’t even know it had been in a wreck because they had bought it second-hand, too.” The buyer was able to take that info and request a few hundred dollars off the price of the car. “Which more than pays for the cost of the inspection,” Michelle adds. Jon has found rust spots covered with a nice paint job and some duct tape. Another woman was purchasing a used SUV from a dealer and, based on ProTech Xpress’ report, was able to receive a new set of tires for free from the dealer.

Eventually, the couple would like to franchise the business. “That’s the big goal,” Jon says.