Tag Archives: salespeople

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.

From The Editor

February 23, 2017 by

B2B Magazine started 2017 by highlighting the many successful women in business around Omaha, and this issue, we bring you the best of the city for business needs.

This contest is a bit different from the Best of Omaha, where the ballot is published online so anyone in the community can choose their favorites. In the Best of B2B contest, the winners are nominated on ballots printed in the 20,000 copies of the winter issue. Each issue of the magazine contained a ballot—a chance for readers to vote on favorite businesses that cater to the local business community (for example: business lunch, carpet cleaning, and much more).

How many of us can truly say we love our work? I do, actually. I look forward to coming to the office. A big part of this is that I work with an incredible team of creatives and salespeople, and one lizard. Yes, lizard—Spike the bearded dragon. Spike came to visit a couple of years ago when the publisher and his family left for Europe, and he has been with us since. He’s docile, usually sitting under his heat lamp hanging around. Sometimes when I am really feeling overwhelmed, I walk downstairs to his aquarium and watch him for a moment, sunning himself, enjoying life.

In the spring issue, we bring you the story of Envoy, which keep cats, dogs, and even a hedgehog in the office. Employees keep treats for the fur-ployees at their desks, and if one of the pets turns up missing, the whole office helps in finding their special friend.

What about you? Do you have a pet in your office? Does your office allow you to bring your pets to work? Or do you vote nay to keeping or having pets in the office? Does the fur or the smell bother you? Follow us on social media and join the conversation (@omahamagazine on Twitter, Facebook, and Instagram).

We also have other incredible articles in this issue. Like many forms of traditional media, radio is looking for alternate ways to increase revenue. NRG Media has found new business opportunities through concerts.

Ride-sharing has become a popular trend in the past several years. While people are more prone to call for an Uber in a coastal city where the cost of owning a car is prohibitive, Omaha does offer alternatives to jumping into your own vehicle when you want to go somewhere. One of those alternatives is Zipcar. This car-sharing service allows users to access one of several fleet vehicles in the area by reserving a time and date for a car. The vehicle is then available for the reserver to use by the hour or the day.

And if you need to go outside of the city, traveling to Silicon Valley just became a bit easier by flying on United Airlines’ nonstop flights between Omaha and San Francisco.

This issue of B2B, like all issues, proves to be an adventure. I hope you enjoy it.

Daisy Hutzell-Rodman is associate editor of B2B, a publication of Omaha Magazine LTD. She can be reached at daisy@omahamagazine.com.

 

 

 

 

 

 

 

 

 

 

 

 

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