Sales Magic is Bogus: Understanding the 80/20 Rule & Trigger Points (Part 2)

Sales Magic is Bogus: Understanding the 80/20 Rule & Trigger Points (Part 2)
January 18th, 2010 Author: Gary Whitehill
In their profession, top sellers obsess over one critical rule: What is the 20% I do which makes 80% of the difference in the acquisition and retention of my customer?
This is not rocket science folks- just simple mathematics.
However, it does require a highly skilled salesperson to recognize the 20% which does in fact make 80% of the difference. So then, how do you recognize this 20% sooner rather then later? Well, to be truthful, it can be complicated in certain industries, but overall it boils down to a few things:
Time – The longer you spend understanding your customer, both in person and through your own independent research, the more successful you will be in every stage of the sales process.
Energy – It is contagious. If you’re high energy, your customer will be as well. High energy = high engagement, high engagement = more likely sale. High energy can easily tip the odds of a sale in your favor
Persistence – On average, it takes 5 “no’s” to get a “yes.” Don’t simply take the first “no” as the customers only answer in the sales process and leave (as 99% of sales people do). Instead, expect and embrace the “no,” because the sooner you get all 5 out of the way, the sooner you’re going to make the sale.
Enthusiasm – Believe in yourself, your product and the process by which you make the sale. If you don’t, you’re mediocre at best at the sales profession.
Leveraging each of the above points to learn about your target consumer is a crucial first step in understanding their purchasing triggers in both short and long-term contexts.
Next, take what you’ve learned from your customer (constructive feedback) and immerse yourself in their purchasing mentality. Devote a considerable amount of time and energy toward understanding every one of their tastes/habits/likes/dislikes. This is not meant to be an overnight exercise- the more time you spend reflecting, the easier it will be for you to identify with your customer.
Once a salesperson understands their target consumers purchasing mentality, they can then begin the process of honing their presentation into a few concise, actionable and repeatable steps. Over time, this makes all the difference in the world between selling just the industry average and selling in excess of 200% more then the next closest sales representative.
——Stop At Nothing. Achieve Anything.
Gary Whitehill is the Founder of The Relentless Foundation and New York Entrepreneur Week (NYEW), both of which reflect his entrepreneurial drive and relentless energy.
In 2009, The Relentless Foundation inspired the creation of New York Entrepreneur Week (NYEW), an unprecedented gathering of entrepreneurs, from innovation-minded start-ups to multi-million dollar revenue generators who are given the chance to learn, connect and leverage opportunities to help drive economic change.
The Entrepreneur Week movement continues to grow, with events planned in more US cities and around the world.
Additionally, Gary believes kids should have the ability to create the world they want, and that those who are driven to achieve must also be given tools such as entrepreneurship to learn, grow and express themselves.
Gary supports people and companies invested in driving social and economic change.