28 Successful Marketing Practices

Many holistic practitioners have the right heart (i.e. they want to help people), but more often
than not, they have the wrong method(s). It is true that the most important thing in a private
pratice is to be real - to be true to yourself and to others. Unless you are an honest person, no
amount of success will make your practice worthwhile. An honest practitioner who puts the
following marketing practices to work will become successful in the all around arena of
private practice.
1. Focus on Helping, Instead of Selling
You shouldn't be trying to force people into purchasing your product or service. You should find
people who want your product or service and then focus on offering any helpful information to them
so that they can make an informed decision.
2. Target
If you're trying to target everybody, then chances are, you're not targeting anybody. For example, if
you're selling something that homeowners would want, as opposed to renters, then target
homeowners. State your target clearly in all of your marketing materials.
3. Stop Spending Money on Ineffective Marketing
One great way to save money is to stop wasting it on marketing and advertising that isn't producing
for you. Don't forget to track the number of responses you are getting from whatever method you
use. If you're not reaching your goals, then your strategy needs to be revised.
4. Network
Networking is a great way to get your message out to a large number of people, for free. Since each
person knows about 250 other people, you can spread the word about your business pretty quickly.
Go to your local Chamber of Commerce meetings. Shake hands at business functions. Exchange
business cards with associates you see in stores, churches and community events.
5. Set Goals and Deadlines
Collect your thoughts for a moment or two, and set goals and deadlines. These are vital to your
business success. State your goals as specific numbers. (e.g. 10 new accounts, 11% increase in sales,
etc.)
6. Focus on Benefits Not on Features
Spend your time focusing on how your prospects will benefit if they purchase your product or
service. For example, if you're selling central air conditioning units, don't sell the power of the unit.
Sell the benefit of comfort. Selling insurance? Don't sell the coverage amount. Sell the benefit of
security.
7. Write Tips Articles
Newspapers and other publications are always looking for helpful tips articles that would be of
benefit to their readers. Submit simple, problem/solution type articles related to your product or
service. State the problem, and then share some insightful tips that can help to solve the problem.
Always include information at the end of your articles so that people will know how to contact you
to receive more information about your services.
8. Be Persistent
Persistence is power when it comes to increasing your sales and profit. Far too many firms fail
because they don't follow-up long enough to produce results. Most sales are made after the seventh
or eighth contact--the sale is rarely made after just one contact.
9. Submit Press Releases
Press releases are a very cost-effective way to get your message out to many people . . . for free.
Submit your press releases to a wide variety of publications for immediate release. Keep in mind that
the newspapers will usually only print releases that are of interest to their readers, rather than of a
selling nature.
10. Offer to be a Speaker
Business and civic organizations are always looking for speakers for their meetings and get
togethers. Make yourself available by contacting these groups and offering to talk about your area of

expertise.
11. Give a Free Demonstration
If possible, give free demonstrations of your product or service to those that might be interested.
Follow-up with these prospects in a timely manner to attempt sales conversion.
12. Distribute Samples
If possible, get samples into the hands of people who may be potential customers. People like to try
before they buy.
13. Distribute Informative Literature
Make sure that you get your product benefits, features and ideas into the hands of your prospects. If
people don't know what you have, how can they make a decision to purchase it?
14. Use the Telephone
The telephone can be one of your most effective, and least expensive, sales tools. Call people who
you would like to do business with. Ask for a few minutes of their time so you can show them how
your services can help them save time, cut costs, increase sales, etc.
15. Generate Referrals
Referrals are a great way to generate new business. Don't just wait for people to refer you.
Proactively ask for referrals from existing customers, acquaintances, family and friends. Don't forget
to graciously thank anybody who refers your business to someone.
16. Have Fun
Frustration and stress will slow you down. You will succeed far better when you're doing something
that you love.
17. Talk to Your Customers About Them and Their Needs
Most company publications, ads, letters and sales literature are filled with words, photographs and
information that do nothing more than toot the company's horn. Talk about your customers needs
instead. Rather than using the words, "I," "me," "my," use "you" and "your."
18. Develop Customer-Oriented Relationships
Take an interest in your prospects and customers. Send them helpful articles that you think would
interest them. If you know of an event that your prospect or customer will be celebrating, such as an
anniversary or birthday, send them a card or small gift. They will appreciate your generosity and will
think of you when they need your service, or if they know someone else who may need your service.
19. Tell Your Prospects and Customers What to Do
Getting your message into the marketplace is important, but getting prospects/customers to
respond is the real test. Tell your prospects exactly what you want them to do next (e.g. call for your
free brochure, drop your reply card in the mail, etc.)
20. Take Advantage of Testimonials
Whenever an existing or potential customer says something positive about your company, ask them
if you could use their statement in your marketing materials. Your company's credibility will increase
with the use of testimonials from happy customers.
21. Make it Easy for People to do Business with You
Your customer is not going to work for you. You have to work for them. Do anything you can to
make doing business with your company easy and a pleasure.
22. Content First, Form Second
When developing your sales materials and literature, spend less time worrying about the graphics
and colors, and more time working on the content -- what's in it for your customers. As long as your
message is enticing, black ink on white paper could work just as effectively as expensive four-color
materials.
23. Give to Get
There's an old saying, "You can get everything you want, by helping enough people get what they
want." Listen carefully to your prospects and customers so you'll know exactly what they want and
be generous in your offers. That way you'll be sure to reap the maximum rewards.
24. Learn a New Marketing Technique Every Day

Read, go to seminars, listen to audio tapes. Continuously improving your sales and marketing skills
will help you to increase your sales and profits.
25. Associate with Positive, Successful People
Talking to and learning from people who are always striving for and meeting their goals, will help
you commit to and achieve your own objectives.
26. Believe in the Product or Service You Sell
If you don't believe in the quality and benefits of your product and service, your prospects won't
either. Present the benefits of your product/service with confidence and enthusiasm.
27. Focus on the Lifetime Value of Your Customers
Don't focus on generating one-time customers. Build a relationship so that a prospect becomes a
repeat, lifetime customer.
28. Learn from Someone Who Has Experience
Marketing is an important skill based on both knowledge and experience. The fastest way to gain
that knowledge is to find someone who knows what works and has done it successfully. Ask about
his or her specific experience in generating marketing results, as well as references, or testimonials.
Reasonably priced marketing materials, like books, courses, workbooks, newsletters, audio
cassettes, etc. can be excellent resources, that allow you to learn and apply effective marketing
systems at your own pace.
7 Common Sales Mistakes
Knowing how to sell isn't enough. It's at least as important to know how NOT to sell. No matter how
polished your sales skills, making one of these common mistakes can wipe out all the ground you've
gained and send you back to square zero on your sale.
1. Selling Features
Features tell, benefits sell. If you talk only about a product's features, you may be appealing to the
prospect's logical side... but it's his emotional attitude about your product that will determine
whether he buys or not. So instead of bragging about how a product works, talk about how owning it
will change the prospect's life for the better.
2. Pursuing Non-Prospects
Whatever you're selling, not everyone will be able or willing to buy it. If you waste your time trying
to sell to people who aren't actually prospects then you're costing yourself a lot of commissions.
Always qualify a prospect as early in the sales cycle as you can. The best time to start qualifying is
during the initial cold call. A few questions at this point can weed out the obvious non-prospects,
and you can further narrow the field early in your sales appointment.
3. Answering Objections Before They Arise
When you hear the same objection over and over in sales presentations, it's easy to fall into the trap
of assuming that every prospect is thinking about that particular issue. But don't make the mistake
of bringing up ANY issue before the prospect mentions it. If you bring up an issue when the prospect
hadn't thought of it yet, you can bet he'll be thinking about it now. Prematurely answering an
objection is just making trouble for yourself.
4. Not Closing
Change makes people uncomfortable. Unless the situation is absolutely dire, prospects would rather
take time and more time to think things over before they decide to buy. And that's exactly what
they'll do, unless you push for a decision by closing the sale. Letting the prospect go without asking
for the close means losing him to the next salesperson when he does close that customer.
5. Faking Friendship
Building rapport is an important part of sales, but if you rush the process, you'll derail it entirely.
Fake liking is usually pretty obvious to prospects, and nothing will make them less inclined to trust
you. So don't pretend to like someone or something wait until you find some actual common
ground. In the meantime, adopt a pleasant and friendly attitude.
6. Talking More You Listen

Extreme extroverts are less likely to become great salespeople than less intensely extroverted folks,
despite the stereotypes. That's because listening is at least as important as talking. Sales experts say
that you should remember you have one mouth and two ears, and use that to remind you that you
should listen twice as much as you talk.
7. Not Following Up
Some prospects are terminally indecisive. Others have to follow long and complex buying processes
that slow everything down. For these types of prospects, knowing how and when to follow up is
crucial. As a rule, any meeting that doesn't end with a sale should end with your setting a time and
date to follow up with the prospect. Then keep to that schedule at all costs. If you don't take
responsibility for following up, you can bet your prospect won't be the one to do it.
Developing a Sales Strategy
It's important to have a plan in mind when you sell. Otherwise you'll be missing opportunities
prospects who would be ideal fall by the wayside, and products that would appeal to your prospects
never come up in discussion. A sales strategy allows you to deploy your selling time most effectively.
It gives you a framework within which you can make changes on the fly, if required. But if you don't
already have a sales strategy, the first step to building one is understanding your current situation.
Answer the following questions, and you'll have the basis for a powerful sales strategy.
What is my prospecting strategy?
The method or methods you use to reach out to new leads will affect the entire rest of your sales
process. Cold calling, emailing, social media, and other prospecting methods tend to bring in
different mixes of prospects. The best strategies usually rely on more than one type of prospecting
so that they can reach the widest possible pool of prospects.
Why do prospects decide to buy from me?
Ask new customers why they decided to buy, and you'll have some extremely useful data to build
into future sales presentations. This is especially true if your new customers all tend to say the same
thing. In that case, you'll know exactly what to emphasize.
Which product(s) are prospects most likely to buy first from me?
A company with several product offerings usually has one or two gateway products that lure in
new customers. Know what your own gateway products are and you'll be able to focus on them in
sales presentations as well as honing your prospecting to find potential customers who are
especially likely to choose those products.
What objections do I hear most often?
Knowing what objections come up frequently tells you which concerns are tending to arise in your
prospects' minds. And that in turn allows you to soothe those concerns early in the sales cycle,
before they become a major impediment. It also allows you to come up with good responses well
ahead of time, so that you can handle those objections swiftly and competently.
When prospects don't buy from me, who do they buy from?
Many salespeople lose sales to the same competitor over and over. Know who this competitor is and
you can focus your attention on them. The next step is to learn all you can about that competitor,
and use that information to buffer your prospects against them. If possible, go to that competitor in
the guise of a prospect and let them sell to you you'll learn a great deal about their own sales
strategy that way.
How are each of my products different from/better than its top competitor?
Come up with at least five ways that your own product is superior to that primary competitor. That
will give you plenty of ammunition when a prospect says something like, Company X makes the
same product but theirs is a lot cheaper. Ideally, you'll find ways that your product is better than
the competitors', but in a pinch a simple difference can be good enough.
What kind of referral system do I have? How can I make it better?

Referrals are a powerful source of sales. You should have a system in place to request referrals and
educate customers as to what a good prospect looks like. And don't forget that you also need a way
to reward customers (and non-customers) who send referrals your way.

Essential Sales Skills

There are a lot of different ways to approach sales, but they all tend to rely on the same skill set.
Note that these are skills, not talents: talents are inborn, but skills are learned. Anyone can learn to
be an effective salesperson, and good salespeople can become great ones by honing the following
sales skills.
Maintaining Self-Confidence
This is the absolutely most important skill a salesperson can cultivate. Why? Because all the other
skills are based on persistence. If you have every other sales skill listed below but you give up at the
first hint of a no, then you'll never have a chance to use those skills. The first time you speak to a
prospect, they might not want to talk to you because they're having a bad day... but if you call back a
week later they'll be eager to buy.
Self-confidence doesn't end with persistence; if you believe in yourself and your product, your
prospects will be inclined to believe as well. Self-confidence will also incline you towards a more
assertive closing approach, which is vital to your selling success.
Good Listening
Most salespeople are natural talkers. Unfortunately even a great speaker will only get so far without
a little listening. Taking the time to ask your prospect questions and really listen to the answers
shows respect for them, and gives you a clearer idea of what they want. So how can you tell if you're
doing enough listening? The next time you cold call a prospect, ask an open-ended question and
then hit the mute button and leave yourself muted for at least a minute (or until you are absolutely
sure the prospect is finished). By forcing yourself to be quiet, you will notice right away how strong
your urge is to jump in and say something before the prospect has stopped talking.
Persuasiveness
Emotion plays a major role in sales. There's an old saying that features tell, benefits sell. Features
are the facts about your product or service; benefits are their emotional connotations. For example,
a 0% interest rate on a credit card is a feature... being able to save money while buying the things
you need is a benefit! Persuasiveness is the skill that allows you to convey these emotions to the
customer. If you can make your prospect feel how great it will be to own your product and how
much their life will be improved when they have it, you can sell it to them.
Building Strong Relationships
This sales skill is just as important to a salesperson's business life as it is to their personal life.
Building and maintaining healthy relationships is the key to developing a strong network. And
networking will allow you to reach far, far more prospects than you could manage on your own.
Remember the theory of Six Degrees of Separation? Let's say you're trying to reach the decision
maker at a major company but you don't know anyone who works there. A call or two to your
network contacts yields someone who knows someone who works for your target; armed with that
person's name and direct phone number, you now have access to the prospect.
Self-Motivating
Even the best salesperson is a work in progress. You can always find a way to develop your skills,
work on your pitch, and learn more about the products and services you sell. But the drive to
constantly improve yourself has to come from within. Your manager might direct you to make some
changes if your sales start to plummet, but if you are constantly working to become a better
salesperson you can start working on the issue before it affects your numbers.

How To Market A New Product

So you've invented the next great gadget, and you're sure it'll be a hit. In fact, you've got
cartons of inventory stored in every room of your house that you're itching to sell, sell, sell.
Your test market said they love it, but how can you reach the legions of consumers you're
sure will want to buy it?
Welcome to Sales 101. While there are countless books you can read about sales and
marketing, here's a relatively simple, proven strategy that'll teach you how to market a
product and grow your sales.

Create a Sales Plan

First, define your market as accurately as possible so you have a deeper understanding of
exactly who you're selling to. For example, instead of all women, it may be working women
with above-average incomes and kids under age 5. Instead of all men, it may be divorced men
in their 40s with six-figure salaries. The more specific you get, the more accurately you'll be
able to target your sales and marketing efforts, choosing the sales channels most receptive to
your product.
Next, you'll need to develop a sales plan. Before you groan, "Another plan," understand this
can be a simple document for your eyes only that'll help you organize and think through your
sales strategy. Write it in a way that makes sense for you. Typically, it should include the
following:

Sales goals: These goals should be specific and measurable, not something like
selling a million units. Base them on the nature of your product and try to break them
down into manageable parts. For example, sell 50 units to end-users in 30 days and
sell 100 units to local independent retailers in six months.
Sales activities: These are your tactics--how you plan to make the sale. You may say
you'll sell direct-to-consumer through a website or via craft shows, for instance. Or
this part of the plan may include activities like developing a sell sheet to send to
independent retail stores.
Target accounts: Your sales plan should also include the accounts you want to sell
to. If it's end-users, for example, plan how you're going to reach them through eBay,
classified ads or your website.
Timelines: Put dates to all of the above elements so you can define your steps within
a realistic timeline. Don't forget that your timelines should be fluid--if you're
underachieving, your sales plan can help you figure out why and define the corrective
steps you need to take.

Finally, follow a proven process for growing sales over time. While it would be fabulous to
have Wal-Mart carry your product right out of the gate, it may not be realistic. Most large
retailers want to see a track record of successful sales before agreeing to take on a new
product.

Build Your Market

To learn how to bring a product to market, begin by selling directly to end-users. This'll give
you confidence that there's demand for your product and will also create referenceable

customers that you can contact for product and packaging feedback before you hit the bigger
leagues. So where can you reach your end-users?
The web is one highly effective channel, and you can reach your market through your own
website or via a site like eBay. You can also tap into your own personal network as you
begin. Host a home party to share your product with friends and friends-of-friends, sell
through local community groups and e-mail your network.
Once you get feedback directly from your customers, refine the packaging and price point
before approaching your next market--wholesalers. You'll probably start with small,
independently owned, local stores. It's a good idea to start with them before hitting larger
chain stores because it's easier to get in touch with the direct decision-maker, and they're
more inclined to take on new, unique or hard-to-find items to differentiate themselves from
larger stores. To sell to these retailers, be prepared and bring a product sell sheet, photos,
product samples (if possible) and a succinct introductory letter to explain what's in it for
them, highlighting your product's profit margin, features and benefits, and proven sales
record.

Expand to New Markets

Once you've established sales strength with independent retailers and are ready to support
new markets, it's time to sell to the big guns. Of course, exactly who those big guns are will
depend on your product. For some, it's powerhouse general mass retailers, like Wal-Mart and
Target, while other products will fit more specialized but equally powerful retailers, like
Williams-Sonoma, The Sharper Image and Sephora.
Note that when dealing with these major accounts, the sale is just the beginning of the deal.
Handling fulfillment, returns, rollbacks, slotting fees, advertising and more will require
strengthening your business's infrastructure and resources.
But back to the sale. What's the best way to approach a larger retailer? Here's a quick cheat
sheet:

Get the correct buyer: One of your biggest challenges is finding the right buyer
within a large organization, so do your homework. If you're experiencing roadblocks,
consider hiring a distributor or manufacturer's rep who already has established
relationships in your industry.
Be prepared: Develop a presentation and have professional-looking sell sheets ready.
Your product should also have packaging that's ready to go.
Know your target: Understand what products they already carry and how yours will
fit in. Don't waste your time pitching to a retailer who's unlikely to carry your product.
Take advantage of special programs: Some mass retailers, such as Wal-Mart, have
local purchase programs that give managers authority to try local items. And other
retailers may have different initiatives, such as minority business programs.
Be patient: It can take up to a year or longer before you see your product on store
shelves, so don't get frustrated. And if the final answer is no, try to turn it into a
learning experience.

Finally, remember there are other sales channels besides the traditional brick-and-mortar
retail store. Catalogs, TV shopping networks and online stores can also be excellent methods
to enable you to learn how to market a product online.

How to Market & Sell a New Product

Even if a companys new product has significant competitive advantages, introducing it to the
marketplace is extremely challenging. Customers need to be educated about the products
uses and benefits, which requires an investment of both time and money. Many smaller
companies with limited financial resources must think of creative, low cost methods of
marketing their product.
Step 1
Identify your initial target markets--the groups of customers who are most likely to purchase
the product or the easiest to reach with the marketing and promotion resources the company
has available. Consider segmenting your market by geographic region and concentrating your
resources on the region with the largest number of target customers and the weakest
competition.
Step 2
Create a marketing budget for the next twelve months. Be realistic about what you will be
able to spend on marketing and still cover the companys other expenses, such as facilities
costs and payroll. Allocate your financial resources so you can test-market your product with
various strategies rather than putting all the money into one category, such as selling at trade
shows.
Step 3
Determine the most powerful attributes of your product and showcase these in your
marketing messages in each type of media you select. Look at what is truly unique, different
and better about your product. You need to craft a message that sets your product apart from
others currently available and attracts attention from target customers.
Step 4
Select distribution channels that give you the fastest access to customers. A consumer product
manufacturer may find that it has difficulty getting large chain stores to stock its new,
untested product. The company could reach out to customers with direct-response marketing-selling the product on TV infomercials. When the product becomes popular, the company
will have a better chance of generating interest from large retailers.
Step 5
Choose an entry level price-point that is competitive--close to what your competitors are
selling their product for. Dont deeply discount the product in order to attract customers. Let
the products attributes drive sales, not just price.
Step 6

Take advantage of low cost mass marketing through the Internet. Develop a website that
presents the product, and your company, in an exciting way. Make it easy for the customer to
buy the product by listing on your website all the places it is available. Obtain testimonials
from satisfied customers and publish these on your website.
Step 7
Harness the power of publicity. Contact the business reporter at your local newspaper and tell
her about the product. Craft an interesting press release that talks about how the product came
to be, where you got the original idea for the product and why you thought it would be a
winner.
Tip

Use every means possible to get the product in front of the customer. A manufacturer of
grilling spices could give away product samples at gourmet food fairs or barbecue
competitions. He could hand out order forms and product literature and tell these potential
customers the many uses of the product.

Warning

Dont panic if initial sales results from your marketing campaign are lower than expected.
Some products take more time to gain customer awareness. You may need to fine-tune your
marketing message and strategies, but dont assume your product is a failure. Perseverance
is important when introducing a new product.

Price Objections
One of the scariest moments in a sale is that instant when you finally tell the prospect how
much their purchase-to-be will cost. That's when you brace yourself for the prospect's eyes to
glaze over and for her to utter the dreaded words, That's too much.
Salespeople often react by trying to bribe the prospect out of her stand. Either the salesperson
immediately cuts the price, or he offers a special deal an upgrade at no extra charge, a
second product thrown in at half price, etc. But surrendering immediately to a price objection
is not the best way to handle the situation. In fact, cutting the price on your product is the
least desirable reaction. First, it teaches your new customer to devalue the product because
the more someone pays for something, the more he tends to value it. And second, cutting
your sale price takes money out of your own commission. Salespeople often reason that a
discounted sale is better than no sale at all, but price-cutting should still be your very last
choice.
The best defense against price objections is product knowledge. A salesperson who can
explain why the product costs what it does and what factors go into setting that price can
often defuse price objections at the start. Many prospects who raise price objections do so
because they're afraid that you are trying to overcharge them. A clear and reasonable
explanation will do much to settle these fears.

Savvy buyers will often throw out a price objection regardless of how they truly feel. It's a
way for them to see if they really are getting a good deal, or if they can squeeze some
concessions out of the salesperson. Stand firm and say something like, Ms. Prospect, I
always offer the very best price possible to my customers the first time around. If you're
concerned about cost, we can look at a more basic model instead. If the buyer is just testing
you, this is usually enough to resolve the objection.
Of course, some buyers really will have trouble meeting your price. In that case, there are
ways to help the buyer without slashing your price. Perhaps an extended payment plan will
do the trick, or a slightly less fancy but less expensive product that would be a better fit for
the prospect's wallet. Cost concerns are often rooted in time, meaning that the prospect
doesn't have the money now but will have it shortly (after the next paycheck or the next
budget cycle).
Prospects who reject every attempt to help them meet the cost, and/or who triumphantly tell
you about competitors that charge much less for a similar product, are a tougher nut to crack.
These prospects are usually highly price-conscious people. Their main concern is paying the
smallest possible amount of money for a product, regardless of other factors. If you find
yourself selling to such a prospect and sooner or later, you will say something like, I
appreciate your concern, but my company offers a higher level of quality and service than
Company X and as a result, we do charge slightly more. Give specific examples if you can.
For example, you might point out that your product comes in a choice of three colors while
Company X's product only comes in olive green.
You won't always be able to win a price objection. If a prospect refuses to consider
anything but a price cut, then it may be time to walk away. Yes, you will lose the sale, but
you will also save yourself from someone who will almost inevitably be a difficult customer.
Having browbeaten you into giving in on the price issue, such a customer won't have much
respect for you and won't hesitate to make unreasonable demands in the future.

How to Sell at Full Price

Many, many salespeople use discounting as a go-to tactic for securing sales. If the prospect
seems even a little hesitant, they'll offer a price cut. The big problem with this approach, of
course, is that such salespeople are literally giving away money. Not only does this cut into
their own profits via their commissions checks, it cuts into the company's profit margins as
well. Too much discounting can literally drive a company into bankruptcy.
The first step in breaking discount dependency is changing your mindset. Consider discounts
no longer part of your sales toolkit. If a prospect seems hesitant, don't jump to the conclusion
that price is the issue ask why he seems uncertain, and then use that information to meet
whatever objections come up. Often these issues will have nothing to do with price.
Another common discounting point is when a prospect makes a comment related to pricing,
like, I didn't think this model would be that expensive. Again, many salespeople consider
this a price objection and respond by offering a discount. This kind of comment is just that
a comment, not an objection. The best response is usually no response. Simply continue with
your presentation.

When an actual price objection does surface, a discount still isn't the appropriate response.
Price objection mean that your prospect believes the value of your product is less than what
you're charging for it. So to meet the objection, you just need to explain why the value is
actually greater than the prospect realizes. This may call for a few more questions on your
part to verify his hot-button needs so that you can go over how the product meets those needs.
Experienced buyers will often ask for a discount regardless of how they actually feel about
the price you've provided. Your prospect may in fact think it's a great price, but she'll ask
anyway because she has nothing to lose. Instead of immediately giving her a discount, simply
say something like, We don't discount because our standard price is already the best possible
price we can offer. Many buyers will simply accept this statement and proceed to buy at full
price.
If a buyer offers more resistance on the subject of price, you should try to uncover the
specific reason why he thinks it's overpriced. He may be comparing it to a competitors'
product that doesn't have the same capabilities, or it may be that he last shopped for a similar
product many years ago and he doesn't realize that the market prices have gone up.
Sometimes a prospect will want to buy but truly feels that he can't afford to pay your price. In
that case, you can sometimes help him to find a way. It may be that he doesn't have the
money now but will be able to squeeze the purchase into next month's budget. Or you might
be able to offer an extended payment plan, where the prospect pays full price but does it in
installments.
Prospects who absolutely refuse to do business with you unless you lower the price will be
terrible customers. In most cases, your best bet is to walk away from those sales. Super costconscious customers will harass you constantly looking for a better deal, and they'll jump
ship to your competitor the second they find a better offer.

Selling Value Over Price

Odds are that your product is not the lowest-priced offering in your industry. That fact can
actually benefit you in your sales efforts. After all, everyone knows the saying, 'You get what
you pay for.' If you can show your prospects that your product's value is greater than the price
you're asking, you won't need to worry about cheaper competitors.
Most sales that fail do so because of fear. Any purchase requires a change in the prospect's
life, and change is scary. The bigger the change's impact will be, the more frightening it is.
And cost plays a big role in a purchase's change factor. If a prospect is faced with spending a
lot of money on a product it means he won't have that money around to spend on other
potential purchases. Expensive purchases also evoke a fear of getting ripped off. Spending
more money than a product is worth is embarrassing and can cause major problems down the
line.
You can overcome these two obstacles fear of change and fear of being cheated by
showing your prospects WHY your product costs what it does and HOW the product will be
a positive change in the prospect's life rather than a negative one. If you can prove these two
points to a prospect's satisfaction, you shouldn't have much trouble closing the sale.

Customer testimonials, scientific data and product reviews are all great ways to prove your
point. Testimonials are particularly helpful in paving your way to the close because they tell a
story of someone in your prospect's situation who benefited from having your product. Case
studies and published reviews also help by showing that neutral parties also approve of your
product's value. For a little extra punch, you can arrange for your prospect to speak with one
of your current customers, preferably someone in a similar industry or life situation as your
prospect. Obviously, you should ask a customer who you know will be positive about your
product!
Another way to reduce your prospect's perception of risk and give concrete proof of the
product's value is to give him a chance to try the product before purchasing it. Ideally, you
can offer reluctant prospects a free trial of your product for a few days or weeks. If your
company or the nature of the product makes free trials difficult, see if you can get a demo
model to take along on appointments. If your prospect can handle the product, use it briefly
and see how it works live, he'll be more open to making the purchase.
Finally, expensive purchases will be a little less worrisome if you can offer a guarantee.
Warranties and money-back offers reduce a new customer's risk. If your product is of a type
that might break down, a cheap or even free maintenance plan is another option. You may
also be able to offer a pseudo-trial by arranging for a billing delay for a nervous prospect.
This gives him a chance to put the product through its paces before he needs to hand over his
money to your company.
Demonstrating the product's value for a prospect is often enough to derail price objections
entirely. However, a prospect who has already done some research may have uncovered
details on your competitors' prices. If your prospect brings up a specific competitor who
offers a similar product at a lower price, dig for more details. If the offered price is much
lower than yours, odds are that the competitor's product lacks important features or else there
are hidden costs not reflected in the published amount.

Selling When You're Not the Cheapes

Most industries feature several companies that sell fairly similar products, but sell them at a
wide range of prices. The difference in price usually relates to a difference in product quality
but not always. And that's where it can become difficult for salespeople who aren't selling
the absolute cheapest version of a particular product type.
The situation becomes much worse if the salesperson himself thinks that his product is
overpriced. He can't do a good job of promoting his product if he doesn't believe in it. If that
describes your own situation, it's time to do some serious reassessing. Is your product really
overpriced, or do you have a distorted view of its value?
Any product or service is like a three-legged stool, and the legs are quality, service and price.
If you lower one leg say, you lower the price of a product then the other two legs have to
go down as well. You'll have to reduce quality and service to pay for that price reduction, or
your company won't be able to afford to offer the product. Salespeople who have a habit of
offering discounts are failing to take this into consideration. In extreme cases, such
salespeople have discounted their companies right into bankruptcy.

If you doubt that your product is worth the cost, talk to the people in other departments of
your company engineering, customer support, or marketing. Your product may have a value
that you never realized, and knowing that value will give a huge boost to your sales efforts.
On the other hand, if your research confirms that the product is truly overpriced, it's time to
start looking for a sales job elsewhere.
Once you're comfortable with your product's price, you can feel better about defending that
price to your prospects. The best way to deal with a price objection is by never letting it come
up. When a prospect gives a price objection, it's often because the value he perceives doesn't
equal the price you quoted. If you emphasize the product's value during your sales
presentation and give several benefits that match up with the prospect's biggest needs, he'll
likely have no trouble matching the value to the price.
Your competitors with lower-priced product offerings have a reason for setting that price
lower, and it's not because they want to give away money to their customers. Usually the
price is lower because their product quality and/or service or lower. They may not ofter
options that your product does; or it may have a much shorter expected lifespan; or their
technical support may be less extensive than yours. The only way to know the reason for the
difference is to do some research. Again, co-workers in other departments are a good place to
start particularly the marketing department.
Another option is to pretend to be a prospect and invite a salesperson from your competitor to
do a sales presentation. If you can pull this off, it's a superb way to collect information both
about the product and about how your competitor does business. If playing the role of
prospect is not an option, perhaps a friend or family member would be willing to do it for
you.
Once you have this information, responding to your prospects will be easy. When they protest
your price or ask why you're more expensive than Company X, you can lay out the exact
reasons. In some cases, your explanation will not be enough to save the sale. For example, if
your product costs more because you have extra features that are of no interest to the
prospect, he won't be eager to buy.

How to Sell Any Product

Different industries tend to use different sales techniques. After all, if you're selling high-end
financial products to giant corporations you'll need to approach your prospects in an entirely
different way from someone who sells books at a neighborhood bookstore. Still, the
fundamental rules of how to sell remain the same regardless of your product type and
customer base.
Sales Rule #1: Know The Product
If you don't understand what you're selling, you are going to suffer. You won't know the best
customer fit for your product, so you won't be able to do a good job of qualifying prospects.
You won't know all the product's benefits, which means you'll be constantly missing chances
to woo prospective customers. And if a prospect asks you a technical question, you won't
know the answer... which takes away your option of presenting yourself as an expert or a

consultant. Selling without product knowledge is like running a marathon with one leg tied
behind your back.
Sales Rule #2: Honor Your Prospects
If you feel contempt for your prospects, they'll know it no matter how hard you try to hide
it. You need to put yourself into a respectful, helpful mindset before you so much as pick up
the phone. Most people think of salespeople as selfish and out to help themselves, which is
why the consultative approach is so effective it turns that stereotype on its head. But if you
actually are putting yourself first, your prospects will be hostile and unhappy even if you
manage to pressure them into buying. Which means they'll almost inevitable tell their friends,
family and co-workers how much they dislike you. This is not the word of mouth reputation
you want to create!
Sales Rule #3: Be Truthful
Another salesperson stereotype that you'll have to overcome is the untrustworthy trickster.
The salesperson who sells products that break down in a week or cons prospects into buying a
lot of unnecessary extras. Like the previous stereotype, the way to overcome this unfortunate
feeling is to do just the opposite. By being completely straightforward and honest with your
prospects, you'll create a positive impression that will keep them coming back for more (and
hopefully send their friends to you as well).
Sales Rule #4: Be Likeable
In many ways, success in sales comes down to personality. Ask a hundred star salespeople
what approach they take and you'll get a hundred and one answers but what they'll all have
in common is likeability. Almost all resistance to buying boils down to fear on the prospect's
part. If they don't like the person who's trying to sell them something, they're unlikely to buy
no matter how great the product itself is. But if they like and feel comfortable with a
salesperson, they're much more likely to take the plunge.
Sales Rule #5: Never Stop Growing
The fundamentals of sales are always the same, but the tools and techniques that you can use
to apply them are constantly changing. Like doctors and lawyers, salespeople need to stay on
top of these changes. This includes internal company changes, such as policy shifts and
product updates, and external changes, such as the rise of social media or new state and
federal regulations for your industry. Salespeople can never stop learning and growing. But
that's not really a drawback because if you're constantly learning and developing your skills,
you're unlikely to become bored. Instead of giving the same pitch to the same prospects day
after day, you can explore new tactics, talk to new people and keep stretching yourself in new
ways.

Negotiating a Sale
What, in your customer's mind does the pricing of your product equate to? Does it mean the
actual amount the she will have to pay? Is the price the total cost of ownership or does price
mean something more?

While many feel that the price of an object is simply what it costs to own or use a product, a
better definition is the comparison between the value the product gives and the investment
needed to get the value.
Building Value
For any negotiation to be successful, the customer must see value in what you are selling. If
they see zero value, the price means nothing and no negotiating will help you close the deal.
To build value means either creating or uncovering value for your product in your customer's
mind. The more value you build and the more value your customer sees, the less important
the actual cost of ownership becomes.
Beginning the Negotiations
Negotiations begin when the customer has a determined value applied to your product and
she compares her perceived value to the asking price. If the perceived value is higher than the
asking price, a sale is made. If, however the perceived value is lower than the asking price,
the time for negotiations begin.
It is important to realize a few things about your customer's perceived value and how it
affects negotiations. To serve as an example, let's say that you are a Real Estate Agent and
are showing a house to a potential buyer. If the potential buyer, after an initial walk through
of the house feels that the house is worth $200,000, your chances for a sale are high if the
asking price is below $200,000. If your asking price is slightly above $200,000, the potential
buyer will be much more willing to negotiate than if the asking price is $300,000. If there is a
substantial delta between perceived value and asking price, the customer will probably not be
interested in engaging in negotiations
Conversely, if the asking price is significantly lower than the perceived value, the customer
may feel that she missed something negative in her summation and will be leery about
moving forward. The closer your asking price is to the perceived value, the better for your
negotiations.
Determining Your Customer's Perceived Value
Customers today are much too well informed to willingly tell a sales professional what they
would be willing to pay for a specific product. They are more willing, however to share their
budget range. Asking a customer who is considering a purchase what their budget is will
provide the sales professional a target to shoot for.
This "budget" question is very often used in auto sales as sales professionals ask potential
buyers what monthly payment they are looking for. Most of the time, by the way, the
potential buyer will respond with "I don't want to pay any more than X per month." Whatever
figure they give should serve as the starting point of negotiations.
Increase the Perceived Value
If your asking price is at or below the customer's perceived value, your focus should be more
on closing the sale rather than on negotiations. If your asking price is higher than perceived

value, you effectively have two options: First, you can lower your asking price. This may not
be an option and certainly not what you should be aiming for. Consistently lowering your
price is a great way to lose gross profit and to turn your product into a commodity.
The second option is to increase your customer's perceived value of your product. Trying to
negotiate with a customer whose perceived value is lower than your asking price should
begin with reviewing all the benefits that your product will deliver to your customer. Doing
this will not only remind your customer of the benefits of your product but also gives you a
chance to make sure that your customer is aware of all the benefits. It may be that your
customer hadn't considered something about your product that would be beneficial.
Once a new benefit is added, the perceived value is increased. The more benefits, the more
perceived value.

Tips to Increase Retail Sales

Whether it's due to forces beyond our control, seasonal sales or a decline in foot traffic, many
retailers will experience a slump in sales at some point. The following are a few simple ways
you and your staff can improve your retail sales.
Advertise More - Just when you may think it's time to cut back the marketing dollars, you
should probably be advertising more. It is wise to increase marketing efforts during slower
sales periods because there is more competition and fewer consumer dollars. Consider
newspaper ads, magazines, specialty publications and other forms of marketing.
Generate a Buzz - Whenever anything noteworthy happens within your business, send a
press release to the media. The idea is to grab any free coverage possible. Get involved with
community events. Consider hosting classes, meetings or other networking events in your
retail store. Use a unique promotional event to generate a buzz about your business.
Examine Your Pricing Strategy - When purchasing and pricing products, be sure you've
considered the cost of goods and that your retail shop is able to make a profit at that price
point. Your product price should be competitive, but still profitable. Ultimately, the right
price is the price the customer is willing to pay for the product.
Design Store for Sales - Take advantage of cross-merchandising strategies and impulse sale
opportunities. Use lighting techniques and creative displays to attract customers. Play videos
for product education, customer entertainment and any other upsell or promotional tie-in.
Connect With the Customer - Excellent customer service is the key to increasing sales.
Listen to your customer to understand their needs and wants. Then educate him/her about the
products. Finally, let the customer know you appreciate their business. Offer value-added
services and products. Create a mailing list by asking for contact information from each
customer.
Manage Your Money - This may seem like an obvious step, but as retail operators we can become
too involved in the little details of our business that we lose track of our financials. Create a budget,
know where every dime is being spent, keep an eye on cash flow, and control inventory.