Skip to main content

3 Easy Ways To Get To “No” Faster And Radically Improve Your Sales Results

  ​I came across this article and I realized I could have used it about 6 hours ago.

           3 Easy Ways To Get To “No” Faster And Radically Improve Your Sales Results

December 4, 2014 by Timo Rein in Sales

How long should you let a prospect “think about it” before they make a decision about your proposal? It’s a question I once asked from a junior member of our sales team. His answer was short, and interestingly precise: “one week.”

        Why would you wait one week? And why not three days, or a month while we’re at it? Truth be told, there’s no point in attaching a number to this sort of waiting game. And that’s because of one reason.

        Increasing your sales pipeline velocity – the speed at which you put deals through your pipeline – is the one thing that will radically improve your sales performance, even if you do nothing else.

        ​Why is sales velocity important?

        Think about your sales cycle. If it takes three weeks for any given deal to make it through your sales pipeline instead of four, then by the end of any given period, you’ll have closed 33% more deals. Simply by closing quicker.

        Here are three tips that will help you to follow up quicker and hear no’s faster – the two factors that have the biggest effect on sales pipeline velocity (and your paycheck).

Tip #1: Get to know your prospect’s decision-making process

        It’s impossible to get your prospects to make faster decisions if you don’t know the pace at which they’re currently moving. The easiest way to find out is simple – you ask.

        A common mistake I and many other salespeople have done over the years is to assume that we know what it takes to push a prospect through each sales pipeline stage. Instead of such assumptions, you should always ask:“What needs to happen in order for us to take the deal into the next stage?”

        After a couple of times of doing that, you begin to understand how decisions are made, as well as the complexity of the process behind closing a deal in your prospect company.

Tip #2: Don’t let your prospect “think about it”

        What’s the most common sentence you hear after presenting a proposal to a prospect? If your experience is anything similar to mine, then you probably hear “I’ll need to think about it” quite often.

        What I’ve experienced with new salespeople is that they’ve have formed a fear of doing follow-ups quickly – they’re afraid of coming off as pushy. However, once you get a little bit further down your career, you realize that applying gentle pressure is absolutely fine. In fact, it’s something that needs to be done to move deals forward. Your goal is never be to be pushy, but you should strive to be clear.

        For example, don’t let your prospect say “I’ll think about it” and not clarify this statement right at the spot.  When you hear that age-old line, try replying with this: “Sure, I get it. If you don’t mind me asking, what is not clear for you right now?”

        If they tell you that they need to consult with someone on the matter, ask them when they will be able to see the person and discuss the question, and promise to call them immediately after that. If there’s something else holding up their decision, you’ll most likely hear something about it.

        This kind of response will gently force your prospect’s hand a little, helping you move the deal forward far quicker than usual. It might even trigger an instant response to your proposal.

Tip #3: Know when to walk away

        After you’ve presented a proposal, your prospect should be willing to make a decision quickly. While not every proposal presentation leads to a immediate decision to purchase, you ultimately want them to walk away having made a decision to a) move forward, or b) drop it. An example of a step forward could be another demo, or some internal meeting prospect normally has to make purchasing decisions like this. Whatever the decision, it’s useful to pose the question “Should we walk away, or should move on the next step?”

        If making a decision takes them longer than your normal sales cycle, then chances are that your prospects are not actually interested in buying from you. That why you should try to get to “NO” as fast as possible so you couldmove forward and stop wasting everyone’s time, especially that of your own.

        Hearing a no does not mean you have to write the company and the contact off – they will still be there for you to initiate a new deal anytime in the future. Create a new pipeline or a list for a backlog of ideas that you can’t realize at present. This will give you a solid source of ideas that you can always go to, whenever you’re in need of fresh blood in your sales pipeline.

Key take-aways

  • Get to know how your prospects make decisions, and use it to your advantage.

  • Don’t let your prospects “think about it” with you being unsure what they are thinking about. Know that it’s OK to push your prospects a little. Do it nicely and you will reap huge rewards.

  • Get responses to your proposals quicker and don’t worry about hearing no’s. The quicker you get them, the better for you. For really good unrealized ideas, create an “Ideas for deals” backlog.

Timo Rein is the co-founder and CEO of Pipedrive. Timo has 15+ years of sales pipeline experience as a salesman, sales manager and software entrepreneur. If you liked this post check out his free Sales Pipeline Academy for more sales pipeline tips.

The original article can be found HERE

Play Safe
Ken

 
Find Me on Facebook 


Interested in promoting your business online?
Check out how I’m doing it HERE

FAQ- Leasing Commercial Property

FAQ- Leasing Commercial Property 

          When negotiating a commercial lease there are some basic terms you need to be familiar with, understand and be able to discuss. For many landlords commercial properties are their main business and they talk in these terms everyday. Some may have no patience to teach you the terms and explain the details.

         Also when you call to get some information understanding the terms and numbers quickly will help you decide if the property is even worth looking at.

Below is a small article I found that is a great start to covering the basics.

Leasing Commercial Property Frequently Asked Questions
 By Thomas J. Raub CCIM

A lease rate is stated as $10.00/SF. What does this mean?

          This is the yearly lease cost per square foot.  Example 1000Sf space quoted at $10.00/SF = yearly rental rate of $10,000 which is a monthly rate of $833.33.

 

What is Rentable square feet?

     This is the total square feet used to calculate the rental rate and may include an apportionment of the lobby, hallways, and other areas in the building available to and used by all the building tenants.  This is oftentimes expressed as a multiplying factor of the Useable SF. Example: Rentable SF = Useable SF x X.XX%.  The multiplying factor is building specific with wide variations in actual numbers. ?Typical ? multipliers would be 1.15 to 1.20.

 

What is Useable square feet?

      This is the total square feet within the walls of the space being leased. The actual space available for the Tenants exclusive use.

 

What are CAM charges?

     This stands for Common Area Maintenance charges and is the cost for items such as snowplowing, grass cutting, parking lot maintenance, common area lighting, etc.  These charges are based on actual expenses and are apportioned among the Tenants. CAM charges are quoted as $X.XX/SF and are based on rentable square Footage. Typically these charges are paid monthly based on estimated costs for the year. At the end of the year, actual CAM charges are tallied and either a credit or debit is passed on to the Tenants.

 

What does NNN mean as quoted in a lease rate?

      The NNN refers to additional actual expense items that are apportioned among all the Tenants.  Typically included in NNN are CAM, building insurance, property taxes. This is referred to in most leases as Additional Rent. A cautionary note:  ALWAYS ask what is included in the rental rate quoted and what additional items are you responsible for.  NNN is defined differently by different landlords. Typically utility costs are NOT included in NNN expenses and are therefore a separate additional cost to the tenant.

 

What does Gross Rent include?

       Typically a Gross Rent means the landlord is responsible for paying all the expenses outlined above as NNN expenses.  The Tenant only pays the Gross Rental rate. The Tenant?s utilities may or may not be included in this gross rental rate.  ALWAYS ASK!

 

Are Utility costs included in the rent? And how are they calculated?

          In smaller spaces, the utility costs may not be separately metered and therefore are apportioned among the users. This may be a rent adder or included in the base rent.  In larger spaces, the utilities are often separately metered and thus are paid by the Tenant in addition to any other rental amounts paid.

 

How short a lease can I get?

      Typically, a landlord is looking for at least a year lease and many will have a 2 or 3 year minimum lease requirement. The longer the lease is, the more value it is to the landlord and thus the more receptive the landlord may be to negotiations of the lease.

 

       What about changes needed to the space layout, new walls, special telephone lines, electrical, etc?  Who pays for this?

             The space layouts vary from business to business and rarely does an existing space work for a new Tenant. Therefore the landlord is reluctant to invest dollars for a tenant specific requirement.  Usually some painting, carpet cleaning, etc. are done by the Landlord. The length of the lease and terms also are a factor in what contributions the landlord is willing to make to the changes needed by the Tenant.  In some instances, while the Tenant is responsible for the fitup costs, the Landlord will agree to amortize the fitup costs over the term of the lease.

The original article can be found here

 

Please Comment, Like and Share if you got some value from this.

 Play Safe

Ken

Find Me on Facebook 

 

P.S. I’d love to connect on LinkedIn  

Small Business Checklist: Scouting Out a Location

      Recently I was asked to contribute to an article about what to look for when scouting a location. 

         A Laundromat is a destination location, meaning that our customers will look for one when they need it and it will not be an impulse buy, but having the right location and property features have as much of an impact as the interior layout of the washers and dryers.

         Some of the features I look for in my businesses and others should consider when scouting out a location are:

        Parking- How long will a typical customer stay in your business and any other businesses sharing the same parking areas. 
       Will you loose too many spots due to lineups in other businesses? 
        How do your hours of operation and busy times compare with the other businesses?

        Street Location and Access- Many corner lots are already taken by Gas Stations, Pharmacies or Fast Food. These are prime locations and probably out of the budget for new businesses. 
        One of the next best locations would be on the right hand side of a busy street just past a Stop Light. This allows your customers time to look at your sign and business while they are waiting at the light. 
         Two entrances ( one at each end of the lot) is beneficial as it allows a second chance if they miss the first one. 
          Is it a divided road with limited areas to turn Left or turn around?

Supporting Businesses-  Are the businesses in the same building or neighboring buildings going to provide support, competition or be neutral? 
        Will your Teen Clothing Boutique be sharing a strip mall with a Tattoo Parlor, Auto Parts Store and Discount Hardware store? Locating beside a Hair and Nail Salon, Shoe Store and Coffee Shop / Bakery would complement the other businesses and reach a common demographic.

         Visibility- If someone is driving how hard will it be to find your store?
 Can the front of your store and your sign be easy seen and read / understood? Also will your customers be able to see inside the business from the street or parking lot to determine if they have the right place and if they want to go inside?              Consider when you flip through a magazine or a website, if you do not see something that interests you at a glance are you going to continue looking? 
         If you have a specialty business and your customers are looking for your location specifically it might not have an effect but will you be losing “drive by” traffic.

        Tenant Improvements- Is the Landlord willing to provide improvements to the location or waive some lease payments in lieu of changes to the location? For example if the building needs new lighting will this be covered by the landlord to your specifications or will they install generic lighting that you will remove or replace.

         Utilities- Are there adequate utilities available for your business? Power, water, sewer and gas may be available but is there enough capacity. The cost and time to increase any of these could be substantial.  
        Also who would be responsible for the cost in the interior and exterior to relocate the connections. Other considerations are Cable, Internet and Phone service.

        Lighting: Is there adequate lighting to provide a safe environment at night and who is responsible to install, maintain and pay for the operation.

        Planning / Zoning– Is the area zoned for your type of business. Are there restrictions for lighting, signs (size and location), ADA requirements, parking times, hours of operation.

        Trash- Will your business require a dumpster, Can it be shared by other businesses, Where will it be located? How often will you need to access it and what will be your daily amount of trash? Will it need to be covered? Is recycling required?

        Deliveries- What size of a truck will make your deliveries and possibly pickups? Is there access? Do you need a loading dock? How far away will the driver need to park? Are there restrictions on the delivery times due to other businesses or city by-laws.
 

        As part of your due diligence and business planning make check lists of Musts and Wants and use it as a reference when looking for locations. 

Please Comment, Like and Share if you got some value from this.

If you have any comments, please post them below.

Ken

 

Fan Noise and Vibration on Speed Queen Dryer

Fan Noise and Vibration on Speed Queen Dryer

       At times you will hear some noise from the fan in the dryers. in many cases this is due to buildup on the fan and many cases by a dryer sheet.

In this video I show some items I found in one of my dryers.


VIDEO LINK

The steps to clean are:

1- Disconnect the power
2- Remove the access plate. This is normally a small 6″x6″ plate beside the fan on the ductwork.
3- Look inside and see if there are any obvious issues. Rotate the fan by hand.

The fan is made of plastic and I have not found any sharp edges on the fan itself but there may be some sharp spots on the housing around it.
4-Pull off any items you see. You may need to push then items into the fan and remove them from the front.

5- Remove the lint screen and any debris the fell from the fan should be at the back. You will need a broom or shop vac to remove these items.

6- Before installing the covers rotate the fan manually again to confirm there is nothing else in the fan or causing the fan to stic.
7- Install the cover
8- Turn on the power and test

 If you have any questions or would like to see other topics covered please let me know.

Ken

Looking for more information about Laundromat Ownership?
–> Check This Out. <–

Ken Barrett
Ken@WashinCoinLaundry.com

Laundromat Nighttime Visibility

Laundromat Nighttime Visibility

 

      In this video I show the exterior of one of my Laundromats at night. A key feature in all of my Laundry’s is to keep the windows clear and have lots of lights.

    This allows visiblity throughout the store to customers, myself or even the police. It’s easy to drive by and see if the store is busy.

    One thing you may notice is due to the layout of the store you don’t actually have a good view of any of the washers from the outside.

     Other items in the video show the parking lot lights, location just past a stop light and the neighbors that actually compliment the business well and never work weekends or evenings.

     The interior of the store has some spots that people could duck down and hide in but for customers walking around doing their normal routines they are always visible.

    When laying out your store try and avoid cubby holes or other blind areas. If you have to have some due to the particular layout install large mirrors so you and your customers can see into the corners from other areas of the store.

 

        Please Comment, Like and Share if you got some value from this.

 Play Safe

Ken

Find Me on Facebook 

P.S. I’d love to connect on LinkedIn