18th June 2023

Why A Company Loses Its Customers?

The 2nd reason why the company loses it’s customers is because companies focus & attention is on acquiring new clients and not retaining existing ones. Unfortunately, most organizations focus on investing in a new Sales CRM system to improve sales productivity.
They may enter newer markets for business expansion. Offsite locations are planned in exotic places to strategize how to grow sales faster but never has an offsite meeting been organized to plan on improving customer experience and delighting existing customers.
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11th June 2023

Why A Company Loses Its Customers?

From today, let’s dive deep into why a company loses its customers? The 1st reason is Complacency. Complacency creeps in due to success that has been achieved in a short span of time. Many organizations grow so fast that success makes them believe they are doing the right things.
They console themselves during Board meetings because the company has grown so fast, so it will obviously take some time to catch up with Technology & customer service. But when profit or business is hardly coming in, you can be sure that the entire company then turns upside-down, they start listening to customers and only focus on retaining the customer.
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4th June 2023

Customer Experience: The New Mantra in Sales

When you think of customer experience, the whole approach changes. As seen in the table, In the CS approach, the company takes an inside-out view of the product, process & policies, but In the CX approach, the company takes an Outside-In view from the customer side.
In the CS approach, the company uses technology to fix problems, but in the CX approach, the company leverage technology to delight/Wow the customer. In the CS approach, the company measures the success of the Internal process, but in the CX approach, the company measures the satisfaction and the quality of customer experience.
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28th May 2023

Customer Experience is The New Mantra in Sales

In today’s World, there is very little differentiation between products. Most products or services in the same price segment have very little difference in their offering. Therefore, two things differentiate the company from its competition: The first is people, and the second is customer experience.
Customer experience is the least discussed in Sales, but I believe CE is the next competitive battleground to acquire, retain, cross-sell and upsell customers.
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21th May 2023

Science of Closing Business/Sales​​: Closing Technique

Most companies use free experience close to expedite the sales process. For example, Car companies also use free experience close to their newly launched cars. Most likely, when a prospect test drives the new car, he has made up his mind to buy it. The decision may be delayed but, most likely, he will buy it.
In case of vacation memberships, the resort will give one- or two-nights free stay for the family in their best resort. Again, after experiencing a holiday with the family, the prospect will most likely buy it.
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13th Feb 2022

Science of Closing Business/Sales​​: Closing Technique

One of the most common excuses a customer would give to get rid of the salesperson is “I want to think it over.” The experienced entrepreneur and salesperson knows the customers generally do not think it over.
When a customer raises the think it over objection, the salesperson should ask a question, “Mr Customer; I am sure you have a good reason to think it over. May I ask what it is, is it the price?”. Try and find out the real objection and close it then and there else it will take weeks or months or sometimes the customer never comes back.
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1st May 2023

Science of Closing Business/Sales​​: Closing Technique

In the application form close, aan entrepreneur or salesperson jumps to the closing question immediately after sharing the product’s benefits and after gathering the client’s basic details. I will explain the Application form close with an example as a customer myself.
A few years back, the salesperson pitched me yearly membership in a five-star hotel; she explained the details such as getting a one-night complimentary stay, four food vouchers worth a few thousand, cake, and wine on birthdays and anniversaries etcetera. As a customer, while I was reflecting on the above benefits, the salesperson asked, “Which card do you own? Visa or Mastercard?” I replied Visa, and she immediately asked the closing question: “Guess you would like to pay with the same card? What is the expiry date on your card?”
During the call, she gathered information like my anniversary date and quickly asked a follow-up closing question: “Would you like to have candlelight dinner with your wife on a private table in front of the sea?” Who could refuse such a moment? I believe the application form close is the fastest and most effective way to close a sale transaction.
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23th April 2023

Science of Closing Business/Sales​​: Closing Technique

Research on closing sales suggests customers use the right brain (creative part) to make buying decisions. The right brain is activated by pictures, music, and stories. A pertinent story can activate the decision-making side of the customer’s brain by telling the story of another customer who bought your product or service and is very happy with the purchase.
Whenever a prospect hears the story of another happy customer, he is motivated to be in the same happy situation by using your product or service. For example, in the field of investments, I used to tell the story of a client who regularly invested in our fund for 20 years, took early retirement, and funded his daughter’s marriage completely from investment gains.
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16th April 2023

Science of Closing Business/Sales​​: Closing Technique

In my opinion, a closing technique is nothing but assisting and making it convenient for the customer to make the buying decision. I am going to share the 6 closing techniques. The 1st one is Supplementary Close. The supplementary close gives the salesperson an indication of how serious the customer is about buying and how close he is to the actual order. A supplementary close can be used all throughout the selling process, and carefully planned questions can help the salesperson push for a final order. Questions such as:
Would you like to buy a mutual fund in your name or your wife’s name?
Which colour would you like for your car—red or yellow?
Customers like to have options and by giving them different alternatives, you are making it easier for the customer to make a decision. Whatever the customer chooses in the above questions, be sure he has mentally made a buying decision.
Choosing to invest in self or your wife’s name is a supplementary issue, but by getting the customer to focus on supplementary things, you make it easier for them to make a buying decision.
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9th April 2023

Science of Closing Business/Sales​

The 2nd reason entrepreneurs and salespeople get stressed during closing is the fear of failure. This failure is also deeply entrenched from our childhood, especially past embarrassing or awkward experiences. Comments from parents or teachers like, “You can’t do one thing properly, you always mess it up,” plays a major role in creating a mindset of failure.
Awkward experiences during the early parts of your life, such as when you spoke in front of your school friends on a stage and did poorly and received negative comments from your parents, teachers, and friends that you are not good enough, this failure becomes a reality. Negative self-talk around this kind of incident can majorly impact one’s outlook on failure across all areas of life.
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2nd April 2023

Science of Closing Business/Sales

From today let’s deep dive into the Science of Closing business/sales. So, let’s understand why do entrepreneurs or salespeople get stressed out or lose control around the time of closing? The first reason is the fear of rejection. The greatest insight I have learned is that rejection is not personal. For example, the customer would have chosen the competitor over your product and you as a salesperson or entrepreneur, would have felt rejected. However, you should understand that the customer is not rejecting you as a person because he does not even know you well. 2nd When a customer says he is not interested, it does not mean anything. It is not a reflection of your ability. You should understand that at this point in time, the customer does not want to buy, or he wants to buy from your competitors. That’s it. Nothing more. Overcome the fear of rejection to close sales. #salesbooster https://www.amazon.in/dp/1772046221 www.nimeshmehta.net

26th March 2023

Objection: Step to Handle an Objection

The last thing a salesperson should do is to answer the objection so convincingly that it completely resolves the underlying worry in a way that you make it easy for the customer to say yes. Use every sales tool in your arsenal, such as testimonial letters, competition comparison charts, or any other proof of the quality of the product, to convince the customer.
One of the best ways to answer any objection is to use the 3Fs: The Feel, Felt, and Found Formula. If the prospect says, “The price is too high,” your answer can be, “Mr. Prospect, I understand exactly how you feel (showing empathy). Our other customers also felt the same way when we first spoke to them (let the prospect know he is not alone in feeling that way). But they found that even though they paid higher, they were happy with their decision because the value they got far outweighed the investment.”
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19th March 2023

Objection: Step to Handle an Objection

The 3rd thing a salesperson should do is to ask questions and isolate the objection properly. Many times clients don’t clearly tell what the underlying objection is? The salesperson can ask open-ended questions like “What do you mean or Can you explain in detail?”.
Suppose the customer still does not open up, the salesperson should try and isolate the objection like “Just to confirm, it is the fuel efficiency of the car that concerns you, nothing else, am I right, Mr. Customer?” or “If it weren’t for the money, you would like to buy this car right away, am I right, Mr. Customer?”
Sales closure can take days, months or sometimes years if real objections are not understood and addressed convincingly
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12th March 2023

Objection: Step to Handle an Objection

After showing Empathy with the customer, the 2nd way or step to handle an objection is to agree with the client initially. No matter how dumb the objection may sound to you, don’t rush to clarify. If you do it very fast, the customer will feel offended, and the discussion can lead to an argument.
The best way is to compliment the objection. You can say, “That’s a good question and I am glad you asked that.” When you compliment customers for bringing up their objections, you make them feel intelligent, and involved in the buying process. As a result, they will feel comfortable clarifying all their objections.
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5th March 2023

Objection: Listen to Every Objection Attentively

Now that we’ve classified 2 kinds of objections, how do you handle them effectively? Let me share 4 ways we can handle the objections successfully.
The 1st one is to listen to every objection attentively. We may have heard this objection a hundred times, but remember, the customer is sharing it for the first time with you. Never assume that you know what the prospect is going to say. Patiently listen & demonstrate Empathy. Handle every objection patiently to succeed in Selling.
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26th Feb 2023

Objections: Real

Entrepreneurs or salespeople must interpret real objections from the client’s Fake objections. For example, when a prospect says I want to think about it, he is saying he does not like or has trust or confidence in you, your product, or the company.
Sometimes when the prospect gives fake objections like he does not have the budget or anything to do with money, he is expecting a discount or wants to buy online, or competition products are available at a lower price than yours. Understand the science of objections to succeed in Selling.
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19th Feb 2023

Objections: Fake

From today we move into the chapter on Objections. Most entrepreneurs and salespeople fear objections from clients. But few understand objections indicate the client’s interest in your offer and create an opportunity to close a sale. There cannot be sales without any objections.
There are 2 types of objections ie Fake and Real. Today we will understand why do customers give fake objections? Because fake objections are very easy, more convenient, and less hurtful to anyone. Fake objections are the fastest and easiest way to get rid of the salesperson. Fake objections are “I want to think about it or I want to discuss with my partner/wife or we don’t have a budget”.
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12th Feb 2023

21st-Century Selling Process​​​

In the 21st Century Selling Process, Successful organizations and Business leaders believe the Journey begins and does not end after Closing the Sale. Closing doesn’t mean you end your relationship with the client.
Instead, when you close the sale, you are opening a new relationship with your client for life. This mindset of a Lifetime relationship with Clients differentiates between the Old and New Business leader, Salespeople, or the new Organization’s approach to Closing.
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05th Feb 2023

21st-Century Selling Process​​​

The 3rd step in the 21st-century selling process is the Sales Pitch or Presentation. The science of presentations suggests that Human Beings remember 20% of what they hear, 30% of what they see, and 50% of what they both see and hear. This clearly shows that your sales presentation’s impact more than doubles if you use visual aids like PowerPoint presentations, booklets, flip charts, or diagrams/graphs.
The Art part of the sales pitch makes you conscious of how you speak and handle yourself in front of the client. If you are confident inside, the same will show up in your manner of communication outside. Top salespeople are passionate, energetic, and excited in every client meeting.
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29th Jan 2023

21st-Century Selling Process​​

The 2nd step in the new selling process is establishing the buyers need or qualifying the customer. One of the reasons salespeople are unproductive is because they waste their valuable time chasing unqualified prospects. In B2C business, for example, in the insurance industry, a company may determine if a prospect is qualified based on several criteria ie Age, Income, Family History, Current state of Health, Habits, Hobbies, Profession, and so on.
An insurance company cannot give 1 crore Term insurance coverage to a prospect whose annual income is 5 lakhs per annum. In B2B or distribution business of luxury car, company or salesperson will qualify the distributor on Location of the showroom, the number of years in the business, distributor’s sales, support & customer service team, etcetera. To have a productive sales force, companies should set up systems and procedures and train their sales team to check prospect qualifications and establish their needs before they commit their time and effort.
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