Saturday, October 08, 2005

Inspection is the Key to Results

From a sales management perspective, have you ever designed, implemented and run a fantastic training program only to see no measurable results? It's pretty common.

In fact a training program can be perfect and not produce results.

Why? If everything WAS perfect than the KEY to getting results is inspection - inspect what you expect.

It's really the tough part of training - making sure your people implement the curriculum into their daily routines and presentations. It requires time - you've got to spend time with your team to insure they are committed to change.

Don't waste time and money designing and executing a training program and not follow up with your people. Inspect what they are doing and make sure it's what you expect... then watch the results pour in!

TK

Sunday, September 25, 2005

RE Pros - Stop Discounting!

Below is an article my partner Ron Marks wrote for our quarterly newsletter. If you are in the real estate profession I know you've dealt with the challenge of clients wanting you to discount your fee for service.

Before you ever do that again read what Ron has to say on that topic...

As Tom Hopkins and I travel around the country speaking to real estate sales professionals the biggest challenge we hear is clients asking agents to discount the listing fee when they authorize the exclusive right to sell of their home. Being asked to provide full service at a reduced rate creates stress at many levels for today’s agent.

With the proliferation of so many discount real estate agencies, this challenge is compounded because the expectation of lower real estate fees becomes the norm.

If you are a full service agent and are committed to earning what your time is worth, then we have some good news and some good ideas for you. By law, the commission paid by a seller of a home to an agent is negotiable and cannot be fixed by any one government entity. Even though there are traditional fee structures, you can decide what your services are worth and if you provide the appropriate value, the market will pay you.

As Tom Hopkins teaches, there are three ways to handle any objection you face. You can bypass it, brag about it or respond to it. Bypassing an objection means that you “shelve it” and do not address the concern right away. This approach is only effective if the discounted listing fee objection comes up right away before you have really had a chance to give your full listing presentation.

Of course if you have given the full presentation and then the objection come up at the end, bypassing it will only aggravate the seller. At that point you will need to respond, however if the concept of discounted listing fee comes up in the beginning, then it is best for you to acknowledge the objection and then shelve it for later.

For example, when a future client asks what is your fee or if you will discount it your fee in the opening moments of your presentation, you can respond with:

“I understand you are concerned with the costs of selling your home. At this point, we have not fully discussed all of the objectives you have in marketing your home and therefore it would be difficult to quote a number. Ultimately you want the highest selling price in the shortest period of time don’t you? Let me make a note of your concern and then I will show you how we can help you achieve those two objectives.”

In this strategy you have acknowledged the sellers concern, but you have not been tied to a specific number. The fact is that until you can describe all of the services you can provide for them, it is unfair for you to concede or reveal any listing fee information.

The next strategy is designed to build more value in your listing presentation and brag about the objection of discounted listing fees. In order for this strategy to work you need to be prepared to walk away from discounted business. When you are new to the real estate profession this is difficult to do, yet the true professional is willing to stand their ground and make sure they are compensated according to the value they bring to the marketplace.

As you transition into your listing presentation, try the statement below. It will establish the foundation for your position on discounted listing fees and make it more difficult for the client to ask for the concession. Now, before I give you this phraseology, please realize that the risk of bragging about a specific objection is that you are bringing something up that the customer may not have thought of themselves. Having said that, the best times to use this strategy is when you anticipate the objection or you get to a point in your career where you hear it all of the time.

“Before we discuss how our firm can help you market your home, I wanted to let you know that I have learned something over the years. When people look to sell their home, they really look for three things: FIRST, they want the most exposure to ensure the highest selling price possible in the shortest time frame. SECOND, they want the best service from their agent throughout the transaction and FINALLY, they want the lowest selling costs.

I have yet to find a company that can provide all three of these things at the same time. They can not give you the most exposure, the best service all for the lowest selling cost. I am curious, which of these three are you most willing to give up? The best exposure, the best service or the lowest cost?”

By using this strategy, you establish right up front that the seller will basically “get what they pay for,” without using this old cliché. In most cases the client will respond logically and let you know they realize they can not get the most for the least and then it will be more difficult for them to bring up the objection later. Again, in a situation where you have a tough seller that says “they don’t care, they don’t want to pay the listing commission,” you may need to walk away from that seller.

This response can also work well if you hear the objection at the end of your presentation, although real estate agents around the country are telling us that the most effective way to “head-off” this challenge is to handle it up front.

The reality is that even if you end up taking a discounted fee, you need to establish your position of value so you have a better place to negotiate. This technique will work if you USE IT! Please let us know how this works for you so that we may share the idea with other real estate agents across the country.

Email me at ronm@resultsseminars.com

Nice Job Ron!

TK

Sunday, May 01, 2005

May Tech Review - The Treo 650

Last year I reviewed the Treo 600 after using a few other smart phones... I liked it, but the email function was weak and after I experienced a couple of glitches I took it into Sprint and was ready to trade it in on an old reliable flip phone.

However before I could pull the trigger, a friend of mine picked up the newer Treo 650 and I had a chance to give it a real good look - and I liked what a saw. The improvements from the 600 to the 650 make me salivate for the 700! Here's what I like best:

1. The Graphics - The graphics between the two models is unbelievable. The 650 makes the 600 look like it was a black and white. You can talk in terms of pixels, but why? The 650 just kicks butt.
2. The Email Function - Sprint's VersaMail program rocks. It works perfect and syncs automatically. With VersaMail the Treo is equal to the BlackBerry in every way. Leave a copy of incoming messages on your server and they are always on your laptop or desktop for later review.


The Improved Treo 650

3. Documents To Go - This 3rd party application works great on PDA and smart phones. It allows you to view, edit and even create Word, Excel and other documents. With the improved graphics even large spreadsheets can be viewed with clarity (if you know where to find your data).
4. Favorites - I have a favorite button for my bank website, google and even one that emails my entire company. In about 20 seconds I can email my entire team from anywhere in the country.
The real test of the Treo 650 was filling in for my laptop. A few months ago my laptop went "tango uniform" and I couldn't get it back from Gateway in time for a business trip. There was no way I was going to buy a new laptop so I hit the road with my Treo 650... and it did EVERYTHING my laptop would have done.

I bought a keyboard and with the exception of printing I was covered. I took two other trips while I waited for the laptop and each came off without a hitch.

If I had to recommend one piece of technology for 2005 it would be the Treo 650. Check it out at www.palmone.com/us/products/smartphones/treo650.

TK

Tuesday, April 26, 2005

The Plateau Principle

A few years ago I was helping one of our team members work through a decision they were making regarding leaving our group. It was tough – they were one of our top producers, a student of our business, a friend and someone that the entire organization looked to as a success story.

After reviewing consecutive years of earnings in which each year was easily a six figure income, I came to the conclusion that the challenge surely wasn’t money or the relationship we had between us. To complicate matters, they couldn’t express the reason why they really wanted to make a move (because it didn’t make logical sense), and I had to dig really deep to find an answer.

After some serious thought and the ultimate reality that we were going to lose this individual, I came up with the following description of what was happening from a business perspective and called it “The Plateau Principle.” Check it out:

“In any organization (business, sports etc.), an individual may ultimately reach a high level of achievement in which they can rise no further and thus they have reached their plateau. Unless the individual leaves their current environment (company, team etc.) and finds another organization to demonstrate their abilities and utilize their skills… they will soon digress in performance and attitude.”

What Leads to Plateau:

1. A real need on the part of the individual for something fresh and new.
2. Challenges with management that strain relationships to the point that severing the relationship is imminent.
3. The individual believes that their current opportunity is not attractive or is less than they deserve based on their perceived value of themselves.
4. The individual has risen to a higher level of responsibility but finds that they are incompetent to consistently perform at previous level of success. The resulting frustration can serve as a catalyst for any of the above three factors.

How to Prevent Plateau:

1. Provide opportunities for employees to try new lateral roles within the organization.
2. Cultivate an atmosphere of respect that allows employees to understand their role and management’s role within the organization.
3. Keep employees perceptions in line with reality.
4. Don’t give away opportunities and autonomy… make employees earn them over appropriate periods of time – no shortcuts.

Hope this helps the next time you have an opportunity to help an individual or an organization work through this very real issue.

TK

Tuesday, March 15, 2005

Motivation vs. Inspiration

Some time ago I came to the conclusion that what most people think is motivation is really inspiration. Email me if you think I'm off base - but only after reading further...

Motivation is often referred to in the following contexts:

1. "That was motivating"
2. "I need some motivation"
3. "We need to motivate our team"
4. "You de-motivated me" (I really hate this one as a sales manager)
5. "I need to go to a motivational seminar" (I love to hear this one!)

I believe what is really being said is:

1. "That was inspirational"
2. "I need some inspiration"
3. "We need to inspire our team"
4. "You did something and it did the oppostive of inspiring me"
5. "We need to go to a seminar and get inspired by some an idea or concept"

You see, motivation comes after you've been inspired to do something - you do it - and you see positive results. Thus you are MOTIVATED to continue a specific course of thought or action.

Here's an example of what I'm talking about... if I read a book on getting in shape and it has some great pictures of people who've used the ideas and look great that INSPIRES me. I want to look that way too.

If I use the information and techniques and see RESULTS in a few weeks, and start feeling better I then become MOTIVATED to continue using the information. Makes sense - doesn't it?
So as sales professionals, we shouldn't ask others to motivate us - we motivate ourselves by thinking and acting on good information. What we should do is look for inspirational ideas and put ourselves around inspirational people. If you seek, you'll find and then you need to act.

For sales managers, we need to make sure we are creating an INSPIRATIONAL enviornment where great people can have great success in our organizations. We also need to help our team members realize the difference between inspiration and motivation and help them take accountability for their own actions.

If I'm missing something here email me at tomk@resultsseminars.com, or if you agree, shoot me an email. It will inspire me...

TK

Friday, December 03, 2004

Ex-Notre Dame Coach Nails Personal Accountability

This fall I accomplished a goal I’ve had for a couple of years… to see a Notre Dame game in South Bend. I put the whole thing together on a trip to Chicago and saw the Irish lose on the last play of the game to Boston College.

Truly and incredible college football game and experience – the pep rally the night before, the morning rain and constant storm clouds made for a lifetime of memories. The loss – it hurt.

I’m sure it hurt Coach Tyrone Willingham the most… as I was driving the wet Interstate back to Chicago I imagine the powers that be in Irish Football were making the only decision they could - Willingham was out and only a couple of wins including victory over SC could change that direction.

Harsh? Maybe, but winning at Notre Dame is not something that just happens – it’s a constant pursuit. If things are not progressing in that one direction then they are regressing, and that is where things stood the rainy afternoon of October 23rd in South Bend. After mass, the football gods got together and made the call - miracles or else.

Willingham is a class act. The other day in USA Today I read this quote and smiled. Tyrone Willingham had nailed the answer for why he was let go, and let go before his contract was over at Notre Dame.

Here it is:

"I understand that I did not meet the expectations or standards that I set for myself… and when you don't meet your own expectations, you make yourself vulnerable to the will of others."

That is accountability. No need to make excuses and I doubt he will do so in the future.

You know what’s great about taking 100% responsibility for your failure? This is it – you get to take 100% responsibility for your success. That is something we should all embrace.

Good luck Coach.

TK

Tuesday, November 23, 2004

Recruit, Hire, Train, Inspire and Monitor...

The five things sales managers must be consistently doing is Recruit, Hire, Train, Inspire and Monitor.

Once these five actions are underway and consistently taking place (the plates are spinning), momentum will take over and managing a sales team becomes more of a joy and less of a pain.

Recruit - Finding people that will be the right fit at the right time is the first step. Accepting the fact that team members will transition, even when you are doing things right is important to maintain your SANITY. Turnover is part of business and happens more frequently in sales than accounts payable!

Hire - Selecting people that will be the right fit at the right time comes next. Your best bet is to see as many prospects as possible (gee, sounds like sales to me) so you can make the good selections. Just like turnover, making the wrong selection happens A LOT. I don't know why, but sales professionals sell really well during the hiring process. The longer you recruit and hire the better you'll become at knowing who is the real deal and who is blowing smoke up your butt.

Train - Most sales professionals love good training. Training should be consistent, relevant and with topics that cover attitude and skills. If your team doesn't want to come to training do the following then you are stale or they are stale. You can fix your training but you cannot fix someone who just isn't interested (this is why you recruit, hire etc.)

Inspire - If your product or service doesn't inspire your sales team... you've got to inspire your sales team. Without inspiration, the negative impact of consistent rejection will push your sales team over the edge. Why are your sales people representing your product, service or company? What benefits are they bringing to their clients? If you've got something really special - make sure your people know it! If you don't have a special product or service (say garbage collection...) you better make your organization a haven of personal development and growth.

Monitor - I attended a meeting a few years ago where Brian Tracy was lavishing praise on an individual for selling his company for a few million dollars. Brian asked the gentlemen, "give everyone here the secret to doing well in your industry..." without hesitation the guy said "know your numbers - always know your numbers."

He was referring to sales people. As sales managers we need to make sure our team members know their numbers. It's the key to accountability. It's the key to success.

These five things have made a difference in our business and hope they will help make a difference in your efforts to help your team achieve great success.

TK

Monday, September 20, 2004

Selling Power Magazine

Have you ever seen this magazine? Selling Power is THE magazine for sales and sales management professionals. We've done promotional work with Selling Power and the magazine has sponsored our training events in the past.


Selling Power www.sellingpower.com

If anyone can tell me of another magazine for our industry (other than Sales and Marketing Management Magazine), I'll send you to one of our Results sales training programs for free. I don't know of anything else out there that covers all sales industries.

Each issue has articles on closing, managing and incentive ideas. As a tech nut - I look for new products that can help our team sell more efficiently, communicate more effectivly and make more money!

This is a great tool - check it out!

TK

Wednesday, September 08, 2004

Selling... It's a Wonderful Life!

After 13 years with our company, I am constantly amazed at how the need for our services never dries up. I love it, and I love what we do for people. The training we provide to sales professionals and sales managers makes them better at what they do - any maybe more than that...

I love the movie It's a Wonderful Life with Jimmy Stewart. I often describe a scene from that movie when I help people visualize what we really do here at Results.


Jimmy Stewart

In the movie, there is a scene in which George Bailey (played by Stewart), extols the virtues of home ownership to a group of "suits" wanting to close down his father's financial operation, that specialized in building new homes for the average "Joe."

After being lectured by the movie's villain (can you remember his name...), George enlightens everyone in the room to the fact that owning something, especially a home makes a person better. A better father, a better mother, a better member of the community etc.

So what's the point?

The point is that when we help people increase their abilities in selling or managing - they "own" those skills. Armed with that knowledge they can build more value with their clients and within their companies and make more money.

Hopefully with that extra money they can provide more for their family and those around them. With that money they'll boost the economy and keep the free market system humming!

Doesn't that make them a better father, a better mother, a better member of the community on some level?

You bet it does...

TK