High-Profit Selling

Win the Sale Without Compromising on Price

 High-Profit Selling

Author: Mark Hunter, CSP
Pub Date: February 2012
Print Edition: $19.95
Print ISBN: 9780814420096
Page Count: 272
Format: Paper or Softback
e-Book ISBN: 9780814420102

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Table of Contents

Contents

INTRODUCTION 1

CHAPTER 1: You Are Hurting Your Profit 5

What Is This Book Worth to You? 7

To Maximize Profit, Change How You View Your

Customers 8

It’s Time to Look in the Mirror 9

Your Confidence Drives Your Attitude 11

Can a Company Asking a Higher Price Really Win? 12

People Don’t Buy—They Only Invest 13

Forget About Your Competition 15

CHAPTER 2: ‘‘Profit’’ Is Not a Dirty Word 17

Are You Chasing the Shiny Object? 18

Do You Think ‘‘Profit’’ Is a Dirty Word? 20

How Do We Define Profit? 21

What Does ‘‘Immediate Profit’’ Mean? 21

What Is Your Customer Worth Down the Road? 24

Calculate Your Customer’s Profitability Sustainability

Factor 26

A Big Order at the Wrong Price Isn’t Worth It 28

Intellectual Profitability Adds Up 30

Minimize the Profit Takers 32

‘‘Profit’’ Is a Beautiful Word 34

CHAPTER 3: Use Needs and Benefits to Command a

Higher Price 36

Chasing the Shiny Object 38

Determining the Customer’s Needs and Benefits 39

Separating Good Information from Bad 44

What We Can Learn About Needs and Benefits from

Apple 45

Using Follow-Up Questions to Categorize a Customer’s

Needs 47

Needs? Benefits? What’s the Difference,

Anyway? 47

CHAPTER 4: Creating Real Value Using Your Price

Point 54

Forming Real Value Around Price 55

Creating the Price Point 56

The Power of the Ultra-Price Package 57

Ultra-Prices and a Salesperson’s Beliefs 60

The ‘‘No Negotiation’’ Philosophy 61

Sales Managers: Don’t Empower Salespeople to Give

Away Profit 63

Where Does the ‘‘No Negotiation’’ Policy Work

Best? 64

Rules for an Effective ‘‘No Negotiation’’ Policy 65

Making the ‘‘No Negotiation’’ Policy Work, Despite So

Many Rules 70

Using Time to Drive Value 71

CHAPTER 5: Prospecting That Works 74

Past Growth Doesn’t Guarantee Future Growth 75

Finding New Customers Is Not an Optional Job

Activity 76

Prospect or Suspect? Do You Know the

Difference? 77

Is Prospecting Ingrained in Your Daily Routine? 77

Can’t Prospect? Then You Can’t Sell 78

What Is a Prospect? 79

Not All Prospects Are Created Equal 80

Assumptive vs. Inquisitive 81

Tactical Comments and Questions: The Price

Squeeze 86

Strategic Questions Lead to Long-Term

Relationships 87

Aim High When Prospecting 88

Make Prospecting Part of Your Daily Routine 88

Holiday Prospecting 89

Just Do It 92

CHAPTER 6: Sell More by Talking Less 93

How Professional Buyers Use Silence 94

Give Control to the Customer 95

How to Use Your Personality to Ask Questions 96

Questions That Work for You 97

How Much Time Do You Talk on a Sales Call? 98

Tactics Buyers Use to Speed Up the Sales Call 99

Why Salespeople Fail 100

An Example of Not Listening 100

Learn Your Customer’s Language 102

The Best Follow-Up Questions 103

Put the Pride Aside: It’s Costing You Money 103

Expand Your Question List 104

Do You Respect Your Customer? 105

The Two-Second Pause 106

Close Too Fast and You Lose Profit 108

The More the Customer Talks, the More You’re

Prepared for the Next Sale, Too 109

Keep Your Eye on the Prize 110

CHAPTER 7: Skip the Sales Presentation 112

Why Preparation Is Essential 115

Preparing a Sales Presentation Does Not Mean You

Will Use It 116

Do You Know Your Presentation or Do You Know Your

Content? 117

What About Skipping the Presentation on the

Phone? 119

Always Respect Time 120

Developing Your Presentation 121

How Many Calls to Close a Sale? 122

CHAPTER 8: Leverage Knowledge to the

Fullest 124

The Customer Is Seeking Knowledge, Too 126

Leveraging Knowledge 126

False Facts 127

How Do You Track Customer Information? 129

Visiting the Senior Officer 131

Using Information to Gather Opinions 132

Validating Information 133

The Power of Sharing Your Information 134

Knowledge Can Help Open the Next Sale 136

Knowledge vs. Information 136

Your Competitor May Have the Same

Information 137

Your Knowledge Helps Create Trust 138

Your Knowledge Can Create a Long-Term

Relationship 140

CHAPTER 9: Sell More Without Even Being

There 141

China and the Sales Catalog 142

How the B2B Selling Process Has Changed 144

Putting Your Information Online 145

Getting the Right Information on the Internet 147

‘‘Vendor Validation’’ 148

Becoming a Thought Leader 150

Time Well Spent 152

CHAPTER 10: Selling to the C-Suite 154

What Language Do They Speak? 155

Attributes Needed to Connect with the C-Suite 158

Connecting with the CEO Directly 163

The 12  12 Approach 165

Connecting with the CEO by Way of a Referral 169

Dealing with the Blockers 170

Meeting with the CEO 172

C-Suite Relationships Are Insurance Policies 174

C-Suites Are Research Departments 174

CHAPTER 11: How to Handle Price Objections 176

You Need to Be Blunt with the Customer 177

How Should You Respond to Objections? 179

Responding to the Request for a Reduction in

Price 181

What Do You Do About the Persistent

Customer? 184

Getting Customers to Focus on Their Needs, Not Your

Price 186

The Customer Is in No Rush to Buy 189

Don’t Try to Push the Customer with a Limited-Time

Discount 191

Sell First, Negotiate Second 193

CHAPTER 12: Executing a Price Increase 194

The Ten-Step Process to Execute a Price

Increase 195

Step 1: Know Your Strategy and What the Price

Increase Is Going to Accomplish 197

Step 2: Sell the Objective of the Price Increase to

People Inside the Company, Particularly the Sales

Force 201

Step 3: Determine and Isolate the Customer’s Key

Benefits (They Help Sell the Price Increase) 202

Step 4: Understand the Customer’s Decision-Making

Timeline and How It May Impact Plans to

Communicate the Price Increase 204

Step 5: Isolate Key Contacts Within the Customer’s

Company 205

Step 6: Develop Data and a Fact-Driven Point of View

(FDPOV) 206

Step 7: Signal to the Customer the Expectation That a

Price Increase Might Be Coming 207

Step 8: Formalize Expectations and Goals with the

Sales Force for Each Customer 210

Step 9: Present the Price Increase to Customers and

Gain Their Commitment 210

Step 10: Reinforce the Price Increase by Sharing the

FDPOV 212

Ten Steps to More Profit 212

CHAPTER 13: Purchasing Departments and the

Professional Buyer 214

Who Is the Professional Buyer? 216

The New Vendor 217

Understanding How the Buyer Operates 219

Warehouse Tours and the Buyer 220

Learning the Customer’s Computer System 221

My Three Hours with a Buyer 222

Do Outside Meetings Include Any Risk for You? 224

Understanding a Buyer’s Objectives 225

Vendor Letters and Requests 226

Increasing Your Margin on Friday Afternoon 227

CHAPTER 14: RFPs and RFQs: The Bidding

Process 231

Are RFPs a Good Use of Your Time? 232

Benefits of the Small RFP 234

Writing the RFP Gives You the Upper Hand 235

Step 1: Determine Your Strategy 236

Step 2: Develop Your Minimum/Maximum

Standards 243

Step 3: Develop Your Options 245

Step 4: Gain Information from the Customer and

Others 246

Step 5: Respond and Get the Meeting 247

The Value of a Follow-Up Meeting 249

Bid Selection Renegotiation 249

CHAPTER 15: Position Yourself to Continue Earning

High Profits 251

One Percent Continuous Improvement Process 253

Small Changes Equal Big Improvement 254

Your Windshield Is Talking to You 255

Recovering from the Bad Sales Call 257

Always Be Learning 258

Strategically Planning Your Week 259

Setting Weekly Goals to Build Off Your

Successes 261

Recording Your Goals and Accomplishments 263

Furthering Your Knowledge and Expertise 265

Recommended Websites 265

INDEX 267

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