Tuesday, September 23, 2008

The Power of Good Collateral Materials

I recently read an article that said "collateral materials don't sell for you." I agree that a brochure isn't going to pick up the phone and call a prospect, or email an estimate to a customer.

Yet, I believe collateral materials can play an important role in making the sale happen. First, what do I mean by collateral? Some marketers may limit the definition to a leave-behind brochure. To me, effective collateral is much, much more. It can include brochures about your company and products or services, sell sheets, flyers, case studies or testimonials, letters, business cards, even proposals, or a presentation folder.

All of these marketing materials can help support the sale. Different businesses or consumers are at different stages of the "buying cycle." If you're selling financing to lease an airplane, you need to catch a business at the time when they are ready to lease. If you're selling insurance, you need to address consumers who are at different stages in life. Some people know they need it, and are procrastinating. Others may need to be more educated about the benefits of your product.

Just because you call a prospect and ask him if he wants to lease and airplane and he says no, doesn't mean that sales opportunity is over. Now, you should keep in contact with him until he is ready to lease. You can send him a follow-up mailing with a brochure or flyer and your business card. If interest rates or some other factor should change that might make leasing more appealing, you can send him a letter letting him know about the new rates. Then, if you follow-up with a call, he is prepared to talk to you about this new development.

Here are some more ways that collateral materials can play an ongoing roll in the sales cycle.

Build a strong image of your company in prospects' minds.
Your prospect may know very little about you at the beginning of your relationship. By sending her ongoing communications, you create an image of your company and products/services in her mind.

Reinforce your company's brand identity with customers.
You may think that your customers know you and will call when they need something. This can be a costly assumption. It's important to say top-of-mind with existing customers. For instance, you can send a case study with a recent success story. Or, send a sell sheet with new information about a product or service.

Educate buyers about your entire product or service offering.
A customer who has life insurance with you may not realize you also offer long term care insurance and annuities. Collateral materials can help you cross-sell to existing customers.

Provide support and education.
An email newsletter, white paper, or blog can help you connect with your customers and prospects and position you as an expert in the industry.

You may worry that continuing to send materials to prospects will eventually decrease your response rates. However, the opposite is often true. That's because you're establishing a relationship or rapport with your customers and prospects that leads to both new and ongoing business.

Thursday, September 11, 2008

Remember to Ask for the Business

Before I was in sales, I had a stereotypical image of a salesperson. The first used car salesman I encountered as a young adult is the image that stuck in my head. Excited about my first car purchase on my own, I walked into the dealership. I was immediately swept up by a salesman. After a few pleasantries, he said, "What can I do to get you in a car today?"

For me, that was a huge turn off. In answer to his question, there was nothing he could do to get me to buy a car from him that day. First of all, that was too pushy for me. Second, like many generations of women in my family, half the fun of buying something is in the act of shopping. I rarely buy the first car, pair of shoes, or piece of jewelry I see. I must search for the perfect one. Or, the best price. It's the thrill of the hunt.

Yet, I recently forgot one of the first rules of sales. Ask for the business. I had called a prospective client several times, leaving messages about our company and our services. I just assumed he would call me back. But I wasn't giving him a reason to act. I needed to ask him to do something. I left a message asking him to call me back to set up a demo presentation of our services. Guess what? He called back. It was a step in the right direction.

Today's customers are educated and skeptical. They want to be treated with respect and honesty.

Here are a few tips to help you when asking for the sale:

Be prepared.
One of the best ways to impress a prospect is to know about his or her company and industry. Before you talk, check out the company's website. Do a search about their industry on the Internet to see what's in the news and current issues. Prospects will appreciate that you took the time to get to know them.

Ask great questions.
Get the prospect talking about their specific situation. Rather than trying to force your product or service on them, ask questions that help you gain insight into their needs. Then, you can give informed scenarios about how what you are offering works for them. For instance, back to my used car salesman story, he could have asked me, "What is the most important feature of a car for you?" Or even, "What's your favorite color?" It would have encouraged me to talk about what I wanted, and he could have used that to show me a car I liked.

Watch your prospect's signals.
Sometimes, it's best to stop talking and listen. You may be tempted to keep selling when you should be listening. The prospect may need to talk out loud to make up his mind. Or, he may need to feel certain that you understand what he wants. Let your prospect talk.

Be ready to improvise.
In this world of "have it your way," you may want to give the prospect options. This approach keeps the opportunity of doing business together as the focus of the conversation rather than what might be objectionable. You can let the prospect design the sale around the level of risk that makes them comfortable.

The pushy or slick salesperson isn't necessarily the best salesperson. The one who asks for the business, understands the prospect's company or service, and works with the prospect to meet his or her needs will get the sale. So, rather than asking, "what can I do to get you in a car today," ask "what can I do to help you today...?"