Tag Archives: selling

Re-Imagine the World’s Oldest Profession; Rethink How It Adapts to Age of Social Media: No, Not That One; Selling…

Contrary to popular belief, selling is the oldest profession in the world. Long before anything else– the serpent sold Eve on desirability of an apple; and its in ‘The Book’ right after the phrase– ‘In the beginning… Hence no matter what you do, it’s always about selling… According to Dave Ramsey; selling is about connecting and that makes the magic happens, and if you fail to connect there may not be another chance… Great leaders are also great sellers, who understand the power of connections and relationships… There is little you can do in this world without selling, and if you look a little closer at every situation there is always a seller and a buyer…

Nothing happens until someone sells something! Or better yet, until someone buys something! Selling has evolved and continues to evolve into something difference; internet and social media have completely disrupted traditional selling, putting the power of decision-making in the hands of buyers, rather than sellers… Many organizations have come to realize that they must sell the way customers want to buy… They have learned that for them to sell better they must understand customers better…

Knowing buyer behaviors and preferences are keys to success in selling and that means being actively engaged on social media and carefully– listening, observing… and understanding; How buyers want to buy! When buyers want to buy! What buyers want to buy! even before sellers engage buyers about buying…

In the article Future Of Selling is Social by Brian Fetherstonhaugh writes: In the era of Facebook, Google , Twitter… buyers have as much control over the flow of information as sellers. Buying, which was once one-way interaction between informed seller and curious buyer, is now conversation between equals. According to Ogilvy; social media has had an enormous impact on buying behavior with a majority of sellers seeing social media as critical to their success…

But many organizations are not adapting fast enough, 68% of sellers say that buyers are changing the way they buy faster than their own organizations are adapting to it… Nearly one-half of sellers surveyed say organizations lack the– understanding, knowledge, commitment... about social media and its impact on the selling and buying process… Sellers to be successful must align their selling ways to be in lockstep with those of buyers…

In the article Social Selling? Hasn’t Selling Always Been Social? Paul Teshima writes: The idea of being ‘social’ so as to build a trusted relationship has been around since the beginning of time… The whole notion of social media is about building and maintaining relationships, which has changed how people buy and sell things… However, the vast majority of sellers on social media are passive users and rarely if ever, posting creative content that shows passion experience, expertise…The key to better selling through social media is by creating– engaging, interesting, relevant, buyer related content…

In the article Social Media Is Changing The Way Buyers Buy Stuff by Ryan Holmes writes: It’s easy to miss how fundamentally social media has changed how people spend not just their time, but also their money… The way people learn about products, services, evaluate them, buy them, interact with sellers are all being mediated by social media… An old selling adage says; one happy customer will tell 3 friends, while an unhappy customer tells 10… But in social media those numbers are increased by orders of magnitude…

It’s easy to say that social media is changing how people interact and engage with organizations, but it can sometimes be hard to see it up close and personal… And for the organizations that haven’t, the clock is ticking… and if they cannot or won’t make the jump they stand to see their customer base erode as it becomes ever more social…

In the article Re-Imagine Selling for the 21st Century by Ayelet Baron writes: The most important currency of the 21st century is– trust, relationships, community… The days of the traditional sales pitch, for most organizations, is coming to an end… and the important question that sellers must ask themselves and also know the answer to is; Who do you trust? And most importantly; Who trusts you? 21st century sellers must know how to bring people together around a shared purpose; and the interlocking currency is trust… and through trust– sellers and buyers can connect based on shared experience, ideas, expectations…

Selling in the 21st century is about applying two critical resources; ancient wisdom and great technology… It’s about seeing customers through the lens of sharing… simply share and connect with buyers who can benefit from the ‘things’ you have to offer… It’s a matter of recognizing people as artists and co-creators of something delightful by the collaboration of seller and buyer.. and It’s about truly believing in what can be created and having a passion for sharing it… The days of the patriarchy are coming to an end. There is power in the sellers and buyers co-creating solutions, but it requires a deep desire to know, to listen, to engage…

The world is changing, if organizations keep showing up in the same places with the same solutions they will get the same results… The dynamic of selling and buying will continue to shift… In the future (and future is now), organizations will be created in the image of their customers… According to Scott Marker; selling is learning up front; How customers want to buy: If customers want to buy online, then offer that choice… If customers want a simple transaction, then don’t go through a long relationship mating dance…

 

Changing Face of Selling– Adapting Selling Models in Digital Age, Internet, Social Media: Role of Sales People…

Selling models must constantly change to adapt to changing markets– the right ‘selling model’ is crucial! When people talk about ‘pace of innovation’ they typically focus on its impact on development teams, and how they are struggling to keep-up. But what about the people who have to sell those innovations? Today, the sales environment is changing so rapidly that it’s all too easy for sales organization to fall behind…

According to CSO Insights; almost every aspect of selling is evolving, e.g.; complexity of products/services, complexity of selling channels, complexity of competitive activity, complexity of rapidly changing technology… Research shows that may sales organizations are failing to meet sales objectives; despite the fact that there are more– sales improvement consultants, sales training experts, CRM tools…

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The major changes that are causing more than 74% of sales forces to struggle can be attributed to a few key dynamics, e.g.: greater scrutiny and purchasing controls, more decision-makers from more business units, difficulty creating differentiation between the top competitors, global competition, and the influence of the Internet and social media…

The good news is that ‘some’ sales teams are beginning to understand these new dynamics, and are beginning to realign their organization with a more comprehensive approach toward developing– strategy, systems, salespeople…

Selling is never about product/service comparisons and price cutting; it’s about realizing the relative and unique value, best fit, fair market pricing… that a business has to offer… Also, How salespeople ‘sell’ — is just as important as; What salespeople ‘sell’…

In the article Millennials Are Changing Way Companies Sell by Pascal Persyn writes: The new generation buyer has grown up with the Internet, smartphones and social media at their fingertips, shaping their appearance and interactions with the world. According to Marc Prensky; a 21 year-old entering the workforce, on average, played video games for 5,000 minutes, exchanged of 250,000 emails, instant & text messages, and had 10,000 hours of cell phone use… Staying connected is more important than ever in a world where people use technology to share ideas, information…

According to Josh Bernoff; it’s ‘age of the customer’ and this is different type of customer with different priorities… And, for companies to accommodate these new generation buyers they must change the way they do business…

In the report Changing face of Selling by Forrester writes: Nearly one-quarter of all B2B sales people will lose their jobs by the year 2020– this may be the beginning of the end (‘death’) of the traditional (B2B) salesman… Many B2B buyers now favor ‘do-it-yourself’ online options for researching and buying products/ services, and they are demanding that B2B sellers fully enable those digital paths to purchase… B2B companies that want to stay ahead of the curve must therefore reshape sales strategies and fundamentally rethink the role of salespeople…

The evidence is clear: nearly 75% of B2B buyers now say that buying from a website is more convenient than buying from a sales person. Further, 93% say that they prefer buying online rather than from a sales person, when they’ve decided what to buy. B2B companies that wait too long to create self-serve eCommerce websites risk losing share to pure plays and omnichannel competitors… Further, there is growing disconnect between B2B ‘buying’ preferences and traditional B2B ‘selling’…

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One interesting aspects of the Forrester report is the alignment between ‘buyer’ and ‘seller’ archetypes, e.g.; buyer archetypes is the relationship between ‘complexity of solution’ and ‘complexity of buying’. And, the variations of sale models that impact these archetypes, e.g.;

  • ‘Serve Me’ buyers are served by ‘Order Taker’ sales model… they may or may not involve any human intervention… Forrester project that 33% of these ‘Order Taker’ sales jobs will disappear by the end of the decade…
  • ‘Show Me’ buyers are served by ‘Explainer’ sales model… they help the buyer to gather, interpret information that compares alternative options. Forrester project that 25% of these ‘Explainer’ roles will disappear by the end of the decade…
  • ‘Guide Me’ buyers are served by ‘Navigator’ sales model… they help the buyer to — map, navigate, orchestrate… multiple stakeholders. Forrester project that 15% of these ‘Navigator’ roles will be eliminated by the end of the decade…
  • ‘Enlighten Me’ buying is a team effort that is mostly involved with complex selling and buying scenario… they call for ‘Consultant’ sales model… this is the only sales role that Forrester expects to grow over the decade by about 10%…

In the article Changing Face of Sales by Russ Lombardo writes: Most customers are smart buyers– they use Internet to research– companies, markets, competitors… Often times these consumers knows more about the company they are buying from than company itself. Today’s buyers are looking for someone they can trust, someone they can rely on, and someone who can help them solve problems in the quickest and most economical way. In other words, most customers want a trusted partner in business, which means a very different approach to selling…

Today’s successful sales people must know more about customers than ever before– they must research business, industry, management… they must ask intelligent questions, listen intently, propose creative and viable solutions (even if it doesn’t involve their offerings). This means building relationships, thinking beyond a sale, provide; support, information, education… most important, assist the customer to succeed in their business…

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In the article Trends Changing Sales by Tina Nguyen writes: Sales people are no longer in charge of the buyer’s journey… Selling is about solving buyers problems and salespeople must adapt to the new generation buyers… The modern buyer is more informed and typically the buyer’s journey starts with a search on Internet for information about all their relevant issues… This is an important shift from traditional buyer behavior which was to first contact salespeople… Hence, selling has become a process of engagement, and mirroring the behavior of the buyer…

For sales organizations to remain relevant, they must be more focus in outreach messaging, more analytical, more relationship oriented.  Buyers expect sales people to be trusted advisors who are offering them a solution to their unique pain points…

According to Jorge Soto; a seller’s product/service works very much the same for everyone, but a sales person’s story must be different from customer to customer. The story a sales person creates must address the specific buyer’s journey, pain points… Big Data is more than buzzword, it’s term that refers to the increasing volume of data around every person, company…

Traditionally sales people have relied on– sketchy information derived from various unreliable source… However, the next generation of selling must leverage Big Data, and its rich source of information, and it must play a more prominent role in the selling process… Sales people must– collect, track, analyze… all the buyer’s signals and leverage that intelligence to improve buyer experience and drive a closer  alignment between buyer and seller…

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Greek myth tell how the ruler of Crete, King Minos, had an underground maze, the Labyrinth, constructed near his palace to serve as an escape-proof prison for the infamous Minotaur– a ravenous monster who is half-man and half-bull… Anyone who enters the maze becomes hopelessly lost, and once that happen the Minotaur finds and devours them… OK great story; What does this ancient myth have to do with selling? Actually, quite a lot… In selling today, especially at the corporate level a sales person must contend with an organizational labyrinth…

 Selling is getting more complex… and not only do sales people have to contend with the multiple decision-makers, but many may be located in diverse and distant geographic locations… To make things even more challenging sales people can’t be sure that the same people, who said yes on one deal, will have the same authority in two weeks or even two days later for a second deal to the same company.

In an era of downsizing, nonstop mergers, and executive musical chairs, selling has become so complicated, and so fraught with unknowns, that the labyrinth metaphor may even be a little too conservative… Admittedly, the type of monster you usually encounter in the business maze is not exactly the hungry Minotaur variety…

But figuratively; it happens every day; and there’s absolutely no way to prevent a tragic ending unless an organization has an effective strategy, i.e.; one that has the right plan of action, right organizational structure, at the right time, with the right people, doing the right things… A selling organization must be properly aligned through the maze of selling opportunities…

World’s Greatest Salesperson– Best of the Best in the World of Sharks: They– Dream It, Visualize It, Achieve It…

World’s greatest salesperson; Three salespeople were bragging who is the greatest. The first said, that he is so good he sold a color television to a blind man… The second bragged he sold a HI-FI stereo system to a deaf man… The third said he sold a Cuckoo clock to a blonde lady… The other two said, so what? The third salesman added, but along with the Cuckoo clock, I also sold her one hundred pounds of bird seeds!

According to Og Mandino in his book ‘The Greatest Salesman in the World’; rewards of success are great if one succeeds, but rewards are great only because so few succeed– if you are not willing to take risk, don’t expect much return… The world’s greatest leaders, in fact, are the world’s greatest salesperson– to be a great leader you must be a great salesperson… According to John Maxwell; a leader is one who knows the way, goes the way, and shows the way…

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Think of some of the world’s most influential people, ever; Mahatma Gandhi, Martin Luther King Jr, Charles Darwin, Nelson Mandela, Julius Caesar, Adolf Hitler, Abraham Lincoln… even mythical character Jesus Christ, they all sold their vision and inspired others through their words, actions, salesmanship... According to Trent Leyshan; every day the greatest salespeople sell themselves on: Why they need to get out of bed with spring in their step. Why they won’t let challenges and setbacks consume them. Why their customers will buy from them and not their competitors. Why they will ultimately succeed, no matter what, at what they do… Hence, the ‘sell’ must always start with a meaningful, why? Be mindful, that without a strong why, no one will buy… It was said that we are all created in likeness of God… Well, he is without doubt the world’s greatest salesperson, ever…

In the article Why Dalai Lama is World’s Best Sales Person by Baldwin Beerges writes: Every year, Dalai Lama raises millions of dollars for the Tibetan cause. A gripping story about people who have been without a country since the 1950s… So, what makes the Dalai Lama the greatest sales person in the world? He doesn’t offer product, service… but, he manages to attract millions of dollars every year for what seems to be an impossible cause.

Even though he is the top scholar of one of the world’s most complex philosophies, he clearly worked out way to resonate with most people. He tells powerful and compelling stories that get people emotionally involved. I don’t know about you, but this really makes me think hard about what the essence of selling is really all about… My personal recipe for great selling has three main ingredients: Useful + Genuine + Consumable = Authority… Apply it, as do the greatest salesperson:

  • Useful:  Even though we aren’t all Buddhists, the Dalai Lama still shares tips and ideas that can help us all live happier and more meaningful lives…
  • Genuine: We get emotionally involved by liking him because he is who he is. He lives a simple life and always practices what he preaches. He also has a refined sense of humor that is contagious…
  • Consumable: He shares the ideas that come from a complex philosophy in a context that makes it easy for all of us to understand his message…

In the article One Thing Greatest Salespeople All Have by steve denning writes: Six years ago, a major firm conducted a six-month double-blind study of its sales force. The goal was to determine what behaviors separated the top salespeople from the average ones… Selling with ‘noble purpose’ turns out to be not only more successful, but hugely more profitable… The salespeople who sold with noble purpose, who truly want to make a difference to customers, consistently outsold the salespeople who focused on sales goals, money…

According to Lisa Earle McLeod ; ‘selling’ and ‘noble’ are of course two words that usually don’t occur in the same conversation, let alone the same sentence,but, the world is changing… We know businesses that engage in ‘customer capitalism’– focus on adding value to customers– tend to make more money, provide better workplaces, do more for customers than businesses that just aim to make money…

When businesses see their sole purpose as making a profit, they tend to view the customers as ‘objects’… they are no longer human beings– they are anonymous targets and prospects whose sole purpose is to help the business make money… By contrast, purpose-driven salespeople understand their customers’ environments, goals… better than quota-driven salespeople do… 

Selling with ‘noble purpose’ is not about ignoring profits, but profits are a result, and not the goal… It’s  ‘True North’; it puts customers front and center of every conversation… The question that the world’s greatest salesperson always ask: How will this customer be different as a result of being engaged with your business? This answer should ignite a chain reaction that drives the greatest sales performance– you will change a customer’s life– make it better, make it different… as a result, it sheds a much different perspective on your selling activities…

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In the article Greatest Girl Scout Cookie Salesperson, Ever by Zachary Crockett writes: Every year Girl Scouts sell about 175 million boxes of cookies. In a mere seven weeks, the program nets $700 to 800 million in revenue, making it third largest cookie company in the country. But the Girl Scouts’ sales force differs from that of its competitors; clad in iron-patched uniforms, toting wagons full of ‘Thin Mints’… over 2.3 million girls aged 5-18 take to the streets to peddle cookies…

Over time, some of the youngsters have made national headlines, e.g.; one girl sold 117 boxes in less than an hour… others sold cookies thru online markets, such as– eBay, Craigslist… Most impressively, an 11-year-old from Oklahoma broke the single-season cookie selling record of 18,000 boxes (the average scout sells between 150-200 boxes per season). This accomplishment got us curious: How on earth does a Girl Scout sell 18,000 boxes of cookies? The answer took us back nearly three decades where a teenage, who became ‘Cookie Queen’– re-imagined the way the organization’s crunchy treats were sold. The little huckster was so successful that she sold to two U.S. Presidents and was hired to give speeches to salespeople five times her age…

This is the story of Elizabeth Brinton, the greatest Girl Scout cookie salesperson ever… From 1978 to 1990, Elizabeth Brinton sold 100,000 boxes of Girl scout cookies– a feat that, to this day, has never been replicated. During her peak season, she doled out baked goods to clients like– Richard Nixon, George H.W. Bush, Sandra Day O’Connor… graced pages of Los Angeles Times, Washington Post… and was such a cultural staple that the TV game show ‘Jeopardy’ made her into a question…

In one speech, at a sales convention, she revealed her keys to successful selling, she says: I believe that my success is attributed to the five basic traits of the professional seller– No. 1: set high goals… No 2: sell yourself and your products… No 3: know your product well and believe that your product is the best… No 4: know your territory and customers… No 5: accept the fact that some people will still say, no…

More recently, Brinton’s 30-year ‘single-season record’ of 18,000 boxes was dismantled by Katie Francis, an 11-year old cookie mogul from Oklahoma City. In an eight-week period, the young lady unloaded 21,477 boxes– 384 boxes per day. At $5 per box, she raised $107,385… According to Katie; there are three ingredients to her saletime, commitment, and I ask everybody I see However, she has a long way to go before selling 100,000 boxes but with her new mentor, Elizabeth Brinton, anything is possible….

In the article What Does It Take To Become the Best Salesman, Ever? by Dean Cipriano writes: Take a close look at one of the world’s greatest salesperson, Joe Girard. During Joe’s selling career he sold 13,001 cars, all at retail. And, all of them one car at a time. He had no fleet sales, no multiple sales, and no wholesale sales. He personally sold more cars during his career than most dealerships sell in their lifetime. From 1963 to 1977, Joe sold more cars on a one at a time than anyone else in the world… On best day he sold 18 automobiles. His best month, he recorded 174 sales. His best year… a total of 1425 vehicles.

All in all, he averaged about 6 retail sales/day. An amazing accomplishment! All of Joe’s sales have been certified by ‘The Guinness Book of World Records’… So, how was he able to achieve such astounding heights? The key is being a master of follow-up. You know my motto: Follow Up Until They– Buy, Die, Or Tell You To Go To Hell! I know I sound like a broken record… But this is just more evidence that it works… Joe’s contacts almost considered him a member of the family, and when they thought about buying a ‘new car’ immediately thought of Joe Girard... Wouldn’t you like customers to think about you in the same way? The bottom line; to be greatest salesperson  you must stay in front of the customer…

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What about you? What are you working for? What are your goals? Are they ordinary or extraordinary? Better yet, are they outrageously extraordinary? A great quote from an unknown source; if you don’t have a dream that’s so outrageous that you cannot possibly succeed, unless God Himself puts in a personal appearance– then, you are not alive…

According to Brian Tracy; most successful, ambitious people see themselves as capable of being the– best of the best’, ‘greatest ever’But, most important first step is to make commitment to ‘excellence’; make a commitment to be the ‘best’: Resolve today that you are going to be #1; become the most successful, greatest salesperson in your business, your industry, in the world… Keep learning new skills, abilities– each day, each week, each month– that moves you forward to being the greatest…

Among other experts, Zig Ziglar helped shape modern vocabulary of great selling, in particular, he encourages salespeople to commit to a lifetime of learning, training… and to be extremely shrewd when it comes to– setting and exceeding goals, quotas… to maintain a heightened level of motivation by constantly visualizing success…

Here are a few of his quotes: *Remember that failure is an event not a person… *You will get all you want in life, if you help enough other people get what they want… *Expect the best: Prepare for the worst: Capitalize on what comes… *Your attitude, not your aptitude, will determine your altitude… *If you can dream it, you can achieve it…

World’s Oldest Profession– No, Not That One– Selling: Humans Are Born to Sell… But, What Does It Really Mean to Sell?

What’s the oldest profession in the world? No, it’s not what you’re thinking: It’s selling! Nothing happens until something is sold, and that includes the ‘other’ oldest profession… Take a moment to think about what the word ‘selling’ means to you…

According to Scott Marker; every time I ask sales executives to define– selling, I get answers like these: Selling is a process of persuasion to get a prospect to take an action. Selling is finding a need and filling that need. Selling is an exchange of goods or services for money. Selling is walking the road of agreement with the customer. Selling is an art. Selling is a science. Selling is a transaction. Selling is relationship building. Selling is a consultative process. Selling is hustling. Selling is all about trust… Everyone has a different definition of the word ‘selling’…

Once you define what selling is, the definition will influence how you sell. If you believe that selling is an art, then you will try to grow your art, and chances are that you will try to find creative ways to overcome all obstacles that stand in the way of the sale. If you define selling as a science, then you will try to deploy more scientific tools to achieve greater sales. If you believe that selling is all about relationships, chances are that you will focus more on establishing a meaningful, emotional and cognitive connection with customers…

Everyone is a seller – someone who persuades others to take an action is selling – we’re all sellers… According to Kira M. Newman; sales has changed, but still, 1 in 9 workers are in sales, and the rest of us are also selling – not just objects but ideas, desire, techniques… We are persuading, negotiating, and pitching, like lawyers selling juries on their verdict or public figures selling their personal brand on Twitter. In fact, a study showed that people spend 40% of their work time selling something…

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According to Trent Leyshan; what does it really mean to sell something? An idea, dream, our values, an opinion, or ones self interests? Selling is simply, a transfer of enthusiasm and trust in someone or something. With this trust is born a responsibility, commitment to honor that trust, and do so willingly, no matter how challenging…

Sales is not a dirty word as some would have you believe. The act of selling is a powerful one, particularly when in the hands of honorable and good intentioned people. I’m not referring solely to the process of selling products, services… in business. I’m talking about selling yourself – your ideas, opinions, values, objections. There is little you can obtain in this world without the skills of selling or influencing another people first…

Sure you can be successful without overtly selling, but if you look a little closer into every situation, there is always a seller and a buyer. From a sweaty palmed suitor, bending down on one knee to ask his unsuspecting girlfriend to take his hand in matrimony, to high-powered CEO trying to sway the board of directors to agree to a multi million dollar restructure. The undercurrent is always selling, or what some call, influencing. Whether in your face or not, selling remains a universal law and truth that gets thing done. Nothing happens until someone sells something!

In the article What Does Selling Mean, Anyway? by ‘the News’ writes: Selling is truly a respectable profession… So why do so many people view salespeople as kin to something scaly and slithering? One reason is that there are many salespeople who are not good at what they do. Consequently, they take an unprincipled approach to the profession, which often manifests itself in behaviors such as; badgering, lying… These salespeople not only show a lack of pride in their profession, but they have lost track of what selling is truly about.

Selling is about– attitude, integrity, trust, reputation, ethics… Webster’s dictionary shows several different meanings for the word ‘sell’… For example, the noun ‘sell’ is the exchange of things for money; demand (for items); public exposition of goods… However, when the word makes a transition from noun to verb it gains additional interpretations…

Then, the meaning of ‘sell’ becomes– to ‘dispose of” things for an equivalent about of money; to betray for money or other consideration… To ‘dispose of’ means to get rid of, persuade or convince… these definitions convey the idea that– someone (salesperson) is doing something to someone else (customer)… Even the phrase ‘closing a sale’ implies that something is being done to the customer… Hence is it any wonder that customers are wary when encountering a salesperson?

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According to Geoffrey James; selling is not about pitches or closing deals. It’s something much simpler… Selling is simply ‘passion with a purpose’. Passion is what happens when you do something that’s truly interesting, exciting… Whether the passion is to change the world or just help people one-by-one, it’s that passion that does the ‘selling’… This is not to say that sales skills don’t exist or that they aren’t valuable, but sales skills are only ways to help communicate the passion, more clearly… So forget about ‘selling’– don’t even think about the word. Find what makes you passionate and then give that passion a purpose by engaging people to become a part of it… That’s what selling is really about…

In the article Nothing Happens Until Someone Sells Something! by Trent Leyshan writes: We all sell in some form every day in so many ways; not understanding this universal law renders a person incapable of truly understanding themselves or having the capacity to truly understand and influence others… To truly understand something you must first take an avid interest in it: Selling is no different… Whether in business or social setting, taking a genuine interest in someone, and genuinely attempting to understand them is showing ’empathy’…

Without empathy people are incapable of developing true connections and meaningful relationships with each other… Empathy is the foundation of selling, which is developing a genuine connection and understanding of the customer– and that produces a win-win outcome for everyone… Most important in selling is to uncover hidden underlying implicit motivators of customers, which is typically driven by emotions… If you can tap into the basic customer emotions, you will uncover a wealth of information, e.g.; who they really are, what they stand for, where they wise to go in business, what’s most important to them…

With this knowledge a sales person is now empowered to effectively engage the customer’s hidden needs with the most relevant solution… Research has shown that sales people who demonstrate empathy with their customers can be up to 50% more effective than those that don’t… or sales people who lack the skills or abilities to genuinely connect with customers…

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In the article How Do You Define What Selling Really Means? by Scott Marker writes: Sales managers often impose their beliefs about selling on their sales people… They try to turn every sales person into a ‘mini them’– Dress like them, act like them, speak like them, close like them… However, how sales managers think about– what selling means– isn’t helping anybody sell more… What we think selling means isn’t relevant… What we think doesn’t matter as much as what customers think, or their expectations…

At the heart of selling is value, the value as defined by customers unique situations… Now, with current technology, the dynamics of selling continues to shift and change, such that customers have the upper hand and, in fact, customers are now dictating– how you should create your business…

Part of good selling is learning up front how customers want to buy… If customers buy online, you need to offer that choice… If they want simple transaction, then, don’t go through the relationship mating dance… If a customer maps-out a more scientific approach to their buying process, then match the selling style to customers buying style… If customers want more creative ideas that lead to an artful solution to their problem, then tap into your artistic side…

Sell the way customers want to buy; and, if you have doubts about– what selling means– just ask the customer for guidance… then, listen carefully and you will begin to understand– what selling really means…

Do you want to be a better leader? Learn how to sell… Do you want to influence others? Learn how to sell… I’m not talking about manipulation;  I’m talking about building relationships and leading– leading and selling is relational– learn how to create a culture where selling is natural, not pushy… According to Dave Ramsey; selling is one of the oldest professions and we all have something to sell. No matter what you do, you are always selling…

Selling is about connecting and so is leading. Make the connection and magic happens. Fail to make the connection and you may not get another chance… Great sales people and great leaders have many of the same traits… they understand the power of relationships and connecting… for example: All great leaders sell. e.g., themselves, their vision, goals, strategies… It’s all about connecting on an emotional, relational level… and it starts with a leader’s compelling story that sells the reasons why they should be given the opportunity to lead…

According to Dan Pink; capacity to sell isn’t some unnatural adaptation to the merciless world of commerce. It’s part of who we are as humans… When you go to sell people you should ask the following two questions, as a bench mark: If the person that you are selling to– agrees to buy; will their life improve?

When the selling interaction is over, will the world be a better place than when you began? Everyone sells– when people spend a great deal of time persuading, influencing, convincing… trying to get other people to act in some capacity, that’s selling… In a study called– What do you do at work? by Gallup– it was found that most people devote about 24 minutes per hour attempting to– move-influence other people… Without question; most people are selling something to someone, most of the time…

Building Winning Sales Teams– Fallacies, Training, Mentoring, Coaching, Replacing: Competence that Delivers Big Results…

Building winning sales team: The world of sales as we know it is undergoing significant change. Organizations are being forced to reevaluate the way they sell. Empowered customers and trends, such as; mobile, cloud, social, big data… are major changes agents; sales organization must reevaluate their sales– process, people, tools…

Although, sales process and tools are critical for success– it’s important to keep in mind that at the heart of all successful businesses are people who make things happen. The most successful sales organizations have impassioned and inspired individuals who are committed to win…

According to Joseph Miller and Patrick Longo; old methods of building a top sales team just don’t work anymore… Sales is the most important function to any enterprise, but management has no idea how to hire great salespeople and build an effective sales team. Many often hire salespeople based on their work experience at large corporations or hire salespeople based on ‘feelings’… These common mistakes often are the reason businesses fail to meet sales goals… It’s neither fair nor logical to exclude someone based merely on the amount of work experience, and the assumption that the number of years of work experience is a good indicator of one’s ability to do the job, well; maybe just a ‘experience fallacy’…

According to Adamson; companies need to sit down and figure out a map of the behaviors (e.g., salesperson and customer…) that drive success before doing any hiring… If you’ve got a profile of the behaviors to drive success, then you’ll make sure that people are more likely to be aligned… But when all else fails, you may have to come to grips with trimming the sales team of dead weight.

Data collected by the Corporate Executive Board show that companies tend to spend too much time coaching the top 20% of performers and trying to improve the bottom 20%. But focusing on the core middle 60% of the sales team it is the best way to improve sales…

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In the article Stop Hiring Under-Performing Experienced Sales People by c. j. Ng writes:  When most companies hire sales people the major criteria usually includes– having some years of experience selling in the same or a similar industry, and good track record of  sales results. However, if you were to look closer, these are not the critical success factors that will determine if the sales person will deliver results…

One key reason is that markets are constantly changing: Customers are getting more demanding, knowledgeable; competition is getting more intense;  things that you sell are getting more complex… In some markets, changes within just  few years are so drastic that they are beyond recognition… So if you are hiring based on past experience, how do you know that what worked in the past is going to work in the future? The same factors that gave you success in the past are getting less relevant for today’s and future’s challenges…

What about a good sales track record, you might ask:  Surely, if a sales person has been consistently producing great results the odds are that they will still continue to produce great results… However, the burnout rate among sales people tends to be very high and the best years may be behind them… This is not to say that having the relevant experience and a good track record is not important for a sales person. It just means that having some years of sales experience is not necessarily a good indicator of future performance…

In the article How to Find and Hire Great Sales People by Doug Dvorak writes: Building an effective sales team should be aimed at hiring the best, brightest, most talented sales professionals… and sales success hinges largely on the proper selection of sales people… Paying enough attention to selection of sales people, implementation of a relevant sales process, and supported with appropriate sales tools are the key factors for successful selling…

Smart sales people are adept at highlighting the strengths of the product or service… sales professionals are experts in spotting prospects and swift in overcoming objections… they sell well even in the face of adversity and cut throat competition… Also, great sales people have the internal drive to succeed, great sense of urgency to achieve sales objectives, even when conditions are tough.

So how do you spot such sales winners? Look for passion: It doesn’t matter if the sales person is a ‘rookie’ or a seasoned sales professional, everybody on the sales team should have that spark. The ‘fire in the belly’ should be felt through the eyes… Selling is dynamic, competitive, and it has no place for sluggish sales people who can’t deal with rejection and stress… Active and self-motivated people make good sales people. Sales people should love their profession, and body language will speak volumes…

Screening sales people on the basis of years of service alone is a dangerous practice: Many sales people have 10, 15… years of experience which could actually mean just 1 year of real experience multiplied over 10, 15… times. There are many qualified sales people who are just average performers, and an equal number of unqualified super sales performers. Talent, achievements, and passion can take precedence over qualifications when hiring experienced sales people…

Probe deeply as to whether the person can adapt to your sales organization, business culture… This requires matching the person’s expectations:  Sales people with a strong, independent streak are more likely to desire a sales culture that fosters and engenders a sales culture of independence, freedom…

They may be good performers but there is a high likely that they will leave sooner… Also, some sales people are so set in their sales skills and behaviors from their last organization that it becomes hard for them to shed old habits and adapt to a new sales organization, business culture…

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In the article Value of Hiring Experience by Michael Alter writes: Some things just can’t be taught in a class room. You can read all about great selling techniques, process, tactics, strategy… but until you actively engage customers, you really don’t know anything about effective selling, customer demands, expectations… Experience teaches problem-solving, people management, leadership skills…

Unfortunately, ambition and intelligence aren’t enough without real life, head knocking sales experience… It’s not that 21-year-old person who is sporting a hoodie and torn jeans couldn’t very well be the next Mark Zuckerberg. But, Zuckerberg is an outlier and taking a chance on inexperience can lead to more headaches, than it can to hip ideas that will actually help the business… If the situation allows someone with little experience to– grow, learn… well, that’s great. If not, place the bets on the person with the experience, insight… to get results, quickly.

In the article Hire Salespeople Who Are Exceptional by Dave Lakhani writes: Building and effective sales team requires people with passion to succeed, and demonstrated track record of succeeding despite adversity… they are people who are intensely interested in people, and they are interesting themselves… people who are more interested in serving than being served.

Great sales people may have huge ego but they also are very interested in creating a relationship and experiences that leaves a mark… People who can handle hard questions, rejection, changing thoughts in mid-stream and come back to task, who know when to take charge and when to sit back, who push back a little, and ask good questions…

The days of handing someone a phone book and telling them to start prospecting are over… when you get a great salesperson, treat them well, develop a reputation as a company that love their salespeople. Celebrate wins with them and share the wins with the whole team… Sales people are the lifeblood of your business: Choose them well, treat them well, let them sell…

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In the article Improve Your Struggling Sales Team by Tim Donnelly writes: If you are trying to get sales team back on track… forget pep-talk: You must be proactive and use  effective sales management and training techniques that can improve sales… According to Brent Adamson; at the end of the day, people don’t leave bad companies… they leave bad managers…

What do you do with struggling salespeople?  It’s a problem that’s vexed multi-national corporations and start-ups; managers, presidents of boards… It’s simply hard to know when to pull the trigger on removing underperforming team members when it could be that they just need a little guidance, encouragement, training… to get back on track.

A little professional nudge in right direction is a more economical choice over the time-consuming and expensive process of hiring replacement… Many sales professionals would rather give struggling sales people a chance to improve, and bring the results up to company standards… So while you’re trying to figure out whether-when the sales team can get back on track, try some of these strategies to lift the sales team out of the sales gutter:

  • Install a Great Sales Manager: You can’t have someone overseeing your sales team who is nothing more than a glorified cheerleader… You need to employ a manager who is not only willing to engage the team, but to also identify weaknesses and work      directly with sales people to overcome their challenges.
  • Implement One-on-One Coaching: Talk directly to the team to find out what struggles they are facing. What makes their jobs difficult? What could they do better? What could they be provided with to do better?
  • Put Your Team on a Sales Diet: Like anyone leading an unhealthy lifestyle, a sales team sometimes needs a ‘sales diet’ of sorts to get some perspective on challenges.
  • Looking to the Future, Hire Smart: It’s an obvious piece of advice, but one worth      repeating, the best way to handle lackluster sales person is to not have them in the first place, or to at least identify them early. Stay on top of the sales person’s performance, intervene before they become worse, significantly underperforming.

Building an effective sales team is real challenge, for example; it’s critical for the business and it also has highest people turn-over rate. It’s never-ending sales management cycle; developing relevant sales process, strategy, tactics… selecting the right people, training, mentoring, coaching, and replacing non-performers. In most companies, 80% of the sales seem to come from 20% of the sales team. While the objective has always been to try to clone the top 30%, that really never seems to happen… maybe the sales team is fine just the way it is; or, maybe not…

How can you tell? Evaluating the sales team is an important step in the process of deciding– how, where, when… to make sales team, sales process, sales tools… adjustments… However, some experts suggest that most of the time the real problem is not the sales people or sales tools, but the sales process  (i.e. how you sell…) that determines the results you get…

Different companies have different sales processes for different customers in different regions who are buying different product lines… sales processes can get very complicated… But still other experts say, selling is a people thing… According to Eric Herrenkohl; don’t hold your nose and hire people because of their resumes alone… the intangibles of employee motivation, drive, and cultural fit almost always trump experience in the end… It sounds funny to say, but don’t settle for someone just because they have great experience.

Make sure that they are the kind of person you want in the organization… Great salespeople are few and far between, and to find the best people look for these special characteristics: prepared and insightful, collaborative and connected, quick and mobile…

 

 

 

 

LinkedIn– Real Value, Tangible Business Benefits– Or, Big Waste of Time: Craft LinkedIn Strategy That Yields Results…

Does LinkedIn provide– ‘real value’, ‘tangible business benefits’… or, is it just a ‘big waste of time’? As of June 2013, LinkedIn reported more than 238 million acquired users in more than 200 countries and territories. The LinkedIn site is available in 20 languages, estimated 65.6 million monthly unique U.S. visitors and 178.4 million globally…

The membership grows by approximately two new members every second. About a third of the members are in the U.S. and 11 million are from Europe. With 20 million users, India has the fastest-growing network of users as of 2013. The Netherlands has the highest adoption rate per capita outside the U.S. at 30%. LinkedIn recently reached 4 million users in UK, 1 million in Spain, and nearly 1 million in Pakistan. In January 2013, countries with most LinkedIn users were: U.S. with 74 million members, India with 20 million members, UK with 11 million members, Brazil with 11 million members, Canada with 7 million members, Australia with 4 million members, UAE with 1.3 million members…

But, is LinkedIn a big waste of time; well maybe… According to Paul Lange; an early adopter of LinkedIn, says LinkedIn has become less relevant… it was a great way of finding people, it was like an online Rolodex but it has gradually become less effective and relevant in the business landscape… According to Jason Alba; don’t waste time on LinkedIn– don’t dabble, tinker, or wait for reward. Get in there, do it right, set up your ‘profile’, be proactive, make networking connections… Use the tool! 

According to Tara Alemany; No, LinkedIn is not a waste of time, when focus on the power parts of it! Although ‘endorsements’ are a joke; people are endorsing me for skills I don’t even have. But, ‘recommendations’ are gold! Also, ‘groups’ can be great if people use them properly, and ‘direct contacts’ when done tactfully are priceless…

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In the article Is LinkedIn a Waste of Time? by Kate Jones writes: Is LinkedIn anything more than a resource for recruiters and job seekers? Is LinkedIn really linking you in? With more than 238 million members, including 4 million in Australia, a ‘profile’ on LinkedIn is like the modern-day equivalent of a business card. But how many of those users have benefited from LinkedIn? A common complaint among LinkedIn members is the proliferation of spam, fake users, and untruthful credentials on profiles…

According to Tudor Marsden-Huggins; it’s becoming increasingly common for people to lie about or exaggerate their skills and experience on their ‘profile’… people are a bit more flexible with the truth… LinkedIn just doesn’t have the rigor… According to Danielle Di-Masi; my estimate is that 95% of Australian LinkedIn members are not using the networking site effectively… there’s a lot of set-and-forget…

There are two different camps of people using LinkedIn: The first group is people who will only connect with people they know, and the other group will connect with anyone, because they want to reach out, expand numbers… According to Tara Commerford; it’s still the best place for business people to build their professional brands, increase online visibility and grow their networks… Top five tips for using LinkedIn: Maximize your ‘profile’. Set up a company page. Grow your network. Find the right people. Be part of the conversation…

In the article Don’t Waste Your Time on LinkedIn by Alison Doyle writes: If you’re not going to do it right, there is no point wasting your time (and everyone else’s) on LinkedIn. LinkedIn is ‘the’ site for professional networking. Everyone, for example; must have a full LinkedIn ‘profile’, must connect with everyone they know, must join LinkedIn ‘groups’, and must use LinkedIn for job searching when they are in the market for a new job…

That said, LinkedIn is not going to work if you don’t identify yourself… I’ve received several invitations to connect, in the last week, from people who didn’t identify themselves (i.e., anonymous)… Now, asking me to connect with someone who has a LinkedIn ‘profile’ with ‘private’ or ‘human resources manager’ instead of their name– isn’t going to work. I have no clue who they are, and I wasn’t going to try to figure it out.

Most people, including; prospective employers, wouldn’t be interested in connecting either. LinkedIn is for ‘real’ people to connect with each other– that’s what makes it so successful and such a terrific networking tool… If confidentiality is a concern simply be careful: Connect with only people you know, well…

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In the article LinkedIn Is a Waste of a Sales Person’s Time! by Lee B. Salz writes: There are many misconceptions about LinkedIn. It’s not just for job searches or networking. It’s a unique lead generation platform… I continue to be amazed at the number of sales people who feel that LinkedIn doesn’t provide any value to them. Yet, these same people spend countless hours on Facebook telling people– what they ate for breakfast, when they are leaving for work…

LinkedIn provides sales people ‘unique’ lead generation opportunities; the operative word is unique, which means the approach must be geared to the business network… For starters, you must be positioned as thought leader in your industry, i.e., an expert that provides real value… So review your LinkedIn ‘profile’ and than ask: What message is being conveyed by your ‘profile’? This is where many sales people get stuck; they try to use the LinkedIn ‘profile’ for multiple purposes, for example; networking with friends, leaving the door open for a job search, business development…

The ‘profile’ has no clear message, and that approach doesn’t work. You must ask yourself: Why are you on LinkedIn and what are you seeking to accomplish? If your plan is to use LinkedIn for lead generation or business development, then your approach must be linear. Your ‘profile’ and ‘recommendations’ should clearly position your role in your industry… Remember, your ‘profile’ serves as the foundation for everything you do on LinkedIn: All roads lead back to this page… With your ‘profile’ developed then next join ‘groups’. Again, the goal is to be linear… Once you are accepted into a ‘group’ there is a number of things you can do. But remember, your mission is to provide real value first and not just seek to get buyers. Resist the temptation to hawk your product, service… Give real value first!

In the article Is Social Media a Complete Waste of Time? by Drew M Edwards writes: It’s no secret that social media has been one of the biggest developments in marketing for business over the past decade. Make no mistake about it if you want to dominate your market, then social media is just one of the tools you need to utilize and master… But if what you’re doing now isn’t generating any leads…then ‘stop’!

Then ask yourself; how do you make it work? The answer is a simple but critical, you must have a shift in mindset: You must ‘stop’ thinking of social media as a place to network and ‘start’ thinking of it as a marketing tool, first and foremost… It’s a subtle distinction but a huge difference… To generate leads from social media you must shift from talking about yourself– to asking and listening on how you can help your customers achieve results… In other words, as with all effective marketing you must focus on ‘benefits’ for the customer, rather than ‘benefits’ for you…

Now, don’t get me wrong– some prospects-customers are interested in what you do in your spare time, and what you’ve done in the past– so adding a human touch gives credibility and makes you more likeable. But, that must be a comparatively small percentage of what you ‘post’. So rather than talking about what you do in your spare time; talk about how you can help your customers get results… Talk about your experience and results that you have already delivered to your other customers…

Many people use LinkedIn the way the Vikings invaded Europe. The Vikings weren’t very interested in networking or building professional relationships. Their main prerogative was to loot-pillage until they got tired and went home. So how is that related? According to Paul Crompton; picture this: a recent graduate is looking for a job and sets up a LinkedIn account with a vague idea that it’ll help. They upload a picture, and copy-paste chunks of their CV into the boxes provided. They write their phone number-email address and wait for the calls to come flooding in. Except, they hardly ever do. Why? Because this approach just doesn’t work…

According to Anna DiTommaso writes: LinkedIn ‘group’ is an excellent tool, in theory. Active involvement with the right ‘group’ has lead to some of my largest and best relationships… However, like many things in theory, it doesn’t take much to ruin what could be a great networking tool. You probably have joined a LinkedIn ‘group’ and you have good reason, for example; you’re looking to connect with like-minded people who share your professional interests. Or, you want an impressive ‘group’ listed on your ‘profile’ for status. Or, you want to find channels for getting new worthwhile information…

However, once you’re in the seemingly promising ‘group’, it appears that other people join the LinkedIn ‘group’ for entirely different reasons, for example; shameless plugging-selling of their own products, services… Or, one more place to spam the world. Or, an impressive ‘group’ that’s listed on their ‘profile’ increases status! (i.e., not so different from you)… According to Mike Morrison; LinkedIn is a waste of time, if you are inconsistent, don’t have a marketing plan, and invest the wrong amount of time and effort…

The top proven strategies for ensuring that LinkedIn adds value to your business are: Relevancy– ad hoc just doesn’t work; relevancy is everything… Consistency– information that’s clear, concise; people know the subject that you are talking about and expect it… Transparency–being honest, if you are promoting your materials say so, and if it’s an affiliate say so… but, just promote things, ideas… which are of value to your group: The ‘wrong strategy’ can hurt you even more than ‘no strategy’.

Remember; if you are attracting people who are not interested in what you are doing, then this is worse than useless– you are just wasting time, energy, effort… not to mention opportunity! ‘Done right’ you can quickly double the effectiveness of your LinkedIn presence; it’s all about– regularity, relevancy, consistency, transparency. But most important, you must develop a well crafted and effective LinkedIn strategy, plan… with timely execution.

Power of Large Numbers–Driving Force or Fallacy: Do More–Succeed, Do Even More–SuperStar, Do Even More–Legend…

Law of large numbers; the hundreds of unsolicited emails in your inbox is an example of the law of large numbers… Noted Swiss mathematician Jacob Bernoulli, in early 1700s, described the large numbers this way: In any chance event, when the event happens repeatedly, the actual results will tend to be the calculated, or planned, results…

This law originally applied to matters of science and  math but, along the way, crept into the business and personal development arenas: For example, according to Michael Jordan, the great basketball player; I’ve missed more than 9,000 shots, I’ve lost almost 300 games, twenty-six times, I’ve been trusted to take the game-winning shot and missed, I’ve failed over and over again in my life, and that’s why I succeed…

There are those who advocate the law of large numbers with the mindset of; throw enough stuff against the wall and something is bound to stick… The law of large numbers is a principle of probability and the basic premise that large numbers provide– more accurate predictions, less deviation from the expected, greater credibility in the outcomes…

Casinos have the law of large numbers working in their favor: Management of casinos know that while the outcome of any single game is unpredictable, the outcome of many rounds of that same game is entirely predictable… In other words, in a group of six players, only one, on average, will be a winner. The casinos then structure their payoffs or ‘odds’ slightly in their favor so that the money paid out to any player who wins will be more than offset by the money taken in from the five players who, on average, don’t win.

Note that casinos don’t need to cheat the individual gambler, as long as they keep their doors open, the odds settle in their favor… Insurance companies use similar principles to set premiums. They spend a great deal of effort and resources calculating the odds of certain catastrophes, such as a house fire, then multiply this value by the payoff they would give in such an event.

This amount is how much the company can expect to have to pay, on average, for each person that they cover. They then set their rates at levels that cover this ‘expense’ in addition to providing their profit. The policyholder gets peace of mind because the insurance company has effectively mitigated the risk of potential loss in a given catastrophe. The insurance company gets a flow of regular payments in exchange for a massive payoff in the unlikely event of a big claim…

The law of large numbers is a powerful tool that enables us to say definite things about the real-world results of accumulated instances of unpredictable events… According to wisegeek; simply stated, the law or large numbers is the best explanation for why larger samples are better than smaller ones…

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In the article Work the Law of Large Numbers by Dr. Gary S. Goodman writes: If you don’t try, you can’t win. Try more and more, and even more… and become a performer whose feats are celebrated forever.  Having said this let me temper the law of large numbers with this admonition: It only takes one to succeed! This is a critical corollary to the law of large numbers. Yes, you have to make many attempts, but if you sink that final shot at the buzzer; just that one shot— you’ll come up a game winner.

The key is to stay in contention long enough to be competitive, to spot your opening when it occurs and to seize the chance– these are the things that position you for winning… For example, let’s say that you’re a salesperson and you’re in a slump period. How do you dig your way out? Repeat this phrase: It only takes one! However, finding the one is the challenge.

This involves– the three E’s: Exposure, Encounters, Exclusivity. The law of large numbers gives you ‘exposure’, puts you into those situations where you will be ‘in play’, available to see and be seen… To arrange ‘encounters’, you need to work on your ‘approach skills’, learning to get the attention of the specific people you want to know better, as well as practicing ways to start and sustain conversations… To gain ‘exclusivity’, you must showcase your uniqueness and develop a plan for enticing the people who interest you into spending one-on-one time together…

The law of large numbers, almost without exception, leads to– It takes only one– opportunities… Working together, these two principles create symbiosis and the desired results by combining– quantity and quality… That’s why it’s so important to wed– the law of large numbers with ‘it only takes one’ thinking: The realization that success may be just ‘one’ smile, ‘one’ sale, ‘one’ phone call away…

In the article Law of Large Numbers by Russell Anderson writes: In selling, the law of large numbers is simply a reference to the fact that achieving a targeted sales result requires that enough effort be spent at each stage of the sales process to achieve the desired outcome. From experience, sales people learn the ratios of how many prospects it takes to achieve the results at each successive  stage of the sales process, for example; assuming the sales target is several tens of units of whatever you’re selling, and it may take several thousands of mail pieces to develop a few hundred responses, and from that yield you might be able to close the several tens of units sales target…

In other cases for example, it may require hundreds of thousands of email blasts to develop several thousand prospects… and from those you might yield several hundred of prospects that respond favorably. The point is that you must understand ratios of numbers and their impact on sales at each stage of the process, in order to implement an effective sales program… A large numbers methodology can produce predictable results on a consistent basis. A good rule to walk away with is that, with all variables being equal, the more people you reach, the more products you will sell.

In the article Law of Large Numbers by Brad DeLong writes: Law of large numbers tells us that the sample average you compute will converge to the true value at a frighteningly rapid speed. The standard demonstration of this is to repeatedly flip a coin and count the excess proportion of heads over tails. We know that– with a coin flipped and caught in the air– the population average taking all coins that have ever been flipped of the excess proportion of heads is zero. How many observations do we have to take–how many coin flips– before the sample average converges to this population average of 0% excess heads? Let’s see. Here’s one run of 1,000 flips from Excel’s internal random number generator:

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Here are ten more: You could have a population of 295 million flipped coins. Yet you don’t need to look at hundreds of millions of them to determine what is going on. Looking at 1,000 will do.

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The law of large numbers describes the result of repeating the same experiment multiple times. According to the law of large numbers; the average value of the combined results should be close to the expected value, and the average value will become closer to expected value as more trials are performed. According to John Care; most business problem comes down to a single number. Either that number is too small and needs to be larger, or is too large and needs to be made smaller…

According to Deepak; the law of large numbers does a very good job of helping us predict the seemingly random events in the future and it has a very good reputation of being right most of the time… the random events over a period of time always form a pattern… According to Gary S. Goodman; business people who adopt a large numbers mentality typically take on the ‘toe in the water’ syndrome—and that means they edge up on opportunities– they are very tentative about making commitments… the consequence of being tentative means becoming a follower… but followers don’t win when committed to a large numbers campaign, you must be a leader to be successful…

According to Jason Bloomberg; in our old ‘small number’ world, we were careful what numbers we collected in the first place, because we knew we were using tools that could only deal with so much data. But now, it’s all about large numbers! As the large numbers grow and our tools improve, we must never lose sight of the fact that our ability to understand what the technology tells us is a ‘skill set’ we must continue to improve. Otherwise, not only are the numbers fooling us, but we’re actually fooling ourselves…

According to Calvin Coolidge; nothing in the world can take place of ‘persistence’. Talent will not; nothing is more common than unsuccessful people with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan ‘press on’ has always solved problems…