David's January 2011 Bulletin of Sales and Marketing
Previous bulletins have possibly concentrated more on the Marketing than the Sales side of what's needed in a successful business, so to kick off 2011 I'm concentrating on selling. Brilliant promotion, lead generation and customer relationships count for nothing until some of these are turned into sales. And these sales won't be worth having unless they are at a price that is profitable for you.
And I'm only a very few weeks away from announcing a new series of Sales and Marketing Workshops. Based on lots of your feedback, I've improved the format, the content and the prices, and I believe you'll agree that the value to those who come along will be even more fantastic too.
On Top Of Pricing
Research suggests that less than 10% of businesses are on top of pricing. Not just that they think they've got their pricing sorted, but rather that they understand the importance of getting pricing right and have the knowledge, skills and confidence to do so.
Many Executives and Managers think that price setting is outside their remit, outside their company's remit in fact. Their suppliers charge what they charge, their staff costs reflect local pay 'norms', and their margins are 'industry standard', so they feel they have no real control over their prices. Some even delegate price setting to divine intervention!
“Less than 10% of businesses are on top of pricing”
A 'No-Brainer'
If your bank account, your current account that is, pays you no interest on the cash that's sitting in it but your savings account pays several percent interest with no minimum balance, instant access to your money, internet banking facilities and no limit on the number of deposits and withdrawals, I'm assuming it's an easy decision that you move all your spare cash to the savings account.
Or if you won a lottery where the star prize was a car, fully fuelled, taxed and maintained for five years, with the choice of a Citroen C1 or a Ferrari 599, it's easy to guess you'd pick the Ferrari, even if you just sold it the next day.
So what makes these particular choices so easy to make?
“Interest or no interest? Citroen C1 or Ferrari 599?”
Idioms, Proverbs, Analogies
What's sauce for the goose is, as they say, sauce for the gander. The usual equivalent meaning is if it's good enough for me, it's good enough for you. In other words, if something works in one area, it or its equivalent might well work in another.
The English language does it all the time with many idioms, proverbs and analogies in common use, but whose origins have often been lost to the majority of speakers. Hobson's Choice for example, meaning no choice at all, comes from a Mr Hobson who used to hire out his horses in Cambridge many years ago. When you asked him for a horse you were offered the next one in the line, take it or leave it.
What about business? What ideas might be useful if migrated into the fields of Sales and Marketing, or between these two spheres?
One thought comes instantly to mind.
“What ideas might be useful if migrated into Sales and Marketing?”
Do People Enjoy Buying?
People, we are told, don't enjoy being sold to. But do they enjoy buying either?
Before you make a purchase there is some amount of 'research' to be done, even if it's just to check there is still stock and the price is still the same. In more complex scenarios this research might well be an enjoyable part of the buying process. And after you've taken delivery of the item, there's value and enjoyment to be had - presuming you are pleased with your purchase. But neither of these is 'buying'.
Signing a hire-purchase agreement is an example of buying, but is committing to pay several hundred pounds a month for several years actually enjoyable? Or is it just a necessary and slightly scary part of the process? And for 'scary' read 'fearsome'.
“Is what's enjoyable, buying? Is what's buying, enjoyable?”
You are most welcome to send the contents of this bulletin to colleagues and friends; please may I ask you to forward it in its entirety, rather than
"cut-and-paste". You may copy or distribute this bulletin as long as the copyright notice and full
information about contacting the author are attached.
The author is David Winch. Contact david@davidwinch.co.uk
call +44 (0)800 988 5576 UK toll free, or +44 (0)7940 703895 UK mobile.
