The Art of the Sale
Selling Wholesale
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Chuck Bond, 47, is founder of COKeM International Ltd., a
3-year-old Plymouth, Minnesota, wholesaler of software, video games
and accessories. COKeM's sales reached $130 million in 2002,
and its client base includes Best Buy, Costco, Disney, Electronic
Arts and Microsoft. "Right now, there's a shrinkage of
shelf space," says Bond, who's still very active in sales.
"You have to fight for your own shelf space or try to create
new shelf space." 1. Have a buyer's
mind-set. A retail buyer's biggest fear is using limited
funds to buy something that does not sell. Bond visits a few store
locations before a sales call to see where a retailer puts its
money. He also visits its nearest competitors and pulls on this
knowledge during his pitch. "Larger retailers aren't going
to tell you what they're looking for," Bond says.
"You have to tell them 'Here's what you're looking
for.'"
2. Customize. Retailers are competitive, and they
don't want the same thing as the next retailer. Bond customizes
programs as well as product displays for each of his customers.
"You have to bring them a margin opportunity or a theme sales
opportunity," Bond says. 3. Give them R-E-S-P-E-C-T. A lot of buyers don't
want samples and long-winded pitches. Bond's meetings can
consist of two minutes in a lobby, and he cuts his sales call short
and reschedules when he feels the buyer is too distracted to
listen. "Respect their time. Don't have your own
agenda," he says. "I've seen too many salespeople
fail by only thinking about their own agenda." Selling SolutionsContent Continues Below
Garrett Boone, 59, is co-founder of The Container
Store, a Dallas-based retailer of shelving and organizational
supplies. Store sales are increasing 25 percent per year; sales in
2002 were $296 million, and $335 million is projected for 2003.
Boone and co-founder Kip Tindell, 50, remain active in employee
training and sales. 1. Don't compete,
collaborate. The Container Store's salespeople don't
work on commission, so salespeople from different departments will
work together to meet the needs of one shopper. Salespeople are
empowered to problem-solve. "It's a team approach that
amazes customers," Boone says.
2. Engage the customer. The Container Store's
salespeople are trained to notice the types of products customers
are looking at, or already have in their shopping carts. For
example, if a customer is looking at wrapping paper, ask if they
are getting ready for a birthday or a wedding. It's a
conversation-starter that focuses squarely on the customer and lets
the salesperson offer a solution. "We're trying to engage
them in a way that says, I can see you need help, and I'm not
going to ask a dumb question like 'Do you need
help?'" 3. Remember the man in the desert. The Container
Store's employees are versed in a philosophy called "the
man in the desert": A man crawls through the desert gasping
for water and finds a retailer who gives him a drink. Then the man
crawls away and finds The Container Store, where he gets water,
food and help in finding his family. Translation: Always offer
customers a comprehensive solution. If a customer is looking at
wrapping paper, she'll probably need a box, a bow, some tissue
paper and a greeting card to go with it. Says Boone, "If you
sell right, then selling and service are the same thing." Good As Gold | What does it take to be a rainmaker right now? We surveyed top
salespeople working for Entrepreneur's 2003 Hot
100 companies, and they told us their secrets to selling: Knowledge
"Ensure that your product knowledge doesn't overwhelm the
prospect but is applied toward solving the problems the prospect is
faced with. If a man is drowning, you wouldn't discuss the
relative benefits of your rope."
-Michael Anderson, salesperson for CaseStack Inc., a
logistics solutions outsourcing company in Los Angeles Enthusiasm
"If you want somebody to bleed, you've got to hemorrhage.
Translation: A salesperson must give it all to make a client take
notice."
-Cody Lee, director of sales, Ironclad Performance
Wear in Los Angeles Process
"Seek movement on every call you make. You'll save time
and increase your sales by pursuing prospects who will commit to
moving forward and weeding out those prospects that will not get
off the fence."
-Robert Monroe, sales, CaseStack Inc., Los
Angeles Integrity
"Clients are looking for four things: strong ethics,
responsiveness, problem-solving and enthusiasm. Add a strong
product or service behind you, and you create a formula for
success."
-Scott Fuqua, senior VP in sales for Midwest
Diagnostic Management LLC, a radiological and diagnostic
referral-management company in Mokena, Illinois Persistence
"Always go into a sale with a positive attitude, and be
confident you can earn their business. The minute you doubt whether
or not you can [sell] the person, you will lose the
sale."
-Kaine Smith, owner and partner of Advance Med LLC,
a medical staffing firm in Austin, Texas Relationships
"Focus on developing a win-win relationship for both the
company and the customer. The sales orders will follow."
-Larry Panattoni, sales, Servatron Inc., a Spokane,
Washington, company providing manufacturing services to the
electronics industry Fun
"Customers are real people, and real people love to have fun.
Run with this theory each and every day, and you are destined for
success."
-Jason Murphy, owner and partner of Falcon
Solutions, an electronics-components supplier in Roswell,
Georgia |
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