You have just spent time, effort and money recruiting and selecting what you hope will be a highly productive new member of your sales team. Your recruitment process has been developed over the years, including testing, screening, reference checking and multiple interviews. Now, this handsome, impressive, candidate is ready to start next Monday. You feel confident about your new hire. Yet, there is a very good chance he may flounder. More than 3 in 10 new sales hires in this industry fail. Only about 40% meet their first year performance expectations. And, new sales rep turnover costs about 150% of total compensation. The good news is, you can improve your odds for recruiting success. Here’s how.
Successful sales of complex, custom designed, high-value equipment demands an intelligent diagnostic methodology. Sales tools should also include testimonials, website enhancements and powerful capabilities presentations. Additionally, product support has proven to be a highly effective entry strategy that can yield high-level management access. Product support work also enables you to identify major influencers, decision makers, technical and financial evaluators involved in the large new equipment purchase process. By utilizing product support early in the sales cycle, your company can build in the prospective target account management team the perception of your interest and capability of supporting them after the sale.
Organizing and conduct a successful East African camera safari is not much different than organizing and managing a highly successful equipment or product support sales territory. You must demonstrate the skills essential to identifying the game, then, you must competently execute the skills necessary to capture the photo. Included in this paper is a personal selling skills inventory checklist on the skill sets essential for high performance machinery and aftermarket sales professionals.
Unless you are from another planet, you must know that many dealer principals are extremely unhappy with their current sales organizations. Does your boss have the perception that you are the weakest link between his dealership and profitable new business? Are you in danger of being seen as a dinosaur by your company owner? Are you in danger of being replaced by a more cost-effective sales process in your sales territory? Check yourself out…
Building competitive strength through more robust Product Support has proven to be most effective. This is a practical guide to both internal and external programs that work best to differentiate your business from competitors. Internally we first focus on performance improvements in critical customer support areas including the dimension of employee attitudes and competencies. Then, externally, we monitor customer attitudes and perceptions on how well we meet their expectations. These combined efforts build "world class" product support that serves as an effective barrier to competition.
Equipment dealers want and need to know how to improve service labor sales and profitability. Until now, nothing seems to work very well. Here are 16 dynamite field-proven tools you can implement today.
Equipment industry end-user customers are now demanding both product quality AND competent aftermarket parts and service support. By the end of the last decade, many equipment manufacturers have learned how to deliver quality products. In several industries we now see great parity between competitive product technologies and equipment performance. Consequently, the major differentiator today between equipment vendors in any given market becomes the responsiveness of the manufacturer-dealer partnership in the delivery of premiere aftermarket product support (service and parts). This guide helps you do just that.
What are some aggressive high-performance equipment dealers now working on to bolster revenues, strengthen customer relationships and improve operating cash? Hint: Service labor can contribute 8 to 10 times the gross profit per dollar sale than new machinery. Yet senior management often focuses the vast majority of their time and attention on lower margin machinery sales operations. The four horsemen of dealer profit improvement for strategic thinkers include renewed focus on service, rejuvenated objective focused machinery sales, creative parts marketing plus customized skill and knowledge training for each individual dealer employee.
A relatively robust economy may help the multiples of EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) for which some business owners sell their dealerships. And, a stronger economy will drive a perceived sense of urgency to sell. However economic cycles are just that. And, no matter when you get ready to transition your business on the spectrum, if you haven’t considered some of the things mentioned in this article your business will be undervalued. Detailed here are the mistakes to avoid and positive steps you should take to preserve and optimize the value of your business.