 |
As those of you who have profited from using The WedgeŽ sales culture already know, one of its key advantages over traditional selling is that it gives you proven tactics to win business away from your competitors. While other sales strategies focus merely on the seller and the buyer, The Wedge enables you to overcome the all-important third party in most major selling situations - the incumbent provider who already has the account.
When we developed The Wedge in the 1990s, it was first used by commercial insurance agents to win business away from incumbent agents who typically enjoy a 92% customer retention rate. Over time, however, it became clear that The Wedge could be used to achieve dramatic sales results in any number of professions and industries - from financial services to manufactured goods, and from wholesale to retail sales.
Later this month, John Wiley & Sons, the global publisher, will release our new hardcover book, How to Get Your Competition Fired (Without Saying Anything Bad About Them): Using The WedgeŽ to Increase Your Sales.
I am proud that our clients have changed the way selling is done, and changed it for the better - shortening the sales cycle, making sales calls more customer-friendly, providing truly proactive service, and in many cases earning more than they ever have.
To those who already know us, let me express my thanks to you for embracing The Wedge and proving its value. To those who are about to discover The Wedge via our new book, let me welcome you to an exciting new way of using your competitive advantage to win more new clients faster, and to reach your financial goals sooner.
Randy Schwantz
President & CEO
The Wedge Group
From Around the Industry
Winning the Argument vs. Winning the Client
Numerous law firms in today's competitive legal services environment are finding that the litigation skills that make them successful in the courtroom do not necessarily translate into the selling skills they need to attract and retain new clients. In an article last month in New York Lawyer ("Law Firm Marketing: Defining Expectations, Achieving Results," Dec. 2, 2004) Robert J. Robertson of Greenberg Traurig noted that law firms can benefit from a candid assessment of their marketing needs. He also discussed the importance of clarifying the roles of various law firm personnel in supporting the firm's marketing efforts, and of setting objectives for which people will be held accountable. Robertson makes a case that makes sense to us, too.
Learning from Losing
How do you benefit from a major new business loss? Mal Watlington, a Massachusetts-based business performance consultant, shared some thoughts in an article last month ("How Win/Loss Analysis Can Improve Your Sales Performance," WebProNews, Dec. 12, 2004). First, you can hire an external party to interview the firm that turned you down, finding out things your prospect may be reluctant to tell you directly. Then, in your own internal post mortem, you can conduct a no-fault discussion focusing on the data rather than playing the "who's at fault" game. Also, you can use the experience to train your sales and presentation team to be more sensitive to prospect signals in the future, so that they can invest time in the prospects most likely to buy from you, and spend less time on those most unlikely to buy from you. We like Mal's thinking, and would add this Wedge-related thought: The more you do your homework in advance, focusing on your strengths versus your competition's weaknesses, the less likely you are to be in a losing position to begin with.
World Wide Wedge - Malaysia
Sales consultant and trainer Tung Siak Leng, scheduled
to speak at the 8th Asia Pacific Life Insurance Conference
in March, offered some Wedge-like advice to agents in
advance of his appearance ("Think Value, Life Insurance
Agents Advised," Daljit Dhesi, The Star, Star Publications,
Malaysia, Dec. 7, 2004). Tung noted that traditional sales
training typically falls short because it "involves mainly
selling" rather than being "trained to understand the
customer's mindset" and to focus on "value" to the customer.
Tung also advocated "third party referencing" in which
a "friend" of the buyer introduces the seller and his
products. Such referrals, Tung observed, are "well entrenched
in Eastern culture." For more information on how you can
make the most of such personal introductions to your best
prospects, check out the Red
Hot Introductions Video.
Nice Guys Get More Work
The Remodelers Council of Greater Des Moines, representing Iowa construction professionals, has decided to do something about the "poor job site behavior" of workers that often makes a remodeling project stressful and unpleasant for homeowners. (Business News Only, punjab.com, Dec. 9, 2004). The Council has partnered with a sales and customer service firm to teach workers good customer contact skills. As Dave Helland of the Council put it, "We see no reason our clients should not receive the same high level of customer service from our employees as they would expect from employees at any other high-end business." How about your own company? Are all of your employees who deal with customers trained in the sales and service skills they need to foster good will and ensure repeat and referral business? Do you have a corporate culture that helps to drive growth rather than inhibit it?
As always, we hope you enjoyed this month's The Wedge Report. If you have any comments, questions, or story ideas, please don't hesitate to Contact Us. Also, if you know anyone who would like to receive a copy of The Wedge Report, please forward them this copy and suggest they subscribe online.
|
|
USEFUL SALES TIPS:
The Four Types of Leadership
This month, our top Wedge consultants describe the four types of leadership roles and their importance in driving measurable and sustained growth.
Type 1:
Giving Others the Vision:
The Culture Creator
"The culture creator is a leader - often an owner, chief executive or vice president - who personifies your commitment to a successful sales effort. He or she articulates the vision, fires up the rank-and-file, rallies your team to the growth goals you specify, and generally leads the way and sets the tone by example. Enthusiasm tends to be contagious, and this person can have a major impact on your company's fortunes."
Ed Budanauro
Senior Wedge Training Consultant
Type 2:
Patting People on the Back:
The Coach/Mentor
"The coach/mentor is a team player who takes the time to encourage others rather than dwell on self-promotion. The person in this role supports and counsels his or her colleagues, celebrating their wins and reassuring them after their setbacks. He or she is a caring person who sees the best in others and wants them to succeed, thereby helping to create positive motivation throughout your workforce."
Larry Kangas
Senior Wedge Training Consultant
Type 3:
Perfecting the Offering:
The Proactive Services Manager
"The proactive services manager is all about finding
out what clients want, and then making sure your products
and services are meeting those desires. He or she watches
the marketplace, and keeps everyone in the loop about
opportunities and trends. The person in this role helps
to keep your personnel on the same page to ensure that
you are maximizing your competitive advantage."
Kevin DeVaan
Senior Wedge Training Consultant
Type 4:
Tracking Results:
The Administrator
"The administrator is a documenter and analyst. The person in this role charts your growth, provides progress reports, and takes note of positive indicators as well as warning signals. He or she can offer valuable and timely insights based on the numbers, and can respond quickly and authoritatively when someone asks, 'How are we doing?' This person knows where you have been, where you are, and where you're headed."
David Connolly
Senior Wedge Training Consultant
|
|
|
|
|
Services