Top 5 Tips to Maximizing Your Top Down Selling | Infinity

Making more money for your business is always a high priority.  More money means your business is growing. It allows you to hire more people, pay higher wages, offer better benefits and of course, increase profit margins.  The challenge is finding new ways to increase revenue as well as your return on investment.

In today’s world many successful businesses are implementing a strategic sales approach known as “Top Down.”

Top Down Selling

The Top 5 Tips to Maximizing Your Top Down Selling

To put this simplistically, in a top down world, a sales person begins at the highest price available and works down until they and the client are able to come to an agreed upon price for the goods or services offered.

Consumers see this approach in several different industries, most notably when purchasing a vehicle from an auto dealer. Auto dealers purchase vehicles at a low price known as wholesale or trade in value. The automobile then goes through a reconditioning process and is put on the lot at a premium price in order to maximize profit. However, the real magic happens during the sales process.

When a buyer goes to the dealership the first thing the sales person does is conduct a needs analysis. The biggest challenge is getting a customer the vehicle they want. This is a critical step in top down selling.

A consumer will always pay more money to get what they want and need, rather than what the dealer wants to sell.

Next, the vehicle selection process begins. The sales person generally starts with the vehicle that has all the bells and whistles included, knowing it is the highest price point.  This sets the bar on the rest of the cars and prices the buyer will see.  A consumer is more likely to use this price in comparing every other offer placed in front of them.

If the dealer were to go in with the standard make and offer the lowest price available, the consumer will be less likely to want to spend more for added features.  Or even worse, they may want the price of the standard with all the extras included.

The final step is the negotiation process. The dealer starts with an elevated price. Typically there is some back and forth and the dealer has leverage based on what the customer said they wanted out of their vehicle. In the end the customer feels like they win because the dealer “discounted” the vehicle from the asking price. The Dealer also wins because they sold the vehicle above cost, usually for a healthy profit.

How can top down selling impact my sales team?

The same tactics can go a long way for a premier sales agency.  At Infinity this allows our Account Executives (AEs) to be more strategic throughout the sales process and increase their level of ownership.

When an AE starts at the highest available price they set themselves up to have the room to negotiate should the buyer feel the price is too high.  If the client does not object there is obviously now a higher profit margin than if the lowest available price was offered initially.

Having a floor price (the bottom line) allows the AE to know which product will make them the most money. They can use different product and pricing options to negotiate the sale, ensuring they maximize profit. Since AE’s work on commission, this allows them to be responsible for their own income and helps breed an environment of ownership.

Top 5 Tips to Maximizing Your Top Down Selling

The 5 Tips to Maximizing Your Top Down Selling

There are five key tips to maximize the effectiveness of top down selling.

  1. Conduct a needs analysis. Customers pay more for want they want. This also allows the sales person to identify “hot buttons” to aid in the negotiation process.
  2. Always fully demo the product/service being offered. This is where value comes in to play. It’s not just about price. Buyers will pay more if they believe they are getting more value for their dollar.
  3. Provide the AE with floor pricing. This allows them to be flexible with pricing and negotiate on their terms, which encourages ownership of the deal.
  4. Go for “No.” Don’t be afraid for the customer to say no to a price. The goal is to get them to pay as much as possible. If they agree to the price right away there is a good chance that money was left on the table.
  5. Always get a commitment when dropping price. If the customer says they want to pay a certain amount use phrases like “If I can, will you?” This helps make the customer stick to the agreed upon price instead of trying to renegotiate after the fact.

In Conclusion…

When sales people have the ability to offer customers a higher price and negotiate down, businesses will see increased revenue, higher average order values, and will continually exceed monthly goals which will add extra coin to everyone’s pocket. All this while making customers feel as if they won by getting a better price.

Top down selling is a win for everyone involved.

 

Quality: To Create a Life-Changing Experience | Infinity

Here at Infinity our company purpose is to provide a life changing experience — for clients, employees, and stakeholders. It all begins with the customer. Providing a quality service to them begins with understanding how we can create a life changing experience for them.

Quality is one element that is oftentimes overshadowed by the core numbers and metrics that we can quantify and point to. Many times our conversations revolve around hard numbers — percentage to goal for the quarter, month over month improvements, etc. Priorities change, strategies shift. Quality needs to be viewed separately from these other important conversations, however. Quality requires a mentality shift. It needs to be a focus 100% of the time, because it changes the way approach your business.

The Importance of Quality

The Importance of Quality

Henry Ford once said “Quality means doing it right when nobody else is looking”. Measuring quality is difficult, because of just that. Yes, monitoring and scoring different tasks to ensure account executives are compliant gives us the ability to put a quantitative number on a person’s ‘quality’, but you usually are only getting a small insight into their individual ‘business’.

Having a focus on quality isn’t a part time thing; it needs to be a focus in every task, every day.

The goal, through monitoring and coaching, is to be certain that we are always providing quality service to our customers. When the focus is entirely on supporting customers in their success, our day to day work will follow suit. Whether it is developing an effective marketing plan (like our Meri P previous discussed), or simply commending a customer on a recent expansion.

In everything you do with a customer, quality can make an impact.

It can be as simple as  respecting a customer’s time by being a few minutes early for a meeting, or logging some extra notes about your conversation to ensure you can reference specifics the next time you speak. In cases where you don’t have the answer right now, assuring the customer you will follow up with the information they have asked for.

Another example of our focus on the customer experience here is structuring our account management team in a way that allows any of our account executives to reach out to a scheduled appointment in the event that the assigned account executive is unexpectedly out of the office. The focus is always on ensuring a seamless and superlative experience for our customers.

Customers don’t care how much you know, until they know how much you care.

From our first conversation, our objective is to express that focus and ensure our goals are aligned. When it comes to finding the right solutions for a business, you need to truly understand the goals, needs, and expectations for your customer. It is imperative for your customers to sincerely understand that you are as invested in their success as they are.

Summary

Creating a culture of quality takes time and consistent effort. Implementing quality into daily huddles. Discussing quality alongside their numbers in 1 on 1 conversations. Reviewing interactions with the customer to provide feedback and suggestions. In the ever-busy business world that we live in nowadays, it is easy to let quality slip in favor of a focus on individual output. Although a focus on quality isn’t always tangible on the front end, the impact an expanded focus on quality can have on an individual, a business, and ultimately the customer is undeniable.

Quality is remembered long after the price is forgotten. Here at Infinity we are committed to quality — and committed to our customers.

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3 Tips to Maximizing Your Outsourced Sales

In my experience, the process of diagnosing any performance challenge in outsourced sales can be narrowed down to one and/or a combination of these three categories:  People, Data and/or Offer.  Although that may sound way too simplistic, just think about it over the course of a sales program opportunity and especially one that suffered from not meeting expectations.  Regardless if you or your colleagues were able to repair the situation then or not, just evaluate why the customer on the other end just didn’t buy (or sign up or agree or whatever the purpose of the call was).


Top 3 Tips to Maximizing Your Outsourced Sales

3 tips to maximizing your outsourced sales

People

For any outsourced sales program, it is imperative to have the profile and skills for the Account Executives calling on behalf of the Client match up to the correct level and/or type of program – be that B2B Sales, Customer Support, Lead Generation or any type of program. In many instances, I have seen outsourced sales programs not meeting expectations because even though the Account Executive may very well be a “good” employee, they just do not possess the qualifications required to sell or support the customer.

A few insights to look at/include:

  • Can they build rapport with the Customer?
  • Do they know how to ask the right questions in order to get the Customer talking about their business or need in the business?
  • Do they have exceptional listening skills?
  • Do they know how to translate the responses from the Customer so they can personalize the features and benefits for them?
  • Can they “paint the picture” for the Customer so this can be transitioned into a necessity for that Customer?

In training, the person must first be passionate about what they are doing and they must believe in the product or service for the Client.  In order to do this, the training curriculum should be created in such a manner so that they receive sufficient:  Rapport building skills, Product Knowledge, Sales or Support points, Consultative methods, Technology and system experience and more.

It is also important that each Account Executive be given the opportunity to parlay all the knowledge from training into practical experience through role playing, calibrating and then certification and ultimately graduation.

And if they cannot master these skills in the training process, it’s perfectly acceptable to acknowledge this during or after this takes place that this Account Executive is not a ‘right fit” before sales calls commence.  Or if the spark is there but they do not prove to be successful in achieving metrics, then by all means come to that joint conclusion early in and make any adjustments necessary.  After all, you owe that to the Client, the Company and even that employees because at the end of day, everyone wants to be successful.  Sometimes the profile and skills just do not matchup for that specific sales campaign. 

 


3 tips to maximizing your outsourced sales

Data

The beginning of the lifecycle, for any outsourced sales program, begins with analytics.  Analytics encompasses the thorough analysis of past, present and future customers.  This type of analytics can assist in determining and identifying the correct segments of customers and if any customer loyalty trends exist.

A common and sensible place to start is the current customers including:

  • Who are they?
  • Where are they?
  • Why did the purchase?
  • What did they purchase?
  • When did they purchase?

These inquiries can be broken down into even more detail like:  What market segment are they in?  Is this product or service more relevant in certain regions or countries?  Is there a specific need that compliments this business?  Have they purchased another product, either yours or something else that aligns?  Is there a seasonal factor to this?

The actionable data is then take from the analytics phase and is used to develop low risk, high ROI targeted sales campaigns based on the client’s needs and research findings.

During and after the sales campaign, the data should be analyzed and presented with recommendations for next steps.  Once these are identified and agreed upon, an ongoing lifecycle campaign can be modeled and developed for the client that drives customer loyalty and high ROI.

Without the right data, you are setting all parties up for a situation that is not aligning to the Customer and their needs and most likely developing an unsuccessful program.


3 tips to maximizing your outsourced sales

Offer

And lastly, we must ask ourselves – Does the Customer need this product?  There are some things that are ‘nice to have” but in the long run, the customer should need this product or service or the Right Sales People should be able to convincingly portray the need to the customer.

Yet another valuable point to consider, from the beginning, is the price point and, if applicable, the contract terms, renew period, and payment options of the offer.  These items are important to consider when making the product viable and easy to use for the Customer.


Final Thoughts

Lastly, the evaluation of the outsourced sales program is an ongoing venture between you and the Client as you are continuously determining their current and future marketing needs.  Ultimately, the goal is to work together to establish goals and metrics that serve mutual success, as well as determining their marketing and business needs and/or any other factors that could affect their outsourced sales program.