The Ultimate Sales Machine by Chet Holmes is packed with tactical tips and strategical insights about how to grow your business.
Below I share my favorite principles from the book. I highly recommend buying the book though, there are a lot of golden nuggets to be found I don’t cover in this post.
How To Spend Your Time As a Small Company
Spend at least 2.5 hours growing (cold calling, making deals, selling).
The Pyramid of Ca$h (I took the liberty to rename it)
How do we use this information?
Imagine that you are writing the headline for a workshop,webinar or newsletter you offer potential clients.
You want the headline to appeal to as large portion as possible of the pyramid.
- Headline 1: “The Five Ways Our Office Equipment Can Help You”. This headline only address the top of the pyramid “looking to buy” and maybe “open to buy”.
- Headline 2: “The Five Ways You Are Wasting Money in Your Administration”. Not the most exciting headline, but the whole pyramid is much more likely to want to know more.
Use Market Data, Not Product Data
“Here’s the key to choosing which data to include: market data is way more motivational than product data. Most people think that a shoe is a shoe (product data), but when you learn that your feet connect to every organ in your body, that’s market data. It makes your choice of shoe much more important. So think about what market data is there that makes your products or services much more important.”
Pre-sell Your Information
While presenting the information about the increase in lawyers, you could say, “And this means you have some serious competition, but the news gets worse when I show you the next point.”
Never Thank Clients For Their Time. Never Apologize For Taking Their Time.
[thanking for a clients time] shows that you consider their time more valuable than yours. It suggests that listening to you is far less important than other things they could be doing.
He would start off the meeting saying: “The first thing I want to do is apologize for taking your time. I know you charge for your time, so this is valuable time for you.” It was straight uphill from there.
How To Handle a No
I) Become top of mind
Constantly and intensely follow up a no with creative gifts and calls.Or, it could happen, as I’ve seen 100 times, that you keep following up and one of their preferred providers lets them down in some way and, wham, you are the first company they think of because you never gave up.
II) Win their respect
And if you keep contacting the people who hung up on you, you will eventually win their respect. After all, you can’t possibly respect someone who goes away after the first rejection”
Help Clients make decisions
It’s tough to make decisions, sometimes the client need help.
I finally said to him: “Look, you don’t need any more information. You already know as much as you’re ever going to know. You just need to make a decision. Do you have what it takes to make the decision?
Because that’s where you’re at right now.” That’s a hard-core close, but without it he might have continued wasting his time struggling over the decision when he could have been working with me to improve his business. He said: “You’re right. I do know. I want it.” And he bought.
I have a tendency to feel pushy when I do this, and therefore avoid it. I might tell myself that “I’m too nice” to push a sale.
But I think the truth is that I’m to scared of being rejected.
If you believe the customer needs what you are selling, then doing everything to get it in the hands of the client is your job.
Use Risk Reversal To Close
It should be easy for the customer to buy. You don’t want friction.
Here is a paraphrase from Chets companies offer:
“We’re so sure that this program is going to help you, we’re going to give you $2,000 in bonus products. Take this program and use it. If you feel it is not more than 1,000 times worth the investment, send it back and get a complete refund. And for your trouble, you can keep the $2,000 in bonus products.” When we did this, our sales doubled. And yes, you have that 1 out of 10 who might buy it just to get the bonuses, but you still had nine more sales you would not have gotten if you didn’t make the offer in the first place. A money-back guarantee is a great way to take away objections, but the idea of offering a bonus that they can keep soups it up quite a bit”
How can you decrease or eliminate the risk for your customer?
How to handle objections
Customers has objections. Maybe the thing you are selling is too expensive. Maybe it’s the same information can be found for free.
You can address objections differently depending on the medium of communication.
“Always agree with an objection. The clients will drop their guard. You might say, “Well, that’s certainly a good reason not to invest in this today. [meaningful pause] But let me ask you a question: Is money the only thing standing between you and the purchase of this product?”
“At this point, if there are more objections, they will surface. If not, the client will say, “No, if I could afford it, I’d buy it.” This is called isolating the objection.
Do This Now
First — if you liked the post — then go buy the book.
In the meantime, answer these three questions:
- How many hours a day do you spend calling customers?
- When was the last time you pre-sold a slide in a presentation?
- How can you decrease or eliminate the risk for your customer in the buying process?