Jeff Fox, in his excellent book, MARKETING SUPERSTAR has several transferable marketing concepts that would be easy to adopt. One that seems to be obvious, yet often overlooked, is the principle of “Dollarizing.” Simply put, every aspect of the marketing process should have a price tag as to value, ROI, cost, pricing…everything. If not, it gets a strong look from the round file. So, for our purposes, we will list categories from the MODELTM System and then summarize them as a “Dollarized” benefit.
Here are but a few:
Question: If you have witnessed and/or participated in other sales and marketing systems in the past, do you use any of them today? Why…Why Not? How many have you tried? How much time and how many dollars did they cost?
Let’s say that you sampled five systems and/or concepts [average of one per year] at an average of $250 per system or concept (including the marketing costs) plus your time, travel costs and the lost opportunity and lost sales of the systems that did not work…Added together it would have to equal a few thousand dollars (at a minimum). Now, think about it nationally over all sales occupations in just five years…Zillion$?
When (for example) you move from one industry and product/service to another, there is no need to reinvent additional presentations or “shoot from the hip” that could question your professionalism and effectiveness. You will have a consistent and Universal System.
This area involves the cost of your time, travel, marketing expenses, and the lost opportunity of missed sales. Depending on your industry sector, average case size and average sales volume over this period…again, this could be in the thousands individually and zillions nationally. Remember that, universally across all industries, a face to face sales call averages $420.
As stated, considering that the average person to person sales call averages $420 (or more) and this area becomes very quantifiable.
This area can be very expensive if you require 3-4 interviews per sale (nationwide 3.4 interviews) and carry falsely inflated inventories of unqualified prospects over the five year period…Thousands?
$420 X 3.4 interviews = $1428 in marketing costs…Hopefully, when sold, your product/service is valued at more than this figure?
This System automatically deters domination by the seller and requires the buyer to become involved in the process (active vs. passive).
By making your presentation interactive and buyer-friendly, you are creating “clients” (repeat buyers) rather than “one-shot” sales…Based on the dollar value of a repeat client in your industry sector and your experience…again, thousands of dollars at stake.
A graphic triangle can be sketched or transferred to most any surface and most anywhere almost instantly. That transfers the focus to the graphic MODEL initially and away from the “solution first” oriented presentations. It is best introduced by allowing the buyer to individually develop it in real time.
Consider the time cost, timing and lost or missed opportunity of not always being prepared (which is inherent in this system). What is a missed opportunity worth to you in dollars…all opportunities…all the time?
People in the dark are rarely cooperative and are usually suspicious. Being enlightened ahead is vital before buy-in or action” (From another famous book on the “thinking process”)
Since the prospect/receiver sees the concept right up front, they are “not in the dark” about your procedure and process. Consequently, they are more apt to buy-into the concept as well as being willing to refer others (because of no surprises). Considering what a referral is worth, in dollars, in your industry sector and over this time period…
Can we say thousands…(Individually?…Nationally)?
To be continued…Part TWO.