8. Max the margin

  1. To max your margin remember ... Innovators make more money than imitators. How can YOU innovate the deal or commercial model?

  2. To max your long term margin, play the long game. Never do a “drive-by-shooting”. Patience will win you more of the wallet.

  3. Being a trusted advisor is the key to more regular and shorter sales cycles, thereby maximising the lifetime margin. Work hard at this.

  4. Being a trusted advisor means knowing your customer's environment and direction. The more you know, the more you can sell them.

  5. What else can you sell your customer? What's the Next Logical Product? Do their thinking for them and remove your competition early.

  6. Build your career on being a market taker, but tag on niche high margin products to every sale. The effort versus reward will be maximised.

  7. Many people struggle with pricing. Most just add on a margin without thinking about the perceived VALUE of the goods.

  8. Customers buy on VALUE, not price. Sell your value proposition and you will win the deal for the maximum price. Value is client dependent.

  9. To secure the maximum price for a deal understand the buying criteria. What's driving the purchasing need?

  10. Some of the greatest deals to win often have less margin in than you first hoped ... But he who wins the deal wins the customer.

  11. Winning a sale feels great but that's only HALF the job done. The next step is to maximise the margin by reducing your supplier's cost.

  12. If you're great at selling you'll be great at negotiating a better buy-in price from your supplier too. Do this.

  13. The best time to secure a better buy-in price is just BEFORE the deal is won. Squeeze the hardest at this point.

  14. The best way to secure a better buy-in is to talk about competitive behaviour. An extra 10% off is an extra 10% for you. EASY MONEY!

  15. Sales people need to sell every which way they can. To the customer, to their suppliers, to their Manager ... never stop selling.

  16. I've always invested time building great relationships with my key vendors – I've always got leads & preferential support as a result. Do this.

  17. Strong relationships with key vendors not only helps stimulate leads, but also helps unlock pre-sales support - increasing win ratios.

  18. Managing vendor relationships is as important as managing customer relationships. Do this, and you will win more deals & make more money.

  19. Customers like to engage vendors directly. A sales professional at a reseller will control the engagement to maximise the profit.

  20. Selling is not about saying “yes” all the time. If the margin opportunity is uneconomical you need to grow some balls and walk away.