How to Increase Sales Revenue Using Domino Effect
Some companies today are struggling to find new prospects and develop new accounts. Sales people seem to lack a skill or knowledge to locate “like” companies within market segments or even penetrate other locations of major fortune 500 companies. If for some reason your company finds a unique application for your product, the sales department doesn’t don’t know how to leverage the opportunity.
So often I find that there are always future customers at the sales person’s fingertips. Let’s examine a process and methodology to illustrate how easy it is to create a domino effect. I define it as a process whereby you knock down one account after another.
The beauty of using this principle is you have a great starting point. You have already broken down the first barrier- penetration of one location. Let me give you an example. If I have already landed one account location, say Caterpillar for one of their product lines. You simply “leverage” that situation. The same process applies to an entire industry, have one as a customer you go after the rest.
The problem is that sales people give up after the first attempt and get an objection or negative reaction. Then they just stop working and finding ways to penetrate. Just because a door way closes, it doesn’t mean you can’t get in… find another doorway.
Here’s how it works.
1) You gather impacts from the existing situation. The key here is to make sure you performed and how it impacted the current situation for improved performance. Some examples are as follows: generated bottomline profits; reduced operational cost and/or improved product performance. In some cases, you can impact multiple areas therefore increasing the total impact.
2) Understand what the pain was and whether it was a unique situation or an industry wide problem. If it is an industry wide pain (driver) then it is even easier to capture multiple accounts—quickly.
Within a company with multiple locations/product lines
3) Use your existing contact to guide you and use them to make the introductions (connections) at the new location or product category Vice President and/or Director.
Note: If you don’t leverage the referral you can get the name and then call directly.
4) When you make the call, reference what you have accomplished at the other location or what you did for the Vice President. Dropping a name is critical for credibility. More importantly, stating the impacts related to a problem is even more critical.