Don’t leave your RevPAR to Online Travel Agents, increase your revenue on your terms
The hotel industry has traditionally benefitted from people tourists taking a holiday, the business traveller staying for work or the event going relaxing before the concert. Airbnb and other home-sharing platforms have revolutionised the short term stay and has made even the multinational hotel chains act to defend their market share.
Having been a prime contractor to many iconic hotels including the Burj Al Arab, Dubai, UAE Stephen McComb understands that ADR or the RevPAR are only the start of the matrix to understand the changing market dynamics. Selling the benefits of a hotel, the experiences, the service are all leverages that Stephen teaches to promote along with upselling and brand loyalty.
Align, foster and develop your brands to differentiate and deliver growth. In the defence sector supply chain, there are invariable two types of supply contracts build to print with the lowest competent proposal winning while the contract awards can have significant value any additional design revenue has been harvested in previous bid proposals.
And then there is a design and supply contest, where a supplier will design and supply a works solution. With all new innovations there is added value to be had in the revenue from the design, its features and benefits or how it integrates with other systems. Stephen McComb through his sales training programs can help you understand where your brand is placed and what is ite perceived and actual value.
As numerous defence forces seek to transfer the management of tenders, design, works, supply and service to the private sector the past performance of a prime contractor or a second and third tier supplier is critical in the evaluation for future contract awards.
For organisations that have dual-use products but have not sold into the defence sector it is vital that past performance of supply and delivery along with financial stability can be demonstrated in any bid submission.
For sales professionals being updated with their record of conforming to requirements and to standards of good workmanship; forecasting and controlling costs; adherence to schedules, including the administrative aspects of performance; reasonable and cooperative behaviour and commitment to customer satisfaction are all vital information that the person needs to have effective discussions with their defence counterpart.
Loyalty and Retention
Building loyal customer is an integral part of any business, customers who repeatedly purchase, that are unofficial brand ambassadors and will promote your product to others in their cycle without being prompt. Understanding what it is that makes them loyal, is vitally important, can you model and recreate it, can you give the customer more of what keeps them loyal? Mixing in anyway with what makes a customer loyal must be done very carefully and always in consultation with the customer.
We all know that retaining customers is more cost effective than acquiring new clients, but some companies take that a bit too literally. Choosing to retain a customer must be part of your decision as a supplier, does the customer align to your company vision and values? Is the customer resource intensive, that’s acceptable if you factored that into the price but if you haven’t the longer it goes on it will stunt your growth and service to other clients
Maximise your overall profit while increasing products or service margin along with your market sector share. Whether stage your product or service is at in the life cycle getting the price right is one of the most critical commercial decisions for a business. Stephen teaches in his sales training that there is never a bottom price especially when multiple products or services are combined in a contract. Achieving increased margins means leveraging your value proposition, working with customers who you can add value to and in turn they can help grow your revenue. Develop your optimal pricing framework and sales incentives, learn how to gain customer that goes beyond price objection. Analyse market conditions and the competitor offering.
Achieve Commercial Excellence
Often businesses become stagnated in growth, caught up with maintaining market share and defending often single digit margins in mature or competitive markets. As businesses grow it is easy to attract the wrong client and then by default margins are squeezed and resources stretched to service the account. Stephen takes you on a step by step process to identify your target customer and what your value proposition is to them, differentiating yourself from rivals or would be up-starts. Taking the strategic decision to incrementally grow market share in a mature market or even compete in a competitive category, sector or geographical location is modelled to be help you understand how to best place your resources. By focusing on the ideal customer and nurturing them for growth can yield greater financial rewards that competing to win a client who you are not positioned to best serve.
Customer Targeting, Value Proposition
You may know the leading buyers in your market segment you might even be a supplier to some of them. Defining who those companies are and what value proposition you can bring to them is crucial if you want to grow your business.
Often business leaders will look at it as a one size fits al approach for the sector, prospects and customers when their needs are different. Stephen in his sales training strips back the customer wish list and takes an honest look at what it takes to become a supplier to some of the leading organisations of the world. You may not have the infrastructure or finances to service one of those multinationals but Stephen helps you identify where your niche is in the supply chain and how strategically you can become a second or third tier supplier who is gaining knowledge of what its like to be a part of the wider supply chain.
Using advanced internet searches Stephen can show you how to extract market data on your sector to analyse the size of a geographical area for your offering or the sales data of competitors products.
Developing an aftermarket service strategy has changed dramatically in the last number of years with leasing or subscription models taking dominance over conventional Hire Purchase or outright ownership. From commercial vehicles, medical and laboratory equipment, Restaurant and hospitality equipment, Construction machinery, IT Servers, Municipal procurement and manufacturing and industrial plant equipment each business in their respected sector wants to increase their aftermarket products, services and maintenance.
Predicting demand on non-life expiry spare parts can be complex and is something that is made more difficult with long intervals between purchasing. Stephen will help you assess which model is best to support the aftermarket care, appointing agents, country distributors, dealers and how to which price models to use based on the finance model.
Conventional sales models designed a decade ago are still being used my many businesses today with the logical thinking that they strategy is delivering results, it can be measured and understood so there is no need to redevelop the sales model. However, over the last decade the rise and dominance and now dependency of digital platforms such as Salesforce.com, Amazon Webserver, Monday.com and Workday have disrupted the sales cycle by reinventing how both consumers and businesses buy.
Field sales reps are being changed over to inside sales using technologies to autodial and map emails with templates or webchat with predictive text all of which allows the salesperson to be more effective and reach more potential clients while reducing the acquisition costs of new prospects. Customers are offered packaged solutions and can choose the level of service and support they require. Subscription models have now surpassed the SaaS industry and are in areas such as car usage or photocopiers. To understand the impact of what technology is doing in your industries and to your business join Stephen McComb in his sales training where he will help you develop your next winning sales model.
Every business knows that survival comes down to being profitable and achieving sales and although companies may have established and stabilised themselves financially the sales environment around them is in constant change. How customers engage and buy has changed with McKinsey reporting that over 70% of the buyers journey being completed before they engage with a seller or in many cases as it is seen today a buyer has no interaction with an actual human but completes a buying transaction ranging from ordering food on an app to large scale procurement on digital platform.
Today businesses and salespeople need to have a data-driven selling approach, using marketing analytics, mapping the buyer’s journey and understanding what level of information a prospect needs to make a decision. Knowing what information, a prospect is accessing on your website is critical, how did they arrive there, what information was accessed and for how long, being GDPR compliant in Europe was any tangible information captured to follow-up with further information. Changing your Go-to-Market. The trend since 2014 for large organisations is to assign from the outset the Long Term Value (LTV) and Customer Acquisition Cost (CAC) of prospects and customers, with low value customers being assigned inside sales support over field sales which reduces operation costs for servicing the client while allowing the salesperson to be more efficient in serving more clients.
To understand the buyers, journey a business needs to reshape its internal thinking of how it views the customer. Stephen McComb in his sales training workshops helps your salespeople to understand.
Place the customer at the centre of your business: It is not about your organisation needs but rather of how you can help the customer get theirs.
What is the customers perspective: What benefits does the customer truly need and how can the features of your product or service give them what they need? Just because a customer may say they feel they want something by asking great questions a professional salesperson should be able to recommend the best option for them, without placing price anywhere in the conversation.
Silo Mentality: Traditional working silos of not sharing information or collaborating need to be replaced with systems of sharing data, trends, competitor offerings.
Infinite: Working to achieve a sales target, growth rate is a milestone that when reached is reset, working though with the infinite mindset that you want to create meaningful results for clients will in turn grow your sales.