Where are your profits going?

Building a profitable client portfolio is a particularly daunting task which is often complicated by the highly competitive environment in which current companies operate, but also by certain business practices. In the industrial subcontracting sector, one of these bad habits related to a company’s profitability is systematically granting discounts in the aim of increasing sales. If that’s one of your practices, it’s time to stop!

The trap of the first sale that brings in bigger ones

This is a classic scenario that you’ve surely already experienced if you’re in sales. In short, the representative approaches a major prospect, negotiates with them, and is about to conclude. But he faces a final objection from the client: the price. Quite often, promising a high order volume or a long-term agreement, the prospect demands a discount. Afraid of losing the sale, the vendor then tells himself that making a small concession on the price of the first order will allow him not only to land a “big” client, but that he’ll also be able to raise the price on the subsequent orders based on the client’s satisfaction.

Why such an approach is dangerous for your profits

In most cases, considering the potential volume of future sales, the vendor validates the sale… at a reduced rate. In so doing, he falls into one of the most common traps, but also one of the costliest for his company’s profits. Since, contrary to the big hopes that this type of sale can stir up, it rarely winds up as expected by the vendor.

Indeed, adopting such a price reduction strategy merely predisposes the beneficiary to take advantage of it over the long term. Just put yourself in the client’s shoes. Why would they now pay more for the same product or service after having gotten it for a lower price? Just to please you? Of course not. Moreover, in most cases, for fear of losing this new client, sales representatives don’t even dare to bring up an increase – however necessary – to the agreed rate.

Two cases then present themselves: either the vendor keeps quiet and holds onto the client, permanently sacrificing some of the company’s profits in the process, or he ends the sale but loses, in addition to the favour granted on the initial order, a client who could have been handled differently. In both cases, the company loses.

 

The importance of generating sales opportunities to protect your interests

One of the main causes of this type of sale “at any price” is the fact that the subcontractor (or their vendor) considers the client they’re dealing with as their last chance to make a sale. Indeed, when you only have one client, you naturally have a little trouble letting them go. To avoid finding yourself in such moments of weakness where the balance of power is clearly against you, build up your portfolio of prospects as much as possible.

You can do this simply by entrusting this task to Groupe Hyperforme. A Québec-based group with an international dimension specializing in industrial subcontracting, we help you take advantage of an exceptional network of contacts, thereby facilitating your business development activities in this sector. Thanks to our expertise in this field, we also help you highlight your business in order to guarantee you collaborations that are profitable from every point of view.

In addition, keep in mind that the price can be determined and justified by many related elements that we tend to put aside. In this context, we recommend our article entitled “4 secrets to selling based on your added value instead of the price.”

 

4 secrets to selling based on your added value instead of the price

Price is indisputably the main element that most ordering clients focus on. It’s therefore often the deciding factor in the choice of subcontractor and can be at the heart of long discussions between both parties, often to the detriment of the real value of the product or service offered. But how can you make price no longer the issue, the thing that holds the complete attention of your prospects? The answer is simple: highlight the added value of your product or service. And here’s how to do it, in 4 essential points.

 

1. Take the time to find out the real expectations of your customers

To sell well, start by forgetting to sell. Instead, gradually lead your prospect to buy the product, the service, or rather the solution you’re offering for the problems they have. This implies, of course, that you know the problem(s) they want to solve. To do that, put your sales pitch aside and devote plenty of time discovering the realities and specific expectations of your ordering clients. That’s what we call “spin selling.”

 

2. Lead your prospect to realize on their own the added value they’re looking for

While taking the time to discover your prospect’s expectations, you should also lead them to realize what solving their problem could bring them. To do that, ask them the right questions. Don’t get too far ahead of yourself, as is often the case, by trying to make them understand that you understand their problem better than them and that you have the solution to it. They could back off at that point. By contrast, if they deduce and express on their own, based on your exchanges, what they could gain from solving their problem, then you’ll have taken a big step.

 

3. Develop a useful relationship for your customer

One of the essential bases for successfully highlighting your added value for your prospect is creating a relationship from which they already gain and benefit. Offering them the possibility of benefiting from your foresight on the subjects that concern them will encourage them all the more to become permanently attached to your services. To successfully implement this, just direct your conversations by asking them “useful” questions that will force them to think and that will help them see their needs and what their problems are costing them more clearly. Such an approach highlights your skills and already gives your prospect the feeling of benefiting from added value.

4. Showcase your added value now

Once your prospect is aware of the added value they’ll benefit from by solving their problem, they’ll be more willing to listen to what you can offer them as an extra. At this stage, if you’ve successfully put the previous three secrets into practice, your prospect should have clearly grasped the appeal of solving their problem, but also the appeal of relying on you in order to get a real plus in solving their problem. Your product or service therefore has a real shot at finding a taker without its intrinsic value being questioned.

While it’s clear that, in the manufacturing sector, the price is a deciding factor in the choice of subcontractors, the added value you offer can nonetheless make all the difference and let you score some points. So follow the approach outlined above to showcase it, and put luck on your side. Only then will you be able to remove any obstacles related to price.

When it comes to ensuring the best, most suitable sales techniques, Groupe Hyperforme is a partner of choice. Free yourself from the constraints of prospecting and trust a strong partner: Groupe Hyperforme.

 

 

8 ways to prospect effectively and continuously

In the industrial sector, as in many other lines of business, business development is of the utmost importance for the growth and profitability of the company. Building up a client base, knowing how to make sure it grows, and renewing it is essential if you hope to grow and find a place in your market. Prospecting has always played a key role on the road to growth. Unfortunately for manufacturing companies, which are used to dealing with the real, concrete world, implementing an effective, up-to-date customer acquisition strategy often proves complicated, either because they don’t measure its importance or because they lack the strategic knowledge and technical means to achieve it. To fill the gaps in this context, we propose 8 effective prospecting methods suited to the specifics of the manufacturing world.

The traditional methods

Prospecting is as old as commerce and follows similar rules, regardless of the sector. A successful business development strategy in the manufacturing world should therefore logically include conventional techniques such as:

1. Business networking

This is one of the most basic forms of commercial prospecting. It’s also one of the most effective. Based on the address book, it involves continuously developing the company’s client portfolio by participating in frequent meetings that put professionals in the same sector, buyers and sellers of goods or services, into contact with one another in the context of direct exchanges. This method is inexpensive and helps the company effectively develop its brand image.

2. Visibility at trade shows and conferences

Similar enough to the previous method, attending professional events offers the company the opportunity to rapidly increase their reputation and affirm their expertise in a given field in the eyes of the participants, whose interest has already been clearly established. For optimal effectiveness, these appearances should be followed by prospecting activities targeted to the participants who have shown some interest.

3. Teleprospecting

Ideal for making first contact, prospecting over the phone (or teleprospecting) helps you easily land a meeting, then easily maintain the business relationship between the company and its B2B partners thanks to adequate qualification of the different contacts.

4. Business intelligence

Keeping up to date on the opportunities offered by the market in real time, as well as the behaviour and expectations of potential customers, helps the sales force more effectively shape their prospecting activities. Today, business intelligence can take multiple forms.

 

Business development methods 2.0

The explosive growth of information and communication technologies has logically impacted traditional prospecting methods, opening up new horizons for companies thanks to new tools and techniques.

5. Online visibility

Now practically essential regardless of size or line of business, a company’s online presence is an excellent passive prospecting tool. A real showcase that’s accessible at any time, the website allows prospects to make first contact with the company and its activities. Specialized networks like LinkedIn and the most popular networks such as Facebook and Instagram also offer – to a certain extent – exceptional opportunities for remote business development. Their operating principles as well as the numerous tools they offer help you approach prospecting and customer acquisition in a dynamic, adaptive, and sustainable way.

6. Email marketing

Version 2.0 of sending mail, email marketing and the techniques it involves (“automation marketing,” etc.) is still considered one of the most profitable and effective communication and business development methods there is, provided that you know how to optimize its different parameters.

7. Search engine optimization (SEO)

Today, the internet is the new “marketplace,” and since websites all offer different things, search engine optimization, or SEO, is essential, since it lets you position yourself above the fray and stand out from the crowd in the eyes of your potential customers by offering you a prime spot on the keywords and search terms related to your industry.

8. Search engine marketing (SEM)

Web advertising, often presented in the form of a banner, can take several forms and thereby adapt itself to your target in a strategic way by using – once again – the keywords related to the queries associated with your industry. This tactic can prove very profitable over the short and long term, since, in addition to reaching a very large population base, it’s possible to target any type of customer thanks to detailed statistics on them.

The possible prospecting methods for developing your client portfolio are multiple and varied. However, optimizing their impact necessarily involves properly structuring the teams and methods put in place.

If you have the desire to grow and are open to change but don’t have the necessary time or resources to advance, Groupe Hyperforme frees you from the pressure of business development in the manufacturing sector by giving you access to a solid business network, proven sales and prospecting strategies, and humane, personalized support within a growing team.

 

17 elements that successful representatives have in common

In sales, as in any line of business, there are good representatives and then there are very good representatives. What makes the difference between these two categories? Luck? Maybe a little, but not only! Indeed, you just have to observe the salespeople who achieve the best results a little to notice that they all follow certain rules during their daily routine. Here are 17 that, if properly followed, will let you stand out from the fray.

 

  1. Set ambitious goals

Ambition is one of the major traits shared by successful representatives. If you limit yourself to the minimum goals imposed on you by your superiors, you’re unlikely to stand out from the crowd. Set your own goals and aim higher!

 

  1. Plan out your short- and long-term activities

If you want to be successful, you have to get organized. And that shouldn’t just be limited to your day-to-day planning. You should look further ahead and plan out your activities for the week, the month, and even the quarter.

 

  1. Set goals for each activity

Whether you’re in direct sales or telesales, don’t begin without defining beforehand what exactly you expect from each contact.

 

  1. Ask questions that have real added value for achieving your goal

Don’t be afraid to get right to the point by asking questions that will make your prospects think and thus help you obtain truly useful information.

 

  1. Listen to your customers and prospects!

Don’t be like representatives who constantly question their customers without trying to understand them. Pay attention so you can offer solutions suited to each one’s specific needs.

 

  1. Make sure you’re on the same wavelength as your prospects

Avoid assuming that you’ve understood a prospect’s question or explanations. Make sure that you’ve actually understood. To do this, don’t hesitate to ask them for more detailed explanations, if necessary. That will prevent some serious mistakes.

 

  1. Wait for the right moment to present your product or service

Don’t be like most sales representatives, who “whip out” their sales pitch too quickly, before even getting acquainted with their prospect’s expectations.

 

  1. Begin your commercial offer systematically by rephrasing the expectations of your prospects

This is the best way to make sure that you’ve grasped their specific needs and that you’ll provide them with an appropriate solution.

 

  1. Know how to be flexible

Flexibility is undoubtedly one of the biggest strengths and one of the main commonalities among successful representatives. Your presentation must be able to evolve over time in order to adapt itself to potential changes in the situation of your prospects.

 

  1. Know how to effectively position the right sales arguments

Very few sales representatives can achieve this. However, advancing the arguments that respond to the needs of your customers at the right moment is a bit like a “lethal weapon” when it comes to successfully convincing them.

 

  1. Focus your pitch on the prospect

Your sales presentation should not – as is too often the case – focus on your business, your product, or other general information, which holds little interest for the customer.

  1. Prepare yourself for the potential objections of your prospects

A good sales representative should be able to foresee the customer’s potential objections and plan responses to overcome them.

 

  1. Organize the follow-up

Are you in touch with a customer? Whether in direct sales or teleprospecting, agree at the same time on a follow-up so you don’t waste time or leave things unresolved.

 

  1. Customer care: an essential attitude

Along the same lines as the previous tip, it’s up to you to properly organize your program to reactivate your prospects after the initial contact. Work with them on this point from the start.

 

  1. Prospect again and again

To avoid inconsistent results, organize your prospecting schedule evenly throughout the year. Continuous effort is one of the essential keys for achieving exceptional performance.

 

  1. Talk to the decision-maker as much as possible

Don’t waste your time negotiating with or trying to sell your services to a person who doesn’t have decision-making power. From the start, remove the various barriers leading to the decision-maker and focus your efforts on them.

 

  1. Keep in touch with your customers

Your relationship with the customer shouldn’t end with the conclusion of a sale. If you aspire to be a good salesperson, try to stay in touch with the customer so you can keep them in your portfolio for potential future sales.
Respecting these 17 points and integrating them into your daily strategy will guarantee better results and performance over time. If you want to become a successful representative or hope to optimize the performance of your representatives, the ball is in your court. However, if you’re looking for a real business development alternative, Groupe Hyperforme is a partner of choice. Free yourself from the constraints of prospecting and trust a strong partner: Groupe Hyperforme.

 

Our factories is taken over by elves from December 23 to January 3

We wish you a Happy Holiday Season!!

Our Customer Service Department will be closed

from December 23 to January 3 (inclusive).

For any questions, please contact us at: 1-844-602-8555

 

5 indispensable paint brands to successfully complete an industrial project according to Technopaint

,

In order to always offer top quality service, you must ensure you pick the best products available. In the field of industrial paint application, the same principle holds true. That’s why Technopaint has carefully selected 5 indispensable paint brands to successfully complete an industrial project.

Below is an overview of the advantages of and reasons why our partner has selected these paint brands.

Read more

Discover how improving operational efficiency can transform your business

,

Improving operational efficiency at your company opens the door to considerable advantages. For example, it can reduce operating costs at your factory, or help you better designate some of your resources. That’s why, if the exercise is conducted properly, improving operational efficiency can change your business.

Below you will discover three important tips to keep in mind if you want to learn more about the process.

Read more

4 essential elements to build your employer brand

,

Although the concept of employer brand is relatively recent, it is increasingly proving its worth in the outsourcing world, particularly in the industrial sector. When you build your employer brand it will undoubtedly help you mobilize your staff and tackle the issue of a shortage of skilled workers.

Below, let’s take a closer look at the 4 essential elements required to build your own employer brand in accordance with the rules.

Read more

Increasing and maintaining employee motivation; 4 ways to succeed

,

Being successful at increasing and maintaining employee motivation is an art that many employers wish to master, in all activity sectors, including the industrial sector. Although there is no magical recipe, we can assure you of one thing: there’s no mystery in knowing how to motivate your employees.

Below we will look at four ways to succeed.

Read more

4 rules to increase customer loyalty

,

Did you know that acquiring a new customer can cost up to five times more than retaining existing customers who have placed their trust in you? This is a universal business rule that also applies to the industrial sector, and that’s why many manufacturers prioritize efforts to increase customer loyalty among existing customers.

But how is this accomplished? Today we take a closer look at these methods.

Read more