REMEMBER THAT IT IS A COMMERCIAL TRANSACTION – Best Sales and Marketing Ideas #23

English_Master May 23, 2013 No Comments

Best Sales and Marketing Ideas

IDEA 23:

REMEMBER THAT IT IS A COMMERCIAL TRANSACTION

Any sales person has a complex job to do. It may run from finding prospects to conversations, meetings, written proposals, and more, but the final stage is always the same –closing on profitable deal. But is there more to be done?

Idea

A long time ago in what is now Harper Collins, the publishing company …

No apologies for including this idea, even though it goes back to an early part of my career when I worked in publishing. It was there that I got into sales and marketing for the first time, although I started out wearing an editorial hat. I received a timeless piece of advice from my sales manager, which has stood me in good stead ever since. I found it especially useful when, years later, I started my own business.

I went into his office one day swelling with pride at having obtained my largest order yet. I did receive some praise, I think, but what I really remember is that he stopped me as I was halfway out of his office. “Hang on”, he said. “There’s something else”. Then he said something that has stuck in my mind ever since. “Do remember that it’s not an order until the money is in the bank”.

That was wise advice, because an order for which payment is never received is worse than useless. And one where it costs a fortune to collect the payment long after delivery is made, tying up time and preventing other matters from being attended to, is not much better. As the sales process proceeds, all the things that make for prompt payment are crucial.

In practice

  • Any checks (especially financial ones) must be completed thoroughly.
  • A clear explanation of terms and conditions is always necessary.
  • Prompt, accurate and efficient documentation completes matters neatly.
  • Meaningful, and if necessary persistent, chasing must be done if there is any delay.
  • If the right attitude to payment is taken throughout the process and this truism is born in mind, then business will likely be more profitable in the long term.

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