"Why Do You Rob Banks?" — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
  • LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

"Why Do You Rob Banks?"

Get PDF file

by on
in The 60-Second Sales Seminar

Willy Sutton was a depression era bank robber. He was wanted for robberies in Miami, New Orleans, and New York.  After his capture in 1950, a reporter asked him why he robbed banks.  His reply was, “Because that’s where the money is.”  Aside from the lack of moral justification, his strategy was sound: go where the money is.

In the 1970s Burger King implemented an aggressive expansion plan.  What was their strategy?  They located within a block or two of their biggest rival, McDonald’s.  Why?  Because that’s where people who buy fast food already go.  They went to an area where a target audience was already available. Then, they lured the fast food buyers away from the “mass produced” product with their “Have it your way” marketing strategy.

What does this have to do with you?

Customers who are buying from your competitors should be at the top of your prospect list.  They have already raised their hands to identify themselves as customers for your product or service.  You need only lure them away with an appropriate selling strategy.

You can develop that strategy by researching and analyzing your customers, your market, your industry, and the factors that influence them. Then, determine what customers really want - what their values and expectations are in relation to the product or service.  Determine what you “bring to the table”:  how customers benefit by doing business with you; how you extend their core values and exceed their expectations; and what they lose by not doing business with you.  Finally, obtain input from all areas of the company (sales, marketing, operation, finance, advertising), and brainstorm a few unique selling strategies. Then, test them.  It will likely take some tweaking, but you can come up with a winning strategy.

Go fishing where the fish are already biting and lure them with the appropriate bait.

Leave a Comment

Previous post:

Next post: