Want to make more money in your role as a salesperson or sales manager? Of course you do! Even if money isn't your primary motivator, there's no denying you can do more with more money. So why aren't you making more?
As it turns out, you're making exactly what you think you're worth. The thing that's limiting your income is all in your head!
Your money concept and the head trash you have surrounding money is what’s limiting your income. And unfortunately, that’s been building up for quite some time, probably since you were a child.
Thankfully, it's not too late to overcome your head trash about money. You can change your mindset, change your habits, and then make more money. You can actually make the income you've dreamed of rather than what you've settled for!
Let's take a look at how our money concepts can trip us up, what you can do about it, then I'll share some resources with you.
Head trash about raising prices
A number of years ago, one of my clients came to me. He had a situation he needed help with, and he wasn't sure how to handle it.
"Mike," he said, "My industry is going through a change, and I'm not sure what to do."
"What do you mean?" I asked him.
"Well, I really need to update the service I'm providing to my clients, but it means I'll have to let all my clients know their monthly investment is going up."
From my perspective, that wasn't a problem at all! He was going to be able to take advantage of a situation outside his control and actually make more money as a result.
But in his head, it was a problem! He had head trash around the concept of raising prices. He assumed that his clients would be mad when they had to pay him more, perhaps even dropping him as a provider. But that assumption wasn't based in reality!
As we took a look at the reasons he thought that, he ended up identifying a couple of pieces of head trash that were tripping him up. And once he identified those issues, he was able to start the process of changing his habits.
Hourly rate
Hourly rate is another great example of head trash many people have about money. If someone asks you for your hourly rate, what should you do? Answer them, right?
No! That's usually the worst thing you can do. It can cause you to lose business you were actually a great fit for. Or—even worse—you may end up discounting your hourly rate to make your prospect happy!
In reality, when people ask you about your hourly rate, that's never what they actually care about. They want to get their problem fixed for what they feel is a good deal.
If they ask for your hourly rate and you spit out a number, you've already set yourself up for failure! They may not realize you can get the work done in half the time it would take anyone else, or that you will do the job twice as well as anyone else would.
The dollars per hour isn’t really important, your prospect just didn't know what else to ask. And if you're not ready for money questions like that, you end up not making the money you're really worth.
It's really all about the value from a business standpoint. If you overcome your head trash about hourly rates and change your habits, you can start answering the real question and make more sales as a result.
AKASH for overcoming head trash
That's great, but what's the best way to overcome your head trash and change your habits? Changing a mindset that may have been forming since you were a child isn't a quick process!
At Sandler, we like to use the acronym AKASH:
- A - Awareness
- K - Knowledge
- A - Application
- S - Skill
- H - Habit
You can't take a shortcut and jump straight to changing the habits you've formed over years. You have to first become aware you have a problem with your money concepts, then get knowledge on how to overcome your bad habits and mindset, then start applying that knowledge.
Finally, over time you develop a skill and eventually build a new habit. It's not quick!
Resources
If you're like most salespeople, you have probably made the same mistake more than once. Whether it's about money or something else, you've walked out of a sales meeting asking yourself why you did something you knew you shouldn't have, or why you didn't do something you knew you should have.
The key to avoiding that is preparation! Are you doing pre-call planning ahead of time?
One of the differences between a professional and an amateur is that a professional prepares ahead of time while an amateur wings it. Our Pre-Call Planner Tool can help you be better prepared for sales calls.
You can download your free copy here:
Maybe you recognize that you need professional help to start changing your habits. Professional help can accelerate the process and ensure that you stick with the new habits. We help our clients change their habits through several methods, including a classroom environment, one-on-one-coaching, and custom group training.
Want to talk about changing your habits or the habits of your team? If so, give us a call at (405) 844-1700 or email me at mike.crandall@sandler.com.
Pre-Call Planner Tool
One of the differences between a professional and an amateur is that a professional prepares ahead of time while an amateur wings it. This Pre-Call Planner Tool can help you be better prepared for sales calls.
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