American Business Brokers & Advisors - June 2019

American Business Brokers & Advisor Founder & President PROFESSIONAL INTERMEDIARY & MARKET MAKER FOR PRIVATELY HELD COMPANIES Advisor • Consultant • Speaker Market Valuations Involved in Closing 500+Business Transactions & Over $500 Million Author of “The Art of Buying and Selling a Convenience Store”

JUNE 2019

WWW.TERRYMONROE.COM

800.805.9575

Raising the Bar W hen was the last time somebody asked you for your business? When someone, a salesman or a business representative, puts in the effort to follow up with you, they are asking for your business. They are making an effort to keep you interested. When you express interest in someone’s business and they don’t reciprocate, it can be very frustrating. However, it’s becoming an all too common occurrence. Now, when was the last time you asked someone for their business? What are you doing as a business owner to reverse this trend? Last year, I bought three new vehicles: a new Ford truck, a new Nissan SUV, and a new Jeep Cherokee. I had a different experience with each sales representative. The Nissan sales rep reached out to me and followed up throughout the

“When you express interest in someone’s business and they don’t reciprocate, it can be very frustrating. However, it’s becoming an all too common occurrence. ”

The Importance of Asking for Your Customer’s Business

to do so can be detrimental to your bottom line. Asking people for their business is a must, but maximizing the earning potential of that ask can be much harder. In 1977, one study found that one word influenced how people respond to “asks.” Known as the Copy Machine Study, it worked like this: A researcher would see someone waiting in line to use the copy machine at a library and ask them if they could cut in front of them in a few different ways. Long story short, what researchers found was that when they used the word “because,” regardless of whether the reason that followed that word was a good one, people would acquiesce to their request much more often. Just that word, “because,” could be the key to making those follow-up asks for business worth it. Of course, when you follow up with clients or customers, you should still give them good reasons to do business with you. But understanding how important asking them for their business is — and how to make the most of those asks — can lead to greater success in your business. The bar for intentional follow-up and asking for a person’s business is at an all-time low. If you don’t believe me, try and get in touch with your local cable or internet provider for timely service. Just by following up with your customers or clients, and giving them good reason to keep doing business with you, you can set yourself apart from the crowd.

entire sales process. I had to initiate the follow-up process with the Jeep sales rep twice before they returned my call. The Ford sales rep never returned my call at all. I ended up buying from a different Ford dealership, even though I had previously bought four cars from that dealership. These vehicles were big purchases. By not following up with me, the Ford Dealership lost out on a $50,000 sale. Asking for someone’s business is instrumental in making those big sales, and neglecting

—Terry Monroe

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800.805.9575

WWW.TERRYMONROE.COM

www.terrymonroe.com

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