Monday, February 9, 2009

Selling: A Payday Loan Lesson to Brighten Your Recession

Business wisdom for a payday loan (or any kind of) store

Whether you operate a payday loan store or any other kind of business, Jeffrey Fox has some wisdom for you.

Consultant, author and business owner Fox writes in his essay “An Iron-Clad, Titanium-Clad Rule for Getting Business in a Recession: Improve Your Salespeople” that a recession is no time to down on employee training, particularly in sales. Yet that’s exactly what many businesses do, which is counter-intuitive. If you’re cutting sales, you’re cutting the connection between the company and the customer.

During the 2001 recession, Fortune Magazine put it this way: “focus on the quality of your people. We hope it’s no longer necessary to argue that this is increasingly your company’s only source of competitive advantage.” Yet too many companies fail to grasp this; Fox is stupefied by the practice. Blind cost-cutting is, as he puts it, “just dumb.”

Successful companies continue to look for the best people

Think of a sales force as front line troops. If they are not well-trained, they will not only fail, but create a lasting negative impression that can damage your business for years to come. Nobody needs that during a great recession. Fox compares cutting sales training with cutting surgeon’s training, acting rehearsals or pilot simulation lessons. Without preparation, you brew a recipe for disaster.

Dollarize your contribution

When times are tough, your front line troops need the tools to succeed. In business, Fox feels, employees must be able to dollarize the contributions they make, dollarize (give a specific dollar value) the values of their products and services. For a payday loan store, this could mean marketing the product in very real-world terms, such as “By using a no fax payday loan between paydays to pay an overdue utility bill, John Q. saved $60 in reconnect fees.” Another example might involve numbers, but not dollars. Let’s say that “in months when Jane Q. used a cash advance to cover emergency expenses, she was 30 percent more efficient with her budget than in months were she looked to other souc es for emergency cash. ... click here to read the rest of the article titled "Selling: A Payday Loan Lesson to Brighten Your Recession"

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