It is a fiction book about adapting to the evolutionary changes in the market and creating sales strategies that work with reality to the market at any given time. The story is about a guy called max who invented the wheel back in ancient times but had a problem selling it.
It describes four basic sales strategies that guide the sale of a product or service during the different phases of evolution of a market from invention of the product till the product becomes a popular commodity.
It also shows the importance of good business advice from appropriate authorities as there is a character in the book referred to as the oracle which can be described as the modern day business advisor or fate foundation equivalent. He is responsible for the six bedrock questions that need to be answered in order to adequately market your product or service at each stage of market evolution. He also guides max through the various stages of evolution.
When attempting to sell any product six bedrock questions need to be answered
1) Who are our customers?
2) Who are our competitors?
3) Why do customers want what we are selling?
4) What would make them prefer to buy from us?
5) Why might they prefer to buy from our competitors?
6) What added values does our salesperson have to offer to make a sale?
The book is divided into four parts describing the four sales strategies and how they answer the above question with regard to the wheel. Depending on the product or service you produce the answers to these bedrock questions can be adapted to your situation. These four stages will be described with relation to the wheel as the product to be marketed.
PART 1- MARKET INTRODUCTION (THE WHEEL REVOLUTION)
This is the stage where a product or service is first invented or discovered. In this stage the product or service is new to the potential customers so has to be introduced to them and they have to be informed on how it would be of benefit to them. In this stage what is required for sale is a closer. This is a sales technique that sells not only a solution to a problem but an opportunity for a better tomorrow.
The answers to the bedrock questions at this stage with regards to the invention of the wheel:
1) Who are our customers?
Those who need to move big, heavy stuff faster, easier and cheaper.
2) Who are our competitors?
Everyone who sells established methods of moving heavy loads (for example elephant and camel dealers, sledge makers).
3) Why do customers want what we are selling?
They are looking for the big performance gain promised by new technology.
The wheel offers the opportunity to do things that could not be done before.
4) What would make them prefer to buy from us?
We are the only wheel providers.
5) Why might they prefer to buy from our competitors?
Competitors offer proven, affordable methods.
Customers don’t understand our new technology.
6) What added values does our salesperson have to offer to make a sale?
Has to demonstrate the power and practicality of the technology.
Build the vision of the wheels potential for the customer.
Provide the emotional energy to close the sale
PART 2 - MARKET INTEREST (THE WHEEL ADVANCES)
In this stage the market is beginning to show interest in the wheel and so more people are becoming interested. These new breed of customers don’t just want to be sold the wheel but want additional services e.g. installation of the wheels on their wagons, maintenance, training of personnel to use the wheel and an in house specialist.
At this stage the best approach to sales is to adopt the wizard strategy. The wizard is the modern day consultant of specialist in an area. After the sale of the product to the customer the wizard supervises all the necessary additional services.
The answer to the bedrock questions at this stage are as follows:
1) Who are our customers?
New users who need expert assistance from the seller often before and after the sale on an extended basis to deal with the complexities of technology and the purchase transaction.
Specific customers include not only the financial decision makers but also the line mangers and users who have influence over the sale.
2) Who are our competitors?
Established technology (camels, sledges, e.t.c.), but also competitors offering their own configuration of our technology.
3) Why do customers want what we are selling?
They want a performance gain, but they also want the technology to come from a seller who provides extended assurances of the desired results and personal attention to solving any problems associated with the technology performance
4) What would make them prefer to buy from us?
We offer the best solution and back it with the best support and service.
5) Why might they prefer to buy from our competitors?
Established competitors offer proven, low tech solutions.
New competitors claim to offer superior results.
6) What added values does our salesperson have to offer to make a sale?
A special blend of technical savvy so that the wizard can provide an expert solution customized to the buyers individual needs, and “people skill” to be a team player managing a number of different relationships.
PART 3 - MARKET AWARENESS (EVERYBODY WANTS WHEELS)
In this stage of evolution of the market the market is more aware of the product and service. At this point it is widely used and there are variants of the product/service in the market. The product is still being used by semi-big time players and is not yet affordable to the common man.
At this stage the sales strategy required is the builder’s strategy in which the sales person builds a long term relationship with the customer helping him resolve problems not just related to his product but anything else he can do for the customer to keep him satisfied.
The answer to the bedrock questions at this stage are as follows:
1) Who are our customers?
Experienced buyers (those who have bought wheels before and will buy them again and again).
Often, in business-to-business selling, there is an “inside expert”, someone on the customer’s staff designated to handle this purchase because of prior experience with the product (e.g., a purchasing agent , but also a functional manager, such as a data processing manager who specifies which computers to buy). There often are also secondary customers who have influence over the sale, ranging from the company president to the actual users of whatever is being purchased. These are people who can say no to the sale, but can’t authoritatively say yes.
2) Who are our competitors?
Our primary competition is from other companies selling essentially the same product or service, perhaps in slightly different configurations (i.e. imum industries. Rival wheels makers). Eventually, though, we may face competition from companies selling new technology or radical, nonstandard improvements to current technology (some wizard who invents the tire, for instance).
3) Why do customers want what we are selling?
We sell a standard product (or a standard solution to a customer’s problem), but by knowing the customer well, we can adapt features, options, delivery, support, e.t.c. to each customer’s individual needs.
4) What would make them prefer to buy from us?
We have intimate knowledge of the customer’s business and individual’s needs, and we have developed a level of trust between ourselves and the customer that cannot be easily duplicated or disrupted.
5) Why might they prefer to buy from our competitors?
If we screw up, the bond of trust will be broken and they will consider alternatives. Likewise, if they learn of a competitor offering dramatically lower prices for essentially the same goods and services, they might begin to question their loyalty.
6) What added values does our salesperson have to offer to make a sale?
The salesperson must be able to build trusting relationships with key people on the customer’s side. He or she has to be able to manage complexity, keep close watch on details; must be a customer advocate inside the seller’s organization; and must have the clout to disrupt internal routines when necessary to keep the customer happy. Above all, the sales person adds value to a conventional product through personal attentions lavished upon a customer.
PART 4 - MARKET POPULARITY (BILLIONS OF WHEELS)
This is the final stage of market evolution in which everybody can now afford the product and needs no special help in the use of the product or service. There is also an abundance of variants of the product/service available at either same price or lower.
In this stage the sales strategy to adopt is the captain of sales strategy. The essence of this strategy is to make purchasing from you as convenient and hassle free as possible. This is because all the products in the market are essentially the same.
The answer to the bedrock questions at this stage are as follows:
1) Who are our customers?
Experienced buyers with no requirements for major customization of the purchase. In business-to-business selling, they are typically some type of administrators such as a purchasing agent or a clerk of some sort. In a retail market, the customers are typically called “consumers”.
2) Who are our competitors?
Others selling, for all practical purposes, the exact same thing.
3) Why do customers want what we are selling?
It’s the standard, established solution.
4) What would make them prefer to buy from us?
Low price
We’re convenient
Habit
5) Why might they prefer to buy from our competitors?
A bad experience with us, sometimes even a minor one. Or an even lower price. Or better service, greater convenience.
6) What added values does our salesperson have to offer to make a sale?
Our salespeople have to differentiate us from the competition-and add value to the commodity being sold – by offering superior service, yet also they must be efficient in so doing. Have to create a positive experience for each customer, and do so on a consistent basis.
This is a book every entrepreneur must read and the review is by no means exhaustive.
Thanks and I hope with this introduction to the book selling the wheel I have wet your appetite to go and pick up the book and read because no one tells the story better than Jeff Cox himself.
TAKE YOUR LIFE INTO YOUR HANDS – START AND GROW YOUR BUSINESS.
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