HAVE A SAFE HOLIDAY WEEKEND 

FROM THE MEDIBAG HOME OFFICE!

Show Me The Money!

A "SALE," by definition, is the "exchange of a commodity for money; the action of selling something." Without money, there is no such thing as a sale. If we are not collecting a customers payment, we are effectively giving our product away for free. No business will stay open if they are continually forced to give away their product. If the client is refusing to pay, they are guilty of stealing our product. This puts both the company and the sales person in the unenviable position of having to take extreme measures to collect the debt. Ultimately, the sales person is responsible for dropping the ball in both scenarios. In our business, closing a sales includes asking for and receiving payment. 

As a courtesy, Medibag allows hospitals and nursing homes to be invoiced for their payment. This is because many large businesses and organizations require extra time to process a check. This is understandable. However, all other types of businesses should be ready to at least make a downpayment the day the reservation agreement is signed. This is a mutual act of good faith--we're reserving a space for them on a bag and they are putting down earnest money. The agreement is also clear; there is space for a down payment and to notate the amount paid, the date paid, and a check or credit card number. The terms also clearly explain when the remaining balance is due; at the time a client receives a proof. 

As much as everyone enjoys a good chase, the Medibag accounting department would prefer not pestering customers for payment. It is vital for all Medibag sales representatives to handle money collection before the bags are produced, preferably when the agreement is signed. Too often customers cannot pay or refuse to honor their end of the agreement and charge backs are NEVER preferred. Often Medibag will pay out a commission on an agreement which has no accompanying payment. We do this because we want to give the sales person and the customer the benefit of the doubt. However, making an effort to collect all or at least a portion of a payment promptly will go along way towards keeping all parties content.

Todd Hollst, Art Coordinator

New Medibag Pharmacy Restrictions List

Do You Have an Elevator Pitch?

What is an elevator pitch?

An elevator pitch is a :30 second persuasive speech you should be able to pull out at a moments notice about your business and deliver comfortably to a prospect. The term "elevator pitch" comes from the notion of pitching an opportunity to a prospect while taking a short ride in an elevator. However, in today's world or shorter attention spans, it could mean trying to get people to focus on something other than their mobile phone, tablet or other electronic gadget is becoming harder and harder.

What are the key elements?
An elevator speech should focus on three key elements: 1) succinctly conveying what you or your company does. 2) communicate your unique selling position and main problem solving feature. 3) engage the prospect with an open ended question.

How to create your own pitch?

The create you own pitch, start by writing down your goal. What message do you want to convey? Then, write 3 to 4 sentences for each of the key elements listed above. Once completed, put them together in the form of a paragraph and you'll have a rough outline. Now read through the paragraph several more times and delete anything not imperative. Now, grab a stopwatch and attempt to deliver your pitch in under :30. If you're having problems doing under the time limit, cut it down some more. Realistically, you should be able to deliver your pitch in about 5-7 sentences. The shorter, the better! Here's an example to get you started:

My company produces the finest quality pharmacy prescription bags in the industry and count some of the top national and regional chains as our clients. Through our program, we also provide affordable advertising printed directly on these bags which gives nearby businesses repeated exposure to thousands of pharmacy patrons. We put the advertisement directly in the hands of potential customers. How do you target your customers on the local level?

Any performance requires rehearsal
After you've honed down your pitch to a :30 script it now time to practice, practice and practice. The more you practice the more comfortable you will become delivering your pitch. Also, be aware of your body language as you make your pitch. This can tell the prospect more about you than the words you say in your pitch. 

Curtain time
So now that you've got your elevator pitch ready, where should be go to deliver your performance? In a word, anywhere. You never know who you're going to meet at any given moment. Maybe the waiter has uncle who owns a nearby business; perhaps the mom who runs your child's scout troop is a media buyer for a hospital; maybe the person you're sitting next to at the hotel bar manages a local car dealership. The point is, almost everyone knows someone who owns a business. Prospects are everywhere, so be ready, smile, look them in the eye, and show them you know your stuff!

Todd Hollst, Art Coordinator

System Versus Strategy

Do you know the difference between a system and a strategy? A "system" is a prescribed, often rigid, step-by-step formulae, for completing a task. A "strategy," on the other hand, is an artfully structured approach, customized to move one towards achieving a goal. 

General George S. Patton once said, "Never tell people how to do things. Tell them what to do and they will surprise you with their ingenuity." What the General was talking about, is allowing people to create for themselves the path which will lead to their eventual success. This individual success translates into success for the whole. 

If you're entrenched in a sales "system" that stifles more than it liberates, perhaps its time to create your own path to success. Here are few idea starters for building your own sales structure: 

• As every good sales professional knows, the customer buys you before they buy your product. Set aside your product and work to make a genuine connection with the prospect on the human level. By doing so, you are not only creating a rapport, but you're also finding common ground to begin your negotiation. 
• Be a sincere helper interested in raising other people up. When you help other people realize their goals and aspirations, you became more than a sales rep--you become a trusted friend. Be interested in their success and they will be interested in yours. 
• Engage them by SHOWING THEM THE VALUE of what you are selling. Psychologically, people have a greater fear of losing something than they have a desire of gaining something new. Clearly demonstrate your product's value and you will make it easier for them to make a positive decision.
• Think legacy. You're not trying to win this prospect only for the immediate, you're trying to create a longterm customer, referral and ally who will be compelled to buy every time you ring.
• Have fun doing what you do. When you're at ease and visibly enjoying what you are doing, your prospect will pick up on this and feel more comfortable climbing on board with you. If you can't find the enjoyment in your job, perhaps you are in the wrong profession. 

Clearly, there are many sales and marketing books and websites vying for your attention. Whatever you might read along the way, ask yourself if they are promoting a "system" or "strategy" for success. 

Todd Hollst, Art Coodinator