Welcome back. It’s Ben Lai from Sales Ethos. This is part two of “Why Ethical Sales?” In part one I talked about how it is very difficult to be happy and unethical at the same time; the two are at complete odds with one another.
Why Ethical Sales? It just makes sense!
The second reason that ethical sales is so important from a logical standpoint is that it just makes good business sense. If you look at things from a marketing and sales perspective, which is easier? To find new clients, or to retain existing ones, and to get referrals? The answer is obvious. The marketing research would state that this anywhere between five and 20 times more cost associated with acquiring new clients than retaining existing ones. Therefore, it makes good business sense. The math just adds up.
If you do things the right way, and you make clients happy, then they’re going to want to continue doing business with you. Furthermore, they’re going to give you referrals. It’s much easier to sell to referrals than to find new clients via cold calling via cold emails about all those other methods. If you want to get into that situation, you have to focus on putting clients’ interests first and doing things the right way.
The problem with “Churn & Burn”
Furthermore, if you think about what happens to organizations that churn and burn their clients, one thing that you’ll notice is that there’s a high churn and burn rate with the staff. Some of the companies that I have worked for or seen and consulted with… One of their challenges is that they have high turnover off staff when their ethics are not very strong. And the costs associated with hiring new staff on an ongoing basis is huge. The time it takes to train a new person and get them rolling and starting to get those sales in will take a very long time. Imagine having to restart every time with every new sales rep, building trust with people and then and then using the unethical sales tactics like manipulation to get them in. It’s a very costly and time consuming process.
So purely from a logical and business point of view. It makes complete sense to do sales, the ethical way. So that was part two. Don’t forget to like and subscribe and leave a comment below. Remember that integrity plus skills equals success.
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Sales Ethos provides sales training in Melbourne, Australia. Led by Ben Lai, our vision is to inspire and equip sales consultants and entrepreneurs to sell with purpose, pride, and integrity. Our core belief is that Integrity + Skills = Success, and achieve this by providing sales training courses, sales coaching, and sales process consulting.