Archive for July, 2012

Its Scary, But This Is Still Going On

Sales trainers over the years have suggested that sales people phrase their questioning so their prospects and customers develop the habit of saying yes during a sales conversation. In today’s sales environment this type of approach can be highly offensive and condescending.

Today’s buyers are intelligent and informed. Using leading questions does little to gain respect or earn a prospective customer’s trust – the real path to “yes”.

 

I’m interested in hearing what your opinion is on this.  I welcome your feedback.

 

 

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Keeping on Track with Pipeline Velocity

A key metric which successful sales managers watch is “pipeline velocity”.  This is an important element in establishing an overarching sales plan for meeting your company’s goals.

Pipeline movement (velocity) is critical to the health of a sales organization. When deals get stuck in the pipeline, revenue is delayed, close rates decrease and quotas are missed.

One of the biggest factors contributing to poor pipeline movement is lack of visibility. Too often, many companies have little to no pipeline reporting. They have no idea what stage deals are in, how long they have been there, when they are supposed to close, the average length of time it takes for deals to close, what their win loss rate is or what their win loss percentage is.

Flying blind isn’t the way to move deals forward. When you can’t see what’s happening you’re powerless to affect change. In today’s world of cloud computing there is absolutely no excuse for not having a decent CRM with even basic simple, yet clear reporting tools.

There is an endless number of sales KPIs or metrics which can be followed. To ensure the pipeline keeps moving and deals don’t get stuck there a few must haves;

  • Deal age (days in pipeline)
  • Stage age (days in stage)
  • Average deal cycle times (the length of time it takes from contact to close)
  • Win/Loss Ratio
  • Deal close dates by month and quarter
  • Deal close dates by stage
  • Pipeline revenue by stage, by quarter, by month

 

Without these specific metrics a sales team is flying blind and therefore almost completely incapable of creating any pipeline velocity.

A good dashboard and reporting are at the core of pipeline velocity. Visibility is critical. Know where your deals are. Know how long they’ve been there. Know how long it takes your average deal to get across the finish line. Know where in the sales cycle deals fall out the most. The more you can learn from your analytical data the healthier your pipeline will be. Healthy pipelines move much faster and are rarely clogged.

I would be interested in hearing how others have measured their pipeline movement, and as always I welcome and invite comments.

 

 

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Dealing With The Work Environment

Not everyone works in a positive environment. Salespeople can go for days dealing with one unhappy, angry, or dissatisfied customer after another. They can experience bouts of rejection that last for weeks. But it’s possible to maintain a happy mind-set, despite being surrounded by negative circumstances.

According to the author of “The Happiness Advantage,” only 10 percent of happiness depends on our external world. The other 90 percent depends on how our brain processes the world. So instead of focusing on the problems, mistakes, and dangers that might surround you, make a positive choice to look at and be grateful for the good things in your life.

Originally posted on Personal Selling Power ™ Daily Boost of Positivity – July 20, 2012

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Five Clues You’re Not Going To Close That Deal

The seasoned sales person is always watching for something which could go astray in the sales process.  Complacency and over confidence can be your worst enemy.  You can be positive the deal is moving along smoothly through your pipeline only to discover (quite possibly too late) it’s stalled, or worse gone completely.  Here are five clues you should be aware of – and some possible steps you can take to make sure you don’t spend your time on something which will never happen.

First Clue:  The Potential Client Seems Indifferent.

A client who is interested in doing business with you should have questions and concerns.   They should be engaging in a dialogue. Hesitancy is okay, especially early on in the conversation.  However, if they don’t outright reject you and don’t have any questions either, you better be on the alert.

If you suspect this might be the direction of your discussions, try creating a more advisory relationship with your client. You can let them know   you’ll help either to solve their problem or point them in the direction of another business that might be a better fit.  Offering to help people find other vendors might seem counterintuitive, but it can go a long way to earn the trust you may need to win over a client.  People have a tendency to share more with an advisor than a salesperson.

Second Clue:  If there’s no hard deadline for a decision. 

A mutual recognition of the urgency around a sale is the best indicator you’re on the right track to a close.  At a point early in your conversation, ask potential clients about their timeframe.  Those companies with a hard deadline you’ll want to prioritize highest.

If you’re having difficulty pinning down a definite time line with a client there are way you can help the client firm up deadlines.   Depending on your product/service limited-time offers or discounts can be effective to create urgency around a sale.  Perhaps point out what the competition is doing, or identify the financial risk involved in not acting quickly on the sale.

Third Clue:  You discover you’re not dealing with the decision maker.

It is generally acceptable to start out talking with a junior-level employee who is vetting options and/or alternatives.  But you should become suspicious if your conversations stall or if you’re not put in touch with the ultimate decision maker after a few conversations.  It’s probably a sign the company isn’t serious about buying what you’re offering.

Getting past this roadblock can be somewhat difficult and challenging.  It’s very likely the bigger the deal and/or the larger the organization, the more layers of management you’ll have to navigate.   One effective strategy would be to create a presentation which your initial contact could easily show to their superiors and upper management.  Create something which would pique their interest, and prompt a “top-down” request for additional information.  You also might request a quick conference call with the senior-level person involved.  Remember, trying to get around lower level decision makers is a sticky situation. You need to be always respectful of the person you are talking to and not undermine them.

Fourth Clue:  Your price is too high. 

When your service or product is dismissed solely on price, it’s because the client doesn’t see the value in what you’re offering and they believe they can find the same product or service for less or because you’re trying to sell more than they need.

If your competitors are offering a lower price, focus on how you can provide added value.  But if you’re offering more than a client needs, you may need to re-think and scale back the initial proposal.  You also could offer creative payment alternatives, such as incentives on the first purchase if the customer continues to buy more.

Fifth Clue:  If you’re offered a boiler plate RFP instead of a conversation.

When potential clients ask for a proposal before agreeing to talk with you, it’s usually a sign they’re simply gathering price quotes from vendors. This is often also closely followed by a vague decision date, (see clue number two).

Before submitting a proposal, ask what the client is looking for and what criteria will be used to make the decision.  Reaching a verbal understanding on those issues increases the likelihood you’ll have a better appreciation of what the client is really interested in.  The problem with a submitted proposal prior to any discussion is there is no chance for you to get any immediate feedback on what may be wrong or off-track with it.  When you can engage in a conversation you can work through all the nuances verbally and offer a value proposition which has a better chance to win the sale.

There are, of course, many more clues to be watchful of.  These are what I’ve found to be the most frequently overlooked.  I invite you to add to this list, along with your suggestions for a solution.  And as always, your comments are welcome.

 

 

 

 

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Dealing with Success

Success can sometimes breed complacency. After a successful meeting with a prospect, it’s easy to slip into complacent behavior. You might allow yourself a longer lunch break or avoid making more cold calls.

But remember: there is no such thing as a sure customer. And perhaps even more important, the feeling of complacency slows the pace of other activities that will lead to more success. Follow your plan for new calls or meetings, no matter how good the last sales call was.

Originally posted on: Personal Selling Power ™ Daily Boost of Positivity  July 26, 2012

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Smartening up your message as part of your sales strategy for success

This article was originally posted on the ‘EyeOnSales’ website by Colleen Francis – February 24, 2012.

I think it is dead-on correct and worth re-posting and sharing here.

 

How do I help my sales team sell more and be more successful? It’s a question that’s never far from the thoughts of many managers and executives these days.

Yes, there are a host of proven lead generation, prospecting and follow-up techniques that can make a real difference in your organization—and I talk about these often in my sales training sessions and webinars.

That’s only part of your solution though. In fact, that’s the second part. The first part of the equation involves personalizing your message, thinking smart and going beyond trust—creating winning conditions that you can later capitalize on.

Thinking personal.

You can’t sell very well to people who either don’t remember you, or can’t remember why they bought from you. Today, all selling is personal. Even in enterprise situations.

To be effective at being personal, however, you have to have to be ready to scale some walls. It’s a busy, noisy world out there, and odds are good that your customers filter out as much of it as they can. Who can blame them, given all the impersonal messages and wooden pitches that inundate inboxes everywhere?

Being personal sells because it transcends the act of selling. It requires a regular, thoughtful investment of your time to do this properly. It also happens to be what will set you and your team apart from those who still treat selling purely in transactional terms.

Thinking smart.

To be effective at being personal, think smart. You have to provide something that people want and can find useful in their own work. It can be a highlighted extract from a brand-new report, new research on market behavior, fresh data on a subject that matters to your audience. It can be a link posted on Google+ to a brand-new blog post, or a tweet. Or it can be a free webinar or podcast on a subject that provides a solution to a problem they are struggling with.

Just make sure that there’s substance to it. You are the subject authority.

No audience has to look hard to find run-of-the-mill tips or fact-free opinions. What they value is unique insight, validated by other subject matter authorities. Andrew Rashbass, Chief Executive of The Economist magazine (which has nearly doubled its profits since 2007) recently observed a growing phenomenon in the marketplace, which he calls “the mega-trend of mass intelligence.” People, he says, are “smarting up” rather than “dumbing down.”

That trend should be on your mind and that of every member of your sales team as you brainstorm for ways that you can provide better, more personalized value to your customers and prospects. Companies want to do business with thought leaders and industry experts—not sales people. Now is the time to start creating high-value content that sets you apart from all the other vendors.

Marketing consultant Simon Sinek argues in his book, Start With Why: How Great Leaders Inspire Everyone to Take Action, that “people don’t buy what you do, they buy why you do it.” When you take the time to be an authority on something and share it with others, you’re making a powerful statement about why you are in business. Work hard to show that what matters to you is also what matters to your audience.

Beyond trust.

For the last several years, there has been much talk about the need to forge trust with your customers as part of winning more sales.

Trust isn’t enough.

In fact, trust is an outcome. You can’t buy it. You can’t demand it. You only can earn it. Therefore, look carefully at the ways in which you go about earning that trust. That’s where people are paying attention and forming opinions.

What I see in the marketplace today—backed by the winning habits of the top salespeople across the full range of industries—is that people have an unquenchable thirst for knowledge. They are looking to work with those who are experts in their subject area and who are prepared to share what they know. What you have to sell to them—while important—is secondary.

An opportunity of a lifetime.

Being in sales today is an opportunity of a lifetime. Don’t let anyone tell you otherwise with their gloomy forecasts on what they call a bad economy, which is just a form of shorthand for making excuses for failure. There is a $61 trillion dollar global economy out there, populated with more people than ever who are in a position to buy your products, services and ideas.

Many old barriers to entering the marketplace don’t matter anymore (e.g., distance to market). New barriers, such as attracting and sustaining your audience’s attention, are entirely solveable.

The question you and your sales team need to ask yourself is why are you in business? Where does your passion live? How can you showcase that passion and the knowledge that comes with it and share it with your audience? Answer these questions, coupled with the time-honored, field-tested methods that we talk about so often at Engage to immediately improve your sales results, and your team will be hitting and surpassing sales targets like never before.

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There’s Good Deals and There’s Bad Deals

There seems to be this unwritten rule which says sales people must to sell to everyone. The truth is we don’t. Just because someone might want to buy, doesn’t mean we have to sell to them.  Deals don’t always make sense, the margins can be too thin (or non-existent), the customer too demanding (see margins), or the chance to be successful too small.

Not all deals are created equal. Separating good deals from bad deals early is key. Don’t waste time on deals which aren’t good for you or your company. Learn to recognize the good ones and chase them.

 

As always I’m interested in your perspective.  I welcome your  comments.

 

 

 

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The Secret to Good Sales Management

When a salesperson stops growing, momentum stops flowing. For salespeople to be effective, sales managers must grow at a faster rate than those they are managing. Managers who are more interested in status, money, and power than developing their people will lead their organizations into an inward-facing spiral of frustration.

Good sales managers are people builders; they give their people 100 percent support. Good sales managers are team builders; they don’t let individual stars outshine team victory. Good sales managers support the salesperson’s family needs and professional goals.

Originally  posted on Personal Selling Power ™ Daily Boost of Positivity – July 12, 2012

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