Posts Tagged Business Development
Five Tips to Increase Engagement on B2B Social Media Sites
Posted by Rick Pranitis in Social Media on February 21, 2017
Even if your B2B company has been posting to social media sites for some time, it is always a good idea to review your activities to make sure you are getting maximum engagement from your followers. Below are five considerations that can help everyone from the beginner to the seasoned veteran.
- Post at the right time
Make sure you are posting to your social media profiles at a time when your customers and prospects frequent those sites. In most cases you might find that B2B buyers will show up on weekdays from ten in the morning to four in the afternoon, thus making this an optimal time for posting messages. Still, every B2B company has its own target time frame, so make sure you pay attention to when your audience is posting in response to your messages and when traffic increases.
- Add calls to action
You can add calls to action to your individual social media posts to encourage prospects to learn more about what you have to offer. Your posts should give B2B buyers the opportunity to raise their hands and express interest in your products or services. The best way to do that is to make a compelling offer that will drive them to a landing page on your website. Usually they will need to exchange their contact information for the offer. These offers can be a mix of things that generate awareness at the top of the funnel and things that help drive consideration. Sometimes it can also entail telling a prospect why a particular offer is more appealing than something else. In other cases it might involve telling a B2B buyer why the product or service in your offer is so important. Anything that can be used as a call to action will be worthwhile for your marketing plans.
- Keep from being overly personal
While you might have lots of friends that follow your B2B company on your social media profiles, you should treat your page as a business-first spot. You need to avoid posting too much personal information. Focus on posts that are relevant to what your business is doing right now and what it has to offer your customers.
- Take risks
Sometimes you’ve got to take a few risks in order to go places. You might want to take some small risks that will cause your B2B company to look more appealing. Don’t be afraid to post funny videos that are relevant to your customers and prospects. This could be your chance to break out of the “boring B2B” mold. The odds are people will see the human side of your business.
- Get special guests
Consider adopting the idea of the celebrity takeover on your social media profiles. Identify influencers from your industry, or even subject matter experts from within your B2B company. Customers and prospects are more likely to engage with these industry stars during the takeover. There is really no limit to who you can tap for this purpose, and it can even become a regular feature of your social media profiles.
If you follow these reminders for how to post and interact on your social media channels, you will create more engagement with your B2B prospects and customers, especially if you can drive them to your landing pages or website.
This Article was originally posted to the Social Media B2B Blog by Sameer Bhatia on May 12, 2015.
Five Ways to Generate Successful Leads
Posted by Rick Pranitis in MARKETING, SALES BEST PRACTICES on January 22, 2016
The argument that all you need is a smart sales executive and a bit of intuition to succeed at selling is now redundant. Technology-enabled selling is now key. Making sure the sales process is successful requires coordination across multiple facets of a business, involving sales, marketing and almost any customer facing member of staff. CRM systems, marketing automation technology and existing relationships all need to be tied together with a thorough understanding of your company’s target audience.
Key analytics need to be leveraged to discover customer insights with leads carefully nurtured through well thought out campaigns to drive the demand funnel. These are my five essential means to generate successful leads:
Use accurate marketing data
Accurate data is the base of successful marketing programs. Without it, you could end up targeting the wrong people or worse, missing out on particularly strong leads. Accurate and relevant information about a person’s role, responsibility and decision making power is critical to understanding how best to approach them. This all sounds obvious, but too often sales calls go unanswered and emails bounce back. In my view, this is usually a result of out of date or incorrect data. Your sales and marketing team needs to reach out and communicate directly with people that are verified decision makers. In order to do this, you need to ensure your current marketing database stays up-to-date and accurately maintained.
Automate marketing across the organization
Automated marketing is not only reliant on accurate data, but when used across an organization, it can produce some great insight. Integrating existing CRM and data systems with inbound leads from website data will build stronger customer profiles and help sales and marketing teams to better understand audience behavior and learn where leads are in the sales funnel.
Use a CRM system
Understanding existing customer patterns is essential to getting new ones. Retargeting previous customers is a great way to securing future sales. But failing to understand them won’t do you any favors. A customer relationship management system should by default contain highly detailed information about every customer; from what products they’ve bought, down to the best means to contact them. By fostering an understanding of existing customers, a CRM system allows sales and marketing teams to communicate to leads exactly how they can solve a clearly defined and relevant business problem, whilst developing a detailed market and vertical knowledge.
Ensure sales and marketing teams have domain expertise
Few things are more embarrassing for a salesperson than being told they don’t understand a prospect’s business. As you develop a marketing strategy and automate aspects across your business, ensuring all teams have strong vertical sector knowledge is key. Failing to understand and sympathize with the needs and demands of prospects will hinder any chance of making a sale, throwing away any previous successful marketing efforts. Hiring salespeople with relevant domain expertise and sales process knowledge can be a great first step. These individuals can help to enable other new hires and team members to have a high level understanding of customer business requirements and sales planning.
Create a collaborative culture between sales and marketing teams
Marketing supports sales, and marketing departments are reliant on the business that sales teams bring in. The two departments are intrinsically linked in function, and often even use the same databases. In a data driven environment, field sales should understand the role of marketing and vis-versa. Fostering collaboration between the two departments and ultimately uniting their culture will pave the way for more effective lead generation with the two working in full tandem together.
In short, generating sales leads is all about focus and collaboration. Data needs to be accurate and relevant, and teams need to be focused on their target customer sectors and business needs. Chatty and confident salespersons are of course still important, but without the support of accurate data, effective CRM and automated marketing alongside a deep market knowledge and a collaborative environment between sales and marketing, lead generation will be limited. Following just one of these suggestions simply isn’t good enough. They need to be implemented in tandem, as each is intrinsically reliant on the other to succeed. Following all will ultimately result in more successful leads, sales and consequently a higher bottom line.
This article was originally posted to the Sales&Marketing Management Blog by Varun Chandran on January 6, 2016.
Fifteen Proven Ideas for Increasing Your Referrals
Posted by Rick Pranitis in SALES BEST PRACTICES on January 1, 2016
We always hear about the power of word or mouth advertising. We love it and should always be looking for ways to increase engagement between your current clients/customers and new prospects. After all if “they tell two friends and they tell to friends” The great news is there are a number of sure fire ways you can increase you word of mouth advertising and its called Referral Marketing.
Now you may ask why I call it referral marketing and not just asking for referrals. Aren’t they the same thing? My reply is no. Too many companies teach poor referral strategies and most sales representatives are not trained or comfortable asking for referrals even when it’s part of their business development (sales) program. Referral marketing is a systematic program designed to help entrepreneurs, small business owners and sales people generate more leads for their business in a very short time.
So I have compiled a list of 15 proven ideas you can implement immediately. Studies have shown that most people are more likely to do business with you if they personally know someone that has had a good experience with you. We are all looking for and relying on social proof before we make decisions. The bigger the price tag the more validation we need before we make that decision.
So here they are; Fifteen Proven Ideas for Increasing Your Referrals
- Ask your current customers for suggestions on who they know that would also benefit from your services.
- Say thank you to the person that provided the referrals regardless of their quality and your success making the sale
- Record birthdays, anniversaries and special events in your CRM and send a quick note on recognition of that special day. (if you remind them in advance you may become a hero)
- Invest in people that help you grow your business by sending them a gift or thank you card
- Volunteer to speak at local events that focus on your target market – give them an excellent presentation and free tips to help them. They will tell others.
- Create relationships with non-competing businesses that have a similar client base to yours. For example if you are real-estate get to know lawyers and mortgage brokers
- Become a connector. If you have a large contact rolodex® then put it to good use. When someone says they have a problem ask them if you can suggest someone to call
- Connect with other professional service providers in complementary businesses and share blogs, articles and social media content
- Connect with local trade and business associations, networking groups and organizations that share a common vision.
- Provide positive feedback on posts, articles, announcements, presentations and press releases from people you know and others you would like to know
- Encourage clients to share your newsletter, articles and blogs with other professionals they know are having the same challenges.
- Volunteer – Find a cause that is shares your value and concerns and become a member so you can meet more like minded people in your community
- Take advantage of LinkedIn to network with other professionals in areas that you share common clients. Ask for introductions, and offer to do the same
- Become a visible expert. The go-to guy, or gal for help in your industry
- Host a networking event. Most local bars have very slow afternoons at specific times of the month. Ask the owner/manager if you can invite 30 or 40 people to come in for a few hours of networking, eating and drinking, before they get busy with their dinner service. Tell the attendees there’s’ a one drink minimum. We’ve had over 100 people attend this type of event and it didn’t costs a cent.
Finally, don’t hand out a bunch of business cards to clients and friends and believe they will pass them along. It won’t happen. This is the worst strategy and will only make your printer money.
This article was originally posted to the A Sales Compass blog by Robert J. Weese on October 1, 2015
Six Steps to Building a Powerful Lead Referral System
Posted by Rick Pranitis in SALES BEST PRACTICES on July 3, 2015
If word-of-mouth is the best way to get new customers then referrals must be a close second. The problem with word-of-mouth advertising is you need a huge network of people who are talking about your products or services. Good Luck with that!
If a prospect does not let their friends know they are looking to buy then the chances of word of mouth advertising working are very slim. On the other hand if you know how to create a great referral network it can mean the difference between no leads and a steady supply of high quality, qualified warm leads.
The Six Steps to Building a Referral System
- Your current customer must be very happy with you and be willing to tell others. Look at your repeat or long time customers first.
- You must frame the referral in the right way. Asking people to hand out your business cards will not work and is only going to make your printer happy.
- You need to position the referral so your clients see the connection as a way to help their friends and associates.
- You must be willing to pick up the phone and ask the new prospect for a meeting.
- You must work your referral program constantly.
- You must follow-up with the person who provided the lead and “if appropriate” give them a gift or at least a thank you card for their help.
The Key is Step three – Position the Referral. Unfortunately, most sales people ask their clients if they could give them the name of three or four friends, relatives or associates that they could contact and “name drop” that you are the person who provides the product or service to them. This method is not very successful and won’t do much to build your business.
On the other hand if you position the referral properly you can almost be guaranteed a steady stream of quality referrals. The key is to think about it in terms of ‘what’s in it for them’. If they help someone it will reflect positively on them. The danger on the other hand is what happens if it doesn’t go well. It will hurt their reputation.
Let me give you an example of how it would work for a company that designs website.
Sales Person – “(Tom) we re-designed your website and according to your feedback on the objectives you wanted to accomplish we have doubled your traffic, added the social media functions you were looking for and created a site that you could edit simply without the need to call someone every time you wanted to make a change or update.”
- Would that be a fair assessment?
- Do you feel we have delivered a quality website within the target budget?
- Has the new website resulted in an increase in business?
If the client is in agreement with your points then it is time to move to the request for a referral.
Sales Person – “I am happy we have been able to help you grow your business and appreciate your confidence in (your company). Tom, I am sure you have an associate that has mentioned they need to upgrade their website in order to generate more business. I would be more than happy to approach them and schedule a chat about their current challenges and what opportunities are available to them.”
Regardless of your product or service, you must create a powerful positioning statement before you ask for a referral. You will be amazed at how well this type of request will work and I guarantee if you use it properly you will be generating more, better quality leads for your business.
This article was originally posted to the Sales Compass Blog by Robert J. Weese on March 3, 2015
Four Big Mistakes in Managing your Sales Funnel
Posted by Rick Pranitis in SALES LEADERSHIP on August 30, 2013
Many sales people are familiar with the concept of the “sales funnel,” with the idea that every sale starts with a large pool of prospects, which are eventually narrowed down by the various steps of the sales process (qualification, presentations, proposals, etc.) leading to a much smaller number of customers who actually decide to buy and close the deal.
A big part of success in managing sales leads is developing a better way to understand and manage your company’s sales funnel. Here are a few of the biggest mistakes that small business leaders tend to make in managing their sales funnels – and ideas on how you can get better results.
Mistake #1: Always asking for “more sales leads.” Many companies make the mistake of thinking that they can get better sales results just by constantly engaging in lead generation activities to “dump more leads into the funnel.” This is a costly and inefficient way of getting more sales, because it takes time, effort and investment to find more sales leads. Chances are good that your business can improve your sales results by doing a better job of managing the sales leads you already have, instead of constantly hunting for more and more sales leads.
Mistake #2: Focusing on CRM technology instead of your sales process. Many sales organizations make the mistake of investing in expensive customer relationship management (CRM) software but without a clear understanding of how they want to use the CRM software to improve their sales process. CRM technology can be a valuable tool, but it cannot replace a smart strategy for understanding and adjusting your sales activities to line up with your biggest priorities in your sales process. For example, you as a small business leader need to understand what is happening at every stage of your sales process. Are you failing to generate enough appointments during your initial contacts with new sales leads? Are your sales appointments failing to result in enough follow-up sales presentations? Where in the sales process are you having the most difficulty, and what can you do differently? These are the questions that CRM tools can help you answer, but you can’t rely solely on technology to do the hard work of identifying and fixing the problems.
Mistake #3: Not training your sales team. Sales training is not just for new hires. Sales people need motivation, coaching and a clear idea of what they’re selling and how to adjust to customers’ changing needs and expectations. You have to constantly keep your sales people up to date on the latest ideas and sales techniques. Help your sales team learn from each other and collaborate by sharing their experiences on what works and what doesn’t. Listen to your sales people during their sales calls and offer coaching and guidance on how to improve.
Mistake #4: Not measuring each stage of your sales funnel. Many sales organizations focus too much on their final deal closing ratios, and don’t pay enough attention to the conversion ratios that lead up to the final negotiations with the buyer. Take a look at all stages of your sales process and measure your success rate at each stage. For example, out of 100 sales leads, how many will agree to an initial appointment? How many of those appointments lead to a more extensive sales presentation? Where in your sales process are the biggest successes and the biggest opportunities to improve?
Managing your sales funnel needs to be part of an ongoing effort to see what is happening within your sales process and adjusting along the way. If you have a clear understanding of where your challenges are coming from, which parts of the process need to improve, and constantly coach your sales team to improve their efforts at each stage of your sales funnel, you will start to see a better result in the most important number of all – sales.
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Three Biggest Networking Mistakes Salespeople Make
Posted by Rick Pranitis in SALES BEST PRACTICES on August 26, 2013
Sales people often are natural networkers – after all, we tend to be “people persons” who love to meet new people, build relationships, and create conversations, both in “real life” and on social media. But many sales people, without realizing it, are making some big mistakes with their business networking.
Business networking is one of the sales person’s oldest tools. We use our network of relationships and contacts to get in touch with decision makers, get advice, and get connected with new opportunities. But if you’re making some of these networking mistakes, you might not be reaching your full potential as a sales professional.
Here are a few of the most common networking mistakes – and how to avoid them:
Mistake #1: Networking without a strategy. Building relationships is a long-term activity. You can’t just expect to run out and immediately find the contacts or opportunities you’re looking for without investing some time and effort. Just as you would develop a marketing plan or a sales strategy to land a big client, spend some time mapping out some short-term and long-term goals for your sales networking.
How to avoid: Spend some time asking (and answering) some “big questions” that can guide your networking activity. For example, who are you trying to meet? Which types of companies would you love to get connected with? Who do you already know who works at these companies or knows some of these higher-level people, and how can you strengthen your relationships with your existing circle of influence?
Mistake #2: Networking only to “get,” never to “give.” Too many sales people only look at networking as a way to get what they want. Too many sales people only network in order to get closer to a decision maker, or get their foot in the door at a company where they’re trying to make a sale, or to get in front of someone who might offer them a new job. This is the biggest networking mistake of all. If people feel that you are in it only for yourself, they will be reluctant to trust you or help you. Networking is a two-way street – and some of the most successful sales people are also the most generous with their time and with their contacts.
How to avoid: When networking, always look for opportunities to “give” more than you “get.” Examples of “giving” might be as simple as sharing a timely article about a prospect’s business or industry, or connecting a contact with an opportunity that is valuable to them (even if it is unrelated to your business). Your generosity might not always be rewarded immediately, but in the long run you will build a reputation as someone who can be trusted, and someone who is willing to help others and connect others with opportunities.
Mistake #3: Networking only with the “usual suspects.” Especially if you sell a complex B2B solution, it can be understandably tempting to spend most of your time focused on networking with people in your niche market. But if you spend all of your time connecting only with a small circle of people, you might miss out on opportunities that could come from connecting with people from other facets of your life.
How to avoid: Remember that everyone you know, and everyone they know, can potentially be a valuable contact for you. Take a look at all of your social circles – work, family, community activities, social organizations – and see how you can become more of a connector. Someone you know from church or from your kids’ school might have a friend or relative who works in a business that needs your help.
Networking is the constant, never-ending work of the sales professional. Sometimes networking feels like trying to navigate a maze – lots of blind corners and uncertainty and wrong turns. But at its best, networking is not a maze, it’s a safety net. One of the comforting truths about networking is that we are all supported by our own “safety nets” of contacts and all of their combined expertise, experience and relationships. If sales people can learn to network with planning and purpose (instead of just impulsively grasping around with no sense of direction), if sales people can learn to broaden their networks and connect other people within their networks (instead of only talking to the “usual suspects”), and if sales people can use networking as a way to deepen their relationships and build trust (rather than only trying to get what they need), networking will become a more purposeful and helpful tool – and a better way to operate as a sales professional.
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Three Keys for Building a Sales Pipeline
Posted by Rick Pranitis in SALES LEADERSHIP on July 18, 2013
You know what a sales pipeline is and you know that you have one, but how do you build and manage that pipeline to take your sales to the next level? Building sales pipeline success depends on the sales pipeline’s effectiveness, strength, and results, the three keys to building sales pipeline value. Take the first step towards building sales pipeline success by focusing on and managing these three keys to the sales pipeline.
Building Sales Pipeline Effectiveness: Maximize Your CRM System
The customer relationship management system you are using is only as useful as the information you put in. In other words, if you are putting in outdated, incomplete, or otherwise unhelpful data, the CRM will not be able to help you succeed. Yet consistently and properly updated CRM systems are one of the keys to building sales pipeline effectiveness. Make sure that you are using CRM to maximize results by:
– Habitually and thoroughly updating the system with new leads, status on existing leads, and other information as it is acquired.
– Avoiding removal of leads unless those leads are out of business or have requested no further contact. Leads that are unqualified and may be qualified later, or have said no but may be more open in the future, should be flagged with the appropriate time horizon for follow up.
– Checking your CRM daily to guide your activities for prospecting, follow up, and scheduling, and updating your activities as you work.
Building Sales Pipeline Strength: Quality In, Quality Out
A large part of building sales pipeline strength – that is, ensuring that there are healthy numbers of leads, prospects, and closes in the pipeline at all times – rests on getting quality leads into your sales pipeline. Getting as many leads as possible may seem like the right idea, but you will probably find more success in maintaining and building sales pipeline strength if you focus on quality, rather than quantity, of leads. To do this, you can:
– Start qualifying leads before you even make first contact, so that the contact you make can build on information you already have rather than starting at the beginning when you reach a live prospect.
– Be realistic about prospects’ qualifications and readiness to buy. Over optimistic projections can harm your productivity and sales pipeline results.
– Create standard processes for how and when you qualify and prospect for a system that can deliver you reliable results, every time.
Building Sales Pipeline Results: Know What You Need to Do to Reach Your Targets
If you want to reach your sales targets for the month, the quarter, and the year, you need a roadmap to get there. It is not enough to rely on your ability to sell and a constant stream of incoming leads; you need to know how many of each type of lead, prospect, and customer you need to have in your pipeline to reach your sales goals. This is easy to accomplish if you have been tracking your sales and activities over past periods.
– Look at your quarterly performances and analyze how many leads you followed up on, how many of these were viable prospects, how many of these were presented, and how many of these closed.
– Calculate averages for how long converted leads took you to close from the day the lead was initially entered to the day the contract was signed, categorizing these in ranges according to the contribution each made to your targets.
– Use these numbers to determine how many new leads, calls, presentations, and closes you need to have in your pipeline every quarter to meet or beat your targets.
Building sales pipeline effectiveness, strength, and results depends on your ability and commitment to update and maintain your pipeline through various tracking activities. However, the time that you spend on these activities will pay you back with interest as your more targeted approach to selling using the sales pipeline yields results.
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This article was originally posted in the SalesForce Search Blog by Matt Cook on July 9, 2013.
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Seven Ways to Become a Better Salesperson
Posted by Rick Pranitis in SALES BEST PRACTICES on May 31, 2013
Being in sales is a constant battle for improvement. Whether it’s getting better at overcoming objections, improving your appointment setting success ratios, or increasing the number and size of deals you close, every salesperson is trying to get better every day.
By making incremental improvements in the way we operate, salespeople have a unique opportunity to see big results. Here are seven things, which if you focus your attention upon, will assure you success.
Become a problem solver – the best sales people do more than just dial the phone and meet with customers – they are creative, innovative, energized professional problem solvers and relationship builders. Your job is not just to sell a company your particular service offering, but rather to solve their problems. Once you change your mind set to think of your role as a problem solver, you will learn to be more tuned in to your prospects pain issues and what motivates them. Start looking at your position as a problem solver and will see a difference in your client interaction.
Offer information – sales people need to constantly work to build trust with customers as part of the process of nurturing sales leads over time. One of the best ways to build trust with customers is to share the latest news, industry trends and business intelligence. If you find an article about their industry that you think would benefit the customer, share it with them – even if you didn’t write it.
Overcome your fear of rejection – sales is a tough job because prospects are constantly rejecting you, hanging up, saying “no,” sometimes even acting abrupt or rude. The best sales people know how to rise above the daily rejections and keep pressing forward. Remind yourself that you are a talented professional with a great solution to offer the right customers. Remember that there are a lot of customers who need what you have to offer, and that you’re going to find them and connect with them. Face the rejection head-on. After all, who cares if someone rejects you? It’s not personal. They’re just busy and don’t have time to talk, or they’ve been discouraged by too many time-wasting phone calls from other less scrupulous sales people. Customer rejection is not about you, it’s about them. The best sales people have thick skin and maintain control of their emotional state even in the face of adversity – but this unflappable nature is usually not something people are born with; it’s a way of being that is earned over time. Let the rejections go, and keep moving forward to talk to the people who will be happy to hear from you – they are waiting for someone like you to help them.
Ask for contact information – sales people often find themselves on the phone with the wrong person – i.e. an administrative assistant in the wrong department, reporting up the wrong chain of command to get to your ultimate decision maker. But don’t give up just because your calling list had the wrong information. Instead, be direct and ask the person on the phone to help you out. Instead of hanging up, ask the person you’re speaking to, “Could you give me the phone number for (NAME OF DECISION MAKER)?”
Ask for the next appointment – every salesperson needs to constantly guide the prospect through the sales cycle. Every conversation needs to end with the sales person asking the prospect to commit to a future conversation – whether it’s on the phone, in person or via web conference. Before you can “make the ask” and close the deal, you need to make the “ask” for your next appointment.
Take great notes – many sales people make the mistake of taking sparse or incomplete notes about their sales calls. Taking better notes can give you a trove of useful information for your next conversation with the customer. Write down specific details about which objections, questions and issues came up during the conversation. Not only are these details important for closing a deal with the customer in the future, but they might also be helpful for conversations with other customers. Make a list of questions, objections and challenges that you weren’t able to answer – then compare notes with other colleagues on the sales team, do some research, and follow up with the customer on a future call. Showing that you’re committed to finding the right answers will help you build trust with the prospect.
Learn from your colleagues – the best sales people don’t feel threatened by the successes of their peers, they celebrate team success and find a way to learn from the successes of others on the sales team. If one of your peers recently landed a big account, find out how they did it. Take your successful peers out for lunch or coffee and ask for advice on which sales techniques have been working for them. Good sales people know that success is not a zero-sum game. They will want to help other people on the sales team improve their results so that the whole team can benefit.
Being a better salesperson is often not a matter of making drastic improvements, but instead is about making smaller improvements in multiple areas over time. No matter how successful you are as a salesperson, you can achieve better results by adjusting your performance in at least one of these areas. Successful selling is a combination of art and science. It’s about passion, motivation, drive, and interpersonal performance, but it’s also about managing details, monitoring a process, and striving with rigor for excellence.
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12 Elements of a Great Sales Playbook
Posted by Rick Pranitis in GENERAL DISCUSSION, SALES LEADERSHIP on May 17, 2013
The implementation of a sales playbook can be one of the most impactful initiatives for any sales organization. There are two reasons for this tremendous ROI. First, by following some simple guidelines, it can be a remarkably easy initiative to implement, and second, research shows that this results in 33% additional revenue.
Here are twelve elements of a great sales playbook that you should use to guide your implementation.
1. Repeatable Winning Sales Processes
The key word here is ‘repeatable’. When everyone adopts the same sales process, there is a common language that is understood, not just by sales, but by the whole organization. Recent research shows that while only 60% of sales teams have a sales process that is well defined, and well executed – those who do are 33% more likely to be High Performers*.
2. Customized to the Buying Cycle
Customers buy in lots of different ways; some purchases are guided by a single decision maker, while in other cases there can be a large buying committee. Some issue RFPs (health-warning!), others invite recognized suppliers to discuss their issues, an increasing number learn in the Social Universe, and just a few remain with the incumbent supplier trading ‘the devil you know’ for potentially more advanced or competitive solutions. Unless you visualize the journey the customer wants to take, you won’t be with them when they reach their destination.
3. Sales Tools in Context at Each Stage
At each stage of the buying process, salespeople need to employ just the right tools – at the right time to advance the sale to the next stage in the process. A B2B sale is not a single event. In fact it is a collection of micro-sales events, each crafted to move closer to the eventual goal. Salespeople are busy and often don’t know which tool they need, where to find it or how to use it at the specific point in the micro-sale. Integrating sales tools into the playbook as part of the sales process is the solution.
4. Industry Sales Process Templates
It is widely accepted that tailoring your sales process to the specific needs of an industry will increase your chances for success. Third party industry sales templates are readily available from suppliers who have been tracking and analyzing millions of sales cycles. That is the catalyst you need to get started.
5. Many Simple and Complex Processes
One playbook or sales process does not fit all. Sometimes you are pursuing a brand new customer or a very large deal that demands a complex and sophisticated set of ‘plays’ to win the deal. In other cases, the transaction might be quick, one that suggests a different rhythm. Your sales playbook should have the requisite intelligence to support that automatically and serve up the right playbook at the right time.
6. Process, Benchmarks and Insight
Benchmarking delivers many advantages for companies looking to improve the performance of their sales organization. Your playbook must capture those benefits, learn from them, and uncover insights that help you to drive your sales velocity. When deploying a playbook, ensure that you have built in a capability that guides you to progress through these stages of evolution for your sales team.
7. Team Visibility for the Sales Manager
Being a front-line sales manager is one of the hardest jobs in sales. It is also the critical link in sales. Unless the sales manager has all the tools he or she needs to easily manage the business, the whole performance of the sales organization could suffer. You need to provide them with the ‘Easy Button’. Sales playbooks are often designed just with the sales person in mind. Remember that the sales manager is the critical link.
8. Integrates with CRM System
This one should be a ‘no-brainer’. The playbook must integrate tightly with the CRM system so when the sales person works with an opportunity, the playbook will always be present, just where it needs to be. That way the playbook (if it is smart enough) can react to the attributes of the opportunity, like the size of the deal, or the products included in the opportunity record to present the right playbook for that opportunity. Complete integration with your CRM delivers the optimum experience for the sales person, and provides sales managers with greater flexibility on how they view the data in the context of the rest of the business. It is important.
9. Informs Sales Forecast Visibility
Salespeople spend about 2.5 hours each week on sales forecasting, and for most companies, the accuracy of sales forecasts leave a lot to be desired. To maximize the impact of your sales playbook on the accuracy of your sales forecast, there are two things to consider. (1) Does the sales playbook incorporate intelligence that objectively monitors the close date of the sale? (2) Does the sales playbook provide the sales manager with insight into deal vulnerabilities and risks in the forecast?
10. Motivational and Visual
There are only two reasons why an individual does not complete a task. Either they do not have the competence, or they are not motivated enough to do it. Think about that – these are the only two reasons. Your sales playbook should improve competence and increase motivation. The competence piece is easily understood.
Motivation is a little more challenging. A study on What Motivates Sales People shows that, perhaps surprisingly for some, compensation is not the primary motivator. ‘Making Progress of Winning’ is ranked by sales people as the main reason they get up in the morning. To entice adoption of the sales playbook (rather than force compliance) your sales playbook needs to provide true value for the sales person – resolve that reward/effort equation, so that the salesperson gets more back from the playbook that they put into it.
11. Social and Collaborative
As B2B companies rely more heavily on social collaboration tools, some of the biggest gainers are going to be salespeople. Sales people who are the leaders in their organization are using social tools such as Chatter in Salesforce to improve collaboration in their own sales teams. Leading sales playbooks help by letting everyone ‘follow’ the plays, contributes to the conversation, and collaborate on the deal. The B2B world is constantly becoming more social and collaborative and you should ensure that your sales playbook accommodates this advancement.
12. Mobile and Cloud
Time is precious, and the sales person’s time is incredibly precious, both to them and to the sales organization looking to maximize the performance of their key quota-bearers. Since so much of a sales person’s time is spent moving between A and B and back again, they should be equipped with the mobility to connect to their sales playbook allowing them to be responsive, productive, collaborative and consistent at any time, wherever they are. In other applications, mobile and cloud capabilities are being leveraged to facilitate access anywhere, anytime. It must be the same with your sales playbook.
Unless mobile and cloud are core elements of your sales playbook plan, the initiative could face severe challenges in a very short term.
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This article was originally posted to the Dealmaker® 365 blog by Donal Daly on May 12, 2013
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A Business Owner’s Simple Guide to Ruining a New Employee
Posted by Rick Pranitis in GENERAL DISCUSSION on May 7, 2013
Most small business owners are not human resources experts, so dealing with hiring/staffing issues is often difficult. Additionally, most tend to gravitate toward what they enjoy, and for business owners that’s usually working with clients, generating new business and developing personal relationships. This can sometimes leave internal practice management issues neglected, with employee relations being perhaps the most overlooked area.
Here are some of the mistakes that some SMB owners most often make when they hire new employees:
Not knowing or understanding the role. This is probably the biggest hurdle, but it is the easiest to avoid. It takes firm owners asking themselves the tough strategic planning and vision creation questions which they sometimes put off. Owners need to have a good idea of where they want to end up so they can shape how they want professional staff to help get them there. They need to ask: Will more of the same get me where I want to be? Or is the new hire going to bring with them the introduction of a “fresh air” approach within the organization? And, am I willing to accept the changes that will bring on? Often, firms are reactive and hire backward due to an unexpected increased workload and operate in the “just get me somebody” mindset. This type of short-term thinking can lead to bigger problems further down the road. In other cases, when business owners think they have an idea of what they want their new hire to do and how they want the new position to look, despite what may be to them a clear internal perception, they do not communicate it well or fully to the candidate.
Assuming too much. This is a symptom of the first pitfall. Owners sometimes assume the new hire knows what the position should entail and the new hire assumes the owners know what they want. All of this assuming is a recipe for disaster because the relationship never gets started off on the right foot. Candidates should have a good idea of what type of role they think they would perform the best in, but the buck stops with the owner to have a strategic vision for the firm and a specific vision for where and how the new candidate fits. Further, this vision must be consistent, and not reactionary or constantly changing.
Little to no ongoing communication/mentoring. This is a direct effect of assuming too much. Communication is critical, especially during the on-boarding stage and directly after. Business owners are usually hiring someone because they are beyond overloaded and therefore can’t spend the appropriate time getting the new hire up to speed. Yet for many top talented individuals, mentoring is the primary reason they choose to join a certain firm. They deeply desire an experienced mentor that is willing to spend the time to teach them the side of the business of which they’re unaware or haven’t fully experienced. In some cases, this is why many gravitate toward smaller firms and sometimes take less pay.
Throughout the mentoring process, regular communication is imperative. Always let your new hires know where they stand. Younger employees are used to constant and instant communication through texting, MySpace, Facebook and Twitter. It would almost be impossible to over-communicate with your new hire from this social genre. If you don’t deliver on the mentoring, you lose a crucial chance to help build firm loyalty with your “newbie.” If you know you are not a good mentor (and not all of you are), find someone, or work out another process for training and working closely with your new hire.
No involvement in the decision-making process. If business owners see their new hires as being part of the firm long-term, then these employees should be included in the firm’s decision-making. Owners don’t necessarily have to use a new hire’s suggestions, but a new hire that knows he or she is heard will likely find more satisfaction and show more loyalty. Follow the lead of some of the larger public firms, which bring all of their new hires together to get their unbiased, untainted, fresh ideas and fuel creativity and company innovation.
Viewing candidates as “Mini-Me’s”. Some firm owners try to make new hires exact replicas of themselves. From the outside looking in, this often makes little sense, but it is still attempted frequently by small business owners. Ideally, you want to minimize overlap and maximize talent over a broad set of areas, especially in a small firm. Resist the urge to force your skill set template onto the new hires even if they are receptive. Frustration can build on both sides when this approach is tried. Your firm will benefit most if your new hire has a skill set that complements yours, not one that clones it.
Not providing challenging and meaningful work. New hires will have a longing to pursue meaningful and challenging work so that they can add value to a firm. Give them projects and increase the level of responsibility as they prove themselves. It is up to the new individual to prove his or her skills, but it is the manager’s job to push new hires out of their comfort zones and help them avoid stagnation. Keep in mind that part of letting them try different things to build their experience means letting them make mistakes too. We all learn from failure, we grow from failure, we innovate from failure-if we don’t fail, we don’t grow.
The feedback trap. Avoid giving only negative feedback and disguising it as constructive criticism. Consider how you give your clients feedback. This is a great way to approach things with your new hire. At the onset of a great client relationship, you provide honest feedback about the positive aspects of the situation and the areas that need the most focus. It shouldn’t be any different with new hires. Consider the different ways you communicate with different clients. You will need to find the communication and feedback style that works with your new hire. Consider personality profiles or other behavioral surveys to understand the best way to get the most out of your new hire. Keep in mind, in this highly transitory society many of new hires may be from diverse backgrounds and cultural environments. So finding the best approach to relate, communicate and manage them will save you time and headaches. Plus, don’t forget feedback is reciprocal. Don’t be offended when they give you honest feedback about your performance-it can only make your firm better.
Lack of a career path. Small business owners sometimes struggle with the transition from hire mode to post-hire mode. This is similar to politicians who are always in getting-elected mode even after securing office. It is prudent for owners to think to themselves, “OK, they are hired, now what do I need to be doing, other than signing a paycheck, to give them opportunities for career progression?” Most new employees are not going to be satisfied staying in the same position for their entire career. Furthermore, if you cannot produce a career track or describe how one might look in your firm, be ready to lose out to other firms that can.
Not sticking to your guns. If you don’t have the first issue above figured out, an accurate job description can’t be developed. If you don’t have an accurate (written) job description, it is virtually impossible to ask the right interview questions. Plus, without these two items, job performance metrics can’t be developed. Resist the temptation while interviewing to say to yourself, “I really like that person and they could work here,” if their characteristics don’t fit your job profile. Stick to the position you are hiring for! And that same vein, don’t change your expectations or perceptions of the new hire’s reason for coming on-board to something they didn’t sign on for after they’ve joined your firm.
For those that have not ventured into hiring yet, you will most certainly encounter something on this list at one point or another during the process if, or when, you take the plunge. With some awareness, simple planning and concerted effort you will be well on your way for a smooth integration with your new hire. A small up-front thoughtful investment of time and money in human capital, and an on-going consistent follow through, will pay big dividends later – for you and your new hires.
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