Posts Tagged Successful Selling
Dealing with Those Dreaded Objections
Posted by Rick Pranitis in GENERAL DISCUSSION on August 20, 2012
This is a great article by Mike Schultz, publisher of Rain Today. He deals with an issue that continues to plague not just newer sales people. Even some of us veterans to the profession require subtle reminders, the occasional reality check and an attitude boost. I think he covers the topic perfectly, and his advice here should be a revisited regularly – regardless of how long you’ve been selling.
.
Your price is too high…
It’s not the right time…
I don’t need your service…
Those five simple words in each sentence can leave you feeling like you just got back from a high school dance: undervalued, rejected, and ignored. (Really, it’s not you. It’s me.) Any of these might cause you to back away when you hear them. With this attitude, it’s no wonder so many sellers wilt upon the first sign of an objection. They shouldn’t.
In fact, objections are often a hidden indicator of interest. They’re always an opportunity to understand your prospect better, and more often than you might think you’ll move him closer to the sale while you address them.
Objections can be overcome. Here’s some insight into how.
Definition: An objection is an explicit expression from a buyer that a barrier exists between the current situation and what he needs to engage your services. In other words, it is a clear signal that you have more work to do in the selling process.
Your objective: Overcome the objection and make advances towards gaining commitment from the prospect with the following caveats firmly in mind:
- The close begins the relationship: In product selling, overcoming objections at all costs is the typical message sellers are taught. This does not work for selling professional services. If you just plow through the objection without addressing it fully, the underlying reason for the objection will usually come back to haunt you. Remember, you have to work with these people once you are done selling.
- Objections often have merit: Most sales training teaches us to “rebut” objections-counter them with logic, arguments, and sheer will power. In selling services, your purpose is to understand the objection fully, isolate it, and respond to it appropriately.
- Many objections take a process, not a quick answer, to overcome: Services selling is complex with many buyers and buying criteria. You may need to build a case for overcoming an objection instead of answering quickly on the fly. Some objections, on the other hand, may simply be questions that have to be answered.
6 Steps to Get Closer to the Sale
Objections are not such horrible things. When the prospect indicates that he is not quite ready to engage your services (he voices an objection), you should not be deterred. As a matter of fact, you now have the opportunity to understand your prospect better and move him closer to the sale by following these six steps:
1. Listen fully to the objection (don’t interrupt or anticipate). Fight the common urge to respond immediately to an objection. By doing so, you will hear what is actually on the prospect’s mind rather than what you think he objects to. You will be surprised how much you can learn about what is actually at the heart of the objection.
2. Ask permission to completely understand the issue. The simple act of asking permission to understand lets the prospect know that you respect his concerns. This further establishes you as a confident consultant.
3. Ask questions, restate or clarify the objection. Make sure you get it right and/or uncover the real objection. Many objections are hiding underlying issues that the prospect either can’t or is not ready to articulate.
4. Choose your response carefully and keep it short. Answer honestly and to the point. Long-winded responses very quickly begin to sound artificial and insincere.
5. Propose your resolution to overcome the objection. Simply enough, describe exactly how you are going to remove the barrier for the prospect.
6. Ask whether your answer or proposed solution will satisfy the objection. Don’t always take “yes” for an answer immediately. Many a prospect will accept the solution in the moment, but once you are out of sight, the objection still remains. Be certain you have moved the sale forward.
It’s important that you don’t disregard client objections. They are a crucial part of the sales process that accomplished rainmakers handle with finesse to move the prospect closer to the close.
.
.
This article originally appeared in the RainMakerBlog ™ as “Dealing with Those Dreaded Objections”
.
.
.
Steering Clear of Common (and avoidable) Sales Distractions
Posted by Rick Pranitis in GENERAL DISCUSSION on August 16, 2012
Ever get to the end of the day and wonder first, what happened with all that time and second why didn’t I get nearly as much done as I should have? Time is, as the cliché goes, the most scarce resource we have. Yet even though we know each day what needs to get done, we find ways to put it off just a little more.
Salespeople are no different. Even the most successful sales people will fitter away the day, and put off critical pipeline-building tasks that aren’t nearly as onerous as they feel when you’re in the midst of procrastination. Here are seven of the most common and deadly distractions, as well as some easy steps to mitigate or eliminate them.
1. Email
As a sales professional, you want to be responsive to prospects. But that doesn’t mean you need to respond within seconds, or even minutes. What’s most, the vast majority of email you receive isn’t from prospects or anybody that’s going to help you close more business. The majority of email you receive represents someone else’s priorities, not yours.
Do your best to distinguish the urgent from the important, but better yet, keep your email in offline mode most of the time. What you need to do right now likely has nothing to do with what might come into your inbox three minutes from now. And for the emails you want to receive but can easily read later, set up some inbox rules to automatically file them in folders you’ll check at the end of the day, or just a couple times a week.
2. Social media
Let’s assume for a moment you aren’t checking your personal Facebook every 15 minutes. That’s a big enough distraction on its own. But even if you’re actively practicing social selling, you can suck up hours a day and justify it as prospecting, even though you’re mostly clicking around without a real strategy or direction.
Social media is increasingly an important, daily tool for sales professionals to prospect and manage their pipelines, but this time (like everything) needs to be managed and contained. Have a strategy and process for how you’re going to engage in social selling each day. Use a checklist, if necessary, to get in, do your work, and get out. As little as 15 minutes a day can do it, if you stay focused.
3. The general Web
We’re all adults here, so I’m not a big fan at all of blocking Web sites in a corporate environment. Your team will just spend more time trying to get around that, or use their mobile devices. But sometimes when we face a difficult or daunting task, we decide to check the news headlines one more time.
There are sites and services that will help manage your time on these sites. Rescue Time, for example, will show you exactly how much time you’re actively doing productive work vs. killing time elsewhere. There’s nothing wrong with taking a quick brain break to check some scores or Hollywood gossip, just be cognizant of how quickly you’re able to get your mind back focused on what really matters.
4. Floor gossip
There’s a difference between sharing best practices and sharing gossip. Sometimes – when it comes to customer or prospect situations – it’s a pretty thin line. There aren’t any Rescue Time-like apps for people hanging over your cube. But be aware that this is probably taking more time away from selling time than you think. And you both have a quota to hit.
5. Caffeine
There’s a point of diminishing returns for the morning (and afternoon) Joe, or those silly little red bottles. You get the energy and high, sure, but that often comes with mental jitters. If you were likely to get distracted by something new or more fun or different before, caffeine makes it more so.
I don’t have a problem with using the caffeine source of your choice to help get started, but know it can have an adverse affect too.
6. Follow up tasks
After almost any sales call, you have work to do. Update records in your CRM. Prepare a proposal. Get details or coordinate next steps with a sales engineer. There’s no getting around these tasks, and they’re often instrumental to hitting your number.
But if you do them separately after each call, it forces you to engage in each system too many times over the course of the day. Instead, wait until several calls have been completed and tackle your follow-up duties all at once. Updating multiple records in your CRM at once will take far less time than logging in multiple times throughout the day.
7. Victory laps
You just had a great call with a prospect. They were engaged, and agreed to next steps. You’re excited, and you should be. But instead of channeling that energy into the next call, you get up and talk to others about it. Brag to your manager. Tell someone else on your way for another cup of coffee. And before you know it, it’s 30 minutes later and you’re still on that victory lap. Don’t cut the laps out entirely. Just be careful about their duration and frequency.
There are other distractions to be sure. Which ones are your demons? And what are you doing to keep them from holding you back?
.
.
.
.
Fewer than 20% of sales organizations continually track buying behavior
Posted by Rick Pranitis in GENERAL DISCUSSION on August 14, 2012
I found this announcement to be very disturbing, and I think you should too. Fewer than 20% of the 600 plus companies surveyed by CSO Insights in their 2012 Sales Management Optimization Study had the discipline to continually track specific buying behaviors in order to assess the true state of their sales pipelines. More than half never bothered to track buying behavior, or only did so in an ad-hoc fashion. The majority of the sales organizations surveyed – a representative cross section of businesses across multiple verticals and geographies – appear to be relying primarily on self-reported sales activity, rather than insisting on provable evidence of buying behavior when it comes to managing their sales pipelines.
So perhaps it’s no wonder that sales forecast accuracy continues to bedevil most sales organizations, with on average less than half of forecasted deals actually closing at the time or for the value predicted by the sales person. However, the sales organizations that had implemented buying cycle tracking did far better. If you want a simple justification for why it’s worth insisting that your sales people provide evidence of their prospect’s buying behavior, consider this: the sales organizations that did so won nearly 40% more of their forecasted deals than the organizations that paid no attention to it – and had far fewer losses and “no decisions”. If you’re among the 80% of sales organizations that could and should be doing better, you must start by aligning your pipeline stages with the key phases in your prospect’s buying decision process. At each stage, you must anticipate your prospect’s likely intentions, concerns and motivations, and align your sales activities accordingly. But most important, you must establish clear milestones between each stage of the pipeline that can only be navigated if your sales person can provide reliable evidence that the prospect has made a significant, observable and clearly defined step forward in their buying process.
CSO Insights make one particular recommendation that I believe every sales organization needs to implement as a basic discipline: after every significant interaction with the prospect, and most particularly when needs are identified, requirements established or the decision process or criteria agreed, the sales person must record their understanding in an email to the prospect and have the prospect correct or agree their assumptions – and attach the correspondence to the opportunity record in the CRM system. If you implement this process – and given the dramatically better performance shown by organizations that have embraced this, I can’t imagine why you would not – you need to be prepared for a reality check.
Inevitably, applying a rigorous, evidence-based approach to accurately placing your prospects in your pipeline based on the true state of their buying decision process will mean that a number of opportunities will slip backwards or fall out of the pipeline altogether. This may make it appear that your pipeline has shrunk. But these deals were never real – or as well advanced as you thought – in the first place. And you will be far better off flushing them out rather than continuing to fool yourself. If you’re one of the 4 in 5 sales organizations that could and should be doing better, I’d encourage you to start today by:
- Redefining your pipeline stages to reflect the buying process
- Establishing clearly defined gates or milestones between each stage based on observable evidence of buying behavior
- Insisting that your sales people re-qualify every opportunity and review their conclusions with you – backed by the evidence
- Insisting that your sales people document their agreements and assumptions and validate them with the prospect
Your prospects will appreciate it – your organization will come across as highly professional. But most important of all, you could end up winning as much as 40% more of your forecasted opportunities.
.
.
.
.
Focus on Your Creativity
Posted by Rick Pranitis in MOTIVATIONAL on August 3, 2012
Many sales professionals are incredibly creative – they just don’t realize it. Don’t assume you can’t do something before you even try. Children are too smart to make this mistake. They’re creative because they follow their natural impulses. Adults just need a good atmosphere that promotes their creative power.
Humor, books, and exposure to the arts are important aids in building up your creative self. A team that practices brainstorming in a relaxed atmosphere helps enhance creativity. The best salespeople have a great intuitive instinct; that is the same source of creative energy. Be sure to make the most of this creative power.
Originally posted by Personal Selling Power ™ Daily Boost of Positivity on August 1, 2012
.
Keeping on Track with Pipeline Velocity
Posted by Rick Pranitis in SALES LEADERSHIP on July 30, 2012
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.
Five Clues You’re Not Going To Close That Deal
Posted by Rick Pranitis in GENERAL DISCUSSION on July 27, 2012
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.
Smartening up your message as part of your sales strategy for success
Posted by Rick Pranitis in GENERAL DISCUSSION on July 17, 2012
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.
There’s Good Deals and There’s Bad Deals
Posted by Rick Pranitis in OFF-LINE RAMBLINGS on July 17, 2012
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.
.