Humor-What you should not be doing in December!

Here is an except from Garth Moulton’s (founder of JigSaw) recent post on what sales people should avoid doing in December.  His blog can be found at http://www.jigsawsblog.com/garthsworld/

Let me tell you a bunch of things that you shouldn’t be doing while you are making it happen in December:

1. Going to internal sales meetings. By this time your short timer manager or Sales VP has probably abandoned his resolve from earlier in the year to “really make the weekly sales meeting count.” Do he and you a favor by not showing up- tell him you are “buckling down on EOY revenue opps.” Make sure you have a reason why he can’t come.
2. Going to internal anything meetings. Just because there are a bunch of OE’s (overhead employees) that are feeling the year end scrutiny to justify their jobs doesn’t mean you need to go to the new Conference Room Naming Meeting.
3. Responding to Email. That’s right, I said it.  Letting Outlook run your day is a luxury reserved for CEOs, Founders, and Biz Dev people. Spend your valuable daylight hours completing the tasks that you defined when you started working (or better yet, just before you quit the day before) prioritized exactly in the order of how much they can bring in those few deals. Obviously, this doesn’t pertain to emails sent from your EOY deal customers, Dipsh^t. 
4. Listening to anybody but your customer. Who cares what some executive in your company, or sales consultant, or even worse, blogger pundit says. Nobody should know your deal better than you.  Break all the process rules. The only thing that matters is what your customer is telling you (or showing you) that will make the deal close. If there is a feature that needs to be addressed, find a product guy that can draw a picture. If there is a legal issue, give on it. If a discount will get the deal in, pull your pants down!  Like Tim Gunn says in Project Runway, “Make it work!”

Dealing with Prospect’s Perception of Risk

Bob Apollo has hit the nail on the head with his recent post regarding dealing with “prospect’s perception of risk” http://hub.tm/?rGvIg.  Sales teams that don’t explore the prospect’s perception of risk throughout the buying process risk failure or no decision.  Bob outlines three questions to explore, which expose the impact of the issue being addressed by the buying process:

• What has caused the issue to become important at this point?
• Who else is affected or impacted by this issue?
• What would be the cost/impact of not dealing with this issue?

The answers to these questions will provide a roadmap to other stakeholders, and provide a means to avoid “no decision”. 

 

I recommend expanding Bob’s thesis and including a line of questioning and discussion which will expose the stakeholder’s individual professional and personal “wins” associated with the successful resolution of the problem to be addressed.  By understanding the impact on individual stakeholders, sales teams have an additional qualifier as to the individual and organizational focus on the successful implementation of a solution.

What Business Problem do you Solve?

I had a conversation recently with a real sales professional who reminded me in simple and direct terms, what I consider to be an imperative in sales discussions-WHAT BUSINESS PROBLEM DO YOU SOLVE?  He is in the sales training business (http://www.bettersellsolutions.com), and described an exercise with sales teams where he has them write down their best sale in the last six months.  Evidently the responses are 100% similar- “I sold 500 widgets to Acme Technology for XXX,XXX dollars.”  There is never a response that says I saved Acme Technology XXX,XXX dollars by eliminating bottlenecks in their distribution channels, and allowing them to expand into new markets…” 

It is essential to understand the business problem you solve, and drive the qualification discussion to that capability specifically.  In the best case, your discussion will result in a real opportunity that has high visibility within the prospective organization. In the 2nd best case you will know quickly that your capability is not a priority for the prospect,  which will allow you to move on to another prospect.

Does your team need a Sales Playbook?

There are several levers to pull in bringing a sales team to perform at the highest levels.  One of the most compelling is to provide each sales exec with a “Playbook” which details a road-map for managing each sales opportunity.  In a perfect world, the Sales Playbook would be deployed both on-line and as a document to facilitate different use cases.  Here’s the table of contents and description of one built by a management team I served on.

1. Message Summary by vertical market:  These summaries include your company’s high level message supported by three proof point descriptions that are the core of your discussions with any prospect.  These proof point descriptions should start with a series of “What if you could…” questions and then a brief high level description of how your solution addresses the issue.   This content will reappear throughout the sales process in the form of phone scripts, written communications/proposals, presentations etc.  It is important to employ your best minds and winning sales processes to develop these “meta-messages”.  Management opportunity:  Coach sales team to fully absorb these messages and be able to deliver them in a compelling fashion.
2. Ideal Prospect Company Profile:  Take at look at your best “wins” over the past 18 months.  What types of companies were they?  What industry?  What was the business problem solved?  Who in the prospect company was worried about it?  What were the most impactful parts of your sales strategy and tactics.  Map it all out in detail.  Your sales team now has a profile to match their prospects against, or to seek new prospects who are closely aligned.  Management opportunity:  inspect and compare prospect targets in each territory plan against ideal prospect.
3. Ideal prospect (person) within the company:  This should be easy given the work you did on #2.  What titles and responsibilities engaged themselves in the buying process, and which ones were the most enthusiastic and engaged?  It’s a good idea to identify the actual buyers here too.  In these times that almost always a C-Level person who may not have engaged in the buying process until nearer the end, but it is important to identify them and seek them out as early as possible in future opportunities.  Management opportunity:  Inspect each account plan and ensure the “ideal prospect(s) are identified.
4. Sales Process Script:  Visually map out your sales process with descriptions and qualifiers for each stage.  Define what completed actions are required to promote a prospect to the next stage.
5. Qualifying, Probing, and Follow-up Questions:  Using real-life examples, capture the best and most impactful  ”questions” in each category.  This section is “fluid” and should be updated regularly with new entries.  Management opportunity:  Ensure your team is facile with these questions.  Reinforce with role plays and inspect for them on sales calls.
6. Competitive Analysis:  Gather your senior sales executives and management team and capture your best practices for dealing with competitive pressures.  Review both wins and losses and document your strengths and weaknesses against each competitor who is active in your target market.  This section should be “fluid” too.  Management opportunity:  Role play competitive scenarios in sales meetings and one-on-ones.  Ensure your team members can deliver a credible response.
7. Demonstration Outline:  Define the best practices for successful demonstrations.  Key areas to focus on are messaging (the big picture), customization for the prospect, focus on specific relevant areas (avoid the feature dump!), customer stories for proof, wrap-up with restatement of key relevant messages or restatement of positive feedback received during the demonstration, and finally, “what did you think?”   Management opportunity:Role play the demonstrations in sales meetings, brainstorm new ideas as a team, and inspect for use in pre-call plans and live situations.
8. Winning Objection Handling:  Capture your most common objections with particular emphasis on the ones you like hearing the least.  Brainstorm the best responses and document for each.  Management opportunity:  Role plays and demonstrate use during live sales meetings.
9. Presentation Storyboard:  Capture your best talking points for your standard presentation(s).  If your Playbook is on-line, have a video of senior executives giving the presentation.  Management opportunity:  Practice as a team with brainstorming to keep the talking points and customer stories fresh.  As the manager, give the presentation in live sales meetings and gather feedback from your team afterword.

As you can see, properly done, this project requires a significant up-front investment in time and resources.  Many of the tasks can be divided and then reviewed in brainstorming sessions.  Once complete, you’ve built an extremely valuable sales tool and corporate asset. 

Additional Note:

Make sure your technical and finance resources have some input into the security of the content.  Disgruntled employees with access to this type of material can create damage.

Investing to Increase Sales Wins!

What if you could arm your sales executives with the right resources for each challenge posed by a customer/prospect or competitor?  What impact do you think having such a powerful “magic wand” would make on you or your team’s ability to win deals.  Conversely, how many deals do you think you might be able to rescue from the dreaded no decision?  One element of the formula is bringing the most relevant and impactful expertise, resources and materials to bear just as they are needed.  “Surviving in a Buyer’s World” outlines a great solution combining a knowledge management portal with effective sales coaching and leadership to produce a true weapon for your sales team.  The impact on sales productivity is potentially significant.  We all have seen the e-mails going around asking for a proposal, or competitive pricing information, or a slide.  What if it could be accessible in a moments notice at the client site?  What if there was a video of the VP of Product Mgmt. giving the pitch? Or a customer giving testimony to a successful deployment?  These types of nuggets can be the difference between winning and losing.  Why not have your best and brightest available anytime and anywhere?   As pointed out in the article, the key to success in such an initiative is to drive organizational commitment to developing and maintaining the arsenal and embedding it’s use in your sales process.

I believe in today’s environment, companies need to extend the tools and resources available to their sales teams further.  The negative external pressures on sales productivity may have never been greater and manifests itself in extended cycles and increased no decisions.  Tools that assist your sales team to increase there effectiveness and overall productivity should be actively considered as part of the success formula.   One such tool is a trigger event service.  At it simplest form, it could be setting up google alerts for news or events that signal a sales opportunity at a customer/prospect.  There are a number of services (g2, InsideView) that provide a more automated approach and include social networking capabilities to maximize a sales executive’s ability to be in the right place at the right time with a solution.

In conclusion, this is a time for investing in sales rep productivity to stem the tide of a challenging sales environment.  These investments will improve sales morale and demonstrate a commitment to their success.  Your organization will become much more market and customer focused as other organizations beyond sales take advantage of the intelligence created and deployed.

Top 10 bad questions to ask your prospect!

Throughout this blog we have discussed the value of asking insightful, value-added questions to your prospects to establish both your credibility and the credibility of your proposed solution.  Steve Giglio has brilliantly captured the worst questions a sales professional could ask in this economy (or anytime!).

Analyze and Review the FRONT of the Pipeline…Why?

The vast majority of pipeline reviews or discussions focus on what’s closing this week, this month or this quarter.  Sales manager’s typically dig in to the details of the latest proposal and associated meetings, calls, and e-mails regarding the transition from proposed business, to a verbal agreement, to contract negotiation and signatures.  Sales executives maintain a similar focus on the “end game” as that is the pre-cursor to “pay day”.  I would not quibble with the notion that such analysis on this portion of the pipeline is important, but I believe it is also a two-edged sword.  Sales organizations that overweight analysis and focus on the bottom of the sales funnel risk erratic monthly or quarterly attainment.  If the sales team develops a group of prospects, moves them through the cycle, and then closes a percentage of  them, the result is that your have superior attainment in the months at the end of the sales cycle duration, and reduced attainment in the interim while the focus returns to the front of the pipeline. 

The best way to smooth out monthly attainment, either as an individual or a team, is to place a significant emphasis on how many new, qualified opportunities are entering the FRONT of the pipe ( top of the funnel) during the review interval.  If your typical sales cycle is 75-90 days, a percentage of the new, qualified opportunities entering the cycle in March are the business that’s closing in June.  If you or your team spends most of March closing January’s new opportunities, and the top of the funnel languishes, then you will have a good March, but a less than stellar May and June.

My contention is that a balanced review of the top, middle, and bottom of the pipeline funnel is the best practice to drive consistent overall performance.  This approach has other benefits including identifying and addressing opportunties that are “stuck” in the middle of the pipeline, as well as providing the sales leadership team immediate notice of a lack of qualified, new opportunities which will negatively impact future attainment.  In this manner, there will be some time to take action.

As my colleague, Dave Kurlan says “the sales pipeline is the single, most accurate predictor of future revenue”.  Let’s give equal time to the FRONT of the pipe!

When you need to “assume”!

Jill Konrath makes a great point (complete with a phone script!) on why you must “assume” some things when calling senior executives. (Why you must assume….) It is crucial to establish yourself as credible immediately.  My strategy is to avoid “telling” the prospect about their business or challenges.  Rather I would start the call with “our customers are telling us how much the economy is impacting their ‘09 plans, and how saving money on …….is critical. How are you and your team adjusting to the changing climate?”

Danger in Assumptions!

We all know the dangers in making assumptions.  I came across this post by Colleen Francis which I think is highly relevant to not only Software Sales professionals, but business people in general.  Enjoy!  The real trouble with assumptions