Major Account Selling: The Top 5 Reasons that Sales People Fail

Major Account Selling: The Top 5 Reasons that Sales People Fail

 

I read a great blog post today: The Top Five Reasons that Sales People Fail at hightechguru.com. It’s worth a read - but in the meantime, here’s the shortened version with my commentary:

 

1. Buyers have a system, sales people usually don’t.

Did you know that there are organizations out there that train buyers how to “get better deals?” (www.dobetterdeals.com). Buyers are afraid of being sold something they don’t want, and consequently are quite defensive. Sales people need a methodology or a “system” for adding value to the buying process.

2. Sales people spend too much time with prospects that will never buy.

60% of a sales person’s time is spent in front of people who will not buy their product. Qualifying out a prospect is as important a skill as qualifying one in. 

3. Sales people talk too much.

This one speaks for itself. You can’t learn much about the real issues that a prospect is having if you are doing all the talking. Listen more. 

4. Sales people focus too much on price.

Price is never the real issue. People make buying decisions because they have a problem to solve or they need to change something. Help them figure out how to do what they are want to do and price becomes less important. 

5. Sales people fail to get firm commitments from buyers.

All too often, sales people jump through hoops to provide presentations, proposals, demos etc before understanding the prospect’s motivation – resulting in a lot of wasted effort. Sales people need to first become adept at helping buyers feel more comfortable sharing their pain/gain – and then get their commitment to appropriate next steps. Great sales people mark the steps of the sales cycle based on customer activities, not their own.

 

 

If you find yourself losing more deals than you’d like – do a self-assessment. Do any of the five areas above have your name on them?

 

 

 

Best Practices in Sales: Get Everyone Selling

Best Practices In Sales: Get Everyone Selling

 

All too often I step into sales departments that feel “misunderstood” by the rest of the company. In a situation recently, there was an unusual amount of animosity towards the sales function in general.

 

• “They’re just sales people.”
• “I can do what they do, why don’t they pay me the commission.”
• “The product sells itself, what do we need sales people for?” This one is my personal favorite.      

 

The truth of the matter is, everyone is in sales whether they like it or not. And successful companies understand that they need every department within an organization working together “delighting” customers if they want to truly succeed. 

 

My challenge with this company, as well as with other clients, is that typically I am only working with the sales (and sometimes marketing) departments. And I have no authority to implement programs in finance, accounting, support, administration, engineering, etc. 

 

And yet I know that if I can get these other departments “selling” with us, then our sales will increase.

 

So with this particular client, here’s what I did. I told the sales team that every time they closed a deal, they needed to thank and recognize someone from another department for their role in making that particular sale happen. And we posted these on a huge, highly visible board in the center of the office. We didn’t tell anyone what we were doing. We just started doing it.

 

Within a matter of days, we noticed people from various departments stopping by the board to read who had influenced a particular sale. The company started talking about it. And silos started disappearing.

 

• Support asked for a meeting with the sales team to see how they could be more helpful.
• Finance asked if there were customer billing problems that hadn’t been resolved that might be affecting customer satisfaction.
• Marketing asked for input on what the most commonly asked questions were so that they could be answered on the website, freeing up valuable sales people’s time.
• Administration asked if we needed more space to post the growing number of sales that were being closed.

 

And most importantly, the number of sales increased by 30% within 60 days, and the average deal size doubled!

 

When the entire company is involved in selling. Everyone wins.

 

Successful sales strategy, best practices in sales, b2b sales strategy, business to business sales training, proven sales techniques, sales management tips.

 

When the entire company is involved in selling. Everyone wins.

Closing for an Appointment

Closing for an Appointment

 

by Lois Wong

 

 

Have you ever attended a networking event and happened to strike up a conversation with a key decision maker?  Did you feel awkward about closing for an appointment?  Many people do.  It can be easy however, if you are prepared in advance.

 

During such a conversation, if you perceive interest, the next step is to qualify the extent of that interest by inquiring about a further discussion.  All too often, interest cues are missed and so is the opportunity for a next step.  Top performers listen for telltale 'closing' cues and are prepared to take the conversation to the next level. Below are a few ways to close for an appointment.  Remember, if you don't ask, the answer is 'No.’

 

1.         I'll be in the area next week.  Is there a good time to meet?

2.         I'll be in the area next week and can explore this further. Would you like to have lunch?

3.         I'll be in the area next week and can explore this further.  Is next Wed or Thurs open?

4.         I'll be in the area next week and can explore this further.  Are mornings or afternoons better for you?

5.         Should I contact you directly or your administrative assistant to schedule an appointment?

6.         Would you like to meet the rest of our team?

 

It's natural to be concerned that the closing question might create resistance.  Successful sales professionals view objections as a chance to address and engage with decision makers. 

 

Jeffrey Gitomer, author of The Sales Bible, indentifies effective strategies and tactics in his article, “Can't get an appointment? Try harder, try smarter.”

 

• Get referred - Find someone you know who knows who you want to appointment. Get them to call Mr. Elusive for you if possible (to smooth the way, or find out the real reason he won't see you).
• Use the fax - Send a referral letter, a top ten list, a cartoon, your daytimer for next week with the open times circled. Use the fax to open the door.
• Send a plant, flowers or a small gift - You will be amazed how much ice you can melt with a small gift. Flowers can get through a brick wall no matter how thick it is.
• Get close to the administrator - Find out what your prospect likes. His typical schedule - arrival and departure times. Gather information.
• Arrange to meet the prospect at a networking event - Trade association meetings, Chamber of Commerce events, ball games. Want to know where he'll be? Ask the prospect's administrative person or sales team.
• Send a provocative letter without being provoking - Ask questions or make statements in the letter that make the prospect think. Don't sell your product, just pique interest and sell an appointment.
• Cold call at a time when you know (from the administrator) that he'll be there - The best time for this is usually before the day begins or after the day is over.
• Use your creativity – take a risk! Take a chance!- Don't be afraid to make a mistake, don't be afraid to fail, don't worry about rejection, and don't quit just because some yahoo won't see you. If you believe you can help the other person -- never quit.

 

Securing the appointment is one step closer to closing the deal.

Best Practices in Sales: The Six Principles of Persuasion

The Six Principles of Persuasion

 

 

I wish that I could take credit for the information that I’ll be sharing in this blog – but as I tell my clients – I’m only as good as the information that I repeat!

 

Dr. Robert Cialdini is considered the foremost expert on persuasion and influence. As I’ve written in previous blogs, he has written several books and has an excellent website. I encourage you to check out www.influenceatwork.com.

 

Dr. Cialdini has come up with these six principles of persuasion. There are worth committing to memory:

 

1.     Reciprocity:  People want to return a favor. When you do something for someone, like providing information – they’ll want to do something for you in return. Give something to get something.

 

2.     Scarcity: We deem things to be more valuable if they are hard to get. Perceived scarcity will create demand.

 

3.     Authority: People tend to believe “experts.” If someone who I believe is an “expert” said it, it must be true.

 

4.     Consistency: If you can get someone to verbally commit to or agree with an idea, they are more likely to stand behind their comments. We tend to stand behind our “stated” beliefs with action.

 

5.     Consensus: People will look for “social proof” of their ideas or actions. Do others “like me” feel the same way or do the same thing? This is why social networks are so important.

 

6.     Like-ability: We tend to believe and buy from people we like.

 

If you want to be more persuasive (and in sales, you need to be) – make sure you integrate these six principles into your selling style and process. It can make the difference between a winning year and a mediocre one.

Internet Marketing Strategies - Social Networking

Internet Marketing Strategies - Social Networking

 

 

My “sales” hat is starting to look more and more like a marketing hat. And I’ll bet that my marketing counterparts are starting to feel a lot more like sales people as well. Sales and Marketing have always been closely aligned, but the lines are now very blurred between the two.

 

So as Sales 1.0 becomes Sales 2.0 – we all need to know a bit more about things like SEO (search engine optimization) and how that is affected by social networking.

 

First of all, it might be comforting to know that Fortune 500 companies do now fare well when evaluating the effectiveness of their SEO campaigns. More than 50% had NO natural search visibility within their targeted keywords. (I only mention this so you realize that this IS hard stuff – and constantly changing.) And by the way – the size of a website does not have a direct correlation how well a website ranks for a particular search term.

 

So how can we take advantage of social media to boost our SEO rankings?

 

·      Leverage user-generated content: Amazon does an amazing job with this. They highly leverage reviews and recommendations allowing this unique content for nearly every product and on an on-going basis.

 

·      Present content in a unique or interesting way: The eventual success of content isn’t always about the quality, but often about the WAY in which the content is presented. Think of ways that you can change the user’s experience so that they’ll want to share it with their community. This can be a fun tool, a humorous video, and unexpected analysis.

 

·      Quantity is as important as quality: Hubspot did a study of more than 2,000 customers and found that those who published blogs 5x/week drew 6.9x organic traffic, and 1.2x referral traffic than those sites that don’t blog at all. 

 

·      Have your information available on a variety of channels: Share company videos on YouTube, share blog posts on Twitter, set up a Fan Page on Facebook, create job postings on LinkedIn.  In order to succeed online, we need to take up as much virtual shelf space as we can.

 

I have to long ways to go in the social networking, SEO space – but it’s fun stuff – and I know that my success, and the success of my clients – depends on my comfort with wearing both a sales and a marketing hat.

Best Practices In Sales: The Importance of Trust

The Importance of Trust in the Sales Process

 

 

I’m pathetic when it comes to cars. I just want them to work. I don’t care how or why. So when my car needs some service, I am at the mercy of the mechanic. I have no choice but to believe what they tell me, so my due diligence comes BEFORE I take my car in for repairs. I’ll ask friends and colleagues whom they recommend and I depend strongly on that recommendation. Here’s what I want – someone I can trust. I care about that as much as any other factor that I might deem important.

 

My guess is that your customers are no different. They are looking for a product, a person, and a company that they can trust.

 

“When people are uncertain, they don’t look inside of themselves. They look outside, to the counsel of legitimate experts.”

Dr. Robert Cialdini

 

Dr. Robert Cialdini is often referred to as the highest authority on persuasion and influence. (If you haven’t read his book Influence: The Psychology of Persuasion it’s worth a read.)

 

In order to gain someone’s trust, you must be both credible and knowledgeable.  This often involves presenting your information in an unbiased way.

 

But how do you create interactions that will lead to trust? Wouldn’t it be great if you had instant credibility?

 

Good news! There are ways to establish instant credibility...

 

·      A referral from a trusted source.  When a trusted entity tells your prospect that you are worth talking to, you have instant credibility.

 

·      Point out what you can’t do. That’s right. Let your prospect know FIRST what you can’t do.

 

“Before the most compelling portion of your argument, mention the weakness and drawbacks of your product or service.”

Dr. Robert Cialdini

 

Letting a prospect know the pros and cons of your service establishes you as both unbiased, and trustworthy. But don’t wait until the END of your presentation to point out the negative – put it out at the beginning. Consider these two highly successful tag lines:

 

·      Avis: We’re #2, so we try harder

·      Loreal: We’re expensive, but you’re worth it.

 

Establishing trust doesn’t always happen overnight. But having a strong referral network, and admitting your weaknesses upfront are two ways to quickly establish credibility. Don’t take my word – read it from the expert: www.influenceatwork.com.

Closing Critical Deals - 10 Tips When Meeting a Decision Maker

Closing Critical Deals – 10 Tips When Meeting A Decision Maker

by Lois Wong

 

 

Just recently two account sales managers asked me, “When introduced to a decision maker while networking, how do I talk about my services without sounding desperate or too salesy?” 

 

Savvy sales people know that the secret is to not ‘sell’ at all.  Rather, it’s wise to build the relationship conversationally first, with the goal of developing trust and credibility. This is a good first step in any sales process. 

 

There are ways to insert into the conversation who you are and what you do that don't sound desperate.  On the contrary, you will find that people will be drawn to you and will want to know more. 

 

Here are the Top 10 Tips When Meeting a Decision Maker

 

1.    Practice active listening

2.    Take an interest in who the decision maker is and what they do

3.    Appreciate his/her position and the responsibilities it brings

4.    Perhaps ask, “What is the biggest challenge you face in the next quarter?”

5.    Listen for information that will reveal passion, pain points, and challenges

6.    Find nuggets of information that you can empathize with through stories

7.    When time to introduce yourself, tell a story about you or your business

8.    Relate your story to a solution relative to your services/products

9.    Inquire about a follow up meeting.

10.  Exchange business cards and send a personal note to connect on Linkedin

 

Build the relationship by active listening and taking a sincere interest in who you are talking to. Once you’ve established that connection, you can take the next step by asking for a meeting. More in my next blog!

Sales Management Tips - Best Practices for Managing Contacts

Sales Management Tips – Best Practices for Managing Contacts

by Lois Wong

If you network regularly, you probably collect stacks of business cards like I do.  I just counted the number of business cards I have collected over the last two years - 463 of them.  Perhaps even more, as there are two bundles rubber banded together in my study.  I estimate that over the past 10 years, I have accumulated approximately 2800 business cards.  Yet, I only have 300+ connections on Linkedin. Hmmm…… have I made the most of those 2,800 connections?

So recently I decided to implement a new practice to make better use of my professional sales network.  After meeting and exchanging business cards with new colleagues, I now take the time to write a personal note to each person.  I do this through Linkedin with an invitation to connect.  This allows me to extend my existing network of sales contacts as well as keep in touch with trusted colleagues. 

Once linked in, I work on cultivating the connection by:

1. Sharing ideas, quotes, news

2. Starting discussions (offering advice and coaching)

3. Recommending groups to join (or starting one)

4. Posting book titles and articles to read

5. Announcing company events

I also take the time to explore the list of people in my network.  Mentioning Linked in can be the common denominator that will enable you to open doors to  new business opportunities. 

I focus on adding value to my network, and as a result - I end up receiving value because the quality of the connection is increased with each interaction. 

So the next time you receive a business card, make sure that you maximize the value of that connection by focusing on adding value to that contact, and hence increasing the value of your professional network.

Looking for the Right Sales Training Program?

by Lois Wong

Looking for the Right Sales Training Program?

When I was tasked with developing a training program for my company years ago, there were two things I needed

• #1: training for me (train-the-trainer)
• #2: training for the sales people.

There are many good sales training programs on the market; however, not many offer "Customization and Coaching".  In other words effective sales programs should provide customized training with follow-on coaching.  Without the follow-on coaching, the learning isn't reinforced nor are the metrics aligned with solid sales principles.

When sessions are taught in small portions (like a having small meals per day instead of one big banquet), information is ‘digested' more easily and ‘absorbed' more completely.  The combination of customized training and follow up incremental coaching enables better retention resulting in a higher degree of performance success.

Sales managers can provide a lot of benefit to their teams by doing their own "bite sized" training at weekly sales meetings. Spending even 20 minutes per week on training can make a big difference. Ways to structure these mini-training sessions include:

• Role playing an objection that came up during the week
• Assign each member of the sales team a particular sales skill that he/she needs to train the team on and rotate the training responsiblility among your team
• Assign a sales book, podcast, or video to the sales team and spend 20 minutes reviewing and role playing concepts that were presented
• Choose one deal per week that closed and analyze why
• Choose one deal per week that DIDN'T close and analyze why

These are just a few suggestions to get you started. We'd love to hear what's worked for you in the past. Let us know!

Top Three Sales Best Practices - advice for someone new to sales

 

Top Three Sales Best Practices - advice for someone new to sales

I'm constantly advising my clients to distill their message - to use fewer words. And it's a challenge! And so I decided to drink my own Kool-Aid and come up with the top three sales best practices. To come up with these, I asked myself - if someone new to sales could only work on three things - what three things would have the most impact on his/her career?

So here are my top three sales best practice tips (I reserve the right to edit this list in future blog posts):

• #1: Choose an organization/product that you believe in

There's an old adage that a great sales person can sell snow to an Eskimo. That's not true! Great sales people could never sell snow to Eskimos - because Eskimos don't need snow! A great sales person sells with integrity. And if you believe in the product or service that you represent, it is much easier to sell with passion and commitment.

• #2: Be willing to walk away from a sale

My first sales job was working for Xerox Corporation. I had my first big sale on the line with Ford Aerospace. When I went to present my proposal to the decision maker, he shared with me a proposal from a competitor who could do everything that needed to be done, and at a significantly lower price. My solution could do most of what he wanted, at a higher price point, and with limited expansion capabilities. The decision maker and I had developed some rapport - and he asked me for my advice. Despite wanting this sale very badly, I told him that if I were in his shoes, I would buy the other solution. And he did. I went back to the office with my head down.

However, back at Ford Aerospace, word got around that I could be trusted, and so whenever there was a problem that my company "might" be able to solve, I was invited to bid - and many times, I did have the superior solution and won. Ford Aerospace became my largest account and a very big account for Xerox Corporation. I lost that sale, but won a customer.

• #3: Be your own manager

Someone once told me that sales is as close as you'll get to running your own business without actually running one. I agree. A salesperson is responsible for managing his own time and territory. Salespeople are not only measured, but paid depending on how well they are able to manage themselves. The best salespeople are those who know in 15 minute increments how they should spend their time. They are clear about doing those activities that drive sales, and eliminating those activities that don't. It requires clarity and discipline but enables them to avoid the roller coaster income that many salespeople complain about (which is unnecessary!). The best salespeople are great managers - of themselves.

Upon reflection - this is a good list! Follow these three and I'm convinced that the rest of things that are important will fall into place.

I'm working on a book of sales stories to illustrate best practices. I'd love to hear about the experiences that have helped to shape your success. Send me an email!