There are three core sales competencies indicative of a salesperson who will set stretch goals and create an action to reach those goals.

However, identifying and establishing personal goals, as well as following an 8 step process, is critical to creating an effective sales action plan.

At the beginning of our goal-setting sales training, we always start with this: What would you attempt to do if you knew you could not fail? This is a great question to kick off the thought process and discussion around establishing goals which are the basis for creating a sales action plan. Think about those on your team whom you know you can rely on to establish their goals, do the activity necessary and bring in the results. What skills and characteristics do they have? There are a couple of findings from the Objective Management Group sales evaluation that are indicative of a salesperson who will set stretch goals and create an action to reach those goals. Here are three of those core sales competencies:

1. An action-oriented and successful salesperson will always take responsibility for their efforts and their results. They will not blame the company, the market, or anything else if they do not reach their goals. They take ownership and will address the problem with a statement such as “I did not do the activity needed to reach…” While responsibility can be taught, you should be on the lookout for this quality when you interview new candidates.
2. Goal and action-oriented salespeople enjoy selling. That may seem obvious however there are plenty of sales folks who do not score that well in this finding. If you enjoy selling, you are more likely to naturally do what it takes; the hard work of calling prospects, getting plenty of rejection, not letting it get you down, and getting back on the phone. The enjoyment of selling helps these salespeople create and live their sales action plans and they have fun doing it!
3. Successful salespeople establish personal goals (different from company goals) and they are meaningful goals like a safari next June or a vacation house on the lake. These salespeople also have a plan to reach their personal goals with activities, a timeline, and a system to track their progress. Usually, their goals are non-negotiable, however, their plan to reach them may shift as needed. The OMG evaluation identifies these traits and you need to know these when you are hiring.

Sales Action Plan Ideas

“You do not decide your future. You decide your habits and your habits decide your future”- F.M. Alexander. This post is about how to make an action plan for sales but just a few comments about the goal-setting process. We recommend starting with way too many goals, in fact around 100, so that you think broad and deep and expand your thinking. Then categorize those 100 goals into types such as personal, business, spiritual, wellness, etc. After, boil them down to the top 12 non-negotiable goals with details and timelines, and don’t forget to set your BHAG (big, hairy, aggressive goal). This is the one goal that is really shooting for the stars. If you want to know more about the goal-setting process for your company or personal purposes, reach out and we will share the Extraordinary Goal Setting Process.

Here are the 8 steps for your Sales Action Plan:

1. Establish your personal goals
2. Create a Success Formula for new business
3. Determine your key initiatives
4. Establish your Smart numbers – your key measurements for success
5. Figure out what you should Start and Stop Doing
6. Create your sales & marketing plan
7. Review, respond and redirect as needed
8. Don’t forget to celebrate your success!

For more details on this approach, you can download our Sales Action Plan template today and get started. Remember, the best time to plant a tree is today so get started now growing your sales action plan and results.

Do your lenders provide your prospects and clients with the consultative financial and business advice that establishes value and makes you rate-resistant?

One of the areas where we are spending a significant amount of training time in 2022 is on sales negotiation strategies, value-based selling, as well as sales negotiation techniques.

As a 29-year-old sales training company dedicated to serving the needs of financial institutions, we have learned much about the challenges that confront those institutions on an almost daily basis. From concerns around regulations to concerns around declining net interest margins to concerns around intense competition, it is fair to say that times have been quite challenging. And now in 2022, we are likely to see several rounds of rate increases that will provide another challenge to profitable loan growth.

One of the areas where we are spending a significant amount of training time in 2022 is on sales negotiation strategies as well as sales negotiation techniques. And based upon my numerous conversations with CEOs and Presidents, the ability to sell value has become quite a conundrum. The leader gathers his or her lenders together for a meeting and says the following with passion: “We are better than our competition so stop cutting rates to get deals done.”

The reaction to this is almost always the same. The lenders smile and nod their heads in tacit agreement. Then after the CEO walks out of the room, the lenders have the meeting after the meeting where they commiserate and ask each other how long their CEO is going to spend on Fantasy Island. After all, it is brutal out there in the field. And the thinking goes if they don’t match or beat rates then it will be all but impossible to win deals.

All of that leads me to want to talk about working the “right end of the problem.” The knee-jerk reaction is to focus on negotiation training and that is not a bad thing. But the right end of the problem means recognizing where the problem is really starting and that is during the very first sales call or conversation. What’s the problem? Simple – the lender is not providing any value as they speed through the process with the prize being able to send the prospect a term sheet. And since the prospect does not see or experience any value…because the prospect is not taken through a differentiated experience…and because rates are easy to understand and compare, the prospect simply decides to use rate as their yardstick in comparing the difference between the available options.

The key is to add value early in the sales process by tailoring your message for resonance. Differentiate yourself from your competition by taking a consultative sales approach. Get the prospect to wonder why other banks have never asked them the questions you are asking them.

After all, the main reason why lenders don’t do a very good job of defending value is quite simple. It is hard to defend something that was never provided in the first place. Time to start working on the right end of the problem – how your bank and your lenders can differentiate and provide your prospects and client with the consultative financial and business advice that makes you “rate-resistant.”

Top producers have mastered many skills. However, we know that all salespeople, including top salespeople, still struggle with 3 primary sales challenges.

Selling is not for everyone but for those “elite” salespeople, it is a most rewarding career. These top producers have mastered many skills including positioning their value to prospects and clients, as well as following a stage-based sales process. Additionally, we know that all salespeople, including the cream of the crop, struggle with 3 primary sales challenges

Sales Challenge #1: Differentiating– how to be Unique

Everyone in selling has been taught the elevator speech, the 15-second commercial, the value proposition, the positioning statement, etc.  You know it's supposed to describe what you do: 

• "I help companies like yours manage their insurance risk." 
• "I sell customized clothing to busy executives."
• "I own a CPA and tax consulting practice specializing in the needs of companies that generate between 5 and 10 million dollars in revenue".

Sound familiar? That's the problem. There is nothing unique about the approach from any one of these statements. That is why being unique is one of the biggest sales challenges.

You have to give the prospect a compelling reason to keep listening. What you say should cause the person with whom you are talking to respond either verbally or mentally in one of three ways;

1. That's me.
2. How do you do that?
3. Tell me more.

When creating your “unique sales approach” (USA) or elevator pitch, answer the following questions;

• What people or companies have chosen to do business with you/your company?
• Why did someone buy the product/service that you offer?
• What problem was it that they wanted to solve? 
• What benefit were they looking for that they weren't getting?

Here are a few examples:

• Insurance: "I provide people buckets of money in the right amount, at the right cost, and at the right time." (How do you do that?)
• Banking: "My clients are companies that discovered that working with a bank should be more than just a place to get money or leave money." (Tell me more.)
• Accounting: "I'm in the business of helping small businesses that are sick and tired of sending the government more money and keeping less." (That's me!)

Sales Challenge #2: Selling consultatively

Consultative selling is a vague term which is why it’s one of the biggest sales challenges. The OMG sales evaluation, the top sales assessment tool for 11 years, has identified these 9 specific attributes for consultative selling:

1. Asks “great” questions. These are questions that help uncover a problem or opportunity. They should not cause you to go into presentation mode.
2. Asks “enough” questions. Do you dig down beneath the surface to understand the impact of the problem on their personal or business situation? Do you stop when you think you have enough to put together a proposal or continue to drill down?
3. Develops strong relationships. This goes beyond the chit-chat to a place where real trust develops. It is a process, not an event.
4. Presents at the appropriate times. Sometimes it doesn’t make sense to present and, other times, we get ahead of the prospect.
5. Uncovers issues. Skilled salespeople uncover real problems that exist or might come about if the situation is neglected.  It is understanding your prospect's business challenges beyond the “product” you might offer.
6. Understands how prospects will buy. Remember, it’s their process; however, your questions can help drive self-discovery and urgency.
7. Takes nothing for granted. Elite salespeople understand that at any time, things can go south – they always have a bit of skepticism. It is a process to build a relationship-based solution.
8. Asks tough questions. Anyone can ask the layups; prepare to ask questions even when it is uncomfortable.  That is really the best way to establish yourself as a trusted adviser but it takes courage.
9. Listens and asks questions with ease. Listening does not mean waiting for your turn to talk.  Listen to understand what the prospect is really trying to tell you and then ask your question to clarify what you heard.  Don’t assume you know.

Sales Challenge #3: Knowing when it’s over

What do all salespeople struggle with the most? They have a difficult time recognizing that their pursuit of a prospect is over (even when the prospect hasn’t told them in those exact words). Most don’t want to entertain the possibility and that is why it is one of the biggest challenges in sales. But, why? I mean, it’s not like it has not happened to them before.

One of the most frequently asked questions we receive is; “how do I/we increase sales” or “how do I become more successful in sales?” And the best answer I have is that you get better when you recognize two fundamental truths:

1. You are going to lose more often than you win.
2. When you are going to lose, you want to lose early.

Stop dreaming and start asking questions. Ask questions that allow you to confirm that your prospect has a problem they have to fix and that now is the time to fix it. Operate with a bias for disqualification so you are not so surprised when the conclusion is it’s time to move on. No is ok provided you hear it at the right time in your sales process.

We have identified the four Cs of great salespeople and how mastering these traits will lead to better relationship selling and advanced selling skills.

This week we are focusing on the critical trait of Charisma and how being able to attract, charm, and influence those you engage with will help you be more successful. 

Three weeks ago, we kicked off a blog series focusing on the four Cs of great salespeople. So far, we have covered curiosity, confidence, and courage. Last week we focused on courage and the two primary challenges salespeople face that require them to be boldly courageous. One of those challenges is when a salesperson must provide pushback or challenge a statement that a prospect has made. Secondly, walking away from a piece of business when it does not qualify or fit.

This week we are turning our attention to the trait of charisma. Great salespeople are usually quite charismatic. The questions worth asking are twofold: 

1. What is charisma?
2. Where do you go to get charisma if you don’t have it?

Let’s start by defining charisma. It is the quality of being able to attract, charm, and influence those around you. It is generally very easy to identify when someone is charismatic. The challenge is being able to pinpoint the skills or qualities that charismatics have that others do not.

Charismatic people are very interesting to be around. I love the coaching I once received that reminded me that to be interesting you must first be interested. As in being interested in the person you are meeting with (at least more interested in them than you are in telling them about you). How much time are you currently devoting in your pre-call plan to identify the questions you intend to ask your prospect that will convey that you are genuinely interested in them and their problems?

In terms of question #2 above, I don’t know of a place you can go to obtain more charisma. Like your IQ, which is typically fully set around the age of 20, charisma is similar. Some people are simply more charismatic than others. But don’t let that deter you. You can still improve your ability to attract, charm, and influence the people around you. All you need to do is to be interested. That may lead your prospect to find you to be interesting (if not even charming).