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Declare Independence From Your Own Obstacles

Posted by Walt Gerano on Fri, Jun 21, 2019

As we approach the upcoming Fourth of July holiday, our own Walt Gerano shares his thoughts regarding the obstacles holding us back from experiencing the sales success we desire.

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243 years ago, 13 colonies declared themselves as newly independent sovereign states and no longer a part of the British Empire. Instead, they formed a new nation—the United States of America.

Have you declared your independence from the things holding you back from experiencing the success you desire?

When you look at your business today, you might agree that you need to prospect more consistently, qualify better and know when to move on from a prospect. But you still have opportunities in your pipeline that are stuck. The question is why and what are you going to do about that?

Why don’t you prospect more consistently

  • You don’t have enough people to call on.
    • When was the last time you asked for an introduction or spent meaningful time on LinkedIn?
  • You don’t have the time.   
    • What activity is more important to the growth and success of your sales practice than prospecting? Schedule prospecting time first.
  • You are fearful of rejection. 
    • Rejection is nothing compared to failure.

What about qualifying?

  • Do you prepare with a pre-call plan for every call to make sure you know how you will get the answer to the question; “why am I here?” (First question you should ask on a call)
  • Are you ready for the curve balls? Those are the annoying questions that you wish they didn’t ask.
  • How and when will you deal with the incumbent?

Why are “opportunities” stuck in the pipeline?

  • Does the prospect really have enough PAIN to move forward and make a change?
  • Do they have the money to fix the problem?  Did you even ask about it?
  • Are you meeting with all of the decision makers prior to presenting your solution?
  • Have you dealt with the “return of the incumbent?”

There is nothing here that you don’t already know. It’s the middle of the year so take a few minutes and evaluate where you are and what you will do about it.

Claiming your independence requires nothing compared to what was sacrificed all those years ago. Let’s remember this week what was at stake and what an incredible gift their fight and sacrifice is to this day. God Bless America.

Topics: qualifying prospects, freedom, sales prospecting, getting sales decisions

March Madness Thursday and Selling

Posted by Tony Cole on Thu, Mar 21, 2019

The sales process, albeit its own animal, shares certain similarities with the monster that is March Madness.  From prospecting, qualifying, taking the big shot, closing, assessing the opportunity to win, and much more, selling and sport's greatest tournament are linked in more ways than meets the human eye.

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This might be the biggest stretch ever in the history of my blog. How can I possibly tie the NCAA Basketball Tournament (also known as March Madness) to selling? Honestly, I’m not sure…so I will be making this up as I go. Let me begin by setting the stage for selling and how I see it is similar to the event of March Madness.

  • Prospecting > Games that are played by all Division I teams throughout the year.
  • Qualifying > Selection Sunday – based on performance of the teams, 68 teams qualify to make the tournament.
  • Assessing the Opportunity to Win > Selecting your teams from the ‘brackets’ that you think have the best chance to win OR the teams you want to win OR the teams you think will be the upset and give you a chance to win the office pool.
  • Presenting > The Madness begins on Tuesday and Wednesday night in the "First Four" games.  On Thursday, the real fun begins, with a full slate of 16 games where the participating teams play their hearts out, and let the ball bounce where it may.
  • Closing > In some cases, the game is over before it begins (or so it seems that way).  In other games there are more questions that need to be answered (Overtime) before a victor is declared.  In some cases, an unexpected outcome – an upset – a 16 seed beating a 1 seed (looking at you - UMBC - and you, Virginia!)
  • Get a decision > The loser goes home while the winner savors the victory before facing the next big challenge.

And as Paul Harvey used to say, “And now… the rest of the story.”

Think about some of the outcomes of the presentations you’ve made where you were the top seed, or where you were the one in the game with all the right things in place to help you win the business. You have the talent, bench strength, great coaching, and preparation in place.  You have presented to the prospect what you said you would present but then… in the final seconds… someone throws up a “buzzer beater” and there goes your sale.

What happened?

  • The prospect let the incumbent come in and they matched my price.
  • I couldn’t get underwriting to change a covenant.
  • They took it to the decision maker and that person didn’t want to change
  • They said it was too expensive
  • They are thinking it over
  • Etc. etc. etc.

And just like in the ball game, it’s easy to point to the last play in the game that seals the upset – RJ Hunter’s 3 pointer with less than 2 seconds left to win the game for Georgia State comes to mind:

But, when the losing coaches review the game tape with their team, they point out to their players that there were several opportunities that, if the team had performed better ordifferently, the outcome would not have come down to the last shot.

The same is true in selling. It hardly ever comes down to the last shot when determining if you will win or lose the game:

  • Matching price – You should have uncovered earlier who was going to win a price tie.
  • Changing covenants – You should know beforehand the exact specs you need to get the deal done and, if you cannot meet those specs, you don’t present.
  • Decision making – You should know the decision making process before presenting.
  • They said it was too expensive – Why didn’t you know the budget before you presented?
  • Think-it-overs – You must eliminate this as an option when discussing the decision making process.
  • Other – Uncover in advance what can go wrong and deal with those things prior to attempting to present and close.

As the sales manager/sales executive, it is your responsibility to:

  • Put the best possible team on the court.
  • Make sure you have provided your team the resources they need to win.
  • Prepare them with a solid strategy to win.
  • Practice what you expect them to perform.
  • Debrief after they perform so you can help them change behaviors and improve skill

Once you do your job, and you do your best to make sure they are doing their job, then get them on the court and see where the ball bounces.

Additional Resources:

Sales Management Environment – Building the structure to improve your chances for winning.

Sales Talent Acquisition Routine – Hire Better Sales People - get the right people to come to your team to play and WIN against the opponents in your market.

Goal Setting and Business Plan Development – Build a foundation so that your team has the required internal motivation to win in all market conditions.

Topics: Selling, sales prospecting, closing sales, march madness

5 Really Important Sales Concepts - Today's Lesson - Be Unique

Posted by Tony Cole on Mon, Nov 12, 2018

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In our sales training classes, we spend a great deal of time on the appropriate "attitude" required to be successful in selling. With the right attitude, you can count on consistently executing the required conduct and sales techniques to be successful.  I once heard another sales development expert explain that "sales technique is just a change in language.  You already have a sales language; it just may not be as effective as it could be."  (If you want additional information on "attitude", you can find more posts in our blogs.) 

Today, and for the next 4 days, I am going to focus on 5 really important sales concepts.  You can also call them "techniques" but sometimes problems occur when someone tries to duplicate the exact technique that a trainer uses.  For example, if your facilitator is from the northeast part of a country where the communication style is a little more direct, faster paced and some would describe as "aggressive", but you are a mid-westerner, then you may find yourself failing to bond well with prospects, not because of what you have said, but more because of how you said it.  So, for that reason, we'll focus on the concepts and let you develop your technique. However, with that in mind, don't let your "record collection" or "need for approval" get in the way of executing the concepts. (There I go again- back to attitude)

Today's lesson:  Be unique.

You have your elevator speech, your 15-second commercial, your value proposition, your positioning statement, etc.  It doesn't matter what you call it.  The concept is this:  Have a concise way to describe to someone what you do when you first meet him or her.  Here's the problem.  Everyone in selling has been taught the elevator speech, the 15 second commercial, the value proposition and 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. Here's the rule about the concept:

What you say should cause the person with whom you are talking to respond either verbally or mentally in one of three ways.  You have to give the prospect a compelling reason to keep listening. When you deliver whatever it is, they should respond with either:

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

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!)

The idea is to think about what people or companies have chosen to do business with you or your company or why they buy the product and service that they have bought from you. What problem was it that they wanted to go away or solve?  Or what benefit were they looking for that they weren't getting?  Take that information and create your "unique sales approach" (usa).

The technique:  Before you deliver your "usa", you may want to start by telling the person that you are talking to that it is easier to describe what you do by asking a couple of questions. "In a nut shell, what I do is...(deliver your usa)" and close by asking, "May I ask you a question?"

By the way, I work with presidents and CEOs that have at least 10 sales people, generate more than 10 million dollars a year in revenue and want more consistent and predictable sales revenue growth.  If you know anyone that might say, "that's me", send them my way.

Thanks in advance.

DOWNLOAD our FREE eBOOK -   Why is Selling So #%&@ Hard?

 

Topics: sales attitude, improving sales, sales prospecting, sales techniques

Why Prospects are Like Fruit

Posted by Tony Cole on Fri, Feb 17, 2017

Years ago, while attending the Objective Management Group International Sales Conference, Dave Kurlan, president of OMG, talked about how to effectively manage opportunities through the pipeline.  He made the analogy that prospects are like fruit and vegetables in the produce section of your local grocery – they are all perishable.

“In The End, We’re All Just Fruit” – Watch the video!

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That phrase has stuck with me all these years, and we continue to reference it when we are presenting our Effective Sales System (this article has 2600 views – it’s worth reading) workshops and when we are working with our new clients for hirebettersalespeople.com. 

NOT EVERYONE HAS THE SAME "SHELF LIFE"

Prospects:  They have a shelf life just like fruit: some of them a little longer than others.  Bananas – not so long, apples and mandarins a little longer, potatoes – not forever, but if they start to sprout, you can at least plant them in the ground and get more potatoes.  The bottom line is that none of them last forever.  You need to either eat them or find a way to preserve them for later.

As you go about looking at the shelves (prospecting in the market) for the produce you need for tonight’s meal or for meals over the next couple of days, you need to be somewhat selective so that the food you select today is fresh enough for cooking and or consuming over a short period of time.  I can buy a bag of potatoes and probably use them in two weeks.  Buy a bunch of bananas and we’ll need to eat them soon or else next week we will have to turn them into banana bread.

WHEN IT'S TIME, IT'S TIME

The same holds true for prospects relative to their buy cycle.  They are not in that cycle forever. Depending on what services you sell, they could be off the shelf in a week.  They may be in the looking, considering, “thinking about” cycle for a while, but once they decide to buy – it’s time to buy!

Years ago, I was in the market for a new vehicle.  The Chevy Avalanche had been out for a couple of years and I knew, when the day came, that was going to be my purchase. There is a Chevy dealership just down the road from my house in Montgomery, Ohio where I had purchased vehicles in the past from the manager Bill Wentzel.  When the day came – my lease was expiring – I went to Bill, told him I had a check in my pocket and would like to test drive the red Avalanche. I asked him if he would get me a salesperson who wouldn’t get in the way and just let me buy.

Two hours later – that’s because the paper work takes that long- I drove off of the lot in my new shiny red Avalanche.

***Note to bankers, advisors and insurance sales people***  
Your prospects are ALWAYS in the market.  EVERYONE you sell to is using, consuming and/or shopping for the services you offer.  Your timing has to be good, but it doesn’t have to be great. What has to be GREAT is your constant contact with them so that, when they are ready, you are top of mind.

 

DON'T LET PROSPECTS PERISH

Here is my real point.  When going out into the market, you can find yourself wasting your time with produce/prospects that aren’t quite ready or are already past their prime time for consumption:

  • Potatoes too green
  • Bananas too green
  • Tomatoes too yellow
  • Peaches too mushy
  • Stickers on meat packages that say “reduced”
  • Just renewed my insurance
  • Our lease expires in 11 months
  • We have to wait until this election is over

If you want to close more business, more quickly at higher margins, then find the highly perishable prospects – work with them on solving their problem. Present a solution to them and get them off of the shelf.  Do not neglect the potatoes, bananas, tomatoes or green beans; continue to check on them, plant them in your database (your CRM) and, when the time comes to make potato salad, they will be ready.

Additional Resources:

How Effective is Your Sales Process?

Do You Need Better “Shoppers” (sales people) Who Won’t Perish? Sales Mistake Calculator

How to Determine a Qualified Prospect – Post-Call Checklist/Scorecard

Topics: Pipeline management, sales prospecting, closing sales

5 Sales Activities that Lead to Success: Are Your Salespeople Assertive Enough?

Posted by Tony Cole on Fri, Dec 30, 2016

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Assertive (not aggressive) salespeople win more business than others.  They care so much about doing the right thing for their clients that they are willing to risk the relationship and the deal in order to make sure the prospect or client makes the right decisions.  Does that describe your people?  Are they assertive?

When we say assertive, what do we mean?  What sales habits do assertive and successful people do day in and day out?  In 2010, I wrote a blog entitled 5 Direct Sales Activities That Lead to Sales Success that has been one of my highest readership blogs.  I went back and reviewed and here are the five steps:

  1. Activities that lead to getting names - networking, speaking engagements, sponsored seminars, meeting with centers of influence and/or asking for introductions
  2. Calling a suspect on the phone for an appointment
  3. Conversations and meetings to qualify a suspect
  4. Gathering additional information that leads to a presentation meeting
  5. Presentations/pitch meetings that lead to decisions

Steps 1 and 2 have changed dramatically in the last 6 years.  Social selling and the evolution of the buyer’s process utilizing all of the multiple channels of information has completely changed the process of prospecting for business.  Step 2 - getting a suspect on the phone - is virtually impossible with voicemails and phone trees.

Our Own Prospecting Case Study

Earlier this year, we decided to test the waters for our hiring business solution, www.hirebettersalespeople.com.  We had some initial success right off the bat with our launch in January of 2016, but then activity seemed to cool down.  We purchased a local lead list based on company size and title and I began calling.  Here are the calling results:

  • 66% of the dials took me directly into a recorded phone tree
  • 25% of the calls took me to a receptionist who was very helpful and informative but transferred me to voicemail
  • Of the remaining 9%, I had in depth conversations with 3 people, met with one and generated one sale from that contact

3 people fit our profile; I met with 1 and sold that one… but not to help them hire better salespeople, but rather to help them test, train and track some of the salespeople that were not “hitting their weight”.  The second was not interested at the time and the 3rd introduced me to someone in the home office. That contact has put us in the middle of negotiations for a 5-figure initial engagement.

I tell you that story to make the following points about step #2:

  • Calling prospects on the phone doesn’t work like it used to.  
  • It requires more attempts and effort than ever before - you have to have a different tactic and message to differentiate yourself.
  • Once you make contact, you have to be extremely good at what you do and have a compelling reason for people to listen and stay on the phone. THAT is where being more assertive makes a difference.

Steps 3, 4, 5:  How to be More Assertive at Qualifying, Presenting and Getting Decisions

In our primary markets of financial institutions, investment services and insurance brokerage, we ARE the resource for sales growth solutions.  We coach our clients on the fact that the reason for either their sales growth or loss is due to their peoples’  1) effort or 2) execution.  But what does assertiveness have to do with Effort and Execution of steps 3,4 and 5?  In a word, EVERYTHING.

Steps 3,4, and 5:

  1. Conversations and meetings to qualify a suspect
  2. Gathering additional information that leads to a presentation meeting
  3. Presentations/pitch meetings that lead to decisions

In each one of these steps, the skill of asking the right questions, the right way, at the right time is critical.  In our selling system, we explain that -  in order for a prospect to qualify - they must:

  1. Have compelling reasons to buy, make a change, do something different
  2. Have the capability and willingness to invest the right time, money and effort required for the purchase/change
  3. Be in a position of decision making and be able to make the decision to find a solution to the compelling (have to fix) issue,  can make the money decision, can leave a current or add to a current relationship, and say yes or no.

There are lots of questions that need to be asked in order to find out if the prospect qualifies in these three areas.  Some of these questions require a sales person to be assertive.  Questions such as:

  • How will you go about telling your current broker/banker/relationship that you are no longer going to do business with them?
  • If you don’t have the money, how will you solve the problem?
  • The budget you have won’t be enough to get you the outcome you want. What part of the solution do you want to eliminate?
  • What will you tell your partner when they say they don’t want to make the change?

Additionally, sometimes statements are required that would be considered counter-intuitive to selling, gutsy and risky.

  • Based on our experience and deep domain knowledge about your business, your best action to take would be this: ________.  If that doesn’t seem to work for you, then there’s a possibility that we won’t be a good match.
  • If I treated my clients the way you’ve been treated, then I would expect to be fired.
  • When we finish our presentation, solve all of the problems you’ve asked us to address within your budget and answered all your questions, I’ll need for you to be in a position to make a decision on whether we’ll do business together or not.
  • Maybe the most important thing for you to consider is “fit”.  If there isn’t a fit between our two companies, then our products and pricing really don’t matter.

Imagine for a second that you had salespeople that were gutsy enough to have these types of conversations. What would happen?  You might fear that you would lose more business. But… suppose that wasn’t the case.  Suppose by being more assertive and gutsy, your salespeople eliminated tire kickers earlier.  Suppose this lead to the elimination of “think it overs” and actually got people to decide.  Imagine for a second that your salespeople stopped making presentations to people who could only say “no” and never had the authority or intention of saying “yes”.  What would happen?

Your people would sell more, more quickly, at higher margins.  They would stop wasting time, stop getting delays, stop being shopped by a prospect that was just trying to keep a current provider honest.  

Here’s How Sales Managers Can Get Their Salespeople to be More Assertive

Sales managers must hold their salespeople accountable to the right level of sales activity.  To do this, you must have a success formula and a well-defined sales process so that you can identify where the choke points are for individuals when they fail to close “sure thing” opportunities.  You must also have a pipeline tool that actually helps you predict the possibility of an opportunity closing rather than a tool that just reports that there is activity in the pipeline.  And, finally, you must have a full pipeline – an anemic pipeline makes cowards out of salespeople. These are the tools you will need to help your salespeople be more assertive and close more business, more quickly, at higher margins.

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Topics: sales competencies, sales management, sales prospecting, Sales Strategies, asking sales questions

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    About our Blog

    Founder and CLO Tony Cole has been working with financial firms for more than 25 years to help them close their sales opportunity gap.  He is a master at using science based data and finely honed coaching strategies to help build effective sales teams.  Don’t miss his weekly sales management blog insights.

     

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