S&MM SoundOff

It's All About Timing

I was recently reminded how important timing is in sales. You can approach a potential prospect with the greatest idea in the world but if your timing is off, you likely won’t move forward in the sales process. This presents a potential problem because if a competitor approaches your prospect when they ARE ready to buy, then you will miss out on a valuable sales opportunity.

 

So, how can you manage this? You certainly can’t be calling your prospect every week to ask them if they are ready to meet or move forward. You can’t read their minds (at least I know I can’t!). And you can’t rely on them to call you when they’re in the position to buy.

 

Here’s a simple concept that can help: develop a plan to keep your name in their mind. Here’s what you do.

 

Develop a file or repository of valuable, industry-related information and regularly send your prospects something. At least monthly, perhaps every couple of weeks. Use a variety of approaches including; email, snail mail, fax, voice mail, courier, and face-to-face contact. This keeps your name in their mind while demonstrating that you are a resource, not just a supplier.

 

One word of caution: this strategy requires forethought and planning. It’s easy to start and difficult to maintain. The key to results is to keep the plan in action.

 

Get your FREE copy of 100 Ways to Increase Your Sales by subscribing to Kelley’s free newsletter, “59 Seconds to Sales Success” at www.Fearless-Selling.ca.

Kelley Robertson, author of The Secrets of Power Selling helps sales professionals close more sales at higher profits. Kelley conducts workshops and speaks regularly at sales meetings and conferences. Contact him at 905-633-7750 or Kelley@Fearless-Selling.ca.

Yet Another Reason to Forget 2009

While its overall finding doesn’t necessarily come as a shock, a new study released this week by CSO Insights illustrates just how bad of a hit sales performance took in 2009.

For its annual Sales Performance Optimization (SPO) study, the research firm surveyed over 2,800 companies worldwide to gauge their sales teams’ effectiveness and response to external challenges. The results, to put it mildly, weren’t pretty.

In 2009, the percentage of sales reps making quota dropped to 51.8 percent, down from 58.8 percent in 2008. Overall revenue plan attainment dropped from 85.9 percent to 77.9 percent as a consequence.

Alas, such drops may have been inevitable: According to the study, many companies financially handicapped their sales teams, with 67 percent of respondents saying they froze or reduced lead generation budgets. The overall training investment per sales rep also decreased by 13 percent.

And yet, paradoxically, 86 percent of surveyed companies reported increasing their 2009 quotas at the end of ’08. With 85 percent of respondents repeating this trend for 2010, it’s likely increased investments in sales will be needed to accommodate the higher quotas.

Is That a Real Objection?

People are often mislead by a request for information, a condition of sale, or a block or stall. Many sales people mistakenly think these are objections when, in fact, they are not. Here’s the difference:

 

A request for information is simply that. The buyer wants additional information to aid them in making a decision. The challenge is that many times it comes across as an objection because of the way it is presented by the buyer.

 

A condition of sale is an element of the decision-making process that you have no control over. The most common example is when a person wants a specific product feature or perhaps a service that you don’t offer. It won’t matter how much you try to overcome that issue, if the buyer is set on having that particular feature or service, you will not likely close the sales.

 

Lastly, a block or stall is usually an excuse to postpone or avoid making a buying decision. You will frequently hear this expressed as, “I need to think about it” or something similar. This is most often a result of failing to effectively position your solution.

 

Listen carefully to what people say. If it sounds anything like these chances are you are not dealing with a true objection. If you are unsure, ask an additional to clarify before you automatically start offering a solution.

 

Kelley Robertson helps sales professionals close more sales at higher profits. Receive a FREE copy of 100 Ways to Increase Your Sales by subscribing to his free newsletter available at www.Fearless-Selling.ca. For information on his programs contact him at 905-633-7750 or by email.

Selling to Government: Getting the Most from a Pre-bid Conference

This morning, I attended a mandatory pre-bid conference for a client.  The project is a massive undertaking—one of the largest of its type in the country.  As I sit in the airport waiting for my plane home, I thought it might be interesting to describe some of the lessons we’ve learned over the years on attending pre-bid conferences such as this one.  Here are a few things to keep in mind:

Get there early.

You never know exactly what you’ll encounter with these types of meetings.  Parking may be tight.  Facilities and seating may be limited.  Get to the meeting at least 30 minutes prior to stake your claim at the table.  Interrupting the session because you are late is not the way to make a good first impression.

Dress well.

Even though you are not making a presentation, dress as if you are.  Again, first impressions count (for prospects, potential partners and competitors).   It may not make or break a deal, but why not command the most respect possible and let them know you're serious?

Strike up a conversation.  Work the room.

It’s interesting to watch how people act when competition is thrown together in a small room.  Many people choose to keep to themselves or huddle solely with their own group.  Break the mold and introduce yourself.  Sure you might be talking to a competitor.  Who cares?  You may realize some benefit down the road of making the connection.  And, if you are looking to serve as a subcontractor, don’t be bashful.  Stepping out is a great way to identify teaming opportunities.

Have questions ready.

Asking intelligent questions illustrates you’re prepared, serious and knowledgeable (of course, asking stupid questions probably has the opposite effect).  Do your homework with the RFP.  Even if you never get the opportunity to ask, you’ll be prepared.

Be prepared to submit your questions in writing after the meeting.

Some pre-bid conferences will go into detail and allow deep technical questions.  Others will stay at a high level and expect you to submit questions in writing (the latter is particularly true when prospect agencies are not comfortable with the project).  Don't be frustrated with this process.  Craft your questions carefully and you'll be prepared either way.

Don’t ignore junior people in the room.

When scouting for teaming opportunities in a pre-bid meeting, it’s often easy to bypass the young, junior professionals in favor of the seasoned senior-level people.  You might find, however, that the younger representatives are more forthcoming with information (or at least lead you to a great introduction).  Such a moment occurred today as I noticed a young man wearing the logoed shirt of a company that could make a great potential partner for our client.  I snagged him as he walked by and told him why we were there.  Within minutes, my team was being introduced to the company’s lead account executive. Our client is well positioned to fill a needed gap thanks to a junior-level guy. 

Don’t make the buying organization look bad due to oversights in the RFP.

Invariably, mistakes in the RFP document will be made, or confusing--possibly conflicting--statements may be made.  Do not hesitate to ask clarifying questions (if given the opportunity), but watch your tone and demeanor when doing so.  Some vendor representatives seem to delight in surfacing these inconsistencies.  While I suspect their motive is to appear knowledgeable and discerning, they come off as being critical “know-it-alls.”  The lesson:  don’t let your ego outpace your brain.

None of these tips on pre-bid conferences are earth-shattering.  However, applying them just may open new doors or provide a competitive edge.  We could all use a little more of that.

All the best,

Lorin

Rick and Lorin help companies increase government sales and marketing effectiveness through their firm, Galain Solutions, Inc.  For a FREE report entitled “Five Sales Rules to Break when Selling to the Government” email info@galainsolutions.com or visit www.galainsolutions.com.

Is Email Costing You Money?

In today’s technology driven world it’s easy to fall into the trap of relying on email as your primary mode of communication. In fact, it’s not unusual for coworkers in the same office to communicate by email even though the sit just a few feet away from each other. And, sales people certainly use email in their day-to-day dealings with prospects and customers.

 

But, could email actually be costing you business?

 

I was recently talking to someone about conducting a teleseminar. We had spoken on the telephone, and afterwards, I sent an email. He responded and I replied a couple of hours later. Several days passed and I did not receive a response so I sent him another email. Still no answer. Out went another email (you’d think I would change my approach!). No reply. So, I made the fatal mistake of assuming he was no longer interested and I stopped trying to contact him. That was a big mistake. As it turned out, he had not received my subsequent emails and since I hadn’t bothered to connect with him via the telephone, an opportunity was lost.

 

Email is a great tool. However, if you rely too much on this form of communication there is a good chance that is costing you money in the form of missed sales.

The Call Continues…

At risk of bombarding you folks with yet another call to write for us (I’m starting to feel like Mike Rowe on “Dirty Jobs”), I’d like to make you all aware of…er, another opportunity to write for us.

Here’s the deal: We have a white paper in the works, scheduled for publication in early May, focusing on the healthcare and pharmaceutical industries. Assuming your sales and/or marketing expertise pertains to that subject matter, and further assuming you’d like to try your hand at this writing gig, we’d love to hear your ideas. We’re looking for case studies, bylined trends articles, and (on the non-writing front) possibly a Q&A subject or two.

If any of the above sounds like your cup of tea, drop me a line at jeremy.cohen@nielsen.com and I’ll fill you in on the applicable details.

Fixing Organic Growth Goofs

Let’s face it: Especially in the current economic climate, encouraging organic growth —the development of new products and services to win over new customers and retain old ones—makes a whole lot of sense for B2B companies. Unfortunately, an alarmingly large number of businesses seem to go out of their way to screw up the process.

Dan Adams, author of “New Product Blueprinting: The Handbook for B2B Organic Growth,” has identified seven common mistakes B2B companies commit. Luckily he also provides some straightforward fixes:

1. Ask your customers what their needs are—just don’t invent ones that fit with your solution. After all, customers can sense when you’re not truly interested in them, which obviously won’t do wonders for your long-term relationship.

2. Owing to multiple factors (an inability to reach true decision-makers, for instance), sales reps can’t be relied on exclusively to uncover market needs. But when paired with marketing and technical colleagues…that’s another matter altogether.

3. By the same token, voice-of-the-customer (VOC) consultants shouldn’t be allowed to exclude sales reps from interviews due to the belief they can “sell but not listen.” By doing so, your company wastes a valuable asset.

3. Rather than just relying on a few internal VOC experts to interview customers, train a large group of employees who routinely interact with customers how to obtain information about their needs.

4. Instead of relying on traditional VOC methods like questionnaires, tape recorders, and post-interview analyses better suited for consumer goods, try engaging your B2B customers in a peer-to-peer dialogue. Give them the leeway to lead you to their areas of interest.

5. When measuring customer satisfaction, opt for quantitative over qualitative data. It’s far too easy for an interviewer to selectively offer up customer quotes supporting his bias and assumptions.

6. Since a B2B company’s product can end up as part of an immediate customer’s product (or part of their customer’s products), focusing exclusively on the immediate customer is a mistake.

7. Don’t neglect competitors during the product development process. If a competitive offering provides the same value as yours, you’re doomed from the get-go.

        

Keep the Competition Out

I don’t know many businesses that have LESS competition than a few years ago. And many of these competitors are beating at YOUR customers’ door in an effort to get their business. Here are three strategies you can employ that will help you keep your competition from gaining a foothold.

 

1.       Increase face time. You don’t need to increase the number of appointments sales calls you make. Instead, think of networking events, conferences and trade shows your customer’s may attend and make arrangements to be there too.

 

2.       Increase touch points. Increase the number of times your customer receives contact from you. This can include; email, telephone, face-to-face meetings, direct mail, etc. Many of your customers will accept more contact from you. The key is to provide some type of value in each of these contacts.

 

3.       Increase the value you bring to the equation. Every time you see, meet, connect or interact with a customer, make sure you add value to the interaction. Industry insights or information to help them achieve their goals and objectives or trends in the marketplace can all add value.

 

Although these strategies sound simple, the execution requires planning and forethought. However, the investment will pay off when your competitors hear, “We love our vendor.”

Get your FREE copy of 100 Ways to Increase Your Sales by subscribing to Kelley’s free newsletter, “59 Seconds to Sales Success” at www.Fearless-Selling.ca.

 

Kelley Robertson, author of The Secrets of Power Selling helps sales professionals close more sales at higher profits. Kelley conducts workshops and speaks regularly at sales meetings and conferences. Contact him at 905-633-7750 or Kelley@Fearless-Selling.ca.