selling marketing research sharpen your business development skills
TRANSCRIPT
Selling Marketing Research
Sharpen Your Business Development Skills
Brian Pleet
30+ years sales, sales management and marketing experience
President, Strategico Marketing Group
Large Fortune 100 to smallest entrepreneurial organizations
18+ years facilitation as part-time instructor across Canada
Webinar checklist
Everyone on my team understands and can clearly communicate the unique and compelling value of what we deliver to clients
We have unlimited business development resources available to pursue any potential opportunity that comes our way
Our team of researchers shares a common process and approach to business development that supports senior manager coaching and peers collaboration
All of my current clients provide us exclusive, advance notice of their upcoming market research requirements
We only bid on uncontested projects that allow us to charge healthy, yet reasonable rates for our services
Assessment/Evaluation
Action Plan
Model of sales effectiveness
MANAGEMENT
1. Uncover the client’s “business pain”2. Sell on value, not price3. Use a consistent, systematic sales
process4. Have a documented and measurable
sales plan5. Use customer references as a powerful
sales tool6. Target and prioritize their efforts7. Never take accounts for granted
Habits of Effective Sales Organizations
Habit #1: Uncover the client’s “business pain”
First understand their pain
Give them what they want
Consider your approach to selling
Overcome barriers to listening
Model of sales effectiveness
MANAGEMENTUnderstand their pain
What are their business
challenges and opportunities?
Why are they considering buying anything?
NoYes
Over 90% of customers
state they would like their sales person to be
more of a resource to
them.
Habit #1: Uncover the clients “business pain”
Give them what they want
Habit #1: Uncover the clients “business pain”
Push the product
Take it or leave it! Relationship first
Problem solving
Fo
cus
on
th
e s
ale
Focus on the client
Consider Your Approach to SellingConsider Your Approach to SellingConsider Your Approach to SellingConsider Your Approach to Selling
Habit #1: Uncover the clients “business pain”
Overcome Barriers to Listening
We listen at 125 – 250 words per minute, while we think at 1000 – 3000 words per minute
How much of what we know that we have learned by listening? 85%
Amount of the time we are distracted, preoccupied or forgetful? 75%
How much do we usually recall immediately after we listen to someone talk? 50%
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Habit #1: Uncover the client’s “business pain”
I consistently understand my customer’s pain…5 – Always, I never sell without understanding4 – Usually know “why”3 – Sometimes, I could be more consistent2 – I’m in a hurry, don’t have time to find out1 – Not interested, not my pain!
First understand their business pain
Give them what they want
Consider your own approach to selling
Overcome barriers to listening
1. Uncover the client’s “business pain”2. Sell on value, not price3. Use a consistent, systematic sales
process4. Have a documented and measurable
sales plan5. Use customer references as a powerful
sales tool6. Target and prioritize their efforts7. Never take accounts for granted
Habits of Effective Sales Organizations
Habit #2: Sell on value, not price
Leverage all four buying motivators
Value is “perceived” by the client
Position defines value
Value drivers determine the outcome
Habit #1: Uncover the client’s “business pain”
Improve image
Four Buying Motivators
Save money
Save time
Save effort
TheCompetition
OurCompany
Customer
Their perceived,differentiatedvalue
Our perceived,differentiated
value
Neutralvalue
Habit #2: Sell on value, not price
Perceived Customer Value
Not perceived,as value
Not perceived,as value
Users
Executive
Management
InfluencersBudget/Features- Best price wins!- Focus on yesterday- Survive
Cost/Benefit- Investment vs cost- Focus on today- Success, sustain, political
Value- Vision, plans, challenges, issues- Focus on tomorrow - Resume power
Position Defines Value
Habit #2: Sell on value, not price
Value drivers:1.The seller revealed to the buyer an
unrecognized problem
2.The seller offered an unanticipated solution to a problem
3.The seller created or revealed an unseen opportunity to the buyer
4.The seller contributed to the success of the buyer by offering a range of capabilities
Habit #2: Sell on value, not price
Huthwaite Inc.Huthwaite Inc.
Determine… Willingness to pay a premium
Redefine the buyer/reseller relationship
Erect barriers to the sellers competitors
Establish the seller as a trusted advisor
Habit #2: Sell on value, not price
Huthwaite Inc.Huthwaite Inc.
Habit #2: Sell on value, not price
I effectively position our value…5 – Always, I never have to discount deals4 – Usually, discounting is the exception3 – I could be more consistent2 – Sometimes, I often slip into discount mode1 – Never, discounting is the rule!
Leverage all four buying motivators
Value is “perceived” by the client
Position defines value
Value drivers determine the outcome
1. Uncover the client’s “business pain”2. Sell on value, not price3. Use a consistent, systematic sales
process4. Have a documented and measurable sales
plan5. Use customer references as a powerful
sales tool6. Target and prioritize their efforts7. Never take accounts for granted
Habits of Effective Sales Organizations
Habit #3: Use a systematic sales process
Management nightmare
Inaccurate forecasting
Lost coaching opportunity
Habit #3: Use a systematic sales process
Management Nightmare
Brand inconsistency
Collaboration is rare and ineffective
Questionable resource allocation
Challenging win/loss reviews
“Sales” vs. “Marketing” battles
Habit #3: Use a systematic sales process
Inaccurate Forecasting
Voodoo magic vs. repeatable skill?
Limited confidence and usability
Deals are binary, either won or lost
Combine bottom up and top down approaches
Push accountability down to the best information source
Habit #3: Use a systematic sales process
Habit #3: Use a systematic sales process
Interested
Coached
Qualified
Selected
Active
Reference
Activities
Opportunity
Lost Coaching Opportunity
Interested
Coached
Qualified
Selected
Active
Reference
Activities
What is the symptom?
New rep?
Habit #3: Use a systematic sales process
Interested
Coached
Qualified
Selected
Active
Reference
Activities
What is the symptom?
Qualification?
Habit #3: Use a systematic sales process
Interested
Coached
Qualified
Selected
Active
Reference
Activities
What is the symptom?
Stopped hunting
Habit #3: Use a systematic sales process
Habit #3: Use a systematic sales process
I use a consistent, systematic sales process… 5 – Every opportunity, every time4 – Always, with occasional exceptions3 – Usually, but just as often not2 – I don’t have a consistent sales process1 – What is a sales process?
Management nightmare
Inaccurate forecasting
Lost coaching opportunity
1. Uncover the client’s “business pain”2. Sell on value, not price3. Use a consistent, systematic sales
process4. Have a documented and measurable
sales plan5. Use customer references as a powerful
sales tool6. Target and prioritize their efforts7. Never take accounts for granted
Habits of Effective Sales Organizations
Truths in sales
Plan for success
Map your priorities
Habit #4: Have a documented & measurable sales plan
If you fail to plan, you plan to........
You can not manage results!
You can only manage activities which produce results
You can’t manage without measuring
Habit #4: Have a documented & measurable sales plan
Truths in Sales
Habit #4: Have a documented & measurable sales plan
Assumption
Choice
Plan For Success
Habit #4: Have a documented & measurable sales plan
SEGMENTS
PRODUCTS
PRIORITIES1
2
3
Map Your Priorities
I’m confident using my personal sales plan and territory map…5 – Absolutely, take them to the bank!4 – Completely, not always quick at updating them!3 – OK, I usually achieve my goals anyway2 – Somewhat, sometimes I get lucky 1 – Don’t worry, be happy
Habit #4: Have a documented & measurable sales plan
A moment of reflection
Truths in sales
Plan for success
Map your priorities
1. Uncover the client’s “business pain”2. Sell on value, not price3. Use a consistent, systematic sales
process4. Have a documented and measurable
sales plan5. Use customer references as a powerful
sales tool6. Target and prioritize their efforts7. Never take accounts for granted
Habits of Effective Sales Organizations
Habit #5: Habit #5: Use customer references as a powerful sales tool
Most powerful sales tool is “proof”
Ask for it early
Multiple types and formats
Put clients on your sales team
Warm calls beat cold calls any day
Build a reference letter library
Colour copies... with every sales reps
Attach to proposals
Invite clients as guest speakers
Profile success stories
Client quotes on your website
Nov 19, 1998
AMSP12344 First ST.Vancouver, BCV6T 3R7
Re: Internet Application
Outstanding performance on the application last developed by your company.
We can quantify a 30% increase in revenues as a result of this application.
Regards,
John Smith
Habit #5: Habit #5: Use customer references as a powerful sales tool
“…André and Brian delivered significant value…Their strong facilitation made it a relatively painless, and quick exercise to follow their proven goal, objective, strategy and tactic methodology…”
Drew SchamehornPresidentElite Sportswear Inc.
“…I engaged Strategico to help me develop Alggin’s first strategic plan…The process also helped us refine our ability as a team to hold people accountable for their assignments.”
Gary BianchiniPresident Alggin Metal Industries Ltd.
“ I have taken sales training previously so some of the concepts and techniques were not new. This course however, covered many new concepts that were tremendously valuable”
Jeff Nelson, MBAPresidentAnduro Marketing Group
Habit #5: Habit #5: Use customer references as a powerful sales tool
Nov 19, 1998
AMSP12344 First ST.Vancouver, BCV6T 3R7
Re: Internet Application
Outstanding performance on the application last developed by your company.
We can quantify a 30% increase in revenues as a result of this application.
Regards,
John Smith
I utilize strong proof of value from clients…5 – 100% of my clients provide letters/quotes/references/profiles 4 – 50% to 75% of my clients3 – 25% to 50% of my clients2 – < 25% of my clients1 – Don’t have time/can’t be bothered
Habit #5: Habit #5: Use customer references as a powerful sales tool
Most powerful sales tool is “proof”
Ask for it early
Multiple types and formats
Put clients on your sales team
Warm calls beat cold calls any day
1. Uncover the client’s “business pain”2. Sell on value, not price3. Use a consistent, systematic sales
process4. Have a documented and measurable
sales plan5. Use customer references as a powerful
sales tool6. Target and prioritize their efforts7. Never take accounts for granted
Habits of Effective Sales Organizations
Habit #6: Target and prioritize their efforts
Know your “ideal” customer profile
Measure and prioritize opportunities
Active & honest qualification
Address time wasters
INTERESTED
COACHED
QUALIFIED
SELECTED
ACTIVE
REFERENCE
ACTIVITIES
Customer FitCustomer Fit
Ideal Customer Profile
Habit #6: Target and prioritize their efforts
INTERESTED
25 – 17 (great)
16 – 8 (average)
7 or less (poor)
Rating
# Criteria# Poor 1 2 3 4 5 Best
1 Ownership Public Private
2 Focus area Retail, GEM, Resources
Professional services, information technology
3 Sales type B-to-C B-to-B
4 CEO tenure > 10 years < 3 months
5 Profitability Very positive income
Loss position
15
Habit #6: Target and prioritize their efforts
INTERESTED
COACHED
QUALIFIED
SELECTED
ACTIVE
REFERENCE
OpportunityMeasurementOpportunity
Measurement
Habit #6: Target and prioritize their efforts
INTERESTED
COACHED
QUALIFIED
SELECTED
ACTIVE
REFERENCE
ACTIVITIES
Measure & Prioritize Opportunities
Scorecard10 or 9 - excellent
7 or 8 - good
5 or 6 - fair / risk
4 or less - don’t go!
Opportunity MeasurementCriteria Situation
# “2” “1” “0”
1 Source of lead Executive referral Internal request Other
2 Decision location Head Office local to Strategico
Local autonomy Other
3 Competitive experience Previous Strategico client
No current experiences
Previous competitor experience
4 Size of opportunity > $50k $15k-$49k <$15k
5 Level of contact Executive Manager Other
Habit #6: Target and prioritize their efforts
INTERESTED
INTERESTED
QUALIFIED
SELECTED
ACTIVE
REFERENCE
ACTIVITIES
Full Qualification1. Business pain2. Decision roles3. Decision criteria4. Timeline5. Budget6. Solution fit7. On short-list
Full Qualification1. Business pain2. Decision roles3. Decision criteria4. Timeline5. Budget6. Solution fit7. On short-list
Active & Honest Qualification
Habit #6: Target and prioritize their efforts
COACHED
Administrative duties
31%
Address Time Wasters
Traveling
18%Personal calls/email
17%
Face-to-face selling
10%
Customer problem solving
14%Prospecting
10%Source: Proudfoot Consulting, 2004
Habit #6: Target and prioritize their efforts
Habit #6: Target and prioritize their efforts
I target prospects and prioritize opportunities…5 – Always, I work efficiently only on top prospects & opportunities4 – Usually, sometimes I get distracted3 – Most of the time, I could be more consistent2 – Don’t always prioritize my efforts, but I’m always busy1 – Feels like I run around like a chicken with its head cut off!
Know the “ideal” customer profile
Measure and prioritize opportunities
Active & honest qualification
Address time wasters
1. Uncover the client’s “business pain”2. Sell on value, not price3. Use a consistent, systematic sales
process4. Have a documented and measurable
sales plan5. Use customer references as a powerful
sales tool6. Target and prioritize their efforts7. Never take accounts for granted
Habits of Winning Sales Organizations
Habits #7: Never take accounts for granted
Sad facts to considerSad facts to consider
““Hunting” vs. “Farming”Hunting” vs. “Farming”
Lost Sales AnalysisLost Sales Analysis
Utilize Account ReviewsUtilize Account Reviews
Habits #7: Never take accounts for granted
80% of revenues comes from 20% of the typical customer base
Costs 10 times more to win a new customer than to keep an existing customer happy
Takes an average of 3 calls to close existing customers on new business vs. 7 calls to close a new prospects
Average U.S. corporation loses 10% of its customer base per year
Sad Facts to Consider
Habits #7: Never take accounts for granted
How many competitors were considered?
How well did we understand their business pain?
When in the client’s buying cycle did we become aware of the opportunity?
Whose relationship did we not have?
Lost Sales Analysis
Habits #7: Never take accounts for granted
Strengthen customer relationshipsStrengthen customer relationships Explore new opportunitiesExplore new opportunities Differentiate yourself from the Differentiate yourself from the
competitioncompetition Ensure customer loyaltyEnsure customer loyalty Obtain competitive market informationObtain competitive market information Create value on every interactionCreate value on every interaction
Utilize Account Reviews
Account Management Priorities
1.Spread within the account
2.Own issues
3.Communicate value
Habits # 7: Never take accounts for granted
Habits # 7: Never take accounts for granted
I invest time in protecting and growing my accounts…5 – Scheduled in advance for all key accounts4 – Priority for key accounts, often for “B” accounts3 – As required for key accounts only2 – Only when I’m losing an account1 – No time, too busy hunting
Sad facts to considerSad facts to consider
““Hunting” vs. “Farming”Hunting” vs. “Farming”
Lost Sales AnalysisLost Sales Analysis
Utilize Account ReviewsUtilize Account Reviews
1. Uncover the client’s “business pain”2. Sell on value, not price3. Use a consistent, systematic sales
process4. Have a documented and measurable
sales plan5. Use customer references as a powerful
sales tool6. Target and prioritize their efforts7. Never take accounts for granted
Self- Assessment
Habits of Effective Sales Organizations
Point Total Assessment Results
25 – 35 pts. You are an effective sales organizationthat needs minimal help… you dominate your category… may need alittle fine-tuning only…Congratulations!
18 – 24 pts. You are reasonably effective organization. Likely you need help to become amarket leader. Outside help would bewise… Average!
7 – 17 pts. You clearly need professional helpASAP. You may have put this off in thepast. Suspect areas may include… selling value, sales process, planning,sales tools…
Habits of effective sales organizations
Assessment/Evaluation hand-in Door prize
Apply available worksheets Personal Sales Plan Qualification (Opportunity Management, Full
Qualification)
Action Action Plan
Find a coach
And the winner is…
Next steps