This is the new catch phrase that seems to be popping up in several sales scenarios. ROI is an often over-used "cliche" business acronym but a relatively new one has surfaced. That would be "M" for Marketing. There is tremendous scrutiny on every budget dollar spent and companies and their departments have to be able to justify their expenditures from an MROI perspective.
"In God we trust, all others bring data" - not sure where this came from but is being used quite often these days. The Harvard Business Review generated a piece called: Competing on Analytics. This was indeed an eye opener as more companies focus not only on overall benefit of your "proposal" - but they are looking for more. More proof that they are making the right decision.
So tune up your proposals, presentations, and pitches and make that pie graph SCREAM with relevant data that supports your overall value proposition.
Wednesday, March 18, 2009
Tuesday, January 27, 2009
Motivation
Are you motivated?
It's a new year but is it going to be a good year? That is a question that everyone is asking these days. The media consensus is it will be a tough year and we may come up for air sometime in 2010.
From a sales perspective we have to "somehow" block out the negative vibes that permeate through the media, business, and public. We still have to make the quota. The quota in most cases (if management is at all humane)should be flat or even adjusted down - in most industries.
The reality is sales people need to "sharpen the saw" as Steve Covey pointed out in his first book "7 Habits of Highly Effective People". Sales people will need go back to their sales manuals and bone up on their tactics and strategies. Even if you have been in sales for years and think you know it all - pick up the book! There are many things you do naturally and instinctively - but you can always pick up techniques that you haven't utilized for years. This might be the difference in ultra competitive situations - which we will obviously encounter all year long.
It's a new year but is it going to be a good year? That is a question that everyone is asking these days. The media consensus is it will be a tough year and we may come up for air sometime in 2010.
From a sales perspective we have to "somehow" block out the negative vibes that permeate through the media, business, and public. We still have to make the quota. The quota in most cases (if management is at all humane)should be flat or even adjusted down - in most industries.
The reality is sales people need to "sharpen the saw" as Steve Covey pointed out in his first book "7 Habits of Highly Effective People". Sales people will need go back to their sales manuals and bone up on their tactics and strategies. Even if you have been in sales for years and think you know it all - pick up the book! There are many things you do naturally and instinctively - but you can always pick up techniques that you haven't utilized for years. This might be the difference in ultra competitive situations - which we will obviously encounter all year long.
Saturday, January 3, 2009
2009 Sales Prediction - Battle of the Bulge
It's a new year but if feels different compared to the previous ones - obviously.
From an enterprise sales perspective it will be no doubt an interesting year. Companies have cut back - in some cases rather severely - and many of these companies have been and will continue to assess all expenditures more closely than ever before.
Even in the first quarter of 2008 I noticed that a number of prospective clients were looking for clear, demonstrative ROI before pulling the trigger on a project. I believe this activity will continue as each project goes under the "executive" microscope before they pull the trigger.
A friend of mine is a sales trainer and licenses the Solution Selling Methodology. He was having a real tough time in early 2008 acquiring new clients. He educated me on his situation and the general sales situation. He said his business like other sales organizations were suffering from "Funnel Bulge". Every good sales person continues to qualify their opportunities and move them down the funnel for a decision - close or loss - but at least some decision.
My friend visualizes the bulge as follows: "Imagine an overweight size 18 woman trying to squeeze into a pair of tight size 4 stretch pants". Kind of a scary thought but the imagery certainly stayed with me.
This bulge refers to the tremendous amount of indecision that we are faced with from a sales perspective. The sales pipelines from a pre-2008 perspective are indeed quite healthy - but we are in a new sales closing era now. My friend's advice is to obviously continue to add to the pipeline - but now more than ever - we really have to concentrate on the "bulge". In many enterprise sales scenarios it may have taken sales people 9-12 months to get the prospect to this decison point. We can't "blow it" at this point. It's time to go back to sales school to sharpen the saw and brush up on your closing and client alignment techniques.
We have to do this with a high degree of sensitivity as the last thing you want to do is piss off your future client and blow it at this point. I know there are sales guys who do well no matter what the economy is. It's time to keep motivated and concentrate on the "Battle of the Bulge"
From an enterprise sales perspective it will be no doubt an interesting year. Companies have cut back - in some cases rather severely - and many of these companies have been and will continue to assess all expenditures more closely than ever before.
Even in the first quarter of 2008 I noticed that a number of prospective clients were looking for clear, demonstrative ROI before pulling the trigger on a project. I believe this activity will continue as each project goes under the "executive" microscope before they pull the trigger.
A friend of mine is a sales trainer and licenses the Solution Selling Methodology. He was having a real tough time in early 2008 acquiring new clients. He educated me on his situation and the general sales situation. He said his business like other sales organizations were suffering from "Funnel Bulge". Every good sales person continues to qualify their opportunities and move them down the funnel for a decision - close or loss - but at least some decision.
My friend visualizes the bulge as follows: "Imagine an overweight size 18 woman trying to squeeze into a pair of tight size 4 stretch pants". Kind of a scary thought but the imagery certainly stayed with me.
This bulge refers to the tremendous amount of indecision that we are faced with from a sales perspective. The sales pipelines from a pre-2008 perspective are indeed quite healthy - but we are in a new sales closing era now. My friend's advice is to obviously continue to add to the pipeline - but now more than ever - we really have to concentrate on the "bulge". In many enterprise sales scenarios it may have taken sales people 9-12 months to get the prospect to this decison point. We can't "blow it" at this point. It's time to go back to sales school to sharpen the saw and brush up on your closing and client alignment techniques.
We have to do this with a high degree of sensitivity as the last thing you want to do is piss off your future client and blow it at this point. I know there are sales guys who do well no matter what the economy is. It's time to keep motivated and concentrate on the "Battle of the Bulge"
Friday, October 24, 2008
Home Office Sales Environment
I have been in a home office for the last 10 months and I can tell you it is definitely an eye opener. Secondment to a home office is becoming more widespread than ever. In fact, according to the U.S. census there are 30,000,000 people who operate businesses from their homes. The other interesting statistic is that the demographic is somewhat older in that 80% of the offices are occupied by people over 44 years old.
There are pros and cons to operating in a home office. The pros are obvious: little or no commuting except down the stairs or into the garage; more time spent on the business due to less conversation and office chit chat; quiet environment for conducting conference calls - unless your kids are banging on your door "Daddy come for dinner now!".
The Cons are not so obvious: lack of social interaction other than interacting with the neighbor when you take out the garbage; no one to be dynamic with and bounce ideas off or to discuss account strategies and situations; lack of business resources and access to information.
The reality is, this outpost activity will indeed increase. Be prepared to experience a period of adjustment. I have colleagues that absolutely love it and those that abhor it - totally.
The reality is with VOIP, VPN's, Wireless, and other technologies, you truly can function at an optimal level. Just ensure you "get out" and socialize with other business types who are in the same boat as you.
There are a number of organizations sprouting up all over the U.S. and Canada. One in particular is called Jelly. Check them out at: http://www.workatjelly.com/.
They are environments where you can be with like-minded professionals like yourself and bounce ideas off each other. Plus it gives you a reason to get out and get some fresh air - and coffee of course.
There are pros and cons to operating in a home office. The pros are obvious: little or no commuting except down the stairs or into the garage; more time spent on the business due to less conversation and office chit chat; quiet environment for conducting conference calls - unless your kids are banging on your door "Daddy come for dinner now!".
The Cons are not so obvious: lack of social interaction other than interacting with the neighbor when you take out the garbage; no one to be dynamic with and bounce ideas off or to discuss account strategies and situations; lack of business resources and access to information.
The reality is, this outpost activity will indeed increase. Be prepared to experience a period of adjustment. I have colleagues that absolutely love it and those that abhor it - totally.
The reality is with VOIP, VPN's, Wireless, and other technologies, you truly can function at an optimal level. Just ensure you "get out" and socialize with other business types who are in the same boat as you.
There are a number of organizations sprouting up all over the U.S. and Canada. One in particular is called Jelly. Check them out at: http://www.workatjelly.com/.
They are environments where you can be with like-minded professionals like yourself and bounce ideas off each other. Plus it gives you a reason to get out and get some fresh air - and coffee of course.
Wednesday, January 23, 2008
Sales Myth - Accurate Weighting and Forecasting
I am always amazed at how some people in the organization (quite often members of the senior management team) who automatically believe that a prospective buyer who views one of our product demonstrations (in person or via webex)feel this company is going to buy and become a client within 30 days. They know nothing about the qualification process - for example asking simple questions about: authority, budget, timeframe, applicability, needs, and client requirements.
It literally drives me insane. I had a recent experience where a CEO of a small software start up placed a large Financial Institution into the sales pipeline after one demonstration of his product. I informed the CEO that he neglected to ask any of the important qualification questions (as noted above) - he just went heads down and presented - presented - and presented and because there were no questions from the prospective client - thought the call went rather well. The real danger here - in situations like this is your executive team can sometimes sabotage the overall sales effort. Some of us (sales reps/managers) may just let it go and let the executive team enjoy their false impression of the would be account.
As sales people, we need to bring this to their attention and correct them - otherwise - this account will end up as an opportunity on your pipeline report and the executive team will be upset if it doesn't close in 30 days - and we look really bad.
Let me know if you've had any similar circumstances and offer solutions for us sales dudes.
It literally drives me insane. I had a recent experience where a CEO of a small software start up placed a large Financial Institution into the sales pipeline after one demonstration of his product. I informed the CEO that he neglected to ask any of the important qualification questions (as noted above) - he just went heads down and presented - presented - and presented and because there were no questions from the prospective client - thought the call went rather well. The real danger here - in situations like this is your executive team can sometimes sabotage the overall sales effort. Some of us (sales reps/managers) may just let it go and let the executive team enjoy their false impression of the would be account.
As sales people, we need to bring this to their attention and correct them - otherwise - this account will end up as an opportunity on your pipeline report and the executive team will be upset if it doesn't close in 30 days - and we look really bad.
Let me know if you've had any similar circumstances and offer solutions for us sales dudes.
Monday, January 21, 2008
Sales Myth - Low Hanging Fruit
I have been in sales for along time and I am still shocked when an executive from your firm or company tells you to: " go grab the low hanging fruit" when you introduce a new product or service. They expect that our long term customers will automatically flock to the new product no questions asked. Nothing could be further from the truth.
Today's customer set is the most knowledgeable and connected than ever in the history of business. I'm not saying it's impossible to sell to this set - I just get sick when I hear that line. It is so cliche. The fruit they refer to here imlies "easy business" - The reality is: Companies are watching their dollars more closely than ever before; competition is fierce; and expenditure sign-offs coming from the line VP's. There is no easy business.
The fruit might be hanging low - but there are many people fighting over it and it gets picked over quickly.
Sales people will always find ways to sell. The landscape is constantly changing and businesses will always need products and services. Sales people have a tough job - but it can be very rewarding. Perhaps this myth will migrate to "fertile fields" - because the reality is B2B selling cycles can be relatively long, so the need for relationship building as never been stronger. Sales people need time to plant, germinate, and grow revenue opportunities. Great - a new cliche but even cornier! I could come up with more, but the point is made.
So next time you hear the "Low Hanging Fruit" line - please correct the individual accordingly - nicely - professionally. Okay - make gagging noises and walk away. Whatever works so they get the message.
Today's customer set is the most knowledgeable and connected than ever in the history of business. I'm not saying it's impossible to sell to this set - I just get sick when I hear that line. It is so cliche. The fruit they refer to here imlies "easy business" - The reality is: Companies are watching their dollars more closely than ever before; competition is fierce; and expenditure sign-offs coming from the line VP's. There is no easy business.
The fruit might be hanging low - but there are many people fighting over it and it gets picked over quickly.
Sales people will always find ways to sell. The landscape is constantly changing and businesses will always need products and services. Sales people have a tough job - but it can be very rewarding. Perhaps this myth will migrate to "fertile fields" - because the reality is B2B selling cycles can be relatively long, so the need for relationship building as never been stronger. Sales people need time to plant, germinate, and grow revenue opportunities. Great - a new cliche but even cornier! I could come up with more, but the point is made.
So next time you hear the "Low Hanging Fruit" line - please correct the individual accordingly - nicely - professionally. Okay - make gagging noises and walk away. Whatever works so they get the message.
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