Posted by Mansfield Sales Partners on Tue, Aug 31, 2010
A CEO's most important job – Chief Revenue Officer
A CEO must be many things for a company to succeed. Many CEOs are visionaries and inspiring role models, some are brilliant at attracting and retaining the best talent, and every CEO is the ultimate decision maker. But when the quarter closes, the CEO is ultimately responsible for the top and bottom lines. And the top line is more important than ever.
The top line really matters
In today's economy, revenue growth is difficult for many companies to achieve. It takes relentless focus and complete organizational commitment to drive sales growth in the face of increased competition, in an ever-changing and stagnant marketplace. But growth is essential - most investors require it, and many customers only want to buy from a company that is successful which means a company that has sales growth. Yesterday, it was OK to focus on operational efficiency and cost control; today, winning required sales growth.
So, what can a CEO do to improve sales performance?
First and foremost, a CEO can attract, select and retain a sales organization that can deliver sustained growth. This can be an in-house sales team, an outsourced sales team or a hybrid organization. A CEO can assemble a sales team with the talent, drive and knowledge to succeed. A CEO should also align his entire organization to focus on the customer and make sure that at every customer contact point the customers' needs are met or exceeded. But a CEO can do more - he can be his company's secret weapon.
How to be your company's secret weapon
- Establish CEO-to-CEO connections with key customers and top prospects. The best way to make a CEO-to-CEO connection productive is make it beneficial for both your company and the companies of the CEOs that you connect with.
- Keep your communications at the executive level - leave the sales process and deal making to your sales team. You can add little to the day-to-day sales process and you will reduce your real and perceived power if you get involved in the details.
- Make sure everyone on your sales team knows and owns their role and isn’t intimidated by your involvement. Build a relationship of respect and trust.
- Build relationships that enable your team gain the access and information needed to build strong customer relationships and be there to help overcome any unexpected issues that arise.
Three things a CEO should avoid
- Don't personally change the company's pricing, service or warrantee policies for a specific deal without a lot of thought. For most business sectors, these 'special' offers are best coming from the sales rep responsible for the account - the primary sales contact - so that they develop a relationship with the client.
- Be careful that your pride in your own company and its products isn't perceived as arrogance.
- Make sure that you do not disrupt the sales process. The most brilliant and experienced CEOs are actually the most likely to disrupt everything because they know so much. Trust your team. If you don't trust them, perhaps you need a new team.
How are you driving sales for your organization?
Consider sales outsourcing as a proven way to increase sales and enter new markets.
Photo credit: Joi
Posted by Mansfield Sales Partners on Fri, Aug 13, 2010
Is sales an art or a science? This question has been asked a lot. And the usual answer is the non-committal, but wrong answer: "It's both." In reality, sales is at its core a science often so skillfully disguised as an art that the customers and, many salespeople, have no idea science is involved.
Does it really matter? Absolutely!
By science, I mean applying systematic processes to persuade people to buy a product. Sometimes the processes are so habitual that we forget how much science is involved. Deciding where to focus effort, selecting the best prospects, observing the prospect carefully to know when to ask for the order, doing everything in the right order to make a sales transaction occur and make sure the buyer returns, are all systematic, even scientific processes.
A sales transaction is always complex process. But from the simple act of purchasing a candy bar in a supermarket checkout line to a purchasing manager buying industrial equipment, the basic process is the same. The first step is to gain awareness, then build interest and create a desire for your product.
The "art" often appears to come at the next, critical step – creating trust – converting a prospect’s interest in your offering into a belief that they can trust you and trust what you say about the product. Persuading buyers with clarity and passion in the hands of a master may look like art, but the most powerful persuasion techniques are carefully designed and managed. A sales pro will make sure that his client never feels like a target and gives the illusion that the sales presentation is as unique as the buyer this he is.
Over the years, research has uncovered persuasion techniques that are most effective, most often. These techniques combined are often labeled "the art of the sale" but they are really carefully calculated b2b sales strategies.
People want to buy from an expert
A prospective buyer starts to identify an expert based upon appearance. Does the salesperson look like they know a lot about the product? Once a salesperson has passed this initial visual screening, they need to demonstrate they really have product knowledge.
Parrots make poor salespeople
People prefer to buy from salespeople who do not need to memorize information. Practicing your sales pitch so that you will appear fluent when talking about the product is essential to maximizing success. A professional, more informal presentation almost always beats out a canned pitch delivered by a salesperson who seems like they just memorized the presentation.
Buyers prefer to buy from confident, relaxed and friendly salespeople
Studies have consistently found that prospects are hesitant to buy from salespeople who appear nervous or insecure. It is all about attitude – be confident and smile. No matter what happens, even if things go awry, stay cool, calm and collected when making presentations, answering questions or demonstrating to your potential customers. Some salespeople have built their careers by responding calmly and humorously to mistakes – they use these occasions as opportunities to build a relationship with the prospect.
Honesty works
It is much easier to convince a person about something that you believe is true than it is to convince them about something that you do not believe.
Buyers can usually recognize overselling
Overstating the benefits of your product will either fail in the initial sales presentation or fail when your products cannot live up to the promises you made. In controlled studies, buyers were surprisingly reliable at identifying overselling even when they had no expertise or experience with the product category.
Trying to close the sale prematurely almost always fails
Watch for signs your prospect is ready to buy. Sometimes a buyer will give you direct information that the time is right. They will ask about pricing and payment plans, delivery schedules, warrantees or other questions that indicate that they have move to the next step in the buying process. And usually these verbal signals will be accompanies by more subtle, non-verbal cues: open body language, direct eye contact, nodding, agreeing, enthusiastic responses, making calculations, or, the obvious one, reaching for a pen or wallet.
A direct close is usually most effective
Once you detect the right moment, a direct question like, "Which one would you like?" is usually more effective than an indirect close.
What do you think? Is sales an art or a science?
We can help you with your sales performance.
Photo credit: crowolf.
Posted by Mansfield Sales Partners on Thu, Aug 05, 2010
Last month I turned on Major League Baseball's All-Star Game. The National League was once again facing the American League and, since the National League hadn't won since 1996, I was pretty sure I knew how it would turn out – the American League would win. I watched long enough to see the American League take the lead and then I changed the channel. I was sure the American League would win.
As even casual baseball fans know, I was wrong. In the end, the NL came from behind to win their first All-Star Game since 1996, ending a run of seven consecutive AL wins and 12 of 13, interrupted by a draw in 2002.
It made me think about how often we switch off and decide there is no way to win long before the decision is made.
In baseball, everything needs to work together for a team to win. A pitcher can have a perfect game but, if no one on his team crosses home plate, he can never win the game. Likewise, with a sales pitch, there are a lot of things that need to work together to make it successful.
- The product or service needs to have a market.
- The sales team and customer service reps need to know the product.
- The sales pitch needs to be fast and on target, and the benefits to the customer need to be tangible.
- More than anything else, you, your sales team and the fans in the stands need to believe you can win.
Putting together a winning sales season
Anyone who has ever tried selling something knows that it's hard. You have to learn to deal with rejection, to get 10 or 20 or more "no's" before you hear that "yes". And after a while, even the best sales rep may start to avoid tough, competitive sales situations that they are sure they can't win.
If you just leave the sales job to your sales reps and don't get your entire organization to give them support and encouragement, you aren't very likely to have a winning season. Align your organization to focus on the customer and support your sales reps, and you can chalk up a few more wins.
A sales team effort
Your best "pitcher" steps up to the plate. He looks towards home for a signal from the catcher. Is there someone there to give him the best pitch to throw to strike out this batter? Or is he standing on a field all alone with no teammates and no one cheer for him in the stands?
Has someone gathered the research info he needs? Is there a customer service team that is ready to make sure the post-sale service is so well executed that reorders are almost a guarantee? Is every point of customer contact focused on maximizing customer satisfaction? Do you take the time to recognize success and celebrate the big sales wins? Does your sales team really know that what they do matters?
Don't let the members of your team think they "know" how the game will end
If they are sure you are going to win the business, they may slack off and your competitor could steal it. And if they are sure you have no chance, nine out of ten times the prospect will see their lack of effort and resignation, and you'll lose the business.
Winners must believe they are capable of winning but they need to be committed to work hard and smart, day after day, to win.
How's your sales team's pitching staff doing? Ask us for advice.
Photo credit: Chuck "Caveman" Coker
Posted by Mansfield Sales Partners on Fri, Jul 30, 2010
What is the best way to engage a prospect in a sales dialog?
The answer is to make your sales presentations entertaining, interactive and memorable.
Every one of us has sat through one of those presentations. You're sitting in a boardroom. You’ve eaten the catered lunch. It's 1:15PM. They dim the lights and start the slick PowerPoint presentation. The pitch begins. You realize that that "free lunch" really wasn't free. Your mind wanders and you start to plan your weekend or think about all the work you should be doing. You send a text or two. You really don't remember the presentation at all.
Don't let this happen to your next presentation
Companies often invest a lot on money in client entertainment. A sales presentation often includes a costly catered lunch. The sales materials you leave behind are expensive and often go unread. But how much money, time and effort do most companies invest in making the sales presentation really entertaining and interactive?
It is hard to make a sales presentation memorable
We live in a fast-paced, dynamic world. Peoples' attention spans are getting shorter and fragmented because we are constantly forced to multitask. Sales presentations need to keep up and be designed for this new, more demanding audience that will not be entertained by a "dog and pony show".
You clients and prospects live in an interactive world where they are used to having an active role and being in partial control. Here are a few ways that sales leaders have made their presentations engaging and memorable:
Make it a Magic Act
Magicians have been doing it for years; they spice up a boring act with audience volunteers. This is one trick worth stealing from them.
When the magician selects his volunteer, at first we secretly wish we were selected. If the magician then locks the volunteer in a box and pulls out a gigantic saw, we change our minds and breathe a sigh of relief. No one really wants to volunteer to be sawed in half.
Start the presentation off with a brief introduction but then move quickly into a dialog. Keep it informal, keep it on topic, and involve your audience. It doesn't matter where you are giving the presentation – a large group, a few people in a conference room, online or by remote video – you can build in audience participation. Just don't lock anyone up in a box and pull out a gigantic saw.
Make the presentation style suit your audience
Don’t use a "flashy" presentation for a small, informal group. Save it for a large meeting, conference or for a Board presentation where it is expected.
When you are presenting a small group or an audience of one, keep the presentation simple. Don't use a laptop or projected presentation unless it is core to your product or service. When you have a small group, work to maximize your opportunity to make a personal connection.
Discard the old structured presentation agenda
Have the guts to abandon a classic, structured sales pitch. Most presentation experts recommend a sales presentation with an Introduction, Benefits with concrete examples, Conclusion where you "ask for the order", followed by a Q&A period.
Think about changing this up. Why not incorporate the benefits in the introduction? Why not invite questions in the middle of the presentation? And why wait to ask for the prospect's business?
Remember, your audience has seen dozens, if not hundreds of presentations. You do not want to blend into the sea of just another corporate presentation.
Don't use outdated clip art, complex build slides and cluttered templates
It seems elementary but is it still such a common mistake, I have to include it. The fastest way to brand you company as "out of touch" is to use canned clip art. At all costs, avoid "cartoon" style illustration. Don't use complex build slides or cluttered PowerPoint templates. It is far better to use a plain template with straight-forward, simple language and online information-added graphics.
We all love PowerPoint but…
This is one case where less is really more – more memorable that is. Keep the slides to the minimum number required to tell the story. Research studies have found that shorter slide presentations are more memorable. Don't bore the audience with a data dump. Make a few brief, powerful points and support them with fast memorable facts and brief case history example. Try to inspire questions – don’t give all the answers.
If you are not a standup comic, don't pretend to be one.
Everyone in the room is exposed to the high-level comedy on TV so the bar for a joke is very high. Use prepared jokes only if you can really deliver them professionally. If you lack comic timing, avoid them at all costs.
Say thank you and don't just hope for an encore performance - ask for it.
And no matter what, end the entire presentation with a thank you and a request to go to the next step – ask for a follow-up meeting or when you can start service. Make the audience want an encore.
Bottom line: Make your sales presentation stick. Impress yourself with how elegantly simple it is and how well your audience listens. Deliver the goods, not the fluff.
For more help with your sales processes - give us a shout.
Photo Credit: by ξωαŋ ThΦt
Posted by Mansfield Sales Partners on Mon, Jul 26, 2010
I was in Las Vegas last week and one of the first things I thought about was "How can I improve my odds through sales planning and lead management?"
OK, I can read your mind, sales planning and lead management is boring. I would never think about that in Vegas. Anyway, we have vendors that care of lead management. They have it under control. As for sales planning, that's just a normal part of our sales process. Well my bet is that your company has a patchwork quilt of lead sources and no one is managing them. And the odds are in my favor!
Several recent studies found that about 75% of companies do not have an effective process for managing, dispersing and tracking leads. And over 90% of companies do not integrate lead management into their sales planning process. Yes, I can see you nodding off. But hang on for just a minute. There is a payoff!
Most companies outsource lead generation and let their lead management efforts operate on autopilot. There is rarely any effort to make sure that the vendors know about changes in the marketing program, new product development plans or changes in sales strategy. Once leads are received, there is rarely an effective process for managing, dispersing and tracking leads. And it is almost impossible to find any companies that effectively plan the lead generation program as part of the sales planning process.
Every now and then a "sure bet" really does comes along. In this case our sure bet is a sales strategy that incorporates all aspects of the sales and marketing process into a coherent plan.
- Aligning sales with lead generation. The first step in that process is to take at look at your lead generation efforts and integrate them into your sales planning. Are you getting leads and new customers from emerging markets? Are there underserved markets with weak competition that offer you new growth opportunities? Then look at your capabilities. Is your sales team able to keep up with the marketplace? If not, what can you do to make sure that you can expand capabilities rapidly?
- Accelerating the sales process. The competitive gap in sales planning and lead management provides a great opportunity to the few companies who rethink their lead generation programs. This gap has also given rise to a new generation of Integrated Sales Management outsourcing firms – agile, sophisticated companies that have moved beyond generating qualified lead lists to offering a full range of integrated sales planning, lead management and strategic marketing services. Companies who have invested in the latest sales automation technology. Companies who can efficiently manage turnkey new client acquisition programs that really reduce the cost to acquire a new customer. Bringing in this kind of capability can rapidly improve sales and allow you to exploit new markets quickly.
Look at your current lead management capabilities. Think about integrating them with external teams that incorporate planning, management and lead generation. Sales outsourcing provides a low-risk, high reward way to improve your odds of achieving success. But don't miss this opportunity. You can bet that an opportunity like this won't happen very often.
Photo credit: Roadsidepictures
Posted by Mansfield Sales Partners on Wed, Jul 21, 2010
Go back a couple of decades and you will find that most companies had a unified Sales and Marketing function. Today, even in mid-sized companies, the Marketing function is often separated from Sales. Marketing is the "keeper of the brand" and creates "sales support materials" but really doesn't actively engage in "selling".
How did this happen?
Probably we need to assemble a team of MBA's to study this phenomenon for a couple of years and present their findings to uncover the truth. But allow me put forward a theory – it started with the systemization of Marketing at Harvard and other leading academic institutions. Great and important work that really helped elevate brand management, but also started to separate Marketing from Sales.
Does it matter who did it? Not really. The real key is to fix the problem.
Jumpstarting Sales Growth
Breaking down the barriers between Sales and Marketing is one of the fastest ways to refocus your organization on what matters and jumpstart sales growth. In most organizations this is not an easy task but a determined CEO can make it happen. Here are a few examples of successful efforts.
- Just get them to talk – honestly: One CEO I know decided that he would call regular Sales and Marketing meetings. He didn't engage in any formalized Sales and Marketing Integration process. He just worked to foster communication and dialog between his two departments. He held Sales and Marketing Team meetings every week and focused the meetings squarely on a discussion of disconnects and missed opportunities – and how to solve these problems. He mandated honesty. Some of the meetings were tense; a few were almost out of control. After several weeks, however, the meetings started to become productive. Realistic plans for change were developed. The Sales Team started to feel like they had a voice in the entire process. The Marketing executives got credit for actually doing some things right and became less defensive about change. Over time, the meetings evolved from problem-solving sessions into a way to brainstorm sales growth strategies and to synchronized efforts. It didn't solve all the problems, but it helped.
- Exchange student: What is the fastest way to connect Marketing to Sales? It may be to make the key marketing executives actually sell something. A CEO faced with a struggling division did just that. He took his VP of Marketing and put him on the phone, selling the division's services to small business owners. Much to the VP's dismay, he was assigned to the task for a month and given a sales quota. After a week or two, the VP’s perspective started to change. He learned that the division’s lead generation program had significant gaps and he re-evaluated his vendors. He also discovered that it was hard to sell the division's service, that the company lacked a clear competitive advantage. The experience not only built a new respect for how hard it can be to sell, but it also inspired him to reconfigure the service offering and build in meaningful advantages. The division continues to struggle but the refocused sales and marketing program have started to make a difference.
- Shared goals, clear roles: Every CEO knows that success is almost impossible without common corporate goals and strategies that are understood. But it is equally important that the roles and responsibilities with Sales and Marketing are well defined and properly interconnected. Usually there are clearly written job descriptions neatly filed in HR and quickly forgotten. Sometimes outside venders have formal goals. But rarely does anyone take the time to make sure that all the key players know what their roles and responsibilities are, and to eliminate any gaps or gray areas. One large corporation has solved this. They hold quarterly Sales and Marketing conferences to make sure that everyone is on the same page. All of the key members of the Sales and Marketing team are included – both internal and external. Many companies hold similar meetings but what distinguishes this company is that they always spend the first session on making sure that there is clarity and agreement about goals, roles and responsibilities. Then they move on to planning the upcoming sales effort. Everyone knows what they are expected to do and what they must accomplish to achieve the sales goals.
- The sales presentation is useless: A consultant was hired by a CEO to develop a sales training program. The consultant first learned about the company and sales process. Not surprisingly, she discovered a disconnect between Marketing and Sales. The Marketing Team had put together tools and presentations for their sales team that bore little resemblance to the actual pitches given by sales. The sales team didn’t support marketing’s program and they quietly developed their own pitch. As a result, there was a disconnect between the benefit statements, key concepts, and core message in the company's advertising and sales support materials vs. the sales presentation. Clients and prospects were confused, and sales lagged. The consultant went back to the CEO with a proposal to help the company integrate its sales and marketing efforts. Sometimes an outside consultant can identify and help solve these problems more effectively than internal staff.
Is there a Grand Canyon between Sales and Marketing in your organization? We can help.
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Posted by Mansfield Sales Partners on Mon, Jul 12, 2010
We have all heard the stories about how a sales rep made a huge sale to someone that they just happened to sit next to on an airplane or met at a social event. They were just in the right place at the right time.
But can you really be successful without a sales process? Can you really depend on haphazard luck? Can you integrate internal and external sales functions if there is no process? Can you be sure that your sales team is following up with on leads without a lead management system? Can you maximize sales from existing customers without any customer relationship management tools?
The answer to all of these questions is "no"!
Don't let a few lucky wins deceive you – they will happen with or without a sales process. But you will never beat your competition depending solely on luck and instinct.
A formal sales process enables oversight and real sales management, and is essential to successful selling. A sales process allows you to maximize sales and better utilize your sales team. It also makes it possible to fully integrated outside vendors into your sales process – vendors who can supply qualified leads, assist with new market entries, provide sales support and lead follow-up services and so on.
If you want to win consistently and frequently, you need a sales process
No one would ever expect to win a football game without training, proper equipment and a highly-developed playbook. Why should sales be any different?
If your sales team is properly trained, has great tools and has a playbook of winning plays, they have the best shot at winning. When the real pressure is on, they will know how to execute flawlessly and professionally. Not only will your company win more often but your sales stars will be more likely to stay with your company.
Sure it’s fun to end up winning a football game with a lucky pass, but it is much more rewarding to have a winning season and win the championship with an unbeatable team and plan.
Contact us to discuss your sales plan and process.
Photo Credit: Alex
Posted by Mansfield Sales Partners on Tue, Jul 06, 2010
War Stories
Think about the words often used to describe sales: battle plans, price wars, market conquest, and so on. We sit down over drinks and share "war stories". We discuss new market entries like we were getting ready to invade another country. But sometimes, we seem to forget who we are at war with.
Never go to war with your customers.
Never let your sales team go to war with each other.
Never lose site of the fact that you are trying to beat the competition.
Convert your customers into allies
Convince your customers that you are allies in their battles with their competition. That is a sure way to win their confidence and forge a long-term relationship.
Don't let sales competitions turn into battles
Sales competitions are a great way to motivate your sales team. But design the competitions so that you strengthen your sales team and avoid creating battles. The last thing you want is to have an internal war zone where your own sales reps are working to derail the co-workers' sales success.
Focus your resources on winning the real war
The real war is with your competition. Build your plan carefully so that you don't just win a few battles but you win the war. Work to focus your entire organization on executing with precision so that you win.
Most importantly, use powerful sales tactics with care.
For example, do not engage in a price war you cannot afford. Once you fire the first shot in a price war, it is very hard to retreat and almost impossible for your competition not to respond. And if your competition tries to engage in a price war, spend some time determining if you really need or want to follow suit. Sometimes it really is better to lose a battle in order to win the war.
What are your favorite war stories from your sales strategy?
Photo Credit: PhilipC
Posted by Mansfield Sales Partners on Thu, Jul 01, 2010
In the majority of companies, from large multi-national firms to smaller high-growth companies, strict attention is paid to operational efficiency but little or no attention is paid to sales process optimization. Designing an efficient, effective sales process is an essential step in accelerating growth with a strategic approach to sales.
Most companies take a tactical approach to sales. The sales force is focused on acquiring another new client and getting the next reorder. They are playing a numbers game, but they often they do not hit the target. The big question then is, "Why aren't we hitting the sales goal?" The most common answer from internal experts and consultants is usually "low sales force productivity." And the solutions often include increased investment in lead generation, sales force automation software upgrades and additional price concessions.
The real problem is often quite different – the sales force, marketing and customer service are usually disconnected and the company's message is confused. The most effective solution is to move from disconnected, tactical efforts to a strategic sales process. Although this transition can be accomplished by a company's management team, a successful transition to a strategic selling organization usually requires an external consultant to facilitate the process and provide an objective, outside perspective – to challenge the status quo. The goal of establishing a strategic sales process is simple: get everyone on the same page and align all the efforts in the same direction. Like many simple goals, this is one that is easy to set but a difficult to achieve.
A step by step process
- The first step in taking a strategic approach to sales is to clearly define what the company stands for and how it should be presented to prospects, customers and employees – a formal mission statement. If this mission is created through a collaborative process then formalized, you have the best shot of having everyone understand and support it.
- Once you have a clear mission, move on to the value proposition. What can you offer to customers and prospects that will differentiate your company from the competition?
- Now define the target market so that the marketing department and sales support vendors can align your lead generation program to focus on this key target market. Many companies have found that carefully targeted lead generation programs are the most effective way to improve sales force productivity, increase close rates, increase sales revenue per customer and measurably increase sales revenues.
With a mission, value proposition and target market defined, your management team can get the advertising, sales presentations and service support to all communicate a clear, unified message to your prospects and customers.
Sales Process Review
Finally, examine all of your sales processes. Do all of your employees have easy access to the right information to make sure that key prospects become customers and customers prefer to do business with your company? Are your sales processes lean, fast and efficient? Is there a feedback system in place so the senior management team rapidly knows about issues and opportunities for growth? Which sales functions can be done more efficiently and effectively if outsourced and which are best done by internal staff?
There is no standardized template for sales process design and your company's sales processes will be as unique as your employees, your product and service offering, and your customers. But there are some basic principles:
- Abandon the concept of "big quick wins." Look for opportunities to make small, but meaningful changes. Small improvements made in a number of areas across the sales cycle will add up quickly and yield big results.
- No two organizations have the same requirements, the same challenges or the same assets. Take a cold, hard look at your organization to identify the real strengths and weaknesses. Then build on your strengths and take actions to minimize the weaknesses.
- Work to build and maintain shared ownership of the goals and tasks across your organization.
These are just a few of the observations we have made working with our clients. If you have any questions about your sales process, please contact us.