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AMP Up Your Sales Data.com March 19, 2015

 

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How do you

differentiate and rise above the competition?

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Amp Up Your Sales Strategy #1:

Sell Faster

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What is buying?

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“Getting information pushes at the two constraints everyone faces: it takes time and costs money. Making sound decisions fast and at a low cost is a competitive advantage everywhere.” —GEOFFREY COLVIN, Talent is Overrated

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Buying Quickly gathering information to make informed purchase decisions at a low cost

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What is selling?

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“We don’t make money when we sell things; we make money when we help customers make purchase decisions.” —JEFF BEZOS, CEO, Amazon, Inc.

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Sales Helping customers make fast and favorable purchase decisions at a low cost

$

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Customers don’t buy you.

They buy what you can do for them.

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Two pre-requisites to sell faster

Well-defined & documented sales processes

1 Metrics for customer-facing sales processes

2

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72%

–ZERO-TIME SELLING; SALES PROCESS ASSESSMENT

of companies have not documented their sales process

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Document key sales processes Show all steps and duration of steps

Prospect

Prospect Prospect

email Social Inbound Phone

Marketing Reception Auto Attendant

Sales Admin

Sales Mgr.

Sales

Channel Sales Direct Sales Sales Mgr.

Sales

Sales Admin

Prospect Prospect

DAY 1

DAY 2

DAY 3

DAY 4

DAY 5 Resellers

Sales Mgr.

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To accelerate your sales you must measure what matters Lead follow-up

Responsiveness to all customer questions

Customer Support response

Voice mail response

Email response

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Homework #1: Map one sales process & metric

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Map one sales process & metric Document one customer-facing sales process in detail

Define a metric & fine-tune process

Weekly: Review metric data

Monthly: Refine your sales process

Quarterly: Document new process

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Amp Up Your Sales Strategy #2:

Data driven planning

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What’s your lead deficit YOU NEED THE ANSWER BEFORE SALES PLANNING, OTHERWISE: 1.  Sales people will just be engaged in random activity. 2.  Hitting your sales goals will be a happy accident.

?

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Collect your individual data points Annual quota

Conversion rate

Average order size

# of orders from existing customers

# of inbound leads received

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Data Points – Sales Rep: Michele

Annual quota

Lead conversion rate

Average order size

# of orders from existing customers

# of inbound leads received (Avg/mo.)

$1,000,000

20%

$20,000

10

5

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Divide the quota by the average order size

Michele will need 50 orders to meet her revenue goal

$1,000,000/$20,000 = 50  

STEP

1

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Subtract Orders from Existing Customers

Michele will need 40 orders from new accounts to meet her revenue goal

50-10 = 40

STEP

2

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Divide the # of orders by the lead conversion rate

Michele needs 200 leads from all sources in order to have the number of sales opportunities required to meet her revenue goal

40/20% = 200

STEP

3

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Subtract # of expected inbound leads from total required sales leads.

Michele needs to proactively develop 140 new sales opportunities in order to

meet her revenue goal.

200-60 = 140

STEP

4

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Homework #2: Update your sales plan

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Calculate your Lead Deficit Collect your data

Calculate it as of Jan 1, 2015

Pro-rate Lead Deficit based on YTD orders

Now: Update your 90-day sales plan

Quarterly: Update your Lead Deficit

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Amp Up Your Sales Strategy #3:

Be the expert who can help the customer buy

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Customers want to make decisions RESEARCH SHOWS

40% faster

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What buyers need from sellers:

Knowledge, insights, expertise & acumen

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What do buyers need to buy your product?

GENERALISTS

UNDERSTANDING

CON

TEXT

Facts

Value Prop

Expertise

Insights

SPECIALISTS

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Rate customer & yourself

Which quadrant matches your customers? Do your capabilities align with your customers’ needs?

PRODUCT KNOWLEDGE & INDUSTRY EXPERTISE

SALES EXPERIENCE

1 4

2 3

Substantial product knowledge and industry expertise

Minimal product knowledge and industry expertise

Proven sales track record Minimal sales experience

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Homework #3: Personal Improvement Plan

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Personal Improvement Plan

Write your job description based on your buyers’ needs Identify where you are not aligned with buyer Invest 1 hour of your time per week (2.5%) Books, blogs, webinars Internal experts & resources

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Amp Up Your Sales Strategy #4: Execute a Value Plan for every sales touch.

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What is

in selling?

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Information that moves the prospect at least

one step forward in their buying process

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Examples of value

UNDERSTANDING

CON

TEXT

Data

Value Prop

Expertise

Insights

PRODUCT DATA

FEATURES & BENEFITS

VALUE PROPOSITION

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Examples of value

QUESTIONS: Defining the problem Shaping the buying vision CONTEXT: White papers Industry & market reports INSIGHTS: Case studies/sales stories Testimonials Independent experts

UNDERSTANDING

CON

TEXT

Data

Value Prop

Expertise

Insights

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Customers exchange their time

for value

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STOP Every sales touch must have a value plan. If it doesn’t, just don’t do it.

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Homework #4: Value Plan for every touch

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Create a Value Plan for every touch

Invest 2 minutes to make every sales touch count

Establish value goal: what value will you deliver?

Define outcomes for every touch: what is the next step?

Prepare, practice & rehearse

Don’t waste their time. Or yours.

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The Daily Question QUESTION TO ASK ABOUT EVERY QUALIFIED PROSPECT EVERY DAY:

What value can I deliver today that will help the prospect move at least one step closer to making a decision?

?

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Amp Up Your Sales Strategy #5:

Start small Reduce risk to increase win rate and compress decision cycles.

 

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Biggest Barriers to a Decision

FEAR! Risk that you can’t perform

Risk that the customer can’t perform

Risk that the wrong decision would be career limiting.

4 3 2 1

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Start with the smallest (least risky) relationship possible

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Risk Assessment Quadrant

HIGH

LOW

1

SELLER EXECUTION RISK

CUSTOMER EXECUTION RISK

LOW

HIGH

2

3 4

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Homework #5: RAQ your pipeline

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Qualify your pipeline risk

Plot every qualified opportunity on your RAQ Re-qualify and justify all Quadrant 1 deals Write 2 risk reduction strategies for all Quadrant 1, 2 & 3 deals What steps can you take to migrate deals to Quadrant 4?

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AMP Up Your Sales Checklist: Change your perspective on selling and buying

Document & measure your sales processes

Incorporate your Lead Deficit into your sales plan

Implement your Personal Improvement Plan

Defined a Value Plan for every sales touch

Qualify and reduce your pipeline risk

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SERVICES: Consulting, Workshops, Speaking -Strategic Sales Planning -Value-based Selling -Sales Process Development -Mgmt & Sales Coaching -Enhanced Sales Productivity CONTACT: andy@andypaul.com www.andypaul.com (619) 980-4002

AUTHOR SPEAKER

SALES EXPERT

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AUTHOR SPEAKER

SALES EXPERT

Amazon Best-Seller

Top 3 Sales & Mktg. Books of 2011 Sales Acceleration Training

Online, Interactive Video Self-paced