Friday 31 July 2009

What is the best approach for me to describe what I do?

WHAT WE DO versus WHAT CUSTOMER HIRE US TO DO

NOT what the vendor does. rather..
the customer challenge + customer pain + how the customer benefits

QUICKIE EXAMPLE #1:
You’re selling supply chain software. Most sales reps, if asked “what do you do for a living?” would answer something like:

I sell for a supply chain software company whose products are the best in the industry and make people more productive.”(BAD)

Our customers were paying too much for raw materials, on average, they now get raw materials for two thirds what their competitors pay, because our software manages their supply chain.”(GOOD)

“Does your company have a long supply chain?”

QUICKIE EXAMPLE #2: You’re selling sharing services on private aircraft. In this case, most sales reps, if asked “what do you do for a living?” would answer something like:

“I sell rental time on private aircraft so executives can have the convenience of flying privately without owning their own jet.”(BAD)

“Our customers were losing valuable time queing at airport security. We enable our customers to now travel on rented private jets for around the cost of flying first class, but without the hassle of airport security.”(GOOD)
“Do much business traveling?”

QUICKIE EXAMPLE #3: You’re selling Enterprise search solutions to large organisations.

“We provide enterprise search solutions to large corporations to allow them locate their information.”(BAD)

“Our customers typically have large volumes of business critical information hidden away & locked within multiple repositories across their organisation - DBs, SharePoint, Documentum, Shared Drives. These clients were frustrated by their inability to get timely access to business critical information.

We enable them to gain visibility into all the information that may be relevant for a particular task, from a single access point quickly and easily.”(GOOD)

Do you have trouble finding the right information in your company?


Some others - the modified version invites further questions if you notice:


Original: “I sell direct mail and print production services. Our flexibility and production capabilities can help your direct mail marketing projects deliver faster.”
Better: “Our customers get double the response from their direct mail because we create projects that don’t look like junk mail.”


Original: “Our customers have reduced their manufacturing costs using our specialty chemistry. Lower Rejects, reduced energy costs and increased quality are a few of the areas that we can achieved these in.”


Better: “Customers who use our chemicals reduce their manufacturing costs by 25 percent.”


Original: Our best clients were frustrated at their inability to get timely access to information within their systems. So, we help bridge the gap by plugging the holes in their current database environment.

Better: “Companies hire us to fix database problems that otherwise would cost them millions of dollars.”

Original: “Well, a few years back we had a number of clients who just wanted to “get on the web.” Today, they want to kick it up a notch and add social networking elements, do more sophisticated things with eCommerce and find ways to more finely segment and connect with their customer base.

Better: “Companies hire us to help them use the Internet to connect with their own customers, increasing sales by an average of 25 percent.”


Original: “Our leadership and corporate training has enabled mid- to senior-level managers in Fortune 500 and Chinese mainland firms to acquire western-style management skills. We can do the same for your firm.”

Better: “Chinese executives hire us to teach them how to manage non-Asian employees and colleagues. More than half credit their subsequent success to our training.”


Original: “Our company helps organizations primarily in the manufacturing sector staff their open positions on either a full time or project basis. Similarly, we staff the IT, Engineering, and Professional Services sectors, allowing organizations to spend less time and money on recruiting and more time focusing on production.”


Better: “Manufacturers hire us to recruit elite technical talent that they don’t have the contacts to recruit on their own.”


Original: “We provide businesses with Least Cost Routers that cut down phone bills by at least 30% by transferring land line to mobile phone calls into mobile to mobile calls and vice versa.”


Better: “My customers can route calls to either their mobile or their landline depending on which is cheaper. Most save an average of 30 percent.”

Original: “I have my own Health Care Recruiting firm and I specialize in hospital operations, accounting and finance and human resources.”

Better: “Hospitals hire me to find top quality non-medical personnel, like accountants, that they lack the experience and contacts to find on their own.”


How Can I Raise My Profile At A New Job?

Key Objectives:
1. Getting a handle on your company’s business
2. in doing your early branding to establish your reputation as an enthusiastic and motivated problem solver.


1. You want to learn more about:
- your specific area
- how all the pieces of your company fit together
- strengths and weaknesses + opportunities & threats
- competitive landscape

Talk to a lot of people outside your area, perhaps by just asking them to coffee, explaining that you’re new and want to get up to speed, and asking them questions, in a collaborative way, about their areas and insights into the company.

2. Quickly shape a positive and powerful impression of who you are and what you bring to the table.

Use every meeting and interaction with your new colleagues to:
- introduce yourself
- explain your background
- explain your reason for joining
- show what you’re hoping to do at your new company.

Seek out your colleagues and superiors who seem to be the most knowledgeable and successful, and ask them informed questions about the company and how things get done there, which will also give you valuable insight into the corporate culture.


One of my clients recently landed a new position as a director at a large manufacturing company. After getting the job and starting there, he went back to everyone he interviewed with, especially those high up on the org chart, and thanked them for the opportunity. He shared some smart first impressions with them, asked knowledgeable questions about the company and its challenges, and laid the foundation for regular and continuing contact with each of them.

All of this affirmed their judgment that they had hired the right person and after just a few months there, he’s considered a great fit and possibly someone in their succession plans.

That’s the kind of impression you want to make whenever you start a new position.

Wednesday 22 July 2009

How do I move the sales conversation from cost to value?

Need to highlight 6 different areas of savings: [RQDCRRP]

The key way to phrase it is:

"Would you benefit from {FEATURE}?"

"Do you have {DEMANDS ADDRESSED BY FEATURE}?"


Do you have legacy systems that contain key information but are not often searched?
Would you benefit from a single information access platform merging data silos across all your organisations information?



1.Revenue improvements. How much more of your customer’s own product will your customer sell, if they buy your solution?

2.Quality improvements. How much money will your customer save in eliminated reworks, scrap, overtime, etc., if they buy your solution?

3.Delivery improvements. How much money will your customer save in expediting costs, airfreight charges, etc., if they buy your solution?

4.Cost reductions. How much money will your customer save in labor costs, overhead, etc., if they buy your solution?

5.Risk reductions. How much money will your customer save in eliminated penalties and litigation if they buy your solutiont?

6.Recruitment and Retention. How much money will your customer save in terms of hiring expenses, relocation, retraining, etc., if they buy your solution?


7. Pain Reductions. How much easier will life become with this solution?




What are the 8 rules I need to know to move a sales meeting along?

Rule #1: They flatter the prospect’s ego without seeming smarmy.
Bad: “Where you did you buy that elegant suit?”
Better: “What are your secrests to learning so much about this industry so quickly?”

Rule #2: They show respect for the prospect’s unique knowledge.
Bad: “What’s the reporting structure of your department?”
Better: “What was the thinking behind your organizational structure?”

Rule #3: They don’t sound like a question from a job interview.
Bad: “Where did you work before you came here?”
Better: “How have you been able to use your experience here?”

Rule #4: They provide an opportunity for the prospect to expound.
Bad: “Do you have a budget?”
Better: “What’s the process for securing a budget for this type of product?”

Rule #5: They provide a change of pace from the prospect’s day-to-day routine.
Bad: “What are your responsibilities in the organization.”
Better: “What is the most satisfying aspect of working here?”

Rule #6: They provide a smooth launch pad into the next topic.
Bad: “Are my competitors calling on you?”
Better: “Can you step me through your decision-making process?”

Rule #7: They build on something the contact just said.
Bad: “Not to change the subject, but are you interested?”
Better: “Based on what we have discussed, how can we best work together?”

Rule #8: To uncover past/current problem with suppliers and an opportunity to let you solve it

Bad: Are to having any problems with your current supplier?

Better: If there was one thing that could make your life easier with your current supply arrangements what would it be?


Friday 17 July 2009

What questions do I need to have answered at the sales meeting?

KEY #1: Who’s involved and what roles they play. Know this and you know how to move the sale forward.
KEY #2: Who has the greatest influence. Know this and you know who you have to impress.
KEY #3: Who has authority. Know this and you know who to ask for the final “Yes!”
KEY #4: The timing for the decision. Know this and you’ll know when to sell and when to wait.
KEY #5: The personal motivation for the people involved. Know this and you’ll have leverage to make the deal happen.
KEY #6: Where the funding is coming from. Know this and you can prevent the deal from being scuttled.
KEY #7: How much funding is available. Know this and you’ll know exactly how to price your solution.
KEY #8: The criteria for selecting a solution. Know this and you’ll know how to craft a buyable solution.
KEY #8: What problems exist. Know this and you’ll know how to present and explain your solution.
KEY #10: Which problems cause the most pain. Know this and you’ll know how to goad the buying process.
KEY #11: How long the problems have persisted. Know this and you’ll know how ready the customer is to buy.
KEY #12: What’s been done in the past to correct them. Know this and you’ll avoid dead ends and false starts.

Tuesday 7 July 2009

How do I prepare for a meeting?

- Determine the points you want to make, tailored to the specific customer.

- Write out each of the stakeholders objectives for the meeting.

- Take your insights into your customers’ needs and turn them into a story with a solid beginning, middle, and end.

- Create the visual aids that best illustrate the story.

- Eliminate jargon and confusing slides from the presentation.

- Practice, practice, practice.

- Get feedback from at least one other source, like your sales coach or a trusted colleague, before the presentation.

How do I run a kick-ass demo?

Create a day in the life Scenario (objective: cost + effect vs. benefit + impact)

- Describe their objective.

- Contrast what the user formerly did, the cost + effect of doing so that brought versus what the user can now do and the benefits + impact that brings.

"As a business developer researching a prospect. Previously, gathering information was a lengthy process and required me to search Google, our internal CMS, our internal DBs, LexisNexi, Factiva... This was extremely time consuming [cost] and meant I had less time to research so gave a very weak pitch which lead to fewer conversions [effect]"

Walkthrough the Demo as if they are story's protagonist..IMAGINE THAT YOU ARE...BEFORE I... BUT NOW

"Imagine taht you are looking for a customer's previous transactions for the company (their context) ...Before I ...But Now I simply browse to my search portal. Type in the topic I am interested in. The results are aggregated from all of the sources and retuerned to me in sub-second speed [benefit] This means I can get more done in less time and perform more effective and thorough research[impact]"

I CAN CHOOSE TO USE __ {what}___THIS ENABLES ME TO OVERCOME THE PROBLEM OF ___{why:cost}___.

HOW THIS WORK IS THAT ___{how}. THIS IS USEFUL FOR ME AS A __{role}___ BECAUSE ___{why:benefit}___.

Example:

"I can choose to use query completition. This enables me to overcome the problem of misspelling those complex financial terms.

How this works is that it generates a dictionary based on the key entities and phrases it identifies during document processing.

This is useful for me as a lay users, in that I can quickly type in a few words and be directed to content I may not have even know existed."

Describe benefits from different perspectives

There are a few different perspectives here, from the buyers perspective...from the end user perspective