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contributions
« February 2005 | Main | April 2005 »
I'd like to get readership feedback on the below diagram (keep in mind this diagram is only intended to represent the technology piece of people/process/technology components):
Todd Piett of Unica Corp. has concisely articulated a subject that is a huge topic of conversation at every marketing and sales related event I have been to in the past several months. The topic being keeping your marketing efforts:
Keeping the marketing and sales organizations aligned on resolving a vertical and role specific current issue is a burning platform in almost every organization that I have spoken to. Those who feel they have it licked are typically letting their own pride cover the reality of the situation.
Read Todd's article below:
Link: destinationCRM.com: Transforming Your Marketing into a Valued Customer Service.
In previous posts, I have articulated that sales typically do NOT occur between companies ... sales occur between people. CRM tools have unfairly been blamed in not generating sales. If it is your expectation that a CRM tool will increase sales you are bound to be very disappointed. The only real boost to sales that CRM can possibly have is in the area of productivity. CRM helps us:
All of these CRM capabilities are critical to success (remember though we used to do that on index cards). And yes ... they will increase sales from the perspective that we're not missing followup dates and our daily activities are more structured which can lead to more sales due to better time management. But if we are honest with ourselves, that is not THE major impact to sales that many expect when implementing CRM. Also important for you managers out there ... your sales people don't necessarily view the CRM/SFA tool as anything that benefits them ... they see it as a tool for you to manage them ... just ask them.
Technology will never replace the need for making that human connection with the people we sell to. People buy from people who they perceive have high integrity, high value add, high trust, excellent listening skills ... someone who can show them that they "get them". A sale will only occur when your company's solution intersects with a specific decision-makers issue AND you can, without question, demonstrate the value of that intersection.
Jason Compton of Destination CRM has written in more detail about this below:
Link: destinationCRM.com: No-Tech CRM.
RELATIONSHIPS WILL ALWAYS RULE THE ROOST!!!
The below article is excellent at pointing out the holes in CRM. Once again, it's a gap in what CRM can, and is designed to deliver versus at the needs of the business. Most of the concerns/questions in this article are mis-directed and are a result of mis-aligned expectations. Scroll back through my archives as I have addressed this multiple times.
Link: CRM Success Factors destinationCRM.com: You've Got Questions, We've Got Answers.
A just-released study by my friends (and ex-employer) at Accenture states the obvious ... the need for greater BI ... but the scale of the issue is what is surprising ... 90%. Almost all major organizations would benefit from improved BI. What about the mid-tier players? I would "assume" the percentage is even higher.
To see why this may be so look at the poll results in the upper right hand side of this web page.
Link: Companies Need to Improve Business Intelligence Capabilities to Drive Growth, Accenture Study Finds.
This article by McKinsey shows an alarming failure rate of effective merger management. McKinsey points out that this high failure rate of mergers is due to over-estimation of synergies. While that is definitely, true, it is also related to poor strategy development and the timeliness/quality of the execution.
The key factor to bear in mind at all times is to understand how your offering(s) intersects with the executive's priorities. If you can show them a line item in their budget that will be eliminated you will have their ear. By demonstrating a quantifiable effect that your offering will have on the bottom line you stand a chance of being that first company which kick-starts a major enterprise project, leaving your competition to pick in vain at the project managers. Don't sell on their fear but be aware of it. Remember, their dislike of being beaten by the competition to the detriment of their market share and, crucially, their profits, is your opportunity. To reiterate, "decision makers buy because they feel understood, not because they understand!"
With this picture of the executive's world firmly implanted in your mind, now it’s time to use my favorite sales tool … a mirror. When you look in the mirror, as if you were that executive, would you view yourself as someone who would generate an acceptable “return on time invested”? Why or why not? This is the true acid test. If you can answer these questions in detail you have a much greater probability of winning that executive’s time. If not, it is highly likely that you will be quickly thrown under the bus and viewed as a quota-carrying salesperson. Ready? Here’s the test (good luck):
Just close your eyes and put yourself in the executive’s shoes. The senior-level executive’s world has changed considerably over the last several years (compliance, accountability, Sarbanes-Oxley, right-sizing). Never before in history have they been more personally accountable, under more pressure, had fewer resources, been busier, have higher expectations thrust upon them, and have less budget to work with. Bottom line is they need more help than ever and have less time than ever. What a frustrating situation to be in. Any time they spend they truly must view as an investment, where “return on time invested” is the key metric. The executive has to be very finicky and quick to judge about whom they grant access to their most valuable asset, their time.
We must not turn our sales team into business/financial analysts, but in order to create differentiation your entire organization, as a whole, must be able to:
Unfortunately, many sales people don’t understand, or are unable to find, the point as which their solution offering(s) intersect with key executive issues. Maximum sales productivity will only occur after that intersection is identified and executed upon. The collective sales team must be able to relate to the problems and issues that affect those executives on a personal and professional level, rather than talking about product features and benefits. They must also understand what that executives daily responsibilities are and how they are measured in their position.
Every networking event I've attended recently (TAG Marketing, TAG CRM, CRMA, BMA, TechLINKS, Atlanta Interactive Marketing Alliance, Atlanta IT Alliance, etc.) and every marketing/sales publication I read is pointing toward validation of the statement in Part 1 of this series that stated:
“Executives buy, not because they understand, but because they feel understood."
Selling Power magazine recently published a panel discussion where, in summary, the panel members talked about CRM "hitting its stride" and then, "what's next.” Clearly, product/service differentiation can take an organization a long way. The next evolution, however, is to create competitive differentiation in the relationships your organization has with your client's/prospect's senior-level executives. If your organization has a legitimate chance of winning the deal, then relationship differentiation with top-level executives trumps any other type of differentiation. To develop this relationship differentiation we must have targeted alignment between the Sales & Marketing organizations where they are all focused on solving vertical-specific, role-specific challenges your client's senior executives are currently facing. The challenge, however, is accomplishing this in an efficient manner.
I haven't been clear enough on this.
Bob has allowed me to offer his new book, "Mutual Respect: The art and practice of the Quid Pro Quo selling approach", to my readership at a reduced cost versus buying it commercially ... $17.50 versus $25.00. I'm not making a penny on book sales. This is simply a great approach that leads to bigger, faster, more predictable revenue generation.
Additionally, and this is where I do get involved financially ... We, at Sales Builders, have just launched the first and only offering of its kind to help sales people sell more. It's called Executive Link and it's not a CRM tool, it's not a business intelligence tool like Hoovers, OneSource, Reference USA, etc.. Executive Link is a tool that gives a sales team insights into vertical-specific, role-specific intelligence.
Follow this link to see a sample if you were selling to the CFO in the Healthcare vertical: Healthcare CFO Example
For those who order the book, I am willing to give you a free trial period to test drive Executive Link. We'll determine length of trial period and seats after we speak in greater detail. Just give me a call (770-497-8572 x26) or shoot me an email at sjones@salesbuilders.com and we'll discuss how best to proceed.
“Executives buy, not because they understand, but because they feel understood."
-- Bob Beck, CEO, Sales Builders, Inc. and author of "Mutual Respect: The art and practice of the Quid Pro Quo selling approach"
All of us have gotten stuck in the proverbial prospecting rut. Brian Carroll is the CEO of InTouch, Inc.. InTouch provides Lead generation for the complex sale.
Brian developed this Lead Generation Modality Map to keep various prospecting modes fresh in our minds. I'd recommend printing this out and/or asking Brian for a soft copy and continually look for new approaches.
The level of criticality in the ability to relate is “off-the-charts” when we are dealing with larger, strategic accounts. The Sales Manager must ensure that her team is properly relating to all of the relevant decision-makers and influencers within the prospect’s organization. Are we:
If not, our probability of success is minimal. On these large opportunities all the “i’s must be dotted and "t’s" crossed” as these opportunities come along rarely and there is huge cross-organizational costs associated with the pursuit. Plus, it’s a great coaching opportunity.
What do we need to do to adapt? First, we must be able to relate to the executives we interact with, almost on a personal level. In order to gain the much coveted title of “Personal Strategic Resource” or “Trusted Advisor” we must actually become one (now, there is a novel concept) by understanding:
Then, and only then, when we reach this level of true consultative selling competency will we have earned the privilege of the “Trusted Advisor” title (yes … this is a privilege & it must be earned). At that point we’ll be able to understand and communicate how our offering(s) intersects, or in some cases, does not intersect, with the Executive's priorities. “Executives buy, not because they understand, but because they feel understood.”
The ability to manage a client relationship first requires that you have a relationship to manage, which first requires the ability to RELATE to a client or prospect.
The above concept is more relevant in today’s business environment than at any other time in history. From the senior-level executive perspective it is evident that the way business is conducted has taken a dramatic shift. Our executive counterparts:
If we, as sales professionals, hope to survive we must adapt to these changing market realities … and adapt quickly. If we don’t, our competitors will and we’ll be left scratching our heads wondering what went wrong.
Before you leave this website your input would be appreciated through participation in the poll in the top right hand side bar. Thanks.
There's not much I can add to this from Tom Peters. If you don't find at least 50 valuable, insightful nuggets in here you need to read it more reflectively.
Get out there ... stir it up ... have fun ... promote a cause ... be different ... brand YOU ... live ... be happy
A gaping hole exists in the way we think about our sales teams and enabling them to "be all they can be". An excessive amount of time, resources and dollars are spent on the wrong thing ... product training. We train our sales people to throw-up all over their prospects with the latest features and functionality. Then we tell them to sell higher in the prospect's organization. These two things do not foot. Telling a top level executive about your products features and functionality is way to ensure that access to the executive suite will NEVER be granted.
The last thing any top level executive wants to hear is how your product/solution works (yawn!!!!). Very simply, they want to know "how are you going to solve my problem(s)?" First off, if you are going to solve their problem you must first know what their issues are ... at an industry and role level. Then you must craft your messaging around how your solution specifically solves their problem (on almost a personal basis). This is the gaping hole that Executive Link fills.
The below article by Accenture (my Alma mater) talks well to the point of sales readiness ... or, lack thereof.
Link: Are Your People Ready to Sell?.
"Post-mortem analyses of under-performing products and services often reveal the sales people, who are critical to the success of any new release, were inadequately prepared. The problem is not that sales force training is ignored; it’s typically a line item in the budget for the new product or service. The problem is, rather, that most training focuses solely on information about the new products. That’s not enough. It’s not just what your sales people know that matters; it’s what they do.
Fortunately, new thinking and new tools are available that can help companies prepare their sales people better by supporting and influencing the selling behaviors that are more likely to lead to success."
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