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Sales model changing

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becoming more complex because new information about products/services available on the internet

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Portfolio of relationships

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1. Customer 2. Internal Team 3. External Business partners. Must interact/persuade/ sell to all these groups in order to satisfy the customer. being able to successfully influence internal and external partners is the most predictive of performance.

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Inside Sales

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can be efficient, virtually phone, email, webcam.

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Which is more expensive sales force or advertising?

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sales force

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By how much is it more expensive?

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5-10x. Expensive to have humans do things.

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outside sales

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face to face

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Baby boomers leaving the workforce leads to millennials

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to get a job easier, promoted faster, lots of openings. good time to graduate.

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To manage a team you must be able to manage

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yourself

question

most likely outcome of anything is

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failure

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Expect failure so you

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plan for it and anticipate it

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Fail Event

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learn, reorganize, reviewing . After the failed event

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Before the failed event

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plan, expect, anticipate, but don't be surprised when you fail, expect it and have a plan when you do fail.

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Hierarchy of closes/objections

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1. buy all the stuff 2. buy some of the stuff. 3. show demo for further consideration 4. referral

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Sales funnel

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have to reach out to more people than will will convert to buyer

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what % makes leads become buyers

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5%

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A sufficient reward

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something that makes you willing to tough it out through the unpleasant stuff

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Common Denominator success Summary

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successful people form the habits of things failures wont do.

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Valuable results

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do things, because of the end. Personably valuable, income, personal goals, do something that's good for community. If you don't have valuable results: don't be surprised when people want to jump ship.

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Effort/work does NOT equal

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Happy. Effort -> Valuable work -> Happy (almost happens by accident)

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10 calls

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3 close: objective success. 7 lost: subjective failure

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Meaningfulness vs Happiness

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Meaningfulness is better than happiness

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Good leaders

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make decisions that require TRADEOFFS

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Newly hired sales reps 1-12 months

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bad performance

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Newly hired sales reps 12-24 months

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better. ignore feedback that you're underachieving because you know you're going to get it in the long run.

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Urgency

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something that requires quick action not necessarily important.

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Importance

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having significant value may or may not be urgent

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newly hired sales people should

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prospect/cold call, take care of yourself an body

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The Urgency Addiction

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Quiz saying if you were addicted to urgency or not

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Stay in Quad

answer

2

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Quad 1

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urgent and important: crises, pressing problems, deadline driven projects, meetings

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quad 2

answer

not urgent and important: prevention, preparation, value clarification, planning, relationship building, empowerment

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Quad 3

answer

urgent, not important: interruptions, some phone calls, some mail, reports, meetings, pressing matters, popular activites

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quad 4

answer

not urgent and not important: trivia busywork, junk mail, some phone calls, time wasters, escape activites

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1. Key Role

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impending outcome. Go foster development

question

2. Important activity

answer

subscription coffee to the people. talk to offices to keep coffee, profits go faster.

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3. Activity Goals

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two face to face meetings personally. follow up with all three interns on a weekly basis. The process is meaningful.

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How to better development?

answer

hit your goals. meetings and follow up.

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Puzzles

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1. sort 2. corners 3. outside 4. inside: steps to decrease ambiguity: not the most important thing now but goal.

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Ego drive

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a need to make the sale and throw everything you have into the sale

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Empathy

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ability to feel and understand what someone is feeling

question

must have both

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empathy and ego drive. ensures a win-win.

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Most common sales heuristic

answer

prior sales experience (5 years)

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hiring stars can be bad for company

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the stars luster fades, the groups performance slips, the companies valuation suffers

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find people who can be stars but aren't stars yet

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undervalued

question

what you want

answer

ego drive, empathy, formal sales education

question

what you dont want

answer

not coachable etc

question

no ass-hole rule

answer

Robert Sutton

question

if they want the long run

answer

hires sales education college grads

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if you don't care about long run

answer

hire experienced reps

question

In B2B sales (SAAS) whats an average close ratio for SDR generated leads?

answer

20% a product company that has differential products to offer

question

Common indicator

answer

closing ratio

question

build a

answer

benchmark

question

delegate

answer

the duty

question

give them

answer

traction

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subjective failure

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indicated by lead indicators (immediate) behavior # sales calls

question

objective success

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indicated by lag indicators (long term) after the fact

question

Desired outcomes

answer

sales performance increases (obtained ethically) turnover decreases (lead indicators of turnovers.) satisfaction and commitment.

question

must do these things for desired outcomes

answer

sales performance factors, manager factors, peer factors, contextual factors (if can't control at least monitor these factors)

question

Sales performance factors

answer

characteristics, behaviors, attitudes, beliefs

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Manager factors

answer

characteristics, behaviors, attitudes, beliefs, manger performance, manager turnover.

question

peer factor

answer

characteristics, behaviors, attitudes, beliefs, performance, turnover > climate/culture : characteristics of the group rather than individuals

question

Contextual factor

answer

training, resources, environment (type of customers, economic conditions)

question

IF over promising

answer

something wrong with factors ex: economy, peers, there own characteristics, etc & figure out how to stop the issues.

question

as failure ____ unethical behavior ___

answer

increases, increases

question

although they say they would never do that, if sales managers tries to intervene/encourage them it can make their unethical behavior

answer

increase. doesnt help > aggravates the situation

question

most people will

answer

fire lairs

question

solutions

answer

cool down periods, conventional training

question

Today's highly successful managers or administrators are distinguished not so much by any single set of knowledge or skill but by

answer

his/her ability to adapt and master the changing demands of his job and careers - by his/her ability to learn

question

learned helplessness

answer

doing the right things, yet it didn't work

question

The Experiential learning model

answer

David Kolb. Concrete experience (consequences, bad habits) -> observations and reflections (feedback) -> formation of abstract concepts and generalizations -> testing implications of concepts in new situations (practice/experimentation)

question

all learning starts with

answer

experience

question

abstract conceptualization

answer

theory -> simplified explanation, road-map, mental model

question

Ericsson model

answer

not necessarily a cycle: abstract concept/ road-map -> deliberate practice -> feedback/reflection/coaching. * try to do correctly, find out how to improve. (bounce around all three before you're ready. if we let you experience too soon you wont like the results)

question

road map

answer

approach, needs ID, present, close. objections overall, never works exactly the way you want but at least you have a starting point.

question

"The time to repair the road is when the sun is shining"

answer

John F. Kennedy

question

Your behavior cycle

answer

Unconscious competent -> conscious competent ->unconscious incompetent -> conscious incompetent.

question

Elaboration likelihood model

answer

explains how people change their attitudes when they hear persuasive messages.

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Central (deliberate)

answer

influenced by the message: cognitive, deliberate, motivated b/c personally relevant, then use deep cognitive processing to think about topic, IF facts are compelling more likely to convince and keep them convinced. evaluate argument strength, results in enduring attitude change.

question

Peripheral (heuristic)

answer

superficial characteristics. emotional, heuristic. little motivation > only pay attention to superficial characteristics > shallow processing and only temporarily persuaded. looking for shortcuts, passive, results in fleeting persuasion.

question

persuasive attempts should consider

answer

motivation and ability, IF motivated and able, central route will lead to the best results. IF able but not motivated, peripheral route may work better

question

SPIN

answer

we understand customer, make problem bigger, customer better understands their own needs/issues.

question

Cialdini: Harnessing the science of persuasion

answer

liking, social proof, consistency, authority, scarcity. automatic vs. deliberate decisions.

question

Automatic decisions

answer

Cialdini's influence mechanisms. cold calling, networking, establishing relationships.

question

Deliberate decisions: customer needs are or can be known

answer

SPIN, customer Centered Selling, strategic sales

question

Deliberate decisions: customer needs are NOT or cannot be known

answer

challenging, provoking.

question

1st week of training

answer

have to begin with socialization and end with HH (more socialization) 1. product/industry/complete knowledge. 2. sales process/method knowledge. 3. socialization a. differentiate b. purpose/values/mission >define. c. demonstrate where new employees fit in. 4. motivation

question

want sales process and method knowledge to be done more

answer

tend to only go for 2-5 hours

question

Training implementation concerns

answer

sales management involvement, peer/team involvement, focus and repeat, formal mentor, initial buy in, charge/cost, pre-training (book/web), artifacts, follow up >focus and repeat, competition > game-ification (Create game out of this)

question

Creating a sense of urgency...

answer

forming a powerful guiding coalition, creating a vision, communication said vision, planning for and creating short term wins, improvement and producing more change, institutionalizing new approaches.

question

Change

answer

just because people don't like change doesn't mean it's a bad thing, people need to be shown that change is okay and there are several steps to which makes people okay with change and make change possible.

question

Abstract to concrete

answer

sender sends, receiver hears, receiver replies, sender hears reply.

question

break down of decision process in stages: 0 satisfaction. invisible stage

answer

5% claim to be in this stage: nothing is wrong, nothing you can do to influence them.

question

break down of decision process in stages: 1. Acknowledgement

answer

have a problem, room to add value, BUT small. 80% of people are in this stage (this is why we need sales people) key intermediate question: is the problem big enough to warrant fixing? (blue ocean: not a lot of competition, should focus here 85%)

question

break down of decision process in stages: 2. Solution Definition

answer

one problem can have many different solutions. F>A>B. Key intermediate question: what does a viable solution look like? (red ocean: shared 15%)

question

break down of decision process in stages: 3 Solution seeking

answer

comparing alternatives. Key intermediate question: whom do I trust to buy from? (red ocean: shared 15%)

question

SPIN selling

answer

proposes there are four types of questions: Situation(deal with the facts, not too many of these), problem(asks about the buyers pain and focus on the pain clarifying the problems. give implied needs), implication (discuss effects of the problems, most important questions, develop seriousness, increase motivation to buy) need pay off(get the buyer to tell you about the explicit needs and the benefits of your solution offers). good for big B2B sales.

question

Challenger sales

answer

ability to do three things: teach, tailor and take control. focused on pushing the customer out of their comfort zone, the relationship builder is focused on being accepted into it. customer convenience. control, diplomacy, empathy. not nice.

question

Customer Centered selling

answer

creating a positive consumer experience at the point of sale and post sale. a customer centric approach can add value to a company by enabling it to differentiate itself from competitors who do not offer the same experience. engage. background probe, developing probes, impact probes

question

New Strategic Selling

answer

rejects manipulative tactics and emphasizing "process". presents the idea of selling as a joint venture and introduces the decades most influential concept. win-win. mutually beneficial transaction where both buyer and seller achieve gains.

question

Fanatical Prospecting

answer

gives sales reps explanation why and how behind the most important activity in sales and business development: prospecting. #1 reason for failure: is an empty pipeline, and the root cause of an empty pipeline is the failure to consistently prospect.

question

The Sandler Rules

answer

49 rules adapted to help you sell. 1. you have to learn to fail, to win. 2. don't spill your candy in the lobby. 3. no mutual mystification. 4. a decision not to make a decision is a decision. 5. never answer an unasked question. etc

question

Reboot sales training

answer

in training they spend too much time on product and industry knowledge not enough time on selling process and methods. if product knowledge isn't the thing your company wants sales people focusing on, why spend so much training on it?

question

Recommendations: simple and low costs ways to better emphasize selling methods and concepts for new hires sales training programs. 1: Stop talking about the product

answer

Gut the product detail completely out of the face 2 face training. Pre-training book or online on their own time.

question

Recommendations: 2: use acontextual role-plays to reinforce selling concepts

answer

role play focuses on different product than what the new sales reps will eventually sell. therefore forces the trainee to focus on the process of selling rather than selling the product itself.

question

Recommendations: 3: Encourage adaptability by varying role plays

answer

in addition to being acontextual, successive role play exercises vary greatly in terms of scenario, context, and even product. enable them to apply sales methods and concepts in an adaptive way that facilitates performance improvements.

question

Individuals with extensive acontextual sales training are

answer

substantially less likely to leave the company

question

acontextual and adaptive role play training helps sales organizations in terms of

answer

enhanced sales reps performance growth and improved sales organizations.

MAR 4403 Midterm

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