Everyone's looking for a name, a path into the business, a contact to cling onto. But searching for names can bring back more than just a static phone number. Yes it's important to know who you're targeting but it's also important to make sure you're in line with their ideologies.
A journalist is a funny creature. I know this because technically I've been one and I know exactly what they're thinking. A couple of tips about journalists:
Sometimes a deal may not go quite according to plan. Any salesperson reading that will be hitting their hand against their forehead sarcastically uttering 'well duh!'. Rarely will the pipeline unfold exactly how you planned it and sometimes it's your versatility and ability to maneuver around tricky situations which make or break a contract.
There's not a great deal I need to say about the above. Other than the fact it's pretty amazing. If you can find me a human eye that can keep up with that level of content I will pull away their mask and show Robocop like mechanics behind his facade.
I saw a great quote from a local tradesmen in the paper this morning criticising cold calling and praising the 'personal aspect of sales'. This tradesman is a very knowledgeable, successful local businessman who has built up such a reputation, he recently ran for parliament, gaining a significant number of votes for an independent candidate.
Research facts relating to the opinion of 'C' level executives on the value of sales meetings:
Only 27% felt sales people were knowledgeable about their specific business.
Only 34% felt the sales person could relate to their roles and responsibilities in the organization, with 38% saying sales people understood their issues and how they could help.
Only 34% felt the sales person had relevant examples or case studies to share with the executive.
Only 38% felt sales people were prepared for the questions an executive might ask.
I found these stats on the 'Partners in Excellence' blog relating to a Forrester Research on selling to 'C' level executives.
Let's think about this logically. The hard work has been done, you've got the meeting, you've got the prospect to commit their time to you, yet only 27% percent of those prospects feel the salesman even understands their business. That's like a football player earning an International call up only to arrive with no kit or boots.
It is a fundamental that a salesman knows the business he's selling into. Of course, it's impossible to know everything, but a basic understanding, what these 'C' level executives seem to be asking for, is a must. The other 3 bullet points above all fall into place if you don't fail at step one. If you understand the basics of the business, it's easier to understand roles, therefore easier to provide relevant case studies relevant to who you're talking to and prepare for the likely questions you are going to receive.
But don't sell yourself short by not doing the research. You've worked hard enough to get the meeting in the first place, why should you let the whole thing pass you by?
I often talk about the value in finding out about your customers needs and pains so that your product can fit with the customers problems. What I don't often mention is how valuable it is to make sure the customer fits you as a product. Whilst qualifying and researching sales leads to prove our worth is important, it also assists to identify whether or not you're on a hiding to nothing, distracted by the whiff of a sale.
Whether we like to believe it or not, some deals are simply not worth pursuing and stopping them early enough to save time and money is a necessity. Often these deals are left to drag causing both sides a lot of discomfort when ultimately each camp knows the relationship is going nowhere. It's a bit like being set up on a blind date with someone you have nothing in common with. The sensible thing to do would be to part ways as soon as you realised. Most though, will hang around for the duration of the evening until it reaches a respectable time to go home.
The deal might even have looked promising at the start, but then a trigger may have altered the situation. A sponsor may have left, new vision put in place. Yes, trigger events are fantastic for knowing what your customer wants, but the point here is that they are equally good for identifying bad deals before it's too late. As long as you're taking the time to monitor prospects, you're the one dictating the action. That's the position you want to find yourself in.
"Knowing your competition's strengths and weaknesses prepares you both offensively and defensively. By studying your leading competitor's sales presentations and techniques, you often learn how to improve your own team's performance." Franchise Update
I love stumbling across quotes like this, it makes life so much easier. Because it makes so much sense. Even if you don't agree with the your competitor's strategy knowing it puts you in an even stronger position. How do you know what your offering is the superior service unless you know exactly what you're up against?
Similarly for potential customers knowing what that customer wants and needs is half the sale. This quote was taken from a B2C article and it got me thinking... How much would a retailer pay to have a customer walk into their shop and already know exactly what they were looking for, what their preferences were? The answer is a lot.
In the B2B sales market these tools are available. We can track anyone we want to and appreciate their preference before we've even sat down at the table. If you're not taking advantage of this just picture a B2C seller furiously shaking their fist at you. Because that's exactly what the jealous guy will be doing.
It's odd sometimes how something that seems so down and out can suddenly pick itself up again in an instant. Take this very post for example. I didn't really feel like writing a blog today until I took inspiration from one of my favourite bloggers Paul Castain who shared these words of wisdom in his post yesterday:
"The majority of people are ready to throw their arms and purposes overboard and give up at the first signs of opposition or misfortune. A few carry on despite all opposition until they attain their goal.” -Napolean Hill
Since then I've been desparate to sit down and write a blog myself. I saw this very concept put into action just the other day and it reminded me that I planned to make a note of it on here. Inspiration is a brilliant thing isn't it?!
It was a sales situation, where all seemed pretty much lost. The writing was on the wall, the moderately obese lady had sung and the project had come off the rails. Basically, any imagery of a deal ending would have been appropriate at this point... Then one internal change within the business, a new strategy, a new direction that was picked up on the great World Wide Web and the door was once again flung wide open.
One action, one change, one article. That's all it takes to completely restart everything and completely change the complexion of a sale. So if I can add a somewhat poetic and meaningful quote to sit alongside Napolean's above it would be this - If you're not looking for a lifeboat chances are you won't be saved. Monitor your market, the smallest change for someone else could be the biggest change for you.
Was fascinated to see the latest research from Lead360who claimed that calling a prospect 6 times AT THE RIGHT TIME increases conversion rates by 94% plus. That almost takes away the need for a percentage, you might as well say it definitely increases conversion rates...
If you're going to call a prospect 6 times though (they recommend 3 in the opening day of the lead!) you best have your facts right. That is a lot of selling time and your potential customer isn't going to want to waste that amount of time on someone who doesn't have the answers.
This study further highlights how sales triggers are now a necessity not an optional. Contact at the right time can only mean contacting after a trigger event. They refer to 'striking whilst the iron is hot'. It can not get much hotter than directly after a trigger event. With such fierce competition for business you can ill afford to rely on the occasional search to find these trigger events. You need to be monitoring companies, relevant topics, key insights that will get you in the door quickly. It is as simple as that.
