The Sales Handicapper

The Power of Transparency

Today's prospect and customer, whether B2C, B2B, B2B2C, C2C or any other "2" you can name, is living a more transparent life than ever before. With every tweet, Facebook update, rating or review, blog post or forum rant, they are expressing the very behavior they want to experience from their providers of products and services. They are telling us over 2 billion times a day what they do and want, how they feel, where they live, what's missing in their lives and what delights them.  They are speaking to each other and to us and they have an ever increasing expectation we will reciprocate in kind.

Believe it or not, it's not that hard to do.  We simply need to listen with different ears and search with different eyes to learn what we need to do.  Then, just act with the same (or even a higher) level of candor and transparency we are being given and we'll get more than we ever thought possible.   Simple, huh.  Then why do we find it so hard to do.

 Picture inspired once again by Jessica Hagy, @jessicahagy, www.thisisindexed.com

 

Win Early

Thanks for the inspiration Jessica (@jessicahagy)

 

 

Five Most Important Sales Questions - where are "you" in their sales process

Sorry this post is so late. Life got in the way.  Thanks for understanding.

We're finishing our deep dive in the Five Most Important Sales Questions.  We've determined that budget is the most important question, decision criteria is the hardest to get a straight answer to; who else are you involving in the decision is the most sensitive and where they are in their decision process is the primary driver of your sales tactics.  But,

    5.  Where are "you" in their decision process...

...can mean the difference between you selling them or making them sell you.  If you're early (or better yet, first) then the normal tactics you've developed can be applied.  If you're late, then all the best tactics for selling won't work.  You may have to resort to having them sell you.

So, what does that mean? If you find out you're late to the game, all the positioning of your unique value will be viewed as defensive.  Everything you say or do will be met with the proverbial, "yeah, ok, but that is no different than the other Nth companies who want my business".  So, if you're really honest with yourself you'll admit that you're behind and playing catch up.  You can't win because the deck is already stacked against you.  For every minute lost trying to go through the normal motions with this prospect, your next big sale is being positioned away from you by the person who got there before you.

If you've qualified the prospect with the other four questions and you truly believe your solution is their last, best hope for success, then you're left with no alternative but to make them sell you on why you should continue to fight what appears to so obviously be a losing battle.  This may sound counter intuitive, but I have used it many times and I can assure you it works.  

How does this work?  One key thing to remember, if you know you're late then so does your prospect. So, you have nothing to lose by saying something like,

•  "hey, I think we both know I'm late to the game, so if you were me, would you even bother to keep trying?" Or, 
• "given how late we are to the game, and given that all of us competing for your business can deliver about 85-90% the same things, what is the 10-15% you REALLY want me to focus on so we're not wasting each other's time? Or,
• "you know, if you think you've already made your decision or at least have seen and heard all you need to, then it's perfectly OK to tell me and we can call it day".

Now I know these may sound weird, but if you say them with true sincerity and transparency, the prospect will appreciate it and most likely give you an opening you could drive a truck through.  If you try and fake it or are not truly vulnerable to the possible outcome, then the prospect will see through you, right to your competitor.  

But remember, if you go looking for the "no" then you have to be prepared to take it. But, if you're truly late to the game, then unless you are delusional, you've lost before you start so you may as well start at the end; and have them sell you on why you should continue selling to them.

NOTE:  If you want to learn the most powerful "late to the game" approach ever, then email me with your contact information and I will share it in a brief phone call.  Sharing it in an email is not an option because the effectiveness lies equally in the delivery as well as the message.  The only condition is that if you use it, you will let me know how it worked.

 

Five Most Important Sales Questions - Decision Makers

We're continuing our deep dive in the Five Most Important Sales Questions.  While budget is the most important question and decision criteria is the hardest to get a straight answer,

3.  Who else are you involving in this decision?

...is the most sensitive, by a lot!   No matter what level of the decision tree you're playing at, there is no full proof way to ask this question and not raise the temperature of your prospect and lower the temperature in the room.

The way I've phrased it above is about the closest I've been able to come up with to quickly get the question out there without making it sound like I'm asking the prospect if they require permission to go to the bathroom.   The question has to be asked quickly, quietly, firmly, but humbly.  If you accomplish that then you have only to deal with the factual response, not the emotional one.  And, by the way, there is only one wrong asnwer to this question: "no one; I am the sole evaluator and decision maker". Unless you're dealing with a sole proprietor who is an only child, with no living relatives and unmarried, that cannot be the correct answer. You must probe deeper and find out who the person or persons are they will seek assistance from.  There will always be at least one more.

You're trying to achieve three primary results from asking this question:

1. Validation that a decision is imminent.  Show me a primary contact who can't quickly share who else will be involved in the decision process and I'll show you a sale that won't happen when they say it will.  If they hem and haw about who else to involve then you MUST GO BACK AND ASK THE BUDGE QUESTION AGAIN.  If money is allocated then everyone knows who has to approve the purchase.  Another reason they may not know, is that you're not at the right level.  Go higher.
2. Information on who they "want" to bring into the decision process and who they "need" to bring in.  That's right, WANT and NEED play a role in this question just as they do in the previous post.  Believe it or not, in this case both are equally important.  The WANTS provide emotional and political cover.  The NEEDS provide business and financial cover.
3. Introduction to the other decision makers.  We all know we are the ones who need to be selling our solutions, not the primary contact.  Making "that" sale may be the most important one of all and the sale will NEVER become personal to the other players without a personal meeting with you.

If new players emerge, then you have to ask all the questions again (and expect different answers).  If your prospect says nothing has changed when a new person enters the process, be sure and probe deep with questions about the new person(s) background, position and role.  Check them out on LinkedIn to see if they have a prior relationship with a competitor, etc.  New players almost always mean change. Don't be lulled to sleep by a primary contact who doesn't know as much as you do about how these decisions get made.

That brings us to the final point.  You should be experienced enough to know who the typical decision makers and influencers are for your solutions and the vertical markets you sell into.  If your prospect leaves someone out, don't be shy about asking, "typically, in companies like yours, the (fill in blank title) usually weighs in on this type of decision.  Is that the case here as well?"  To not ask the question is to set yourself up to be surprised when it's too late to recover.

Remember, while the decision maker question may be the most sensitive to ask, it is also the most valuable one to know the answer to.   What's been your experience?

 

Five Most Important Sales Questions - Decision Criteria

In continuing our deep dive into the Five Most Important Sales Questions we come to:

2.  What are your decision criteria?

While the first question regarding budget is the most important, the decision criteria question is probably the hardest to get a straight answer.  Why?  Because the old adage that people buy on emotion and justify with facts later is true even more today than ever!  Even if the prospect is using a formal RFP process and assuming most of the listed criteria are evenly weighted amongst competitors, winning still comes down to the best story and relationships.

So, how do you make sure you've identified the criteria that will make the MOST difference between winning and losing?  Ask the prospect to clearly define the criteria in two columns; NEED and WANT.  If they can't do that, then assume they're not really serious about buying and go back to the budget question and re-affirm the business need.  If they can differentiate between the two, then quicky review the NEEDS and make sure there are no "knock-out" issues for your company.  If there are none, then focus your time and energy on the WANTS - because that will be where the decision is made!

In reviewing the WANTS, you must address them as if they are NEEDS until the prospect says otherwise. This is very important because assuming the NEEDS are going to be evenly addressed by you and your competitors, the winning difference will be in how many of the WANTS you can deliver that they can't. Also, make sure you also ask "who" has helped determine the NEEDS vs. WANTS.  If it's only your primary contact, be wary.  Just as in real life, WANTS are prioritized by rank (just ask my wife and kids).  If the WANTS are only those of your primary contact (me), you stand much less of a chance winning on them than if they are owned by Power (my wife and kids).  Be sure and probe into "who" owns the wants and whether your primary contact knows the "why" behind the "what".  If they can't sell you on why the item is in the WANT column, then ask to talk to the one who owns it.  If they refuse then ask them if it can be removed from the list.  This will most likely lead to you either speaking to the WANT owner, or discovering that the owner is your primary contact and the WANT is theirs alone. Either way, you have an answer you can act upon.

The interesting thing about NEEDS and WANTS is that oftentimes there is a very fine line separating the two.  If one of their WANTS is one of your unique differentiators, then spend the time to get it moved over to the NEED column.  Why not just leave it where it is? Because the more WANTS they have that are unique to you that you can get moved to the NEEDS column, the more pressure it puts on your competitor(s) to meet the minimum requirements.  CAUTION:  Your competitor(s) is going to try and do the same thing to you.  That leads us to the final point.

The decision criteria question is also the most fluid of the five because the definition of NEEDS and WANTS can change throughout the sales process.  New information offered by you or your competitor(s) may cause the shift of one or more criteria from one column to the other.  That is why you must continuously re-affirm the decision criteria with each interaction you have with the prospect.  Any deviation from the current path requires further review of all FIVE questions to uncover any new decision makers, influencers, criteria or timing.  It also requires re-evaluation of where you may stand in the process.  You may move from first to last in the blink of any eye.

Remember, if you don't take great care in accurately and continuously assessing your prospect's NEEDS vs. WANTS throughout the entire sales process, you'll lose control of the conversation and your prospect will buy someone else's story - and then give you a long list of "facts" as to why you lost.

 

 

Five Most Important Sales Questions - Budget

I've received quite a bit of feedback on the Five Most Important Sales Questions post.  Most have been requests to address each question separately and in more detail.  I'll take them one at a time, so here it goes.

1. Are you budgeted to purchase this year?

Of all the questions, this is the most important (and most obvious).  Regardless of how favorable the responses are to the other four questions, without this question being asked and answered with strong affirmation, nothing else matters.  NOTE: (If they aren't budgeted and you are trying to convince them to re-allocate funds to your solution, then refer to Time, Tools and Talent post.  Today, we are dealing with the situation where your prospect indicates interest and wants you to invest your time and money in selling them.)

The budget question doesn't have to be the first one asked, however.  In fact, in most cases it shouldn't be asked until the question of where "they" are and where "we" are in their budget process have been addressed.  Asking the budget question too early will undermine your credibility.  Plus, when asking the "where" questions, you may discover the true answer to the budget question without having to ask it directly.  But, make no mistake, you have to ask it BEFORE you agree to spend any more of your time or your company's resources in the sales process.

Being budgeted is NOT the same as being in the budget or being proposed for the budget.  What you are trying to determine is if they have both the responsibility and authority to spend the money now and if it is already allocated.  Quite often, we can get caught up in the strong desire of our buyer who has the responsibility for successful "application" of funds, but not the authority to "allocate" them.  Understanding the difference behind the distinction can make a big difference in the quality of your sales pipeline.

There are literally thousands of websites that address the budget (read: price) "objection", but very few that actually address the harder question of whether the person you're talking to can actually spend money so here are a few ways you might ask the budget question:

• Are funds currently allocated for this project/purchase?  (If so, you need to find out under what conditions the funding could be taken away)
• When do you need this up and running?
• Are there any other projects/business goals dependent on this happening now?
• Do you share this budget with anyone else?
• What happens if you don't spend the money this year?

I'm sure there other ways to ask the question directly in order to receive a direct and unequivocal answer.  Don't get too cute and don't forget that once you ask the question, shut up! This is one question where the absence of a strong affirmative response is a negative one.

I love you Fox News, but...

...you're killing me!  I know the economy is still bad and that unemployment is still high.  I know that housing sales and mortgage rates are at an all-time low and mortgage defaults are at an all-time high.  I know that banks aren't lending unless you have the credit rating of a Saudi prince and that credit card companies are going to start charging a premium for using their card on odd numbered days.  I know the Democrats are the root of all evil (unless you're a Democrat and then it's George Bush).  I know that healthcare reform will kill us and that raising taxes won't leave us enough money to bury the dead. I know that the only thing being "stimulized" is the growth in the federal government and that our country's debt is a number bigger than Stephen Hocking can calculate.  I know that Glenn Beck is right and the USA is the only remaining house on the hill.  I know that you are the most watched news channel in our solar system and that MSNBC is less than moon dust. I get it, OK?   Can you please stop the shouting? 

I watch you every night, but I'm finding myself changing the channel after the fifth time I've heard the same point.  I have to live and "work" in this country, but if I keep tuning in I'll be so depressed that the only thing I'll be able to work is my welfare debit card.  It makes it really tough to sell when you guys deliver more drama in a single 30 second story than a whole season of Hell's Kitchen.  Heck, I was already checking my homeowners insurance from the lead-in on Hurricane Daniel before I realized I don't own a home in BERMUDA!

Tone it down a bit please.  Lighten up.  It's OK to report the news and even to share your opinion.  But if you want hard working, law abiding, God fearing salespeople to keep watching, you gotta make a deposit in the love bank every now and then.  It may be the only asset we have before long.  (See, now you've got me doing it!)

The Dangerous Disconnect

No, I'm not talking about what happens when you cross an iPhone 4 with a call to 911.  What I'm talking about will have even more dire consequences.  This disconnect can cost you more than your life; it can cost you your job.  The disconnect I'm referring to happens when you cross a mid-level "innovator" buyer with their own "late follower" company.

How many times have you been able to excite and even sell your prospect (innovator) only to find out later that their company is a "late follower".  At best, the sale stalls.  At worst, it dies.  How do you make sure there is no disconnect between your prospect and their company?  Try these questions early in the selling process:

1. Tell me about the last innovation "you" were able to approve at this company? - If there isn't one or if its was minor, you really have to speak with someone higher up or walk.
2. Who, besides you, thinks this can happen?- You're listening for senior level sponsorship.
3. What are your top 2 goals for the year? - You're listening for either a strong revenue increase or expense reduction (or both).  Emphasis on "strong".  If their goals are not significant, then most likely neither with managements' tolerance for risk.
4. What would keep this from happening? - Your listening for candor in the response.  If your prospect can't give you any definitive reasons then they just don't know what they are because they've never tried anything new.  There are always reasons why something won't get done.  This person is just disconnected from the mother ship.

These questions (along with the ones now popping into your head) presumes you've done your homework already and have a fairly strong read on the company's cultural profile.  If the answers you hear don't indicate a strong connection in your favor, then nothing else you've shared relative to value will matter. Make sure there is no disconnect between your buyer and their employer before forecasting that next big sale or the next disconnect you hear may come from your company cell phone.

Lead or Follow?

This is one of the biggest and most important decisions a salesperson can make during the first few minutes of an initial sales call.  Whether to share lots of information upfront and offer few questions, or only ask questions and share as little as needed.  Fortunately most prospects have a "tell" that signals very early in the conversation which one you should do. (a "tell" is that "thing" a card player does when they have either a great hand or a terrible one which signals a skilled card player, but unskilled players miss.)

What's the tell?  If your prospect interrupts you early, then focus on questions immediately; and lots of them so they can talk all they want.  They may also want to just pepper you with questions.  That's great, but only if you keep your answers short and sweet. 

If they don't interrupt then you still need to ask questions, but you can do a little more table setting first.  Of course, if they don't respond at all then you need to drop the bomb.  We'll talk about that in another post - but I think you get the picture.

Are you a Linchpin?

It has been a long spell since my last post.  I have taken on a new opportunity and frankly, was conflicted about continuing this blog until I read Seth Godin's latest book "Linchpin - Are You Indispensable?"  It is a MUST read for anyone who really WANTS to improve their life.  Seth's speaks of art and gift giving and, much like Tim Sanders in his book "Love is the Killer App", the more you give the more you'll get, but only if you give without the expectation of getting.  It was Seth's not-so-gentle reminder that inspired me to continue sharing the gifts which have been shared with me.

Linchpin has transformed not only the way I will evaluate and lead others, but it has permanently altered how I view myself.  He has provided fresh maps for how we can become the UVP in our own companies, if we are willing to try and fail.  Everything around you is changing at rates never before imagined.  There is no better time to let the artist in you come out and give all you can to whatever occupies your time and energy.  95% of the world is waiting for the other 5% to lead them.  They always have and always will.  The only choice you have is which group to be in.