Sales Stories

Mergers and Acquisitions

2008-02-07T10:25:00.001-07:00

This is a S.E.C. announcement. Primary Intelligence has announced that it will conduct a hostile takeover of this blog and integrate it into their other existing blog: "Intelligence for Business" (primaryintelligence.blogspot.com and www.primary-intel.com/blog/). No financials were disclosed, but the deal should make Mark Larson, current blog manager, a very rich man.

Hi, everyone. This is Mark Larson, new manager of the blogs for Primary Intelligence. Chris Dalley has moved on to a new position within the company, so it is my pleasure to be the one providing content to our blogs from now on.

In the process of reviewing our blogs, I felt it would serve everyone best if I consolidated this blog with our main one, thus providing one portal for future content. If you are not currently subscribed to our other blog (www.primary-intel.com/blog), please feel free to do so. I look forward to corresponding with you through these posts.

If you have any comments, questions, or criticism (criticism automatically goes to my spam folder) feel free to contact me at mlarson@primary-intel.com or at 801-838-9600 x5046.

What Competitive Intelligence Does Sales Want?

2008-01-28T08:21:00.000-07:00

Sales (and companies in general) thrives on winning business. By putting an emphasis on winning, this implies that a sale is a competitive endeavor where there is often a winner and loser. And winning every contest is not an easy task. It takes skill, effort and an understanding of the game and its players.

Losing, on the other hand, is not very difficult at all. Every sales rep has a story about the time they didn’t prepare, research the opportunity, understand the competition or work hard enough to make the right value equation. The small amount of time that went into that opportunity was lost from the beginning. There was almost no chance of winning the business and the token efforts may have been less valuable than avoiding the situation altogether.

Sales professionals have spoken to us at Primary Intelligence, telling us exactly what they want at different stages of the sales cycle. The information is very enlightening. Most people would guess that “price” and “competitor’s price” would be on the list. They would be right. However, they’re not as high on the list as you might think.

When it comes to competitive intelligence, sales people want to know the following:

Before the sale

Which companies have needs I can fulfill?

What are the primary pain-points that I can use?

How will the competitors approach the same opportunity?

What advantages do I have over the competition?

What advantages do I have over the prospect’s in-house efforts?

Does this client have the ability to pay the price I’ll have to charge?

During the sale

Which competitors am I likely to see in this deal?

What are those competitors saying about their product/service/solution?

What are those competitors saying about my product/service/solution?

How do buyers make decisions (which people have to be involved?)

Which of my features is likely to be perceived as “must have” over the competition?

What price is the competition offering?

How can I be seen as the expert in this deal?

After the sale

What did I/we do to earn this business?

Where there any trouble spots that nearly cost us the business?

(If lost) Where did we fail to communicate value?

(If lost) Which competitor won and what terms did they use?

If I wanted to re-engage, what would it take to win back the business?

How can I win this type of deal in the future?

In the future, should I avoid this type of company in favor of others? (Is there something about this type of prospect that makes them less productive?)

Recommendation: Listen to the sales leaders and ground-level sales people and design your competitive intelligence program to accommodate their needs. You might find that your program changes away from scraping websites and reading 10-Ks to actively conducting 1st person research with your marketplace, either with Win Loss, Market Needs, Target Prospecting, Post-implementation and the like.

In other words, your traditional competitive intelligence program that is built to support corporate objectives may not match up at all with what the sales people are looking for. However, considering that sales is the lifeline of your business, it might be wise to give them a little love and help them win more business. In the end, this is part of what makes top companies great.

Now is the time for sales reps and managers to speak up and tell everyone what they want. If I have missed something, please post a comment in this blog, send me an email (cdalley@primary-intel.com) or call me (801-838-9600 x5050)

Sales Operations People Are My Heroes

2008-01-25T16:44:00.000-07:00

Over the past few weeks, I have spent a lot of (high quality) time speaking with our clients to understand how they use Win Loss intelligence to power their Competitive Intelligence programs and enhance their sales efforts.

It turns out that those companies that have the most effective systems that marry up sales, marketing, competitive intelligence and sales intelligence also have a very strong champion or a great team in the Sales Operations or Sales Training department.

In other words, these companies are selling more effectively than their competitors because they know how to collect the right kind of information, interpret it correctly and give the sales team marching orders based on those observations.

We work with many companies that run their Win Loss program out of Marketing, Analyst, or even Sales Leadership positions. However, in most cases, there are obstacles to making the most of the intelligence programs. I’ll describe some of my observations below:

Marketing – The marketing team generally seems interested in brand, value proposition, marketing messages and measuring the results of their other marketing efforts. To them, Win Loss is a part of a voice of the customer program (which isn’t a bad thing at all) or a one-time project to measure. But, I find that most of these marketers don’t pass along information to the sales group. In some cases, they don’t know how to make the information palatable to sales. Surprisingly, many of the marketers don’t think that sales would be interested.

Sales – Sales leaders do a better job of evangelizing their Win Loss programs to the sale reps, but they don’t usually spread the intelligence around to anyone else, which is a shame. There is so much quality information in a Win Loss program for so many departments that pigeon-holing the information in one department for one purpose marginalizes the value significantly.

Analysts – These groups can be proactive about the distribution of the competitive intelligence in Win Loss. However, analysts seem to be too far away from the corporate decision-makers to be able to give the intelligence a strong voice.

While sales operations may be different from company to company, talking to them made me think that they stand the best chance of bridging the sales/marketing gap. These people can think like sales and understands what the reps need. However, they also seem to have a mind for information and can interpret research results in a way that sales will understand.

Even better, the sales operations people are likely to be able to act on this information and take it to the next level of action. They can see where sales may need additional training and prescribe it. They may see that a marketing idea is not working and help to correct that. They can listen to the needs of sales, understand what marketing can do and facilitate the necessary transactions.

So, if you are wondering how to make an intelligence program (Competitive, Sales or Market) work more effectively in sales, make sure you have the Sales Operations people on board. This is likely the best step you can take to ensure success.

Competitive Intelligence Newsletter – Feedback Helps You Win Business

2008-01-23T09:49:00.000-07:00

In this issue, we explore how listening (both to the client’s needs and feedback on your sales performance) increases your sales success. And, if you listen closely enough, you might even find out what the competition is doing. That kind of bonus can get you some great recognition.

Subscribe today to our industry-leading newsletter by sending a request to info@primaryintelligence.com

Cover Story
Stop Talking! – How Listening Sells More
By Scott Bishop, Primary Intelligence
An account manager approaches you with a request from a current client. It seems the client has big plans for expansion, but they need a new system to help them accomplish their plans and, as their current vendor, they want your company to propose something to meet their needs. You immediately jump into preparing a proposal... (For more, click here)

BlogCentral
Where are the Innovators in Competitive Intelligence?
I sure do wish that the innovators in Competitive Intelligence were publishing more thoughts and creating more dialogue in the blog community. Of course, SCIP does their part to produce articles and thought leadership, but too few practitioners are participating in the blog world... (For more, click here)

The A-List Archive
Xcel Beats Larger Competitors for Metrofuser’s Business
Originally Published in April 2005.
Metrofuser wanted to replace its business operations software with a system that would be easier to adjust and customize to meet its specific needs and evaluated solutions from Best Software, Xcel Software, and Microsoft Business Solutions. Metrofuser was leaning toward buying the Microsoft Great Plains solution until Xcel stepped in... (For more, click here)

Podcast: Sales Intelligence + Sales Team = Big Success

2008-01-18T10:15:00.000-07:00

Recently, Dave Stein (CEO of ES Research Group) interviewed our CEO, Ken Allred on the affects of sales intelligence: competitive intelligence that can be brought to bear on all aspects of the sales process. His goal was to understand how Primary Intelligence uses intelligence to increase sales close rates.

As Mr. Stein’s company focuses on the evaluation of sales training and enhancement companies. His reports detail the performance of key players like Miller Heiman, The Complex Sale, The TAS Group and dozens of others. His goal is to help companies that want to sell more find the right resources to meet their needs.

To this end, Mr. Stein took time to understand how the right kinds of intelligence can be leveraged to provide:

Competitive advantages

Increased visibility into your company’s performance

Identification of your competitors’ movements

The audio program is 25 minutes long and can be downloaded here.

If your responsibilities include sales management, sales training, competitive intelligence or marketing, this podcast is well worth your time.

And, if you feel like you’re not sure where you stand in relation to the competition, you’ll find usable insights and take-aways you can use today.

Upcoming Webinar: Keys to a Win Loss Program that Works

2008-01-16T09:50:00.000-07:00

Your company knows that it needs feedback from the market to perform and a Win Loss program makes a lot of sense. Marketing can make adjustments. Sales can target their training. Product Development can build it closer to what the clients expect. Just one question:

What is the most effective way to run a Win Loss campaign to develop all of this information?

The opportunity to increase your sales and marketing success sits right at your doorstep. But, do you have everything you need to achieve the greatest potential? Can you make simple changes that will result in huge increases?

Primary Intelligence invites you to a presentation that will show:

How sales and marketing can work together to build a world-class program

Common obstacles that derail Win Loss initiatives in the early phases

Tactics that increase interview response rates

Real-world stories from successful Win Loss practitioners showing their innovative uses of results

Register Here

Keys to a Win Loss Program that WorksDate: Thursday, January 24, 2008
Time:
2:00 PM – 3:00 PM EDT
1:00 PM – 2:00 CDT
12:00 PM – 1:00 PM MDT
11:00 AM – 12:00 PM PDT
Duration: 1 Hour
System Requirements:PC-based attendees: Windows® 2000, XP Home, XP Pro, 2003 Server, VistaMacintosh®-based requirements: Mac OS® X 10.3.9 (Panther®) or newer

Those that will benefit include:

Marketing leaders

Market research managers

Market and Industry analysts

Product development managers

Sales leaders

Corporate leadership positions (CEO, CMO, CSO)

Space is limited. Reserve your Webinar seat now

New Primary Intelligence Corporate Website

2008-01-15T09:30:00.000-07:00

This week, I have to give big kudos to our design department, and especially to Mark Larson who had a vision for our company website and usability. While our previous site was very usable and conveyed our value well, it was very product oriented. Sometimes, visitors had to work too hard to figure out how we fit into their world.

Now, the website has been broken down into three major categories:

Who we help
What we offer
Who we are

Under each of these, visitors will find a great deal of information that is focused right on their needs.

1 – Who we help – Here, you will find information for C-Level Executives, Sales Managers, Marketing, Sales Professionals and Market Research professionals.

2 – What we offer – Our intelligence services are easy to access and understand. Here, visitors will find information on our competitive intelligence and sales intelligence services such as Win Loss, Sales Confidence Index, Target Prospecting, Competitive Analysis and Client Retention

3 – Who we are – Provides information about our company and thought leadership. Here, visitors can see our newsletters, blogs, articles, webinars and information about our company.

The whole redesign was accomplished with the goal of helping business professionals find solutions more quickly. We hope you’ll give us a visit and let us know what you think. (http://www.primary-intel.com/)

You can leave a comment to this blog entry or send me an email with your thoughts. (cdalley@primary-intel.com, 801-838-9600 x5050)

Competitive Intelligence Newsletter – Can Sales People Sell through Change?

2008-01-11T08:28:00.000-07:00

This week, we examine the world of sales and the importance of monitoring their performance in the sea of change we call “their world.” Science has shown that many people (sales reps included) have difficulties accepting changes and variation that are common in business life. Primary Intelligence shows a way to head of problems before attitudinal issues hurt the pipeline.

As always, if you would like to a no-cost semi-weekly subscription to the Primary Intelligence Competitive Intelligence Newsletter, send an email to info@primaryintelligence.com with your name and email address. You will receive the next issue.

Cover Story
You Moved My Cheese! How Can I Sell?
By RoxAnne Loosle, Primary Intelligence
A company's desire to reduce sales force turnover and to develop a confident sales force make tracking a company's sales force's attitudes very important. The vocal minority aren't always the best source on which to base sales initiatives or policies...(For more, click here)

BlogCentral
Competitive Intelligence Tip #1 for 2008 - Make Your CI Produce Revenue
Information costs money? Intelligence makes money!” Essentially, any competitive information that a business manager acts on becomes intelligence...(For more, click here)

The A-List Archive
Bloomington Hospital & Healthcare Selects McKesson for Its Information Needs
Originally Published in March 2005.
Bloomington Hospital & Healthcare System's contracts for its health information systems were coming up for renewal, so the organization decided to reevaluate its options. It looked for a solution that could be integrated throughout the entire enterprise...(For more, click here)

A Really Cool Competitive Intelligence Presentation We Made Recently…

2008-01-09T10:22:00.000-07:00

A couple of weeks ago, RoxAnne Loosle (Pronounced Loose-LEE, in case you want to give her a call at 801-838-9600 x5052) presented Win Loss findings to one of our clients. In this case, we targeted our intelligence efforts at two specific competitors, gathering data and creating analysis based on recent sales interactions and opportunities (won and lost) by our client.

Due to the confidential nature of our interactions with our clients, I can’t share specific information from the presentation. However, I will share some overall concepts that were brought to light in the presentation that would be considered “hidden gems.”

Our client found that they were leading their competitor consistently in the following areas:

Industry experience (Company Driver)

Technology reputation (Company Driver)

Stability (Company Driver)

References (Sales Team Driver)

Product knowledge (Sales Team Driver)

Areas of weakness were identified as:

Ability to customize (Product Driver)

Purchase cost (Product Driver)

Service cost (Product Driver)

Understanding these performance comparisons is so very important to our clients and their ability to grow market share. Not only were we able to show where the strengths and weaknesses exist today, we also provided specific feedback on those specific points to show why the scores were lower (in comparison with the competitors) and how they could be most effectively brought online.

In addition, we spent time showing our client:

The sales stage where they are eliminated as a vendor in the purchase process when they lose.

A comparison of their overall solution cost compared with the competition

Key marketing activities that influenced the sale

The intelligence we provided has direct relevance to the marketing, sales and product leaders. They left the call, graciously thanking us for the report and 20+ slides of data and recommendation.

It’s fun to share our findings with clients. In some cases, our findings are eye-opening. In others, we affirm information or sentiments based on unrelated efforts. Either way, there is satisfaction in being part of strategic and tactical initiatives that build company momentum.

If you want to chat about these kinds of results, reach out. I enjoy a chance to hear from different people. (cdalley@primary-intel.com, 801-838-9600 x5050) And, if you want to talk to someone that knows what she’s doing, RoxAnne is always happy to talk about the work she can do.

Growing your Sales Skills with Feedback from Prospects

2008-01-07T09:05:00.000-07:00

Over the past couple of months, I have spent a good deal of time speaking with our clients (past and present) about their use of our services. For those not familiar with Primary Intelligence, we are a company that produces Win Loss analysis, a specific form of research based on your company’s recent sales opportunities.

One of the reasons for the calls with our clients is to understand how they assimilate our data into their processes to be more effective. While we have many notions (based on assumptions) of how our clients should be able to find value in our services, it has been fascinating to “observe” how they are putting this program to work, either as a standalone or holistic sales intelligence program.

When I finish this exercise, I’ll create a Sales Intelligence best practice report. Not only will in include best practices, it will also include some outlying innovations create by our base. If you would like to receive a copy of this, please send me a message (Chris, cdalley@primary-intel.com)

In many of our most successful implementations, the sales group is in charge of the Win Loss program. While this might seem like a natural thing, Marketing and Competitive Intelligence departments are also interested in Win Loss for their own purposes.

Those that are most committed to using research and client feedback to make improvements have implemented regular debriefs with the sales rep and their manager. These meetings do not have to be long and they certainly are not meant to devalue the efforts of anyone in the deal. Instead, the sales operations or sales training representative uses the client feedback to illustrate the real needs of prospects, talk about trends that are emerging from deals all over the company and reinforce specific skills that have been trained in the company.

In these cases, sales reps are becoming more effective. And, interestingly, the more engaged the sales rep gets with the feedback, the more willing they seem to be to offer up more of their opportunities for review. Once they see Win Loss for what it is (building, training and improvement) rather than a witch hunt, the entire tone changes.

Whether your company looks to 3rd-parties to deliver this feedback or maintains the program internally, I recommend that the client feedback be presented to the sales reps in a form that is as unfiltered as possible. Sales reps want to be more productive. If their efforts with prospects can show them how to be more successful in the future, why wouldn’t they get behind this type of effort?

10 Ways to Become a Better Sales Person

2008-01-04T11:21:00.000-07:00

Welcome to the New Year.

Hopefully, you have been able to keep your resolutions for 3 days so far. If one of you resolutions was to improve your sales results in 2008, Jim Klein, a sales training professional, offers the following:

Being a better salesperson is more than learning new skills and techniques. Here are my top ten ways to become a better salesperson:

1. Smile and Walk Tall
Changing your physiology is a great way to feel better about everything going around you.

I want you to try an experiment. I want you to think and act as if you are totally depressed. Come on do this with me. Stand up and act like you're totally depressed. Notice how you are standing. Your shoulders are slumped. Your head is down. Your face is sad and your breathing is shallow.

Feels pretty awful doesn't it?

Okay, Now I want you to imagine a time when you felt on top of the world, when everything was going your way, you couldn't lose. How are you standing? Your shoulders are back, head is up, your breathing is deep and you've got a big smile on your face.

Feel the difference?

2. Surround Yourself with People Who Support You
One of the most important steps you can take in your life is to build relationships with people who genuinely care about you and will support you as you go through life.

I'm talking about people who will love you during hard times and celebrate with you during the good times. People who will be painfully honest and compassionately sympathetic. People who will make you laugh and motivate you and encourage you to be that person you were meant to be.

3. Read Positive Books at Least 15 Minutes Every Day
There's a wealth of information that has been written for you to absorb. What goes in your mind is what will come out. So fill it with good, positive information and good, positive things will happen in your life.

I suggest you start your own library. Go buy a bookshelf and set a goal to fill it with books you've read. Set up an account at Amazon or Barnes and Noble and invest in your education.

The UPS truck shows up regularly at my house with deliveries from Amazon.

If you don't want to buy them, get a library card. There free!

What books should you read? Start with Think and Grow Rich by Napoleon Hill, and How to Win Friends and Influence People by Dale Carnegie.

4. Post Your Goals and Read Them Twice a Day
Post your goals where you'll see them at different times during your day. Put them on the bathroom mirror, in your car, your office, near your computer. Write them on a 3 x 5 card and pull out the card every chance you get and read them.

Make two specific times when you take them out and read them. One is first thing in the morning before you do anything else. This will start your day focused on your goals and their achievement.

The second is right before you go to bed. This practice will give your subconscious mind something positive to work on during the night.

5. Be Grateful For The Little Things
Find time every day to be grateful for all you have. We all have something we can be grateful for. Some of these are little things that we take for granted like our health, our home, our friends, the food in the refrigerator. Focusing on what you're grateful for will bring more of it in to your life.

I'm grateful every day when I wake up and my feet hit the floor.

6. Spend Time Doing What Matter Most
We waste too much time on things that bring little enjoyment into our lives. It's time to spend our time doing the things that matter most.

Have dinner with your family. Attend your child's play or baseball game. Help an elderly person cross the street. Take a walk and enjoy the view.

Some things are more important than money, status, power and prestige. Invest some of your time into those activities and see if it doesn't change the way you feel.

7. Treat Stumbling Blocks as Stepping Stones
So what if you didn't make that big sale, your girlfriend left you, your boss chewed you out or you made a big mistake?

Your life isn't over. So keep your eyes on your goals.

What did you do right? What did you learn? How can you use this to make yourself better or stronger? What will you do different the next time?

Use it as a stepping stone to take you to the next level.

I've had some of my biggest periods of growth after major setbacks.

8. Help others to succeed
When you're gone, nobody will be talking about how much money you made or how many awards you won, they will be talking about the lives you touched and the difference you made.

Success is so sweet when you can share your knowledge and caring with others. Give of yourself. It will make the people you touch feel good and I know how it will make you feel.

The sad part is when people come to the end of their lives and think about all the things they wish they'd done.

9. Reward yourself
When you sell that big account or reach a goal you set, reward yourself. Go buy something you've always wanted, take a trip, go out for an expensive dinner. Do something nice for you. You deserve it.

10. Tomorrow is a New Day
No matter what happened today, good or bad. You can go to sleep tonight knowing that tomorrow the slate is wiped clean. You get a fresh new 24 hours to accomplish any thing you want.

Article Source: ArticleYard

How Does Walmart Affect Your B2B Sales Opportunity?

2007-12-21T10:57:00.000-07:00

So, you are selling a multi-million dollar health care plan covering nearly 100,000 lives and right in the middle of things, Wal-Mart throws a wrench in the works.

How can that be? Wal-Mart doesn’t sell health insurance. But, still Wal-Mart becomes the pivotal factor in a sales loss for Vision Care:

Primary Intelligence: What were the primary reasons you did not select Vision Care?
Vision Care: “We were impressed with Vision Care’s overall solution and bid, but it just did not provide that much in addition to what we had with the incumbent, FocusCare. The costs and plans were very close, but we did not really see anything in the Vision Care plan or the Vision Care pricing that would compel us to make a move.
We weren’t unhappy with FocusCare. One thing that was a bit of a concern with Vision Care was one of the major vendors that our employees use, Wal-Mart, was not in the Vision Care network. If our employees don't get much of a break, but have to change their provider, that costs the company.”

Everything else being nearly equal, Vision Care loses because it doesn’t have the right providers in its network. All other value propositions were met and the rates were competitive.

If Vision Care wants to be a serious contender, selling to multi-billion dollar enterprises, this information has to be pushed up to the executive boardroom immediately. This feedback, delivered in a timely fashion, will make a huge difference in the future.

What are you doing to consistently collect sales intelligence? How far does this information travel within your organization?

Let’s talk about Primary Intelligence’s ability to provide feedback on all of your sales opportunities. Your prospects are waiting to tell you how to win next time. (801-838-9600 x5050 - Chris)

The Essential Qualities Of Successful Sales Leadership

2007-12-19T10:24:00.000-07:00

Any sales leader knows that leadership is a combination of science, art and skill. Jonathan Farrington published some thoughts on the idea of sales leadership (and probably, leadership in general) and I found his insights… insightful.

While the concepts certainly aren’t new, it always seem to find simple reminders of powerful concepts to be interesting and valuable.

Mr. Farrington lists the six most essential qualities as:

Enthusiasm
Courage
Self Confidence
Integrity
Interest
Humor

Personally, I enjoyed his thoughts on integrity to one’s self, the company, superiors and associates and the requirements that places on the individual to uphold that integrity:

“A leader keeps promises. They keep their promises to their associates as meticulously as those made to their superiors. They keep promises made to themselves, which are the hardest to keep and failure in this is the easiest to rationalise. They can keep all these promises because they never commit themselves rashly; but always within the limits of reality and their present capabilities in terms of personal ability. Part of this matter of integrity is certainly, unquestioned loyalty to their organisation - to its reputation as well as their own. Also they must have loyalty to their products and to their associates and loyalty to their industry.”

If you have any alternate ideas on leadership, post a comment and let me know.

A Thought on Winning More Sales from Brian Carroll

2007-12-14T11:14:00.000-07:00

Brian Carroll of InTouch Lead Generation challenged attendees of the Sales Shebang to forget about selling and concentrate on becoming thought leaders in their field.

Today, potential buyers are really busy with a lot on their plate. They're trying to make the best decision for their company, but they don't always have the time on their own to do exhaustive research. They're also delaying meetings with sales people until the really late stages of the buying process.

For sellers, this is a problem. There's no time to nurture a potential buyer through the sales process, or even to develop trust that their product/service is the best fit for this situation.
In fact, sellers even run the risk of antagonizing their potential buyers. A friendly call to check on the buyer can easily be interpreted as pressure to buy.

Brian told attendees at the Sales Shebang that they needed to change what they know about selling.

Sellers today are more effective not when they contact someone who is ready to buy, but when they contact someone BEFORE they're ready to buy.

http://sellingtobigcompanies.blogs.com/selling/2007/11/sales-shebang-l.html

Competitive Intelligence Newsletter – Dave Stein Talks About Sales Intelligence

2007-12-12T08:23:00.000-07:00

This week, we took the opportunity to speak with Dave Stein about the role of competitive intelligence in the world of sales training and sales performance enhancement. His insights into his experience with business leaders that “get” the intelligence side may help jump start your next conversation about strategic planning and tactical improvement.

As always, if you would like to a no-cost semi-weekly subscription to the Primary Intelligence Competitive Intelligence Newsletter, send an email to info@primaryintelligence.com with your name and email address. You will receive the next issue.

Cover Story
Competitive Intelligence Makes Sales More Effective – 5 Questions with Dave Stein
By Chris Dalley, Primary Intelligence
In today’s competitive marketplace, skills and bravado are not enough. Sales effectiveness leaders are continuing to espouse the need to understand how the competition sells, how they position themselves against you, what they offer in specific situations and where they are vulnerable...(For more, click here)

BlogCentral
Competitive Intelligence – Helping Sales Aim its Artillery
Only 56% of sales managers claim competitive intelligence as one of their tools. A higher percentage of sales reps (68%) say that they use competitive intelligence to sell. All this seems to beg the question… why isn’t the sales department organizing competitive intelligence initiatives more often...(For more, click here)

The A-List Archive
Pinnacle Systems Chooses RightNow to Satisfy Customers
Originally Published in May 2005.
When Pinnacle Systems discovered that its Asia sales region was using a sophisticated sales automation system, the company decided to evaluate technologies to implement throughout its entire operation...(For more, click here)

Objective Feedback for the Sales Team

2007-12-10T11:18:00.000-07:00

The sales VP, CSO or manager is almost always in the unenviable position of having to attempt to apply science to the art of selling.

Now, that’s not quite as fair a statement as it may have been years ago. Today, plenty of science exists around the sales effort. CRM systems, consultants, performance measurements, evaluations and quota attainment are all part of the toolkit available to create improvement in sales performance.

One component that is often overlooked, or at least, measured in an inefficient manner is performance feedback taken straight from the prospect and client. Most would refer to this as win loss analysis.

Too often, sales managers conduct a debrief with a sales rep or account manager to try to understand why they lost a specific deal in their pipeline. Really, what is the incentive of a sales rep to explain where he was unable to communicate value? And, even if integrity is not an issue, how can a sales rep possibly understand all of the client-side dynamics that were in play? Is the game of sales not unlike a shell game with both parties withholding some bits of information until divulgence is absolutely necessary? Price and competitive positioning come to mind as items that may or may not be shared in complete openness.

So, even if your sales reps are willing to participate in a post-sales interview, the story is obviously going to be influenced by the sales rep’s perception of the dynamics. While something is often better than nothing, are the perceptions of a sales rep valuable enough to be productive?

For 2008, you should consider a formal feedback process such as win loss. It makes sense to understand the sales team’s performance from the only perspective that matters; the one who is in a position to write you a check.

If done properly, a win loss program will provide you with an objective point of view, comparisons with the competition, evaluation of value proposition and a measurement of the expected impact of sales and marketing ideas versus their actual outcome.

Sure, the process costs a little money and will require a bit of time to completely implement. But, the upside is very lucrative. What if this type of feedback were to increase your sales win rate by 5-10% over a year’s time? What would the additional revenues mean? What would the additional profits be? Would 5-10% increased effectiveness (with the same people) make a difference in market share?

Just some thoughts to consider as plans are being made for 2008. Look for objective feedback and learn from your prospects.

Why Do Sales Teams LOSE? – Treat Strategic Accounts Like One-time Customers (10-10)

2007-12-07T10:06:00.000-07:00

Today is the last in a 10-part series on why sales teams win and lose business. These reasons were outlined by Ron Sathoff, a colleague of mine, in a great article for SAMA magazine called “Five Ways to Bolster Your Strategic Account Strategy, and Five Ways to Sabotage it.” (The article is available for download HERE)

This article was written to help answer the ultimate sales question, “How can we win a lot more deals?” In order to find the answer, Ron started by addressing the questions, “Why do we win and why do we lose?” Each of these points were taken from a library of thousands of win loss sales debriefs and compiled into performance rankings.

10. Treat your strategic accounts like one-time customers.

A final category of problems occurred when respondents felt that they were being slighted because their companies were not as large as others. The account managers in these situations failed to remember that customer relationships are not static and should not be gauged solely on the size of the account at the time, but also on its potential. It is extremely difficult to recover from the hard feelings caused by treating a customer as a “second class citizen,” as this respondent pointed out:

“The mid-sized companies need love, too. We went from platinum to a mid-sized account company and the attention [is awful]. When I was at [a larger company], if we yelled loud enough, we got problems fixed. With a mid-sized company, however, we get shuffled under the rug. I don't really understand that, but it might indicate that somebody with a bigger sale came along, so my sale wasn't important.”

An account manager can miss out on opportunities by forgetting that, just as large accounts can become mid-sized, those mid-sized accounts can also grow into the most profitable of strategic relationships. By continuing to ignore smaller accounts, there is also the very real possibility that the company and account manager will suffer from negative word-of-mouth advertising and poor references, making it difficult to win future sales in competitive situations.

Why Do Sales Teams LOSE? – Rely solely on face-to-face interactions (9-10)

2007-12-05T15:20:00.000-07:00

As mentioned, I’m going to present reasons why companies win and lose sales deals. These reasons were outlined by Ron Sathoff, a colleague of mine, in a great article for SAMA magazine called “Five Ways to Bolster Your Strategic Account Strategy, and Five Ways to Sabotage it.” (The article is available for download HERE)

This article was written to help answer the ultimate sales question, “How can we win a lot more deals?” In order to find the answer, Ron started by addressing the questions, “Why do we win and why do we lose?” Each of these points were taken from a library of thousands of win loss sales debriefs and compiled into performance rankings.

9. Rely solely on face-to-face interactions.

In the movie “Jerry Maguire,” a sports agent is referred to as the “King of the house calls. Master of the living room.” It seems that many sales representatives see themselves in this same light, assured that they can make the sale as soon as they can get some “face time” with the customer. However, you can’t be a master of the living room if you don’t get invited into the house, and according to many of the respondents, the most common invitation that gets lost is the RFP. The complexity of a strategic account requires a well-thought-out plan, and many customers determined the organizational skills of a supplier by the proposals that it submitted. By treating the RFP as a mere hoop that must be jumped through, account managers damaged their chances of success.

Some of the responses indicated that problems in response to an RFP were a sign that the supplier did not understand the situation or the project requirements, that the supplier did not have experience creating proposals or, as one respondent explained, that the supplier was trying to hide something:

“When we issued the RFP, [Company 1] was the only one that declined to offer pricing. It presented a nice package, but declined to give us this information. When I saw the pricing, after I threatened to reject them out of hand, I understood why it didn’t want to give it to me.”

In cases like these, the account managers would have to work extremely hard to rebuild the confidence and trust that was lost due to poorly constructed responses. Personal interactions are important. You cannot build a strong relationship without them. The opportunity for a personal interaction may never occur, however, unless you have built a strong case for why the customer should consider meeting with you in the first place.

Why Do Sales Teams LOSE? – Failing to Do Homework (8-10)

2007-12-03T08:01:00.000-07:00

“I sat down with [Company 1] and said, ’Here are the 17 technical things that I am concerned about.’ They came back and asked more questions to understand how we do business and then gave me responses, whereas when I sat down with [Company 2], they said, ’Yes we can do that,‘ and I just didn't feel that same comfort that it was really taking the time to understand how we do business.”

By choosing not to take the time to fully understand the needs and requirements of the customer, an account manager can ensure that his or her organization will not be selected, or that there will be major problems later on if the company is selected. On the other hand, account managers who do their homework about the needs of the customer and the problems it faces can address those issues directly, reinforcing the value of the offering.

Why Do Sales Teams LOSE? – Lack of Responsiveness (7-10)

2007-11-30T09:21:00.000-07:00

“[Company 1] was slow in getting around to pricing. The people that put on the presentation basically said, ’We will have to get back to you on that,’ and they never got back to us on that. It seemed very lethargic about getting back to us and getting us figures. It was like it was saying, ‘Let us go back and sharpen our pencils some more and take another two or three weeks.’”

The issue of responsiveness seems to be like a car engine: you don’t notice how it is performing until something goes wrong. A lack of responsiveness could quickly erode any sort of relationship that has been carefully built, regardless of other factors. Customers want to receive value sooner rather than later, and if the customer experiences responsiveness problems during the evaluation process, it can indicate that there may be problems with the supplier later in the relationship.

Competitive Intelligence Newsletter – Before Battle, Know Your Competition

2007-11-29T08:35:00.000-07:00

This week, the cover story by Thayne Johnson provides an insightful look into competitive intelligence methods that show competitor movements in real time.. You’ll also find information on how Sales Intelligence matters to your success. Finally, a report from ES Research Group will help your sales leadership make sense of sales effectiveness enhancement companies.

Cover Story
Sun Tzu Says Know Your Competition
By Thayne Johnson, Primary IntelligenceThe war of business may not be carried out with weapons of war, but battles over prospects, budgets and market share are fought every day. The casualties of war are growth, personal opportunity and in some cases, companies that fall by the wayside. Just like in an army, every member of a business has to take a part in the competitive nature of the business battleground...(For more, click here)

Announcing the 2008 Sales Training Vendor Guide
Corporations continue to spend a significant portion of their revenues on sales training. Unchanged from last year, enterprises spend between $4 billion and $7 billion per year training sales professionals. Of all the excellent sales training vendors out there, only a few are a fit for your organization. This ESR/InDepth™ Report is designed to help your organization increase the return on your sales training investment.
ES Research Group has compiled their findings into a 200 page report. This 3rd party evaluation is a “must read” for companies seeking sales performance enhancement.
For a free summary, CLICK HERE.

BlogCentral
What is Sales Intelligence and Why Does it Matter?
If a business exists to make money (and really, what other purpose does the business entity have?) as efficiently as possible, and the role of sales is to create the revenue streams as effectively as possible, then isn’t sales intelligence...(For more, click here)

The A-List Archive
Brookhaven Memorial Hospital Selects Siemens. What Were the Key Value Factors?
Originally Published in December 2004.
Executives at Brookhaven Memorial Hospital wanted to enhance their medical information systems by upgrading and expanding their current technology. An evaluation of MEDITECH, Eclipsys, and Siemens resulted in the selection of a number of Siemens applications, including several from its Soarian product line. Although Siemens was the incumbent provider, this had very little to do with the decision...(For more, click here)

Why Do Sales Teams LOSE? – Clients Think “Price” Rather than “Value” (6-10)

2007-11-26T10:26:00.000-07:00

As mentioned, I’m going to present reasons why companies win and lose sales deals. These reasons were outlined by Ron Sathoff, a colleague of mine, in a great article for SAMA magazine called “Five Ways to Bolster Your Strategic Account Strategy, and Five Ways to Sabotage it.” (The article is available for download HERE)

This article was written to help answer the ultimate sales question, “How can we win a lot more deals?” In order to find the answer, Ron started by addressing the questions, “Why do we win and why do we lose?” Each of these points were taken from a library of thousands of win loss sales debriefs and compiled into performance rankings.

6. Let the customer think in terms of “price,” rather than “value.”

The number one reason for not selecting a supplier was price, which in and of itself is not particularly surprising. When examined in relationship to the criteria of “value offered,” however, an intriguing pattern emerges. Price, on its own, had a significant negative gap score, meaning that price was mentioned more often when discussing reasons why a supplier wasn’t selected. Value, on the other hand, had a positive gap score; in fact, value was only mentioned when respondents explained why a supplier was selected. In other words, when eliminating a supplier, respondents thought in terms of price. If the respondent thought in terms of value, they were more likely to select the supplier in question. This corroborates the ongoing movement in strategic account management to create value for customers.

As some of the previous examples in this article illustrate, customers were often willing to ignore the strict price of offerings if they were able to see the overall value of the partnership. Customers make decisions based on the value that can be created for the enterprise. A focus on price indicates that the customer is unsure of how the offering will create value—how it will solve a compelling need or produce a desired result. Customers who are unsure about how the product will do either of these are more likely to think in terms of price than in terms of value.

Of course, whether or not a customer thinks in terms of price or value was not entirely dependent upon the whims of the customers themselves. SAMs who do not construct a strategy based upon showing the overall value of the partnership (whether through ROI, added value or other means) do themselves a disservice, and seriously handicap their ability to develop successful accounts.

Why Do Sales Teams Win? – Fix Problems Now (5-10)

2007-11-19T09:12:00.000-07:00

“We thought [Company 1] was showing its partnership ability by being more open than some of the other suppliers. I would rather have my suppliers say, ’OK, we have a problem and we have to fix it,’ than just pretend it is not there, which makes us suffer through it. So, I appreciate the supplier’s honesty. I feel it was the right thing to do, and that [Company 1] is the right partner.”

Respondents explained that the supplier’s openness in addressing the problem prevented a much larger delay from occurring later on. In addition, this approach demonstrated the supplier’s dedication to the success of the project and the customers’ satisfaction.

As an added benefit, using this approach also tells customers that any future difficulties will be handled in an open and professional manner, easing any fears that they may have about getting into a situation where they will not receive support. If they know that their problems will be solved, they will be more confident about the offering and the supplier, and more likely to report difficulties, which can help account managers prevent similar problems occurring with other customers.

Why Do Sales Teams Win? – Create a “Dream Team” (4-10)

2007-11-16T11:03:00.000-07:00

“[Company 1] was more than willing to send out some of their best technical guys to work with my developers. [Company 2] would not. So, [Company 1] was much more responsive. It wasn’t price; it was the people.”

By embracing a “team approach” early in the account strategy, SAMs in these cases were able to demonstrate that the totality of their organizations were dedicated to serving the customers’ needs. As with the prior principles, this strategy is based on reducing the ambiguity of the business relationship for the customer. By introducing key members early in the interaction, customers can be assured that they aren’t getting Prince Charming in the negotiations and a bunch of frogs when it comes to ongoing or technical matters.

Competitive Intelligence Newsletter – Tips for Beginners

2007-11-15T08:40:00.000-07:00

This week, the cover story provides some of the basics that even seasoned competitive intelligence veterans need. You’ll also find information on why sales doesn’t receive as much intelligence as you might like. Finally, a report from ES Research Group will help your sales leadership make sense of sales effectiveness enhancement companies.

Cover Story
The Top Three Box Office Flops for Beginning CI Researchers
By Ron Sathoff, Primary Intelligence
For a lot of people (myself included), a good piece of Competitive Intelligence research can have all the beauty of a piece of art, such as a poem, a painting—or even a film. Like these art forms, CI can inspire or instruct those who take the time to understand it, and can even effect significant change. However, unlike a beginning filmmaker, whose poor initial efforts may only result in a bit of ridicule at a local film festival, a “flop” from a beginning CI specialist may have some significant consequences—for both the researcher and his or her organization (For more, click here)

Announcing the 2008 Sales Training Vendor Guide from ES Research Group
Corporations continue to spend a significant portion of their revenues on sales training. Unchanged from last year, enterprises spend between $4 billion and $7 billion per year training sales professionals. Of all the excellent sales training vendors out there, only a few are a fit for your organization. This ESR/InDepth™ Report is designed to help your organization increase the return on your sales training investment.
ES Research Group has compiled their findings into a 200 page report. This 3rd party evaluation is a “must read” for companies seeking sales performance enhancement.
For a free summary, CLICK HERE.

BlogCentral
Why Doesn't Competitive Intelligence Flow to Sales?
Only 56% of sales managers claim competitive intelligence as one of their tools. A higher percentage of sales reps (68%) say that they use competitive intelligence to sell. All this seems to beg the question… why isn’t the sales department organizing competitive intelligence initiatives more often (For more, click here)

The A-List Archive
A-List – R-G Crown Selects S1 over Fundtech for Online Banking Services
Originally Published in June 2005.
R-G Crown Bank acquired 18 banks from SouthTrust Bank in October 2004 and wanted to implement new online banking solutions in order to provide better service to its customers and satisfy federal banking regulators (For more, click here)