Score More Sales

Analyzing Sales Opportunities in Your Pipeline

Lori Richardson — Wed, 16 May 2012 15:05:51 +0000

Do You Have a Sales Funnel?

Are you part of a B2B sales organization proactively looking each week at what deals are in your sales funnel (or sales pipeline)? You probably fall into one of three camps:

A. You have a robust, helpful CRM tool that gives you several helpful reports which you can review each week, and lists you can easily pull up on a just-in-time basis.

B. You have a poor CRM tool, perhaps not cloud-based and it is difficult to use with poor reporting capabilities. Basically you work around this system if you work in it at all.

C. You have no CRM system and use some combination of e-Mail, Excel, Outlook, and/or sticky notes to “track” your prospective sales opportunities.

Whichever scenario you are in, there is hope as long as you are clear on two points:

1. Finding ways to shorten your prospective customers’ buying cycle which brings revenue in sooner is a very good thing.

2. Making improvements in all aspects of your sales efforts should be a critical part of your sales plan.

What to do if you have a very good system in place already: First, be appreciative because a lot of sales teams are still working with sub-par tools. Your goal is to take advantage of the tools you have, and find ways to leverage them and gain knowledge that assists in bringing deals to closure sooner. Most systems are under-utilized because of a poor roll-out and non-existent ongoing training.

Example: Look at how and when follow-up is happening and how it is happening. One company had a sales rep who would only do e-mail follow-up. Once we were able to see a report on how reps were following up, we encouraged this seller to start picking up the phone and engaging in valuable conversations. The result? Two of his deals moved forward, and one closed simply because of awareness and creating a plan of action.

What to do if you have a poor CRM / reporting system: See what you can accomplished with the tools that you have already. Don’t spend selling time researching your dream sales enablement tools. Instead, focus on understanding what sales opportunities you have, and what stages they are in so that you can create a plan of attack to move them forward. It can be very frustrating when you see other companies with other systems in place – especially if they are your competitors. There is a lot of selling that can go on even without great tools – so no excuses in place of getting your job done. If you were hired for sales, that is what you need to focus on. Make a case for what you need, and help build the ROI for it, outside of the normal work day. Learn what your peers and colleagues are doing to enable more sales, better.

If you have the “MacGyver”, (American action-adventure television series that ran from 1985-1992), pieced-together notes about potential customers, on paper, on sticky notes, and in your email or accounting system – you need executive buy-in on a modern system that will help you identify, win, and grow revenues. At the very least, you must know what sales opportunities you and your company have, and you need to set next actions on an ongoing basis. Having a snapshot of what you are working on as a seller is critical to keep you on track, on focus, and motivated.

No matter what system you have, put your top opportunities on a white board on the wall to further motivate you and keep them in your view. You and those around you will know what to focus on this way, and you also post a list of target companies you’d like to make progress on over the next few months.

Visuals can be very motivating. Use them, in conjunction with a great sales system to make your numbers.

Read this post for “3 Productivity Tips for the Sales Pipeline”

This post was written as part of the IBM for Midsize Business program, which provides midsize businesses with the tools, expertise and solutions they need to become engines of a smarter planet.

Lori Richardson is recognized as one of the “Top 25 Sales Influencers for 2012″ and one of “20 Women to Watch in Sales Lead Management”. Lori speaks, writes, trains, and consults with inside and outbound sellers in technology and services companies. Subscribe to the award-winning blog and the “Sales Ideas In A Minute” newsletter for tips and strategies in selling.

Analyzing Sales Opportunities in Your Pipeline originally appeared on Score More Sales on May 16, 2012.

3 Sales Tips From Two-Year Olds

Lori Richardson — Mon, 14 May 2012 12:55:38 +0000

Before I got into professional selling, I was a preschool teacher who worked with two-year olds. We were licensed for 12 two-year olds in our room within a daycare center, and I had two assistants. For anyone who knows me now, it may be hard to believe that I did that for five years, utilizing my degree in education. I actually loved it, but unfortunately, it didn’t pay the bills.

I got into professional, business-to-business selling and made a wonderful career out of it – but what I learned from two-year olds stayed with me years later. It was reinforced after hanging out with one special guy I call Vitamin E this past weekend. He has mastered these sales techniques, and I want to make sure as you start off your week, you think about these, too.

PASSION:

When you are interacting with a prospective buyer, do you have the energy and passion of a two-year old who loves to see garbage trucks and motorcycles go by? Crank up your energy two degrees – you will be amazed at how people will receive you differently on the phone and even in your writing. In person you can easily show how you exude energy, enthusiasm, and passion for the prospect’s issue and how you may be able to help them. Generally we all need to tune up our enthusiasm level, and that includes in your follow-up.

Too “busy” to send follow-up notes or next actions right away? Make it happen immediately – otherwise you will get diverted and distracted. Keep energy high for setting a plan and causing next actions to happen. I’ve found that for me, I have to consciously do follow-up the same day, or the very next day to stay on track. How about you?

DETERMINATION

Two-year olds are masters at repeating what they want. It’s clear we were all born with this ability to state a goal and keep reminding big people around us what that goal is – as if we just have to keep saying it, because sometimes that’s enough to make something happen. That doesn’t mean you bulldoze prospective buyers into doing what you want to have happen. It DOES mean that you focus on appropriate goals and stretch goals and your determination along with the right actions will make things happen. Will you come all the way to hitting your stretch goal? That depends on your plan of action, the value you are presenting, and the activity on the right things that you create. It’s not magic, but it also won’t happen without focus and determination.

QUESTIONING

The best questions you can ask prospects in your sales career are focused around the word, “Why?” Two-year olds have this one down pat. Have you ever lost a deal because you had too much information? Probably not. Have you lost deals because you didn’t have enough information? I bet you have – I know I have on numerous occasions.

NEXT STEPS:

For more youthful inspiration read about Caine’s Arcade - an amazing kid with a big vision and endless determination.

Look in the mirror today and see if you are that high energy, enthusiastic person that represents great products and services. If not, work on conveying more energy on the phone and using power words in your e-mail to convey this enthusiasm. Don’t go overboard, and be sure to couple enthusiasm with knowledge.

Do you have activity goals in addition to revenue goals? Post them and work to make them happen. Keep personal goals in addition to corporate goals. Share them with others for support.

Ask better questions. If you can’t answer why an important prospective customer is doing or saying something, go back and find out the answers. Be conversational and sound inquisitive rather than like they are at an inquisition.

Find friends or relatives that have a two-year old and ask them about passion, determination, and questions, unless you are lucky enough to have one yourself.

3 Sales Tips From Two-Year Olds originally appeared on Score More Sales on May 14, 2012.

Productivity Tips for Sales Teams With iPads and Tablets

Lori Richardson — Fri, 11 May 2012 13:30:04 +0000

photo courtesy of Apple(R)

Did your team receive iPads or other tablet PCs and you find them under-utilized? As a long time PowerPoint user myself, I have felt guilty about my iPad being my glorified Evernote platform and e-mail source on the road.

Ashley Furness, CRM Market Analyst at Software Advice recently wrote about this very issue – teams of salespeople have received or will received tablets but do not have clear deployment plans. One company we know bought them to appear to be on the “cutting edge” over their competition, but they don’t do anything unique or amazing with them.

While 78% of businesses plan to deploy tablets by the end of 2013, more than half lack an articulate deployment plan. Ms. Furness asked 7 sales and technology experts what advice they would give to business leaders in this situation. Some top recommendations include:
1.    Monitor & set goals for usage
2.    Create dynamic content that goes beyond PowerPoint
3.    Invest in custom apps that address the team’s unique needs

I echo her point about thinking big when it comes to rolling out any new technology. The classic mistake is where you choose one app and in very short order, the sales team will want and need something to integrate with that. Instead of throwing together your plan as you go, create a deployment strategy. Read the insightful article here.

Marketo also has a helpful article written by Silicon Valley veteran Phil Fernandez on how sales teams need to adapt to the new ways of selling and using a tool like a tablet to do that.

Has your company invested in tablets throughout the sales force? If yes, what applications are you running, and how do they work for you and your sales team in general? Do you have a plan?

Post your answers as a comment, or email them in if you want to be anonymous. I’ll share the blended results at the end of the month.

Productivity Tips for Sales Teams With iPads and Tablets originally appeared on Score More Sales on May 11, 2012.

3 Sales Tips to Turn Competition Into Your Industry Counterparts

Lori Richardson — Tue, 08 May 2012 14:02:25 +0000

In business-to-business selling we do a lot of war room planning against competitors. In fact, discussing competition often sounds like being in a war.

What if you disarmed the thought of competition – and instead used a term I call, Industry Counterparts? Here are the subtle differences:

Competitors are rivals, opponents, seekers, and claimants. They seek to take what we believe is ours – namely our prospective customers. They are rivals for the food on our tables and the clothes on our backs.

Industry Counterparts are people and companies in your market niche. They are in your space and they serve many of the same types of people you do, although they can have very diverse backgrounds. They can actually refer you business. They can help you to stand out.

What are 3 ways you can make your competitors into industry counterparts?

1. Remove the word from your vocabulary. There are no competitors, only industry counterparts. Why? Because what you think about is your reality. I purged the word from my vocabulary years ago, and even though I work in “war rooms” with big technology companies where we work to determine our advantages in gaining new customers, I view things from an industry counterpart mentality. I may say it (or write it, as you can see), but I work from an abundance theory.

2. Use the abundance theory. There is enough out there for all of us to build thriving businesses. Unless you are in a commodities-driven, head-to-head battle every day, you can build business in and around industry counterparts. Using the abundance strategy, focus on your company’s strengths and help buyers understand what you CAN do for them rather than what your competitors can’t do for them. Think of the Texan proverb, “When you throw dirt, you lose ground.”

Strategize with your sales team on your company’s distinct advantages and make bullet-pointed lists for when they are crafting messaging with prospective customers. Focus on us, not in putting down them.

3. Actually engage with your industry counterparts. I had the extreme pleasure of meeting up with 20 of my industry counterparts last weekend. We all write, speak, train, coach, or mentor within the B2B sales world. It was like no other day in that everyone who showed up really showed up. We were able to put faces to photos and handshakes (or hugs) instead of phone calls or emails. Everyone left there a better person, and we were able to discuss issues in our industry and even ways we can collaborate. Yes, I said it – industry counterparts can collaborate. Attendee Leanne Hoagland-Smith wrote a post as well.

Bonus Tip: Be more open-minded. Instead of being guarded, open up the possibility of learning from those in your industry. If you think you know it all, you’re never going to grow and improve.

What can you do with this new mindset?

How can you engage someone in your industry to collaborate on a creative deal that would not happen as competitors?

When will you make this happen? (no time like the present…)

3 Sales Tips to Turn Competition Into Your Industry Counterparts originally appeared on Score More Sales on May 8, 2012.

Sales Funnels and Sales Contests

Lori Richardson — Wed, 02 May 2012 19:19:08 +0000

It is true that the shape of the journey of the buyer toward making a purchase is less about looking like a traditional funnel and more about a cloud or MindMap type of drawing. Even so, I was thrilled to receive this funnel in the mail from one of the attendees at my talk on productivity for inside sales professionals at the AA-ISP Leadership Summit a couple weeks ago.

Thanks to Sean from Park Place Technologies who was nice enough to actually drop a funnel in the mail to me. Here is what Sean told me they do with these at his office:

When a sales rep is working within a block of time to make outbound calls, they put their sales funnel (with the dollar sign) on their cube wall so others walking by know not to stop and chat or interrupt for any reason.

I love this idea! Reps stay more focused and productive without interruptions, saving probably hundreds of hours a quarter, I’d bet. What visual do YOU give to let others around you know that you’re focused on revenue activities so that you don’t get disturbed?

CONGRATULATIONS GOES TO: Rachel Longley of BuyerZone who won a $50 Starbucks Gift Card from our last blog contest. Rachel is in marketing and often posts on the BuyerZone blog About Leads, in addition to being a loyal Score More Sales blog reader. I asked her what she likes about her job:

I love that I am able to work on so many different projects in the course of a week. There is also a great mix of the creative and analytical. And seeing campaigns from conception to completion is great as well. I think that email and nurturing campaigns are particularly interesting because they can often surprise you – what you think might not perform well might be a huge success (and vice versa).

Congratulations, Rachel – enjoy some beverages on us. Stay tuned for our next contest.

Sales Funnels and Sales Contests originally appeared on Score More Sales on May 2, 2012.

3 Smart Ways to Close Deals in Your Sales Pipeline

Lori Richardson — Mon, 30 Apr 2012 14:45:16 +0000

A corporate salesperson was telling me about his pipeline, and explaining all of the opportunities that were stalled. Nearly every one had what he thought were insurmountable problems. He was perplexed, frustrated, and in his mind, his career at a new company would be short-lived.

We sat down and talked through every sales opportunity he had listed. In his case there are 4 deals he considers to be “qualified”, and quite a few deals that have not gotten to the qualified stage.

He currently has a whopping 6 deals that he feels are beyond “qualified” – he has received cues or even verbal indication that his company has been “selected”. Unfortunately though, none of his qualified or selected-stage opportunities have fully come to closure – he does not have signed agreements in hand.

We spoke, and what began as his frustration for customers not being ready to do business with him turned into frustration he had with himself for not doing some basic things.

He hadn’t asked enough questions to know if his “qualified” and “selected” stage deals are really legitimate, well-qualified opportunities. (Selected means that he’s been told by the prospect that they will work with him.) One great question to ask here is, “What other options do you have if we don’t move forward?” If they have one or two other seemingly do-able options you will learn right away that you may be less likely to move forward with this opportunity. ASK GOOD QUESTIONS.

Know what stage each of your deals is at. This sales rep was not consistent in his reasoning as to where each of his sales opportunities were. Within a couple minutes he was moving Qualified deals back to Unqualified simply because he doesn’t know all the answers that he needs in order for his deals to all really be qualified. It’s very important since different things need to be done at different stages. Be consistent in your rules about what actually IS a qualified buying (or selling) opportunity and how you know it consistently. BE RIGOROUS ABOUT WHAT QUALIFIED MEANS.

These days a pipeline shape doesn’t truly mirror the customer’s buying experience and some say it should look more like a cloud, oval, or mind map. Whichever method you subscribe to, you must know that you need many more potential opportunities than actual “deals done”, since not everyone you think will become a buyer through you and your company will. Optimism aside, you need to be talking to more people and working with more companies than most sellers realize. How do you know how many deals you should be working on? Do the numbers. (Seriously, drop me a note and I’ll reply with an easy formula). Regularly look at how many potential opportunities there are, and whether they are very early, somewhat early, moving forward, qualified, they’ve selected you, or they’ve actually signed the agreement to work with you. If you are working some of these and not others, you’ll have problems with either too many early stage conversations or too many teetering toward obscurity once qualified but not moving forward. WORK MORE DEALS THAN YOU NEED. SPREAD YOUR EFFORTS OUT.

This post was written as part of the IBM for Midsize Business program, which provides midsize businesses with the tools, expertise and solutions they need to become engines of a smarter planet.

3 Smart Ways to Close Deals in Your Sales Pipeline originally appeared on Score More Sales on April 30, 2012.

4 Sales Tips for Reaching Prospects by Phone

Lori Richardson — Fri, 27 Apr 2012 12:23:44 +0000

In an inbound marketing world, is there still need to call people? This is the current question on many sellers minds and one that deserves some ongoing discussion.

Of all the ways we have seen people actually talking to prospects, it most often is in a combination of the following:

1) Simple web research

2) LinkedIn or other warm connection

3 )Have data and knowledge of your prospect’s world

4) Use of the telephone

Let’s dive into each of these and see what the trends are.

Simple, quick, web-based research is extremely important when you are calling prospects. The worst calls you can receive (or emails, for that matter) are when you feel like a name on a list, or a number in someone’s dialing log. I don’t want to be someone’s 24^th “talk-to” – I want to be contacted by people who can add value to the work that I do, or who can add value to my life or community. Most likely you feel the same way, and more importantly, so do your prospective customers.

This means that you need to do research, but don’t get stuck in research mode – a “one minute” rule can work well. When you see someone on a list, go quickly to their website to do a one-minute overview. Note what it is that their company does and what their title is. A look at someone’s website gives you an idea of company size, professionalism, strategy, and often mission, vision, and values. You can immediately see if they are public or private, if they use video, social media, and how current and relevant they are.

One minute goes quickly – but in our strategy, just jot a note on paper or on Evernote, going down a list of companies you are looking up. If you have a CRM system, do research first, going through 20-30 companies and jotting down your “one minute impression” of their digital footprint. Now you have something to talk about when you connect.

Next, do a LinkedIn search and see if you are connected to this prospect or someone at their company. To be good at this, first get well-connected on LinkedIn and have a paid account to really benefit from all of LinkedIn’s research tools. If you are skeptical, upgrade your LinkedIn account for a trial period, such as 3 months, and see how it helps you connect to those you don’t know. Be proactive when you upgrade – it will do you no use if you don’t experiment and use it. Last week a client wanted to connect to someone at a large, privately held corporation. I typed in the company name and found that I had 42 connections to people who work there or who had recently left. The breadth of connections I could make to get to our desired contact surprised even me. By using a strong or weak link, you can connect easier to someone you do not know. This makes your call a warm call and not a cold call. It totally transforms your approach and people are much more likely to talk with you. (also note what NOT to do on LinkedIn here from a previous post.)

Have data and understanding about their industry to leverage in your call on why it would be good to speak further. Remember that conversations are not about you telling a prospect all the features and benefits of your products. Those days are SO over, folks. You are simply working to show enough value initially through insightful observations that pertain to their world to get permission for a longer conversation. That’s the “sale”. Stop trying to purge all of your pitch in a 60 second voice mail. Instead leave an 18 second one that causes interest.

Next, pick up the phone and make some calls to people. We do this every day, and regularly reach people we are trying to connect with. It is not always easy, but through various strategies we are successful. If nothing else, you can leave a brief, simple, branded voice mail that let’s someone know you are looking to connect with them.

The phone is just one tool in your toolbox. Use an inbound strategy (we use Hubspot) – just don’t think that the phone is obsolete. It isn’t. You still need to talk directly with people to see if what you offer is a good fit to solve their business issues. We are making warm calls, and in some cases cold calls. Why do we get through?

The reason you can still reach some prospects by phone is because you can clearly convey a valuable reason for them to speak with you.

Example: A marketing executive prospect works for an electric utility. A client has a patented technology that helps electric utilities increase revenues in a revenue-flat period when some utilities ratings are actually being downgraded. There is great benefit for any visionary leader in a utility to see what this technology is about because at the very least, some ideas around growing revenues may happen. At most, the two could partner for great benefit. When presented this way, we nearly always get a return call or an e-mail telling us when to call or an alternative way to connect.

Many salespeople have call reluctance and so they don’t use the phone much anymore. This is a big mistake, as there are a glut of e-mail messages – but by using voice mail and e-mail together you improve your results

Other Ways to Connect:

Think multi-faceted strategy when working to connect with prospective customers. In some tech marketplaces sales reps are texting prospects – almost always once rapport is established. Prospects are getting calls on their cell phones. No matter what strategy you use, show value immediately, respect your prospect’s time, and make it easy to follow-up. Always set a next action.

How are you connecting with your prospects? Are you connecting? Post your tips and ideas as comments. We’ll create a follow-up post and give attribution to those who offer sound ideas.

This post was written as part of the IBM for Midsize Business program, which provides midsize businesses with the tools, expertise and solutions they need to become engines of a smarter planet.

4 Sales Tips for Reaching Prospects by Phone originally appeared on Score More Sales on April 27, 2012.