Andy Paul's Blog, page 41

#462 How to Get the Most From a Sales Book. With Bridget Gleason.

Bridget Gleason is VP of Sales for Logz.io and my regular partner on Front Line Fridays.

KEY TAKEAWAYS

[3:28] The topic is books! Andy starts with The Leadership Gap: What Gets Between You and Your Greatness, by Lolly Daskal. The book helps you identify your type of leadership, what your challenges and strengths are, and how to stay out of the gaps.

[6:16] Andy recalls from the book, “We must let go of the life we planned, so as to accept the one that is waiting for us.” — Joseph Campbell, as quoted by Lolly Daskal.

[7:15] Bridget comments on the need for varying personalities and views on executive teams, to expose blind spots.

[8:34] Andy cites The Challenger Sale. Bridget’s first book is The Sandler Rules for Sales Leaders, by David Mattson, for a refresher on the pain funnel, discovery, exploring problems, and having standard rules for meetings.

[12:46] Andy’s second book is Zero Resistance, by Harry Mills. The premise is buyer self-persuasion overcoming buyer mistrust, through the seller’s helping the buyer find their own insights on what they want to achieve.

[16:04] Bridget wonders how much individuals deliberately integrate and actualize from what they read in a book. Andy keeps and integrates the one or two things that ‘jump out and grab him by the throat.’

[18:26] Just reading a book will not make you better at sales. If something jumps out at you, you have to jump back, and go practice it, if it is actionable, so it becomes a habit. Andy highlights interesting points and copies them into an Evernote.

[20:33] Bridget’s second book is Getting More: How You Can Negotiate to Succeed in Work & Life, by Stuart Diamond. It’s more about the emotional and interpersonal factors than the tactical and strategic. When you get emotional you lose power.

[22:06] The discussion moves to the interplay and dance between selling and negotiation. They both involve discovery and persuasion. They are all about problem solving.

[24:43] The discussion concludes with thoughts on the great aspects of the sales profession, and the career opportunities and challenges involved. Very few jobs exercise these facets of the creative mind and skillset.

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#461. Improve Call Coaching with Intelligent Call Summaries. With Amit Bendov.

Amit Bendov, CEO and Co-Founder of Gong.io, joins me on this episode of #Accelerate!

KEY TAKEAWAYS

[2:30] Amit has a computer science degree, but concentrates on Sales, marketing, and leadership. Gong.io is the fourth company he has led with great success. He reveals what led to the beginning of Gong.io — looking for the key facts of a call.

[7:23] Gong.io works with phone calls. They plan to apply the same concepts to field sales calls in the future.

[8:01] Amit sees the amount of activities preventing managers from having the time to coach field salespeople, as the biggest problem in sales. Reps learn by trial and error. If they are lucky, they are successful. There is no information exchange.

[9:16] Gong.io makes it easy to provide coaching advice. All calls are automatically recorded, transcribed, and indexed, with the interesting parts highlighted, and then are shared with the right people.

[10:24] Any platform communication, phone, GoToMeeting, Zoom, etc, is recorded.

[12:32] Transcribing the call gives the AI better access for identification of parties and topics. The distilled information from the call is what is distributed to managers. Amit tells the factors that are counted in the distilled summary version.

[15:19] Amit discusses linguistic cues picked up by Gong.io. That is the “secret sauce” in it, from the science of linguistics.

[17:28] Within 5-10 minutes of the end of the call, the summary is sent to the rep and to the manager. If you use email, you can use Gong.io. The calls are indexed and can be searched for keywords, topics, specific questions, etc.

[20:53] Gong.io requires no process change, but it is a great trigger for playbook changes. A/B testing of topics is easy.

[24:09] Gong.io can provide clips of dialogs that had great success, and the manager can share these snippets with reps.

[25:05] Gong.io captures examples of how to ask the question, not just the gist of it. Also, the rep can review their own calls, and see where they could improve, and what they did well. Gong.io tracks filler words, as well, to help you eliminate them.

[29:46] Gong.io’s ideal client profile is tech companies with at least 10 salespeople in the U.S. VPs of sales are the buyer. Gong.io will expand to other industries.

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#460. How to use Systems to Accelerate Sales. With Mike Kunkle

Mike Kunkle, widely recognized sales transformation strategist, practitioner, speaker, and writer, joins me on this episode of #Accelerate!

KEY TAKEAWAYS

[3:28] Mike defines the systems approach to sales, a logical way to set up an organizational environment that supports the sales function. Mike cites Kurt Lewen and Geary A. Rummler on behavior, environment, and process.

[5:24] Mike discusses the difficulty and complexity of sales, and focusing on the buyer journey and the problems to solve. Mike quotes Tony Robbins about the path to success. It helps to analyze the top achievers, and learn their behaviors.

[11:45] Mike talks about global studies made by Learning International (now Achieve Global) about behaviors of top sales performers, that Learning International then used to build their programs around those sales competencies.

[13:56] Mike says compensation is not what makes the most difference in sales. He lists his Fantastic Four systems that have the most effect on sales success. He also notes that the top 4% of sales reps are so good, they are above systems.

[16:41] The bell curve of sales still has not shifted in general, but the companies at the top end are not always the same companies. Mike tells how the top companies get to the top.

[18:00] Psychometric tests may not be widely used for hiring, or be used effectively. Mike suggests researching the tools and their application. Mike shares successes from when testing tools were used well, and thoughtfully.

[22:13] Management by anecdote does not match intelligent management backed by the scientific application of data. Tools and processes work to boost management success.

[23:14] Aligning the buying and selling processes assumes the buyer knows their best practices for buying. The seller may need to guide the buyer in learning their own process. The vendor must be flexible and agile to align to the buyer need.

[25:57] Individualized buyers, and company environments, make every buying process different. Mike refers to Aristotle as the first sales trainer. The key is to understand the individual and their goals.

[28:41] Mike is a trainer by being a subject matter expert, a seller, and a manager, not by the training profession. To be sure of his system, he verified it and measured results. He researches and plans in his work to drive up performance.

[32:30] Mike’s system includes a learning system, and a managing system, as two of the four system pillars, so the human element is counted into the methodology.

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#459. How to Use Data Thoughtfully to Increase Your Sales. With John H. Johnson.

John H. Johnson, President and CEO at Edgeworth Economics, keynote speaker, and co-author of Everydata: The Misinformation Hidden in the Little Data You Consume Everyday, joins me on this episode of #Accelerate!

KEY TAKEAWAYS

[2:42] John is a PhD economist with particular expertise in econometrics. Edgeworth Economics is data-driven and works by processing and explaining very large data sets. One large sector they serve is corporate litigation. John gives some detail.

[3:39] Much of John’s time is spent teaching these issues in courtrooms. His book is designed to bring this knowledge about real-world events to a larger audience, so people can make better decisions with data.

[4:25] The starting point is recognition. 90% of the world’s data was created in the last two years. People fear math. These two factors combine into the perfect storm for people to be misled and to misunderstand data.

[9:12] John suggests you should ask intelligent questions. To understand statistics, think about what went into producing the number.

[13:27] Even disciplined statisticians are prone to correlation confirmation bias. Consider, what questions you are trying to answer. Does the data give you enough complete information to answer the questions? What can it tell you?

[16:38] Large volumes of data may tell you something meaningful about your business and sales drivers. The application of this data doesn’t replace the interpersonal skills that are needed to connect and engage with clients.

[18:38] Making decisions on inapplicable correlations will not lead to the results you were expecting. Make sure you understand if the correlation is part of the causation.

[20:21] John comments on common sales stats, such as the Pareto distribution of sales to salespeople. Look behind the patterns. What could be causing them?

[23:10] Forecasting is only as good as the inputs and our ability to use past performance to predict the future. Hone in on the assumptions that underly the forecasting model. Forecasting is always probabilistic.

[28:45] Aggregate statistics about sales may be true, but drawing specifics from generalities is not trustworthy for any specific product and industry.

[30:34] John says managers should frame the question they want to answer and look for data that belongs to the question. Be aware where the data originates, and of assumptions under any analysis of it. Look at how it may, or may not apply.

[32:55] John emphasizes that data is a tool. It is a complement to decision-making. Use all the tools at your disposal. There is no substitute for thinking hard about these types of problems.

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#458. Thinking Right Side Up About Sales. With David A. Fields.

David A. Fields, speaker, consultant, and author of The Irresistible Consultants’ Guide to Winning Clients, joins me on this episode of #Accelerate!

KEY TAKEAWAYS

[2:20] An irresistible consultant is one whose clients say, “I need to have you. I want you to help me solve my problem.”

David discusses how the heart of becoming irresistible is discovery.

[4:13] We hear about listening all the time, but we are not particularly good at it. David shares a case study about thinking right side up in a meeting.

[5:23] To succeed in sales, focus on the customer’s needs. This is a skill that can become a habit.

[7:32] Right-side-up thinking means putting the customer first. David suggests developing one or two habits at a time. He gives an example of a right-side-up behavior.

[9:30] David warns not to deflect customer invitations to talk about your company or product. Leave your agenda behind. Respond simply and appropriately. Say something like, “Here’s the problem I solve. These are the people I help.”

[11:16] David speaks of responsiveness, relationships, and agendas. The value of relationships can be monetized.

[14:39] The prospect has anxiety not only about their problems, but also about the risks and potential mistakes of the buying journey. You can address these anxieties.

[17:17] It helps to be interested in other people. Cultivate this if it is not natural for you. As you become more interested, you will find it easier to pay attention to them.

[19:06] David lists the six pillars of consulting success. The emotional pillars are built by paying attention to the prospect. Paying attention builds connection.

[21:45] David uses 2X3 charts rather than quadrants, to map where the need is, or ‘where the fish are.’ Don’t try to create demand. Find the demand you can solve.

[25:40] It’s easier to sell what people want to buy than to find people who want to buy what you’re selling. David shares a case study.

[27:37] Most consultant skills and expertise are transferable between industries. You can pick up skillsets; you cannot create client problems. If you are trying to reach the wrong industry, find one more in need of your services.

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Accelerate! Expresso #06: Weekly Review Show – May – 13

Accelerate! Expresso is a weekly round-up show that contains snippets from each interview from the previous week’s slate of guests on Accelerate!

These clips have been edited into a tight, short show that will give you just a taste of the insights you missed if you didn’t catch every episode of Accelerate!

In this episode, you’ll hear excerpts from my conversations with my guests during the week of May 8-13. That’s episodes 452-457.

Come listen as I was joined by the following experts: Sally Duby, Josiane Feigon, Lincoln Murphy, Philip Schweizer and Alex Berman. In addition, Bridget Gleason was my usual partner on Front Line Friday.

Take a quick listen now. Then go back and listen to an entire episode with your favorite guest.

Thanks!

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#457. Building and Hiring for a Startup. With Alex Berman.

Alex Berman, Co-Founder of Experiment27 (X27), a company that provides lead generation services for digital agencies, joins me on this episode of #Accelerate!

KEY TAKEAWAYS

[1:56] Alex is a digital nomad, and X27 is a virtual company of 11 employees spread between Mexico City and various U.S. locations. Alex’s personal drive for becoming an entrepreneur was to get rid of the office. He wanted to travel frequently.

[2:47] Alex explains his why for the startup. He’s in Wichita now, specifically because it’s the “cheapest city in America,” for low overhead as he gets the company going.

[3:29] Alex travels to learn new things. After New York came Las Vegas, to see Tony Hsieh’s Downtown Project and share a drink with Tony, then to Chicago, L.A., and Las Vegas again, for family, and San Francisco, before Wichita.

[4:41] Alex finds the tech scene in every city is growing. Besides Las Vegas, he says tech in St. Louis is very welcoming. Since he can Skype with any customer, where he lives is immaterial, and all American cities start to blend for him.

[7:02] Alex had led a Marketing consultancy for Dom&Tom, and that encouraged him to start up a company. X27 does marketing for mobile app development agencies — UX/UI design branding. They act as CMOs and run the client’s team.

[8:42] Dom&Tom had used Alex as a contractor, and he ran the operation as needed. He discusses the outsourcing and internal hiring that led to X27. In eight months they grew from two to 11 employees. The goal is to have $2M AR by year end.

[10:01] Alex started the company doing all the sales himself by cold emails. Alex explains his effective email. Content matters, but targeting matters more. He reveals his secret for finding agencies that are good leads and discusses the email process.

[16:45] Alex hired two salespeople at the same time, based on advice from Jason Lemkin at SaaStr. He also learned not to hire in Q4. Sales went to $0 for two weeks over Christmas.

[18:14] Alex hired two salespeople, to check the process. They could both be good, both bad, or one each. If neither can sell, there is probably a process problem. If only one sells, the one who can’t has a sales problem. If they both sell, hire more.

[19:33] Alex interviews in two steps, the first to check for how they fit, the second to perform a task for an hour — to build a list and write an email. Most people refuse to do the test. He doesn’t check references. Bad hires will weed out.

[28:39] The discussion goes to hiring and onboarding procedures as the company scales. Will every employee be a self-starter? Alex learns as he goes along. Stress concentrates the attention!

[32:00] Alex describes the stack X27 uses internally.

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#456 How to Outrun the Competition. With Bridget Gleason.

Bridget Gleason is VP of Sales for Logz.io and my regular partner on Front Line Fridays.

KEY TAKEAWAYS

[3:30] Discussion on running and races, because…

[5:37] …the topic is competition in sales. Bridget says there is always competition, and she offers two approaches. In either case, focus on the customer’s problem, and how you differentiate yourself to solve it.

[8:48] Price is not the competition. Solving the problem, with the greatest value to the prospect, wins the deal. Bridget tells how she was sold a pair of running shoes by a trusted vendor who solved her problem with value, and did it frictionlessly.

[12:13] No one wants blisters — on their heels, or in the buying process! Bridget went with the reputation of Marathon Sports, not the price, and found a salesperson who worked very easily with her.

[13:14] Andy also bought running shoes! His preferred vendor, Road Runner Sports, has excellent service and makes sure of the right fit and shoe. Unless you just have to buy the cheapest shoes, you will not walk out of there without new shoes.

[14:13] Andy likes being a member of the Road Runner Sports V.I.P. Club! He admits, he could wear shoes a little bit longer, but he loves having new shoes.

[15:17] Reps assume there will be a buying decision. Qualify the prospect’s problem, and make sure they understand the value proposition, to make sure it is so. The first discovery call sets the tone for the entire engagement.

[18:05] The buying decision has two parts: whether the prospect will make a change at this time, and, if yes, who the vendor to facilitate the change will be. Be there with the value proposition that fits the prospect’s desired change.

[19:26] ‘Selling past’ the initial buying decision, means that if the customer does decide to go ahead, they probably do it based on the competition’s value proposition, not on yours! If they buy from you, will they be happy? Bridget elaborates.

[21:39] The buyer may be confused between propositions they heard, so after each sale, call the customer to review the deal, from their requirements, to your proposal, to what they bought, and how and when you will deliver it. Communicate.

[24:38] If you don’t clarify with the buyer what they bought, at renewal time they may believe you surprised them, and they will look for an alternative vendor they can trust better. Andy calls the refresher call, the most important sales call you make.

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#455. How to Prioritize Your Hottest Leads. With Philip Schweizer.

Philip Schweizer, CEO of SalesWings, a sales engagement company based in Switzerland, joins me on this episode of #Accelerate!

KEY TAKEAWAYS

[2:36] Philip started selling at age 7. He took a shopping cart of items from the cellar to a village yard sale and sold almost all of it. He had fun, and saw he had a talent. After college he sold solar phone charging bags. He enjoyed working with people.

[4:54] Philip started SalesWings as a way to help smaller companies make the best use of technology for sales. SalesWings prioritizes strong sales leads for an organization. He wanted to provide a simple alternative to earlier solutions.

[7:13] SalesWings looks for buying signals of customers, through their website activity. Philip explains the principles, and application for B2B and B2C.

[11:03] SalesWings integrates with Gmail, Outlook, and marketing solutions like MailChimp, Sendloop, etc., to identify leads initially.

[12:23] Philip explains some of the tracking methods used to identify level of interest.

[13:21] SalesWings has introduced the world’s very first LinkedIn Inmail lead tracking. Philip explores how it works.

[15:49] Philip gives an example of tracking Inmail, and how that identifies interest, and improves responsiveness.

[20:06] The clients for SalesWings are companies as small as one-person, and as large as 5K employees with an outbound sales team. The sweet spot is companies of 30-300 people who look to get a better view on the strongest leads, for less cost.

[21:30] Simplicity makes the system more accessible to sales teams, without spending their time on analysis of leads. Some of the larger platforms take too much time to score leads. SalesWings works in real time, telling who is hot right now.

[24:40] The leads from SalesWings are top-of-funnel. Philip discusses other technologies available that provide complementary functions mid-funnel.

[26:48] Philip discusses the role of AI in sales. The last mile for AI is to translate data into actionable information for the company.

[28:49] SalesWings claims a loyal customer base of people who need to prioritize leads quickly.

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#454. The Ins and Outs of Customer Success. With Lincoln Murphy.

Lincoln Murphy, Customer Success Architect and Mentor at Storm Ventures, and co-author of Customer Success: How Innovative Companies Can Reduce Churn and Grow Recurring Revenue, joins me on this episode of #Accelerate!

KEY TAKEAWAYS

[2:58] Lincoln saw there was no book that fully covered Customer Success, so he wrote one. You can’t lose customers and expect to grow in any meaningful way.

[4:37] Lincoln explores how we got to the point where customer success is a new operating philosophy, not just for SaaS, but for all businesses. Salesforce was the main influence.

He also compares reducing churn with real revenue growth.

[9:53] Salesforce was facing an existential threat with 8% churn every month, before focusing on customer success. Lincoln gives his definition of customer success, and explains the causes of churn.

[13:44] Churn also includes revenue churn, based on discounts offered for renewal. Lincoln discusses net revenue retention, how to determine it, and how it relates to overall growth.

[15:29] Lincoln suggests segmenting customers, not based on their payment level, but on the experiences you need to give them to ensure their success. Losing a customer in a bad experience also costs you anyone they influence.

[19:54] A customer who receives no value is not a good reference. Shoot for 100% referenceable customers. Know the traits of a bad-fit customer. Don’t set your customers, or your company, up for failure. Don’t sign bad-fit customers.

[22:07] Customer success needs to be aligned with sales and marketing. Customer success can educate marketing and sales how the customer is using the product, and what language appeals to the customer.

[24:25] A customer signing a one-year contract, and staying for five years, contributes five times the revenue of the original contract. Customer success is responsible for 80% of the lifetime revenue of that customer; sales is responsible for 20%.

[26:54] Lincoln addresses time-to-value. If immediate value is expected, and that expectation is not met, that is a problem. Teach the client what to expect at 30, 60, and 90 days, so expectations are met. Help clients see long-term value, ASAP.

[30:02] Lincoln talks about personal relationships and loyalty. Humanity is the table stakes, but the sale is about the value to the customer, and their success, not their loyalty to you as their sales representative.

[33:53] Deals are no longer closed on the ability to charm. Value has to be delivered consistently from the vendor to the customer.

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