Andy Paul's Blog, page 52

How to Shorten Time to Revenue with Account-Based Everything. With Jon Miller. #365

Joining me on this episode of Accelerate! is my guest Jon Miller, Founder and CEO of Engagio. Among the many topics that John and I discuss, are how Account-Based Everything (ABE) is not marketing automation but human engagement, methodically orchestrated, assisted by data; how ABE breaks down silos and aligns marketing and sales; and, how ABE shortens the time to revenue for the large, complex sale.  

KEY TAKEAWAYS

[:46] Jon’s BS is in physics, studying fusion. He was accepted by MIT into a Ph.D. program, but, instead, followed his friends into management. Engagio is Jon’s second startup. He cofounded Marketo — recently bought by Visa Equity.

[3:28] With Marketo, Jon fished with a net for whatever they picked up. They tried reaching out to spear big fish with outbound marketing tactics, but Marketo was not a fit for that. Engagio was built as a platform for account based marketing.

[5:48] Until recently, marketing has been a lead-centric business, not an account-centric platform, as sales has been. When marketing and sales work together on the same accounts, they are more relevant, focused, and personalized.

[8:56] TOPO says marketing alone will only get about 15% penetration into the target accounts. What does penetrate better is the account based sales development function.

[10:16] Account based sales development, working independently from account based marketing, builds silos. Engagio works to build all functions together under the same tent: Account Based Everything, a phrase borrowed from TOPO.

[11:06] ABE is a strategy for aligning and orchestrating marketing, sales, sales development, and customer success, into personalized interactions across the account — both for new business and existing customers.

[13:03] How does the ABE approach gives a shorter time to revenue than marketing alone?

[15:34] Account based outbound lets you target big fish, reaching high into those accounts, using the challenger model to create the opportunity, which puts you in a strategic place.

[16:24] The traditional sales model for large account has many hand-offs. The ABE model involves everybody in an orchestrated process. There are no marketing deals or sales deals, but team deals.

[20:36] Jon uses two analogies for Engagio: the orchestra conductor, making sure the right people come in and out at the right time; and the football play mapped out in a diagram, emphasising the elements of the team.

[23:16] This is not marketing automation, but human engagement, methodically orchestrated, assisted by data. Jon explains how it is the opposite of sales spam.

 

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How to Close Sales Without Manipulating Buyers. With James Muir. #364

Joining me on this episode of Accelerate! is my guest James Muir, sales trainer, speaker, coach, and author of The Perfect Close. Among the many topics that James and I discuss are why bad sales practices still abound, essential questions to help advance your buyer along their buying process and how facilitating the buying process builds trust.

KEY TAKEAWAYS

[2:38] James wrote this book to help sales professionals that are uncomfortable asking for commitments in manipulative ways.

[5:11] A majority of meetings with prospects conclude without the sales professional asking for a commitment. You need to go into any encounter with an idea of what you want the outcome to be. Use advancing questions, such as, “Does it make sense to X?”

[7:28] Andy makes the connection to Neil Rackham’s Spin Selling, and asks if the prospect today still needs to be prodded from stage to stage.

[10:14] Asking, “What’s a good next step?” may reveal internal procedures that need to occur before anything external. That tells you where they’re at in their buying process.

[11:51] 50–60% of qualified opportunities end in no decision because sales professionals make assumptions without making a compelling case to change the status quo.

[13:10] Advancing questions show at each step if more justification is needed before going forward. Complex sales, particularly, may slow from insufficient justification.

[19:29] Endowed progress means that the closer one is to achieving a goal, the more one accelerates toward the goal.

[20:28] Commitment consistency is a propensity to sustain commitments, based on the psychological need to maintain internal coherence. Robert Cialdini addresses this in Influence.

[24:39] James tells about a client who refused to work with a sales rep ‘with commission breath.’ Closers who serve themselves are not serving the customer. Be a facilitator.

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How to Convert Contacts Into Profitable Relationships. With Ed Wallace. #363

Joining me on this episode of Accelerate! is my guest Ed Wallace, Founder and CEO of The Relational Capital Group, and author of a couple of great books: Business Relationships That Last: 5 Steps to Transform Contacts Into High Performing Relationships and The Relationship Engine: Connecting with the People Who Power Your Business. Among the many topics that Ed and I discuss are the steps to you can take to convert sales contacts into relationships, the engine that turns leadership connections into relationships and how you should assess and strengthen your business relationships.

KEY TAKEAWAYS

[:54] A CPA ‘in recovery,’ Ed was a senior executive at Vertex for 20 years. He was their 9th employee and they sold $1M; when he left, they had 1,000 employees with $120M in sales.

[7:43] There is great potential to improve the existing business relationships you have. It takes time, and it’s difficult, but 90% of executives say relationships are the secret to their success.

[9:47] Ed describes the concepts of the relational ladder and the relationship engine. Each type is appropriate for specific circumstances, with different goals.

[13:52] Ed shares questions to assess the strength of your relationships and shares a process for building strong relationships.

[16:05] Given that you have good intentions toward your colleagues and customers, what is the central challenge of relational leadership?

[16:53] Ed offers to you, Andy’s listeners, to take the Relational Quotient test, an objective measure of 35 human business behaviors, such as email response, call-back time, etc.

[18:35] If you are not getting validation from the people with whom you are trying to build relationships, look at your credibility, integrity, and authenticity. Something is missing. There are no neutral interactions. Trust either rises or falls.

[24:30] Worthy intent is a promise to put the other person’s best interests at the forefront of the relationship. Trust is the inevitable consequence of worthy intent. Asking relevant, topical questions shows your worthy intent.

[26:29] Relational GPS means Goals, Passions, and Struggles. Learning and sharing relational GPS is the universal framework for every business relationship. Let it flow naturally; don’t ask. Ed shares a $10M GPS anecdote of a deal saved by credibility.

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How to Accelerate Your Sales Through Stories. With Craig Wortmann. #362

Joining me on this episode of Accelerate! is my guest Craig Wortmann, CEO and Founder of Sales Engine, Inc., a clinical professor of entrepreneurship at University of Chicago Booth School of Business, and author of the book, What’s Your Story? Using Stories to Ignite Performance and Be More Successful. Among the many topics that Craig and I discuss are why need to create a Sales Trailer, a sales version of a movie trailer, to very quickly capture buyers’ attention, how to create a story matrix; why stories of failure can be so persuasive and how to set your buyers’ expectations.

KEY TAKEAWAYS

[1:52] Craig worked in a Congressional office in D.C., and joined IBM about 25 years ago, selling the AS/400 in Chicago. Craig credits IBM with great training that prepared him to teach entrepreneurial selling to MBA students.

[6:17] Craig teaches entrepreneurs how to survive, and then thrive, ‘in the wonderful chaos between time-zero and break-even.’

[7:19] Customers will not beat a path to your door; sales is not a subset of marketing; and, the time to hire a salesperson is after you have a sales model.

[10:54] Buyers will not work to understand your message. You have to work to be understood.

[13:29] Create a Sales Trailer. It’s like a movie trailer for sales. You don’t have four paragraphs to tell a prospect about your brand. You have eight seconds to capture their attention.

[14:05] Expectations start to get set in the qualifying phase. When does the qualifying phase begin, and how long do you take to qualify your prospect?

[15:31] The best salespeople can recognize when there’s not a fit, will say so, and will offer to connect the prospect with other resources that may serve their present needs.

[16:42] Entrepreneurial selling includes the step of resetting expectations, which is done in a short conversation after the close, preparing the client for customer success.

[20:38] What’s Your Story? introduces the story matrix, a tool you can use to to develop important messaging themes.

[23:26] Why do stories of failure affect in a positive way?

[26:46] Impact questions uncover better information. They dig deeper, cut broader, and have harder answers. Ask something about the business, the client should know, but doesn’t. Don’t ask impact questions before a conversation is on solid ground.

 

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Using Social Media in Your Sales Process. With Philip Calvert. #361

Joining me on this episode of Accelerate! is my guest Philip Calvert, social media sales expert, and social media sales strategist, based in the UK. Among the many topics that Philip and I discuss, are Philip’s journey from financial service sales to social selling strategist, how LinkedIn gives salespeople a public face, how to use LinkedIn effectively and politely, and how social media can build bridges, but cannot close sales.

KEY TAKEAWAYS

[5:10] As the founder of a networking site, Philip received invitations to speak about social media, not only for financial services, but for law, accounting, pharmaceuticals, etc.

[7:41] When Philip asks audiences  if they know why they’re on LinkedIn, hardly any hands go up. Unless you have been trained on it, you’ll never fully get the best out of it. LinkedIn is the website for your personal brand. People buy people.

[11:02] Everybody, in every organization, is potentially a salesperson. The social media philosophy of a business must be extremely clear, and in a policy book. E.g., “We encourage everybody to get involved, but don’t do anything stupid.”

[12:48] It starts with training people how to build a professional profile. Make sure to have a good photo and some human interest on your profile. List your interests in the Additional Information section, as searchable keywords, separated by commas.

[18:32] The ‘loose connection,’ concept includes connecting with everybody possible, except spammers. What does Philip say is the main function of social media?

[22:41] Social media can distract you with shiny new tech. “Give that a go,’ is not a strategy. Have a strategy about which platforms to use, and how, to create conversations, which can build relationships.

[26:24] Most people never bother to customize the LinkedIn connection request. Do it! Always connect from a person’s profile page, not from the LinkedIn suggestions list, so you can see their interests, to customize your note.

[28:04] What does Philip advise you to do when you get a notification that someone viewed your profile?

[31:43] Use courtesy and common sense to determine the best way to start building a relationship with the person you find on LinkedIn. It may be through LinkedIn, or it may be to pick up the phone, or send an email.

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How to Build and Manage Distributed Sales Teams. With Bridget Gleason. #360

Welcome to another Front Line Friday with my very special guest, Bridget Gleason. On this week’s episode, Bridget and I discuss, among other topics, how she is hiring a sales team for her new position of V.P. of Sales at Logz.io, how to accommodate account executives with relocation issues, and how complex sales need a complex infrastructure.

KEY TAKEAWAYS

[3:04] Bridget’s new job of V.P. of Sales at Logz.io has her looking for technical account executives in the Boston and

San Francisco areas. Her contact information is below!

[3:51] Bridget is, once again, setting up a sales organization from scratch. Challenge number one is time and geography. Her company is a startup, based in Tel Aviv, 10 hours ahead of San Francisco and seven hours ahead of Boston.

[4:56] Learning how to set up and manage distributed teams in a global market is something we will all have to learn to do well.

[7:53] The sales model Bridget is building, is an inside/hybrid role. There will be an SDR team, helping filter inbound and making outbound. There will be account executives, with some experience in SMB mid-market, looking to grow their careers.

[10:18] The biggest challenge of remote management is where people are located, vs. where they are needed.

[13:44] Great employees are requiring flexibility on where to live. Can they be accommodated and still cohere into a team?

[16:04] Bridget looks for people who are self-directed, motivated, smart, and curious, and who have integrity, that have some affinity for technology.

[17:10] Andy looks for big-picture ‘systems thinkers,’ for the kind of sales role under discussion. He looks at what they have done so far, and he asks them probing questions.

[20:26] In Bridget’s view, there is one team — not a U.S. team, and a Tel Aviv team. She looks for team-oriented people.

[22:03] Andy describes a $1B company that does not have a sales function. They have project teams that sell. That team mentality and cooperation are needed for complex deals.

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How to Influence and “Pre-Suade” Buyers. With Robert Cialdini. #359

Joining me on this episode of Accelerate! is my guest Dr. Robert Cialdini, New York Times bestselling author, with three million copies of his books sold. Dr. Cialdini is known for his international best-selling book, Influence: The Psychology of Persuasion, as well as his latest book, Pre-Suasion: A Revolutionary Way to Influence and Persuade. Dr. Cialdini is the Regent’s Professor Emeritus of Psychology and Marketing at Arizona State University, as well as the President and CEO of Influence at Work. Among the topics Dr. Cialdini and I discuss are how his own experience of being “a pushover” led him to research how people are influenced to make decisions; the six (now seven) central precepts of influence and how to use “pre-suasion” to prime prospects to receive the value of your messaging.

KEY TAKEAWAYS

[2:36] Robert says he’s always been a pushover to buy things he didn’t want, and to make contributions to causes he didn’t know, while people walked away with his money. This is why he started studying the psychology of influence.

[3:56] He wrote Influence to inform people how to recognize and resist unwelcome influences upon themselves. All of his clients, though, want to harness influence, not to deflect it.

[6:34] If we tap into those fundamental motivations that are universal to humanity, then we have a set of influence tools that will be most successful over the widest set of situations and populations.

[7:07] The 6 key precepts of influence.

[15:11] A tactic used on American POWs during the Korean War, was to ask for a neutral agreement before asking for a big one. The agreement mentally turned them from prisoners to assistants. This also works, to turn prospects to customers.

[18:34] Dr. Cialdini once found he was influenced to make a contribution to a man at his door, who had presented no credentials, and no evidence of validity. Dr. Cialdini made a donation, and felt good about it,  until he realized how he had been influenced.

[21:28] Savvy communicators Pre-Suade, before they deliver their message. It is not changing a person’s mind, but changing their state of mind, so that they willingly receive your message.

[23:39] If you want to sell by quality, rather than price, show an environment of quality in your marketing materials. Dr. Cialdini tells of a study of clouds vs. pennies for landing page backgrounds, for a furniture store. Listen, for what happened!

[28:37] What has been most recently elevated to top-of-mind, when you’re about to make your pitch? That is what will determine how receptive people will be to it.

[29:20] Dr. Cialdini discovered a seventh principle of influence: Unity (being one of us). People say, “yes” in the boundaries of, “we.” Point to existing memberships you share before you ask. Ask advice (as of a partner), not opinion (as of a customer).

[36:37] These principles work effectively in person. But even in an email, if we start it with a personalizing, connecting message, then that re-establishes the human basis for exchange.

[38:37] Andy recommends to all his listeners to read both books: Influence: The Psychology of Persuasion, and, Pre-Suasion: A Revolutionary Way to Influence and Persuade.

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Accelerate Your Success by Investing in Your Development. With Mike Weinberg. #358

Joining me for the third time on Accelerate! is my friend Mike Weinberg. He’s the author of two excellent books: New Sales. Simplified, and Sales Management. Simplified. Among the topics that Mike and I discuss are how salespeople can stop being commoditized and how you are responsible for your own development and success as a salesperson.

KEY TAKEAWAYS

[2:08] The biggest challenge facing salespeople today, is being commoditized, instead of being seen as value producers.

[3:12] Why it’s essential salespeople must view themselves as consultants, professional problem-solvers and value creators.

[5:20] Being responsive — which is crucial — does not require you to provide a proposal prematurely. Mike explains why.

[8:06] Take ownership of your sales process. Tell the client you need to meet with them for discovery, so the proposal will be relevant to them.

[11:17] Salespersons used to be mentored in their roles. Now, they are sent out untrained, with a quota.

[12:53] The customer is learning and growing faster than the seller. The buyer doesn’t need the seller for info — they are drowning in it. Provide value by consulting to their needs.

[15:09] Mike’s message: Listen to Andy’s podcasts and link to the guest content; buy the books, especially, Amp Up Your Sales, by Andy Paul, and watch your sales! Invest in yourself!

[19:43] Andy’s lesson: regardless of any training your company provides or fails to provide, you have responsibility for your success, and there are resources available all around you.

[21:03] It’s the top people who invest in themselves, and take responsibility for their individual development. Andy pays a coach, and joined a Mastermind group.

[21:40] Your prospect really is in a less-than-optimal situation. You can help them. If your motivation is to help the customer win, you’re going to win. Prospect them, by all means, with all you’ve got, and get in front of them for discovery.

[25:38] Phone and email outreach methods are still valuable. Don’t give in to people who say they aren’t. Use every channel that touches your client positively.

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Selling starts with your first question

Selling doesn’t start until you ask a question.

This may sound counter-intuitive to many sellers. Yet, it’s a hard truth that you can’t sell if you’re doing all the talking.

If a buyer wanted a one-sided conversation with you about your product, they’d visit your website. At least there they’d be able to gather the same information without someone blathering at them.

In fact, if you’re having a conversation with the buyer, chances are high they’ve already scanned your site. Therefore, if you can’t provide more value to the buyer than your website, how are you helping?

Think about it this way. You invest your time and effort to capture a few precious moments of a prospect’s attention. When you breakthrough and get the chance to actually talk with a potential buyer, you immediately launch into your pitch. Instead of leading off the conversation with a question that requires a thoughtful answer. At that point all you’re doing is advertising. Just like a commercial on television. Except without the entertainment value.

How many buyers do you know that are prepared to invest their limited time to listen to an advertisement?

Lead with a killer question

However, if you start a sales conversation with a question, then you begin to build interest. When you create a spark of interest in the mind of the prospect, it increases their level of engagement with you. That’s when real selling begins.

The key is to be prepared to ask your prospect one or more killer questions. A killer question is one that asks the prospect something about their business that they really should know. But don’t. It forces them to pause. And, think.

This is the cool part. When the prospect has to stop and consider their answers. Because buyers are scripted, just like sellers. They have become so conditioned to answering the same set of scripted questions from sales reps that they often are on autopilot. When scripted sellers are having robotic conversations with scripted buyers, it’s little wonder that 50% or more of your pipeline ends up in the “no decision” pile.

Killer questions help you break from the script. They enable you to demonstrate a level of understanding and acumen about the buyer’s business that immediately engage their attention and interest. Unlike those asked by the other sellers they’re talking with. (Companies have to help their sales reps and make certain that they are armed with an inventory of killer questions that they can ask.)

Ask. Don’t Tell.

There is a simple sales behavior I teach that any seller easily can master to transform how they engage the attention of buyers. I call it the “Ask. Don’t Tell” habit.

It goes like this. When you begin a first call or a meeting with a prospect, always ask a killer question before you state anything about your product, service or company. Ask. Don’t Tell.

The choice is yours. It’s the choice between instantly engaging the attention and energies of the buyer or having them wonder whether you’re wasting their time. How do you want to start your relationship with a prospect?

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How to Accelerate Your Sales With Lean Communications. With Jack Malcolm. #357

Joining me on this episode of Accelerate! is my guest Jack Malcolm, President of the Falcon Performance Group, and author of two books, Bottom-Line Selling, and Strategic Sales Presentations. Among the topics that Jack and I discuss are how a reluctant salesperson became a sales trainer, how Lean thinking clarifies sales communications, how the right questions lead to optimum outcomes, and why your product features, in isolation, are of no interest to the buyer.

KEY TAKEAWAYS

[:55] Jack was a banker in the early ‘80s, because he wanted nothing to do with sales. Until he was sent out to bring in new customers.

[2:06] Summary of ‘Lean’: create more value for customers, and take waste out of the process. Lean communications are: A, B, C, and D. Add value, Brevity, Clarity, and Dialog with customers to co-create value.

[4:10] Adding tangible value is effective communication. It is clear, improves outcomes, and sustains the relationship.

[5:24] Improving outcomes takes precedence over sustaining relationships when an unfavorable message must be given. Be candid at all times, or you subtract value.

[8:41] Asking questions may help buyers to arrive at conclusions that will help improve outcomes for them.

[10:14] Clarity — the customer’s understanding of what the salesperson is trying to get across.

[10:52] Brevity — answer the two questions on the prospect’s mind: “What do you want from me,” and, “Why should I do it?” Start your meeting with the what and why.

[14:45] Make it impossible for you to be misunderstood. Don’t assume they know your jargon, acronyms or connotations.

[18:18] Dialog begins with listening. You’re never going to get it all exactly right on your own. To create value, create it together. Use ‘Just In Time’ communications. Listen with focus.

[21:14] Four factors for improving outcomes: solve problems, show opportunities, help adapt to changes, and remove risks.

[27:04] Instead of starting with features and benefits, ask what the customer wants to achieve, and work back to the features.

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