COLLABORATE TO COMPETE

Ignorance is not a derogatory term.  It is simply “I don’t know what I don’t know”.  For example, “I am ignorant of Greece and the Greek language.” And if we scroll through wikipedia, we can find things that we never knew existed.  Until recently, who knew of constant contact, or mail chimp, or diggit, or Jigsaw?

What new knowledge have we acquired lately?  How are we getting better at what we do?

By interacting with our peers, we can not only learn about things we did not know, and experience new perspective on things we might know, we will be acquiring this information through familiar and trusted sources.

Whether we are new to sales or a veteran, chances are that we received little training on how to be more effective, or more efficient.  In many cases, we received little training on what we should simply do.  There is a world of knowledge to be shared.  It is not required or necessary for us to make every mistake that those before us made.

A forum is the sharing of experience among peers, to expand our knowledge base, and fill in the knowledge gaps.  In internet terms this sharing is called “crowd sourcing”, but this is a in a crowd of unknowns.  When the crowd being sourced is a crowd of our peers, the credibility and the value is greatly enhanced.

STAGES IN THE SALES CYCLE

I am a fan of Marketo.  I think they are providing outstanding ideas and methods regarding new business development.  In this post, I am simplifying what they wrote in their blog post of July 12, 2010.

Stage by Stage: Revenue Cycle Analytics Best Practices was posted at Modern B2B Marketing – Marketo Best Practices Blog. | http://blog.marketo.com

Marketo uses a “revenue stage model” that formally defines the new customer acquisition process, starting with awareness and moving through marketing and sales, to closed business and beyond.

A “Revenue Stage Model” is a step by step process that a future customer must go through.  There are three stages in this journey:

1. Inventory Stages: where leads reside until they are ready to move to another stage. There is no time limit on an inventory stage. Examples include: the “prospect pool”, where leads are nurtured until sales-ready, or the “active opportunity”, where leads are interacting with us, but they have not indicated they want to proceed..
2. Gate Stages: are qualification checks.  After the prospect has indicated they want to proceed, we must approve such. For example, we want leads from companies with more than $100 million in revenue. At this stage, if the company has the desired revenue, the lead moves on, if not, it moves to the disqualified stage.
3. SLA Stages: SLA stands for “service level agreement.” (I would label this a “Contact  stage”): to be used when there is a defined maximum time in which a lead needs to be evaluated. For example, when a lead is determined to be “sales ready,” it could move into a “marketing qualified lead” stage where an assigned sales rep has 14 days to contact the lead and decide whether to [1] accept the lead, [2] disqualify it or [3] recycle it back for further nurturing. (After the 14 days, it becomes “stale” – which triggers an alert for sales management, or reassigning the lead to a different sales rep.)

A revenue stage model is based on three fundamental principles:

1. Sales resources are relatively expensive. To provide the highest value, sales should not engage with prospects until prospects are ready to engage. Sales interactions occur late in the pipeline, once leads are well qualified and the prospects are ready. (Use lower cost channels, such as marketing, to develop relationships prior to.)

2. Leave no lead behind. Keep leads flowing forward, or backward to marketing.  Don’t let them sit idle.  (And there is a process for the disqualified lead, too!)

3. A prospect’s journey from initial awareness to customer is often non-linear. Sometimes leads that are originally deemed “sales ready” are not. These leads should be recycled back to marketing for more nurturing.

Stay tuned for a look into Marketo’s own revenue model. Until then, check out Marketo’s SlideShare for Revenue Cycle Analytics presentation.

Mission Statement Formulator

The “formulator” is a writer’s aide to help small business owners to discover their statement of business purpose, their reason for being, and the foundation on which every business decision stands. It finds great and powerful words to serve as a beacon, and as a reminder of why the business was dreamed of, and dreams to accomplish.

It is a spreadsheet software that aggregates the owner’s answers to some simple and creative questions that yield a paragraph of keywords, reasons and beliefs. It is a fast and immediate tool of discovery.

Buy yours now. Click here.

My name is Steve Gatter. I am the co-proprietor of Mission Statement Formulator. We developed the Mission Statement Formulator specifically for small business owners to determine a course of action that they believe in, and stay true to.

Our customers want a menu of good ideas and strategies, from which they can select what appeals most to them.

Our customers want simple and easy guidelines to help make fundamental business decisions, such as;

• What is my value proposition?
  
• Who are my best customers and how do I attract them?
  

We provide simple, step-by-step affordable, on-demand tools that allow business owners to map out simple and solid, plans and strategies, to get their business ideas started quickly and efficiently.

We are allies, advocates and developers of small business.

We seek, find and deliver simple and affordable tools and strategies that grow sales and business value.

We are not seeking hands on, high priced, long term engagements.

We want and deliver the most affordable and effective of business development solutions.

Affiliate and Partner relationships with consultants and coaches are welcome.

The “Formulator” is an effective prospecting tool. Click here to view our Partners program

I am attending David Walizer’s Social Media workshop. massive content. yikes. & this is my first ping.fm

BUSINESS DEVELOPMENT IS ALL ABOUT VALUE

 BUSINESS DEVELOPMENT IS ALL ABOUT VALUE

 There are 6 key components to this effort:

 [1] Value proposition: whom do we serve?

          What are our market niches?

          What do we bring to them?

         What metrics can measure our progress?

         What market share do we have / should we have?

         Can we attract and retain capital?

[2] Organizational Structure: do we deliver efficiently, effectively and consistently?

         Owners, investors and infrastructures

         Are we prepared to do business?

         Do we have an organizational structure and plan?

[3] Culture: are we happy together?  Do we enjoy our work and with whom we do it?  

         Employees, systems and a vibrant workplace

         Can we attract and retain talented employees?

[4] Prospecting: finding new customers, new markets, new ideas and new allies.

         Promotional efforts to find and attract new customers, allies and channel partners

         To whom and how can we promote and sell?

         Why would someone want to know about our product? 

         To whom are we attractive and why? 

[5] Customer Development: the process of creating raving fans

         Product value, marketing, sales and delivery

         Marketing, prospecting and sales efforts that build customer loyalty

         Are our customers perfectly happy with us? … are they raving fans? 

[6] Fresh Thinking: staying alert for new opportunities

         The long term survivors are those who can change and stay connected to their niches

The fundamental and pervasive mindset is to deliver value and build value.  We know the market niches that we serve, better than all others, and we serve these niches easily and gracefully.

Steve Gatter

Leave a Message at the Tone

Sometimes we must leave messages, and sometimes many messages for the same person.  Next time, let’s leave some words of wisdom.  Well-phrased and wise thoughts can move us, and perhaps move someone to call us back.

For example: “Hi Tom, this is Steve.  Looking forward to our next chat.  Thought you might enjoy this quote from MARIO ANDRETTI,  “If everything seems under control, you’re just not going fast enough.”    See you soon, this is steve at 610-322-8733″

Use your own favorite quotes, and/or quotes that speak to your value proposition. Don’t get cute after the quote, simply say your name and number.  Let the quote work its magic.  Remember so far, our words have not worked too well.

To get you started:

ANGELOU, MAYA, “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”

AUSTEN, JANE,”The less said the better.”

BEETHOVEN, LUDWIG VAN, “One must not hold one’s self so divine as to be unwilling occasionally to make improvements in one’s creations.”

BLAIR, BONNIE, “Winning doesn’t always mean being first. Winning means you’re doing better than you’ve ever done before.”

BUFFETT, WARREN, “It is not necessary to do extraordinary things to get extraordinary results.”

CARNEGIE, ANDREW,” As I grow older, I pay less attention to what men say. I just watch what they do.”

CHURCHILL, WINSTON, “For myself I am an optimist: there does not seem to be much use being anything else.”

COOLIDGE, CALVIN, “No person was ever honored for what he received. Honor has been the reward for what he gave.”

DARWIN, CHARLES, “It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.”

DRUCKER, PETER, “Business has only two functions – marketing and innovation.”

Share a positive and inspirational thought to influence action.

 

 

12 TOOLS TO MAKE TIME

[1] When you say “no”, make a note of it and recall why.

[2] What do you do, tirelessly.  When you finish doing something, check your energy level.  Are you exhausted or revved up?  If you’re revved up, then do this task more often.

[3] What do others say you should be doing.  Ask this, “I am trying to simplify my life, what things do you think I should stop, start or keep doing?”

[4] Pray for guidance – in a very quiet space with time allotted, think, pray and listen for some direction.

[5] Hear the applause – when you are applauded, thanked and or paid for what you do, make a note of these events.  Do these more often.

[5a] If there is no feedback – perhaps no one is listening, or no one knows, but if you spend long hours doing something that causes little or nothing, reduce or quit these.

[6] If you don’t have an assistant, you are one. Delegate.

[7] He who hires himself as coach, has a fool for a client. We cannot hold ourselves accountable.

[8] Find your Strength.  Explore “N-1” per Seth Godin. Look at all you do and eliminate the least, and keep doing so until you arrive at core values.  Spend time with these.

[9] Count your blessings. Daily, make notes of the things you are grateful for … including the things that you have given and been thanked for doing.  Live in gratitude.

[10] What would you do for free?

[11] Beware the tyranny of the familiar: this is what I do because this is what I have always done.

These ideas came from the Street Smart Sales Forum – a Charlotte Think Tank that focuses on sales, Marketing and business development.  Thank you fellow thinkers.

— Steve Gatter

 

 

 

 

 

 

 

CLONES OR LYNCHPINS

CLONES or LYNCHPINS

Most often the best sales rep is promoted to sales manager, so that this top gun producer will find and train others to do the same. (Let the cloning begin)

A commission based comp plan is all the motivation that a person needs, and an example of what to do, as provided by our top gun sales rep, is all the instruction a motivated rep needs.  There, all done.  Money is your motivation. Do what your manager used to do, and bingo, sales boom.

This copy-cat thinking, based on cloning, is too expensive and too rigid for today’s market.  (did it ever really work, except in boom markets when everybody made quota?)

Sales reps are to find opportunities for us to connect with customers and to cause payment from these customers, for our delivered products and services.

[1] If there was a proven, sure-fire method, wouldn’t we all be using it, and basking in wealth?

[2] Do your best customers buy for the exact same reasons?

[3] As for the best sales reps you ever hired or saw, are any two of them exactly the same?

[4] Have you ever been part of a purchasing committee and compared different offerings of the same product/service from different reps?  Did you ever have unanimous agreement on which to buy?

A sale is dependent on too many variables for any one rigid method to cover.

Instead, let’s empower a creative, caring person of great character, who will be alert to the many variables that exist, and who has the creativity to see opportunities.   It is not about   a product or a service, but rather it is about solutions that fit the market, the prospect and the situation.

People who are creative, caring and of great character are lynchpins, as described in the book Lynchpin by Seth Godin.  Here are our new top guns.

— Steve Gatter

WORD OF MOUTH: 3 TYPES

A referral is more valuable than a testimonial, which is more valuable than a recommendation.

Such a statement begins with the position that they are NOT synonyms. May the following examples reveal the distinctions:

Recommendation — I know Pat and am perfectly confident in saying that Pat is of great character.  Pat is trustworthy, honest and ethical.  I know Pat always will perform and execute faithfully and with full effort.  (I know Pat well, but not Pat’s work)

Testimonial — Pat is a great General Contractor.  Pat managed and oversaw the addition made to my house and this work was done on time, on budget and with as little inconvenience as possible.  Pat performed perfectly for us.  (I know Pat, but only through Pat’s work)

Referral —  Pat is to be trusted on all counts.  Pat is a great person and a great contractor.  I serve on several committees with Pat and am always amazed by the care, effort and intelligence displayed.  And Pat was the GC on the addition made to our house, which was done with the same degrees of care, effort and knowledge.  Pat is a talented craftsman and manager and also a most trustworthy friend.  (I know Pat well and I know Pat’s work)

And so?

Let’s be clear on what word of mouth we have earned, and ask the right question of the right customer, at the right time.

– Steve Gatter

The Only Thing a Sales Manager Need Do

Arnold Palmer entrusted his putting with one coach, George Lowe.  Their sessions together consisted of George watching Arnie putt, and occasionally walking over to say, “Man, you are a great putter.”

As a sales Manager, if we did one and only one thing with our reps, what if it were to treat our reps as George did Arnie? …do nothing except to boost their confidence.

Off all the things we do or could do, what if we ditch them and use only those that might be most helpful to our reps’ confidence?

Let’s applaud our reps for the things they do well.  And keep doing so.  Let’s build their confidence and build some trust between rep and manager.  Do you think Arnie enjoyed his coaching session with George?  Do you think Arnie trusted George?

Do your reps trust you?

Happiness shapes performance.  Those who like what they do, invariably do it well.  As managers and coaches, can we help our reps to be happy with what they are doing?  How about starting with appreciation and building their confidence, intrinsically?

Less can be more and a simpler strategy is easier to implement, but are you secure enough to do less?

Mission Impossible: Sales Rep

Are we asking too much of our sales reps?

How many of the following items are on the job description for your sales reps?

Find your own leads             Nurture leads

Set appointments                Gather information

Qualify                                  Make presentations

Negotiate                              Close

Post-close follow up            Up-sell and cross-sell

Get referrals                        Solve problems

Provide market data          Forecast

Data input (CRM)               Product expertise

Have you noticed your reps complaining more about their attending sales meetings?

How realistic is it that such a multi-talented person might exist?

If such a person does exist, or if we could train someone to be such, how much time could be allotted to each area?

How effective could one person be in so many different skill set required areas?  It’s one thing to know how to do any or all of the above items and it is another thing entirely to do them well.

And then, do they have the time management skills needed to juggle this mix of duties?

Perhaps it is time to examine this chain of duties and reconfigure it into different segments?  For example:

Prospect discovery and development

Presentation and product expertise

Account Management

And, to make the effort still harder, reps are typically paid via commission. In addition to finding and retaining an individual that has this full set of talents, including the time management skill, there is the pressure to earn a paycheck.  Most often reps are paid only when sales are closed: an added pressure that causes impatience and lost customers.

Are we asking too much of our sales reps?

Scope, Time and Money

Scope, time and money …

These factors are the triple constraints of project management.  And is not every business a project?

“Scope” is the value proposition.  It is that which we deliver.  It is the benefit derived.  It is why customers spend their money … and their time.  And their time is becoming more precious.

In our sales and marketing efforts, we ask our prospects to spend time.  Are we respectful of their doing so?  Is their time being well spent?  How much time do we want prospects to spend on us?  Can we save them time?  What if we are wasting their time?

Blogs, newsletters, links, attachments and all of it MIGHT be helpful but it DOES cost our prospects time.

How much time do they have?  How much time are we causing them to spend?

Please, respect the time.