SALES-XL # a strategic sales performance improvement program

 

STRATEGIC SELLING – SALES TRENDS TO WORK WITH

 

 

 Businesses who have kept a thumb on the pulse of trends will find it relatively easier to navigate than those  who  remain oblivious to the evolving market realities.

Sales Trend Analysis is the study of historical data of key revenue metrics to identify patterns used in budgeting and forecasting. Sales trend analysis of your business domain have to be done regularly  to tackle seasonality, unusual, and unforeseen events. Businesses don’t have to adopt every sales trend, but they have to work upon those which impact their particular business. Those who have kept a thumb on the pulse of trends will find it relatively easier to navigate than those businesses that remain oblivious to the evolving market realities.

Here we consider the top sales trends to watch that can impact how Strategic Sales organizations manage their sales.

1. VALUE-BASED SELLING

high-growth sales organizations take a value-based approach to sales Value-based selling is beneficial to a business as it emphasizes the value of a product based on the needs and wants of the customer and creates a buying situation where the customer is less focused on price and more excited about realizing the product’s benefits.

It allows the business to close transactions more often with better profit margins and saves time, which can be dedicated to more customers.

Essentials of value-based selling are: know the customers’ need, be patient with the sales pitch , communicate product’s value, educate first, sell later, guide through the buying process, engage the customer to talk, add personal and product value during every interaction

2.SALES AUTOMATION

Predictive intelligence adoption in sales is forecasted to double in the coming years. By eliminating repetitive manual tasks related to follow-up, sales pipeline and lead acquisitions, automation can increase business growth through: increased productivity, increased efficiency, improved accuracy and acceleration of sales process, improved lead management, reduced response time, improved consistency of sales data, efficient use of resources

3. CUSTOMER EXPERIENCE

The more positive a customer’s experience is with a company’s brand, the more beneficial the impacts are on the company’s business. 70% of buying experiences are based on how customers feel they are being treated Customer Experience can ultimately impact several things- customers may follow through with their purchase, become repeat customers, and/or spread the word by posting an online review or sharing their thoughts with friends and family. Here is how businesses can create a positive customer experience-manage inventory with automation, prioritize convenience, improve responsiveness and engagement

 

4. ADVOCATE MARKETING WILL GET A NEW BOOST

 

Turning loyal customers into a referral machine may be the best chance of building a customer base.  Before meeting the salesman, consumers will look for strong referrals from existing customers.  Some customers  have been writing reviews on Amazon for every product they  buy and almost unfailingly there is a customer somewhere who wants either some clarification on the product or service they bought or wants to know about one buyers’  experience with the product both positives and negatives.  

Word of mouth is still considered the most successful marketing tactic around; recreating it in the aggregate through influencers via social media seems to make perfect sense.  While the direct selling space has been gradually adapting to social media and influencer-led marketing, the coming year will see a major shift in the direction. Social media has become indispensable today to every organisation’s strategy for growth. The players in the direct selling industry will also start banking more on social media marketing for enhanced awareness and recall among the target audience. The continued growth of influencer marketing has proven beneficial for brands and influencers.

The benefits of influencer marketing are: improved brand awareness, builds brands trust and authority, improved market reach, improved access to the target audience, enhanced lead generation, increased conversions, delivers strong return on investment, one of the most cost-effective channel

 

5. BUILDING TRUST WILL BE A SELLING STRATEGY

Every one will have to swear by this principle.  Not only financial services marketers who  need to appreciate that trust deficit is the biggest challenge faced by the financial brands today as consumers in many markets still hold financial brands responsible for the recession or slowdown in their markets.. Research has shown that trust is one of the most important drivers of brand preference.

6.HARD DATA TO  KEEP TRACK OF CUSTOMERS’ RECORDS

Keeping track of every customer’s records is not an easy task. Have more than a functional CRM in place that records not only the actions customers take but also conversations, their birthdays, and other personal information. Use this information to strike the right balance between sales conversation and building relationships.

90% of customers think the salespeople contact them only for sales. If a salesperson uses the tracker and the data from the previous conversation, he can find the problems and the interest of the customer. This activity will give the impression that the salesperson prioritizes the customer and understand the problem.

Develop the habit of keeping track of all customer’s previous records in your sales team and advise them to use it in the next conversation. Use any CRM to track and gain information regarding the customer you are dealing with. It will help you to judge his/her behaviour in the sales funnel and act accordingly. 

7.STRENGTHEN YOUR BUYER’S PERSONA

A buyer persona is not something all the businesses have implemented. However, those who have done it are reaping its benefits. Experience shows any company which has  documented buyer persona improved upon  their revenue goals. Therefore, having a buyer persona is one of the critical target activities of businesses today.

Today, buyers are overwhelmed with the various options and entombed with emails and calls. To win the game, you need to understand the Buyer’s problems and solutions. Design your Buyer’s persona in such a way that will provide your sales team clear understanding on the below points: what are the challenges they are facing, what are the probable solutions for it, how soon they want to get out of the problems, how do they prefer to communicate, what information they need to make decisions.Once you have a clear understanding of the above points, value them in each conversation. Personalize each problem and provide the solutions by positioning your product or services at the right time.

 

FINAL THOUGHTS – BREATHTAKING PACE OF CHANGE

No matter the industry you’re in, the marketing landscape is always evolving. Five years ago, Facebook hadn’t yet hit 100 million users - a far cry from the 1.19 billion the company boasts today. Twitter was still seen as a place to share what you had for breakfast that morning - but since then it has become a powerful social tool that can mobilize the masses to share important (and not so important) news and information. And iPads only came onto the scene in 2010.Given the major changes in technology that leads to a shift in how people consume content, be it information, entertainment or commercial - it’s no surprise that brands have to change their approach to marketing in order to reach their ideal audience.

 

With best compliments

Dr Wilfred Monteiro

 

KEY ACCOUNT MANAGEMENT SETTING THE GROUND

Key Customer Accounts are the  base which is imperative if you want to grow any business. 

Your current customers are in effect your competitions biggest prospects, therefore without Key Account Management companies are simply failing to plan for success. Furthermore planning to upsell and cross sell to existing and different areas of the account will not only provide additional revenue, but also serve to “tie” you in further. A well-planned, comprehensive key account management strategy won't just keep your best customers satisfied -- it will also provide opportunities to exponentially grow the relationship. Your retention rates and bottom line will both benefit.

  So given the importance of Key Account Management, it is then vital everyone understands the fundamental principles involved as follows.

SEGREGATE ACCOUNTS.

In most businesses it is simply not practical for every customer to have a Key Account Plan, we therefore need to decide which customers need to be managed. Selecting which accounts are to be managed is not simply about choosing the largest accounts the business has. Often we need to consider which are the “high growth” accounts, these can often start small but can be tomorrows Key accounts. Other strategies might include “managing” accounts before they are even customers. If for example you are in the process of trying to win a major account you may wish to “act as if” and start the Key Account Management process early as part of your Business Development plan. Consider also Strategic Accounts where a particular account has a Strategic value to you, such as a High Profile account within an industry, or an Innovation Partner. Be careful also not to have too many Key Accounts that become impossible to manage because of resource constraints.

UNDERSTAND RELATIONSHIP SELLING

Key Account Management is all about relationships and your team need to know and understand how to create relationships, build relationships and sustain relationships. Choosing the right team to manage your Key Accounts and the relationships therein is vital if you are to be successful. Think of every touch point your Key Account customer will have with your organization and then ensure every team member receives appropriate Key Account Management training. Benchmark your existing relationships, and be sure to include the relationships with people in the customer organization that you have no relationship with, poor relationships and good relationships.

KEY ACCOUNT MANAGEMENT  GROUNDWORK

Every plan needs Goals and it is always best to include supplementary goals in addition to the obvious revenue goals. Good Key Account plans will include Customer Satisfaction goals, Retention Goals, Longevity Goals, Relationship Goals, Business Benefit Goals and Shareholder Value Goals for example. In addition to the Goals consider suitable Key Performance Indicators and be sure to measure and report your successes.

Key Account Management is not only vital to business growth it is now often expected by many large corporations. Often starting the process can be difficult, as regardless of which Key Account Template you choose, you will more often than not end up with a document that has more gaps than information. In reality this is a good thing as it forces the Key Account Managers to go out and ask more questions, which can only be good for the business. In the same way that you need to plan for the future, so do your customers and they then will be more than happy to answer any questions and be included in the initial Key Account planning process.

KAM BLENDS WITH VALED CREATION SELLING

The Value Map is one key tool salespeople can use to determine the customer's true view of value. Using the Value Map, it is possible to carry out a detailed analysis of the customer's value position and where the salesperson stands relative to the customer and the competition. There are two components to value: price and performance. Some buyers want the highest performance and are willing to pay for it. Others will accept lower levels of performance in order to get a lower price. Between these two extremes lies the fair value line, and, every customer is somewhere on this line.

The important thing is how the buyer defines price and performance. For some, performance means the latest technology, while for others it is a high level of service. Similarly, customers define price differently. Some will be more sensitive to initial price and cash flow issues. Others will focus on the long-term costs of ownership and the total price over time.

With these different views of value, salespeople can be at a competitive disadvantage for two reasons: they don't understand how the customer defines price and performance. To create a competitive value strategy know how the  the customer defines performance .As information is gathered about the customer, it is essential to know the definition of performance from the customer's perspective, not your own. Don't assume because your company is known for the latest technology that the customer values that highly. What does the customer think is most important to solving their problem? Is it after-purchase service? Ease of use? Reliability?

Like performance, customers will define price differently. Some customers need to keep the outlay of capital to a minimum, so initial lower cost and long-term payments represent a better price. For others, the total cost of ownership is more important, and they can accept a large initial payment if that will lower the total cost of the product over its lifetime. Once you understand the customer's idea of value (price and performance), you can place the customer on the Value Map, then yourself and your competitors. Where are you relative to the customer and the competition? Clearly, if you are closer to the customer on the Value Map than any of the competitors, then you have an advantage. If you are aligned with the customer on price but to the right on performance, then you are offering superior performance at the price the customer wants.

with best compliments

 

Dr Wilfred Monteiro

 

TEN RULES OF STRATEGIC SELLING

 

We may define Strategic Enterprise Selling as the process of engaging early at the  senior decision making level, aligning with the  processes; thereby  addressing the  pain and opportunity areas.  Then designing solutions with unique compelling value which set the seller ahead of competitors.To make these things happen a set of rules may be followed which create a step-by-step advance towards success 

1. Gather all necessary intelligence before formulating strategy
   Never act without thinking and assessing all of the available accurate information. A strategy is only as good as the information that leads to it. Being an excellent climber is of no benefit if your ladder is leaning against the wrong wall. Social research tools such as Linked are essential.
2. Be first and set the agenda
   Being strategic is best achieved by arriving first and setting the agenda with senior stakeholders. Truly understand the organizational dynamics and winning agendas aligned to the biggest problems or opportunities. Influence the requirements toward your own unique value and set an agenda that disadvantages the competition. Focus on helping them define the very value you bring and set an agenda around the importance of managing risk.
3. Start high in the account and be a domain expert business person
   You will always be delegated to people you sound like. Be a business person rather than a sales person by discussing their industry and business challenges and opportunities. Ensure your LinkedIn profile supports this and be equipped to discuss how your have helped others to overcome similar challenges or realize significant opportunities. Have proof of your claims. Avoid discussing features and functions of products, services or solutions.
4. Find and influence the ‘puppet master’
   This will be a senior person in the background who seeks to avoid meeting with sales people. They will only engage if they believe you have gravitas, relevant insight and genuine value. Initial influence or establishing credibility can often be achieved indirectly through third-parties, and this is why your LinkedIn credentials and network are so important
5. Understand the informal power-base and politics

The organizational chart can be misleading and it is essential to understand the power-base and influence-dynamics that transcend the visible structure. Relationship mapping is an essential part of opportunity and account planning... you cannot formulate effective strategy or align with the 'power players' without it.

6. Align to serious problems, significant opportunities and winning agendas
   The only person who can call it a solution is the customer. Problem solving must occur before solution selling, and the size of the customer’s purchase order is directly linked to the size of the problem being solved or the opportunity being addressed. Understand the business-case and real value of investing in your product, service or solution. Only the customer can quantify the value.

6. Think before acting and be patient and strategic
   Tactical mistakes can usually be recovered but strategic errors are often fatal. Never be afraid of waiting and always be willing to invest in gathering additional information. Do not confuse laziness, inaction or procrastination with being strategically patient. Be humble and seek advice while thinking through the potential consequences of actions. Only birds are good at ‘winging it’.
7. Identify and manage risk
   Bad news early is good news. Risk resides in what you cannot control and especially from ignorance. In the software industry risk resides in demonstrations and 'reference sites'. Across all industries, risk also resides in people and competitors. Anyone on your team afflicted by arrogance or an inability to listen and be briefed represents enormous risk. Beware therefore of your own executives who seek to interact with your prospect because they can easily say something damaging or introduce unwanted information. Existing customers are the greatest potential sales resource if they act as positive references but they can easily be a liability in highlighting your deficiencies and this is often the case the lower you interact in an organization.
8. Anticipate competitor moves and set traps
   Know your competition and their methods of operation so that you can constantly change the rules. Do not allow them to use your weaknesses against you. Instead set traps for them and ensure you have set an agenda focused on your unique value. Ensure the customer publicizes your winning selection early and widely therefore making it difficult for competitors to interfere once they deduce they’ve lost.
9. Confidence is the paradise of fools
   Confidence is usually the feeling you have before you understand the situation. Avoid arrogance and complacency. Be positively paranoid (competitively aware) yet not defensive or cynical. Take nothing for granted and validate any assumptions. Respect the customer and their power of choice at all times. Never underestimate the competition or the way in which circumstances can alter through changes in personnel, market conditions, acquisitions, and myriad other factors.

STRATEGIC ACCOUNT MANAGEMENT # BEST PRACTICES

 

A sales strategy is a combination of the methods and tactics that your sales reps use strategically to close deals. It includes planning out who you’re going to sell to, how your team members will engage with them, and what the buying process will look like.

 For B2B sales, it’s important to consider both an inbound and outbound sales plan. An inbound sales strategy is needed when new leads come organically into your pipeline via a form on your website, email, or free trial signup. The tactics your team uses when a new inbound lead arrives should align with the marketing strategy. That way, new potential customers can flow easily through the sales funnel and become qualified leads

.An outbound sales strategy involves actively searching for and engaging with potential customers. Sales leaders identify the right tactics to engage with prospective customers through cold email, cold calls, social selling, and more.

A great sales strategy includes a bit of both, but the best option will depend on the market  you sell to and your team’s capabilities.

DEVELOP YOUR COMPETITIVE ADVANTAGE

In order to develop your competitive advantage, you need to know what else is out there. The odds are good that you’re not the only one selling your specific product or service. So, it’s critical to be able to explain the benefits or results your customers will receive from purchasing your product or service that they will not get when purchasing the product or service of your competitor.

What are your competitors’ claims? What are the benefits they’re selling? How is what you’re offering different? You should be able to express why people should choose your product or service over others on the market if you want to be growing sales. 

 

RIGHT ACCOUNT SELECTION IS HALF-WAY TO SUCCESS

A winning strategy hinges on being selective. Make sure you're picking the right key accounts -- and you're applying the same criteria to each one . Periodically assess your selection criteria. Are your current key accounts generating as much ROI as you anticipated? If not, it could be a sign you're using the wrong measures. Regularly review your key accounts to verify they still require additional time, energy, and resources. If they perform as expected to justify the resource allocation, then continue on. However, if for some reason they are underperforming or the account no longer feels like a good use of additional resources, you may want to consider scaling back.

USE LEAD SCORING TO PRIORITIZE YOUR PROSPECTS

The best salespeople have a plan to develop the highest quality and quantity of prospects that can and will buy within a reasonable period of time. Prospecting is an essential part of successful sales strategies and something you need to prioritize if you want to increase sales. If your sales strategy is lacking this critical component, or your prospecting tactics are falling short, I’ve created an essential prospecting checklist that will help you focus your attention on the prospects that will have the maximum return. 

After fully qualifying your sales prospects, lead scoring will help you prioritize your prospects based on the strongest possibility for closing the sale quickly—before even beginning your outreach efforts. Lead scoring is a process of ranking inbound leads on a scale of 1 to 100 based on their characteristics and behaviour. Ranking factors might include: Job title or role, Specifications that indicate intent, Department, Company size etc. Work your prospect list from top to bottom to prioritize time on the highest-scoring leads with the greatest potential for conversion.

BUILD A  DEDICATED SALES TEAM

Even the best KAMs can’t get the job done alone. Ideally, the KAM role is not performed by someone who has sales rep duties on their plate simultaneously. Assign dedicated strategic account managers (or KAMs). These employees should be separate from Sales, if possible.

Build cross-functional teams around each account manager. To serve your clients well, you'll need a range of skills, disciplines, and expertise. Each account manager should have a cross-functional support team to support the proper execution of deliverables related to the client’s account. These teams should include a range of skills, disciplines, and expertise to serve your clients well.

If possible, name an executive sponsor to each account. They can play a major role in getting the necessary resources, connecting with the C-suite at the target account, and providing high-level guidance.

 

TRACK THE PROCESS METICULOUSLY

 

Set a cadence for internal account reviews. Depending on the size of the team, the value of the account, and the dynamic of the relationship, these might be weekly, monthly, or quarterly. Consistently measure the account's engagement and loyalty. Both should trend upward. Schedule recurring check-ins with the account to get their feedback, address any issues, and find areas for improvement.

Keeping track of key sales metrics like conversion rates, team activity, customer lifetime value, profit margin, and sales velocity will help you see how your sales strategy is working, and whether you need to adjust. Ongoing sales analysis is how you'll monitor your team's overall performance and the effectiveness of the strategies you're implementing.

 

SALES BEGINS AFTER THE SALE -

“Once a customer, always a customer” — this should be your motto if you want to learn how to increase sales in business. Once a customer has purchased your product, it should not be the end of your interaction with them. Focus on maintaining a strong relationship with your customer by making them feel valued so that they stick around, and get others to become customers as well. A forever customer will do more for your business than 10 one-time customers.  

Everyone loves a good deal, and when they feel like they have the inside scoop on an upcoming sale, or receive early access, your customers will develop greater trust in and loyalty to your business. They may even buy more because of it. This doesn’t only go for sales and special offers. Keep current and repeat customers in the loop with upcoming launches and business news too, and soon, they’ll develop a vested interest in the business.

Squeeze hard to get the maximum wallet share. You should be continually be looking for ways to up-sell customers so that they buy more each time. What products or services will complement what they are already purchasing? Once you prove your value and have loyal customers, they will likely say “yes” to you more and more. 

LEVERAGE TECHNOLOGY

Use a CRM to keep track of your communication with the account stakeholders and give everyone on the account team visibility into what's happening. Implement an email tracking and notifications tool to know exactly when your recipients open your emails and click any links. Use LinkedIn (either the free version or LinkedIn Navigator) to monitor changes in your account's market and industry, strategic shifts, hiring and firing decisions, and more. Set up calls and appointments with a meetings tool to make the process seamless for the attendees. Invest in a video platform so you can create personalized videos for prospecting and relationship-building. You can also try investing in a video platform such as Loom so you can create personalized videos for prospecting and relationship-building.

 

Market content on multiple channels. As part of your ongoing strategy to increase sales, you should be continually seeking creative ways to improve your advertising and promotional efforts to reach new customers. There are so many mediums out there including Twitter, Instagram, Facebook, LinkedIn, TikTok, YouTube, email, blogs, podcasts — even traditional print materials such as magazines and newspapers — that can get your message and product out to the right audience.

 

CONCLUDING Be Helpful at the Core of Your Sales Strategy

The best way to win trust is by being genuine and helpful throughout the sales process. The best salespeople have always been helpful. When you're selling a product or service, it's hard to go wrong if you're genuinely looking to help the other person. That's really when selling becomes more than just sales. It becomes all about building a genuine, meaningful relationship instead of about just selling what you have to someone.By thinking of yourself as a proactive problem-solver for each prospect you engage with, you can shift your own perception of the role you’re playing in the sales process from seller to consultant. If you set out with the primary objective of helping your prospects, you’ll naturally be leading them to the best solution for their business.A good sales strategy is long-term; there’s no substitute for making a positive lasting impression. Don’t miss out on a future potential sale because you weren’t helpful.

 

with best compliments

 

Dr Wilfred Monteiro