Jill Konrath - Selling to Big Companies

This Just Hit My Funny Bone & I Had to Share it!

Life is too short to be serious all the time! Enjoy the day!

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Can Twitter Make a Difference?

I think that's something we all wonder - until we've had proof that it really works. After all, who really cares what you had for lunch today!

But here's a story that you might find interesting. The other day, here's what I tweeted:

“Looking forward to @milesaustin upcoming series
on web tools for sellers http://su.pr/2Vh3OQ“

Want to know what happened because of those 92 characters? Click here to read what @milesaustin (aka Miles Austin) has to say in The Power of One Tweet.

What's happening with CRM systems?

On the Think Sales blog the other day, Saman Haqqi from Landslide writes about the recent Gartner Group report on CRM systems. With her permission, I'm reposting here.

Gartner Group just came out with its SFA Magic Quadrant report. Gartner’s Magic Quadrant reports are one of the industry’s most well known rankings of companies providing enterprise software offerings. Once a year, a leading analyst in an area evaluates companies on their ability to execute and the completeness of their vision. The companies are then placed in one of 4 quadrants: Leaders, Challengers, Niche Players and Visionary.

My observation after tracking the Magic Quadrant for over ten years:

Established larger companies usually place in either the ‘Leaders’ quadrant or the ‘Challengers’ quadrant depending upon their market share.

Younger start-ups, if covered, typically make their debut in the Niche Players category.

Fewest entries are found in the Visionary quadrant. 

In Gartner’s own words: “Visionaries are ahead of potential competitors in delivering innovative products and/or models. They anticipate emerging/changing sales needs and move the market ahead in areas where it hasn’t yet been. They have a strong potential to influence the direction of the SFA market, but are limited in execution and/or demonstrated track record. A vendor does not have to be small to be visionary.”

Landslide has been placed in the Visionary Quadrant for Gartner’s SFA Magic Quadrant every year since 2007 when our offering first became available. It is a great validation of our focus on helping companies build world class sales organizations by providing them an alternative to good old data-centric CRMs - the ones salespeople hate to use.

To find out more, about the Leaders, Challenger & Niche Players, check out this excellent summary by Lauren McKay at DestinationCRM.com

Please note: I am on the Landslide Advisory Board.

Are You Following Jill Konrath & Selling to Big Companies Yet on Twitter?

I suspect many of you already are because I have a sizable following. But just in case you haven't yet, here are a few good reasons.

If you follow me on Twitter, you'll discover:

• Cool resources & events that never make it into my blog or newsletter.
• Provocative & "how to" articles to help you increase sales.
• Sales, marketing and business experts whom I respect. 
• Motivational quotes that provide inspiration for the day.
• Tidbits of sales advice you can use immediately.

Plus, if you feel a bit clueless about Twitter, it'll give you some great ideas on how it might work for your business.

Click here to join me on Twitter: http://twitter.com/jillkonrath

Two Things Sunk the Titanic; They'll Also Sink Your Sales Results

Today's article was written by sales expert Jill Harrington, President of Sales Shift.

On April 14th 1912 the largest, and seemingly unsinkable, passenger steamship in the world collided with an iceberg and sank in less than three hours.

The death toll was over 1500, making the sinking of the Titanic the most deadly peace-time maritime disaster in history. Two things contributed to this disaster and the extraordinary loss of life.

The 90% Factor
and
An Assumption

The same two things could cost you the sale.

1.  The 90% Factor
If you enjoyed high school geography you'll remember that the mass of an iceberg, a full 90%, lies below the water line and out of sight.  This fact sealed the fate of the Titanic almost 100 years ago.  By the time the crew caught sight of the 10% it was too late to turn the ship out of harm's way. The 90% below the water crushed the starboard side and buckled the hull, causing it to fill with water. 

So what's the parallel to selling?

• Not all information is visible. You need to dive deep to get it.
• Not all information is equal. The mass of valuable information lies below the waterline.

When I refer to the 90% in selling I am talking about information beyond the "stated needs" that customers volunteer and the "traditional facts" that sales pros gather.  The 90% is information that the customer doesn't immediately think to share until your powerful questions bring it to the surface. 

The 90% takes work to expose (in terms of planning, preparation, thinking, listening and analysis) which is why much of it remains undisclosed.  Within the 90% lies your source of powerful differentiation. Left uncovered, it is the stuff that will sink otherwise sound sales opportunities. 

To get you thinking, here are a few elements of "the 90%" that commonly get missed and catch proficient sales pros off guard:

• The meaning and implications of the facts from the client's point of view
• The perspectives and priorities of the key stakeholders
• The" informal" decision influences on this specific buying decision
• The buyers' disposition to you and to your competition
• The conditions that will govern how, and if, the customer will move forward
• Management preference and personal motives
• This purchasing decision in the context of bigger corporate priorities

Are you overlooking the 90%?  What might you be missing, and how might you approach this important phase of the sales cycle differently?

2.  An Assumption
Assumptions lead to actions. In the case of the Titanic, the assumption that she was unsinkable led to a deadly action - she was equipped with lifeboats to hold only one third of the full passenger capacity. Undoubtedly more people would have survived if this important decision had not been made from an assumption.

We all make assumptions based on our perspectives, experience and context. When sales people make assumptions it costs them business. 

For years Kevin's company bid against four competitors on an annual multi-million dollar contract. Every year his bid failed. He assumed he had an equal opportunity to win the business.

I discovered that this client was using Kevin's lower pricing to keep the others competitive but the client had no intention of awarding Kevin the business. From the client's perspective Kevin's company wasn't sophisticated enough to manage the complexity of this contract.

Tony assumed that his best and most loyal client was aware of his company's full capabilities.  Tony was devastated when a competitor won a large contract with his best client. Especially as Tony had not been invited to bid. Turns out the customer didn't realize Tony's company had the capabilities to fulfill this specialized contract.

Ray assumed the client's verbal agreement to move forward meant he had the deal in the bag.  Until a savvy competitor asked one powerful question that caused the client to rethink his strategy, re-assess his needs and re-assign the contract.

Barbara assumed her offering was right for every client and wasted months of time, energy and resources chasing after a prestigious client who saw no reason to buy from her and every reason to buy from her competitor.

Working with the same client for 17 years Peter assumed he knew the client's needs and buying preferences.  His business from this client was flat.  When he let go of this assumption, and shifted his approach from one of knowing to one of curiosity, he saw his sales soar.

I could fill a book with similar stories, all of which started with an assumption and ended with unexpected and disappointing results.

When we make assumptions, we ...

... listen selectively and miss the critical information that will win us the sale.
... ask biased questions that take us down a path to nowhere.
... fail to accept information that doesn't justify our assumption.
... focus our limited time and energy on the wrong opportunities.

What assumptions do you make?  What are they costing you in terms of your time, energy and business?  Shift from a place of "knowing" to a place of "curiosity" so that you don't send your sales results to the bottom of the ocean.

* * *

JILL HARRINGTON, President, salesShift, has contributed to the success of thousands of B2B sales professionals around the world. She shifts your thinking and actions to enable faster and bigger sales results in extraordinarily competitive markets. For valuable sales tips and articles, visit www.salesshift.ca

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How to Get Much More Done Today - and Tomorrow Too!

Because we're all crazy busy these days, I asked Dan Markowitz, efficiency expert and President of TimeBack Management, to share strategies to help us squeeze more out of each day.
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Does this sound like you? You've mapped out your strategy for making the big sale. You're going to track trigger events, you're going to prepare questions in advance, you're going to sharpen and practice your unique value proposition, and you're going to purge your website and marketing materials of vacuous puffery. You're going to start now...
 
... except that you don't quite get to some of those things today. You got caught up in email, and by the time you finished, you had to get onto some other work. So you try again tomorrow, except that after a bit of email and some web browsing, you're running late for a meeting with a prospect, so it has to wait.  Something else happens the day after that. Etc.

What's going on?

You're finding out the hard way what happens when you don't have a clearly defined routine for doing your work. You're like a ship without a rudder, with no control over your direction. You're thrown off-course by the slightest external interruption or internal distraction.

Peter Bregman makes a compelling case for the power of routine in a recent blog post at Harvard Business Publishing. He writes that recently his work day went quickly and quietly down the toilet as he was ambushed by emails, solving other people's problems, and fire-fighting, all of which kept him from getting done what was really important.

He points out that even with his daily to-do lists, "the challenge, as always, is execution. How can you stick to a plan when so many things threaten to derail it? How can you focus on a few important things when so many things require your attention?"

Bregman looks to fitness expert Jack LaLanne for the answer:


"At the age of 94, he still spends the first two hours of his day exercising. Ninety minutes lifting weights and 30 minutes swimming or walking. Every morning. . . . So he works, consistently and deliberately, toward his goals. He does the same things day in and day out. He cares about his fitness and he's built it into his schedule."

Bregman argues that
, "Managing our time needs to become a ritual too. Not simply a list or a vague sense of our priorities. That's not consistent or deliberate. It needs to be an ongoing process we follow no matter what to keep us focused on our priorities throughout the day."

Call it ritual, as Bregman does, or call it routine.

It's the same thing. A routine enables you to define the best way to manage your day. For knowledge workers, that's no easy trick: the lack of level flow of incoming work, and the variation in types of work, makes it difficult to create routine. And let's face it: there's nothing routine or predictable about your company's new line of titanium escargot forks. So it's difficult, but not impossible.

But just as emergency room nurses can't predict what kind of patient is going to be wheeled in through the front door, they can still create routines for the predictable aspects of their job like rounding, or management of medical supplies, or administrative scut work.

Similarly, you can create routines to help you manage your day. Bregman suggests three steps:

Step 1 (5 minutes) Set Plan for the Day
Before turning on your computer, sit down with a blank piece of paper and decide what will make this day highly successful. . . . Write those things down.

Now, most importantly, take your calendar and schedule those things into time slots, placing the hardest and most important items at the beginning of the day. And by the beginning of the day I mean, if possible, before even checking your email. If your entire list does not fit into your calendar, reprioritize your list. There is tremendous power in deciding when and where you are going to do something.

Step 2 (1 minute every hour) Refocus

Set your watch, phone, or computer to ring every hour. When it rings. . . look at your list and ask yourself if you spent your last hour productively. Then look at your calendar and deliberately recommit to how you are going to use the next hour.

Step 2 (5 minutes) Review

Shut off your computer and review your day. What worked? Where did you focus? Where did you get distracted? What did you learn that will help you be more productive tomorrow?

The power of rituals is their predictability. You do the same thing in the same way over and over again. And so the outcome of a ritual is predictable too. If you choose your focus deliberately and wisely and consistently remind yourself of that focus, you will stay focused. It's simple.

And that's true of any routine. It reduces variability, brings the process under control, and allows for continuous improvement.

Really think about this for a moment.

Routine is NOT just something for weekly or monthly sales department activities. Routine can be -- should be, must be -- applied to the way you work on an individual level as well. Because when you start applying routines to your own work, you'll not only improve your own performance, you'll set a model that will inspire others as well.

For more information from Dan Markowitz on how to on apply routines (known as "standard work" in the lean community) to knowledge workers available here, here, here, and here.)

Speed Up Sales in Tough Times

FREE Webinar: Wed, Aug. 19, 10 am PT; 1 pm ET
Register now.

As the economy slows, so do decisions to invest money in new products or services. How do you gain strong interest from prospects and keep the momentum going?

Join me for this free session. You'll have a chance to learn about 7 fresh strategies you can use to:

• Shorten your sales cycle
• Get a quick initial order that you can leverage for more business
• Reignite prospects who appear to have fizzled out

Register now.  Space is limited.

P.S. This session is sponsored by Jigsaw.

How to Double Your Income By Warming Up Those Cold Calls

By Silvia Quintanilla

Salespeople are under a lot of pressure to win new business. This fact hit home last week when I spoke to a salesperson who uses our research.

She's expected to perform 5 demos every week. In fact, someone from HQ calls her every Monday to find out specifically what she has lined up that week. And just 2 weeks before, her company laid off a slew of under performing salespeople. I have to admit, just speaking to her made me a bit nervous, and I don’t even work there!

But that conversation inspired this article. Hopefully, by using the tips below, we can help your sales team meet their metrics, whether it’s demo appointments, in-person meetings, or opportunities in the pipeline.

Finding a Good Prospect
When we do research for our clients, we’re always looking for a “way in.” In other words, we’re looking for a project or challenge the prospect is facing that matches our clients’ solution set.

Here are some of our favorite ways of finding that information:

Tip #1: Use the Job Postings
Using job postings to find sales opportunities is a true “gem” of an idea. It’s helped us find hundreds of sales opportunities for our clients. The key is to use a site that aggregates job openings from many places (like Career Builder, Monster, Dice, etc).

A good one we like is Indeed.com. Once there, go to the Advanced Search function. Next, type in a few keywords that apply to your service/product.

For example, let’s say you offer business intelligence (BI) solutions. Type in that keyword or similar keywords that indicate a company is working on a BI project.

You’ll likely have to sift through a few postings, but it could prove very worthwhile. Once you find a company that's starting a project in this area, you’re chances of engaging your prospect improve significantly.

Tip #2: Regularly Review Vertical / Functional Periodicals
No matter what you sell, there’s probably a monthly eMagazine that matches it. There are online magazines dedicated to IT professionals, HR, Marketing, Finance, Legal, etc., as well as magazines devoted to verticals (e.g., Banking, Healthcare, Retail). There are even online magazines devoted to a specific geographic regions.

Each magazine is packed with stories and news events for that specific area. We recommend reviewing them regularly to find timely prospects.

For example, many of our clients focus on selling to the financial services vertical. Here are the top 3 online magazines we like best for that space:

1.   Waters – www.watersonline.com
2.   Bank Systems & Technology – www.banktech.com
3.   Bank Technology News - www.americanbanker.com/btn.html

There’s an online magazine(s) for nearly every area. If you need help finding one that fits your solution, feel free to send me an email at silvia@industrygems.com.

Tip #3: Read the Earnings Transcripts
If your salespeople are really looking for the six-figure (and potentially seven-figure) sale, have them read the company’s quarterly Earnings Transcripts (if the company is public).

Every quarter, public U.S. companies must present to shareholders and investors. Those meetings are recorded and later transcribed to written word.

At those meetings, the executive management talks about their future strategies, upcoming projects, as well as any issues or challenges they’re trying to resolve. It’s a great way to find out the more “hidden” type of information that’s not being reported in the news.

You can find a company’s earnings transcripts at Seeking Alpha:
http://seekingalpha.com/tag/transcripts

We truly hope the above tips can help your salespeople meet their metrics!

About Industry Gems Sales Intelligence
Silvia Quintanilla is President & Chief Sales Detective of Industry Gems, a boutique custom sales intelligence company dedicated to helping sellers win big deals with Fortune 500 companies. Learn more about us at www.industrygems.com or call 510-745-9956 for a free consultation.

If you sell technology to the Fortune 500, sign up for our complimentary Sales Opportunity Report at www.industrygems.com (subscription box on bottom left corner). Every month we highlight the best “door opening” news that can help you get your foot in the door.

Summer Reading List - Part 3

Negotiation Rules!
by Jeanette Nyden

Several years ago, when I needed help negotiating a contract, I was fortunate enough to connect with Jeanette Nyden. I was immediately impressed with her common-sense approach to negotiating.

I've always struggled with negotiations and the gamesmanship that seems to always go along with it. Jeanette helped me see it in a totally different light. After reading her book, I was able to totally reframe the negotiation process - first in my mind, next in preparing for the conversations and finally, when I was with the clients. If negotiating is not a strength of yours, this book belongs on your bookshelf.

P.S. Jeanette loves to help small companies negotiate with big companies!

The Entrepreneur's Guide to Selling
by Jonathan London

As the title so clearly states, this book is definitely for entrepreneurs!  Plus, I need to tell you that Jonathan London, CEO of Improved Performance Group, really gets it. In our recent conversations, I've been most impressed with his sales savvy.

In this book, Jonathan gives you step-by-step guidance on the critical elements of B2B selling - from finding your "sweet spot," to prospecting, establishing relationships, asking powerful questions, closing business & negotiating. It's comprehensive, yet highly readable and filled with examples.


Escape from Cubicle Nation,
by Pamela Slim

I just love this book from Pam Slim. Even the first words inside the cover resonated with me: "Despite grim headlines about the economy, you don't have to stay in a job you intensely hate."

If you've been thinking about making the leap to self employment, get this book right now. She walks you through all potential areas of angst and leaves you feeling like you can do it. You'll learn how to go from a corporate prisoner to a thriving entrepreneur. Also, check ou Pam's Escape from Cubicle Nation blog.

Summer Reading List - Part 2

As someone who suffers from a serious case of ARD (Addictive Reading Disorder), I am constantly reading. Today I'm featuring books that aren't totally related to sales (well, maybe not at all), but definitely worth your time.

Miracle in the Andes
by Nando Parrado

A few weeks ago  at the National Speaker's Association conference I heard the most riveting speaker ever - Nando Parrado, author of Miracle in the Andes. In 1972, while traveling to a rugby match in Chile, his plane crashed high in the Andes, killing many of his teammates as well as his mother & sister.

Not immediately rescued, the survivors faced unendurable conditions, turned to cannibalism to survive and after 72 days were saved because Nando refused to die. This story is gripping.

Nando ended his talk by showing a photo montage put to music that he created for his father, all about love. There were over 1000 speakers in the audience - and not one dry eye. What a powerful message.

Me 2.0: Build a Powerful Brand to Achieve Career Success
by Dan Schawbel

With today's volatile job market, it's imperative to take control of your career by showcasing brand YOU! And, more than ever, I believe that sellers should wake up to the potential impact this could have on their business now as well as their long-term career prospects.

I'm not thinking about "puff" branding to make you sound cool. I'm talking about leveraging thought leadership strategies to demonstrate your expertise. Dan Schawbel's advice in Me 2.0 is rock solid. You'll find lots of ideas in here to challenge your thinking! Check out Dan's Personal Branding Blog too.

Harry Potter & the Deathly Hallows
by J.K. Rowlings

All right. I admit. I'm addicted to the Harry Potter stories. Last Saturday, my daughter (Katie Konrath, Get Fresh Minds) & I went to see the movie, Harry Potter & the Half-Blood Prince. Of course, I loved it - which I always do.

On Sunday I was inspired to re-read the 7th novel in the series again. Despite being over 750 words long, I finished it by Monday night. What a great ending, with unexpected twists and even a strong moral base. 

I owe a lot to Harry Potter. While waiting for the Goblet of Fire (July 2000), I was inspired to start writing for the first time ever. The result ...

The Sales Wiz
by Jill Konrath

It's a delightful story, filled with powerful but highly unorthodox lessons for transforming your sales results. I wrote it for a seller who'd been in the business for awhile, but was struggling trying to figure out how to be successful in today's rapidly changing marketplace.

It's not quite finished yet, but if you're interested, click here to read it.

Book Watch: Using Social Media to Get Sales

I need your help for my new book! 

Right now I'm  looking for specific examples of how you used LInkedIn, Twitter, Facebook, etc. to set up meetings with buyers.

Can you share your story? 

Please tell us ALL the GORY DETAILS! That's what makes stories good teaching tools.

Summer Reading List - Part 1

 
 

Professional Services Marketing
by Mike Schulz & John Doerr

This well-researched book is filled with rock solid marketing strategies that professional services firms can implement to generate new conversations with potential buyers and improve the odds of winning client engagements. The authors, Mike Schulz & John Doerr, know what works & what doesn't.

If you buy the book on August 4, 5, or 6th, you get all sorts of goodies, including a free webinar on How to Turn Your Firm into a Marketing and Business Development Powerhouse ($79 value).  Just click here after you purchase it, to download all the resources & enter your confirmation #.

... and here's something else pretty cool. Right now, Amazon has Professional Services Marketing paired up with this next book for a special pricing promotion. It's a good deal for two new books!

Winning the Professional Services Sale
by Michael McLaughlin

Mike McLaughlin, who also wrote Guerrilla Marketing for Consultants, has another winner on his hands. You'll love his "unconventional strategies to reach more clients, land more profitable work and maintain your sanity." Mike breaks the sales process down into three areas — Connect, Collaborate & Commit—then shows you numerous strategies you can use to get more business.

You'll want to add this book to your sales library right away! It's guaranteed to give you a number of new ideas.

Honesty Sells, by Colleen Francis & Steve Gaffney

Refreshing! That was my first thought when I heard the title. You won't find any slick, manipulative sales techniques in this book. Instead, you'll discover how to make more money and increase your profits by selling with high integrity.

I particularly like the chapter on being honest with ourselves! As the authors, Colleen Francis & Steve Gaffney point out, when we make assumptions about our prospects, our chances for success and much more - we are incredibly vulnerable to making cost mistakes.