Redefining the Elevator Pitch: Creating a Successful “Cold Call”

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An elevator pitch is a short summary designed to simply define your company or product. As the name implies, it should be short enough that it can be delivered during the span of an elevator ride.

Why the brevity? The truth is that when you are “cold calling” into a prospect, ten to fifteen seconds is all you have to make an initial connection and get permission to continue the conversation. In light of this, it is critical that you can quickly establish trust and pique interest.

Today’s prospects are receiving so many incoming sales calls, that they are particularly wary of being “sold”. The old way of delivering your company’s message is no longer good enough.

Let’s take a look at how elevator pitches have traditionally been made and how they should evolve to become more effective in today’s selling environment.

The Old Elevator Pitch

The call starts with, “I’m Bob with XYZ Printing. How are you today?” 

The “clever” segue into the sales pitch, assuming we still have the prospect on the line, goes something like this.  “We’re the premier printing company in the area.  We’ve been serving the local market for over 20 years and have the most advanced digital printing equipment in the area.  Our specialty is quick turnaround and competitive pricing.  I’d like to set an appointment to meet with you to show you how we can save you time and money on your next printing project. Would Tuesday afternoon or Wednesday morning be better for you?”

Does that sound familiar?  It probably does and there are many problems with this approach:

  • “How are you today?”  Every telemarketer in the world starts the call by asking about the prospect’s “well-being.”  While this is an honest attempt at politeness, prospects know you don’t really care, so it comes across as insincere and makes you sound like a telemarketer.
  • The “compelling” pitch by the printing salesperson sounds like the other printing company that called the prospect yesterday.  They said they were the best in town and could save him time and money too.  Whom should he believe?
  • “Tuesday afternoon or Wednesday morning?”  How many times have we heard that over used alternative choice close?  Nearly every salesperson uses it.
  • The salesperson wants an appointment but doesn’t want to take the time to find out if there’s any pain.  This is the typical product pusher’s strategy and the prospect knows it.
  • The easy blow off that the prospect can, and often does, use is to say, “Just send me some information about it.”  And you know how sincere that request is.

The New, Improved Elevator Pitch

Never fear, there is a better way. Take a look at this new, improved approach.

This call starts with, “I’m Bob Smith with XZY Printing.  Did I get you at a bad time?”

If you get permission to continue, you’d say, “Thanks for taking my call.  Can I take about 20 seconds to tell you why I called, then you can tell me if we need to talk further?”

When you get permission, you’d say, “I’ll be brief, right to the point.  We’re one of the leading commercial printing companies in the area.  Typically companies switch to us because they’re upset with long turnaround times, concerned about the inconsistent quality of the final product or frustrated that their printer can’t offer any creative ideas to improve the job.  Are any of these issues for you?”

Or, you may want to give a specific example of how you’ve helped a competitor with a specific pain, something like “we recently helped [competitor’s name] save $2,000 per month on printing fees and reduce their turnaround time to 48 hours. Is this something that would be helpful to your business?”

If the answer is affirmative, you’d then go on to explore the pain further.

If the answer is negative, you could conclude the call quickly by saying, “Sorry to have bothered you.  Have a good day.”  And make another call.  Remember, you’re trying to find that gold nugget quickly and not waste time with people who are not good prospects.

There are many benefits to this approach:

  • Asking if you got him at a bad time is respectful of the prospect’s time.  (The overwhelming majority of the people we train say this tactic has been very effective despite the initial concern about making it too easy for him to say that he is busy.)
  • The “pitch” focuses on possible problems your company can address, thus begins the qualifying process quickly.
  • It’s different.
  • You won’t have done anything to destroy rapport.
  • You won’t sound like every other salesperson that calls.

Your ability to differentiate yourself in your initial call with a prospect will dramatically improve your success at developing new business. Try our new and improved elevator pitch for yourself – we’d love to hear how it works for you.

 

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Perspective on the Challenger Sale and Your Sales Process

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The Challenger Sale has been a huge trend in the sales training industry in recent years, and one that has garnered its share of conversation and controversy. Co-authors Matthew Dixon and Brent Adamson proclaim their ideas to be “the biggest shock to sales wisdom in decades.” However, much of their work is far from new.

Their key insight is that in order to sell successfully, salespeople must teach their customers something new about their business, providing them with unique ideas that improve the bottom line. Unfortunately, this approach is not new. It originated with Xerox nearly 40 years ago, and was again explored in a recent Harvard Business Review article by the Chasm Group suggesting sales people should start buying cycles with leading edge information that can give them an industry advantage.

Putting aside the fact that the Challenger approach is not new, how sound is this concept of insight-led selling? One thing to consider is that only a small percentage of buyers are Early Adopters, as John Holland wrote in his October 2013 article on “Aligning with 80% of Your Market”. To take an aggressive position with the mainstream or laggard buyers, and/or tell them what the focus should be on in improving their business will alienate many of them quickly. These types of buyers want to be nurtured and led to a decision that minimizes the risk for themselves and their organization.

Even more potentially dangerous is their recommendation that salespeople should be “assertive, pushing back when necessary and taking control of the sale.” From our experience, this is very bad advice, as buyers become distrustful of anything that reeks of a “hard sale” (for more on this, see our previous post on giving customers the OK to say “N0”). We work with sales organizations to enable them to use the way that they sell as a key capability, and telling is not part of that persona.

How else are we different? We teach proven techniques to help salespeople establish trust and uncover key customer pain points. Rather than telling your prospects what they should be doing, we encourage our clients to use illustrative stories and/or directed questioning to help customers tell you where their pain lies and how you can help them.

In addition to teaching selling techniques, we work with companies to develop a buyer-centric, end-to-end sales process and management reinforcement plan to ensure lasting revenue generation.

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Drive Revenue with Social Selling

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We recently had the opportunity to sit down with Tom Martin, former president of Miller Heiman and 20+ year veteran of the sales methodology and training industry. During our time together, we discussed many of the big ideas pervading the space today.

Below, please find an excerpt from our conversation on one of today’s biggest topics – social selling.


John: There are a lot of trends affecting B2B salespeople, and one with a huge buzz is social selling.  Can you walk us through what “social selling” means to you?

Tom: You’re right John, social selling has a big buzz about it, and does not seem to be going away.  In most industries, sellers need to adapt to how social selling is impacting their sales process because of how it is affecting their prospect’s buying process.  Sales managers also need to adapt their sales training and reinforcement activities to coach their sellers in this new competency area.

John: Tom, tell us what social selling means to you. How can salespeople utilize social networks to improve their overall results?

Tom: When I think about what social selling means, I look at three different dimensions – three ways sellers can utilize “social” in their selling.

The first is listening. As Stephen Covey wrote in The 7 Habits of Highly Effective People, “Seek first to understand, then to be understood”.

Adapting this to social selling, the advice to sellers is simple: use tools like Twitter, LinkedIn, and blogs to read what your prospects are reading and writing … and then after you understand what is important then, and only then, should you start “talking” in the social world.

Another key for listening is another quote from Covey, “Most people do not listen with the intent to understand; they listen with the intent to reply”.

John: Interesting…that ties in nicely with Flannery Sales System’s methodology on how important it is to qualify prospects by listening and uncovering their pain before presenting solutions. You mentioned three dimensions. What are the other two?

Tom: The second is researching. While closely related to listening, I think the use of social tools for research is so critical for sellers it needs to be called out separately.  Typically this means using social to support their sales process, or opportunity and account management methodologies.

Researching also includes “searching & stalking” – and by that I mean searching out your friends (champions and coaches), and stalking your enemies (gathering competitive intel).

Finally, the third is telling. Only after you’ve understood your prospects by listening and researching should you start responding with your own social content.

John: This sounds very similar to how I would advise a seller to approach a sales call or meeting – seeking to listen and understand first and only then to solve the problems they have uncovered. Anything else we should know about social selling?

Tom: Some people start with social selling assuming it is the silver bullet they were looking for, and that all they need to do is post a few blogs and tweet once a week. These people inevitably end up disappointed.

I think about a concept I learned as an Advertising major – “impressions.”  It was said that it takes seven impressions for someone to fully ‘get’ who you are, what you do, and why they might need your services.

Adapting this to social selling means sellers need to consider integrating their social selling and traditional selling efforts to complement each other and achieve more impressions.  They can’t plan on a single tweet magically converting new prospects into opportunities.

One final Covey-ism for today, “Begin with the end in mind.”  To drive revenue and add qualified opportunities to the pipeline, your social sales message needs to be in sync with your overall sales message.

John: Any advice on integrating social selling into your sales process?

Tom: To create a lasting impact, you need to build social selling activities into your normal sales cadence – so set aside time each week to listen, research and tell across multiple platforms.  In business that typically means LinkedIn posts, blog entries, and Twitter, and possibly SlideShare and YouTube channels.

Stay tuned for more from my conversation with industry expert Tom Martin.

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What to Avoid in Sales Negotiations

In a business-to-business environment, negotiating can be everything from a simple, one issue give and take to a very complex process requiring multiple meetings. Since most salespeople seldom “sit down across the negotiating table,” our intent here is to provide you with some basic negotiating tactics that will help you level the playing field.

Yes, level the playing field. Most salespeople are woefully unprepared to negotiate, since they are too emotionally involved in the outcome. They simply want the business too badly to be objective.

Common Negotiating Mistakes

Virtually all the experts would agree that that the following mistakes are commonplace when salespeople start to negotiate. Awareness of these challenges may improve your ability to negotiate considerably.

  • Getting emotionally involved.  This one tops the list because, above all, your attitude toward something determines your success. If you appear needy, conveying the message to your prospect that you’ll do almost anything to get the business, your prospect will sense this weakness and exploit it. Avoid statements like, “We’d really like to get this done,” “I need this to make my quota this month,” “What do we need to do to get you to buy from us?,” etc. All indicate you are willing to do most anything to get the prospect to buy, and the smart prospect will try to see how far you actually will go. Remember, credibility is key in negotiations!
  • Making unilateral concessions.  A unilateral concession is agreeing to a prospect’s request too quickly, and without asking for something of equal or greater value in return. For example, your prospect asks you to lower your price by 5%. Your response is, “Sure, we can do that.” Put yourself in your prospect’s shoes and reflect on what message your response sent. First, he’s undoubtedly thinking that since you agreed so easily, he should have asked for more. Second, he knows that since you dropped your prices so easily, you’ve probably overpriced the product or service. This creates doubt about the overall quality of what you’re selling. Finally, you’ve demonstrated your inexperience as a negotiator, opening yourself for more abuse as the negotiation goes on.
  • Not understanding the prospect’s pain and his alternatives.  This is your “ace in the hole” and without it you are defenseless. Most salespeople qualify poorly, betting on their powers of persuasion, features and benefits and charming personalities to get the job done. That doesn’t work. It’s very difficult, if not impossible, to stand your ground if you don’t know what the prospect’s downside is if the problem is not fixed. Therefore, you must uncover how severe their pain is, how it impacts both the company and the individual you’re negotiating with, and what happens if the problem doesn’t get resolved through negotiations.
  • Talking too much.  When you are monopolizing the conversation, it’s impossible to “read” your adversary or learn what their specific needs are. You’re giving information, not receiving it. Falling into this trap is a sure way to lose.
  • Not understanding your objectives and value items.  Failure to have worked out, in advance, your list of primary (best case) and secondary (fall back) objectives will create confusion and indecision for you. If you don’t, you’ll just end up winging it, which is a surefire road to disaster.

Have you run into any of these mistakes in your sales negotiations? We’d love to hear from you.

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Flannery Sales Systems Unveils our New Logo

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At Flannery Sales Systems, we help companies drive revenue through sales process definition, sales team training and management coaching and reinforcement.

We are proud to unveil a new logo which represents these three important parts of our business. Our customized three pronged approach is what makes us different from other sales training programs, and we believe you need all three in order to drive meaningful, repeatable revenue.

Check out our updated website to learn more about how our services can help your organization, or request a free, personalized consultation with our sales experts.

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Flannery Sales Systems in Washington, DC

Flannery Sales Systems traveled to the East Coast this month. In this video, John talks to us about his travels and what we have to look forward to in the upcoming FSS newsletter, namely an interview with sales thought leader Tom Martin as well as John’s perspective on the Challenger program.

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