Ask A Sales Leader: Steve Goodman on Replicating Success

This guest article is written by Steve Goodman. Steve has been in sales for over forty years, and has had the fortunate experience to lead sales teams and divisional organizations in the laboratory supply industry for most of that time.  Customer interactions are a critical part of his duties all the time.

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I love this time of year in the business sense.  A good year can become great and a close-to-target year can make it over that line with some hard work.  No matter what kind of a year you’ve had, improvements are possible and goals are achievable with a strong finish.

While your team is executing the year-end strategy, leadership is working hard to have executable plans ready to go on January 1.  A new year and a new start; all the promise for the best year ever!  Part of those plans should include an evaluation of your intellectual honesty— an honest reflection of your business. Am I and this organization being truthful as to why we win and lose in the marketplace?  Are our investments  driving results?

Pick up any of your sales reports and there is likely to be some reference to loss on price or loss on an RFP.  Look too at the wins. You should find  mention of what was done right!  Analyzing both situations is key to understanding market competitiveness and how to apply resources so you improve the odds of winning in the future.  How many reports referenced being outsold, late to the opportunity or completely unaware of the actual decision maker?  Hopefully not many but delineating reasons for the loss will turn the defeat into something you can use.  On the flip side, with your successes, what’s getting you the sale? Do you see the same individuals demonstrating their skill time after time and wish the whole team would too?  Without open reflection, the status quo will remain.

Being intellectually honest about the true nature of wins and losses is not always the most comfortable conversation to have with your team or with yourself. But it’s  the only way to accurately chart a new course of action or refine your current path.  Consider the following questions and how providing an accurate analysis of your sales process might benefit your team:

  • Do you know the customer’s buying process?
  • Who is(are) the decision maker(s)?
  • How will pricing be competitively tested and how are the specifications being formulated?
  • What part do you play in helping a customer formulate a solution to a problem?
  • Are you engaging at the beginning of the customer’s buying process, the middle or one out of three quotes?
  • Are you bringing value to the customer or just looking to perform a transaction?

How and when you engage customers affects the answers to all of these questions.  Investing in your people by offering a proven sales process and the right tools will answer the how and when.  A process is essential for building forecastable and repeatable results.  It formalizes how you deliver value to the customer and establishes an ongoing relationship.  It all starts with intellectual honesty around the current state of business affairs.

Here’s to an outstanding 2024.

 

 

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Decoding Decision-Making: Unveiling the Five Essential Qualification Areas

In the dynamic world of sales, understanding five critical areas from prospective customers can significantly impact your chances of making a successful sale. At our company, we emphasize the importance of uncovering this information before submitting a proposal or quote. Let’s delve into these key areas—The Players, Timetable, Decision Criteria, Proposal Content, and Roadblocks—and discover how to leverage them for a more favorable outcome during the sales process.

1. The Players

Identifying the key decision-maker is paramount. While subordinates and influencers may play a role, directing your sales efforts primarily towards the decision-maker avoids extended sales cycles and low closing rates. It’s crucial to recognize that those lacking decision-making authority can’t say “yes” and may not fully understand the company’s underlying issues. By focusing on the right individuals, you can significantly enhance your closing rate and ensure a more informed sales approach.

Additionally, acknowledging the importance of others in the organization, such as potential champions for your competition, is essential. In complex sales, building relationships with these individuals can prove invaluable.

2. Timetable

Understanding when the prospect plans to make a decision provides insights into the urgency of their needs and allows you to manage your time effectively. Aligning with the prospect’s timetable ensures that you present your solution when they are most receptive.

3. Decision Criteria

Every prospect has unique decision criteria, and making assumptions based on past experiences is a risky strategy. Engage with the prospect to have them explain and rank their criteria from most to least important. This information is particularly vital when dealing with competition, as it allows you to tailor your approach to align with their specific business objectives.

4. Proposal Content

Avoid making assumptions about what information the prospect needs in your proposal. Your objective should be to provide exactly what is necessary for them to make an informed decision—no more, no less. Tailoring your proposal content to meet their specific preferences enhances your chances of securing the business. Always seek clarity on their expectations to deliver a proposal that aligns with their decision-making process.

5. Roadblocks

Anticipating potential roadblocks that could hinder the implementation of the solution is a proactive step. Asking about potential challenges, such as negotiation hurdles or budget issues, ensures a comprehensive qualification process and eliminates surprises down the line.

In conclusion, mastering these five key areas empowers sellers to navigate the sales process with precision, increasing the likelihood of a successful outcome. By understanding the nuances of each prospect’s unique situation, you can tailor your approach to align with their specific needs and priorities.

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