The video above defines the value that we bring to our customers in the execution of their commercial strategy. Click to learn more.
Archive for year: 2024
Watch the video to learn more about what sales leaders need to find out where revenue leaks are and what they should be checking for.
What are the three things that sales leaders can do to prevent or stop revenue leaks?
When a business undergoes an acquisition, upselling and cross-selling become essential strategies for integrating product lines and maximizing value. Upselling encourages customers to buy premium or enhanced products, while cross-selling offers complementary products from the newly combined company portfolio. During acquisitions, these tactics help drive immediate revenue by enhancing existing customer relationships with broader offerings. By strategically aligning sales teams and cross-promoting the acquired brand’s products, companies can create a unified customer experience and unlock new growth channels in the expanded business landscape.
In sales, “deal slippage” is a term that causes immediate concern. It refers to the delay or loss of a deal that was expected to close in a specific time frame. When deals slip, it disrupts forecasts, impacts revenue targets, and can reduce team morale. But why do deals slip, and how can sales professionals reduce the chances of this happening?
Why Deals Slip
Deals often slip due to a range of factors, including budget constraints, competing priorities, or decision-makers having insufficient information to justify the purchase. Additionally, if customers don’t see the unique value in what you’re offering, they’re less motivated to prioritize your solution over other options.
Preventing Deal Slippage by Emphasizing Value
One effective way to combat deal slippage is to ensure your customers clearly understand the value of your product or service. If customers are crystal clear on how your offering addresses their specific challenges, they’re more likely to prioritize your solution and move forward in the buying process.
Here are a few practical steps to keep customers focused on the value of your product:
- Quantify Benefits: Make it easy for customers to see the return on investment (ROI) your solution provides. Use real-world examples, testimonials, and case studies to show measurable outcomes.
- Address Pain Points: Frame your product or service as a direct answer to their needs. Customers are more likely to commit when they feel their unique challenges are understood and addressed.
- Provide Ongoing Value: Don’t wait until the end of the sales process to reinforce value. At every touchpoint, offer insights, data, and resources that help the customer see how your product fits into their long-term strategy.
- Educate Decision-Makers: Equip your champions within the organization to advocate for your product effectively. Provide them with clear, concise materials that they can share with other stakeholders.
By focusing on value and consistently reinforcing it, sales teams can strengthen customer commitment and keep deals moving forward. When customers see clear, tangible benefits, deal slippage becomes far less likely—resulting in more successful closes and stronger, long-term customer relationships.
When a business undergoes an acquisition, upselling and cross-selling become essential strategies for integrating product lines and maximizing value. Upselling encourages customers to buy premium or enhanced products, while cross-selling offers complementary products from the newly combined company portfolio. During acquisitions, these tactics help drive immediate revenue by enhancing existing customer relationships with broader offerings. By strategically aligning sales teams and cross-promoting the acquired brand’s products, companies can create a unified customer experience and unlock new growth channels in the expanded business landscape.
In the current business landscape, establishing the value of your product or service is more crucial than ever. If you can’t communicate how your offering boosts revenue, reduces costs, improves patient recovery time, or delivers better clinical results, it becomes challenging for potential customers to see why they should choose you over your competitors. According to a study by Forrester Research, the primary obstacle to achieving your sales targets is the salesperson’s inability to effectively convey a value message that customers and prospects agree to.
Here is the ranking of the top inhibitors to meeting sales quotas:
- Insufficient leads: 13.3%
- Poor sales skills: 16%
- Too many products to know: 21.4%
- Information gap: 24.3%
- Inability to communicate a value message: 26%
“Value proposition (message)” is a term that gained popularity in the 90s, and regardless of whether it is considered a buzzword or not, establishing your product or service’s value without overwhelming potential customers with a barrage of features and benefits remains essential. So, how can you achieve this?
1. Understand Your Customers:Begin by studying your customers thoroughly. Dive into their market, understand what they sell, assess the competitive landscape, consider the size of their organization, and identify the key decision-makers involved in their processes. Conduct informational interviews within your network, seeking insights from industry insiders who have experience with your ideal customer. Lastly, engage directly with your customers and prospects. Learn about their goals, how they measure success, and understand their pain points.
2. Demonstrate Value:Utilize the knowledge you’ve gained about your customers to craft a message that highlights the value of your product from their perspective. Explain how your product can alleviate their pain points and help them achieve their daily, weekly, monthly, and quarterly objectives. The best way to do this is through testimonials or Success Stories from existing clients.
3. Position and Differentiate:What sets you apart from your competitors? Is it your exceptional customer service, an extensive range of capabilities, or competitive pricing? Whatever it may be, ensure that this differentiation is consistently emphasized across all your sales and marketing channels. Align your messaging on your website with your social media channels, marketing materials, and the language used by your sales representatives. This might sound straightforward, but regrettably, many organizations overlook this crucial step.
By understanding your customer, effectively demonstrating value, and positioning your unique offerings, you can streamline the sales process and avoid falling into the 74% of businesses that struggle to communicate their product’s value consistently.
Last week I had the distinct pleasure to guest lecture at Brown University in Providence, RI. As some of you know, my daughter Hannah is in her third year there, studying Economics and playing on the volleyball team. It is always rewarding to speak at a university, but to do so in an Ivy League school where your daughter is enrolled makes it extra special.
“Selling and Sales Leadership in the Entrepreneurial Environment” is the class I spoke with taught by Professor Howard Anderson. In his words, startups only have two problems: sales and all else. The topic we discussed was how Sales Process plays a critical role in the tactical execution of a company’s commercial strategy. The students participated actively in this dialogue throughout the 90-minute session.
At least four countries were represented in the room (Kosovo, Russia, Egypt, USA) which reflects the diversity of the Brown student community which will soon impact the global business community. What a great day-a memory I will hold on to for a long time. Thank you, Professor Anderson, and Go BRUNO (the Brown bear)!
In the fast-paced world of sales, success hinges on more than just having a great product or service—it’s about reaching the right people. All too often, sales teams focus on delivering the perfect pitch but miss the mark by not engaging the true decision-makers. Identifying and speaking to the key players, those with the power to influence and make final decisions, can make all the difference between closing a deal or losing an opportunity. Knowing strategies to ensure you’re connecting with the right individuals in your sales process, helps you to maximize your efforts and boost your success rate.