Why Profiling In Sales Works

This topic is worth revisiting. While “profiling” typically carries a negative overtone in contexts such as police activity and airport security, Merriam-Webster spells out that in sales, profiling is not only acceptable but central to achieving success. The dictionary defines profiling in sales as “The act or process of targeting a person (or organization) based on known traits, tendencies, characteristics, or behaviors,” highlighting its importance in effective sales strategies.

A thriving sales organization systematically targets customers by delving into their identities, aspirations, industry-wide obstacles hindering their progress, and purchase motivations. By understanding these “traits, tendencies, characteristics, or behaviors,” companies can effectively position their products or services within the marketplace, fostering a sustainable business model.  

It bears repeating – in a business setting, general targeting may work for marketing, but on the streets, sales reps need specific criteria to win. And be aware, it’s one thing to look at your audience from a high level, and quite another to evaluate ideal buyers at the granular level.  

Who are your reps prospecting? Are they using a haphazard approach within an organizational chart or do they have a wisely designed plan? Additional considerations: 

  • Is the team profiling the roles of those who truly are the decision makers or who will sway the buying decision?   
  • Are the reps attuned to how the influential roles might be evolving in the current marketplace?  
  • Do they know what obstacles these influencers may be facing, their overall objectives, and how to directly associate the unique aspects of their product or service with the specific roles?  

While the profiles of decision-makers may vary only slightly, a representative’s thorough understanding of these individuals, meticulously profiled, can significantly impact their success. 

We understand effective sales profiling can be complex which is why we offer Sales Process Definition Workshops. In our workshops we draw upon our research, joint industry experience and our knowledge to collaborate with clients to sharpen their profile aptitude. Here are our steps: 

  1. Working together, outline the profiles of the essential decision-makers and influences necessary to facilitate a sale.  
  2. Delineate the objectives, needs, issues and challenges of both decision-makers and those holding buying influence roles.  
  3. Help clients carefully determine how specific components of their products and services align with their particular targeted audience profile.  
  4. Build a customized strategy for reps to use when preparing for a conversation with the target audience. 

With clear targets, you can decrease the cost per sale. How? Profiling strategies accelerate the sales process by equipping representatives with the tools to deliver a targeted and consistent message. This facilitates quicker qualification of prospects, shortens the sales cycle, reduces setbacks, and enables representatives to efficiently close more deals. Strengths have been leveraged effectively, leading to optimized performance across the sales pipeline. 

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Mastering Persuasion: Leading Buyers To Your Solution

Persuading a potential client to embrace your product or service and adopt a fundamental shift in their business approach presents a formidable challenge. Nevertheless, such persuasion is often a necessary step forward. In my experience, the most effective approach to move a prospect from reluctance to considering change is by showcasing value.  

I liken it to mastering the three M’s – measurement, the mechanism by which value is measured, and the meaning (dollars) of the measurement. Without perceived tangible benefits or a compelling rationale for change, buyers will likely remain steadfast in their decision to decline. 

Here’s a breakdown of the three M’s. Mastery of each will set you on the path to effective persuasion. 

  • Measurement: Understanding how the buyer calculates value is paramount. By asking pertinent questions, you can identify the metrics that hold the greatest significance for the buyer. For instance, in the medical device industry, value is measured in recovery times and reimbursements. In the hospitality industry, attention is often directed towards guest satisfaction ratings and occupancy rates, whereas in retail, metrics like sales per square foot and inventory turnover take precedence. Metrics reflect costs, which your product has the potential to alleviate. To what extent can your product help decrease expenses? This process establishes worth by yielding tangible monetary benefits, with dollar savings serving as a significant indicator of value. 
  • Mechanism: How do you calculate the value? In the medical device industry, it may be patient outcomes per procedure or cost savings per treatment, while in the hospitality industry, it could revolve around room occupancy rates. Does your client have a system? If not, work together to establish one. Achieving alignment on how value is quantified is crucial for an effective approach. 
  • Meaning: How do you evaluate the data generated or collaboratively developed in step two? These figures should undergo analysis to enhance profitability It’s imperative to analyze these figures to optimize profitability. For example, if a medical device company introduces a new procedure that shortens the duration of a specific surgery by 10 minutes, resulting in reduced anesthesia usage and shorter recovery times, the potential cost savings could be substantial. By quantifying this, it’s projected that the hospital could save $500 per surgery, translating to $60,000 in annual savings for each operating room. Such information alone carries immense importance for the buyer. 

Once the value is established, resistance to change diminishes. If the buyer remains skeptical, revisit step one to strengthen the connection between key metrics and value. Flannery Sale Systems can assist you in steering discussions with buyers to integrate value. When applied effectively, these tools will help buyers transition from traditional practices to your innovative approaches more seamlessly.  

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How To Improve Your Q1 Revenue Results

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You spent a lot of time building, delivering and coaching your commercial strategy for this year. And soon you’ll find out the results. To meet and exceed on a regular basis requires some fundamental execution. Click above to learn more.

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Three Must-Haves for Success in Sales

During formal and informal conversations with our customers, we often hear the question, “How many steps should there be in the sales process?” We know how important it is for the sales process to mirror how customers are buying, but the reality is there is no one-size-fits-all answer.

Each business and its customers is unique and the number of steps in a sales process varies based on the complexity of your product or service, the industry you’re in and the preferences of your target customers. That being said, you can follow some general guidelines to help determine the optimal number of steps in your sales process.

Here are three stages, or milestones, that we find sales teams cannot live (or sell) without.

  1. Access to Key Players (Decision Maker): This is not a new concept but as budgets continue to be scrutinized, it becomes harder and harder to extend the reach of a sale to multiple levels of titles. Clearly articulate the far-reaching benefits of your product or service to complete this stage.
  2. Expressed Value:Once you have access, these individuals must understand the value that your offering provides. Without this, you will be dancing in the dark when it comes time to go into the evaluation phase.
  3. Approved Implementation Plan:During the stage of co-developing the opportunity with your customer or prospect, get your plan approved – not after the deal is signed. This sole step will help determine your position deep into opportunity development. Additionally, the seriousness of the participant gauges how sticky your solution will be thereafter.

I’ve previously shared this great example. A medical device customer of ours was having difficulties getting into conversations with key players in their existing customer base regarding a new offering they had obtained through an acquisition. The offering was an existing diagnostic test with a new enhanced feature. The challenge was that the enhanced feature provided a benefit that had never been completely commercialized.

We sat down with a cross-functional team from their organization and built a pro forma model of what impact the solution had on existing practices in the testing environment, and who would benefit from this. They went searching for data to substantiate their assertions of what value this add-on widget could provide. They found a reputable research company that had done a study that provided the information they were looking for. We were able to help build a dollar value and a testing value into a pro forma model (Benefit Summary). The Benefit Summary provided all involved with a complete understanding of the value of their new enhanced feature.

Next, we helped them to create a prototype of an Implementation Plan that correlated with how they could roll this out to their customers. Once completed, the sales process plan was delivered and executed with their main customers. As a result, they have successfully sold an additional 12% in total revenue on this product alone in an $80 million division.

What are you or your organization waiting for to drive more revenue? Let us help you define (or refine) these steps and start picking up incremental revenue now!

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Mastering Persuasion: Leading Buyers To Your Solution

Persuading a potential client to embrace your product or service and adopt a fundamental shift in their business approach presents a formidable challenge. Nevertheless, such persuasion is often a necessary step forward. In my experience, the most effective approach to move a prospect from reluctance to considering change is by showcasing value.  

I liken it to mastering the three M’s – measurement, the mechanism by which value is measured, and the meaning (dollars) of the measurement. Without perceived tangible benefits or a compelling rationale for change, buyers will likely remain steadfast in their decision to decline. 

Here’s a breakdown of the three M’s. Mastery of each will set you on the path to effective persuasion. 

  • Measurement: Understanding how the buyer calculates value is paramount. By asking pertinent questions, you can identify the metrics that hold the greatest significance for the buyer. For instance, in the medical device industry, value is measured in recovery times and reimbursements. In the hospitality industry, attention is often directed towards guest satisfaction ratings and occupancy rates, whereas in retail, metrics like sales per square foot and inventory turnover take precedence. Metrics reflect costs, which your product has the potential to alleviate. To what extent can your product help decrease expenses? This process establishes worth by yielding tangible monetary benefits, with dollar savings serving as a significant indicator of value. 
  • Mechanism: How do you calculate the value? In the medical device industry, it may be patient outcomes per procedure or cost savings per treatment, while in the hospitality industry, it could revolve around room occupancy rates. Does your client have a system? If not, work together to establish one. Achieving alignment on how value is quantified is crucial for an effective approach. 
  • Meaning: How do you evaluate the data generated or collaboratively developed in step two? These figures should undergo analysis to enhance profitability It’s imperative to analyze these figures to optimize profitability. For example, if a medical device company introduces a new procedure that shortens the duration of a specific surgery by 10 minutes, resulting in reduced anesthesia usage and shorter recovery times, the potential cost savings could be substantial. By quantifying this, it’s projected that the hospital could save $500 per surgery, translating to $60,000 in annual savings for each operating room. Such information alone carries immense importance for the buyer. 

Once the value is established, resistance to change diminishes. If the buyer remains skeptical, revisit step one to strengthen the connection between key metrics and value. Flannery Sale Systems can assist you in steering discussions with buyers to integrate value. When applied effectively, these tools will help buyers transition from traditional practices to your innovative approaches more seamlessly.  

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Don’t Let Procrastination Kill Your Pipeline

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One of the hardest parts of sales is keeping the pipeline filled with qualified opportunities. Nurturing leads is something salespeople put off. Akin to delaying the home maintenance project you perceive as time-consuming or the medical check-up that makes you uneasy – procrastination is a creeper But avoiding necessary actions can make things harder over the long term.

 

We know the importance of sustaining the pipeline and nurturing leads so why do we drag our feet? I’ll explain some reasons why as well as tell you how to prevent procrastination from taking root.”

 

So, what’s hanging us up?

  • Time Constraints: Sales reps often face tight schedules and multiple priorities. Nurturing leads requires time and effort, which can lead to procrastination when other urgent tasks take precedence.
  • Lack of Resources: Limited resources, such as manpower or tools for automation, can make lead generation seem like a daunting task.
  • Focus on Immediate Wins: Low-hanging fruit. Some may prioritize pursuing new leads and immediate sales rather than investing time in nurturing existing leads, especially if they are focused on meeting short-term targets.
  • Unclear Strategy: Without a well-defined strategy, sales teams may struggle to prioritize and execute consistent actions, leading to procrastination.

Being mindful of your circumstances and some of the classic reasons why we procrastinate can help reduce its occurrence. Here are some other ways to bury the tendency and continuously fill (not kill) the pipeline.

 

  • Evaluate Current Customers: It is not uncommon for 60-70 % of new revenue to be generated from an existing customer base. These prospects are more likely to close in a timely, predictable fashion, and forecasting their revenue is typically more accurate.
  • Assess the Lead’s Value: Whether a lead is given to you or organically generated, the most qualified leads are those with a personal connection. We are interconnected like no other time in history – personally and professionally. A quick LinkedIn search can reveal if you know someone within the company you are targeting. A cold lead instantly turns warm with an introduction from a mutual acquaintance.
  • Weigh Progress with a Milestone: The velocity of water through a pipe depends on pressure. Likewise, it’s advantageous for salespeople to have some pressure – or triggers – to determine the pace of a deal from contact to close. This is especially true immediately following an initial customer conversation. Did the customer share any goals? If yes, spend more time pursuing that. A great forecasting tool is a Deal Map. This document identifies by date and responsibility a map of the deal. Buyer and seller agree to the terms and proposed timeline. When both parties are working off the same document, forecasting probability and close date are easy to determine.

 

Regularly evaluating and refining your approach will contribute to a more resilient and effective sales pipeline management strategy – leading to more confidence and less procrastination. As William Butler Yeats, one of the greatest poets of the 20th century, said, “Do not wait to strike till the iron is hot, but make it hot by striking.”

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Three Essential Steps to Establishing Trust

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Trust is a crucial aspect of business and relationships. Developing trust over the duration of a customer relationship takes attention and focus. Creating a good first impression can go a long way in establishing trust in business relationships. The initial encounter sets the tone for future interactions and can significantly impact how others perceive you or your company. 

I’ve shared how the concept of trust was uniquely presented to me as I went through airport security on an international trip. After responding to the standard questions, the security agent asked a final question, “Should I trust you?” I answered in the affirmative, of course, but the unconventional question got me thinking!  

Reflecting on the experience – which was used to gauge my response under pressure and assess my overall demeanor – I gained real insight into how trust is perceived and established. In business and personal relationships, trust develops through a combination of communication, consistency and demonstrated reliability. Verbal and non-verbal cues also play a significant role in establishing trust.  

When meeting with a prospect for the first time, how do you establish trust? This is not the same type of trust you have with a family member or friend. It’s the trust that allows someone to have a candid conversation about their business issues. 

Plenty is written about what not to do, such as being pushy, talking too much or just falling into stereotypical selling behavior. But in that critical window of time (which can be as short as a minute) how do you make a connection that allows the prospect to feel comfortable sharing information with you? How do you show that you genuinely care about understanding their business situation? 

Here are three actionable steps to help establish trust during your initial interactions.  

  1. Be prepared with questions about the prospect’s organization and needs, not statements or brochures about your product, service or organization. 
  1. Allow the prospect to set the pace of the meeting. Help the prospect discover their needs by listening to what they say. A few well-constructed questions will help the prospect come to their own conclusion. And only offer suggestions for items to review after they have expressed their priorities. 
  1. Be sincere. Being sincere means doing what you say you are going to do. The first way to establish sincerity is a prompt, written follow-up after that initial meeting that captures the important components for the prospect and their organization. 

You can shape the trajectory of a long-term customer relationship by establishing trust early on. While some think trust takes years to cultivate and develop, the agent at the airport thought it could take one second, a reaction to a question. One thing is certain; establishing trust is a central component of all healthy relationships. Successfully lay the foundation and watch a lasting and fruitful customer relationship unfold.   

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On The Road Again: Panama & Columbia

This month I had the pleasure of visiting Columbia and Panama, my 59th and 60th countries. And also toured one of the modern marvels on this planet, The Panama Canal. Listen above for how this applies to sales success.

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Make Training Worth It

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Have you ever spent several thousand dollars (and then some) on training only to see no change or short-term boosts at best? If your sales training is striking out, it’s probably due to a lack of prep and follow-up. There are ways to achieve long-term positive changes through training but you’ve got to know what you’re signing up for and consider some clear-cut strategies.

For starters, different types of training accomplish different goals. Over the years we’ve been hired by clients for one-hour kick-off motivational keynotes, three-day intensive sales process training and everything in between. We’ve learned a few things along the way including – sales training conducted as an “event” simply doesn’t work.

If your goal is to transform your organization so that it’s achieving goals like increasing sales or increasing profit margin, the training itself is only 10% of the overall process. To make your training investment stick, consider the following before you spend valuable dollars.

You Need an Implementation Plan. Start your transformation with the end in mind. What metrics will be used to measure the success of the salespeople, manager and related team member(s)? Will leadership hold them accountable for achieving these goals? For example, to achieve 10% growth in revenue you’ve calculated that each salesperson needs to meet with one additional qualified prospect per day. The skill being developed is new business development. How will you hold each person accountable for that number? The measure of success could be an email the salesperson sends to the customer that summarizes their meeting. This is an auditable measure that a manager and a manager’s manager can use. The email not only provides quantitative measurement, but the leaders, and even the CEO, can review the email and see the quality of customer interactions. How well was the new skill captured in the follow-up e-mail? Does this contact meet the defined metric of adding one new qualified prospect per day?

Have a Strategy to Reinforce and Coach Learned Skills.

Sales skills that are enhanced or gained in a training session are 80% forgotten after the first 30 days. Why? When not practiced or measured with a 3rd party, there’s often little to no change in behavior. The formula for reinforcement is: a) apply the learned skill b) share results with the coach and then c) reinforce the behavior. For coaching, first get attendees to apply new skills in the field. This could be verbal or written sales skills – but only introduce one skill at a time. Then it’s time to coach. Ask specific questions about the desired outcome. For the example above, did the salesperson meet (or converse) with one new, qualified prospect a day? Frame questions that help them understand what went well and where correction needs to happen. Next, ask them how they can improve their results. Effective coaches help people find their own answers. Finally, ask what would happen if the next time they tried … and then insert a specific recommendation. Reviewing a video of someone good at executing a skill is a way to fine-tune a new sales method. Rehearsing a future conversation with a recording is also a good practice.

When changes are reinforced, salespeople will remember how inspired and motivated they were at training. And with effective measuring, they’ll know these skills and behaviors will be recognized.

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Tried-and-True Tactics That Sell Value

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When I’m retained by clients to help their sales team, the first thing I do is to ask to interview their top performers. My purpose is to decode their selling DNA and identify the markers that make them successful.  

Invariably, effective salespeople sell value, not solutions or services. They recognize that it’s the ‘why’ that resonates with buyers – the business value. Equally revealing is illustrating how today’s problems impact the overall bottom line. But selling value and the total cost of problems facing a customer is where many sales teams run into trouble.  

Pinpointing and helping customers articulate these positions may not come naturally but it’s a necessary practice if you want to meet or beat your goals. Top performers use the following three tactics to draw out the answers to business value and the cost of challenges.  

  1. Get to the cost of today’s problem. Buyers face a number of problems and challenges.  Great salespeople help buyers define – in totality – all of the costs these problems bring. While costs may be non-monetary, such as frustration or low morale, the numbers that hit the bottom line are those that are heard by every person involved in the buying decision. Great sellers shape and frame conversations around the costs of the buyer’s problems. This is especially important if the solution’s value comes with a higher price tag. Early conversations around costs will help sell more and ensure that the necessary margins are hit in the end. 
  1. Tell stories. Stories help buyers discover for themselves the problems that they are facing and the solutions they need. High achievers have several stories at the ready that they can tailor and share based on the buyer’s situation or desired outcome. When the conversation lulls and the buyer is unable to explain their problem, share a story! Start by framing who the experience is about. Then identify the problem, turning point and resolution. Buyers who hear successes and failures of industry peers become more willing to share details about themselves and have an easier time finding their voice. Stories not only get to problems, they also help describe how others use and derive business value from your products. Stories have purpose and great salespeople use them again and again. 
  1. Summarize conversations in writing. This is a tactic that all sellers tell me they do, but few do it well. I sell my services to many companies in different industries. I constantly refer to follow-up emails I’ve written after conversations. The emails sum up problems a client is facing and the associated costs, the solutions we discussed and their value, and of course, proposed next steps. These emails help the customer and I keep the focus on the problems we are trying to solve. Top performers don’t rely on memory. They simplify, write the plan down, share it with the customer and allow the customer to give feedback. 

If you want to sell the business value your products bring, incorporate these techniques and the process will be habit in no time.   

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