Sales methods by the book
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Transcript of Sales methods by the book
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Your clients need a better cure
Start by treating your sales team with the right sales method
Sales methods by the book - by IKO System [page 2]
LOREM IPSUM DOLOR LIGULA EROS SET...Malesuada quis, egestas quis, wisi. Donec ac sapien. Ut orci. Duis ultricies, metus a feugiat porttitor, dolor mauris convallis est, quis mattis lacus ligula eu augue. Sed facilisis. Morbi lorem mi, tristique vitae.
Seller behaviours as well as buyers' have
changed drastically through out the last two
centuries.
Due to the social, political and economical
changes, they have adapted by engaging with
new strategies and taking advantage of the
cultures that were forming around them. From
the beginning of the 19th Century to today,
sales methods have varied tremendously,
shaping in various ways the relationship
between sales reps and buyers and allowing
companies to adapt the most suitable process
for their needs.
The old days of aspirin...In the 1800s and early 1900s the financial
incentive was at the heart of the selling
profession. A network of traveling salespeople,
which commanded attention was formed,
shutting down the voices of the consumers.
Post World War II instead, the mind sets of the
consumers were blurred by the introduction of
Print, Radio and Television ads which portrayed
the benefits and features of the products. The
demand for goods was extremely high as well
as the supply and consumers believed that
satisfaction and need were irrelevant as long as
consignments were being produced, shipped
and sold.
Growth comes with the adoption of a sales method.
Period.
Truth #1: You won’t cure anyone without a method
Sales methods by the book - by IKO System [page 3]
The spread of complex diseasesAs the buyer was becoming much more
important, and sellers were being paid on a
commission basis, the Miller Heiman method
was introduced. This method defines the key
steps in order to deal with large accounts and
complex sales cycles. It introduces the notion of
listening to the client and defining its needs and
challenges. Strategy is of key importance when
adopting this method, and the actions,
accountabilities and timelines needed to
execute it are of main focus.
The 80s and 90s, on the other hand, were
the rise of persuasive selling, which strategy
was centered around building trust and
relationships with clients. The United States
were no longer the manufacturing superpower,
but production was being shifted to the Asian
side of the wold, where prices were cheaper and
technology was more advanced. Providing a
service became important as delivering a
product while binge buying, shop-till-you drop
behaviour was being furiously adopted by
consumers. Not surprisingly, three of the most
used to-date methods where put into action.
Curing headachesThe first to be introduced was Solution
Selling, by Bosworth. This method takes a
different approach than others, by tackling the
client's pains rather than needs. The
identification of the pain, it's acceptance by the
part of the prospect and the understanding of
the specific pain of each account representative
is at heart of the value proposition and need for
change. In order to fully benefit from this
method, one must endure in thorough research
and documentation before approaching a client.
The buyer in this case, is not capable of solving
the problem on his own therefore the seller
takes the role of a buying facilitator, aiding the
client in recognizing what he needs and finding
a solution for it.
When doctors start asking questionsNot long after, Neil Rackham, followed suit
and patented a method that helps build rapport
with the client by focusing on asking strategic
questions to facilitate the buyer to
express his concerns. But what
does the name: SPIN have
anything to do with the
process? The term coined is
actually an acronym that
abbreviates the four key steps
to follow when adopting the
method. Firstly, one must
discuss, understand or explain the
situation to the client (Situation); then it
is important to identify the problem that exists or
could arise (Problem). The third step, involves
an explanation, a discussion or an
understanding of the implication of the problem
for the prospect's business (Implication); and
finally the sales rep must create a need or
opportunity to rectify the problem (Need).
Methods focus either on process or on skills. Take both in your cocktail
Sales methods by the book - by IKO System [page 4]
Is it worth the treatment?Before the turn of the century, and the rise of
power of the internet, Target Account Selling
(TAS) was introduced in the world of sales.
Unlike the other methods introduced before,
TAS focuses on the pertinence of an
opportunity, in order to invest time only on the
most interesting and fruitful deals. The
evaluation of the quality of an ideal opportunity
relies on thorough research; whereas the rest of
the method underlines the capacity to
demonstrate its value and to differentiate
oneself from its competitors. To nail TAS, the
salesperson must ask itself if there is an
opportunity, if there is a possible win and if it is
worth winning; all by strongly minimizing the
clients weaknesses and emphasizing its
strengths.
Patients love self medicationAs the the 2000s were taking a toll,
suspicion and reluctance were
high on the agenda. With the
unfortunate happenings of
9/11 and the soon after
economic crisis, consumers
became more price
conscious, giving birth to a
culture of mistrust. Also, with
the escalating rise of Google,
the world was just one click
away, therefore leading
buyers to inform
themselves before making a
purchase. This change, gave
birth to the customer service
aspect of selling, inducing
sales representatives to be
more nurturing and available
towards their clients and prospects. Not
surprisingly, in 2003 Mike Bosworth generated a
new type of selling method which took into
consideration the new psychology of the
buyers.
Doctors become shrinksWith a pretty explanatory name already,
Customer Centric is based on conversations
with the client to bring him, through a play of
questions, to conscience about his problems
and the solutions he could adapt. Founded on
the grounds that communication is of key
importance between the seller and the buyer
but also between the sales reps themselves, it
aims on client relationships and loyalty, working
on retaining and growing them throughout the
sales cycle. Moreover, the method focuses on
the psychology of the buyer, whose
perception of need, cost, solution and risk
evolve during the sale.
The buyer psychology becomes essential
Sales methods by the book - by IKO System [page 5]
Docs turn into gurusSince 2010 though, we have entered a
phase where everything revolves around
content marketing and the consumer has
acquired more power than ever. 70% of the
buyers' decision process is done before
meeting with a sales representative, due to the
increased power to access, purchase and
research whatever and whenever. Buyers have
become more informed, educated, comfortable
in making purchase decisions on their own and
willing to learn everything via Web. Positively,
for the seller, it shortens the sales cycles,
increases conversion rate and reduces
costs; but on the other hand, it forces
them to become experts: 100%
believable, reputable and consumable.
Consequently, this has led to the rise
of the Challenger. Based on a study of
6’000 sales representatives, it
demonstrates that the most efficient
profiles are the ones capable of
challenging and pushing the status
quo of the prospects, shining a
light on its strategic loopholes and
weaknesses. The sales rep who
better manages the prospect's
activity sector, will have the control of
the conversation and the ability to teach, tailor
and take control. It is helpful in pursuing goals
and overcoming other people's risk aversions in
a non-aggressive way; it delivers insight that
reframes the way customers think about their
business and needs.
Addressing the patient shifting concernsTake a long breath and have a look at this chart: it shows how the buyer concerns shift during your sales process. In phase 1, he’s mostly concerned by its needs and focuses on your people. His perception of his risk is at a minimum. Get it? Now go on with the graph, think about your current sales process and sales discussions. Can you match these inner truths?
Shifting Buyer Concerns from the Customer Centric Selling method
Sales methods by the book - by IKO System [page 6]
Where are we headed now?The internet has now entered the lives of
more than 1 billion people around the world.
Buyers are relying more on technology inducing
sellers to follow suit and participate in online
groups, blogs, and networks to better reach the
right prospects, keep a level of influence and
differentiation. By taking account of the
potential of the internet and using its
tools to boost sales performance, we
are slowly entering the Sales 2.0 era.
This method differentiates from 0.1 methods:
‣ Guide prospects through the process based
on their needs and timing instead of forcing
a sale to make the quarter
‣ Communicate via blogs, online forums and
social networks instead of focusing on a one
way communication process with prospects
and clients
‣ Nurture prospects over time and establish a
trusting relationship vs ignore prospects
who aren't ready to buy
‣ Leverage social networks to connect with
prospects rather than cold call through
yellow pages and rented lists
Which cure is best for me?
The one you’ll use! ... and probably a cocktail
adapted to your product, target accounts, sales
skills. The sales 2.0 approach does not
replace a solid sales process (such as
TAS or Miller Heiman) neither does it
replace a skills-oreinted method
(Customer Centric or Challenger
Sale).
One thing is pretty sure: all modern
methods insist on doing extensive
research to target, understand the stakes
and keep track of prospects and clients.
Even a well-organized and process-driven
sales rep need to quickly identify mature
leads, map the accounts and influencers,
socialize with rainmakers, spot the new
budgets as they appear, prioritize the
opportunities, differentiate himself from
competition, leverage the inner motives of
the buyer, and jump on events that can
jeopardize, accelerate or secure his deals.
All of this intelligence is out there publicly and
waits to be crunched, digested and turned into
sales actions. Competitors being able to
leverage this intel have a massive advantage.
In short, sales intelligence technology is now
strategic.
Truth #2: Intelligence and technologies are critical
What is Sales 2.0 ?Sales 2.0 brings together customer-focused methodologies and productivity-enhancing technologies
that transform selling from an art to a science.
Sales 2.0 relies on a repeatable, collaborative and customer-enabled process that runs through the sales and marketing organization, resulting in improved productivity, predictable ROI and superior performance.
Gerhard Gschwandtner, CEO of Selling Power
Sales methods by the book - by IKO System [page 7]
imagine that you receive an alert when your competitor gets out of your client room?
Sales intelligence fuels sales growth
Processes and methods are critical for sales growth. But all
sales methods require organisation skills and (more than ever)
time-intensive research and intelligence from the sales reps.
IKO System is a sales intelligence solution that proved a 300x
ROI* to companies by providing unique insights and saving time
in lead identification, lead qualification, account mapping, pursuit
of opportunities and competitive tracking.
IKO System is compliant with most of sales methods (incl.
Customer Centric Selling, Miller Heiman, TAS, SPIN and
Challenger Sale). The solution addresses the critical steps and
checkpoints recommended by solid sales methods.
Unique insights on executivesIKO provides specific insights and points of contacts (email,
phone, social profiles) to 50m+ professionals in 32 countries and
helps sales people immediatly find their targets and new budgets
through smart algorithms tailored to sales territories. Up and
delivering results in a few minutes.
Sales trigger events
IKO issues real-time alerts on action-driven events: job
changes, new prospects of competitors, new leads of partners,
prospects’ new investments, acquisitions, cost cuts, financial
results, market reviews, interviews or expansion
projects.(*) $1000 invested usually give $300k in additional revenues.
www.iko-system.com«24/7 in your client office»