© 2013 - 2014, Learning Solutions International. All rights reserved.
Selling to the C-SuiteThe Groundbreaking New Book
for Professional Salespeople
Stephen J. Bistritz, [email protected]
www.sellxl.com
Linked to
© 2013 - 2014, Learning Solutions International. All rights reserved.
Selling to the C-Suite
“The new salespeople are highly skilled value creators, who live by ingeniously solving customer problems.
The measure of these new salespeople is the value they create, and to create maximum value, they must understand the issues and concerns of their C-Suite customers.
This book is timely and essential reading for them!”
Neil Rackham Author of Spin Selling
© 2013 - 2014, Learning Solutions International. All rights reserved.
Presentation Outcomes
At the end of this presentation, you will be able to…
Describe when executives get involved in the decision process for major purchases
Discover the best approaches to use for that initial call on the relevant executive for the sales opportunity
Determine how to become perceived as a trusted advisor to the executive, thereby securing return access
Select the appropriate time to communicate value to executives
© 2013 - 2014, Learning Solutions International. All rights reserved.
Presentation Outcomes
Those outcomes may sound like common sense…
however, in many cases, they are not common practice!
© 2013 - 2014, Learning Solutions International. All rights reserved.
http://www.wcremembered.co.uk/63_p12.html
Challenges Salespeople Have in Calling on Executives
Identify some of the challenges salespeople encounter when calling on senior executives…
“If not you, perhaps a friend of yours.”
© 2013 - 2014, Learning Solutions International. All rights reserved.
Challenges
• Identifying the right executive to call on
• Getting past the gatekeeper• Understanding the executive’s key
business issues• Intimidated by the questions that
could arise• Lack of understanding of the politics
of the client organization• Jeopardizing lower level relationships
© 2013 - 2014, Learning Solutions International. All rights reserved.
Hewlett-Packard | Kenan Flagler Business School, UNC Georgia State University | Target Marketing Systems
Research on Selling at the Executive Level
When and why did executives get involved in the decision process for major purchases?
What has to happen in meetings with salespeople for the executive to feel it was effective?
How do salespeople establish trust and credibility at the executive level, thereby securing return access?
What are executives looking for in “strategic relationships” with suppliers?
Selling to the C-Suite. By Nicholas A.C. Read and Stephen J. Bistritz, Ed.D. McGraw Hill.
© 2013 - 2014, Learning Solutions International. All rights reserved.
Executive Involvement in the Buying Cycle
A
When and why do senior executives get involved in the decision process for major purchases?
Q
Measure Results
Plan Implemen-
tation
Examine Alternatives
Set Vendor Criteria
Explore OptionsSet StrategyEstablish
Objectives
Understand Current Issues
Executive
Involveme
nt
Steps in the Buying Cycle
Early Middle Late
© 2013 - 2014, Learning Solutions International. All rights reserved.
Executive Involvement in the Buying Cycle
Executive
Involveme
nt
Steps in the Buying Cycle
Measure Results
Plan Implemen-
tation
Examine Alternatives
Set Vendor Criteria
Explore OptionsSet StrategyEstablish
Objectives
Understand Current Issues
When and why do senior executives get involved in the decision process for major purchases?
Q
© 2013 - 2014, Learning Solutions International. All rights reserved.
Selling to the C-Suite
“I meet with professional salespeople because often they can offer me solutions that even people within my own organization can’t develop.
They’ve seen these problems in other organizations and I want the benefit of their experience.”
— CXO-Level Executive
© 2013 - 2014, Learning Solutions International. All rights reserved.
The executive who initiated the project or application associated with the sales opportunity
This is the relevant executive for the sales opportunity
Defining the Relevant Executive
The executive who stands to gain the most or lose the most by the
outcome of the project or application associated with the sales opportunity
© 2013 - 2014, Learning Solutions International. All rights reserved.
Calling on the Relevant Executive
“The tasks our clients were asking us to take on were
spreading beyond the domain of the CIO – places where IBM
[salespeople] had not, in general, ventured and where
we lacked strong client relationships.”
- Lou Gerstner
© 2013 - 2014, Learning Solutions International. All rights reserved.
RTC Technologies Executive Team
Cultivating Client Relationships
Who has the formal power for an IT-based customer service solution?
Who has the informal power for
that same decision?
Who is the relevant executive for this opportunity?
© 2013 - 2014, Learning Solutions International. All rights reserved.
FormalPower
RTC Technologies Executive Team
Cultivating Client Relationships
Who has the formal power for an IT-based customer service solution?
© 2013 - 2014, Learning Solutions International. All rights reserved.
RTC Technologies Executive Team
Cultivating Client Relationships
Who has the formal power for an IT-based customer service solution?
Who has the informal power for that same decision?
Informal Power
© 2013 - 2014, Learning Solutions International. All rights reserved.
RelevantExecutive
RTC Technologies Executive Team
Cultivating Client Relationships Who has the formal power for an
IT-based customer service solution?
Who has the informal power for that same decision?
Who is the relevant executive for this opportunity?
Informal Power
© 2013 - 2014, Learning Solutions International. All rights reserved.
Four Approaches to Gaining Access
Implement an
overt approach
via the
telephone or
using a phone
call, preceded
by a letter
Overt
Use a credible
sponsor within
the client’s
organization to
help secure
access
Sponsor
Treat the
gatekeeper
(AA, secretary
or the like) as a
resource and
use them to
help secure
access
Gatekeeper
Use a referral
(someone
outside the
client’s
organization),
such as a
consultant,
business
associate or
friend
Referral
© 2013 - 2014, Learning Solutions International. All rights reserved.
Research on Selling to Executives
A
Assuming your company was considering a major purchase, how likely would you be to schedule a meeting with a salesperson if the request came from…
Q
A recommendation from someone 16% 68% 16% 0%inside your company
A referral from outside the company 8 36 44 12
A letter from a salesperson followed 4 20 40 36by a direct call
A direct telephone call from a 0 20 36 44salesperson
Always Usually Occasionally Never
© 2013 - 2014, Learning Solutions International. All rights reserved.
Gaining Access
84% of the time executives said they would grant the salesperson a meeting…
provided the recommendation came from someone inside the company!
© 2013 - 2014, Learning Solutions International. All rights reserved.
Preparing Your Approach
Brief introduction to why you’re contacting the executive
Explain your connection to the person who referred you to the executive, if appropriate
Introduction
Be clear and specific as you explain the purpose of the call Purpose
Explain the homework you’ve done on their organization
and communicate how you’ve helped other companies
address similar challenges
Credibility
Propose a clear and specific action for the executive Commitment and Action
Outline for the Initial Telephone Call on the Executive
© 2013 - 2014, Learning Solutions International. All rights reserved.
Components of Credibility
Adapted from: Clients for Life. Jagdish Sheth and Andrew Sobel. Simon and Schuster.
Integrity
Capability
© 2013 - 2014, Learning Solutions International. All rights reserved.
Client Value Zone
Trusted Advisor Collaborative
Relationship
Adapted from: Clients for Life. Jagdish Sheth and Andrew Sobel. Simon and Schuster.
Extra Pair of Hands
Expert for Hire
Reliable Trustworthy Consistent
Integrity
Capability
Components of Credibility
© 2013 - 2014, Learning Solutions International. All rights reserved.
Interactions with Executives
Each interaction with an executive either dilutes or enhances your credibility!
© 2013 - 2014, Learning Solutions International. All rights reserved.
Different Perspectives
Executive
Management
Operations
© 2013 - 2014, Learning Solutions International. All rights reserved.
Different Perspectives
Executive
Management
Operations
ProjectView
Department/FunctionView
Company Wide ViewOther
Uses of Funds
Solution Fit
Price/Discounts
© 2013 - 2014, Learning Solutions International. All rights reserved.
A
Research on Selling to Executives
What has to happen in meetings with salespeople for the executive to feel it was effective?
Q
1. Demonstrated responsibility
2. Understood my business goals
3. Listened before proposing a solution
4. Displayed knowledge of my industry
Selling to the C-Suite. By Nicholas A.C. Read and Stephen J. Bistritz, Ed.D. McGraw Hill.
© 2013 - 2014, Learning Solutions International. All rights reserved.
A
Research on Selling to Executives
How does a salesperson establish credibility and trust with a high-level executive?
Q
1. Ability to marshal resources
2. Understands my business goals/objectives
3. Responsive to my requests
4. Willing to be held accountable
5. Knows company’s products
Selling to the C-Suite. By Nicholas A.C. Read and Stephen J. Bistritz, Ed.D. McGraw Hill.
© 2013 - 2014, Learning Solutions International. All rights reserved.
Ask questions that confirm your level of preparation Discuss the issues and implications using the client’s metrics Confirm the importance of their key business initiative(s)
Issues and Implications
Refer to your initial telephone call with the executive Cite your past experience
Introduction
Making the Initial Face-to-Face Call on the Executive
Explore potential solutions Develop a vision of the optimal solution Confirm the value of the solution
Solution Options
Re-connect with the executive to secure return access Have an action plan that involves the executive
Moving Forward
© 2013 - 2014, Learning Solutions International. All rights reserved.
Four Major Objectives of an InitialFace-to-Face Call
Establish rapport quickly
Confirm your understanding of the executive’s key business issues
Demonstrate some level of capability
Create next steps that involve the executive
Adapted from All for One: 10 Strategies for Building Trusted Client Partnerships by Andrew Sobel
© 2013 - 2014, Learning Solutions International. All rights reserved.
Creating a Value Proposition
You, Your Company and Your Solution
Client’s Key
Business Initiative
Your Specific Business
Value
© 2013 - 2014, Learning Solutions International. All rights reserved.
Creating a Value Proposition
Key Elements of a Value PropositionAddresses the client’s issue(s) and focuses on payback or consequences as it relates to the client’s business initiative
What’s important to them?
Describes how we can help, in both a qualitative and quantitative form How does our solution create value for
them?Might include an example of how we addressed a similar problem at another company How can we demonstrate our capability?
© 2013 - 2014, Learning Solutions International. All rights reserved.
Format of a Value Proposition
You should be capable of ______________ by _________
through the ability to ___________________________ . This
will require an investment of _________________ ,
which will be returned within _____________________.
describe the impact monetary units or %
describe the new situation
state the cost of the solution
estimate the time frame for return
© 2013 - 2014, Learning Solutions International. All rights reserved.
Value Proposition Example
You should be capable of reducing annual travel
expenses, resulting in annual savings of $5.9M, by
implementing our Telepresence System. This will
require an investment of $5.3M, which will be returned
in 11 months.
We implemented a similar solution at Acme Transfer
Company, who began achieving an annual savings of
$7.5M during the first year of installation.
Specific Client Example
© 2013 - 2014, Learning Solutions International. All rights reserved.
Summarizing Our Findings
Executives get involved early in the decision process for major purchases to set the project’s strategy – but also get involved late to monitor the implementation and measure the results
Identifying the relevant executive and aligning with that executive should be key elements of your sales process
The best approach to use for the initial call on the executive is to work with a credible sponsor inside the client organization
to help you gain access
Demonstrating both capability and integrity over the long term helps you become perceived as a trusted advisor
Consistently communicating your value to executives should be an integral part of your relationship strategy
© 2013 - 2014, Learning Solutions International. All rights reserved.
Summary and Close
When calling at the executive level, make certain that you…
Have done your homework and understand the industry as well as the client
Can conduct the conversation using the client’s metrics
Are specific, but concise
Are prepared to discuss the specific business value you can deliver to their company, and to them personally
Don’t ask the executive a question whose answer could have been obtained from another source
Leave with the perception of owning the relationship (from your company’s perspective)
© 2013 - 2014, Learning Solutions International. All rights reserved.
Selling to the C-Suite
“There is a refreshing realism about the author’s advice. No gimmicks, no tricks, no smoke and mirrors.
Selling to the C-Suite is hard, thoughtful and strategic – the book offers none of the usual unrealistic silver bullets.
The ideas are based on research, not on anecdotes. “
Neil Rackham
Author of Spin Selling
© 2013 - 2014, Learning Solutions International. All rights reserved.
Selling to the C-SuiteThe Groundbreaking New Book
for Professional Salespeople
Stephen J. Bistritz, [email protected]
www.sellxl.com
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