Even the best sales people need some tips now and then. When it comes down to it, the problem could simply be one of time management—your reps may be spending too much time chasing down leads that will never convert. The sales funnel shouldn’t be a black hole; make sure salespeople know when to persevere and when to surrender in order to improve sales productivity.
1. Do More with Less
According to Geoffrey James for Salesforce blog, you may need to refocus your time to increase sales. While it may seem counterintuitive, sometimes you need to reduce the number of opportunities you go after in order to increase sales. The problem with chasing too many leads is that you may not be giving each one the time they deserve. Instead, choose the most qualified leads and prepare sufficiently for each pitch.
2. Know Your Customer
This point goes along with the first one. Going after the right leads means doing significant prep work. Utilizing sales intelligence and good, old-fashioned customer research are the best resources. Make sure you are having a sales conversation based on the needs of your potential client, suggests Selling Power. To be able to pitch a meaningful solution, you have to understand what drives their market. In the same regard, if you’ve done the research and it doesn’t seem like your product is the right fit for them, odds are the company’s buyers will come to the same conclusion. It will be more beneficial to focus your efforts elsewhere.
3. Work on Your Pitch
Once you’ve improved your time management and started focusing in on the sales you can actually make, it’s time to work on the most basic part of your strategy: the pitch. If you’re not effectively closing sales, the culprit could be the pitch itself. The problem could be that your pitch is too much of a hard sell, and not enough like a conversation. According to sales training group Fearless Selling, a canned pitch can really turn off your prospects. Once again, you need to respect your potential clients as individuals with specific needs—remember to pitch your solution to their pain points, not your product. Your product won’t work the same way for everyone, and neither will your pitch. Try ditching your notes and having a real talk instead of giving a presentation.
When you really think about how you’re working and try to perfect each element, the results can be surprising.
Some of the world’s largest Fortune 1000 Healthcare and Pharmaceutical companies are using personal business analytics from FirstRain to make their employees smarter, grow their business and drive revenue. Want to find out how your company can do the same?
Nima Niakan, FirstRain Fellow, will be showing webinar attendees how personalized business analytics from FirstRain are beneficial to companies in the healthcare industry by displaying the intersections between their markets, new legislation, competitive activity and geographies in a completely different way. With FirstRain, you can:
The session will be 30 minutes long and will include case studies and Q&A, as well as a demo of FirstRain.
To register, please follow this link: bit.ly/MzIz6q
Hope to see you there!
According to Hugh McKellar’s article, KMWorld has been publishing their annual list of companies that matter in Knowledge Management for “almost a decade-and-a-half”; that’s about how long I have been in this industry and have been reading this annual list, so I understand precisely the focus of it, which is to “spark a larger discussion of knowledge management.”
We are extremely happy and proud to be named one of KMWorld’s 100 Companies That Matter in Knowledge Management for 2014 as we continue to apply our Personal Business Analytics™ to solving issues related to what KMWorld calls “discovery and delivery of the right information to the right people at the right time.”
Read the full list of winners here.
KMWorld (www.kmworld.com) is the leading information provider serving the Knowledge Management systems market and covers the latest in Content, Document and Knowledge Management, informing more than 40,000 subscribers about the components and processes – and subsequent success stories—that together offer solutions for improving business performance. KMWorld is a publishing unit of Information Today, Inc. (www.infotoday.com)
As a thought leader selling solutions to enterprise sales leaders, Penny Herscher often gets asked about the trends that she sees in some of the world’s largest enterprise sales teams. Recently, a request came through with just one question: What is the most important shift in sales strategy, technology or process that you’ve implemented or observed in the past year?
Penny shared what she hears the most from our own customers, many of whom are themselves senior sales leaders at Fortune 500 companies. The insight that came to the forefront was that, in order to be successful and grow your business, you need to build trusted relationships with customers that bring real value. The buyer wants to know that you, as a seller, truly understand their pain points and their business needs. They don’t care about all the bells and whistles of the product—they care about what value it will bring to their business. This all but requires that you, and your product, provide year-round value to them—and the only way you can do that is to become intimately knowledgeable about their business. Of course, to do that successfully and stay productive, sales teams need the right tools that provide real-time insights to solve the business problems customers have.
Penny Herscher was featured this week in ringDNA’s 20 Top Sales Leaders Reveal Their Biggest Productivity Secrets. There are many other great sales thought leaders and practitioners who are quoted as well. Read on and learn from the best!
The e-book is available for download here: http://firstrain.it/1erdrl9
Humans respond to narratives, and we are more likely to retain information when it comes packaged in a story; so, storytelling is one of the greatest tools in the sales and marketing toolbox to engage your customers.
In a video from Marketo called “Lead Generation Tips from 6 Really Really Smart Human Beings,” Lee Odden, founder of TopRank Online Marketing said, “Facts tell. Stories sell.” This is the kind of catchphrase you should write down on a post-it-note and stick on your computer monitor—it’s that important. You can use statistics about your product as a selling point, but your prospect’s eyes may glaze over. However, tie these numbers up in a compelling tale about how your product completely turned a business around in its time of need, and you are much more likely to grab their full attention. Numbers make people nod, but stories make them care—and people are more likely to invest in something they care about.
Do Background Research
In the same video from Marketo, Nick Westergaard, chief brand strategist and founder of Driven Digital, said, “Questions are currency.” In other words, what marketers really need to do is identify what their potential client’s questions are and provide an answer before the prospect even thinks to ask. But how do you do that? You do a whole lot of customer research: determine what’s going on in their markets and use big data analytics to get a sense of their industry climate. When you know your audience, you’ll understand what kinds of stories make them tick.
Where Do You Tell Your Stories?
If you haven’t noticed, narratives are pervasive in our culture. That’s because they work well, no matter what medium you use to tell them, be it podcast, text or video. Using them in sales pitches can be extremely effective too. When it comes to digital marketing, video is a pretty safe bet. Internet video is a huge part of marketing and unlikely to go away anytime soon. When it comes to sending a succinct, effective message, video is a medium unlike any other. Make a video to use on a landing page or share on social media.
How Do You Tell Your Stories?
Once you choose a vehicle for your brand story, it’s all about creating a narrative that will sell. The important thing is that it contains all the right elements to engage with the audience. According to Forbes, it’s important to create characters that your clients will root for. After all, a story without a protagonist isn’t much of a story at all. Make sure it’s someone with issues that will resonate with your audience. Remember in grade school when you learned that a story has a beginning, middle and an end? That’s still true. Don’t forget to craft a story arc. In the beginning, present a stable situation, which then gets upset by the introduction of a problem that your product will solve for them.
Be Honest
When we talk about stories in marketing, we’re not talking about fiction. Your stories should be rooted in real encounters. This may sound less interesting than writing the great American novel, but using real events actually makes the whole process easier. You probably have an entire file full of client success stories. Think about one of these sales from the company’s perspective. Rather than just being a percentage point in a sales record, this situation is a story waiting to be told.
Whether you are making a pitch, creating a video or e-book, basing your marketing and sales efforts in stories is the way to go.
Navigating social media without analytics is like crossing the ocean without stars.
No self-respecting ancient mariner, or night-migrating bird for that matter, would try to cross from Knossos to Delos without use of the stars. The ocean is too large, and full, and dark.
But sales people are trying to follow their B2B customers on Twitter without the stars. They load up users and keywords into excellent B2C support apps like Hootsuite or Radian6, but still miss their destination because they can’t navigate the business developments by following people. To understand how your customer’s business, and so your target, is changing, you need to be navigating through all of Twitter and extracting out the B2B business trends buffeting your prospect.
That takes analytics. Analytics that process every tweet and figure out its meaning, in real time. Analytics that figure out whether it is relevant to you. Does it match your personal interests, does it have meaning to your business and your strategy, whether or not the keywords you put in are matched?
That’s what we’re doing at FirstRain; it’s all very personal. We analyze Twitter the way a Minoan navigator would study the stars 10,000 years ago. We’re finding you the path through Twitter’s ocean to get to your ultimate destination: revenue growth.
How’s your current sales model treating you? Is the sales funnel failing to produce legitimate results? It could be because you haven’t updated it for the 21st century. In this digital landscape, more companies are generating their leads from social media, and, in some cases, turning the traditional sales funnel on its head. Read on to learn how to be more dynamic in the social realm.
Learn From Larger Brands
A recent report from Simply Measured found that the most successful brands worldwide tend to tweet frequently. While it’s not surprising that these large brands have a higher following than smaller businesses, they also tend to be far more engaged with social media than peers in the small-business sector. Of the Interbrand Top 100 Brands, 98 percent tweeted at least once a day during the fourth quarter of 2013, while more than half of smaller companies didn’t tweet every day. There is a relationship between engagement and frequency of posts, and every business can benefit from being more engaged.
Engage Your Customers for Maximum Returns
The most successful companies know that when you engage with customers, they will do a lot of your work for you. According to ClickZ, re-thinking the funnel to include social media can revolutionize the sales cycle. Getting clients to advocate for you is a great way to gain new business; there’s no better place for them to share their experiences than through social networks like Facebook and Twitter. You can even use these platforms to gauge new marketing methods. Try throwing out some questions to your captive audience. How did they find your company in the first place? If they found you through word of mouth, you should be focusing your efforts on customer retention.
Identifying Sales Opportunities with Social Platforms
Platforms like LinkedIn, Twitter and Facebook can enhance the sales funnel in other ways as well. For instance, social media is optimal for lead generation. According to Jeff Kalter on Business 2 Community, a website alone is not enough to generate interest. Some enterprises are disappointed in the lack of leads they are getting from their Web presence, but this can usually be improved dramatically by strategic use of social networking. Promote your blog entries on Twitter and Facebook. If you’re lucky, your followers may share your media as well. Just make sure your presence isn’t entirely geared toward self-promotion. Share information posted by other people, and it’s more likely others will share your original content.
Optimize Your Funnel for Social Media Lead Generation
First, you have to choose one or two channels to work with. Depending on the size of your company, you should probably keep it to just one or two, at least in the beginning. Doing some customer research can help determine which platforms to use. Media companies tend to excel on Twitter, while more visually-oriented brands can do well on Pinterest. Are you in the business-to-business sphere? You may want to start with LinkedIn.
If you already have a Facebook or Twitter page, take a look at your platform from the customer’s point of view. In an article for Social Media Examiner, Nichole Kelly suggests that you make it as easy as possible for potential buyers to make a conversion. For instance, when people do find you on Facebook or LinkedIn, do they have to search around the platform to find a link to your site? Rather than making them jump around, have a clear call to action, you will create more leads.
Segment Your Leads
Kelly suggests that leads found through social media should be nurtured differently. Social media users may enter the sales funnel earlier in the buying process than other leads, so you have to be careful with how you treat them. Don’t immediately ply them with information they won’t need. Create a segment on your email marketing campaign list for leads found on social media. Send them useful information that will help guide them in the eventual decision-making process.
When it comes to landing a sale, there’s just one concept that sales reps need to know. Make it easy for your prospects to say yes. Henry David Thoreau got it right when he famously wrote these three words: “simplify, simplify, simplify.” Although that’s technically only one word, and if Thoreau was really following his own advice, he wouldn’t have repeated it three times.
According to Executive Board, making the decision process easier for customers makes them far more likely to buy. Brands that simplified the undertaking were 86 percent more likely to close a deal, and more than 100 percent more likely to be recommended. All because these brands removed any elements that distracted clients from their main goal: determining if the product would solve their problem.
How is This Achieved?
Essentially, being a resource for this information reduces the amount of thinking your potential customer is forced to do. It makes it easy for them to say yes. And, of course, you’re doing this through completely honest means, and not trying to dupe them into buying your product when it is not, in fact, the best choice for them.
Use these tips to make the sales process more straightforward and increase sales:
Research
If you’re truly making the sales funnel easier to navigate, you are going to have to do a lot of research on behalf of your potential customers. Research customer markets using sales intelligence software and get a better idea of what’s going on in their industries. Use this information to empathize with your customers. Why are they seeking your services? What problem are you going to help them solve?
Reduce Jargon
As Michael Boyette puts it on Salesforce Blog, simplifying things for your prospects does not mean being condescending. Buyers are usually very smart people, and highly intelligent individuals tend to get bogged down in details, which can be overwhelming. One way to reduce the noise for potential customers to get rid of jargony language. Don’t speak with it and don’t include it on any materials. This may be a good exercise for salespeople, as well. How many words does your sales pitch take? Are all of these words truly necessary to get your point across? Do any of them have more than four syllables? Try to use layman’s terms that are comprehensible across different fields.
Streamline Your Online Materials
Prevent sensory overload by having an easily navigable website with an obvious call to action. According to Ellie Mirman on Hubspot, this could mean actually getting rid of a few calls to action. They don’t need to jump out on every page. With your website, you should provide a clear pathway to the information users need. Once again, a little customer research goes a long way here. Use customer intelligence analytics to understand your customer. Rather than telling your potential buyers what you want them to know, try reversing the equation. If you were a decision-maker seeking your services, what information would you be looking for. Reorganize the website based on this perspective and you will have made the research process easier for prospective customers as well.
Be an Open Book
Pricing information shouldn’t be a secret. This is a key piece of information for people looking to buy a product. As has already been noted, you’re dealing with smart people here. If they can’t find the answer to this question, they will probably assume the number isn’t obvious because it’s unattractive.
Unclutter the sales journey, and you may be pleasantly surprised by the results
by Penny Herscher, CEO
It’s Valentine’s Day. The media is advertising flowers and movies, Facebook is filled with sweet sentiments&emdash;but me, I’m working. And, in a moment of curiosity, I plug “Valentine” into FirstRain.
Now, you probably know that FirstRain is a personal business analytics system. For the companies and markets you care about: your customers, your markets, your competition, the market trends impacting your go-to-market. Powerful, insightful, real-time … everything I tell my customers.
And more…
Behind all our powerful data science are the fun use cases too. Wine, vacation trends and now, Love.
Key market drivers on Valentine’s Day? Weddings, flowers, gold, diamonds, chocolate and… STDs!
What’s one sure-fire way to improve sales productivity? Work on developing a rapport with your prospective buyers. Yes, you want your clients to like you, but that’s not necessarily what rapport means. As Anthony Iannarino explains it on The Sales Blog:
“Rapport isn’t ‘I like you.’ Rapport is ‘I am like you.’”
This word implies a mutual understanding and an ease of communication. If that doesn’t sound like the typical relationship your salespeople have with potential clients, they may need to work on developing empathy. There are several steps that go into developing this kind of trusting relationship.
What Does Your Customer Want?
With the customer research tools available today, it’s easy to discover what your customer needs. Take a look at some big data analytics and determine what’s happening out there in the potential client’s market. What are the big events and potential problems? Part of being a good resource for clients is having an in-depth understanding of what they do.
Trust Your Customer
It’s important to have some faith in your potential client. Salespeople can be often be condescending when discussing customers, but this is exactly the wrong kind of attitude to have. Often, sales reps have a low opinion of clients, believing that they lie or they’re uninformed. These preconceptions have a major impact on how salespeople interact with potential clients one on one, according to Dave Brock for his Partners in Excellence blog. In order to be a great salesperson, you have to understand that client buyers are people who make mistakes. They may not tell you the truth every time, however, this is likely because they’re misinformed, not because they’re trying to mislead you. To be a trusted resource, you have to be able to connect with these individuals as people, not just buyers.
Be a Good Listener
So, you have the background details that you got from your customer intelligence research. That’s great, but these numbers don’t always tell the whole story. You need a real person to fill in the blanks. Don’t assume you know everything about your customer’s market. Use the data you do know to ask pointed questions. Listening to the answers is what will earn you trust, not telling your potential client something they already know. Use their answers to guide the conversation.
Meet Them on Their Turf
Let your potential client determine how you will communicate. This doesn’t just mean the channel, which you should also take into consideration. It means their conversational style, says Selling Power. Do they like to start out a conversation with small talk, or get right into the meat of things? Are they laid back or chatty? Matching their energy is another good way to build rapport.
Smile and Be Funny
When it comes to customer service, smiling is one of the oldest rules in the book. While business-to-business often seems radically different from say, a restaurant, some parts are still the same. To a certain extent, people are programmed to mirror the emotions we see in others. Your smiling face should be the first thing the prospect sees. You don’t have to grin like an idiot the entire time, just be happy to see them. Humor is also a good icebreaker. Don’t go overboard with the knock-knock jokes, but be affable. Being self-effacing also portrays some vulnerability, which goes a long way in establishing rapport, according to Iannarino.
With a little empathy, you can gain the trust of your prospects, paving the way towards a mutually beneficial relationship. It all starts with building rapport.
