Do You Understand Your Sales Funnel?

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The proverbial sales funnel seems to be the ‘defacto’ way to measure results. No, it’s not always ‘revenue in’…it’s “what’s in your pipeline?” (Do you wake up in the of a nightmare hearing your sales leader shouting that question to you?)

Not sure how we got to this point, but this short video blows up a little of our preoccupation with “funnel” because it highlights an important part–not all people in your sales funnel are equal. Nor should they be treated that way.

Is Business Networking Still a “Must”?

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Recently got a call from Josh Hinds, a blogger-business networking specialist. He asked me to comment on some questions he’s posing to industry experts about networking. It caused me to think a little about business networking — and how I used to feel something was wrong with me because I didn’t like it. And wasn’t good at it.

In his interview, I give you a few ideas you can try if networking is a ‘must-do’ for you in growing your business.

Here are my responses on Josh’s blog.

How Social Media Affects Sales People

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The game is selling. But the rules have changed. Cold Calling is out. Social media is IN. Convincing and persuading is out. Community and attraction are in.

As your company sits in board rooms and talks sales strategy, then think about Social Media as one leg of execution.

Definition: ‘Social media’ (SM). SM is the interaction that people have online that creates conversations in which your company and/or products are centerpieces.

You, as a sales professional or sales manager, had best get hip to what’s happening online to your company/products/customers. And how to use this knowledge to grow your business. There are several vehicles in SM. Here they are, in no order.

Podcasts. You should have a podcast for your business (every business should have a podcast–and I challenge someone to convince me otherwise) if you have expertise about something. Your podcast will provide valuable information that your customers/prospects can use to see you as a resource for bigger problems. Talk to customers about problems you’ve solved for them. Record them and you have a podcast. Giving a speech at an industry event? Good, record it and now you have a podcast. Have a technical guru in the back room? Turn on the mic, interview him and now you have yet another podcast.

Don’t tell me you have nothing to talk about.

Plug: Check out The Advanced Selling Podcast, which is produced weekly. It’s 15-minutes long and takes us about 20 minutes to create/episode. We have about 12,000 listeners per month and it costs us about $100/month to produce and host. Where else can I speak to 12,000 people for $100?

Another Resource: Go to Podcast Tools to check out Paul Colligan’s podcast on podcasting. He does 5 minutes/week. Short but to the point. 

Another Point: The iPhone will sell over 10,000,000 units in the next year. Go to your Apple store, or go to apple.com and watch the instructional video. Guess what a big part of the feature set is? Podcasting delivered directly to the phone!

Your selling strategy should be to educate your prospects to the pains/issues they have that they don’t know they have. Every selling process or procedure should do this. What better way to do this than through podcasting or internet audio where your sales strategy is to help them see their problems–and help them see YOU as a solution to them?

Blogs. While there are 40,000,000 blogs, most companies don’t see them for what they could be. If you have a website and not a blog, then you’re missing a great way to lead people to your website. But make your blog a rigorous conversation about the industry. DON’T make it about you and only you.

Ask questions. Pose opinions and ask for feedback. Create controversy by being honest. Blogs should be written by people–not by some faceless company PR person.

You can also use blogs to create Case Studies on ways you’ve solved problems for your customers. Have a new product? Take a pic of it and post about it. But be honest about it’s strengths and weaknesses. Don’t tell one side of the story. If you do, it’ll sound like it came from your marketing department–more blah-blah-blah.

Video Blogs. This includes the addition of Video to your blog site. If your value can be told easier through pictures/video, then this is a great application. Here is one that came from the Executive Learning Network. I have no idea who they are, but it looks like they have a new video blog site. I spent 15 minutes watching it. Not the meatiest content in the world, but well produced. Your ideas should be flowing by now.

 

RSS. This is a tough one. You’ve heard about it, but you may not undrestand it fully. Here is a link to Capture The Conversation, a blog written about new media. This post tells you what RSS is and how important it is for companies investing in the web.

Every sales person should know about RSS because it might just be the future of client communications. Period.

Conclusion
The idea is that your customers/prospects aren’t at chamber meetings anymore. They are online in their own conversations with people. If you’re a sales manager or top level sales person, then here are some questions you should address:
==’How can you meet your prospects where they are?’
==’How can you create some of those customer conversations by what you know–and educate them?’
==’How can you share your insights so your market comes begging for more–which consequently puts you in control of the sales process?

If you think your goal is to merely make cold calls and get referrals, then you are thinking in the old world. Good luck with new thinking.

Lead Generation Seminars–What Works-What Doesn’t?

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Seminars are outstanding ways to generate “conversations” with prospects—and ultimately leads. But if done poorly, they can ruin your brand. If you’re a sales professional and you are asked to do a seminar, then take these into consideration.

FACT: Every company has expertise that lends itself to sharing at a seminar (telephone, webinar or face to face). I’ll post later on some ways to organize your material, but for now, we’ll talk about DO’s and DONT’s.

What To Do
Here are some tips on what to do when presenting a seminar designed to generate leads (or conversations):

1. Find Out Customer Objectives
This can be in the form of a PDF you send out on an autorespond when they sign up. Or you can pass out a brief questionnaire when people sit down. Remember, in our sales approach, we sell to the pain–to teh problem. How will you know how to convert your knowledge if you don’t know the pain of the group.

This also gives you a chance to talk about what you WON’T cover in a seminar upfront so people don’t leave disappointed. I always say, “John, that’s a great point. Because of limited time, I won’t be able to address that fully here. If you’ll mark on your business card, I’ll make sure we talk later.”

2. Tell Stories
People don’t want to see PowerPoints. They want to hear stories–stories of real people solving real problems. If you don’t have 5-10 good, short stories, then you’re probably boring your audience.

If you are not a story teller by nature, then do 3-5 short Case Studies. Remember, a case study should follow the following format: a) What was the problem you’re client was having? b) What impact was that having on their business? c) What solution did you bring to them? and d) What is life like now for the client. That’s the ONLY format to use.

3. Never Answer The First Question
This goes for salespeople on a call as well. The question the prospect asks you is never the real question. It is a “poser” for a deeper question. Consequently, you should find out what’s the question behind the question.

Barb (attendee): “Bill, how do you handle it when a prsopect tells you they don’t have the money to buy?”

Bill (me): “Good question–did everyone hear that? (then repeat the question). Before I answer that, give me a little more data — what exactly did you say that caused that reaction?”  You see, if I answer the question as posed, I may miss something that she said to cause the prospect to respond in that manner.

Once I know that, then I can answer the question. EVERY QUESTION HAS A DEEPER QUESTION BEHIND IT. You do the prospect a severe disservice if you merely answer the question asked.

OK-Now What NOT To Do

1. Stop Reading Your Freakin’ PowerPoints
Every good presentation book says this yet no one apparently is reading those books. If you’re in professional sales and you have to rely on a PowerPoint on a projector, then you’re making too much money.

2. Never Let People Out Without A Commitment
I am not looking to close someone from the front of the room. But you must never, ever let someone leave, after you’ve worked with them for the length of the seminar, without a clear future on what to do next. It frustrates your participant too. If you’ve done a good job upfront, finding  out what they’re pain is, then why shouldn’t you close for a future action?

3. Don’t Spend More Than One Minute on How Great You (or Your Company) Is
I was at a seminar earlier this year. The introducer spent 10 minutes on the qualifications of the main speaker. Come on….one minute is enough. It was laughable. I know you’re proud of your accomplishments, but did you know ‘they don’t care about you?’ They only care about you to the extent that you can help them to a better future.

If you don’t do lead generation seminars, then find a reason to start doing them. But if you do them, follow the very-simple tips above for a magical outcome.

Should Sales Hurt?

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By Brooke Green

I was having coffee with a friend of mine today.  He’s a bright, strategically-minded guy, however, he made the oddest comment.  He is an owner of his company and is in front of prospects and clients on a regular basis.  He also happens to know a lot of high level people in the business world. 

We were talking about his sales process, and he said, “I don’t do a great job of getting in front of people, but once I’m with them, they want to buy.”  I asked him how he targets his accounts and he said “cold calls.”  WHAT!!!?  Here’s a guy with a rolodex full of people that respect him and would love to help him – so why is he making cold calls?

Should it Hurt to Grow Your Revenue?
I talk to business development people everyday that feel that it should “hurt” to grow your revenue. Why is that? Is the money worth more if you have to cold call, get lied to, chase someone forever and finally land a piece of business? 

Wouldn’t we rather use our rolodex, ask for referrals, and work with people that want our help? Ahhh–quick and painless and just as (or even more) valuable. When I asked my friend this, he kind of chuckled and said, “I guess so.” 

Is Revenue Growth Right Under Your Nose?
Think about the people that you know and the clients that you are already working with. Instead of working on a cold call script, work on a referral process. My experience is that people will gladly refer you, they just need to know how to do it.  Lay it out for them.

Don’t reinvent the wheel – roll with what you have.

Building Your Sales Funnel

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Perhaps it’s an overused sales term–sales funnel–but since everyone knows what it means, it makes some sense to work on it today.

As a trainer for B2B  sales teams, I must tell you that “lead generation” is a hot topic right now. When I speak to large groups, I always ask the question: “What’s the biggest issue you have right now in your sales process?”

Without fail, it’s “I don’t have enough business in my sales funnel.”

It’s All In The Attitude
As you know, I’m an unashamed believer that most of our sales problems have their root in “how we think,” Lead generation is no exception. I could spend hundreds of words telling you to get more referrals (see Advanced Selling Podcast, Getting Referrals) or I could give you a cold call script that works like a charm…but it won’t work until you get the right attitude.

So today, let’s get to work on the attitude of building the sales funnel today. There are two.

1. Attitude of Abundance. Seldom do we run across an industry where there is NOT an abundance of prospects in the Universe. What usually exists is simply a scarcity in the actual sales funnel. So let’s assume that you have an abundance of prospects. The attitude for building it is “my sales funnel is a scarce place–a resource–and no one gets in my funnel without passing the test.” What is that test? Simple. The prospect passes the test by having three things: a) pain for what I do–a real problem that he wants to fix; b) an understanding of the money it costs him NOT to fix the problem; and c) the money to actually spend to fix it. Get that sales attitude and watch your demeanor change in the prospecting process.

2.  I am Always Monitoring My Funnel.  Just as I’m discerning about who gets in, I’m also discernng about who stays in. Think about it. Every prospect you are pursuing takes a certain amount of my time and attention. There is not an unlimited amount of either–they are scarce resources. And your sales funnel is like an inventory system that needs control.

So when a prospect fails to continue to act/look like a prospect, I will gently, nicely, elegantly, move on. But I will ALWAYS tell them that. I don’t just stop calling them. I call and say, “Mr. Jones, I’m calling today because I’m getting the feeling that you have decided not to fix the problem we talked about. That’s OK. I just need to tell you I’m moving on if that is your conclusion.”

See how nice that is. Don’t get mean now!

Get these attitudes embedded in that big brain of yours, and watch prospecting become a piece of cake. Comments welcome.

Insurance Sales People–Uggh.

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Let me preface this by saying that I realize the importance of life insurance in our lives.

But, have you been called on lately by a life insurance agent? What do you notice? And can we B2B sales people learn a lesson from them (how not to do things)? The answer is YES!

Last month, a young man called me from a reputable, brand name life insurance company. He was a great guy, trying to make it in a very tough business. I asked him how he got his new clients and, of course, his answer was: Referrals.

Being in the sales training business, I was interested in how he accomplished this since I know that referrals can be difficult to get in that business. Everyone has been ‘hit up’ repeatedly for ‘names of friends.’

What he told me was remarkable.
Remarkable in the sense that it’s the same routine agents have been using for eons. You know the drill: after the discussion (whether a person buys or not) he asks for names of 5 of my friends that he could talk to. No wonder there is such a high turnover among young agents in that business.

Ever wanting to help my friends, here are some suggestions for him and any of us that depend upon referrals for new business.

1. Make it easy. He made it tough. I am sensitive to my brand (and you should be too). If I give one of my clients’ names to him and he treats them shoddily, then I pay the price. We know how valuable good relationships are — don’t make me risk those relationships. He didn’t make it easy for me.

He should have had a product (a CD or a White Paper) stressing the pains that the average insurance consumer has in their life–and what to do about it. He should have given me a few to send my friends so they could become educated prior to ‘the call.’ Had he done that, I might have sent it out to a few people and who knows what would have happened.

2. Invite me to an event. I know everyone says ‘its hard to get people to seminars these days.’ Well, it is if it isn’t compelling. He should have a series of events lined up so that he could invite me to them–then I could get to know him and his team better. This seminar could have been a ‘pain-finding’ exercise where he could have educated me to the problems I have (that I may not know I have.) Don’t make this event a one hour sales pitch.

3.  Focus on solving my problems first. He didn’t ask me any questions about my issues, my future, my concerns. I feel like I have things under control, but maybe I don’t. But he didn’t do that. I felt like he was interested in one thing only and that was ‘getting to my database.’ How can I make an engaged referral to a friend if I didn’t see value in his offer?

My friend, John Jantsch, (Duct Tape Marketing) has written extensively on referrals. One of his great suggestions is to make getting referrals a part of doing business with someone. In other words, when someone buys, tell them upfront that you will be asking them for referrals (how many when and how). But that’s onlyY AFTER YOU DO BUSINESS WITH THEM.

What about you? Are you making it easy for people to refer you to their associates? Or, are you depending upon your charm and good looks to do that? People refer their associates when they think it’s in their best interest to do so–and that probably means that you bring enormous value and solve big problems.

But if your whole sales approach is “me centered” or “product centered” then don’t expect me to open my database. It’s too risky.

(I’m sure I’ll get numerous comments (some ugly) from the insurance market. But this is in the spirit of helping, not shaming.)

“She Left The Store–He Got Nothing!”

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I’m a bit crazy these days. I think this business is doing it to me. Why, you ask?

I have this philosophy–call it spiritual or call it practical–but the foundation of the philosophy is that the Universe guarantees the potential for our profound success—just for showing up.

Here’s the story.
I was at my pool retailer this weekend (having problems getting chemicals right–in the 100 degree weather). This retailer also built my pool so I know he has a high ticket sale on the front end ($50-100,000) with low ticket sales on the back end (chemicals).

I’m standing there waiting for my results to be analyzed and a lady walks in asking about pools. The owner (actually the owner’s son) is talking with her. Do you know what buying signals are? Those casual references to problems the prospect wants solved–the deep desire the prospect has to solve her problem? Well, this lady was pitching buying signals right and left at the owner.

He walked her through some of the features (seldom asking any questions about why she was interested or what she was hoping to accomplish with a pool). And the lady says, “This is VERY interesting. We’re going to do something this year. Let me think about it and come back in. OK?”

Being a sales trainer, I’m interested in the interaction–listening to this conversation. I can’t keep quiet. I say, “You know if you want a great pool contractor, this is the guy. He just put our pool in and it’s wonderful.”

She says, “Oh, great. That’s good to know.” And walked out.

I was aghast! A $70,000 sale that walked in the door and walked out and HE HAS NOTHING! Not a name. Not an address. Not a hint at where she is in the cycle. HE HAS NOTHING!

I came to my senses and kept my mouth shut…
As I walked out I thought how often that happens to each of us. Maybe not where a person wants to buy and we won’t let them. But think how often you come across someone–maybe you meet at a friend’s house–or at a civic lunch–and we get nothing from them. No business card. No phone number. Nothing.

And that person is quickly forgotten. Yet that person could be a suspect for what we do–or at the very least, they know others who are. Yet, we let opportunity slip away.

The Lesson
Be “list conscious.” Think like a direct mail company thinks. The list is the thing. That’s all the direct mailer has–a list. If it’s a good list, they get wealthy. If it’s not, they work on building the best list.

You have a list–and your list has the potential to grow everyday–with everyone you meet. So get a “list process” to make sure that everyone you meet gets on your email list, or your Friends & Associates list.

Capture data. It’s the thing that will make you an elite acheiver. While everyone else is sending blind direct mail and making cold calls, you’re harvesting those relationships that began with a brief introduction and ended with a happy client.

“Desperation” is Not a (Good) Strategy

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I  had a call yesterday from a client who was struggling to get first appointments. I asked him to role play what the phone conversation sounded like…and it was obvious what was happening.

Even though he was saying the right words (“Not sure I can help”, “I’d like to inqure to see if we can be of any value”) there was an *undertone* of desperation. The prospect has a sixth sense that picks up on that. So my coaching advice was simple: rather than work on the words you say–work on the thoughts you think.

He was relieved when we finished the call. His new attitude was one of “discernment and skepticism.” He said he was going to enter each phone call with a discerning attitude–being a little stodgy with his time, not chasing people to see him, and acting from a place of curiosity–rather than certainty.

Attitude changes your words and the tone with which you say the words. And that’s what leads to more appointments.