More Customers. More Revenue.
Nothing happens without customers and the revenue they generate. Peter Drucker has rightly and famously said that the real business of any business is creating customers; the rest are costs. Fancy marketing and financing and HR is possible only because someone else in the business is bringing home the daily bread ! click on "comments" button at the end of each post for my attention. Or you can write to me at skpalekar@hotmail.com about your situation.
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Mar 12, 2016
3 Keys to making sales force accept new ways of working
We all know that majority of new initiatives will not get adopted.
There will be a lot of fan-fare initially and even the head office may support but the chance is that it will fizzle out. How can we avoid this from happening ?
You can have the best of the ideas but without someone to
implement them, they are wasted. You need a right leader at the helm to get it implemented consistently in the field.
After you have concluded that you have the right sales
leaders, your next focus needs to be the process behind the initiatives. How
does a sales leader ensure the initiatives get fully implemented?
Keep It Simple
Fill only the major gaps. Avoid the temptation of plugging as many holes as possible. Dont over-engineer it and keep it simple. Reps are busy and probably already bogged down with too much administration. Maximize their selling time. .
Bottom Up, Not Top Down
Involve the field when designing a new process and seek their input and validation. Oftentimes, a passive resistance dooms the new initiative. Why? Because you built it with a top-down approach. It is best to take an iterative approach to design and roll out. First assemble an ‘expert panel’ of reps that help design a field prototype. This expert panel becomes a pilot team to battle test the new initiative. The process is refined and iterated based on actual feedback. After the reps give their stamp of approval, the sales managers are involved. They have to drive adoption and coach to the new process. Therefore, you want their stamp of approval as well. Assemble a pilot group of managers to field test the new initiative as well. Refine and iterate based on their feedback. You are now ready to roll out to the entire sales organization.This criteria goes back to the first item I mentioned in this blog – your sales leaders. They must be willing and able to attack these problems in an effective manner.
Hold Their Feet to The Fire
Hold your sales managers accountable for the training and adoption. Whatever the new initiative, make your sales managers responsible for training the field on it. This will ensure your managers own the new initiative. It will also add credibility to it. If the managers champion the new process, the reps will follow suit.
Do not let your roll out be a one-time event. Develop a robust adoption plan. Think months, not weeks. Your adoption plan should include: Weekly ‘chatter’ posts to broadcast wins, challenges, and changes. Weekly deal review calls to assess current opportunities as they move through a new sales process. Weekly win-loss reviews to continue refining the new process. Bi-weekly managers calls to discuss findings, wins, challenges and changes. Biweekly review of key metrics and leading indicators
Adoption still not happening?
Look for the FAIL Point. Most leaders misdiagnose the true problem. Sometimes front-line sales leaders aren’t driving the initiative. But more commonly it’s not having the right leaders. Have you accessed them? Do you know if your front-line sales leaders have the right core competencies?
Feb 21, 2016
10 tactical measures for increasing sales
- Increase sales from existing accounts
- Improve ability to communicate value
- Improve customer retention, repeat business, renewals
- Improve sales opportunity approach and planning
- Win new accounts
- Increase average size of sales
- Increase effectiveness of lead generation
- Optimize sales process
- Penetrate and build relationship with the executive suite
- Speed up the sales cycle
Jul 27, 2015
Template for creating a "Buyer Persona"
Buyer personas should be research-based models of who buyers are, what they are trying to
accomplish, what goals drive their behavior, how they think, how they buy, and
why they make buying decisions, and where they buy as well as when they decide
to buy.To be useful, the template should include
- Position (CEO, CFO, VP of ABC, Director of XYZ)
- Decision-making role (decision-maker, influencer)
- Buyer type (user, technical, economic)
- Goals /Needs/Wants/Desired Outcomes : Achieve, Avoid, Fix
- Main sources of information: Where your persona does his or her research
- Challenges/pain points: challenges and the accompanying emotions
- Preferred content medium: How your persona likes to absorb content
- Quotes: Bring your personas to life with actual quotes
- Objections: anticipated from your persona during the sales process
- Role in purchase process: his influence in the decision making process
- Marketing message: The messaging that speaks directly to this persona
20 Qs in a Persona Interview
Role
1) What is your job role?
Your title?
2) How is your job
measured?
3) What does a typical day
look like?
4) What skills are required
to do your job?
5) What knowledge and tools
do you use in your job?
6) Who do you report to?
Who reports to you?
Company
7) In which industry or
industries does your company work?
8) What is the size of your
company (revenue, employees)?
Goals
9) What are you responsible
for?
10) What does it mean to be
successful in your role?
Challenges
11) What are your biggest
challenges?
Watering Holes
12) How do you learn about
new information for your job?
13) What publications or
blogs do you read?
14) What associations and
social networks do you belong to?
Personal Background
15) Describe your personal
demographics (age, married, children).
16) Educational background : level, schools, subjects
17) Describe your career
path. How did you end up where you are today?
Buying Journeys
18) How do you prefer to
interact with vendors (email, phone, in person)?
19) Do you use the internet
to research vendors or products? How do you search ?
20) Describe a recent
purchase. Why did you consider a purchase, what was the evaluation process, and
how did you decide to purchase that product or service?
Regarding how to use the buyer persona thus prepared, click here
Regarding how to use the buyer persona thus prepared, click here
Mar 18, 2015
Buyer Persona - Putting traction into your segmentation and targeting
You created this entire business keeping in mind a certain type of customer . Why, then, do you want this fact to be known only to a few in a specialized language? Why not paint a vivid picture of your target customer and display it everywhere so that everyone knows exactly what kind of customer you are after.
Who is your target customer is a very important decision in your marketing strategy. Therefore do not take this decision casually. Bookish Product Managers define it in classic text book terms in terms of
Who is your target customer is a very important decision in your marketing strategy. Therefore do not take this decision casually. Bookish Product Managers define it in classic text book terms in terms of
- age group (these shoes are meant for school going children)
- income group (these garments are for premium customers)
- function (this machinery is for crushing stones for construction industry).
- what should be the specifications of the product that the customers expect
- what kind of people will be needed to convince such customers effectively
- what delivery mechanisms the customer will prefer
That
is why I recommend you go deeper and beyond such traditional segmentation tools actually create Buyer Personas ! If you see different types of customers for you, create different personals. And then let it be widely known what type of customers you are doing business for. Let your research, manufacturing, supply chain, sales and advertising know clearly who they are really working for and how can they satisfy the customer. Do not let the "Target Audience Definitions" be defined by Product Managers alone and to be used only in the conference rooms. Let your technicians, telephone operators, salesmen and workers know them too.
Here
is a fictitious example of who the target customer is - at the Buyer Persona
level - for a software company. You will see how, knowing the customer in such detail, will
automatically improve your decision making.
For a database software company
Buyer Persona of Mrs
Suchitra Shetty
Typical of who our target
customers are
BACKGROUND:
- Head of Human Resources
- Worked at the same company for 10 years
- Worked her way up from HR Associate
- Married with 2 children (10 and 8)
- Age 30-45
- Dual HH Income: Rs 50 Lakhs
- Suburban
- Calm demeanor
- Probably has an assistant screening calls
- Asks to receive collateral mailed/printed
- keep employees happy and turnover low
- Support legal and finance teams
- Getting everything done with a small staff
- Rolling out changes to the entire company
- Make it easy to manage all employee data in one place
- Integrate with legal and finance teams’ systems
- “It’s been difficult getting company-wide adoption of new technologies in the past.”
- “Don’t have time to train new employees on many different databases and platforms.”
- “It was painful integrating with other departments’ databases and software.”
- I’m worried I’ll lose data transitioning to a new system.
- I don’t want to have to train the entire company on how to use a new system.
ELEVATOR PITCH : We give you an intuitive database that integrates with your existing software and platforms, and lifetime training to help new employees get up to speed quickly.
FOR CREATING BUYER PERSONA IN YOUR OWN BUSINESS YOU MAY FIND THIS ARTICLE USEFUL. CLICK ON THIS.
Customer’s Buying Journey And the corresponding sales process of the seller
The buyer's journey describes the
process a typical business buyer takes as they move through the sales funnel.
It's their process, not yours.
The journey is not an administrative
process, but a cognitive one. The buyer moves from being complacent to
troubled, then becomes clear about needs and viable options, before deciding on
preferences and opening the way for an acceptable contract.
But the selling process does not - and cannot - precisely follow this path. There are steps the seller must take that are important for the seller that are not part of the buyer's journey. So how do you align these two journeys?
They should follow parallel paths.
The key is to walk through the journeys step by step and consider issues in
tandem. Start with the buyer's journey and ask yourself at each stage: 'what do
we have to do to help buyers move from one stage to the next?'
Consider, too, that as the seller
you must do things before the buyer's journey starts, and after it has
ended.
Your execution should focus on the
stages of the seller's journey. Your choice of tactics for your business should
be those best able to move your buyer through each stage of their
journey.
Consider the following sales process
which is aligned to the customer's buying journey
Consider the following sales process
which is aligned to the customer's buying journey
1.
Find new names in proven business lists.
and filter them to match your ideal customer profile.
and filter them to match your ideal customer profile.
2.
Position your business as a member of the
category
by sending potential buyers monthly invitations to house-branded events
by sending potential buyers monthly invitations to house-branded events
3.
Get independent speakers to 'trouble' buyers at
events by discussing
real-life examples of businesses that fail to address the problems you solve.
real-life examples of businesses that fail to address the problems you solve.
4.
Determine if they are sufficiently troubled
by reviewing responses to your post-seminar surveys.
by reviewing responses to your post-seminar surveys.
5.
Tele-market those with the highest scores on our
qualification matrix
and pass these names to the sales department only if they “score” well
and pass these names to the sales department only if they “score” well
6.
Get sales people to establish their credentials
in face-to-face meetings
7.
explaining measured ROI your customers have
gained.
8.
Help the buyer define their needs by conducting
a paid-for 'health check', with an offer
of a rebate of fees against future purchases.
9.
Review the results of the health check with the
buyer and
discuss key contract terms on a 'should we engage' basis to identify show-stoppers.
discuss key contract terms on a 'should we engage' basis to identify show-stoppers.
10. Propose
a solution that directly addresses agreed gaps.
Engage the buyer with confidence in your ability to address these gaps
by taking them on a tour of two existing customers' sites.
Engage the buyer with confidence in your ability to address these gaps
by taking them on a tour of two existing customers' sites.
11. Encourage
the buyer to select you as a preferred vendor
by conducting a direct competitive comparison against agreed gaps
by conducting a direct competitive comparison against agreed gaps
using third-party data to support your assertions.
12. Help
the buyer to enter into a contract by making the first steps simple and
affordable and condition them for future growth through user-group
presentations
highlighting
new applications of the technology.
Remember, your task is not to work buyers through your sales
process, but to help them along their buying path. .
Aug 17, 2014
How to work out connection architecture
1. How much
individualization and customization is needed
1.1. In
locating / contacting / accessing stage
: Min ¡ Med ¡
High ¡
1.2. In sensing / discovery stage : Min ¡ Med ¡
High ¡
1.3. In
strategy / Diagnosis and Design stage : Min ¡ Med ¡
High ¡
1.4. In
making, pre-during-after-selling / fulfillment stage : Min ¡ Med ¡
High ¡
1.5. In
persuasion / acquisition stage : Min ¡ Med ¡
High ¡
1.6. In
customer feedback stage Min ¡ Med ¡ High ¡
2. The more the
individualization and customization is needed …
2.1. The less needs to be the size of the target audience
2.2. The
higher needs to be Average Order size
2.3.
The higher needs to be the profitability for each order
2.4. The
higher needs to be the close-up
visibility of the customer
3. The factors that
determine the task of the connection architecture….
3.1. If
B2B what level of hierarchy the customer
units is from
3.1.1. C
suite (Budget Creator ) ( He has many options for spending money on)
3.1.2. B
suite (Policy Creator) ( He can shape the policy in many different ways)
3.1.3. A
suite (Activity Creator) (He can undertake actions )
3.2. Do we have a clear idea of the customer’s unstated payoff?
3.2.1. What
does he want to achieve
3.2.2. What
does he need to fix
3.2.3. What
does he want to avoid
3.3. How
many different types of Customer Unit mindsets
/ behaviors. Which of these are priority personas : ABC analysis
3.4. For
each persona unit, what is the customer’s
buying journey : Through what stages and
sequence the customer wants to go? The more the number of stages, the more is
the number and variety of people and time needed.
3.5. The
sales effort required is higher when
3.5.1. the
category is complex to explain
3.5.2. the
category is unknown
3.5.3. the
need is latent
3.5.4. the
customer will need to make extensive
changes to his assets / behaviors
3.6. Ease
of getting / providing access : How to tackle
the gatekeepers / barriers
3.7. Perceived risks and unfamiliarity for
each buying persona. The more the risk the more the time, assurance, trust,
warranties, proofs, testimonials needed
3.8. What
is the selling strategy and organization
of competitors
3.9. How habituated are the customers to solutions / vendors to
buying the category from the current vendors at current specifications because
the habits die hard and special efforts are required to break it
3.10. How experienced are the customers to the
category because the inexperienced customers are wary, slow, not trusting, take
time and many times they abandon plans
3.11. How formal / rigid is the buying process of the
customer. This decides the extent to which the customer will drive the
process. Particularly if they are far bigger .
3.12. The
more educated / objective the customers are in
specifying / checking; the more involvement of technical / back office is
needed
3.13. Size and complexity of Decision Making Unit
: More number, more variety, of people and time needed. The more the complexity, the more the number and variety of people and more
the time needed
4. Sales
Architecture development
4.1. BUYING
PERSONAS : Identify priority personas and document them
4.2. BUYING
JOURNEY : Develop for each persona
4.3. SALES
PROCESS : Map your “Sales Process” onto these journeys
4.4. TOUCH
POINTS MATRIX : Create a “Touch Points Matrix”
4.5. ENABLEMENT
OF EACH TOUCH POINT : Staff, Skills, Script, tools, milestones
4.6. ORGANIZATION
: what positions, designations, Job Descriptions, People Specifications and
reporting structure : needed to execute these touch points properly
4.7. SYSTEMS
: Metrics and SOPs for appropriate touch points
4.8. ORG
DEVELOPMENT PLANS : setting goals ,
reviewing, coaching, incentive
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