Day 4 Flashcards
Global Sales Framework (7 steps)
Challenge Recognise Consider Evaluate Select Negotiate Purchase
BANT
Budget
Authority
Need
Time Line
MEDDIC
Metrics Economic Buyer Decision Criteria Decision Process Identifying Pain Champion
What should the manager do at each selling phase?
check the PROOF POINTS
what is MAP?
Mutual Action Plan
Funding - what kind of Sign-off bottlenecks can occur?
Global vs. Local (B/L)
Function vs. Function (F/F)
Inside vs. Outside (I/O)
Centre vs. Business Unit (C/BU)
Funding - Budget Status - check
Budget approvers identified
Budget sign off process identified
Budget approval status verified
Budget size verified
Funding- Investment constraints identified - check
Phased Investment, limited to current year?
Funding source
Priority of Investment
ROI constraints
What is a compelling event ?
A compelling event is something that’s going to happen and bears serious consequences for the Customer (and / or the main purchasing and Decision Making Customer Stakeholders) on the day of the event, if certain criteria are not met.
What composes a Compelling event?
- deadline
- serious consequences
- you can remedy the pain
where is the Value Edge?
where Your Solution intersects with Prospect Needs
What are The Business value drivers?
The Business value drivers are the key KPI’s that will be positively impacted through the deal. The business value drivers must be relevant for executives. They should preferably be quantitative, but qualitative can be acceptable in certain cases.
What is The Stakeholder Strategy ?
The Stakeholder Strategy incorporates the identification of stakeholders in the Customer’s organisation, an understanding of their relevance to the outcome of the deal and a plan to engage with them. For each stakeholder it is important to understand the business drivers relating to them, their interests and attitudes towards the Value Proposition.
Competitive strategies include:
Offensive frontal Defensive protect Flanking (shift focus) Occupy Niche fragment Develop Retreat
VALUE – is comprised of the following elements…
VALUE – is comprised of the following elements:
Content – Industry knowledge, best practices, proprietary methodologies, leading edge processes
Capability – Skilled staff, contact network of industry leaders
Compelling Case – the ability of a partner to articulate SAP’s unique value proposition
ontent – Industry knowledge, best practices, proprietary methodologies, leading edge processes
Capability – Skilled staff, contact network of industry leaders
Compelling Case – the ability of a partner to articulate SAP’s unique value proposition
POWER – is comprised of the following elements…
POWER – is comprised of the following elements:
References – Has the partner generated value in this opportunity area for other customers?
Reputation – Does the partner have a good reputation with this customer, in this opportunity area?
Relationships – Does this partner have trusted relationships with influential decision makers?
What do the two “d”s stand for in the qualification approach with the acronym MEDDIC?
Decision Process
Decision Problem
Decision Maker
Decision Criteria
Decision Process
Decision Criteria
What are competitive strategies?
Offense / frontal
Occupy niche / fragment
Flanking / shift focus
Alliance / defeat the customer
Offense / frontal
Occupy niche / fragment
Flanking / shift focus
Which are behavioral styles in the 4 color Bolton model of personality types?
Amiable
Driver
Expressive
Doctor
Amiable
Driver
Expressive
+Analytical
LAARC
Listen Acknowledge Access Respond Confirm
Objection handling Techniques and Methods
Boomerang: Bouncing back what they give you.
Objection Chunking: Taking a higher or lower viewpoint.
Conditional Close: Make closure a condition for resolving their objection.
Curiosity: Don’t be sad, be curious.
Deflection: Avoid responding to objection, just letting it pass.
Feel, felt, found: A classic way of moving them.
Humor: Respond with humor rather than frustration.
Justification: Say how reasonable the objection is.
LAARC: Listen, Acknowledge, Assess, Respond, Confirm.
LAIR: Listen, Acknowledge, Identify objection, Reverse it.
Objection Writing: Write down and cross out objections.
Pre-empting: Handle them before they happen.
Pushback: Object to their objection.
Reframing: Change their cognitive frame.
Renaming: Change the words to change the meaning.
Reprioritize: So ones you can’t handle are lower.
THE SIX GOLDEN RULES of negotiation
Don’t (unless you need to)
Never negotiate with yourself
Never accept their first offer
Never make the first offer (if you can avoid it)
Never give free gifts
Never reveal what your bottom line is (or was)
CCC
The Concession Control Radar (CCR) is a metaphor for the complete deal.
Types of negotiation questions
leading questions alternative questions rhetorical tag questions SPIN -situation-problem-implication-need Inquiring questions
What are alternative approaches to negotiation when addressing a conflict?
Arbitrate
Dictate
Surrender
Betray
Arbitrate
Dictate
Surrender
+Problem Solve
What are 3 of the “Six Golden Rules” of negotiation?
Never negotiate with yourself
Never give free gifts
Never wear old shoes
Never reveal your bottom line
Never negotiate with yourself
Never give free gifts
Never reveal your bottom line
Why need a Mutual action plan?
Purpose
Set clear expectations around customer success being a shared responsibility across Seller(s) and Customer (hence MUTUAL)
Gain confirmation and commitment from the customer before spending time on delivering solution proof
Get customer involvement, and state clearly if who must carry specific costs for services during any step of the plan
What should be in a business case?
External costs Internal Costs Benefits Timescales Risks
Why Do We Need Business Cases?
Decision by teams not individuals
Not everybody knows everybody’s requirements
Competition for funds
Need a common way to decide on investments
Benefits of Business Cases
Reduces sales cycle times
Allows faster/more reliable business case production
Increases win rate
Avoids the “do nothing” option
Reduces the focus on “discount”
What is inside the Business Value Story Framework?
Business Needs
Solution
Business Impact
Proof Points
In which phase of the buying cycle is it important to address business value?
Consider
Evaluate
Purchase
Deliver / Implememnt
Consider
Evaluate
Purchase
Deliver / Implememnt
In ALL phases
What 3 topics should a good value presentation include?
Need / Challenge
Impact / Result
Solution
Technical functions
Need / Challenge
Impact / Result
Solution
+ Proof Points
