Day 4 Flashcards

1
Q

Global Sales Framework (7 steps)

A
Challenge
Recognise
Consider
Evaluate
Select
Negotiate
Purchase
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2
Q

BANT

A

Budget
Authority
Need
Time Line

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3
Q

MEDDIC

A
Metrics
Economic Buyer
Decision Criteria
Decision Process
Identifying Pain
Champion
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4
Q

What should the manager do at each selling phase?

A

check the PROOF POINTS

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5
Q

what is MAP?

A

Mutual Action Plan

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6
Q

Funding - what kind of Sign-off bottlenecks can occur?

A

Global vs. Local (B/L)
Function vs. Function (F/F)
Inside vs. Outside (I/O)
Centre vs. Business Unit (C/BU)

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7
Q

Funding - Budget Status - check

A

Budget approvers identified
Budget sign off process identified
Budget approval status verified
Budget size verified

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8
Q

Funding- Investment constraints identified - check

A

Phased Investment, limited to current year?
Funding source
Priority of Investment
ROI constraints

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9
Q

What is a compelling event ?

A

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.

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10
Q

What composes a Compelling event?

A
  1. deadline
  2. serious consequences
  3. you can remedy the pain
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11
Q

where is the Value Edge?

A

where Your Solution intersects with Prospect Needs

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12
Q

What are The Business value drivers?

A

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.

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13
Q

What is The Stakeholder Strategy ?

A

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.

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14
Q

Competitive strategies include:

A
Offensive frontal
Defensive protect
Flanking (shift focus)
Occupy Niche fragment
Develop
Retreat
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15
Q

VALUE – is comprised of the following elements…

A

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

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16
Q

POWER – is comprised of the following elements…

A

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?

17
Q

What do the two “d”s stand for in the qualification approach with the acronym MEDDIC?

Decision Process
Decision Problem
Decision Maker
Decision Criteria

A

Decision Process

Decision Criteria

18
Q

What are competitive strategies?

Offense / frontal
Occupy niche / fragment
Flanking / shift focus
Alliance / defeat the customer

A

Offense / frontal
Occupy niche / fragment
Flanking / shift focus

19
Q

Which are behavioral styles in the 4 color Bolton model of personality types?

Amiable
Driver
Expressive
Doctor

A

Amiable
Driver
Expressive

+Analytical

20
Q

LAARC

A
Listen
Acknowledge
Access
Respond
Confirm
21
Q

Objection handling Techniques and Methods

A

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.

22
Q

THE SIX GOLDEN RULES of negotiation

A

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)

23
Q

CCC

A

The Concession Control Radar (CCR) is a metaphor for the complete deal.

24
Q

Types of negotiation questions

A
leading questions
alternative questions
rhetorical
tag questions
SPIN -situation-problem-implication-need
Inquiring questions
25
Q

What are alternative approaches to negotiation when addressing a conflict?

Arbitrate
Dictate
Surrender
Betray

A

Arbitrate
Dictate
Surrender

+Problem Solve

26
Q

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

A

Never negotiate with yourself
Never give free gifts

Never reveal your bottom line

27
Q

Why need a Mutual action plan?

A

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

28
Q

What should be in a business case?

A
External costs
Internal Costs
Benefits
Timescales
Risks
29
Q

Why Do We Need Business Cases?

A

Decision by teams not individuals
Not everybody knows everybody’s requirements
Competition for funds

Need a common way to decide on investments

30
Q

Benefits of Business Cases

A

Reduces sales cycle times
Allows faster/more reliable business case production
Increases win rate
Avoids the “do nothing” option

Reduces the focus on “discount”

31
Q

What is inside the Business Value Story Framework?

A

Business Needs
Solution
Business Impact
Proof Points

32
Q

In which phase of the buying cycle is it important to address business value?

Consider
Evaluate
Purchase
Deliver / Implememnt

A

Consider
Evaluate
Purchase
Deliver / Implememnt

In ALL phases

33
Q

What 3 topics should a good value presentation include?

Need / Challenge
Impact / Result
Solution
Technical functions

A

Need / Challenge
Impact / Result
Solution

+ Proof Points