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Sales Training > Sales Flashcards1 > Flashcards

Sales Flashcards1

1
Q

What differentiates a top seller?

A

Top sellers believe they MUST win, they are meticulous and evaluate every angle of the sale and use imagination to close

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1
Q

How do top sellers teach customers to buy?

A

They find out who the key players are, what they need, and best way to shepard them to the goal. Their job is to anticipate and DIRECT the sales process. They do not leave this to the customer

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1
Q

What two factors establish deal control?

A

Being proactive and being a leader

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2
Q

What is the customers real concern?

A

Customers care nothing about the product, rather they care about the business results, therefore be sure to speak in those terms rather than product/feature terms

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2
Q

What is Leadership?

A

Leadership appears to be the art of getting others other to want to do something you are convinced should be done

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3
Q

What are the natural laws of sales (regarding the customer)?

A

Everyone will ultimately act in their own self-interest, self interest properly understood is a GOOD thing, people are generally risk averse for gains and risk seeing for losses, what is not overtly positive is covertly negative

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3
Q

What is being proactive?

A

Knowing what to do next and taking the actions to accomplish it. It is preventing what you know can go wrong and playing the game at least one move ahead

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4
Q

What are the natural laws of sales (regarding the salesperson)?

A

Nothing happens unless you make it happen, Divide and concur, It is not the product, If you know whats going to happen then you will know what to do, you know how to sell but your prospect does not know how to purchase, set the rules and be prepared to change them.

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4
Q

How to non-offensively exhibit control?

A

Act as a guide or leader in unfamiliar waters

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5
Q

Because customers only act in their best interest, what is the most important thing to know about them?

A

What is in this for you? How will you personally benefit from this service installation? Will this create an internal “win” for this person.

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5
Q

What law most applies to controlling a deal?

A

You may know how to sell but your prospect does not know how to buy

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6
Q

How to get past status quo comfort?

A

Build the pain to a critical mass, the customer needs to ultimately feel like they are losing in order to overcome their risk aversion

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6
Q

How do you know if you are in control of the deal?

A

The way the prospect is reacting to your requests. They will be asking for help and support in justifying their descision. They will be cooperative and confirming your suggestions.

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7
Q

What to do if there is not overtly positive communication coming?

A

A top seller will elicit feedback throughout the entire buying process and will ENFORCE a cadence of communication that, if broken, signals something is wrong. Consistely using the question “How do you think this is all going?”

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7
Q

How do you test for control?

A

In every communicaiton make a request of information and action and see if they comply.

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8
Q

Does a top seller simply follow the prospects “process?”

A

NO - a top seller knows that the companies natural workflow may result in no action, this also allows outside forces to compete on the sale. They must be comfortable with the co-created process

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8
Q

How and why to use quid pro quo?

A

To maintain and increase control in a deal, ensure that every request from a customer is met with a request for more information or action by yourself. Be assured they will not be shy in demanding what they want to achieve their own objective.

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9
Q

What does it mean to “Divide and Concur”

A

Top sellers know that often members of the decision making process will have competing interests and objectives. It is the sellers job to pull them aside and sell to their direct needs/concerns, idealy this all happens prior to the first formal group presenation as at that point you face a united front. Do not play the guessing game that a stock presenation will work for all of the different Stakeholders.

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9
Q

How to increase control?

A
  1. Determine what requests will be made by the prospect at each milestone and have a large but viable “ask” to be made in return. 2. Do not give them something for nothing in return. 3. By using the Map to Money, have natural points where request will arise and we should have a prepared list of things that we will need to advance the deal
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10
Q

How do top sellers prospect?

A

They view sales as a search. They intimitaly research prospects financial results and search for the end user / exective who feels the squeeze that their product will alleviate.

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10
Q

What are the components to a Map to Money?

A

The starting point is a ist with each step matched to the correct player, items that can be done concurrently (vs. sequentially.) They it needs to include what needs to happen and what can go wrong with a response for all contingencies

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11
Q

What does it mean “It’s not the product”?

A

Customers are interested in business results. I don’t care that there is a pipe to my hosue I care that I have running water. A top seller is best at articulating the result that would suit the customers needs and furthermore, anticpate their future needs. They keep the customer engaged and take full responsisbility for the sale. It is not the product that wins, it is the salesperson.

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11
Q

What are the facets to EVERY sales Call?

A

What is the objective of the call? What are they going to ask for? What are three things that I will ask for in return? How will I know if we can move foreward? What is the next forward movement? What has our competitor been doing? What is the next touch point that we can get agreement on?

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12
Q

What does it mean “If you know whats going to happen, you know what to do”?

A

Top sellers use past experience to interperet signals (unreturned emails etc.) to take corrective action. They anticipate everything that can go wrong, and find a way to prevent it, they constantly scenario plan in their spare time so the sale does not fall apart. Top sellers pay attention to the sales process and constantly ask themselves “Whats Going to happen next?” and “What can go wrong”?

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12
Q

Map to Money - First Call?

A

First Call - Objective is to find out who the stakeholders are and to turn the person whom you are meitng into an ally: a guide a worst and an advocate at best. They tell you whats going on and lead you to the economic buyer. Key objective is introduction to the Business Buyer

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13
Q

How to top sellers set the rules (yet remain prepared to change them) ?

A

In the event a top seller is the first to speak with a prospect he has the opportunity to set the rules of the game. He will set traps for his competitors so the perception of the competitors products upon introduction is poor from the start, they simply do not meet the critieria that the top seller developed with the prospect. Use these rules to highlight your product or companies competative advantage and to have the prospect value certain aspects of the solution with greater weight. Traps include but are not limited to (Standards, Features, Integration with other products, Financial Stability, Local Support, Market Share, Future Product Releases.)

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13
Q

Map to Money - Follow Up Meetings

A

Meet with each stakeholder individually - Objective is to find out all individual needs of stakeholders (financial, political, economic) and find out how to meet these needs

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14
Q

What are the 3 key skills needed to guide the complex sale?

A

Direction, Momentum, and Control

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14
Q

Map to Money - Technical Win

A

Technical Win - Winning over the end user, they may not have the decision making capability but they will take and guide you to the Business Buyer, definied as selection of the solution to the exclusion of all other alternatives to solve their business problem. The steps to this are as follows: Establish that there is someting that needs to be solved, Become a possible solution, become the preferred solution, lock out the alternative solutions

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15
Q

How does a top seller dictate Direction in a sale?

A

He creates a map to the money listing the key milestones, what competitors are doing, and anticipating what can go wrong at each stage

15
Q

Map to Money - Business Win

A

Business Win - Occurs when the economic sale takes place. Typically the technical win starts the trail to the business win, this takes too long and messes up the deal. The technical win is worthless without the business win and the business win should be happening concurrently. The business win is harder as they do not know why they are dealing with you. They will always want to know why they are dealing with you, the operational and leadership issues, and why you will be a good business partner. They also care about testimonials. Objectives are to get the descision to purchase because it makes business sense and they see the end vision, use the busienss sale to jointly develop a business justification. Determine the funding authorization level needed to approve the deal.

16
Q

How can a top seller build Momentum in a sale?

A

Momentum is built by giving each player a strong personal reason to take actoin and to be part of the action. That is why the law of Divide and Concur will give us the opportunity to depened on not one player, but rather to build interested and gain insights from many different perspectives

16
Q

Map to Money - Legal

A

Legal - A technicaly, mostly about crossing T’s and dotting I’s prior to passing to purchasing.

17
Q

What is the best tactic for maintaining Momentum?

A

Create a reason for the next communication and settle on a time and date to communicate. Begin with the end in mind. The customer is working with us to gain some business benefit by a certain date, and that is the end date that will drive every decision. So momentum must be build with that deadline in mind. Hence, it is CRITICAL to establish a deadline to use to create urgency for every step in the process.

17
Q

Map to Money - Purchasing

A

Purchasing - A potential for some more negotiation, but if terms have been pre-sold. If the solution is disruptive tehcnology there is inherently no competitors but you do compete with other uses of money or internals solutions

18
Q

How does a top seller build Control?

A

Control is built from being a LEADER and being PROACTIVE. We focus the prospect on what we want to do next and leads them through the buying process. Leadership is relying on no one but yourself to capture the deal. It is leading the prospect to wha tthe decision critieria is and the rules that criteria are based on.

18
Q

What do disruptive solutions compete with?

A

If you sell a disruptive solution you compete with other uses of money, time or internal solutions.

19
Q

How to test for Control?

A

Responsiveness of customer, ability to continue Quid pro quo

19
Q

What is Sales Cartography?

A

Lost art of treating company as disparate individuals with different needs and different desires. Other models focus on request responding than to leading the prospect step-by-step to the purchase. Focus on this very early because you need to know where you are going in order to get there.

20
Q

How to increase control?

A

Determine in advance what the customer will request and have 3 things to ask for in return, never give the prospect without anything in return.

20
Q

What to anticipate to keep momentum?

A
  1. Know what can go wrong at every stage to prepare for it and to prevent it. Things that go wrong are consistent and over-confidence is the biggest obstacle. Take preventative measures and have a recovery plan if things go wrong. 2. Know what the owner of the alternate soution can do to derail the progress towards a deciscion as a key foresight. SET TRAPS to lock competitors off. 3. Define the cadence of contact with each of the key players. Control and drive the process by keeping a cadence of communciations with each of the key players in the account. 4. Set and hold a deadling that must be reached and drive everything from that
21
Q

What are the 3 components to an effective Sales Map?

A
  1. Agreed steps towards a decision with customer 2. Each step is linked to names and specific actions needed. 3. Anticipated problems and solutions to those problems at each step
21
Q

What is the rhythm to revenue?

A

A deal has a rhythm and pace that needs to be identified and followed. It should be established with each of the key players in the organization. Charactaristics include 1. Lets talk next week. 2. Commitment on the next touch piont needs to be voluntary and mutually agreed upon. 3. If rythm is broken it is a negative signal that needs to be addressed immediatly.

22
Q

Who are the players in the Map?

A

The Man - The champion of your solution, important to sell with, not to this person. They should typically be a guide or better an advocate. The Naysayer - Person who will block or kill the progress of the deal, may lose power if we work with the company. Point is not to win him over but to make him at least nuetral to the solution. The Guide - May not stick his neck out for you but will help and provide basic guidance. The Advocate - Tells you both what is going on and takes you to the economic buyer, wants the sale as bad as you do. Helps identify milestones, rules, and players. Warns of pitfalls and gives insight. The Problem Owner - Biz group leader who owns the problem. May not be aware of his pain, how do you change that? The Budget Owner - Who will ultimately exchange money and ink contrack in exchange for vision of solution. How to create value vs. cost? Will need biz case, an understanding of a bright future paved with gold. Wants a visionary type presneation. The bigger and brighter that picture the more it is worth. A clear business result must be presented.

22
Q

After finding out who made the rules, what are the 3 data pionts used to come up with them?

A

Priorities, Values, Perceptions. He who sets the rules wins the game. Set the rules.

23
Q

How to read positive signals?

A
  1. Anytime they meed a commitment 2. They ask for justifications (technical or financial) 3. They include you in internal meetings 4. They provide introductions. 5. They share impressions of the competition.
23
Q

The Power of Why?

A

People will only do what they have a strong reason to do so. Prospects must be reminded why they are buying. Remember the following: 1. Each person needs to know why they are purchasing. 2. Each persons reason can be different.

24
Q

How to read negative signals?

A
  1. Questions about alterntives strengths/traps/lockouts 2. The communciation cadence is broken. 3. Unexpected milestones are added 4. The advocate is losing credibility 5. The advocates information is not helping.
24
Q

What is the inner game of selling?

A

Intelligence and motivation. Motivation is the why, why I will work so hard, why I want to win, and why I cannot stand to lose. But since will power alone is analogous to an unguided missile. The key to increaseing sales intellect is to understand the natural laws of selling, the rules to the game of selling, and the map to the money, which is like the game board.

25
Q

How to gauge a customers integrity?

A
  1. How accurate is their information? 2. Are they on time? 3. Do they keep cadence with you? 4. Are they selling you?
25
Q

What is the “I’m In Control” Strategy?

A

Take complete control of sales process. Demonstrate extreme leadership. Always have a date and time specified for the next call along with anticipated next actions.

26
Q

What is the response to a quality First Sales Call?

A
  1. Product is seen as best match 2. They commit to the next meeting 3. You have set traps for your competitors 4. They have asked for something and you have used Quid Pro Quo
27
Q

What is the response to a poor First Sales Call?

A
  1. They did not understand the value of your product or as many say, they did not “Get It” 2. You walked into a competitors trap and could not get out. 3. They loved the presentation but did not commit to a next meeting. 4. You could not get one-on-one time with the key players. 5. You missed the signals 6. Did not identify the pain or they did not see how you could solve it.
28
Q

What are the benefits of a deal post-mortem after sales calls?

A
  1. Update and adjust the org chart/refine the map. 2. Compare the deal to other winning or losing deals 3. Rank players as positive, nuetral, or negative ot the product. 4. Debate strategic next actions
29
Q

What are the key points to know prior to the first sales call?

A
  1. Do you understand who you are meeting and what they know of the product so far? 2. What are the similarities they have to other customers? 3. Can any recent news apply to the call? 4. What are the typical things they what from you if the call goes well? 5. What are the corrosponding items you can exchange? 6. What traps may have been set for you by your competitors? 7. What lockouts will you deploy?
30
Q

What is the purpose of the technical win?

A

To make a smooth transition to the business win

31
Q

What are the steps of technical win?

A
  1. Establish a need 2. Become a possible solution. 3. Become the preferred solution. 4. Lock out alternative solutions. 5. Secure introduction to business buyer
32
Q

What is the key to selling new innovation?

A

Focus on selling the experience, often a new product is too far out for the prospects frame of reference to accept. Furthermore, as you work up the chain of command begin to sell the VISION and a future reality of success, a way to save the customer from FUTURE disaster.

33
Q

What is the key to an effective “lock out”?

A

Pick one key differentiator (patent, unique characteristic, industry standard etc.) and stick with it. Only use one to not dilute the argument. Use the one that best fits with the operators need.

34
Q

What is the “End Run” strategy?

A

To go around the technical buyer straight to the business buyer with the message that the company is in grave danger if they go with the other solution. This strategy is to force the technical team to re-evaluate options.

35
Q

How to deepen the Business Win relationship?

A
  1. Provide reference calls. 2. Arraign a field trip to a successful customer
36
Q

When should the Business Sale begin?

A

Either at the same time or immediately after the technical sale begins. Focus on dominating their time a building the vision early.

37
Q

Can a deal be made from a technical win alone?

A

Never, there are always 2 wins which must happen, the techincal win (end users) and the business win (ExCo)

38
Q

What is the most powerful tool for the business win?

A

A jointly made Business Justification document.

39
Q

What is the “We’re all in this together” strategy?

A

This strategy employs full resources of sellers company to match execs at different level - primarily strengthens momentum and emphasizes risk reduction

40
Q

What is the “Refuse to Lose” Strategy?

A

Half attitude and half strategy - demonstrate Iron Will and confidence but the finesse to create a lockout, can include an End Run to a sharp price cut, but it is winning through persistence

41
Q

What is the “Kingpin” Strategy?

A

Directly targeting the market leader in a certain territory or area who will indirectly influence all other accounts. Unlike picking low-hanging fruit, this strategy truly puts you in the position to build a buisness. This can be done to a group of companies (I.E Telefonica) or regional competitors.

42
Q

What is the “One Thing” Strategy?

A

This is a key feature that no competitors have. Key is to find the issue that will sway all players and link it to the end result.

43
Q

What is the “Lets be Partners” Strategy?

A

Very powerful strategy to combine with Kingpin strategy - extremely close collaboration and favorable deal terms so customer is permanent referrall and partner

44
Q

What is the “Baby Steps” Strategy?

A

Just keep taking very small steps forward to reach the goal. All the steps are so non-threatening that no one can object to them

45
Q

How do you identify typical players who’s approvals will be needed?

A
  1. Who is the person who has the problem we will solve? 2. Who are the people that will need to determine whether the product will fit into their organization 3. What are their titles and what groups do they work in. 4. Who is the technical leader?
46
Q

What to consider before each call?

A

What is the objective of the call? What are the three things they may ask for? What are the top three htings you can ask for in exchange for what they want? What are the three things that can go wrong? What are the three things that the competiiton has been doing? What are the three things that you need to move the deal forward? What are three ways of getting the next communication?

47
Q

How to frame the objective of the call to ensure it stays on agenda?

A

Frame the objective as a question and gain concurrence on the objective.

Sales Training (3 decks)

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