Welcome to The Pipeline.

Personal Deficiency Bonus0

By Tibor Shanto - tibor.shanto@sellbetter.ca 

2nd prize

With special thanks to S.G. and my friend B.P.

Everyone, including me, writes a piece this time of year about closing the year strong. For the most part these are aimed at front line sales people, and the better ones offer choices that make sense year-round even if initially implemented in Q4. Few are aimed at helping managers in helping their sales team adopt new habits, or create breakthroughs for their reps that can again be extended as a regular practice, and that is the thought here, helping managers, or actually sales coaches, which good sales managers are.

Often when speaking to managers they point to “that one thing”, that if the rep in question would change or address, it would have a dramatically beneficial impact on their execution and results. A personal deficiency. Could be anything, tardiness in updating the CRM, slow to move on renewals or price increases, insufficient preparation for prospecting, you name it. These elements are important to achieving results, and are often included as elements of a balanced scorecard. But the fact remains that most bonuses are paid out based on achieved results or specific objectives in the case of MBO.

Traditionally bonuses are meant to reward positives, and negatives either limit or eliminate rewards. But what if you turned things around. What if you put a positive focus on personal deficiencies, hence the Personal Deficiency Bonus.

Here is how it goes. Say you want a rep to develop a habit, any of the above, we’ll pick prospecting prep. Say a rep is consistently hovering just below quota, Based on their personal metrics, it is clear that two or three more first meeting with prospects would give him/her enough prospects to get them to quota, they just need to develop the habit of being prepared in order to land those meetings. You know, they know, you talk about it in the usual terms, but nothing changes. I would argue because the reward is paid out on something other than what needs to change. So let’s put a focus on what needs to change. And it’s not more sales, not more prospects, but more, better and consistent prep, bonus that.

In Q4, pay some portion of their bonus on changing that one habit, more prep for prospecting giving them more prospect meetings, leading to more pipeline opportunities, helping them exceed quota. It offers a coaching opportunity, with a more willing participant as they get paid not for an abstract related outcome, but for the specific deficiency, prep.

What you’ll find is that once they develop the habit, they will stick with it, next January and beyond. More importantly a rep who can now be coached and taken further, sometimes by focusing and rewarding the positive, but also by focusing on their Personal Deficiency Bonus.

What’s in Your Pipeline?
Tibor Shanto 

The Reason For My Call – Sales eXecution 2680

By Tibor Shanto - tibor.shanto@sellbetter.ca 

Road sign objectives

For many, “The Reason For My Call”, is a crucial part of their prospecting call, probably more accurate to say cold call, as I would have to assume that if it were a warm call the recipient would know the reason for the call. All too often I cringe when I hear how most callers use this expression, especially when a couple of small adjustments in their approach may lead to better results.

Grab your Proactive Prospecting Call-Flow Now!

First thing is the timing of the statement. Most people use it at or near the start of the call, too soon. While some will tell you that you have 10 seconds at the start of the call, step back and think, (for more than 10 seconds). On a cold call, you just interrupted someone who was most likely doing something other than waiting for a cold call, since you call you address them and hopefully not make the most common time and call water, and say either “how are you?”, or “is this a good time?” Hello, you just interrupted them, how could it be a good time. Even if they did want to speak with you they would need a few seconds to disengage from what they were involved with when the phone rang. Then they’ll need a few more seconds and effort to focus in on your voice, accent, intonation, etc. So giving them your Reason For The call at this point is premature, as it completely lacks context, you know why you called, you need to give them a clue too.

The Reason For Your Cal, should come after some context (a different post), and when it does come it should be a good reason, for them. The only reason someone would want to meet with us, is if there is a good indication that we can help them achieve their objectives, to deliver outcomes that will make a difference for them.

The Reason is certainly not to “learn”, they don’t have time to teach you. Remember you are asking, in my case, for an hour of their time, if they are working 10 hours a day that is a big chunk of time, big investment. If they going to make that investment, they have the right to learn and be smarter at the end, not you, they expect that you are coming prepared, (what happened to all that research I keep hearing about?). In the same way they do not have time to discuss.

I was once listening in on outbound calls, and one flower-child-caller, said The Reason They Were Calling was so they could meet to establish a relationship, after a brief pause, the prospect said, “You should go to church dance or singles club, I need help in my business.”

What prospect will make time for is hear how you can help them achieve specific objectives, how you can help them mitigate risk, have a positive financial impact, increase market share, and more, all based on how you have done that for others in a meaningful and measurable way. Those are good reasons for the call.

What’s in Your Pipeline?
Tibor Shanto 

 

Don’t Parrot – Integrate!0

By Tibor Shanto - tibor.shanto@sellbetter.ca 

parrot

Given the fact that we think a lot faster than people speak, and much faster than our ability to listen, it is always important to look for ways to stay focused on what a prospect is telling us, and not rush ahead or interrupt with a thought triggered by something they said. My favourite way, is one I was taught long ago by a mentor; his approach is to ask yourself what you can ask the prospect/buyer, based on what they just said, makes you focus, listen, process and fully and actively engage.

This goes beyond the common technique many use, one that I find really irritating rather than in any way effective, specifically restating or parting, what the prospect said. We have all seen it in action, reps repeat almost word for word what the buyer just said as a means of demonstrating their attentiveness. “So what I heard you say is…”. Just wake me up when you’re done.

Don’t get me wrong, I get and support the intent, to ensure clarity and avoid the mistakes of assumptions. But as with many things in sales, it comes down to execution, how we deliver the message sometimes matters as much as the message. Simply repeating what they just said does confirm you were listening, one point for you; but that is a long way from understanding, processing responding in a meaningful way for the buyer.

A better way of demonstrating and confirming that you not only heard the words, but actually took in and processed what they said, is to integrate what you gleaned, and then use it to continue, drive and focus the conversation. As mentioned above, use it as a basis for further discovery. Rather than just parroting what the prospect presented, ask a question that builds or expands on the topic, or drills down on a specific aspect, allowing the buyer to elaborate, get further involved and in the process serve up more useful information. The more you drill down on what they say, the more they are encouraged to continue.

While everyone agrees that a good sales meeting is one where the prospect speaks the majority of the time, (I’ll settle for 51%), the reality is that rarely the case in most sales calls. Partly this is a symptom of the problem mentioned above, the seller getting way ahead of the buyer, and worse the incessant interruptions every time a sales rep heard the “secret word”, most often the “secret word” is some trigger word marketing conjured up as part of ”The Value Prop”.  All this does is train the buyer not to talk, not to exchange information, after all, every time they are about to reveal something, the rep interrupts, clearly signalling they are not interested in what they buyer has to say, and would rather preach, leaving the buyer to just say amen to not buying.

One way to avoid this, and again demonstrate your attention and understanding, is to vary, ever so slightly, the way you take notes while the buyer is pouring their hearts out. May seem simple, but split your page into thirds, on two thirds take notes the way you normally would. The remaining third is for the “secret words”, the ones you are dying to hear, the ones you used to jump on, but won’t any more. Moving forward, you’ll right down the “secret word” and wait. This not only allows the buyer room to express themselves fully, but allows you take your time formulating a question, or a means of revisiting the subject triggered by the “secret word”, integrating it into a follow up question, again drilling down with a willing buyer. For example, “Earlier you mention consolidating, a lot of our clients have had success…, is that what you meant, or…?” Even if you are wrong, you will find out more, and have a buyer who feels they are not only being listened, but understood.  Now there is a proper use of triggers.

What you will also find as a side benefit of a more engaged buyer is that they are much more involved and inclined to open up, ask questions, and reciprocate the courtesy and respect when it is your turn to offer up your information, in the process establishing trust, and starting a relationship. What you will also notice is that the more trust they have, the more information they feel safe in sharing; the more information you have the better you can continue to build trust; and the process seems to snowball on its own.

It may have made sense in grade school to parrot back what the teacher said, but by the time you got to post-secondary, there was an expectation that you would demonstrate you understanding and command of a subject by assimilating and integrating it. Isn’t it time your selling graduated too?

What’s in Your Pipeline?
Tibor Shanto 

3 Things You Can Do Now To Close The Year Strong – Sales eXecution 2670

By Tibor Shanto - tibor.shanto@sellbetter.ca 

strong

Last week I took part in a panel discussion sponsored by KiteDesk, along with two of my favourite pundits, Matt Heinz and Mike Weinberg. In the discussions leading up to the event we wanted to deliver something of substance, people can put into practice right away in almost every market segment, and something that would have impact now, before the end of the year. We each presented three things you can do to close the year strong. Hence the title of today’s post, featuring my contribution.

1.   Revisit “No decision” Opportunities – As I have argued in the past, it is important that we always understand why opportunities that made it into our pipeline delivered the results they did, usually one of three: Win – Loss – No Decision. Some do a good job of exploring wins or losses, some do both, but they often overlook the “No Decision”. But if you understand why they did not go further, you can understand when and why to re-engage.

There are some who may have passed because of budget, and now towards the end of the year, they may have some unused funds, or may be in the process of planning for next year. There could be a question of priorities and changing objectives; a host of factors that could make someone ready now that may have hesitated in February or March.

2.   Delegate – A lot of sales people have a Superman complex, they feel they have to do it all themselves, “no one is as capable as I am”. As a sales person, your territory is “your business”, and when you look at successful business people, one of the things executives do well is delegate. Even if you don’t have people working for you, you still delegate. Given that time is your most valuable and non-renewable resource, it is important that you maximize by focusing on the highest-value activities. Know what your time is worth, and if a task is well below that line “outsource” it. If you are part of a company use other groups, usually better suited to the task. One example is customer service, I see to many sales people dealing with “admin” type of requests from clients instead of sending it to where the task really belongs, customer support, who is usually much better prepared and equipped to deal with these things. I am sorry but the battle cry of looking after clients rings hollow, your job is to win and grow clients, let customer support do theirs. Even if you are in a small company where these resources don’t exist, think about how you can ensure that you are executing the highest value activities, stop doing low value activities others can do for you. Use third party resources, you can hire a Virtual Assistant, or for special tasks, go to something like oDesk, or others, and get things done by others, leaving you time to do the things that only you can do to move a sale forward.

3.   Leverage Automation – The hidden cost of social selling is time, and to a lesser degree content. A variation on the delegate route, is automation. There are a host of tools you can leverage to cover clients, prospects, and keep an eye on the market and opportunities. One example I use is an app I use called Charlie. It is linked to my calendar, sends me both a social round up, latest tweets, LinkedIn updates, and news from traditional sources the morning of my meetings, and an hour before. I can be up to date in their real world and social activities. This allows me to be up-to-date, relevant, and formulate questions that have specific meaning to the prospect and their objectives, allowing me to focus on them and leave the product in the car.

These are three ideas that were discussed, Mike and Matt had some great, and more importantly, practical and immediately usable ideas that will you close the year strong, and stay strong right through 2015 and beyond.

What’s in Your Pipeline?
Tibor Shanto 

Is Sales a Numbers Game? (#video)3

By Tibor Shanto - tibor.shanto@sellbetter.ca 

TV Head

Nobody talks about the world being flat or round, so why does this topic merit discussion, there so many other more important unsolved mysteries in sales.  Take a look at what I mean:

What’s in Your Pipeline?
Tibor Shanto 

Sales Management is not Cloning – Sales eXecution 2660

By Tibor Shanto - tibor.shanto@sellbetter.ca 

Clone not
There has been lots written about the common mistake companies make in selecting new sales managers; specifically the habit of promoting some of their best sales people to the management ranks, whether they are suitable or not. To be fair, the thought behind the move is positive, rewarding deserving contributors, keeping good talent in house, and all that. There are also smart sales people who realise that management is not their first choice, who prefer and make the choice to stay in a sales role, usually with greater career satisfaction and financial rewards.

Adding to the challenge is that often these new managers are not given much help in the transition from being contributors, to effectively leading a sales team. Sure in companies of a certain size or better, they get basic training, you know, how to conduct performance review meetings, do’s and don’ts of harassment, racial sensitivity and other important “things”. But leading a sales team while managing a sales process is another thing, something HR often assumes will be provided by “the sales leadership”. In instances where this happens, it is sometimes worse that no help at all; what happens if the current sales leaders went through the same pattern of evolution, they just perpetuate the model; and the model is one of cloning.

While not isolated to the new managers above, cloning is a common and costly problem. The thought is “I was successful, they made me a manager, and they didn’t give clear direction to the contrary; so they must want me to make my team just like me.” Partially true, “they” do want you the make the team successful, as successful if not more than you were, after all the sign of a strong leader is one who surrounds themselves with people more talented than they. But this rarely means creating “mini me’s”, or even full size “me’s”.

The role of the sales manager, and other sales leaders, is to develop and bring the best out of all their teams. To shape individuals not in their image, (as man did with god), but into the best that their direct reports can be. People who can do that best, are not those who were the best front line reps. Just look and Wayne Gretzky, on the ice and behind the bench. Two different realities, two different results.

The notion that the best managers are those who have done it is simply not right. Most sales people know what they have to do, the challenge is getting them to do it. This requires a different skill set, different methods and tools, than those relied on for being a number 1 rep. Saying “here’s what I did, you can do it too”, is useless.

Every sales leader wants to surround himself with superstars, just as every coach wants a bench full of superstars. But they need to have excelled in the role of a coach. Hire someone who can lead a sales process, who can lead people to execute, the how is secondary.

Again, I understand wanting to reward star sellers, but there are other ways, ways that allow you to avoid leaving a territory short, and a disappointed sales team. The reality is that many of stars made managers often decide to go back in to the field to sell, and because of egos and politics, it is often with another company that is looking for a star, not a future manager or cloner.

What’s in Your Pipeline?
Tibor Shanto 

Are Buyers Liars?3

By Tibor Shanto - tibor.shanto@sellbetter.ca 

TV Head

 

Of course not, prospects are liars. No no, that’s not true either. It is less about lying, and more about rationalizing why we lost, take a look at what I mean:

What’s in Your Pipeline?
Tibor Shanto 

Panel Discussion: Close the Year Strong with 8 Simple Sales Tips0

No bull

We are about to enter the silly season in sales, the run up to the end of the year. I say silly because all the theorist and soothsayers will be brimming with advice, pulled from their memories and favourite web sources. Soothsayers, because many spend more time advising than selling.

As a sales professional what you need is practical and executable inputs that will help you close the year strong, and set yourself up for a profitable 2015.

To that end, I invite you to join me, and two other leaders who spend their time on the front line doing and selling, Matt Heinz and Mike Weinberg, for a no holds barred panel discussion that will not only get you thinking, but doing. Moderated by KiteDesk CEO Sean Burke, this will be a no fluff, no theory – just real, practical, candid tactics that deliver results. Promise – money back guarantee.

Put it in your calendar now: Thursday, September 11th, 2014 2:00 pm Eastern

Social Sales. Sales 2.0. Modern Sales. The nomenclature is irrelevant. What really matters is what works; we will challenge each other and you in a blunt, holistic discussion about what constitutes smart selling.

This is NOT another Marketing-Still-Sucks-Here’s-What-You-Need-To-Do-Better rant. We will lay out what needs to be accomplished at each stage of the sales funnel and offer actionable insights for marketing and sales to work collaboratively on content development, defining the target market, refining prospect lists and generating engagement.

Smart sales is an ‘and’ not an ‘or.’ Focus on opportunities to capitalize on social networks’ unprecedented data, reach, and resonance within each stage of the sales process.

Register now and walk away with sales tips that have a material impact on your Q4 and 2014 results.

Register

The Art of Entrepreneurship0

entr 2014

The good folks at The Art Of are presenting another exciting conference in Toronto:

The Art of Entrepreneurship

Featuring a group of dynamic entrepreneurs sharing ideas leading edge strategies to help current and future entrepreneurs. Whether you are an entrepreneurs, thinking about becoming one, or want to add an entrepreneurial flair to your current career, this is the event for you.

Learn From:

  • Alexis Ohanian – Co-Founder of reddit
  • Eric Ryan – Co-Founder, Method
  • Chris Guillebeau – New York Times Bestselling Author
  • Debbie Travis – Design Superstar and Entrepreneur
  • Gary Vaynerchuk – Co-Founder & CEO of VaynerMedia

THE OFFER
As a subscriber, you can attend this even and save up to $100.00. Enter this special code when registering: SB32 and you will save $50.00. Save an additional $50.00 when you buy two passes or more.

WHAT TO EXPECT
This one day conference features a collection of internationally renowned bestselling authors, thought leaders and entrepreneurs, who will share an exciting blend of cutting edge thinking and real world experience on today’s most critical business issues. You’ll have countless opportunities to meet, network and learn with some of the brightest entrepreneurial minds that are all focused on business growth.

WHY ATTEND
The Art of Entrepreneurship is designed specifically for entrepreneurs and business leaders who want to achieve significant growth within their organization. This conference brings together a dynamic collection of the most sought after speakers of our time. You will discover bold ideas, fresh thought processes, and proven strategies that you can put into action immediately. Don’t miss out on your chance to gain a competitive advantage and network with over 1,300 of Canada’s most influential

See you there!

The Labour Of Sales1

By Tibor Shanto - tibor.shanto@sellbetter.ca 

Labour Day 2

Being that it is Labour Day both in the USA and Canada, the last long weekend of the summer, I thought I would keep things simple, and to one point. A simple but important point for those not in sales to understand, and those in sales to revel in.

On Friday I heard a radio ad from a labour union wishing everyone a happy Labour Day, then they went on to remind everyone of all the things they would be without if not for labourers and more specifically labour unions.

So I am here to remind them that none of that would be possible if not for the labour of sales people. Nothing happens until there is a sale. It is sales people that first sell the hammer and then sell the sickle. It is the sales person in every entrepreneur that sells their passion and idea to investors and the world.

If you are not a labourer, you still owe your fortunes to a sales type, don’t kid yourself. How many great ideas didn’t make it out of the garage because there was no sales power; how much crap has added to the wealth of capitalism all because there was a savvy sales person behind it.

So before you pat yourself on the back for your accomplishment, first find a sales person to thank for making it happen.

Happy Labour Day, and ya, You’re Welcome!

What’s in Your Pipeline?
Tibor Shanto 

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