Welcome to The Pipeline.

THANK YOU!15

Thank you lad

 

 

 THANK YOU!

 

The People Have Voted

48.4%

Number One

 

Wow 48.4% of the 2,985 votes cast, 1,445 votes cast for my article “How to shorten your sales cycle” in annual run off for the article of the year at Top 10 sales Articles.  That was 16.7% ahead of the article with the second most votes, and a full 40% ahead of the article with the third most votes.  Wow! Thank you!

I want to THANK everybody who not only voted for me, but took the extra step of getting out the vote from their network of contacts. People from Australia to Israel, India to Spain, UK to USA, and coast to coast in Canada, all these great readers took time and effort to show their support.  All I can say is Thank You, Thank You!   Hope to continue to meet your expectations.

I addition I was also informed that my article “Quantify – Don’t Qualify” was the second most read article in 2009 at Salesopedia.com.   It had 2,662 read as of yesterday morning since it appeared in April this year.  By the way at the same site where “How to shorten your sales cycle” has been read over 6,150 times since it appeared there in April 2008.

So thank you again for your support here at The Pipeline, and at Salesopedia.com.

Keep Reading
Tibor Shanto

STOP RIGHT NOW!14

Late again

This time of year everybody asks “what will you do to…..?”  The question usually ends with something like:

Lose weight in 2010
Be a better parent 2010
Make money in 2010
Stop global warming in 2010
Heat things up in 2010

And if you are in sales or the sales advisory business:

To improve you sales (or selling) in 2010

Well the reality is that for most sales people “doing” is not necessarily the best course of action, as they seem to be doing all together too much, which often prevents them from doing the right things in the right proportions.  If they stopped doing some of the unnecessary and unproductive things they do, they could free up bandwidth, energy and creative justices to actually do the right things.

So the question we have for you is – WHAT WILL YOU STOP DOING RIGHT NOW TO BETTER SUCCEED IN 2010?

Leave your answers as a comment below, and on or about January 4, (just a few days after you’ve stopped doing it), we will award a small prize to the winner, as well as a free consultation to help them better allocate their time to the right activities.

What’s in Your Pipeline?
Tibor Shanto

A Random Walk Up Sales Street – 2611

ARWUSS

Is The Customer Always Right?

Last week I presented a Masterclass webinar for the Top Sales Experts titled “An Inconvenient Truce”, dealing with the need to combine and use the best of Sales 2.0 and traditional selling.  During the webinar I was asked the following question:

“When it comes to Social Media and Sales 2.0 – is it not the case that we have to sell to our customers as they wish to be sold to? Isn’t it arrogant of us to make that decision for them?”

My brief answer was basically that this was not necessarily accurate, that it is a relationship among peers, and as such both the buyer and the seller need to be accommodated.  Having had a few days to think about it I would like to add a few things.

To expand on something I said then, as a professional sales person (as opposed to order taker), we are not only experts in sales but also experts in the field our product plays in.  The truly professional wireless sales person know as much if not more than most buyers of the service, be they IT or business buyers.  The same is true for a logistics/supply chain provider, they know more about trends, developments and opportunities in improving the movement of goods than most people buying their services.

I want to be clear, I am not saying better, but we are experts.  We are witnesses to best and worst practices and as such an invaluable resource for those trying to make a quality decision for their companies.  Conscientious buyers are actively seeking people with expertise of the level of top sales people.  Top sales professionals bring more knowledge and expertise to a given situation than many consultants; I am always reminded of the UPS commercial where two consultants had to admit their in ability to execute or go beyond advice.  Many of my customers rely on my expertise, opinion and direction long after there is a transaction involved, and I am happy to provide it.

As long as a buyer remembers that they are dealing with someone who is ultimately paid for selling, they can really benefit from the wisdom of top sales people.  Usually one of the things that make them tops in their field is that they are not mercenaries, but professionals delivering full value to their customers and employers; and buyers deserve to deal with experts.

So I don’t think you have to sell to “customers as they wish to be sold to.” Nor do I think it is “arrogant” to help the customer come to a decision in ways over and above they initially conceived, as long as sales people we keep mutual value the centre piece of the interaction. 

What do you think, how would you answer the question posed?

Tibor Shanto
What’s in Your Pipeline?

The 8% Solution – Part Two17

Today I am pleased to have as a guest author, Trish Bertuzzi, Founder, President and Lead Strategist at The Bridge Group, Inc., you can follow Trish on Twitter @bridgegroupinc, and LinkedIn.

 

 

 

Earlier this week Tibor Shanto wrote a great piece for our blog. The net/net was that a focused effort around increasing productivity could save a significant investment in headcount.  I would like to expand on his thought process but to start; here is the excerpt that sets the stage…

A few years back, in a piece in the Harvard Business Review, it was stated that an 8% improvement in the productivity of your existing sales team will result in the same sales growth as if you were to add 27% more reps.  I am sure the numbers may have changed a in the three years since it was published, the underlying reality has not.  In fact what has changed is the ability of organizations and managers to add headcount, in the post-Lehman Brothers-era, cost restraint is the overriding mantra.  So with the added stress and demands on the average sales rep and team, the question becomes how to achieve this productivity without distracting the team or breaking the camel’s back.

So, here are 8 things that sales executives can do to ensure that they get that 8% uplift:

1. Look at your go-to-market strategy, look at it again then look at it one more time.  If you have implemented the same strategy in the last three companies you have worked for, you might want to take some time to lift up your head and check out what has changed.  LOTS has and you want to be sure you are pushing the edge of the envelope with your sales and marketing strategy.

2. Get creative with the roles and responsibilities of your team.  Just because you have 8 field or inside sales reps it doesn’t mean they all have to do the same job.  Figure out what your market dictates and how you can best serve your buyers then build your implementation around their requirements.  Those who focus are those who win so focus your resources where they will have the most impact.

3. Bond with marketing.  Marketing is the new black.  There has never been a better time to be a marketing executive then now…oh wait…maybe in the days of the internet bubble when the fish jumped into the boat but other than that…now is good!  Marketing is smarter, more communicative and better armed with knowledge and technology than ever before.  Make your marketing executive your “work husband/wife” and spend as much time with them as you do with your team.  It will pay off!

4. Pay attention to what is important and not just what is urgent.  You got the job because you are smart, know the market and can sell the heck out of the product.  Share your knowledge!  Don’t be holed up in your office pushing metrics around for your next board meeting…get out there and coach your team.  If you have not walked in their shoes lately then you can’t bitch about how fast they walk.

5. Invest in technology intelligently.  Technology will not solve your problems…only a great process that is executed flawlessly can solve your problems so before you buy that next shiny new thing make sure you have defined, documented and communicated your sales process.  Then after you have done that, make sure that the technology you already have is being used to its utmost capability, then after you have done that…okay you can look at the shiny new thing now.

6. Do a better job at hiring.  Is your hiring process impeccable?  Would you consider your hiring process a science or an art?  Do you keep hiring people that you “feel good” about and then get frustrated when they don’t perform?  Hiring is the most important thing you can do…where does it fall on your priority list?  Is it a burden or a joy?  The answer to that question tells the tale.

7. Invest in success.  Okay so you hired great people.  Don’t assume they can figure out how to be successful.  Every driver needs a roadmap when they begin a new trip so give your team a roadmap.  Look at your existing sales tools and on a scale of 1 to 10 rate them.  If you are a 7 or below…invest!  Do you know how much time is wasted with reps creating their own tools?  A lot!  Give them what they need and they will sell more for you.

8. Ask and ye shall receive.  Don’t be afraid to ask your team what they need to be more productive.  They know and they will tell you.  Don’t pay attention to the one off things they ask for but do pay attention when you see consistency.  If they need tools, give them tools.  If they need training, get them training.  Don’t be the roadblock to productivity…be the road to success!

So get out there and achieve your 8% uptick in productivity.  You can do it!

The 8% Solution10

iStock_000003381132XSmall

Coming up to the New Year there are a couple of things you can count on as sales people, one of which is that you quota will rise.  That’s not bad, it is just a fact, so the question becomes what can you do, now, to ensure that you can deliver.  The question comes down to how you can become more effective in what you do in the process of becoming more productive.

To help you and your team achieve this we have brought together three sales specialists to share specific things you can do going into 2010 to get and stay ahead of the curve.  Over the next three days we will present three posts focused on things that impact how you sell, and how sales managers can help their teams succeed.

In addition to my post, you will also have the opportunity to get input from:

Trish Bertuzzi – Founder, President and Lead Strategist, of The Bridge Group, Inc. – Inside Sales Consulting.

Steven Rosen, MBA – Founder of STAR Results

 ______________________________________________________

A few years back, in a piece in the Harvard Business Review, it was stated that an 8% improvement in the productivity of your existing sales team will result in the same sales growth as if you were to add 27% more reps.  I am sure the numbers may have changed in the three years since it was published, the underlying reality has not.  In fact what has changed is the ability of organizations and managers to add headcount, in the post-Lehman Brothers-era, cost restraint is the overriding mantra.  So with the added stress and demands on the average sales rep and team, the question becomes how to achieve this productivity without distracting the team or breaking the camel’s back.

To me if you have to focus on only thing it would be time allocation to improve sales velocity.  If you can focus your resources on better opportunities, you will not only move them through the process quicker, but create a way to not deal with opportunities that either will never happen or whose time has yet to come.  If you can allocate your time to those activities that have the highest RPA Return Per Activity, while developing the discipline to only execute those activities that move a sale forward, than you will increase productivity and sales closed.

To achieve this you will need to understand two key things:

1. What activities you should allocate time for and in what proportion?
2. What does the right prospect look like?

While number one is the more important, you really can’t deal with it until you answer number two.  The good news is that it is not as hard as it may first sound; it is laborious and dry work at times, but once you have the basic template, it is easy to update and will pay ongoing dividends. Go back and look at all the deals you have won over the last 18 months, and see what are the most common attributes shared by these.  Don’t just do it on an account basis, that is what these companies have in common, but also on a deal basis.  How did the deal unfold, number of meetings, people involved, roadblocks, accelerators, language, bet right down to cellular level.  Why did they engage with you in the first place, did they engage right away, or did you have to nurture them for a while; if yes then how long, what did they respond to, what were they hoping to accomplish, why did they not engage right away.  As a rule, if you are not the number one sales person in your company, you want to spend time looking at the above factors for the best rep at your company, really park your ego and make some money.

Do the same for deals you lost or did not happen, look at the ones you lost early, half way through your predictable cycle (you’ll know what your cycle is from doing the above), at the end of the cycle.  Again, how did you engage, were they in your lead pipe (different than your prospect pipe which active opportunities) too long or not long enough? 

Once you have done this, you will have two profiles, ones that you want to pursue vigorously, and those you want to avoid like Tiger does the media.  In some ways the economic climate over the last 12 – 18 months provides a good time to do this exercise, as you can truly see who clearly fits in to each group.

Now you can focus on who and how to best engage with the type opportunities that will help you work with people who will act like your successful deals.  When you engage with these people they will move more predictably, not always faster.  Remember that velocity involves both speed and direction.  There is an optimal speed, and when you reach it, it is not a good use of resources to keep pushing.  Where you can add to velocity and results is by fine tuning your direction, and when involved with the “right” prospect, their direction, after all you have the advantage of knowing because you did your work and went after them for a reason.

While it may be obvious, it is worth pointing out that the biggest impediment to productivity is time and resources spent on prospects that will not close NOW, this is why we raised nurturing leads.  Some are not ready NOW, so let’s manage them, put them in the “leads funnel”, which should have rules and attribute like your sales funnel. 

Once you know who (specifically), and how, and how long, you can now allocate time to those activities that are necessary to consistently execute, and not allocate time to things that don’t lead to sales.

Eliminate waste; accentuate the right activities, easy 8% right there.

What’s in Your Pipeline?
Tibor Shanto

Lots Going On10

old watch

“An Inconvenient Truce”

You are all invited to join us for a FREE webinar this afternoon at 1:00 pm eastern, when the Top Sales Experts Masterclass series presents “An Inconvenient Truce”.  The webinar is a Tongue-in-cheek and irreverent look at how traditional sales techniques and Sales 2.0 tools can and should work together throughout the sales process rather than just fight for bragging rights in prospecting.

You still have time to register and join in, comment, socialize and maybe take something away in the process.

Sex, Leadership And Rock N’ Roll

We are also excited about the upcoming broadcast of a programme by our friend Peter Cook, author of Sex, Leadership And Rock N’ Roll: Leadership Lessons from the Academy of Rock.   The programme is part of BBC Radio 4 IN BUSINESS series.  It will broadcasts on Thursday 17th December, at 20.30 GMT, and again on Sunday December 20th 21.30 GMT then on the World Service about 8 times shortly after. 
If you are not in the UK, no worries, you can catch Peter’s broadcast at www.bbc.co.uk/radio4 and then follow the link to In Business.  This is something you don’t want to miss.

254

The monthly edition of The Pipeline is out today, and we look at how to best attack selling in 2010.  254 selling days, 2540 hours, how will you use that time?  What if each hour equalled $100, how would you invest $254,000 to earn maximum returns on your investment: Time – Activities – Sales?

Take a read, make a plan, execute!

Vote

Don’t forget to vote in the run off for the article of the year over at Top 10 Sales Articles.  My Article “How to shorten your Sales Cycle?” is in the running, and you can make a difference and vote over and over!

Thank you,

top 2009

Tibor Shanto
What’s in Your Pipeline?

 

A Random Walk Up Sales Street – 2520

ARWUSS

Who Is Prospect 2.0?

Last week I posted a question on a number of LinkedIn groups, asking what Sales 2.0 really was? Many of the answers were predictable, some fresh, some repackaging old concepts in current wrap. A lot of it was about the use of up to date technology and tools, Web 2.0, with a new view to sales. Again, when one uses new in the context of sales, one must remember that sales is the second oldest vocation on the planet; could be the first if you believe the bit about Adam, Eve and the serpent playing the role of the sales person, man did he have a value prop and ROI story, and he too was all about the relationship wasn’t he?

What many seem to have lost sight of in the whole thing was the prospect. It’s all well and good to have Web 2.0, Sales 2.0, even Buyer 2.0, the one thing that hasn’t changed is that you still need prospects, and we do not mean leads or targets, but prospects, willing and engaged prospects. Which brings us to the naïve assumption behind Sales 2.0 (S2.0), who is Prospect 2.0 (P2.0)?

I suppose if P2.0 does exist, they are a very small part of your market. Here is why. According to the pundits, at any given time 7% to 12% of you market is actively in play, actively engaged in the buying process, these would be the Buyer 2.0 we read about. Let’s saw that off at 10%, that means 90% of your market is removed from the market, some, probably 70%, far removed, classic status quo (SQ). The 20% is in the middle, thinking not acting, pipeline fodder if you will. Some S2.0 types also set out to or try to engage with this group.

So the S2.0 types do a lot to capture the attention of the 10% active buyers, and some of the 20% in the middle, but leave the other 70% to slowly simmer till they are ready to enter their SEO and S2.0 wonderland. That just doesn’t make sense to me.

As a professional sales person, I probably know more about what I sell than most of my customers. I don’t just mean product and the competition, but the over all process, potential impact; I am exposed to best and worst practices every day, allowing my prospects and clients to benefit from not just my knowledge, but as a conduit to trends in the market. Because of that knowledge, I also know how to engage with the 70% in the status quo, the ones who have not gone to their browser to do a search on what I sell.

They do not have Twitter account, tweeting and following every subject matter expert. They have not started a discussion in a LinkedIn group, and even if they did, consider this. The Document Imaging Group has just fewer than 3,500 members, half of whom are sales people or suppliers trying to engage with Buyer 2.0.  The reality for many of the 70% Status Quo types is that some hardly have enough time to have lunch. As a result many are off the S2.0 radar, but can still be approached and engaged with knowledge and expertise, the old fashion way, the Sales minus 1.0 way.

The net effect is that while there is a whole bunch Sales 2.0 type chasing a small piece of the market, we traditional knuckle draggers get to forage around in the deep end of the pool. Imagine the difference in the size of things; even if I only engage with 5% of the 70% Status Quo, I am still ahead. More importantly not under pressure because the prospect may have other social network suitors.

Now once you are engaged you certainly can, in fact should use Sales 2.0 tools to foster, nurture and move the sales process along.  Using Sales 2.0 to provide air cover in ensuring that you can continue to have mind share with the buyer and win the sale. Once they become your client you can use S2.0 tools to manage and guide the relationship.

But until Sales 2.0 can proactively reach out and engage with the Status Quo, it remains reactionary.  There is still something to be said for the traditional proactive approach, unless you like being in small crowded and noisy places.

If you would like to learn more about the how to use traditional and Sales 2.0 tools together for greater results, join me for a FREE webinar AN INCONVENIENT TRUCE tomorrow December 15 at 1:00 pm EasternRegister her.

Have you had success engaging with the cocooned status quo using Sales 2.0?

What’s in Your Pipeline?
Tibor Shanto

Asking For Your Vote and Support12

Article of the year

Vote For My Article As Article of The Year!

Back in September, with your vote and support, one of my articles was voted article of the month at Top 10 Sales Articles.  As a result that same article is now a finalist for article of the year, and again I am asking you to support me and democracy around the planet.  Being a true democrat, I encourage you to vote right away and vote often.  If there are those who would squander their vote and democratic duty, it is up to you to make up for it.  Tell your friends, neighbours, colleagues, golf pros and their mistresses, and show the world how the readers of The Pipeline execute when given the opportunity.

Again, here is where you can vote, do it now, and every morning between now and December 21.  Remember a vote for my article is a vote for sales freedom!

Tibor Shanto
What’s in Your Pipeline?

An Inconvenient Truce – Free Webinar11

MS Dec 15 xm

On TuesdayDecember 15– 1:00 pm Eastern, Tibor Shanto is presenting another in the series his Top Sales Experts Masterclasses of 2009, and you can be there, with my compliments.

An Inconvenient Truce

It is time to move the discussion beyond the current limits of the discussion around effective prospecting.  The debate of Sales (Web) 2.0 vs. Traditional prospecting, while hip and convenient, is narrow and pointless and detracts from the real issue, how can one best utilize both for the purpose of finding and engaging with more prospects.

Each works great, but in different segments in different ways.  Rather than figuring out which works best for you, just accept that they both work, and spend time figuring out how to leverage the best of each.  We will look at how the two need to coexist and how to use that coexistence to accelerate and amplify success in finding more opportunities.

As part of the discussion we will set some basic foundations; look at the hand-offs between sales and marketing; and some practical applications of cold calling and the air cover social media provides. There’ll be definitions, opinions and confusion. Best of all it is all Free!

Fear not this is not a call geeks, social network elites or knuckle dragging cold callers (damn it still works).  It is for those that are more concerned with executing sales and delivering results on a consistent basis.

Tibor Shanto is Principal of Renbor Sales Solutions and publishes the Blog and Monthly editions of The Pipeline, and is a Director and contributor to The Sales Bloggers Union.

Based in Toronto, Tibor works with leading B2B sales organization to improve their new business acquisition activities and results through a process and focus on execution.

Learn more about Tibor and Renbor Sales Solutions here.

Then you can accept my invitation to claim your FREE place for this clash of sales cultures event and register here - http://bit.ly/8O5QTF

Looking forward to having you all join in.

Tibor Shanto

Favourite Interview Question16

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Last week during the Changing the 80/20 rule series of postings, I mentioned that one set of questions I always asked prospective sales candidates revolved around the last sales book they may have read. Since then I have received several communications about people’s favourite interview questions.
 
Some were humorous, some were obvious, some were slick, but I doubt they were ever asked in an interview, they certainly can’t be republished here. One thing that became clear is that due to the nature of sales, it is difficult to know if there is a best question, or which it may be. This of course, as with most challenges in sales, makes for a great industry.

Some companies have adopted elaborate systems of facets, attributes, and characteristic studies, cross referenced with the job description to create interview guides that in the right hands make a great tool, and used the wrong way help little more than to cover the hiring manager’s rear.  Others “ask a bunch of product related questions, if they look good, and I have a good gut feel, I go for it.”

There are some interesting unique approaches, including one local firm, Hire Quality, which creates job simulations that allow employers to see candidates in action performing the critical tasks that drive job success. Simple but effective, see them in action, get beyond words. 

I have always liked the process of experiential questions, asking candidates specific questions as to how they have dealt with specific situations they are likely to face.  I ask them describe the situation, the challenge, how they dealt with it, and what they took away from the experience.  For example, “tell me about a time you had change a clients expectations based on project or product delays?”  A series of these types of questions will help you gauge the breadth and depth of their experience.  If they always go back to the same old same old, then you have a sense that they may have not had that much experience beyond the one they keep citing.  If they are able to give you a different sales experience for each question, you have a good indication that the have been in that situation before.  If they can intelligently talk about what they did and took away from each, you can move to the next step.

As with most systems and interview methodologies, they are not perfect, there are those that would tell you the best sales most sales people make is the one that got them the job, “it’s all down hill from there.”

So thanks for those who sent in some of their favourite interview questions.  Now I invite all of you to do the same, what is your favourite interview question?

Tibor Shanto
What’s in Your Pipeline?

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