3 Reasons Why Objections are Not a Bad Thing3

By Tibor Shanto - tibor.shanto@sellbetter.ca

No sales keys

Most sales people think about objections as being a bad thing, a lot of sales people and worse leaders, get really uptight when it comes to objections. Often before we have even began to define parameters with stakeholders, they’ll say “Oh, and we need an Objection Handling session”, they want to take a tennis approach to managing objections, prospect “throws” out an objection, and they want to hit it back to them. But objections are really not a bad thing, not always convenient or easy to manage, but they are not a bad thing.

Here are three specific reasons why objections are not always a bad thing (no specific order):

  • Indicate engagement
  • Allow you to introduce more value/information/facts without pitching
  • Allow you to qualify – disqualify buyers

The goal here is not to specifically give you techniques, but more to get you to relax a bit and see how objections are good for you, your sales, humanity, and global warming.

Keep in mind that for the most part objections come up in two ways, when you are trying to engage or prospect them, (we did a six part series on this, you can find Part I here). The second is when you are trying to gain agreement, either during the sales on specific points that will move things forward, including simple Next Steps, or at the end when you are trying to complete the sale. In either case, what follows will help you put things in a different perspective and let you use the objective to improve your selling, as a whole, and in specific deals.

Indicates Engagement – Even though some objections during the prospecting phase are knee jerk on the part of the buyer, the fact that they “are responding” allows you if prepared, to deal with that objection and segue to a conversation, key is being prepared. As you get into the sale, the objections will be more specific, a direct reflection of what the buyer is thinking, and how they are interpreting what you are saying, and if they are not clear, an opportunity to correct course. Even towards the end, with the lowest form of objection, the price objection, it is an indication that they are involved, capitalize on it.

Allow you to introduce more information/facts/value without pitching – Every time they object, they are in effect asking a question of for clarification, what a bonus. You can get a sense where their thinking is at, introduce additional elements. You can usually go deeper, and more importantly ask for more clarification on the part of the prospect. “Help me understand what you mean by…” Many objections are really questions, or the buyer evaluating things and they vocalize them, it is my chance to recalibrate, add useful value elements, align with the buyer, and move forward.

Allow you to qualify – disqualify buyers – Sellers are always looking to qualify buyers, well their objections are a good qualifier, and as I have argued in the past, if your qualified prospect to closed ration is less than 50%, your time is probably better spent disqualifying those that you know will not close based on experience, which will leave you with more “qualified” buyers. Objections are a great way to disqualify, if you cannot manage and move beyond, you need to accept that it is time to move on, rather than play objection tennis, where you always lose. The big thing is that every time you disqualify a prospect, you have to replace them with a new one. Which is why some sales people would rather pretended they doing productive things by dealing with insurmountable objections, than doing some prospecting.

How you deal with objections is a different post, and there others out there with some great ways. But first you need to deal with how you view objections to begin with.

What’s in Your Pipeline?
Tibor Shanto 

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What’s Your Favourite Hyphenated Selling – Sales eXecution 2460

By Tibor Shanto - tibor.shanto@sellbetter.ca

un hy selling

Several pundits have presented the argument that we are all sellers and we are always selling, no surprise, selling is part of life and the human experience, right from the guy selling fragments of the big bang, or the serpent selling Eve the apple. As a result, just like people, sales comes in different ways, shapes, approaches, techniques, etc.

This brings with it a host of labels and subsets of sales selling. What I call the hyphenated sale. You’ve seen this and will continue to see it throughout sales. Different labels/qualifiers placed on sales, some times to better frame the technique, sometimes because it pertains to a very specific part of the sale, other times the name of the person who “created” (ya right) that type of selling, other times just to be catchy.

There are times when it is nothing more than a marketing label. Let’s face it, we are a target for someone’s product, someone trying to sell a product to us, a course, an app, an assessment, so slap a label on it and start sell it. Other times there are movements that want to adopt a particular sticky tag as a means of finding a readymade audience, or as a means of siphoning off their competitors. If there are a group of people who are terrified and terrible at old calling, what better way to attract them than to adopt the label of no more cold calling, whether it works or not is secondary, what great branding. Sometimes the branding evolves, Sales 2.0 was the rage a while back, till all the various flavours realised there was more to be sold by going Social Selling.

So what I am asking for today, is your list of hyphenated sales, you don’t have to follow the methods, or be a proponent, or you could in fact be it’s biggest groupie, not the point here, all I am asking for is a list of hyphenated or branded sales you are aware of. Here I’ll get you started:

Solution Selling
Impact selling
Sugar-free Selling
Kosher Selling
Consultative Selling
Trigger Event Selling
Interactive Selling
Social Selling

Go for it, have some fun with it, let’s see what we come up with.

What’s in Your Pipeline?
Tibor Shanto 

Game the Plan – With Chris Cabrera0

By Tibor Shanto - tibor.shanto@sellbetter.ca

Game the plan

Almost everyone in sales will tell you that incentives drive behaviour, but beyond that there is often little agreement among the pundits as to what the right incentive plan is. Some see it as a black art, while others, usually sales people, see it as something to manipulate, hence the expression ‘gaming the plan’. But ask Christopher Cabrera, founder, president and CEO of Xactly Corporation, who has a different view, and believes that front line reps and CFOs do not need to be at odds when it comes to incentives. In fact, Cabrera literally wrote the book on incentives, “Game the Plan: Every Sales Rep’s Dream; Every CFO’s Nightmare”, which suggests that when it’s done right, reps can and should game and maximize the plan, and everyone wins.

I had the opportunity to discuss incentives and the book with Cabrera, and ask him some questions many of my clients ask when it comes to their challenges around incentives and driving behaviour that leads to everyone’s success, buyer, seller, and company.

One aspect of the incentive where the pendulum of opinion swings back and forth is between simplicity and complexity of a plan. While some try to engineer things down to the minute detail, others, look to perhaps over simplify by offering 100% commission based pay. As you would suspect, the reality is somewhere in between. Cabrera’s view is that 100% is not the most effective, but over engineering a plan has faults as well. He suggests that structure is much more important than the specifics. What “counts is the number of measures; there is a strong correlation between the number of measures and a successful plan.” Measures being the elements being paid on, Cabrera suggests that optimal number is three measures being incented. As you exceed that number, you lose focus and therefore the effectiveness of the plan.

Another factor was the number of people being paid on any given deal, an extreme example Cabrera gave was a company that had over a hundred people on any given deal. He suggest that the right number of people is five.

Cabrera is also a proponent of paying different rates on different products. While paying on net revenue is a start, companies should also incent higher margin products at a higher rate, thereby driving sales and higher profits. He also discussed that managing activity is the role of management not the incentive plan.

Another area of discussion was the use of SPIFFs (Sales Promotion Incentive Fund). Cabrera explained that while this was an effective practice, companies need to keep them fresh and not overuse them. “Keep them guessing by changing the annual cadence, if they know it is coming and when, it loses the desired effect.” He also recommends that they not be overused, three times a year, and at different times, for different element. Tying them to quarter end each time really misses the mark.

The thing that gives the book teeth and makes it a must read for sales leaders and sales people is not only Cabrera’s own extensive experience in the field of sales incentive and incentive management. But more importantly, the volume of data that is available to him as a result of the work Xactly does. The ability to leverage the empirical, anecdotal and other elements give Cabrera, the book, and by extension the reader, an unparalleled level of insight into incentives, and doing it right.

What’s in Your Pipeline?
Tibor Shanto 

I Made a Sales Mistakes, Have You? And then What…?0

By Tibor Shanto - tibor.shanto@sellbetter.ca

Mistake

Seems it is a week of posts about sales mistakes, Monday I discussed a mistake made by a company trying to sell to me. Today, it is one of my mistakes that takes centre stage.

We all make mistakes, it is a trait of being human. The real opportunity is in how you deal with mistakes you make. The fellow I discussed Monday choose not to do anything about his, below is an example of a recent one I made, and how I dealt with it. What was a sales mistake you made in the course of selling and what did you do about it?

Last week I made a fatal, or near fatal error. I had sent a prospecting note to senior executive, and I let the auto-correct get the better of me, as a result I got the individual’s name wrong, interestingly enough their name is a common vocation, and I allowed the phone to replace it with another common vocation starting with the same letter. Not excusable, I should have caught it, I messed up with a capital F. With a name like Tibor, you can imagine I get my name rearranged on a regular basis.

The individual in question wrote back chastising me for the error, pointing out getting the name right was Sales 101. I don’t blame them for doing so, but it occurred to me that my mistake was not related to Sales 101 at all.

Sales 101 in my experience relates to actually acting, as in the act of proactive prospecting, acting on an idea, or acting in a way that gets the results you set out to get.

On a daily basis I hear sales people say they can’t do this, or can’t do that; I sometimes get the sense that what they are really saying is wont. I also hear that they find it difficult to get in front of their prospect, they can’t write to senior executive, “e-mail don’t get a response, they are never opened.”

Well clearly the one I sent was opened, otherwise my mistake would not have gone unseen, the technique works, one point for me, let’s keep using it. The goal of having a call was not eliminated, and whatever the ultimate outcome, their response allowed me to address my mistake. I apologised directly for my error, no excuses, humanize the process, and continue on. A case of taking lemons and making lemonade, I’ll let you know whether my intended prospect adds some sweetener, I suspect not, but I did my part.

My Question To You:

What was a sales mistake you made that you had a chance to deal with in a positive way, and snatch success where others may not have? Leave a comment below, or send a tweet to @TiborShanto.

What’s in Your Pipeline?
Tibor Shanto 

Inbound, Outbound and now Nowhere Bound – Sales eXecution 2410

By Tibor Shanto - tibor.shanto@sellbetter.ca

OOOPs

I have recently become a victim of some bad, no absolutely terrible, attempts at prospecting by people who bring little to their chosen profession, sales. But while it may be easy to blame the reps alone, their companies need to share in the blame and shame. Last week I was so pissed, I had to pick up the phone and call the rep and the company directly. Not surprisingly they did not understand what I saw them doing wrong.

To begin with, I or anyone in my company, has no absolute need for their “solution”. Yet another example of “solution selling” gone bad, unleashing a rep who runs around the country side looking for a problem. So why they would have wasted time and energy pursuing me is beyond me, but they did, and here is how it unfolded.

Last month I got an e-mail, presented in “very familiar” way, and it started this way:

Tibor,
Happy New Year!
I wanted to follow up to determine an appropriate time to….

I speak to a lot of people, did not recognize the name of the rep or the company, maybe this was due to the excesses of the holidays. So I did a quick search through my e-mails, sales software, LinkedIn, but nothing. I looked at the company page, not anyone I had prospected, nor were they at the top of my hit parade. Not wanting to be rude, or miss an opportunity, I sent them a note, asking what it was he was looking to “follow up to?” as I had no recollection of prior contact. No response, not a peep, and I promptly forgot about him, his note and his company.

Four weeks less a day later, another note:

Hi Tibor,

As a follow up to our last touch point, I wanted to see if now is perhaps a better time to briefly discuss….

He’s got balls, I’ll give him that, not much integrity or ethics, and I say this as someone who has proclaimed to know where the line is, happy to step close to it, but never cross it. He clearly had no issues in crossing it.

I called him up, introduced myself, not saying what I do for a living, just enquiring what we were following up to, as per my earlier note. He told me that they do it all the time, and he further defended it by saying that this is done all the time. I suppose that’s true, and everyday people get swindled in a number of ways, does that mean you have to do that too.

I am sure this kind of net cast every day, and I am sure the catch is healthy, otherwise they would make the effort to sell ethically. But I have to believe that if they did put the effort in, and assuming that their product has some merit, they would do much better than misleading potential prospects, and relying on those with bad memories. And while the debate over the pros/cons and merits of inbound vs. outbound will continue, and will the results of both, I hope we can all agree that this type of prospecting is truly nowhere bound.

What’s in Your Pipeline?
Tibor Shanto  

Using Content Marketing to Drive Sales1

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The Pipeline Guest Post - Megan Totka 

Using content marketing to drive sales will certainly only continue to grow exponentially in 2014. Nearly every company, small or large, will use this tactic to increase their sales.

If you look back on content marketing, you’ll come across examples that predate the Internet. Content marketing is certainly not a new strategy, but it is one that has been made easier by technology. Several hundred years ago, content marketing was possible, but it was certainly a little tougher to get your sales message out there. A few of the examples offered were John Deere, who published a magazine offering farming tips, and the Jell-O company, who distributed free cookbooks full of recipes using their product. Both companies have obviously done quite well for themselves.

So what should you do to effectively use content marketing to drive sales in 2014? Here are a few things to consider:

Visual content – infographics, which gained lots of popularity in 2013, will continue to be on the rise in 2014. People love getting their information in a visual manner – less reading, more colors. Infographics were used by 51% of B2B content marketers in 2013.

In-person events still rule – a survey of B2B marketers showed that people still think that in-person events are the most effective way to market and sell to potential customers. While most of the time, the Internet is king, in person marketing is still very much an effective strategy.

Strategy vs. no strategy – while we can argue that anyone who is involved in marketing has needed to devise a strategy, not everyone actually records a concrete marketing plan to follow. However, the same survey as mentioned above shows that companies who have a documented content strategy think that they are successful about 66 percent of the time, compared to companies that don’t have a recorded strategy thinking that they are successful only 11 percent.

Content marketing still poses some challenges – the B2B marketing group reported that there are definitely still some challenges to be overcome when it comes to content marketing. Some of the top concerns are not having enough time to produce quality content, a budget shortfall, and a lack of vision.

We all know that sales and marketing need a delicate balance in order to work well without overwhelming your customers. Content marketing is a way to build your brand while offering useful information at the same time.

(Photo Source)

About Megan Totka

Megan Totka is the Chief Editor for ChamberofCommerce.com. She specializes on the topic of small business tips and resources. ChamberofCommerce.com helps small businesses grow their business on the web and facilitates connectivity between local businesses and more than 7,000 Chambers of Commerce worldwide.

3 Ways to Minimize or Marginalize Objections – Sales eXecution 2402

By Tibor Shanto - tibor.shanto@sellbetter.ca

bad phone day

If you read this blog regularly, you know that I have pointed out that salespeople and sales organizations spend too much time and energy trying to avoid objections, when they should be spending time on learning to deal with them, redirect and leverage them to move the sale forward. Here are three things you can do at the outset of the call that will make objections more manageable.

1.  Framing The Conversation – How you frame a question will have a direct impact on the type of response you get. At times it is simple semantics, other time it is where you can get the recipient of a call to focus. When you ask me about a specific, I will answer that specific. This is where many get in trouble, often led astray by pundits who’ve told them to focus on pain, needs or solutions. If you ask me about a need I do not have or perceive at the time, you are inviting me say no, even when I could use your product had you asked me differently.

Ask me about specific objectives someone in my role and type of company have, and it would lead to conversation. Your product could in fact move me towards achieving the objective, even when my perception of needs are different. There are things all business people want to achieve in areas where they are not feeling pain.

While I may still object, it will be in context of something I am interested in discussing, not in context of a pain or need I do not have, or at best not acknowledge.

2.  Take It Away In The Introduction – I was working with a group of salespeople with a well know international band, they were targeting small local companies. A big sticking point was when the prospects said “oh we’re too small”. Conversations always went sideways, having to defend misconception around cost, complexity, and more. So I had them include the following in their introduction “I am the small company specialist”. This did not eliminate the usual objections, but it marginalized a big hurdle, and allowed the conversation to move past it easily, and allow it to unfold in more familiar ground.

3.  Lead With Positive Measurable – In point number one above, I asked you to align your talk track with their objectives, not perceived pains. If for whatever reason you are not sure what those may be, there is a plan B. Highlight, clearly and strongly, a specific and measurable outcome, making that the focus of your talk track, not a product or “solution”. “I have helped (provide example) increase margins by 6%, – or – increase turnover by 8%”, etc. No guarantee that you will get engagement, but it will focus the conversation on positives, and limit the objections you will face.

Again, objections while prospecting are inevitable, no matter what some pundits will peddle, but you have the power to set things up in a way that allow you to manage and move past them to a real sales conversation.

What to be better at handling objection, download our Objection Handling Handbook.

What’s in Your Pipeline?
Tibor Shanto 

Can You Sell Your Competitor’s Product?0

By Tibor Shanto - tibor.shanto@sellbetter.ca

Compete

Given today’s buying climate, chances are your buyer is talking to a range of potential providers, usually after having carried out some “independent” research. I say “independent” because one is susceptible to the echo chamber group think risk presented in an information overload, knowledge under-load world. For many companies, this is only made worse by the “be found” silliness being peddled by many pundits their sales people are being enticed by. In the past I have written about the power of “Land Mine Questions”, but if you are looking to win more sales this year, you need to go further.

One way to ensure that you are covering all angels to help your buyer make the right choice – you, is to be able to not only view the world through the buyer’s eyes, but also through the eyes of your competitors. While many sales people are familiar with their competitor’s product, strengths and Achilles Heel, great sales people go further to the point where they could sell the competitor’s product, better than the competitor rep can.

I was talking to an IT rep last week who is big on visualizing. He, like many I know, use a practice I use and recommend, which to visualize a sales meeting the day before, go through how you will open, If you know the people, visualize them sitting in the board room. Go through all the questions they may have, and think about how you may answer; picture yourself asking what you want to know, and go through the various answers they may give. Do the same for objections, what will they be, hear how you would answer them; all this allows you to not hear most things the first time during the actual meeting.

I suggested to him that he can take things one step further, by running through a meeting as though he was selling his competitor’s product, how would it be different, where would he feel exposed vs. the other vendor, what are strengths he can exploit. He asked if we could practice that, which we did the next day, his task overnight was to get into the head of is competitor. He jumped on the phone, and called their call centre, he asked them all the questions he hated, to see how they would respond. He then went on to ask questions around where he felt his product was a clear leader, to see how they managed things, and did so around a number of areas.

When we meet the next day, he not only felt that he was in a better position to accentuate his offering’s strength, but felt that he was equipped well enough to sell the other product, which helped him set a flow that would continue to differentiate and elevate his product over the other. As we rehearsed, we also made sure that he aligned the talk track to the buyer’s objectives, giving him the further ability to ensure that the buyer would see his product in a better light given their own objectives, more so than just on the basis of the products.

We’ll know next week how well he did. He felt his meeting went well, and if he does close the deal, it will put him a head of goal for the quarter, now, and ahead of the competition for some time to come.

What’s in Your Pipeline?
Tibor Shanto 

Customers, Employees and Influencers as High Performing Sales and Marketing Channels1

Beedon Headshot

The Pipeline Guest Post – Dick Beedon

Although brand advocacy has always been important, it is critical today. The path to purchase has changed forever. Because there is so much data available, and because communication is so easy, today’s buyer almost always seeks advice from a trusted friend or consumer source before making a purchase. Brands are now starting to realize that what others say and write about them defines who they are.

Smart brands know they must build strategies and systems to generate, track and manage brand advocacy. They know they must encourage and enable the people that know and trust them – their customers, employees and 3rd party influencers – to advocate on behalf of the brand.

And it works. By encouraging and empowering these customers, employees and influencers, they will drive peer-to-peer referrals, forward content, share information about new products and promotions, and write testimonials. And they can do it at scale and more efficiently than traditional channels.

The Benefits of New Channels are Compelling (examples)

  1. They Build Brand Awareness – when a customer shares something about the brand with a friend, there is no better way of building the brand.
  2. They Generate Leads – those friends that respond and go to the brand for more information become the best leads a brand can get. There are few people on earth who will argue that leads generated from referrals are the best leads. 
  3. They Drive New Customer Acquisition – Leads from referrals close faster, they buy more and they stay longer. 

Other reasons customers, employees and influencers make good sales and marketing channels;

1.  Identify Brand Advocates and Build a Rich “Social” Data Set

Brand Advocates are identified when they register for or engage with your programs. By using technology systems, brands know who “opts-in” and advocates, how often they do it, what their sharing preferences are and how big their network is. We learn who they know and how influential they are. Brands are able to now get a deeper 360 view of their customer’s network value.

2. You’ll Know when Potential Customers are “In-Market”
Social channels provide insights and information not previously available. At the most basic level, social channels extend a brand’s sales force (with zero overhead) and they solve one of the biggest challenges brand’s face: knowing when a potential buyer is in-market. Only your current customers know when the people they know are ready to buy.
3. The cost of acquisition is lower.
This channel is always on and continually active – making referrals, amplifying products and promotions, and posting positive information about your brand. Brand advocates do this for a brand because they trust the brand and they want do it. Therefore, the time and cost invested into this channel is significantly less than other channels.
4. New customers that are referred by someone in your Social Channel are Valuable.
Research has consistently shown that consumers who convert as a result of a referral from a friend, are more loyal to a brand, spend more and stay longer.

Who are your Potential Channels and how Well can they Perform?

Customers, partners and employees are the fastest growing sales and marketing channel today. By utilizing the latest in social marketing software and technology, business leaders can mobilize these social relationships to generate new customers, and they can track and manage social behavior that is critical to the success of their company.

Customers recommend your products because they have first-hand, positive experience with them.

Today’s truly successful companies understand the importance of leveraging their customers into sales and marketing channels that drive corporate productivity. Creating and cultivating a large group of advocates can: pay huge dividends in the growth of your brand, increase subscribers, and boost profits. The financial investment to create this channel is minimal when you compare it to the long-term payoff for the brand.

About Richard Beedon

Richard Beedon is a founder and CEO of Amplifinity.  Beedon has led the acquisition of both Entyre Doc Prep (by Wolters Kluwer) and University Netcasting, who merged with Student Advantage (now collegesports.com) and was acquired by CBS. Dick’s thought leadership and early adaption of SaaS based technologies that allow brands to manage advocacy marketing has been instrumental in the success and growth of Amplifinity.

Webinar: Time – Prospecting And Getting the Jump on Both!0

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On Tuesday February 4, I will be presenting a webinar Along with the good folks at eGrabber – “Time – Prospecting – And Getting the Jump On Both” I’ll be talking to the importance of sourcing the right leads, information about the individual and their companies, and securing the right and accurate contact information so you can engage with the right person for the right conversation.

There are a lot of critical steps to engaging new B2B customers. Two of the most common challenges is finding the right target, and then engaging with them. Every day I meet sales people challenged by finding the right contact, their contact info and related information. Even if you use LinkedIn or other tools, you need to be able to connect directly.

This webinar we will introduce tools & techniques on how to find contact information for people you don’t yet know, and then how to engage with them:

1. Find missing Email & Phone# for any social profile.
2. Find Director, VP and C-Level, decision makers in any company.
3. Build a highly targeted B2B prospect list with business e-mail and phone#.
4. Do Pre-call Research, Get Insightful Prospect Information.

Click here to register

We’ll be looking at the combination of cutting edge tools available from eGrabber to help you make prospecting more time efficient and productive. Time is the only unrenewable resource you have, the better you use it the more success you will have. Improve your rate of connecting with the right decision makers, and you will increase prospects, sales and profits. We will be sharing best practices and everyday techniques for improved prospecting.

Click here to register

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