Close-up Of Businessperson Holding Stopwatch With Stack Of Coins At Desk

Time – To Let Go0

By Tibor Shanto – tibor.shanto@sellbetter.ca 

Let’s be clear, no white flags here, just a reminder that the most crucial thing to control in a winning sales career is time. As I have stated here in the past, “leads are recyclable, time is not”, if what you are doing now is not moving the opportunity or sale forward, you need to ask if it is time to move on to something that will. In my experience, this is most pronounced during the early stages of the cycle, prospecting.

Given that most sales people do not like to prospect, they should be thinking about how to optimize the dreaded task, so they can engage better with more prospects, and move on to what they really seem to like, building relationships. To optimize prospecting time there a number of things they can do, we’ll look at two here.

First is their prep for the time they have set aside for prospecting, in this case telephone prospecting (one of a number of methods they should use). Your call lists should be grouped or clustered around specific themes. This can be vertical, geographical, target size/type, or even role based. This allows you to develop a single talk track that can be leveraged across a number of calls. Allow you to highlight outcomes that are common to that day’s list, 3rd party referrals for voice mail, and more. Rather than having gaps between calls, taking away from momentum, and drastically limiting the number of calls you can make in say an hour, you can make one call after the other, building momentum, increasing your confidence, and achieving more in a given period of time. It has been shown that when you are going back and forth between two tasks, making the call, and readying for the call, you end up executing both less effectively. At the same time if you can focus on a specific task, uninterrupted, for about 52 minutes, you build efficiency. Separate the tasks, do your background work in low energy times, and do your prospecting during peak Prime Time hours.

The other area is the length of the call. A good prospecting call, where the goal is to get the prospect to agree to a formal meeting, be that phone, web, or face to face, really should not take any more than two minutes, three out the outside. In most instances, anything longer than that moves into the “diminishing return” zone.

Assuming your intro and Engage Statement (think of it as an effective value statement), capped off with an Impact Question, takes us to about 45 seconds; their answer which tees up the request for the appointment takes us to the minute mark, and now comes the fun part the objections. Each objection given – and then taken away by you, is about 20 or so seconds, remember the goal here is engagement, not an intellectual exchange. If you have read the Objection Handling Handbook, you know the first objection is a conditioned response, and by the time you get to the third one, the fate of the call is usually sealed, at times it takes four. So, we are looking at another minute to a minute and a half.

Anything after that is working against you. If they don’t want to play, all they’ll take away is how unprofessional you were, not only wasting and disrespecting their time, but your own, and no one wants to deal with that kind of rep, even when the time is right. Or worse, you are trying to sell them when your goal at the outset was to schedule a time for the actual discovery and sale.

I see so many sales people stay on the phone with someone for 10, 15 minutes, and have nothing when the call ends; well frustration, but you can’t cash that. Others achieve their goal, a prospect who agrees to engage, and then they stay on and talk themselves out of that appointment in the same call. If you do have someone agree, you should expect they may have questions, and you want to answer that question in a way that best moves the opportunity forward, and if that is a formal meeting, that’s what you should move towards. Next time you have someone agree to an appointment, and they start asking those “good” questions, simply say “That’s a great question Jim/Jill (I’m so PC), why don’t we make that first item on the agenda and give it full justice; look forward to our call Thursday, let me grab your e-mail and I’ll send an invite.” This sets you up for a great start to the discovery call, and allows you to move on to set the next appointment.

Remember, leads are recyclable – time is not – guard your time!

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Boss choosing employee

Why Make The Call2

By Tibor Shanto – tibor.shanto@sellbetter.ca 

One reason many give me for not wanting to prospect, is the fact that fewer people are answering their phones, and as a result it is not as effective as other forms of prospecting. Part of that is dictated by what state or mode the buyer is in, Actively Looking buyers may be more prone to a call, while, Status Quo buyers, are less likely to answer or engage. But I believe the conclusion many draw from this, i.e. “telephone prospecting is ineffective”, is flat out wrong.

First having a single form of approaching potential prospects, especially “not interested” buyers like Status Quo, is just stupid. Anyone that tells you that their chosen means of reaching prospects is just stupid. There are as many effective means as there are people; not only that, but individuals’ response/reaction to approaches will vary based on specific circumstances. So having one method, be that strictly phone work, strictly referral, or strictly social, is just asking for failure. The best prospectors, who are usually the best sellers, know that their prospecting toolkit has to have as many tools as possible rather than limited to one. For example, I worked with one executive who when traveling would be more likely to respond to texts, leaving e-mail and voice mail for the hotels in the evening, while back at the office he would be much more likely to answer the phone, and hit e-mail regularly.

Now it is true that less people are answering their calls as they come in, I have not seen anyone, even the most social of sellers, present any data that suggests that people check their voice mails less. Meaning a good voice mail can still have an impact, and lead to a return call. I regularly get 40% – 50% of messages I leave, returned in about 72 hours. So don’t blame the technology, blame the user.

But let’s dial things back a little, and let’s for a moment accept a complete falsehood many sellers have bought into: “voice mails do not get returned”, there is still merit to leaving a voice mail, and making the call. Why – touch-points.

Based on different inputs, it can take anywhere from 8 – 12 touch-points to get a response from a prospect. (BTW – no guarantee that the response will be positive, we still have to work to get the appointment even when they respond). In that case, the voice mail, even when not returned, still serves a purpose. Combined with other means of communication, each touch-point compounds the ones that came before it and improve your chances of speaking to the prospects.

The same executive referenced above also shared that he specifically ignores the first three attempts by sellers, because he knows most will fall away after the first three touch-points, and the ones who really want to speak to him will continue to demonstrate that and their creativeness as they deliver the 4th, 6th or 9th touch-point.

Work out your pursuit plan, and keep a couple of things in mind. Mix things up, you have access to office phone, mobile phone, text, snail mail, LinkedIn, and more, the only shortage to variety is your imagination. Do it frequently and consistently, meaning don’t wait a week after your initial touch-point, a couple days is good. Go for eight yes 8, touch-points in the course of two business weeks. If you find that harsh, start by adding one more touch-point to your current weekly routine; in a few weeks add one more, and so on till you hit your minimum 8. (See example).

Cadence 1

Yes phone work has changed, and so should you, make the call, just know why.

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Young female scientist injecting GMO into   potato in  laboratory

What If Prospecting Were Cancer?0

By Tibor Shanto – tibor.shanto@sellbetter.ca 

Not to be overly dramatic, but most people who find out they have caner or any terminal disease, will immediately seek a cure, take steps to change their lifestyle or habits to alter their fate. Rarely or ever would they ignore it or make changes to unrelated things as a means of healing the illness. Well, most except some VP’s of Sales or sales leaders.

You would not believe the number of these folks I meet with, who unprompted, without “probing” or cajoling, share with me their concerns about the state of their team’s pipelines, and the lack of new opportunities. When I ask what they attribute that to, they tell me:

  • Their people are ineffective at prospecting
  • Preferring to spend time with existing customers
  • They spend all their time researching on the web and social media – very little time leveraging the research by actually putting it to good use
  • Or just not wanting to do it at all

This of course leaves them in precarious position, while there may be good organic growth that they can coast on for a while, the new revenue coming in is only slightly ahead of their natural client attrition rate; leaving them only one breath away from a client leaving, and the whole year going pear shape.

You would think that once they examine and understand the symptoms, the risks and severity of the situation, they would address the cause as directly and effectively as possible. But no, the VP”s/Leaders in question, seem to feel that it is better to focus and deal with something else, some other element of sales as a means of addressing the issue. It sometimes reminds me of an old joke, where a farmer is suffering greatly with a tooth ache, as a cure, his friend and fellow farmer suggests that he drop a cement block on his toes, “Ya, you’ll forget that tooth ache in no time at all.” Now I have nothing against alternatives to main stream medical care, but even I know there are only so many toes you can break before you have to see a real doctor.

Seriously, they will deal with and change anything than what counts, i.e. their people’s ability to properly prospect. A popular favourite, probably due to visibility, is to focus on the “leads”; yup, “better leads”, or “more leads”. That’s the ticket, they are ignoring the leads they have now, or making at best a token effort, so let’s give them more to squander. A variation on the theme, “lets hire a lead gen firm.” So one company locally did that, and their reps came back:

“The leads suck”
Why?
‘The guy said he is not ready for at least six months”
How long is your sales cycle?
“About 4 months” (Data pulled from their CRM by sales ops showed just over 6 months)

But even if it was four months, seems like the right length of runway to unfold the sales properly at a relaxed pace. But it seemed the preferred method was to wait, till everyone is all over the buyer like white on rice, and then engage, just around the buyer has made their choice and is looking for pricing.

Another leader who after deciding that his people needed to prospect more regularly and do it better when they do, put the team through a presentations skills program. I guess his theory was that if any of the team ran into a prospect, (by mistake), they would be adept at presenting.

If prospecting was cancer, most people would deal with it directly, regardless of the effort required. Seems to me that having a continuously anaemic pipeline, or one full with names growing fungus like the orange we forgot in the back of the fridge, points to the fact that you have a cancer in your sales organization: deal with it, before it deals with your career.

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Hot and cold phones

What’s The Difference Between A Cold Call and Warm Call?2

By Tibor Shanto – tibor.shanto@sellbetter.ca 

The simple answer is that one is scheduled, and the other is not. Some may add that in a warm call the recipient may be aware of the person calling and the reason for the call, usually in the form of a referral. Some may add that one can “warm up” a call by doing research and having something relatable for the recipient, so they don’t blow you off as quick.

But the reality is that the difference is in your head.

Any unscheduled call, be it from a referral or from an overly informed rep, is an interruption. That’s why I tell people that I work with to reorient how they think about their work. If you are calling people who do not have a call scheduled in their calendar, you are interrupting them – next time someone asks you what you do for a living, I want you to say with great pride – “I am a professional interrupter; I interrupt people in the process of helping them achieve their objectives and delivering positive impact on their business.”

Download your copy of the Objection Handling Handbook

The challenge for most sales people, and the reason the call leaves them feeling cold, is that they are unprepared for the series of events and reactions their interruption sets into process.

After having research the company in an effort to warm the call, they figure that they have something relevant to say, and fail to take into account the interruption. So they wax poetic, all the while the prospect is thinking “how can I get back to work”. This is just compounded when they are usually talking about “solutions”. Given that 70% or more of the market is not looking for a solution, the interruption just seems worse when they deem the message to be irrelevant. Add to this that they have heard this same approach a thousand times before. So what can you do, focus on Objectives, not pains or needs; every business has objectives, align with those, and you’ll go from an irritating interruption, to an interruption with possibilities. Yet few research, they continue to research for problems some may have that fit their solution, rather than the other way around. You want the reaction to be “I was thinking about this”, not “WTF is this guy talking about”, leading to a click or objection.

When the objection comes, most sales people take the rejection personally. After all, they spent all this time researching the company, the person, and god knows what else, and at the moment of interruption, it seems all for not. As soon as it is personal, people get defensive, and it’s all downhill from there.

Managing and overcoming objections on a cold call starts long before they come up in the call. We interrupt, that triggers specific reaction. As before, if the initial narrative was a “solution” based intro, most reps defend and double down on that narrative, thus accelerating their fate. But if the intro was based on Objectives, doubling down on those allows you to expand your potential value rather than limit it.

If you can accept that you are an interruption, and focus on objectives and impacts, you will be in a position to manage and take away objections, and move towards a conversation – a sales conversation about their objectives, not pains, needs or solutions.

Download your copy of the Objection Handling Handbook

Hot and cold phones
Red closed door behind open doors, isolated on white background.

Closing Is Easy0

By Tibor Shanto – tibor.shanto@sellbetter.ca 

One of the most common things I hear from sellers is “Get me in front of the right guy, and I can close them”. Big deal, so could any monkey dressed in the right suit, that’s why the big money in B2B sales is made by those who can actually get in front of the right guy long before the closing monkeys show up, those who can OPEN.

Closing opportunities that were initiated by the buyer themselves is cute, but is it enough? When asked if they can meet or exceed quota relying strictly on deals that were initiated by the buyer, most admit the answer is no. In addition to those who come to them, they have to identify, qualify, prospect and engage with potential buyers who left on their own, would not have stayed out of the market in the current timeframe.

When A Tree Falls In The Forest

When you ask sales people or organizations, whether they could make or exceed quota by closing only opportunities initiated by the buyers themselves, and most admit, no. Meaning they have to go out and prospect buyers, who left to their own, would stay on the sidelines, and remain oblivious to any social activity, messaging, or any other on line activity. It is very much like the tree falling in the forest. If the buyer is not online, but instead in their businesses, their shops, trucks, or offices, doing their thing, then they can’t see or interact with anything you may dangle out there. This, by the way, represents about 70% of any defined market, if not more.

Sure, one alternative is to double down, increase your efforts to entice and succeed with those buyers who are interacting with what you’re dangling. But we also have to remember that these buyers are rarely monogamous. They are visiting all your competitors’ sites, and playing footsie with all they’re dangling. In a “good enough” world, you all begin to look the same at about the 67% – 70% marker in the journey, leaving price as the big differentiator.

Back To The Start

Openers, know how to identify and speak with those 70% who are entrenched on the sideline. They can shape the thinking of the buyer much more so than one could at the 67% marker. While any intelligent buyer will compare you to others, Openers know how to frame the opportunity in ways that will directly influence how those buyers will filter your competitors.

The risk these days is that everyone is so fixated on closing, they overlook the need for Openers, placing all their early cycle success in means that are not delivering. While many bought into the SDR wave, stats about SaaS sales success can be scary by any standard. One reason again is that the emphasis is not opening the opportunity, creating a base for success, and without that foundation, it is hard to build.

Unfortunately, the discussion has eroded into a question of style, social vs. traditional. But impact has been deeper, as many who shun traditional prospecting, say telephone prospecting or cold calling, also abandon the skill of opening, as that step is left entirely to the buyer. Time to focus on why we do something, not just the how. For real sellers, the why is about the Open.

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Night view of rail tracks in depot, Kiev

Changing Your Path To #Prospecting #Success2

By Tibor Shanto – tibor.shanto@sellbetter.ca 

No one says telephone prospecting is easy, which is why I am always puzzled as to why many sales people make it even more difficult than it already is. Many don’t set out to sabotage themselves, some are not even aware they are doing it, and many are just sadly following the advice of pundits who talk about but don’t actually telephone prospect. What many are doing is ignoring some basics communication realities that in a sales situation cannot and should not be ignored.

Over 90% of sales conversations are started or initiated by the seller, this goes to 100% of telephone prospecting calls, especially cold calls. So how we start the call will very much dictate the flow of the call, and even the reaction of the prospect. Start things the right way and you improve your odds, start the wrong way, and you dig a hole that will be hard to get out of. How you start a cold call matters, that’s why scripts are important.

While everyone agrees that the first few seconds of a call are crucial to the success of the call, most still chose to squander those precious seconds.

Most recipients of cold calls start down a path, in most cases that path is headed to them blowing us off and getting back to work. Our job is to either set them on a different path, or change the path they started down, if not, the conclusion is clear, no prospect, (they are back doing what they were before we interrupted), no opportunity, frustration, and time we will never recover, gone. This mainly happens because we play into the expectation of the prospects, instead of challenging those expectations.

Having listened to thousands of real world calls, most calls start by telling the prospect who is calling, and in its worst form this includes the callers title, and some self-serving statement about their employer: Hi, my name is George Handoff, I am the Mid-Atlantic Account Manager with ACME Corp. a Fortune 500 company and leading manufacturer of Sprocket Valves.” Who cares, what does that tell someone you have interrupted in the middle of their day? Do you really expect them to get excited about any of that? This is usually followed by highlighting the types of problems you have “solutions” for. No, that’s not the sound of them hanging up, it is their head hitting the disengage button as they fall asleep listening to all that, the ones that stay awake, just blow you off.

Given the fact that only about 3 of 10 people you call will recognize the problem, and only one of those three are willing to act now. The other seven could care less because they don’t see themselves in the picture, and your opening statement sets them down the path of “Who cares, I need to go back to work, good bye.”

To set them on a different path, why not start the call by highlighting what things look like after your product is in place. Lead with the outcomes! How many more units did you help someone produce in the same or less time; how did you improve their cash-flow; how much did you help increase market share, or how many of their target prospects did you help them land, how many more appointments did your prospects have as a result of your work, and what was the increase in pipeline value? Those are interesting opening that set the conversation on a path they not only can relate to, but want to achieve as well.

It’s not a big change, but one where you are presenting your capabilities via specific outcomes and impacts your clients had and were able to achieve as a result of your offering. That’s a path worth exploring, one they are thinking about, but no one is calling about, especially those waiting to be found.

The only reason many will tell you that cold calling sucks is because of the results they are getting. But rather than giving up on the cold call, they should give up on their approach, and try a path that has an ending of interest to prospects, be they Looking or Status Quo.

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I can I can’t

Prospecting? – “Not As Much As I’d Like To”0

By Tibor Shanto – tibor.shanto@sellbetter.ca 

Why Not?

I never understood why sales people and sales leaders who have anaemic pipelines and matching sales results, think they solve their issues by focusing on everything but. They need to stop symptoms, and work on curing the cause.

Success in prospecting starts with fully committing to it, and then actually executing.

Working with reps across many industries, one commonality is the lack of real commitment to prospecting success. When I ask sales people what their high value activities are, prospecting usually makes the list. I am convinced that it is there because sales people feel they have to put it there, not because they believe it or do it. How do I know?

I can I can’tFirst is the answer to my next question to them: “Over the course of your sales cycle, not daily but over the cycle, what percentage of your time is committed to prospecting?” I get answers ranging from 10% to 50%. Removing the extremes, the number usually settles around 25% – 30%. They always glance at their manager as they give me the number, I am never sure if it is for approval, or fear of being called out. Then, when you highlight the fact that 25% of a 50-hour work week is 12.5 hours a week, or 2.5 hour per day.

“No, no, no, that’s too much, I need to do other things, important things.” And there is your first clue, they have no idea because not only do they not do it, and they have no idea what their metrics are, and therefore what they need to do to succeed. And why should they when all the hip pundits have told them that sales is not a numbers game. Instead, it’s a strange version of the game of hide and seek, where in this case you are working to be “found”, and starve if you’re not found. Metrics are all about numbers, much like accountability. In the end, they do commit to a time they need to not just set aside for prospecting, but actually doing it.

Second, when I go back for reinforcement sessions, you find they’ve done bubkes. Nothing at all, not an hour, not what their metrics and quota demanded, they have done no prospecting.

When I ask how much prospecting they have done since last week, I get a sheepish smile, followed by “Not As Much As You’d Like To”. Well why not, “I wanted to, but I had some important things to attend to.” Like what?

What can be more important for a rep than to ensure they have the requisite opportunities in their pipeline? Sometimes there are other important things, but if they allocated time to all their high value activities, not just the ones they like, they could have avoided the conflict, and got both done. But usually it is some BS, the one they hope will slow me down is that they were working on a deal (does not dawn on them that the deal was one day a prospect). But when one digs deeper, it tunes out the deal they were working on has no next step, has been in their pipeline well past it’s “good through date”, but it has enough life in it to serve as an excuse when they should be executing.

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Voicemail word cloud

Make Voice Mail Work For You In Prospecting0

By Tibor Shanto – tibor.shanto@sellbetter.ca 

Sales people are strange when it comes to prospecting, specifically telephone prospecting. Many find all kinds of reasons (excuses) to rationalize (excuse) why they fail to make call in order to engage with prospects to fill the gap in their pipelines. Some tell me they do not want to phone people because no one ever answers the phone these days.

OK, do they have voice mail?

Yes

Great, so you left them a voice mail.

No, I did not.

Why not?

I want to speak to them directly.

Thud – (that’ the sound of me banging my heads against the wall)

Find out how to 40% – 50% of voice mails returned!

Well if you don’t leave them a voice mail, how will they know where to call you back so you can speak to them directly, they would pretty much need to be clairvoyant would they not?

Voicemail word cloudSeems to me, if you are not prepared to give up the phone as part of your prospecting routine, voice mail is your only path to success. Now I know that the “no cold calling crowd” and their “social cronies”, are saying, “duh, we know the phone does not work”. Well not exactly, there are many examples where one cannot master something, like say playing an instrument; that does not mean the instrument is not playable.

It is true that few answer their phones these days, especially between 9 – 5, because they are working, and if they do answer, then you’re an interruption, their version of that call you get in the middle of dinner for duct cleaning. But, and this is a big but missed by many, that does not mean the phone is not an effective tool, one that will get you meetings with prospects you are targeting.

People use their voice mail as a triage tool to ensure that they preserve their most important resource – time – for their most important objectives and related tasks. I do it, you do it; you get back from two or three meetings, and you listen to your messages, and do one of the Three D’s:

  • Delete
  • Delay
  • Deal with

I have come to learn that phone now works in a different way, just as you want to qualify, so does the prospect. Voice mail, allows them to stack a bunch of calls together, and deal with things based on their merit. Problem for many in sales, the messages they leave, usually have little merit in the eye (ear) of the prospect.

Voice mail is a different environment, a different mode of communication, and requires a different approach to getting results. The reason many messages don’t get returned, and get Deleted, is the message just misses the mark. Many of the people who gave up on voice mail did so because they left the wrong or wrong type of message.

The message they leave is almost always the same intro and content they would use had the person answered the phone. This is usually designed to be part of a dialogue and to encourage further dialogue. But given the environment, the dynamics, and the goal of the message, your voice mail needs to be very different than your live conversations.

Once I was taught the technique, adopted it, and adapted it to change with the market, my success changed. I now regularly get 40 – 50 percent of messages I leave, returned within 72 hours, I now love voice mail, love talking to people who call back, and having them as customers. So, come join me on the dark side, leave voice mails, get appointments.

I know, you want to see how this is done, no problem – Just go here!

a-different-fish

Pain Leads To No Gain In Prospecting!0

A few weeks ago, I posted a piece titled “No Pain – No Game?”, playing off the old weight exercise motto. In case you didn’t bother rushing to read the piece, it suggests that if you can only sell to buyers who have a self-declared pain or need, you will be in trouble, as 70% of the market, the Status Quo, is immune to the pain argument.

But there is a further reason why reliance on pain for sales success could in fact be painful (in the form of missing quota, not making enough commission to buy your girlfriend or kids the winter solstice gift they really want).

Many successful business people, especially small business owners and entrepreneurs have a different outlook than the average sales person or corporate employee. Because they are not cocooned in the comfort of corporate safety, with a few given responsibilities. They know it will not be easy, it will not be 9 to 5, it will not be a straight line to success, they don’t get a weekly paycheck or a Friday Beer Lunch while they are “waiting to make things work”, like many sales people who fail to deliver quota. They know to succeed they will need to face some challenges and adversities. They are the business living version of “No Pain – No Gain”.

a-different-fishSuccessful business people are more stoked by the possibilities long term success brings to let a few temporary, often expected setbacks occur. They have heard all the negatives, potential risks, financial ruins, and still decided to push ahead, commit money, time resources, and sweat to realizing their dream and vision. They have planned for roadblocks and detours, you pointing them out is just boring to them. Unless, you can show them how you will help them realize their vision for their business, for them as individuals, you will be chewed up and spit out, all in a very social way. Given their drive, do you really think a little pain is going to stop them? Or do you think they want someone who can help them work past the pain. The business athlete knows how to work through pain to get the results the average person does not. Even senior people within corporate settings have demonstrated characteristics that have allowed them to distinguish themselves from the also-rans.

The people heading up organizations, entrepreneurs and serial small business owners are not your usual breed, they have different filters, they work hard play hard, win hard, they’re not in business to socialize, they do that after they achieve their objectives. So, if you fail to take that difference into account, and fail to adjust for that, because you have been selling to middle management or users, and that will not work when you are dealing with someone who not only has the vision, but more importantly the balls to act, and do things that most others clearly have difficulty doing or lack the will and/or knowhow to do. The pain and headwind that may scare some, is an expectation for many of your buyers, focusing on pain, rather than objectives, and how you specifically can help them achieve them, will lead to more pain for you than these buyers are willing to deal with, because they know what is beyond that, and that’s what they want to talk about.

Serial entrepreneurs are serial sales winners, and winners know that there is an element of fact to “No Pain No Gain”, a smart seller focuses on the gain, not the pain. Click To Tweet

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pipeline-insurance

Pipeline Insurance2

By Tibor Shanto – tibor.shanto@sellbetter.ca 

Insurance is one of those things that everyone has but nobody really wants. In some ways, we feel that we are throwing money away, until that rainy day or unforeseen event arrives, and we are all too happy to have the insurance. As much as we hate the experience, we do it because we know that it’s the best way to ensure that we don’t have a sever disruption, financial or other, that will negatively impact our lives.

Rich people are always over insured, the rest of us have to be more selective, what do we need to ensure, and can we afford to leave “exposed”, risking come what may. When times get tough, cash-flow is squeezed, most people pull back on discretionary spending, then less discretionary spending. This includes things we consider “good to have”, but when the immediate expense is greater than the perceived risk, or having to go without, we cut back on those things. When you’re feeling good in your 40’s, but tight for cash, you may feel you have to make choices; you’ll likely forgo disability coverage in favour of car insurance, as you need to drive to work daily. As cash becomes tighter, you make more choices, not always in line with your long-term goals, but just enough to get you through the here and now.

It is a lot like prospecting, we all hate to do it, especially the traditional type, where we have to engage with prospects who are not lined up at our door, or downloading the latest ditties of wisdom your content teams pinches out. But oh we like prospect when we have them, there is nothing like a full pipeline brimming with opportunities. Assuming they are all real opportunities, some will close, some won’t, but one way or the other they all have to be replaced; and replaced by a multiple of your close ratio. Simply, if your conversion rate of opportunities that go into your pipeline is 4:1, every time you close one client, you will need to replace it with four prospects. The condition is that they have to be real, a lot of sales people keep opportunities in their pipeline even when the chance of the closing are low and declining, because the illusion of opportunities allows them to make choices, similar to insurance choices above. In this case, it is forging prospecting in a regular and disciplined way.

But as you work your magic, and close the deals in your pipeline, which I know takes time and effort, giving you plenty of reason to make choices about how you use your time. The consequences of not prospecting are off in the future, if you have a 3 month cycle, and you have “a lot” of opportunities, you’ll tell yourself that you can afford not to prospect. “Look at all the money in the pipeline, I need to focus on that, I can prospect next week, or when I close all this.” But by the time you do close them, it will be too late to replenish without a gap in income.

Time to get insurance to avoid this void, in the case of your pipeline, the best insurance you can get, is prospecting!

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