Three value conversations - San Francisco, Ca. Executive Insights session with Tim Riesterer

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You can do everything right as a company…design, develop and launch killer products, refashion your go-to-market strategy to seize growth opportunities, and acquire other companies to drive inorganic growth. But there’s a gap between all of these great strategies and your prospects and customers actually agreeing to buy from you. Your salespeople, with their lips moving, are attempting to bridge that gap. Unfortunately, most are failing. According to sales managers surveyed by SiriusDecisions, your salespeople’s inability to articulate value is the #1 reason they’re missing their quota…and you’re missing your growth targets. Learn how companies like ADP, Cisco, GE, Motorola, UPS and DuPont are creating compelling stories and enabling their salespeople to deliver them in a remarkable, memorable way.

Published in: Sales, Business

Three value conversations - San Francisco, Ca. Executive Insights session with Tim Riesterer

  1. 1. 3 Conversations You Need to Win
  2. 2. Q: #1 Reason Don’t Hit Quota? A: Inability to Articulate Value! Leads Products Process Training CRM
  3. 3. Good Intentions. Wrong Instincts.
  4. 4. Changing someone’s mind isn’t a question of pushing new information on people and trying to explain it in words. It’s more about helping people see the inconsistency in themselves and then all of a sudden the mental model will shift naturally and easily. Gary Klein, scientist and author “The Power of Intuition” and “Seeing What Others Don’t” “ “
  5. 5. STATUSQUO THREATENED DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION -3 -1 +1 +2 +3-2 TERMSAND CONDITIONS DIFFERENTIATION IDENTIFY NEWNEEDS MAXIMIZATION Customer Conversation Continuum Create Value Elevate Value Capture Value
  6. 6. STATUSQUO THREATENED DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION -3 -1 +1 +2 +3-2 TERMSAND CONDITIONS DIFFERENTIATION IDENTIFY NEWNEEDS Customer Conversation Continuum Create Value
  7. 7. StatusQuo Buy 60 “Why Change?” “Why You?” % -3 -1 +1 +2 +3-2 NO DECISION 60 %
  8. 8. DeclaredPreference RevealedPreference StatusQuo Buy 60 “Why Change?” “Why You?” % -3 -1 +1 +2 +3-2 NO DECISION 60 %
  9. 9. DISTINCT POINT OF VIEW Status Quo Threatened Identify NewNeeds Define Solution Identify Viable Vendors Review Approaches Make Decision 74 “Why Change?” “Why You?” COMMODITIZED CONVERSATION 26% % BUYING VISION BAKE-OFF -3 -1 +1 +2 +3-2 • Make the status quo unsafe • Define new set of needs • Align w/your Strengths • Here’s what you say you need • Here’s what we do different • Here’s the benefit you will get
  10. 10. Identified NEEDS CAPABILITIESSpecified Commoditized Conversation Creating a Buying Vision
  11. 11. NEEDS Identified Specified CAPABILITIES UNKNOWN STRENGTHS UNCONSIDERED NEEDS Commoditized Conversation Creating a Buying Vision Distinct Point of View
  12. 12. 12 Didn’t appreciate…. The problem is as big or coming as fast as you say?! Didn’t realize… there was even something to fix that issue or annoyance?! Didn’t know… that was a problem I was having until you pointed it out?! Under-Valued Un-Met Unknown
  13. 13. New Brain Designed for Analysis Old Brain Designed for Survival Decision-Making Engine Neuroscience
  14. 14. Social Psychology Kahneman, D. and Tversky, A. (1984). “Choices, Values, and Frames.” American Psychologist 39 (4): 341–350 GainLoss Value 3X stronger preference to avoid loss vs. acquire gains = “Loss Aversion” Prefer risk that might mitigate a loss = “Risk Seeking” Outcome “PROSPECT THEORY”
  15. 15. Customer Status Quo Identify executive desired outcomes and strategic objectives Reveal potential threats, problems and missed opportunities that put those outcomes at RISK Define a new set of needs and requirements that point to your relevant and advantaged strengths Describe how your strengths RESOLVE to the situation and generate positive business change and value Define your target “status quo” why it’s safe and where there are gaps Threats Misses NewNeeds Desired Outcome Problems Strengths Value Story RISK RESOLVE Point of View
  16. 16. CFO CMO CIO More than typical Personas M Old Automation SS & DB New Competitor SITUATIONDISPOSITION Point of View ……………………………….. Lives Here!
  17. 17. STATUSQUO THREATENED DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION -3 -1 +1 +2 +3-2 TERMSAND CONDITIONS DIFFERENTIATION IDENTIFY NEWNEEDS Customer Conversation Continuum Create Value
  18. 18. STATUSQUO THREATENED DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION -3 -1 +1 +2 +3-2 TERMSAND CONDITIONS DIFFERENTIATION IDENTIFY NEWNEEDS MAXIMIZATION Customer Conversation Continuum Create Value Elevate Value Capture Value
  19. 19. STATUSQUO THREATENED DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION -3 -1 +1 +2 +3-2 TERMSAND CONDITIONS DIFFERENTIATION IDENTIFY NEWNEEDS Customer Conversation Continuum Elevate Value
  20. 20. 80% decisions
  21. 21. 10% executive contacts 80% decisions FEAR
  22. 22. PRODUCTKNOWLEDGE BUSINESSEXPERTISE EXECUTIVES VALUE 4X MORE
  23. 23. EXECUTIVES VALUE 4X MORE 88% PROFICIENT 24% PROFICIENT 4X LESS LIKELY PRODUCTKNOWLEDGE BUSINESSEXPERTISE
  24. 24. EXECUTIVES VALUE 4X MORE 88% PROFICIENT 24% PROFICIENT 4X LESS LIKELY BESTIN CLASS FOCUS2X MORE AVERAGE COMPANIES FOCUS MORE PRODUCTKNOWLEDGE BUSINESSEXPERTISE BUSINESSVALUEGAP
  25. 25. Business Knowledge Customer Insight Financial Acumen ROI/ Business Case Executive Engagement Executive Conversations core competencies 1 2 3 4 5 Identifying the key industry business trends, topics, and emerging issues impacting companies in that market Determining the prospect’s top initiatives, how those connect to business trends and ultimately tie to your solution Knowing the “metrics that matter” most to determining budgets, building a business case and triggering a decision Building a simple, compelling financial story that shows how your solution will drive positive business impact Experience telling your story to a real executive decision maker and what it takes to deliver engaging conversation
  26. 26. Business Knowledge Customer Insight Financial Acumen ROI/ Business Case Executive Engagement Executive Conversations core competencies 1 2 3 4 5 Identifying the key industry business trends, topics, and emerging issues impacting companies in that market Determining the prospect’s top initiatives, how those connect to business trends and ultimately tie to your solution Knowing the “metrics that matter” most to determining budgets, building a business case and triggering a decision Building a simple, compelling financial story that shows how your solution will drive positive business impact Experience telling your story to a real executive decision maker and what it takes to deliver engaging conversation Fluency target 50%
  27. 27. Close the Business Value Gap
  28. 28. STATUSQUO THREATENED DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION -3 -1 +1 +2 +3-2 TERMSAND CONDITIONS DIFFERENTIATION IDENTIFY NEWNEEDS Customer Conversation Continuum Elevate Value
  29. 29. STATUSQUO THREATENED DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION -3 -1 +1 +2 +3-2 TERMSAND CONDITIONS DIFFERENTIATION IDENTIFY NEWNEEDS MAXIMIZATION Customer Conversation Continuum Create Value Elevate Value Capture Value
  30. 30. STATUSQUO THREATENED DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION -3 -1 +1 +2 +3-2 TERMSAND CONDITIONS DIFFERENTIATION IDENTIFY NEWNEEDS MAXIMIZATION Customer Conversation Continuum Capture Value
  31. 31. Your Price I% increase in discounting 9% decrease in operating margin A SLIPPERY SLOPE
  32. 32. Your Price Their Price TYPICAL VIEW OF DISCOUNTING Negotiating Tactics Selling to business buyer Deal moves to purchasing
  33. 33. Your Price Their Price WHAT’S REALLY HAPPENING Negotiating Tactics Selling to business buyer Deal moves to purchasing Value Leaks
  34. 34. Demonstrating Value? CHECKING BOXES
  35. 35. Demonstrating Value? Giving Away Value CHECKING BOXES
  36. 36. Exchanging Value PIVOTAL AGREEMENTS CHECKING BOXES Demonstrating Value? Giving Away Value
  37. 37. STATUSQUO THREATENED DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION -3 -1 +1 +2 +3-2 TERMSAND CONDITIONS DIFFERENTIATION IDENTIFY NEWNEEDS MAXIMIZATION Customer Conversation Continuum Capture Value
  38. 38. STATUSQUO THREATENED DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION -3 -1 +1 +2 +3-2 TERMSAND CONDITIONS DIFFERENTIATION IDENTIFY NEWNEEDS MAXIMIZATION Customer Conversation Continuum Create Value Elevate Value Capture Value
  39. 39. Malcolm Gladwell
  40. 40. Scientist for Tipping Point Morton M. Grodzins
  41. 41. What was the difference? Gladwell told a better story!
  42. 42. BEFORE AFTER
  43. 43. Show clear CONTRAST to show value for change Tell them something they didn’t know to create CONCERN Make status quo unsafe to create CONTEXT for urgency Tell COMPARABLE story to prove they can do it too Your Point of View Insight Unsafe New Safe Proof
  44. 44. BEFORE AFTER
  45. 45. BEFORE AFTER
  46. 46. 10% 65% Picture Superiority Effect 88% Conversation
  47. 47. 70% 20% 100% Hot Spike Hot The Hammock
  48. 48. AVOID THE HAMMOCK
  49. 49. Which Picture is Superior? 1 2 3
  50. 50. Which Picture is Superior? 1 2 3 IMMEDIATE RECALL 83% 75% 66% 10% better 25% better
  51. 51. Which Picture is Superior? 1 2 3 More Interesting Thought More Deeply More Credible Data More Trustworthy More ExpertSPEAKER ATTRIBUTES
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