3 Overview of the Seven Habits Seek to understand Adopt a sales process Learn to love prospecting Know your products Find pain and deal with it Learn to love technology Invest in your customers
4 Self Product Company Habit 1. Seek to Understand - Yourself Selling is the combination of attitude, behavior, technique Overcome the fear of rejection Be resourceful Build credibility Measure progress Prepare, prepare, prepare
5 Habit 1. Seek to Understand – Your Customers Who are they? How do they buy? Who are the buying influences? What adds value to their business? One thing that we’ve discovered with certainty is that anything we do that makes the customer more successful, inevitably results in a financial return for us. - Jack Welch – former Chairman, General Electric
6 Habit 1. Seek to Understand – Buying Influences Five Buying Influence types affect the purchase decision Economic Buyer Technical Buyer User Buyer Coach/Champion Dominant Influencer Adapted from Miller Heiman, Inc.
7 Habit 2. Adopt a Sales Process Prospects have a buying process You should have a selling process Create your sales process Align with your prospect’s buying process Steps, activities, and deliverables Create, document, and share it Explain your process during discussions & presentations
8 Habit 2. State Your Value Proposition Constructing your value prop For (target customer)
Who (statement of the need or opportunity)
The (product name) is a (product category)
That (statement of key benefit - that is, compelling reason to buy)
Unlike (primary competitive alternative)
Our product/service (statement of primary differentiation)
9 Habit 3. Learn to Love Prospecting Sales = # opportunities x close ratio (NOxCR) Lead Generation & Prospecting Repetition & Training
10 Habit 3. Learn to Love Prospecting – with Referrals Best source of leads Pre-qualified credibility 3 reasons for no referrals Not WOWed Doesn’t know you want referrals Can’t explain your differentiation/Value Prop Be generous giving referrals
11 Habit 4. Know Your Products Value proposition (elevator pitch) Use reference stories to build credibility Know how your products solve pains Provide proof to build credibility and reduce buyer’s perceived risk Help calculate a return on investment
12 Habit 4. Sell the Total Product CoreProduct Possible Product Expected Product Augmented Product Adapted from Marketing Imagination, Theodore Levitt
13 Habit 5. Find Pain and Deal With It Difference between reality and expectations The more the better Buyer must admit pain Product features and benefits are only important to you!
14 Habit 5. Understand the Impact of the Pain How much does this cost per year? Whom does it impact? Who will be involved in fixing this pain? When does the pain need to be fixed? What happens if it doesn’t get fixed? Does a budget exist to pay for it?
15 Habit 5. Focus on Solution to Pain Paint a picture of your solution solving their pain A benefit is one that addresses a prospect’s pain Seek to create life changing events Products belong in your back pocket “What if …” , “Would it help if ...” Prepare by creating Pain Sheets
16 Habit 6. Learn to Love Technology Automate non-value added activities Choose a level appropriate for your business Maximize customer touch time Improve retention
17 Habit 6. Technologies to Adopt Multi-dept. Sharing, collaboration, up-sell, cross-sell Enterprise CRM SalesForce Siebel SAP Small groups. Manage notes, history of contact CRM Microsoft SalesLogix Goldmine Individuals Tracking contacts, appt, tasks Contact Manager ACT! Outlook BCM Nice to have iPhone, iPad, BlackBerry CorexCardScan DymoLabelWriter PIM Outlook Palm Desktop Get Rid of Your Addiction to Paper!!!
18 Habit 6. Technology Implementation 2/3 Process, 1/3 Technology Define your objectives A well defined implementation process increase probability of success Assign the right people
19 Habit 7. Invest in Those Who Bought From You A satisfied customers is your most valuable assets Invest in them It is 6-7 times more expensive to acquire customers than retain them 60–80% of lost customers report to be Satisfied or Very Satisfied prior to defecting A 5% improvement in customer retention rates will yield between a 25 to 100% increase in profits 2/3 of customers leave because they feel neglected
20 Habit 7. Insurance for Best Customers Insure your most valuable assets (invest in your customer relationship) About 20% of accounts provide about 80% of profits – ‘A’ customers Calculate the lifetime value of ‘A’ customers Spend accordingly Build a system for staying in touch