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The Seven Sins of Marketing & Sales  Lisa Dennis, Knowledgence Associates
The Original 7 Deadly SinsSuperbia                            PrideInvidia                             Envy               ...
The 7 Sins of Marketing & SalesSin # 1 –Left or Right BrainedSin # 2 – One Size Fits AllSin # 3 – Calling HigherSin # 4 – ...
Sin # 1 - Left or right brainedorganization?                                  Related but separate © 2006 Knowledgence Ass...
It’s about Orientation  Strategy                                                           Tactics                        ...
Get Whole Brained!                              Integrated Understanding of                                 Customer Exper...
Measure & Prioritize   Create a lead quality scoring system                                            2                  ...
Telecom Example                                          2                           1                       0   1. Teleco...
48 – 36 Index (good)    LM2Customer Fit Index                                 35 – 21 Index (average) LM1                 ...
Sin # 2 - One Size Fits AllValue PropositionsMajor time and $$$ spentcrafting and corporate valueproposition statementsROI...
Value Proposition DefinedClear and succinct statement indicating the specific value of a service or product oroffer to a s...
Putting a Spin on ItCustomer-focused description of valuethat demonstrates your knowledge aboutthe customer’s experience o...
Format and Language Shift   From                                                 ToOffer Centric                          ...
Building a Better ValueProposition      Component                        Description                  PerspectiveCustomer ...
Tiered Value Propositions  Shift focus to market/customer, NOT just product or service                                  Co...
Test - 3 Key Questions1. What is the customer objective ?   IN THEIR WORDS!2. What is the specific offer to answer the cus...
OrientationFrom whose perspectiveis value described?                                                              Insert  ...
Sin # 3- The Charge to “CallHigher”Common problem ofcalling at non-decisionmaking levelsDepletes a sales person’smost impo...
Do they know how?Reps spend time with influencers, lockingthemselves into staying there in the hopes theywill “earn” their...
Get Reps Ready to havea Strategic Conversation Most sales people are simply unprepared to converse at that level The needs...
Senior Level Focus ShiftCreating Strategic ValueBuilding a tailored Value PropositionMore Steps to the Executive CallOffer...
Sin # 4 - Going out into theterritory without a mapMost reps have no clear, defined plan forwhere this year’s quota will c...
Territory PlanningThe process to improve quota attainment andforecast accuracy:Set goals around market segments, competiti...
Creating a Plan                                                                    Unit Strategies     Pre-work:          ...
Plan Components                                   Territory or Account Goal                       Revenue                 ...
Territory Planning OutcomesIncrease territory penetrationIdentify qualified prospects fasterGain new customers fasterRetai...
Sin # 5 - Suffering from“Premature Proposal”What’s the quickest way to get a sales person outof your office?ASK FOR A PROP...
Missing pieces of puzzle                                                            2006 Initiatives?                     ...
You know it’s too early if…You’ve had only 1 or 2 conversationsDon’t know if your prospect IS the real decision makerDon’t...
Have the courage to:Push back and ask for more time with theprospectRequest meeting with end usersState information you ne...
Sin # 6 - Bait & Switch:Technology or Sales Process?How does your organization sell?Is there a defined process that all sa...
Process is about Integration                                                                  VALUE   VALUE               ...
ChallengesNo defined sales process = MULTIPLE processesEvery rep does it their own wayHard to manage multiple methodsForec...
Sin # 7Cloning your Super StarWhere do the best sales managers come from?The common answer is promoting from the fieldVery...
What do they need to succeed?A single sales process they can apply consistentlywith repsCoaching skills trainingShift from...
Selling StandardsTerritory Management                        MEETS   Territory Management                      EXCEEDS    ...
BONUS SIN© 2006 Knowledgence Associates   Ldennis@knowledgence.com   www.knowledgence.com
Closing or Qualifying?Thinking that your sales team has a “closing” probleminstead of a “qualifying” problem“He or she jus...
© 2006 Knowledgence Associates   Ldennis@knowledgence.com   www.knowledgence.com
Qualifying Criteria        PAIN                         1. Do we understand what the prospect’s desired                   ...
Most Powerful& Overlooked Sales ToolPROOF!Nothing you sayabout yourcompany will be                                        ...
The 7 Sins of Marketing & SalesSin # 1 – Is your organization left or right brained?Sin # 2 – One Size Fits All Value Prop...
Pick Your Sin(s) andChange Your View!     See the world through your customer’s eyes™ © 2006 Knowledgence Associates   Lde...
THANK YOU FOR COMING!BUSINESS CARD = Electronic copy of ValueProposition template & an articleLisa Dennis, PresidentKnowle...
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7 Deadly Sins of Marketing

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Transcript of "7 Deadly Sins of Marketing"

  1. 1. The Seven Sins of Marketing & Sales Lisa Dennis, Knowledgence Associates
  2. 2. The Original 7 Deadly SinsSuperbia PrideInvidia Envy What if weIra Anger came up with a new list thatAvaritia Avarice focused onTristia Sadness Marketing and Sales?Gula GluttonyLuxuria Lust © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  3. 3. The 7 Sins of Marketing & SalesSin # 1 –Left or Right BrainedSin # 2 – One Size Fits AllSin # 3 – Calling HigherSin # 4 – Map-lessSin # 5 –Premature ProposalSin # 6 – Bait & SwitchSin # 7 – CloningBonus Sin! © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  4. 4. Sin # 1 - Left or right brainedorganization? Related but separate © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  5. 5. It’s about Orientation Strategy Tactics Marketing Sales Organizationally and conversationally, Sales is mentioned first Who is charged with demand creation? Orientation needs to be strategic, than tactical Put the activities in their proper order – mentally and organizationally Aligning Marketing and Sales is NOT about having one department report to the other © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  6. 6. Get Whole Brained! Integrated Understanding of Customer Experience Increase understanding Share mkt intelligence of market environment Increase understanding Share street-level of real customer needs intelligence Get clear on messaging and value drivers S M Internal Campaign Launches Sales Ready Messaging Collect “proof” Killer Questions Get Marketing Input Tiered Value Propositions Get Sales Input Integrated Lead Generation & Qualification © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  7. 7. Measure & Prioritize Create a lead quality scoring system 2 1 0 1. Source of lead external executive internal staff cold call 2. Level of contact CEO/President VP Sales other 3. Decision location local head office local autonomy remote 4. Size of potential $250k plus $100k to $250k <$100k 5. Competition loyalty neutral other loyal Scoring: 10 or 9 - excellent opportunity 7 or 8 - good opportunity 5 or 6 - fair opportunity... risk © 2006 Knowledgence Associates 4 or Ldennis@knowledgence.com less - don’t go! www.knowledgence.com
  8. 8. Telecom Example 2 1 0 1. Telecom Spend/Mon $5K + $2.5 - $5K < $2.5K 2. Level of contact Decision Maker Evaluator/ Information Influencer Gatherer CXO, President Office/IT/Telecom Purchasing / Owner Manager Tactical 3. Value Recognition See value in Willing to change, No reason to their terms/pain for real reason change, best price wins! 4. Urgency Sense of urgency No Urgency, but Competitive still motivated contract expire 3+ mons 5. Customer Fit Exact Target Within range Outside © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  9. 9. 48 – 36 Index (good) LM2Customer Fit Index 35 – 21 Index (average) LM1 20 or less Index (poor) LM0Prospect Name:# Attribute Poor Fit 1 2 3 4 5 6 Good Fit1 Market Farmers Hunters Position (retention) (growth)2 Number of < 15 15 - 200 Sales Reps3 Active Deals <10 or >100 10 to 50 ideal in Pipeline4 Value/Volume Higher Volume Higher Value Mix (Transactional) (Relational)5 Company Status Quo or Change or Growth “We’re Fine”6 Competitive Efficiency Focus Innovations/Client Strategy (commodity) Focus (people)7 Market B2C B2B Type (retail) (business)8 Channel Sell to channel Sell direct Complexity (indirect) (growth) © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  10. 10. Sin # 2 - One Size Fits AllValue PropositionsMajor time and $$$ spentcrafting and corporate valueproposition statementsROI difficult to trackDoes the right “corporate” valueproposition spell sales success?When was the last time a“one-size-fits-all”ANYTHING actually fit?! © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  11. 11. Value Proposition DefinedClear and succinct statement indicating the specific value of a service or product oroffer to a specific audience in order todifferentiate its value © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  12. 12. Putting a Spin on ItCustomer-focused description of valuethat demonstrates your knowledge aboutthe customer’s experience or challengeand your specific offer to address it,underscored by what differentiates your offerfrom any other. © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  13. 13. Format and Language Shift From ToOffer Centric Customer CentricOffer description Customer experience or situationWhy you need it Our offer for THAT experience or situationWhy IT’S THE BESTOFFER! Why THIS OFFER rather than other options © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  14. 14. Building a Better ValueProposition Component Description PerspectiveCustomer Objective What specific This is about THEM objective(s) or need(s) do they have – in their language?Your Offer What is your offer that This is about you in will assist them in that relation to THEM endeavor?Differentiators How does your offer This is about you in stand out from other relation to OTHERS options? © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  15. 15. Tiered Value Propositions Shift focus to market/customer, NOT just product or service Corporate Value Proposition Industry Vertical Product Category Relationship Market Segment Service Category Title © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  16. 16. Test - 3 Key Questions1. What is the customer objective ? IN THEIR WORDS!2. What is the specific offer to answer the customer need?3. Why would a customer select this company over the other perceived market alternatives? © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  17. 17. OrientationFrom whose perspectiveis value described? Insert CustomerPeople don’t buy products or Hereservices, they buy outcomes!Think of Value Propositionsas a mirror. © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  18. 18. Sin # 3- The Charge to “CallHigher”Common problem ofcalling at non-decisionmaking levelsDepletes a sales person’smost important assetDifference between a“yes” or a “slow no” © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  19. 19. Do they know how?Reps spend time with influencers, lockingthemselves into staying there in the hopes theywill “earn” their way up the ladderBut telling them to call high isn’t enough! – Lack of access – Lack of practice – Lack of focusCalling high first can double your wins © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  20. 20. Get Reps Ready to havea Strategic Conversation Most sales people are simply unprepared to converse at that level The needs & wants of an influencer are dramatically different than someone at senor levels – Different goals – Different language – Different proof points © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  21. 21. Senior Level Focus ShiftCreating Strategic ValueBuilding a tailored Value PropositionMore Steps to the Executive CallOffering Personal Executive ValueCommon complaints:Didn’t understand my businessTalked too muchDidn’t communicate value © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  22. 22. Sin # 4 - Going out into theterritory without a mapMost reps have no clear, defined plan forwhere this year’s quota will come fromOver-reliance on finding “low hanging fruit” orgetting “qualified” leads from MarketingTendency to “ping-pong” around the territoryHow do you getwhere you need togo without a map? © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  23. 23. Territory PlanningThe process to improve quota attainment andforecast accuracy:Set goals around market segments, competition,trends, specific accounts, and new opportunitiesDesign a Territory Plan that spells out specificapproaches to: • Renewal business / Installed Base • Existing pipeline • Brand new opportunities • Sets specific territory objectives, strategies and action plans © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  24. 24. Creating a Plan Unit Strategies Pre-work: Terr. or Acct Exit List of Current Map And Renewal Opportunities Protect Expand Terr. or Acct Pursue Plan Mutual Value Revenue Objectives Create © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  25. 25. Plan Components Territory or Account Goal Revenue Relationship Cross-Account Objective Objective Objective Objective Objective Marketing Strategy Partner Action Resources Relationship Action Resources Review Action Resources © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  26. 26. Territory Planning OutcomesIncrease territory penetrationIdentify qualified prospects fasterGain new customers fasterRetain existing customersIncrease pipeline and forecast accuracyEffectively use company resources © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  27. 27. Sin # 5 - Suffering from“Premature Proposal”What’s the quickest way to get a sales person outof your office?ASK FOR A PROPOSAL!Issues: – Too quick – Not enough info – Product/Service centric – Sits in pipeline too long – Is it real? © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  28. 28. Missing pieces of puzzle 2006 Initiatives? Funding in place? Desired Outcome? Who is on decision team? See Bonus Sin! © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  29. 29. You know it’s too early if…You’ve had only 1 or 2 conversationsDon’t know if your prospect IS the real decision makerDon’t know who else they are talking toHave no idea if the project is funded and staffedTime frame is fuzzy or non-specificHaven’t completed LEAD MEASUREMENT, andCUSTOMER FIT © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  30. 30. Have the courage to:Push back and ask for more time with theprospectRequest meeting with end usersState information you need to complete a targetedproposalAsk for prospect’s assistance (time, people,resources) to gauge commitmentAsk who else they are considering © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  31. 31. Sin # 6 - Bait & Switch:Technology or Sales Process?How does your organization sell?Is there a defined process that all sales repsfollow?In the absence of a process, technology isenticingAssumption that software will impose a processon repsReps immediately figure out work-arounds sothey don’t have to change their “own” process © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  32. 32. Process is about Integration VALUE VALUE PROCESS PROCESS SKILLS SKILLS TOOLS TOOLS © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  33. 33. ChallengesNo defined sales process = MULTIPLE processesEvery rep does it their own wayHard to manage multiple methodsForecasting suffers as a resultDifficult to pinpoint the real problem when salesare downMarketers can’t provide actionable toolsVery inconsistent customer experience © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  34. 34. Sin # 7Cloning your Super StarWhere do the best sales managers come from?The common answer is promoting from the fieldVery few “stars” receive training on how to be asales managerResult: They become “closers”Don’t have the coaching skills to help others do,so they ride in to “save the day”Different skill set required for the job © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  35. 35. What do they need to succeed?A single sales process they can apply consistentlywith repsCoaching skills trainingShift from managing 1 territory to a Sales UnitAccount and territory review processMeasurement tools for selling standards © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  36. 36. Selling StandardsTerritory Management MEETS Territory Management EXCEEDS Territory Management FAILSTerritory List - Segmented AM mentors AR Late or incomplete Territory PlanSacred Time for cold calling Cross matrix – No Team WorkTerritory Plan - Finished and Approved Products Vs. Companies with Trends “Going through the motions”Working as a Team Attend Two or More Industry Events per Quarter Failure to attend any Industry EventAttend an Industry Event – Quarterly Become a Market Segment SME for the Team No Identified “Sacred Time”Keep-up with Industry Trends – Newspaper/Mag Present Industry Trend at Sales MeetingAccount Penetration MEETS Account Penetration EXCEEDS Account Penetration FAILSSelect and Track Accounts (20/AM, 40/AR) 50% Churn in Selected Account List – Quarterly No Plan – No CallsExecute your Territory Plan Face-to-face calls per month – 12 (At least 7 NEW) Fewer than 7 Face-to-face calls per monthUse Notes in ACE to Track Success Refine Territory Plan Bi-MonthlyFace-to-face calls per month – 7 (At least 4 NEW)Solution Selling MEETS Solution Selling - EXCEEDS Solution Selling FAILSMeets Farming Algorithm Exceeds Farming Algorithm Bad Farming AlgorithmUnderstands 9-Boxes Always uses 9-Boxes Doesn’t use 9-BoxesGains Access to Power More than 1 VIP Letter per week Poorly written SS LettersOne VIP Letter per week for management review Starts with Power No Access to PowerCRM/SFA MEETS CRM/SFA EXCEEDS CRM/SFA FAILSSubmit Weekly Call-Logs Uses Tool Daily Refusal to Use Tool or its componentsUpdates active account three times a week Attaches all VIP Letters No Weekly or Incomplete Call-Logs Notes Coaches and Trains others is use of Tool(s) No VIP Letters First Call’s check-off Pipeline Status © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  37. 37. BONUS SIN© 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  38. 38. Closing or Qualifying?Thinking that your sales team has a “closing” probleminstead of a “qualifying” problem“He or she just can’t close!!” or“These leads STINK.”All leads are not created equal – are your reps trulyqualifying each lead?Marketing may pre-qualify – but final qualification isSales’ jobJumping the gun by putting something in the pipeline thatisn’t truly qualified © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  39. 39. © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  40. 40. Qualifying Criteria PAIN 1. Do we understand what the prospect’s desired outcome is? FIT 2. Can we fully meet the prospect’s needs and requirements? FUNDING 3. Is there a funded budget for this project? TIME 4. Do we know when they have to make a decision and why at that time? CRITERIA 5. Who is on the decision-making team and what is the each member’s decision-making criteria? PROPOSAL 6. Have we presented our proposal in person? SHORT LIST 7. Are we on a short-list of vendors? Who else is? © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  41. 41. Most Powerful& Overlooked Sales ToolPROOF!Nothing you sayabout yourcompany will be Nov 19, 1998 AMSPmore compelling 12344 First ST. Vancouver, BC V6T 3R7 Re: Internet Applicationthan what existing Outstanding performance on the application last developed by your company.customers say We can quantify a 30% increase in revenues as a result of this application. Regards,Turn it into a John Smithconsistent program © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  42. 42. The 7 Sins of Marketing & SalesSin # 1 – Is your organization left or right brained?Sin # 2 – One Size Fits All Value PropositionsSin # 3 – The Charge to “Call Higher”Sin # 4 – Going out into the territory without a mapSin # 5 – Suffering from “Premature Proposal”Sin # 6 – Bait & Switch: Technology or Sales Process?Sin # 7 – Cloning your Super StarBonus Sin! – Closing Problem or Qualifying Problem © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  43. 43. Pick Your Sin(s) andChange Your View! See the world through your customer’s eyes™ © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
  44. 44. THANK YOU FOR COMING!BUSINESS CARD = Electronic copy of ValueProposition template & an articleLisa Dennis, PresidentKnowledgence AssociatesLdennis@knowledgence.com617-661-8250www.knowledgence.com © 2006 Knowledgence Associates Ldennis@knowledgence.com www.knowledgence.com
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