Selling Effectiveness - Buyer trends and multigenerational issues

Agenda • Generational Buyer Differences are Changing the Selling Landscape – 4 Sales Tactics o How each generation participates in the sales process o Sales information that influences each generation o Preferred communication channels for each generation o Selling styles and behaviors that rate the highest Copyright © 2009, Corporate Performance Strategies, Inc., All Rights Reserved

GENerationalDNA Friction Map: Sales Reps Boomers Gen X Gen Y Seller sending Seller isn’t sales docs vs. communicating Boomers working Boomer via Boomer’s peer network preferred channels Buyers Gen X Seller doesn’t Seller making understand the Y generational Gen Y buyer’s personal assumptions and drivers alienating buyer Copyright © 2009, Corporate Performance Strategies, Inc., All Rights Reserved

Baby Boomers Gen X Millennial Born Between 1946 - 1964 1965 - 1980 1981 - 2000 Labor force 76m 50m 88m Purchasing With Credit Cards With Credit and Bank Cards Purchase On-line Significant Milestones •Cold War •High Divorce Rates •Terrorism (Oklahoma City, •Vietnam War •Challenger Disaster Columbine, 9/11) •Civil Rights •High Parents’ Unemployment •Flat world Rates •Global Warming HYPE View of Technology Master It Enjoy It Employ It What they bring to work Leather briefcase Cell phone and lap top iPhone Role of Career Central Focus Work/Life Balance Always Changing Major Influences Family & Education The Media Friends, Media Sports Stars, More Aware Work Is Exciting Adventure Difficult Challenge Means To An End Role of Relationships Limited, Useful Central, Caring Global Communication , Media, •TV •Video: Atari, Nintendo •Internet Technology •Photograph •Computer •Laser Disc Players •Touch-tone Phones •Cell Phone •IPOD, MP3 Player

Boomer Gen X Gen Y Number of Participants 121 111 128 Company Size Large ($751m - $2B+) 30% 24% 40% Mid($51m - $750m) 19% 32% 34% Small (<$50m) 51% 44% 26% Average 12 month $1.8m $1.5m $.287m Actual Purchases Job Level VP+ 39% 20% 5% Director 26% 18% 11% Manager 26% 33% 32% Professional 10% 29% 52% Key Purchasing Computer software, services, Computer software, services, Computer software, services, hardware, business services, hardware, electronics, hardware, electronics, Categories furniture & fixtures, printing, business services, paper, business services, paper, telecommunications printing printing Primary Functions Finance, IT, Ops, Marketing, Finance, IT, Ops, Marketing, Engineering, Ops, Marketing, Purchasing, Sales Purchasing, Sales, R&D IT, Purchasing, Customer Support Copyright © 2009, Corporate Performance Strategies, Inc., All Rights Reserved

QUICK GEN SURVEY Which generation is involved in the middle of the sales cycle as well as the beginning and end? Gen Y Gen X Boomer Copyright © 2009, Corporate Performance Strategies, Inc., All Rights Reserved

QUICK GEN SURVEY Which generation is involved in the middle of the sales cycle as well as the beginning and end? Trick Question. They ALL are. Copyright © 2009, Corporate Performance Strategies, Inc., All Rights Reserved

Are You Prepared for Execs Throughout the Buying Cycle? Gen X B2B Buyers Buying Stage Involvement Executive Sales Tools & Messaging Identify/diagnose problem 64% White Papers √ Build business case 61% Case Studies √ Decide to buy external 60% Case Studies √ solution Obtain budget 53% Exec-level ROI meetings? Search for solutions 71% Exec conscious website? Exec-ready call center? Meet with vendors 65% Exec level demo? Set requirements 67% Mapped to Exec needs? Evaluate selected solutions 71% Competitive intel/messages targeted for Execs? Decide on solution 68% Exec pitch √ Negotiate contract 51% Executive peers engaged √ Review performance, 61% Exec presentation of results? installation, implementation Copyright © 2009, Corporate Performance Strategies, Inc., All Rights Reserved

Key Implications for Sales Managers • Boomers and Xers still prominent: Gen Y buyers continue to increase their involvement and growing – Typical decision makers for ASP below $250k and certain industries • Execs Always Present: Execs at all stages of the buying process – from business case, to demo, to results review • Need for Generationally Aware Sales Skills: Selling approaches need to be aligned with the level and generation of the buyers Copyright © 2009, Corporate Performance Strategies, Inc., All Rights Reserved

QUICK GEN SURVEY What are the two most influential sources of information useful to all decision makers in buying decisions? Professional Content Websites Videotaped Case Study Advertising Internet Reviews Books Copyright © 2009, Corporate Performance Strategies, Inc., All Rights Reserved

QUICK GEN SURVEY What are the two most influential sources of information useful to all decision makers in buying decisions? √ Professional Content Websites Videotaped Case Study Advertising √ Internet Reviews Books Copyright © 2009, Corporate Performance Strategies, Inc., All Rights Reserved

Boomers use Sources of Information for Buying Decisions BOOMERS Trusted Advisor Internal 59% Best Practice/Professional content websites 57% Trusted Advisor External 53% Direct Mail 5% Newspaper 4% 0% 10% 20% 30% 40% 50% 60% 70% 80% Copyright © 2009, Corporate Performance Strategies, Inc., All Rights Reserved

And so do Xers . Sources of Information for Buying Decisions GEN X Trusted Advisor Internal 75% Best Practice/Professional content 63% w ebsites Peer group Referrals 60% Advertising 8% 20% or more of your company’s marketing budget Direct Mail 7% is spent on these lowest rated sources of info 0% 10% 20% 30% 40% 50% 60% 70% 80% Copyright © 2009, Corporate Performance Strategies, Inc., All Rights Reserved

And Y is similar, too . Sources of Information for Buying Decisions GEN Y Trusted Advisor Internal 63% Best Practice/Professional content 57% w ebsites Internet Review s/feedback 56% Books/Authors 13% Video Case Studies 7% 0% 10% 20% 30% 40% 50% 60% 70% 80% Copyright © 2009, Corporate Performance Strategies, Inc., All Rights Reserved

Information Availability – Buyer Quotes • All buyers do their research online for information on product vs. relying on a salesperson. The sales role has become more of a customer support role. • Information does not necessarily come from the vendor. It has become easy to find information from lots of sources. • You can do your own research. Also, product reviews are important – people that are unhappy tend to be very vocal. • EDI increases speed and efficiency. For example, the seller is contacted over email, the buyer can look for his quote on the webpage or through electronic attachment vs. waiting in the mail or over fax. • Vendors do not necessarily have to be local or limited to the U.S. In one instance distribution companies in China were sourced through the internet and were used to make a purchase. • Level of accessibility to products and services much greater. For example, shopping for an email marketing tool and Tweeted about Silverpop experiences. Got several responses on the vendor and other suggested tools. Copyright © 2009, Corporate Performance Strategies, Inc., All Rights Reserved

Interacting with Buyer Generations in the Field Boomers Gen X Gen Y Face-to-Face Phone Email On-line Meetings Texting Social Networks Green – Most Preferred Light Blue – Use Yellow – Use Sometimes Orange – Preferred by Few Red – Not selected Copyright © 2009, Corporate Performance Strategies, Inc., All Rights Reserved

Key Implications for Sales Managers • Get off the Plane: • Join the Right Professional – Face-to-face my be your Networks: preference but not the buyers – Execs leverage peer professional – Get the best remote sales tools and social networks you can – NOT the hype social networks – Develop remote sales skills in • Revisit the marketing budget: sales people – 20% or more of typical marketing • Watch the Channel: Use the budgets are spent in areas Execs channels your buyers prefer: Do you use the least know where they go for information? – Best bet? Move social, video, ad • Know the Influencers: Use a dollars to internet content spend comprehensive political/influence mapping tool and process Copyright © 2009, Corporate Performance Strategies, Inc., All Rights Reserved

QUICK GEN SURVEY Which Generation only considers company benefits when making buying decisions? Generation Y Generation X Baby Boomers Copyright © 2009, Corporate Performance Strategies, Inc., All Rights Reserved

QUICK GEN SURVEY Which Generation only considers company benefits when making buying decisions? Generation Y Generation X √ Baby Boomers Copyright © 2009, Corporate Performance Strategies, Inc., All Rights Reserved

Key factors considered in decisions to buy Common Generational Gen X and Y buyers: Factors: • Safe choice • Company needs • Performance • Increasing revenues appraisal • Reducing costs • Professional development • Job security Relationship with sales lead no longer significant! Copyright © 2009, Corporate Performance Strategies, Inc., All Rights Reserved

Sales Rep Traits that Matter Boomers Gen Ys Engaging Engaging Confident Confident Collaborative Problem-solver Transparent Efficient Business-like Collaborative Copyright © 2009, Corporate Performance Strategies, Inc., All Rights Reserved

Key Implications for Sales Managers • Align Messages to Generation: – Adjust messages to align with each generation’s personal drivers in addition to business drivers – Adjust messages reflect the attributes preferred by each generation • Adjust Sales Style to Generation: – How aligned are your customer’s preferences with the current sales team’s characteristics and style? – Can your sales team adjust to the preferred styles of generational buyers? – Are you selecting, developing, training the styles and behaviors most likely to be successful? Copyright © 2009, Corporate Performance Strategies, Inc., All Rights Reserved

Diagnosing Generational Issues • Customer dissatisfaction by generation • Win/Loss analysis by sales/buyer generation • Territory generational analysis—untapped revenues due to generational biases • High customer attrition in certain generations Copyright © 2009, Corporate Performance Strategies, Inc., All Rights Reserved

Adapting to the Generational Shifts • Map your prospect and customer database along with your sales force today and project their composition 3-5 years out • Begin to incorporate these generational preferences/differences into your marketing and sales processes, channels, and messages • Survey your customers to find out how they really make decisions • Align your selection, training, development, and retention with your customer base Copyright © 2009, Corporate Performance Strategies, Inc., All Rights Reserved

GenDNA Solutions • Buyer research reports available in November • Sales rewards research report available now • Improving selling effectiveness – Customer buying patterns research and effective sales strategies – Selling process audit and recommendations – external and inside sales strategies – Selling Skills training for C level and multigenerational buyers – Salesforce skills development – Selection and training strategies and tactics to match customer requirements – Management Training – leading, motivating and coaching multiple generations of sales reps – Customer preferences and decision factors in buying – Marketing messaging, collateral, and tactics Copyright © 2009, Corporate Performance Strategies, Inc., All Rights Reserved

Please provide feedback, suggestions, and questions. If you are interested in a pilot partner opportunity. Contact: Dave Brookmire 404-593-5001 dbrookmire@generationaldna.com Copyright © 2009, Corporate Performance Strategies, Inc., All Rights Reserved

http://cpstrat.com	181
http://inblurbs.com	43
http://www.slideshare.net	9
http://generationaldna.com	7

Selling Effectiveness - Buyer trends and multigenerational issues

by Dave Brookmire on Feb 10, 2010

Accessibility

Categories

Tags

Upload Details

Usage Rights

4 Embeds 240

Statistics

Selling Effectiveness - Buyer trends and multigenerational issues — Presentation Transcript