Sales Rainmakers


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Habits, Tools and Disciplines of Sales Rainmakers

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Sales Rainmakers

  1. 1. <ul><li>The Habits, Tools and Disciplines of Bank Rainmakers </li></ul><ul><li>I DEA B RIDGE , LLC </li></ul><ul><li>****** Co., LLC </li></ul><ul><li>Quarterly Sales Meeting </li></ul><ul><li>Old Ranch Country Club • February 20, 2008 </li></ul>
  2. 2. <ul><li>Time Management </li></ul>
  3. 3. Can Time Be Managed? <ul><li>You cannot manage, save or buy time. </li></ul><ul><li>You can only control the decisions you make about which activities you choose to focus on. </li></ul><ul><li>Time management then, is really about making choices about where you focus your attention. </li></ul>
  4. 4. Focus on Pareto’s 80/20 High ROT High Leverage 80/20
  5. 5. Survey Results: 80-20 for Bank Rainmakers <ul><li>Telephone Cold Calling is not cited as a High ROT activity </li></ul><ul><li>3 – 4% Conversion Rate at Best </li></ul><ul><li>If using the phone, have a plan; don’t aimlessly dial. </li></ul>
  6. 6. Biggest Time Wasters; Who Knows George? <ul><li>Searching for the perfect prospect </li></ul><ul><li>Writing the perfect letter or email </li></ul><ul><li>Aimlessly dialing for dollars with no plan </li></ul><ul><li>Developing the perfect phone script </li></ul><ul><li>Not asking the tough questions </li></ul><ul><li>Spending too much time with shoppers </li></ul><ul><li>Fits and spurts vs. weekly prospecting </li></ul>
  7. 7. <ul><li>Referral Building </li></ul>
  8. 8. Rainmakers Focus on Referrals <ul><li>Referrals are consistently ranked as the #1 source of new business. </li></ul><ul><li>86% of companies surveyed are willing to provide referrals, yet only 12% ever recall being asked. </li></ul><ul><li>Referrals have a higher conversion rate due to the “warm” introduction and credibility of the endorser. </li></ul><ul><li>Must give to get; referrals must be earned through “value exchange” </li></ul>
  9. 9. Referral Source or Golfing Buddy? <ul><li>Have they given you a warm, qualified referral in the past year? </li></ul><ul><li>Can they clearly explain why you are unique / different / better than all the others? </li></ul><ul><li>Are their referrals a good fit, or just a waste of your time? </li></ul><ul><li>Acid Test: in the last two years, have you booked a new client as a direct result of their referrals? </li></ul>
  10. 10. <ul><li>Sales Process </li></ul><ul><li>(Predictable Results) </li></ul>
  11. 11. The Sales Process
  12. 12. <ul><li>Pre-Workshop </li></ul><ul><li>Survey Results </li></ul>
  13. 13. REVIEW: Sales Survey <ul><li>Time Management </li></ul><ul><li>Motivation / Attitude </li></ul><ul><li>Cross Selling and Referral Building </li></ul><ul><li>Comfort with Selling </li></ul><ul><li>Prospecting and Appointment Setting </li></ul><ul><li>Pre-Call Planning </li></ul><ul><li>Sales Skills </li></ul><ul><li>Using a Sales System </li></ul><ul><li>Adding Value on a Call </li></ul><ul><li>Negotiating Skills </li></ul>
  14. 14. Sales are Made or Lost by the Path You Choose THE RAINMAKER’S SYSTEM “ Success by Design” Buyer’s System “ Concessions by Deception” What System? “ Chance, #s, and Lucky Breaks” Which sales path will you follow? Rapport Rapport Rapport
  15. 15. The Prospect’s System of Deception <ul><li>Feign interest </li></ul><ul><li>Always be available </li></ul><ul><li>Extract a proposal </li></ul><ul><li>“Top consideration” </li></ul><ul><li>Extract concessions </li></ul><ul><li>Run and hide </li></ul><ul><li>Stay with incumbent </li></ul>
  16. 16. The Rainmaker’s System: Success by Design <ul><li>Always comes prepared with a Pre-Call Plan </li></ul><ul><li>Builds rapport before they ever try to sell anything </li></ul><ul><li>Takes, and maintains control, by asking questions </li></ul><ul><li>Collects more information than they give </li></ul><ul><li>Always concludes with “Next Steps” </li></ul><ul><li>Closes the sale well in advance of any proposal </li></ul>
  17. 17. <ul><li>The Tools </li></ul><ul><li>and Habits </li></ul><ul><li>of </li></ul><ul><li>Rainmakers </li></ul>
  18. 18. The Rainmaker’s Prospect Funnel <ul><li>100 – 125 Tracking and Follow-up </li></ul>50 High Touch Prospects Top – 20 Prospects 5 Pipelined Opportunities
  19. 19. The Rainmaker’s Favorite Lists <ul><li>Top-20 Prospect List </li></ul><ul><li>Client Advisor List </li></ul><ul><li>Circle the Wagons List (Top 50 – 100 Suspects) </li></ul><ul><li>Current Pipeline </li></ul><ul><li>Industry-Specific Targets </li></ul>
  20. 20. Leak-proof Follow-up Systems <ul><li>Over 50% of sales are from long term follow-up efforts. </li></ul><ul><li>Develop simple systems that are easily updated to insure that nothing ever falls through the cracks. </li></ul><ul><li>Be relentless at following up. </li></ul><ul><li>Send articles and other valuable industry information. What do they need, want and value most? </li></ul><ul><li>Be memorable, unique. Stand out. Hobbies? Interests? </li></ul>
  21. 21. Add Value. Do Homework. Follow-up Articles. Plastics Industry Also track Prospects and Key Executives for updates!
  22. 22. Stand Out. Be Unique. Be Remembered… F o rever! Lance Armstrong Autographed Wheaties Box Item number: 5159621137 Buy it Now price: $14.99 
  23. 23. Winning Through Differentiation / Connection Could this small wooden box hold the secret to Differentiation?
  24. 24. REVIEW: Pre-Workshop Market Position and Message <ul><li>How is your offer different and compelling? </li></ul><ul><li>Why should a prospect meet with you? What’s really in it for them…how do they benefit? </li></ul><ul><li>How can you position your offer to be more compelling? What are your competitors doing to gain share in deposit-rich industries? </li></ul><ul><li>How can we adjust our approach to win more business? </li></ul>
  25. 25. Differentiation: A Winning Strategy <ul><li>Target 2- 3 (deposit-rich) industries that you find interesting </li></ul><ul><li>Acquire advanced knowledge through customers, trade magazines, services providers, online research, etc. </li></ul><ul><li>Go to customers (and service providers) in those industries and present them with a list of target prospects; ask them for help </li></ul><ul><li>“ I enjoy your industry, I’ve done my own research and I’ve set a goal to add 2 or 3 new clients in your industry this year….Who do you know on this list that we should be talking to?” </li></ul>
  26. 26. <ul><li>Improving Sales Call Effectiveness </li></ul>
  27. 27. Rainmakers use the 80-20 Listening Rule <ul><li>Survey: Most decision makers would be &quot;much more likely&quot; to buy from someone that was a &quot;good listener.&quot; </li></ul><ul><li>On a sales call, a Sales Rainmaker will listen about 80% of the time and talk only about 20%. They are masters at asking deep, probing questions. </li></ul><ul><li>They won’t bombard someone with brochures and product info until they’ve really listened and understood the Prospect’s issues. </li></ul><ul><li>Selling is about listening, not talking. It’s about asking, not telling. </li></ul>
  28. 28. Always Establish “Next Steps” <ul><li>End all meetings 15 minutes early in order to establish Next Steps. Keep those steps to a two week maximum . </li></ul><ul><li>Never leave a meeting open-ended; always establish a timetable, Next Steps, and an agreement on who will do what and when. </li></ul><ul><li>Make sure that the Prospect is clear about what the next step will be and agrees to take your follow-up calls . </li></ul><ul><li>Resist making a follow-up commitment without a Next Step agreement from the decision maker. </li></ul><ul><li>Get them to “ Play Ball” </li></ul>
  29. 29. Will They Play Ball? <ul><li>A Prospect must be willing to play ball; they must initiate some of the contact or follow-up. </li></ul><ul><li>Sales Rainmakers have the unique ability to set the 2 nd and 3 rd follow-up meetings. Rainmakers ask for, and typically set, the next meeting during the current meeting . </li></ul><ul><li>If they won’t commit to the next meeting, then they aren’t playing ball. And if they won’t play ball, then you have no momentum and no prospect. </li></ul><ul><li>Rainmakers maintain Sales Momentum ! </li></ul>
  30. 30. Reduce Shopping. Uncover Hidden Agendas. <ul><li>“ Would it be fair to say that prior…?” </li></ul><ul><li>“ What will you do when your Bank…?” </li></ul>You MUST ask these questions in order to be considered a Rainmaker:
  31. 31. Summarize the Meeting by Reviewing your Notes <ul><li>“ Let’s make sure that I’ve got this all down correctly…… </li></ul><ul><ul><li>Your biggest issues seem to be: </li></ul></ul><ul><ul><ul><ul><li>Issue #1: </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Issue #2: </li></ul></ul></ul></ul><ul><ul><li>Ideally, you’d like to see the following: </li></ul></ul><ul><ul><ul><ul><li>Change #1: </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Change #2: </li></ul></ul></ul></ul><ul><ul><li>We’ve agreed that the Next Steps are: </li></ul></ul><ul><ul><ul><ul><li>Step #1: </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Step #2: </li></ul></ul></ul></ul><ul><ul><ul><ul><li>How did I do? Did I miss anything?” </li></ul></ul></ul></ul>
  32. 32. Memorize Responses to Objections <ul><li>Rainmakers have a compelling response to: </li></ul><ul><ul><li>We’ve had a bad experience with your Bank. </li></ul></ul><ul><ul><li>I already have a back-up Bank in the wings. </li></ul></ul><ul><ul><li>It’s not my decision. </li></ul></ul><ul><ul><li>Mail me something. </li></ul></ul><ul><ul><li>We just changed. </li></ul></ul><ul><ul><li>We’ve heard some disturbing things in the market. </li></ul></ul><ul><ul><li>I need to run your proposal by my current Bank… </li></ul></ul><ul><li>Refine the response to each objection until it resonates with your Prospects and gets a positive reaction. </li></ul>
  33. 33. The Top-5 Sales Realities <ul><li>If there’s “no pain” there will be no change </li></ul><ul><li>A “tie” always goes to the incumbent. Period. </li></ul><ul><li>‘ Likeable’ and ‘sincere’ beats highly-polished </li></ul><ul><li>Prospects see very little difference between Banks; strive to differentiate in ways they deem valuable. </li></ul><ul><li>Testimonial letters beat references EVERY time </li></ul>
  34. 34. <ul><li>Negotiating </li></ul>
  35. 35. Find the Real Decision Maker <ul><li>“ How will this decision be made? …..Please walk me through the next few steps of your process.” </li></ul><ul><li>“ Other than you, who else will be involved in this decision?” </li></ul><ul><ul><ul><ul><li>Gatekeepers </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Information Gatherers </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Decision Influencers </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Committee Members </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Document Signers </li></ul></ul></ul></ul>Decision Makers don’t need approval from anyone else!
  36. 36. Understand the Incumbent’s Power <ul><li>Your #1 competitor: Incumbents will always get the “last look.” </li></ul><ul><li>Never underestimate the power of the incumbent’s relationship with your prospective client. </li></ul><ul><li>Remember all the parties to the sale: </li></ul><ul><ul><li>You / The Bank </li></ul></ul><ul><ul><li>The Prospect </li></ul></ul><ul><ul><li>Other Banks invited to pitch </li></ul></ul><ul><ul><li>The Incumbent Bank </li></ul></ul>
  37. 37. No Surprises! <ul><li>Early in the process, discuss exactly how you work and what you will expect. Discuss the terms and broad objectives early in the process. </li></ul><ul><li>At the close, there should never be a reason to “think it over.” </li></ul><ul><li>Avoid the temptation to present anything until after they are convinced that it’s the right decision for them. Ideally, terms should only be verbalized until they have agreed to the major deal points/terms/pricing/structure. </li></ul>
  38. 38. The Rainmaker’s 3-Point Pledge <ul><li>Resist issuing proposals until you are certain that there’s a genuine and serious interest. </li></ul><ul><li>Resist issuing proposals to anyone who will not grant access to the final decision makers. </li></ul><ul><li>Don’t issue proposals to anyone who has not committed to make a decision within a very short time frame. </li></ul>
  39. 39. Negotiating Ploys <ul><li>Phantom Suitor </li></ul><ul><li>Good Cop/Bad Cop </li></ul><ul><li>One more thing… </li></ul><ul><li>Win – Lose </li></ul><ul><li>Tough Guy/Yeller/Bully </li></ul><ul><li>First, Best & Final Offer </li></ul><ul><li>The 20% Hold Back Ploy </li></ul>Email me for these formal scenarios & effective counter-moves
  40. 40. <ul><li>Review </li></ul><ul><li>and </li></ul><ul><li>Next Steps </li></ul>
  41. 41. Top - 5 Reasons for “Sales Slumps” <ul><li>Insufficient prospecting </li></ul><ul><li>Inadequate Pre-Call Planning </li></ul><ul><li>No defined sales system that is consistently used </li></ul><ul><ul><ul><li>Lack of rapport/trust/connection </li></ul></ul></ul><ul><ul><ul><li>Not asking the tough questions </li></ul></ul></ul><ul><ul><ul><li>Talking too much; not listening </li></ul></ul></ul><ul><ul><ul><li>No compelling differentiation or answer to: “Why switch Banks if I’m satisfied? I really don’t need the hassle!” </li></ul></ul></ul><ul><li>Inadequate follow-up and pipeline management </li></ul><ul><li>Stalled sales momentum: No “Next Steps” </li></ul>
  42. 42. A Simple Plan for Guaranteed Growth <ul><li>Invest time each week on your 80/20 prospecting, referral-building and selling activities. </li></ul><ul><li>Adopt the Rainmaker’s Sales System to avoid being shopped and to shorten your sales cycle. </li></ul><ul><li>Improve the productivity of referral meetings. </li></ul><ul><li>Develop a great follow-up system. </li></ul><ul><li>Be mindful that independent prospecting is the #1 problem. </li></ul>
  43. 43. Thank You… and Good Selling! <ul><li>What will you take back and implement? </li></ul><ul><li>Pick just a few ideas that might work for you; refer back to your Top Take Aways form. </li></ul>Questions?