Cross-Selling & Up-Selling with Miller Heiman
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Cross-Selling & Up-Selling with Miller Heiman

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These slides were originally presented by Rich Blakeman, sales vice president for Miller Heiman, in a presentation, Cross-Selling & Up-Selling:Uncovering Hidden Opportunities, to the San Francisco ...

These slides were originally presented by Rich Blakeman, sales vice president for Miller Heiman, in a presentation, Cross-Selling & Up-Selling:Uncovering Hidden Opportunities, to the San Francisco Chamber of Commerce, Tuesday, July 14, 2009.

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Cross-Selling & Up-Selling with Miller Heiman Cross-Selling & Up-Selling with Miller Heiman Presentation Transcript

  • Cross-Selling & Up-Selling:Uncovering Hidden Opportunities
    Rich Blakeman - Sales Vice President, Miller Heiman
    SAN FRANCISCO
    CHAMBER OF COMMERCE
    Where smart business starts
  • View slide
  • How does it look to you?
    This year I will achieve my sales quota.
    ? %
    ? %
    Others
    World Class
    View slide
  • How did it look last October?
    This year I will achieve my sales quota.
    83%
    48%
    Others
    World Class
  • Current Customer
    New Customer
    Profitability
  • Who we are
    Miller Heiman – The Sales Performance Company
    Miller Heiman helps companies and individuals that compete for high-value business-to-business sales develop strategies, processes and skills to consistently win business – especially when the sales process is complex and the marketplace demanding.
    We have been in business for more than 30 years. Over this time we’ve evolved into the world’s largest sales performance consulting and training firm and the preeminent thought leaders in the space.
    Our reach:
    Over 1,250,000 alumni
    Over 10,000 client engagements
    Programs translated in 17 languages
    Operating in over 35 countries
  • 2009 Miller Heiman Sales Best Practices Study
    Annual study reveal trends, issues, opportunities in a complex selling environment
    Benchmarks year-over-year trends
    Survey conducted in October 2008
    Sixth year of study
    3,900+ sales professionals participated in current study
    21,000 participants to date
  • Today’s Reality
    Targets
    Leads
    Meetings
    Opportunities
    Close
  • Cross-Selling Defined
    Cross-selling (verb)
    Expanding the number and quality of relationships between key people in the buying organization and the selling organization, and/or
    Making additional relevant solutions available to the buying organization (e.g., new products).
  • Up-Selling Defined
    Up-selling (verb)
    Converting an initial order into a more profitable order. Typically manifested by the customer's commitment to:
    (1) additional units of the seller's solution – or –
    (2) a premium version of the seller's solution. This doesn't mean selling one's customers something they don't need; it does mean selling one's customers more of something that they do need.
  • Timing for Effective Cross-Selling & Up-Selling
    Buying Process
    Status
    Quo
    Need to
    Change
    Recognized
    Define
    Problem
    Evaluate
    Options
    Select
    Best
    Implement
    Assess
    Value
  • Timing for Effective Cross-Selling & Up-Selling
    Buying Process
    Status
    Quo
    Need to
    Change
    Recognized
    Define
    Problem
    Evaluate
    Options
    Select
    Best
    Implement
    Assess
    Value
    Up-Selling
    Cross-Selling
  • Sales Leadership Challenges Today
    Increase average deal size
    Effectively introduce new products/services to the market
    Grow sales without significant increases in resources
    Differentiation through increased value
  • Do your customers understand the full breadth of your capabilities?
  • Only 34 percent of top-performing sales organizations report that their customers understand the full breadth of their capabilities, and only 22 percentof all other organizations make the same claim.
    2008 Miller Heiman Sales Best Practices Study
  • Existing Client/
    Customer
    New Client/
    Customer
    Proven Product/
    Service
    1
    3
    New Product/
    Service
    2
    4
    1 - 4 = Most to Least Predictable
    Predictability Analysis Model
  • Our sales force is very effective at selling new products / services.
    74%
    37%
    Others
    World Class
  • The Number One Reason People Don’t Cross-Sell Up-Sell
  • The Number One Reason People Don’t Cross-Sell Up-Sell
    FEAR
  • Fear of Cross Selling & Up-Selling
    Fear of losing is the number one reason salespeople do not cross-sell and up-sell more often.
  • 92%
    91%
    43%
    37%
    Others
    World Class
    Others
    World Class
    Our organization regularly collaborates across departments to manage strategic accounts.
    Sales and Marketing are aligned in what our customers want and need.
  • 4 Steps to More Effective Cross-Selling & Up-Selling
    Develop Your Ideal Customer Profile
    Map the New Buying Process
    Understand the Concept
    Define Unique Strengths
    Step 1
    Step 2
    Step 3
    Step 4
  • Develop Your Ideal Customer Profile
    Step 1
    Consider the characteristics of those clients who would have the greatest need for your added product/service:
    Create a list of five key characteristics.
    It’s not who has a need but who has the greatest need
    It’s not who will buy but who will buy quickly
    Quick wins help reduce Fear
    This is the criteria you will use as a sorting device to prioritize.
  • Example: Ideal Customer Profile
    Fast sales head-count growth
    Higher than expected sales force turnover
    Client has shared their concern as to whether they have the right people
    New VP of Sales in place
    Companies in the midst of a merger or acquisition
    Size of sales force
    Which current clients match your Ideal Customer Profile?
  • The Cross-Sell/Up-Sell Matrix
  • Step 2
    Map the New Buying Process
    Who will help you gather information?
    Do you know this person – do you need to develop this person?
    Who will make final decision to buy?
    Do you know this person – do you need additional info?
  • Develop Your Coach
    Role: acts as a guide for cross-selling and up-selling
    Proactively develop at least one
    A Coach can provide and interpret information about:
    Validity of this Opportunity
    Other Buying Influences
    Focus: your success with this proposal
    Asks: “How can we make this happen?”
  • Recognize where the decision will get made.
    Who holds the budgetary/financial responsibility
    Who’s ultimately responsible for the success/failure when purchasing your product/service
    Calling at the right level is critical
    Top-performing sales organizations include client executives in the sales cycle1:
    52 percent more likely to gain access to key decision makers
    57 percent more likely to systematically identify the issues of key individuals
    56 percent more likely to have relationships and dialog at the highest executive levels with strategic accounts
    Must be selling at the Economic Buying Influence level!
    1 - Source: 2009 Miller Heiman Sales Best Practice Study
  • Step 3
    Understand the Concept
    Finding the optimal solution
    Every customer has a solution image or Concept
    Customers buy what they think your solution will enable them to accomplish
    The Customer’s Concept evolves during the buying process
    The sales professional needs to understand the Customer’s Concept
    Customers have Concepts; companies do not
  • Customer’s Concept
    Accomplish something
    Fix something
    Avoid something
    Create a Valid Business Reason
    Provide a compelling reason for this person to invest time with you
  • Is bigger better? Why?
    What is Unique and better about the larger solution?
    What are your Strengths?
    How are your Strengths important to your customer?
    Define Unique Strengths
    Step 4
  • Differentiation
    Products, services, or solutions must be differentiated before the customer makes a decision to buy, or that decision may be based on price alone
    Customers do not buy products, services, or solutions per se; they buy what they think or feel the products, services, or solutions will accomplish for them
    Your Customers must see a link between your product, service, or solution and their Concept
    So What? Prove It!
  • Review of the 4 Steps to EffectiveCross-Selling & Up-Selling
    Develop Your Ideal Customer Profile
    Map the New Buying Process
    Understand the Concept
    Define Unique Strengths
    Step 1
    Step 2
    Step 3
    Step 4
  • Q&D
    Q&D
    Questions & Discussion