Cross-Selling & Up-Selling with Miller Heiman

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

    1. Cross-Selling & Up-Selling:Uncovering Hidden Opportunities
      Rich Blakeman - Sales Vice President, Miller Heiman
      SAN FRANCISCO
      CHAMBER OF COMMERCE
      Where smart business starts
    2. How does it look to you?
      This year I will achieve my sales quota.
      ? %
      ? %
      Others
      World Class
    3. How did it look last October?
      This year I will achieve my sales quota.
      83%
      48%
      Others
      World Class
    4. Current Customer
      New Customer
      Profitability
    5. 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
    6. 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
    7. Today’s Reality
      Targets
      Leads
      Meetings
      Opportunities
      Close
    8. 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).
    9. 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.
    10. Timing for Effective Cross-Selling & Up-Selling
      Buying Process
      Status
      Quo
      Need to
      Change
      Recognized
      Define
      Problem
      Evaluate
      Options
      Select
      Best
      Implement
      Assess
      Value
    11. 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
    12. 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
    13. Do your customers understand the full breadth of your capabilities?
    14. 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
    15. 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
    16. Our sales force is very effective at selling new products / services.
      74%
      37%
      Others
      World Class
    17. The Number One Reason People Don’t Cross-Sell Up-Sell
    18. The Number One Reason People Don’t Cross-Sell Up-Sell
      FEAR
    19. Fear of Cross Selling & Up-Selling
      Fear of losing is the number one reason salespeople do not cross-sell and up-sell more often.
    20. 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.
    21. 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
    22. 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.
    23. 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?
    24. The Cross-Sell/Up-Sell Matrix
    25. 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?
    26. 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?”
    27. 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
    28. 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
    29. 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
    30. 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
    31. 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!
    32. 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
    33. Q&D
      Q&D
      Questions & Discussion

    + sarahlmilligansarahlmilligan, 5 months ago

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