Accudata Webinar Closing Tutorial Final

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  • Welcome to accudata’s sales training series closing best practices tutorial. If you have any questions or comments, please contact your sales rep or send an email to info@accudata.com
  • Hi – I'm Mike Stankus, sales trainer for Accudata. We are excited to bring you sales strategies and tactics that will help you make more sales.In this tutorial focused on closing best practices, you will learn….
  • The focus of our sales training is on complex sale cycles. Multiple steps, multiple decision stakeholders. At a high level, the complex sales cycles starts with….The discovery and validation phases are critical for improving close ratios. Before a deal can close.., you need to…The following slides will teach you how to do those things
  • Closing deals has gotten more difficult because…Because the sales environment has changed, sales reps need to work harder than ever to close deals
  • In research that studied complex B2B sales cycles, commonalities showed up in win / loss reports. Reasons deals were won included…On the flip side, deals were lost because
  • In order to help you with this process, we have created a tool called the pursuit drillIt helps to REALISTICLY forecast where a deal is at and what needs to happen for it to closeCreates an action planWorks especially well in complex sales opportunitiesMultiple steps, multiple decision stakeholders
  • Measures ability to answer qualifying questions and depth of relationshipsThe template should be completed by a sales rep and shared with a sales manager/trusted advisorAnswers the following questionsDoes the customer have a need?Do we have the right solution?Is this a closable opportunity?Where do we have red flags?What pro-active strategies should we deploy?
  • Part one of the pursuit drill forces you to answer a series of qualifying questions….the purpose of this step is to determine what you know about the opportunity. The idea is to highlight areas that are red flags or you don’t know the answer…this will tell you what you need to do next
  • Step two will determine if you have the right relationships to win the deal….In the tools section, you will find a blank pursuit drill template as well as a sample pursuit drill. In the sample, we have highlighted issues in red to help demonstrate the value of the tool.
  • Before we move on, I would like to do a quick re-cap of what we have covered so far…
  • This has been a challenging time to close deals. The reason is….
  • To help you with this process, we have documented a few sample compelling reasons to buy….
  • To demonstrate the importance of creating a compelling reason to buy, we suggest you….This exercise will help you eliminate deals that aren’t real or closable and focus you on deals that are. For the ones that are, make sure you provide answers to the two questions…
  • Many times, your contact will need to get approval for your proposal. Never assume they can “sell” this initiative with any degree of competence
  • Another closing best practice is trying to determine why a customer is not ready to buy….for example….
  • To wrap up this tutorial, we would like to summarize key points….
  • Accudata Webinar Closing Tutorial Final

    1. 1. The power of partnership. Sales Training Series Closing Best Practices Training Module Run Time: 16 minutes
    2. 2. Welcome This training module will present strategies and tactics that help you • Better qualify leads • Shorten sales cycles • Improve close ratios 2
    3. 3. Complex Deal Sales Cycle Get In the Propose Close Discovery Validation Door • Right • Understand • Desire • Compelling • Decision person? the state? reason to makers on- • Right time? problem/ • Compelling buy from board? needs of reason to you? • Handled the change? objections? customer? • Favorable • When are to our they ready solution? to buy? • Validated Approval Process? 3
    4. 4. How has the sales environment changed? • Market is getting more competitive • Customers are more sophisticated – they realize they have choices • Companies/organizations replace vendors more frequently • Decisions get made at higher levels • Vendor professionalism, viability, and value proposition become more important in the decision process • Pricing has become much more important, transparent 4
    5. 5. Why deals are won and lost? Won Lost • Relationships • Lack of relationships/access • Ability to influence • Poor discovery requirements, purchasing • Did not validate/made too process, RFP many assumptions • Scope/price • Decision criteria did not map • Solution fit to requirements to our strengths • Qualifications • Internal snafus 5
    6. 6. Qualification is iterative and non-emotional • Is the iterative process of gathering information to decide whether to invest or continue to invest in a pursuit • Should be a non-emotional business decision that is not be influenced by: − How positive an outlook you have − How much you want this deal − How sure you are you can do a great job 6
    7. 7. The costs of not qualifying are significant • Financial Cost: Out-of-pocket time and expense • Opportunity Cost: Could have been pursuing a winnable deal or making a more strategic investment • Personal Cost : Work-life/wasted time • Relationship Cost: If you don’t qualify hard, the prospect or customer may lose respect for you 7
    8. 8. Qualification – The Two Tests 1 Is this a real opportunity? 2 Can we position ourselves to win? 8
    9. 9. Is this a real opportunity? • Do they have a problem? Is it worth solving? • Can we provide a solution that solves this problem? Should we? • Is the problem urgent and are they planning to take action? • Do you have access to key decision makers? • Do they have expectations of what it will take to solve the problem? Are their expectations realistic? 9
    10. 10. Can we position ourselves to win? • What is our history with the prospect? • Is there an incumbent? • Have vision, requirements, RFP been created by another firm? • Who is the competition? • How do our strengths line up with customer requirements and hot buttons? • What is our current position? If not good, can we realistically position ourselves to win in the time we have? 10
    11. 11. A Pursuit Drill is a key tool to help close deals A Pursuit Drill is a tool (template): • Helps pro-actively manage complex sales opportunities • Generates dialogue between a sales person and others assisting on the deal • Will help determine which deals to pursue and which ones to let go 11
    12. 12. The Pursuit Drill has two components Qualifying Questions Pursuit Drill Relationship Map 12
    13. 13. Step 1 - Qualifying Questions Is this a new initiative or are they looking to replace a current vendor? If replacing current vendor, what are the reasons why? Describe the sale cycle to date (How did this project get initiated, how did we get the lead, where are we at in the process?) Describe the goals of the project? (Who are they targeting, why, result desired, etc.) What specific business impact are they looking for? Describe the goals of the project? (Who are they targeting, why, result desired, etc) What specific business impact are they looking for? What are the project requirements and scope? What is the budget? Who owns the budget? What are we proposing? How does our solution map to their requirements? What other alternatives are they considering? Are we positioned to win this deal? Why or why not? What is the decision process? (Steps, what happens in each step, timeline, decision criteria). Which decision makers do we NOT have access to? What compelling reason have we provided the decision makers to go with AccuData? What compelling reason do they have to buy now? What is preventing this deal from closing? 13
    14. 14. Step 2 - Decision Stakeholder Relationship Map This exercise will expose potential relationship issues. List out all the people who will have influence in the decision and what you believe to be their current feeling towards your solution – Then, where do we need them to be? How do we get them there? Stakeholder / Where at? Where need to be? Our plan? role in decision (decision (on-board, maker, influencer, u against, neutral, ser, financial un-aware) approver) 1. 2. 3. 14
    15. 15. Qualification and Pursuit Re-cap • The cost of not qualifying can be significant • Complex deals can be defined as sales cycles with multiple steps and multiple decision stakeholders • Sales reps must analyze the situation and develop pro-active closing strategies • Tools to utilize include the Pursuit Drill 15
    16. 16. Creating a compelling reason to buy is critical • Companies of all sizes are scrutinizing every expenditure — ―Why should we do this?‖ — ―Why should we do this now?‖ — ―Why should we buy from you?‖ • As a sales person, you MUST help the customer answer these questions 16
    17. 17. Create a Compelling Reason to Buy - Examples • ―Why should we do this?‖ — New customer acquisition is a top priority right now and this solution will help us make our numbers • ―Why should we do this now?‖ — If we delay a decision, we will fall behind our customer acquisition plan and may never catch up — Our competitors are falling by the wayside and we have a great near term opportunity to increase market share • ―Why should we buy from you?‖ — Solution that maps to your requirements (best/only solution) — Experience/track record (reduces risk) — Price/value (fits budget) — Service/relationship (we have worked together in the past) — Terms of the deal 17
    18. 18. Create a Compelling Reason to Buy Gut Check: Review all the deals in your pipeline that are at least in proposal stage. For each deal, ask yourself: • Does the customer have a compelling reason to move forward with this project? • Have we provided a compelling reason to buy from us? 18
    19. 19. Common Scenario You are restricted from talking to key decision makers regarding your solution. Your “champion” tells you “not to worry – I will get everyone on board with your solution.” How can you get more control of this situation? 19
    20. 20. An Internal Selling Document helps your champion sell your solution Volunteer to help create an Internal Selling Document for the decision maker that briefly outlines the following: • Project objectives • Options we evaluated • What solution we recommend • Why • Details (cost, time frame, etc.) • How this will support our project objectives (why this is a good idea) 20
    21. 21. Why isn’t your deal closing? If a deal is not closing, you must uncover why the customer is not buying • Customer: ―Thanks for your proposal. We will get back to you at a later time‖ • Sales Person: − ―Can you tell me what is preventing you from moving forward today?‖ − ―Is this project no longer a priority?‖ − ―Do you believe our solution will solve your problem?‖ − ―Are you ok with price?‖ − ―Are you comfortable with our team/company?‖ − ―Have you done enough due diligence to make a decision?‖ − ―What could we do to make this a no-brainer decision for you?‖ 21
    22. 22. Summary: Five tactics to close deals 1 Thorough qualification 2 Pro-active deal management (Pursuit drill) 3 Creating a compelling reason to buy 4 Help your champion sell internally 5 Determining why the customer is not buying 22
    23. 23. The power of partnership. For Further Information: Call your sales rep 800.732.3440 | info@accudata.com

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