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Inside Sales - Approach, Attitude, Techniques

  1. 1. Approach, Attitude, Aptitude SALES PROCESS An Insides Sales Perspective Adnan
  2. 2. INTRODUCTION This presentation focuses on the Insides Sales Process which is not very different from an “Outside/Field sale process” in terms of the steps involved, which are prospecting, qualifying, need analysis and closure, however, the dynamics are different. The sale is done on a call. Zero physical presence, eye contact, body language…everything depends on how you communicate over the phone and email. We shall deal with the different stages in an Inside Sales Process Quota Vs Achievement - Classic Model Sales Funnel Approach, Attitude and Techniques Call Flow Chart Negotiation Strategies Best Practices
  3. 3. SALES PROCESS Prospecting/Qualifying Pre-approach (prospect background check, company research) Approach – Specifics, Need Analysis Presentation and Demonstration Overcoming Objections Closing Follow Up and Retain/Maintain A L W A Y S B E C L O S I N G A B C
  4. 4. • Determine whether the prospects is interested at all • Establish Right Party Contact • Find Decision Maker • Set expectations • Agree upon a future follow up date Prospecting/Qua lifying • This strategy is followed either before the first call or during/after the first call • Research the company background of the prospect • Establish Purchase power - recent acquisitions, mergers if any • Check press releases, social media to understand the pulse of the prospect Pre-approach (prospect background check, company research) • Probing, asking the right questions, SPIN technique • Narrow down the questions to specific requirements/pain areas/needs • Establish which requirement/need if not met would result in a deal breaker • Check for and propose work arounds • Qualify the prospect as small, medium or enterprise level basis on the need • Confirm with the prospect if he or she is committed to buy if the needs are met? Approach – Need Analysis
  5. 5. • Prerequisites - Good product language • Professional demonstration/presentation, KISS (Keep it short and simple), focus on the key requirements • AIDA – Gaining Attention, holding interest, arousing desire and obtaining action • FABV – Features, Advantages, Benefits, Value Presentation and Demonstration Overcoming Objections Closing • Psychological Resistance - Preference to brands, apathy, dislike towards making decisions, neurotic attitude toward money • Logical Resistance – objection to the price, delivery schedule, few characteristics of the product/company • Overcome these objections by – maintaining positive approach, asking the buyer to clarify the objection, asking the reason for objection, making the buyer invalidate the objection himself, giving alternate solutions, options, workarounds. • Confidently ask the closing questions • Give two options A or B, ask to select one • Ask the preferred payment method, suggest to guide the buyer through the payment process • Use statements like – let us book your order first and then select the best plan that suits your needs. • Get the buyer make minor choices in your product/service offering like color, template, size etc. this will subconsciously ready the buyer for the sale
  6. 6. Follow Up Retain/Maintain • After sales support and services • Helps reduce refund cases • Important for customer service and brand value/image • Helps retain the customer and get repeat business • Upselling and Cross Selling opportunities
  7. 7. Target Customer Segment B2B B2C Target Hypothetical Sales Target/Month = $10,000 Product/Subscription Price Hypothetically 1 Subscription = $100 No. of Subscriptions to be sold to reach target/month Monthly Target/Unit Price = 10,000/100 = 100 Hypothetical Average Revenue (# of subscriptions sold) per Order 5 Subscriptions = 5*100 = $500 # of Orders required to meet the monthly target Monthly Target / Average Revenue per Order 10,000/500 = 20 Orders Considering Lead Conversion Ratio = 10% 100 Leads = 10 Sales 200 Leads = 20 Sales Conclusion # of qualified prospects requires to meet 100% Target = # of orders required to meet monthly target * Lead Conversion Ratio (10) 20*10 = 200 qualified prospects As per the conversion ratio, if we contact and pitch our product to 200 prospects, 20 prospects will definitely buy and convert to customers. Revenue per order = $500 20 Customers Revenue = 20*500 = $10,000.00 QUOTA VS ACHIEVEMENT CLASSIC MODEL
  8. 8. SALES FUNNEL Converted Qualified Targeted Leads Leads Population Approached Promising
  9. 9. • A sales rep should know how to greet his buyer • Appreciate the buyers time and interest in your service/product • Do the homework – impress the buyer with latest information of his company – do some research • Always have an agenda/plan and make the buyer a part of it by setting expectations. “ As agreed I shall call you next week to discuss pricing” Approach • Visualize the deal before you call. A deal is lost or won even before you make the first call. • A sales rep cannot get bogged down by rejection. It’s the motivator to find the next target. • Patience is the key. It plays a major role in negotiation as well as building your pipeline. Attitude • Techniques are successful when implemented and executed at the right time. • SPIN (Situation, Problem, Implication and Need-Pay Off Questions) • AIDA (Attention, Interest, Desire and Action • ABC (Always be closing) • Negotiation/Closing Techniques Like – Bait and Switch, Low ball, Camel’s Nose, Foot in the Door… Technique
  10. 10. Bonding & Rapport: People do business with people who they like and are comfortable speaking to : They are three categories of people : Auditory : Speak very slow and they like to talk to you before they make a decision. Kinesthetic : Speak at a moderate pace and they like to touch and try the product before they make a decision. Visual : Speak very fast and they like to see the product before they make a decision. A Sales Professional should match the prospects way of communication, subtly use some of the phrases he might be using so that he trusts you to eventually do business with you. Pitch & Hook Strategy: (First 2-3 Minutes) Always use polite manner to address people “Thank you, for your valuable time” Start/End conversations this way. I am Insert Your Name and I am calling on behalf of Genpact, Can I get two Minutes of your time? Have relevant talking points which will hook the customers interest. APPROACH, ATTITUDE AND TECHNIQUES
  11. 11. Up Front contract Time = Money , not setting expectations is wasting time or losing money. Timelines => Your Agenda => Prospects Agenda => Possible Outcomes Prospect, when I call you next time on Wednesday @ 3:30 PM for 15-20 minutes, I would like tell you a little bit about ourselves, ask you questions related to your business concerns/challenges and if we find our conversation interesting we can proceed to a next level of conversation. Can we agree on that? Prospect, based on what we discussed so far, I understand your concerns are problem 1, problem 2, Problem 3. Possibly after our presentation two outcomes may happen: Our product/services do not match – In this case, can you please comfortably tell me “NO” Our product/services are a perfect match – In this case, can we decide the next steps? SPIN Techniques Asking the right questions is the key to successful selling. Sir can I ask you a couple of questions with your permission? Situational Questions: Could you tell me a little bit about your business? (What all do you do ) What is the annual turnover? Problem Questions: Ask about the buyer's pain. What are your areas of concern? Implication Questions: If this does not work how does it impact your business? Need Payoff Questions: If I can show you a solution to these challenges will you be willing to act now?
  12. 12. Remember You Are Paid To Get Information Tell me more about that… Can you give me an example? Since how long has this problem been existent? Did you try to fix it? Did it work? How much has this problem cost you already? Are you committed to solving it now? Budget We talked about Problem 1, Problem 2, Problem 3, let us say we resolve these problems for you, do you have a budget set aside to invest in such a solution? No I don't: This is very common, how do you plan to solve this? Yes I do: Can you share it with me? Yes but I can't tell you: Use the 3 Cards Technique Tell a third party story to convince
  13. 13. Decision Making Don’t fall into the trap of “I Don't have the authority” Apart from you who is involved in the decision making in such matters? Do you think we can involve him in this conversation? At what stage does he get involved? Presentation Start by setting an expectation that you either expect a No/Yes at the end of the presentation. An effective presentation will show/present in a consistent manner how the product/services will solve his needs for the amount of money he is willing to spend. Ending the Presentation (Lock the Sale): Half way across the presentation ask, “Are we in line with your expectations or are we missing something?” Don’t ask for the sale, let the prospect confirm it. Sir we have ended our presentation, hopefully we have addressed your concerns, Now what do we do next?
  14. 14. Negative Reversing Prospects have a hidden agenda , they are evaluating other service providers who are competing for “PRICE”. It takes 2-3 attempts to get to the real intent of the question. Always use Softening Statement and then turn the questions around. Softening Statements: Excellent Question Sir Valid Point Sir Good Question I am able to understand your point Typical Sales Objections What is your Price? Don't worry about price, we are very flexible. I will share my pricing shortly but in order for me to present the best quote, can I ask you a couple of questions? What are the Features? Good question, we have many, but I want to present the features that are best suitable for your business We don't need your service. I respect your position, The last customer I talked to had the same opinion but when we sat down to talk we ended up doing business and they are a satisfied customer with us today. We don't have the time. I agree with you, Time is Money. If I could show you how you could make more money would you be willing to invest 15 Minutes?
  15. 15. Start with inquiring questions (SPIN) related to your service/product offering, check if they are already using some other service , if not , then would they have a requirement or are looking for an alternative? Greet Is this a good time to talk? Schedule an appointment for the next call and send a calendar invite – set expectation for the next call No Yes Ask which product service they are using, make a note and check if we could be in touch for a future requirement and whether we can send product updates No check with the buyer if this is a good time for a brief discussion, if yes Introduce your product and services in brief, state the usp and benefits of your product and ask if he would like to take this the next level for a product demo Yes Ask when else would be a good time, follow up on this, set up an appointment and follow up accordingly No Do the needs analysis, ask the right questions (SPIN), establish the specific needs, pain areas and then give your demo focusing mainly on the key requirements Yes Follow up after a couple of months and check if things have changed Yes No Mark the lead as lost and move on CALL FLOW CHART
  16. 16. Highlight the features of interest during the demo, hold the interest levels of the buyer, use the wow feature as a strategic card (AIDA) (FABC), show the value proposition to the buyer , go for the close, give two options, ask to select one, ask how would he make the purchase? Give the price, send the payment link, offer to guide through the payment process, close, use discount coupon if required, once the sale is in, upsell for multi year contract, special support services, upgrades, etc. or cross – sell services/products which would complement, value add to the current package Yes Ask Why? Have a positive tone, ask the buyer to clarify the objection, qualify the reason for objection as valid or invalid, if valid propose solutions/alternatives/work arounds, give additional benefits, premiums as compensation, show the buyer the bigger picture, show what he stands to lose, check if he agrees to go for the proposal No Yes No Play the discount card- give a tempting discount on the price as a compensation and show the overall benefit to the buyer as we are not only giving him an alternate solution but also additional benefits and perks and all this at a discounted price. Mark the lead as lost and move on Yes After Sales follow up call to ensure everything's going smooth, provide customer service and ask for additional requirements - if yes, upsell and upgrade Yes Follow up call for renewal, renew and retain No No No
  17. 17. NEGOTIATION STRATEGIES Big Pot Leave yourself a lot of room to negotiate. Quote a high price at the beginning. After making concessions, you will still end up with a larger payoff than if you started too low. Get Lost/Stall for Time Leave the negotiation completely for a while. Come back when things are getting better and try to negotiate then. Time period could be long (say you are going out of town) or short (go to the bathroom to think) The Well is Dry Take a stand and tell the buyer you have no more concessions to make. Wet Noodle Give no emotional or verbal response to the buyer. Do not respond to his or her force or pressure. Sit there like a wet noodle and keep a “poker face”. Limited Authority You negotiate in good faith with the buyer, and when you are ready to sign the deal, you say I have to check with my boss Be Patient If you can afford to outwait the opponent, you will probably win big
  18. 18. BEST PRACTICES Numbers Game Its an age old and proven strategy of Sales. If we reach out to a 100 prospects, 50 might show interest but 10 will definitely buy! Know Your Competition We should be able to show the customers the value/benefit of buying our products in terms of quality and savings through comparison sheets of our products/services with competitors products. This will help our customers to make quick and informed purchase decisions. Leave No Stone Unturned If we have a 100 leads to contact, its very important to touch all 100 contacts. The first 50 might not have any potential but the 51st could, or, the 100th might be our gold mine in waiting! Just in case we give up before the 100th, the gold mine goes to our competition Need Analysis Asking the right questions, probing future requirements, business turnover, asking specific requirements, whether they have the potential to buy big or small, whether they would be interested in a multi year contract etc. could help us sell the same prospect big or small. Product Knowledge Its important to have good product and pricing knowledge, with the ability to negotiate and close by giving discounts when necessary. Right Party Contacts Finding the decision makers, the right party contacts who have the authority to take purchase decisions and execute them will help fasten the sales cycle per lead/prospect.
  19. 19. Setting Realistic Expectations Set a realistic time frame for sale/closure Proactively suggest a follow up date. Make it very clear to the prospect that your intention is to sell and you expect them to buy. Follow Up’s Timely follow up’s with the prospects and setting reminders for self and also paying follow up visits and making follow up calls build’s the confidence in the prospect’s in terms of the company’s customer service and integrity and market presence. This helps in building and maintaining the pipeline and bringing deals to closure. Discount Offer/ Free Trial or Sample Use discounts sparingly and as a strategic weapon. Giving a discount without being asked for may result in a lost sale. Customers suspect the authenticity of the company if we start offering discounts at the drop of the hat Closure ABC (Always be closing) It is important to make it clear to the customer the intention to sell by using closing statements. Example –since you like our product, how would you make the payment? Credit Card or Bank Transfer? We accept both.
  20. 20. Daily Activities Check your CRM for fresh leads assigned, check Inbox, Voicemails and follow up tasks. Touching fresh leads should be the highest priority. Be prompt with your follow ups and leave notes on every call so that you do not forget what you had spoken the last time Do not forget to set reminders. We are humans and we forget. Religiously make those required number of calls Calls and Voicemails Never call a prospect more than twice in a day and its best to leave a voicemail on the third. Your voicemails should be short and to the point along with your contact info If a buyer doesn’t wish to receive calls – respect that space and send emails instead. Emails The chances are your email are being ignored or are in destination spam of the buyer. The subject line should make sense, call for action, should have the buyers name in it and should be relevant Dave – how does your calendar look this week? Trying to connect Your recent activity online, saved you nine – Adnan/Genpact Dave – thought to give another run up to the top of your inbox Sleep Well A sales job is challenging and can take a toll on you. Ensure you get good sleep so that you are ready for the battle ground everyday Drink Water Stretch, take a walk and indulge yourself, have a laugh, do some group activities at office. It will help you refresh and renew your energy levels.