How Do I Close More Sales and Boost Upsell/Cross-sell?
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Webinar on how to cross sell and upsell customers by using CRM software and social media
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How Do I Close More Sales and Boost Upsell/Cross-sell?
- 1. How Do I Close More Sales and Boost Upsell/Cross-sell?
- 2. 1 Maximizer Presenters WWW.MAXIMIZER.COM Sandra Keen Director of Marketing Nicole Steele Marketing Manager, Americas
- 3. 2 Today’s Agenda WWW.MAXIMIZER.COM • Today’s selling environment • Closing sales & maximizing upsell/cross-sell • New ways to engage buyers
- 4. 5 Today’s Selling Environment WWW.MAXIMIZER.COM 50% of leads aren’t sales ready when they’ve completed only one interaction on your website. Buyers are up to 90% of the way through the buying journey before they consider contact with a vendor. 67-90% 50%
- 5. 5 Today’s Selling Environment WWW.MAXIMIZER.COM • Nurturing is key – provide prospects with the answers they need, when they want it • Arm Sales with insight – use the information revealed by potential buyers to understand their needs and interests, and help them make sense of the data points
- 6. 5 Today’s Selling Environment WWW.MAXIMIZER.COM Nurturing • Analyze the journey prospects take from initial inquiry to purchase by looking at what content is consumed at each stage • Create a profile for each major buyer segment • Replicate the journey through content that addresses their interests, needs preferences and price point in an automated drip marketing campaign
- 8. 7 Today’s Agenda WWW.MAXIMIZER.COM • Today’s selling environment • Maximizing upsell/cross-sell • New ways to engage buyers
- 12. 5 Single Customer View (SCV) WWW.MAXIMIZER.COM • Capture and track customers and their interaction with your brand across every channel • Use the data to create a better customer experience • Long term loyalty, higher retention and profitability
- 13. 3 WWW.MAXIMIZER.COM Steele Capital Management Challenge: Lack of ability to track profitability for both client & broker relationships. Results: • 30% annual client acquisition rates • 99% client retention • Increased assets under management by 30% annually
- 14. 3 WWW.MAXIMIZER.COM PSI Fluid Power Challenge: Struggle to stay organized and recall the details of an account before connecting with the account. Results: • Engage more prospects with less time researching last communications. • Precise information shared with the entire sales team • Ability to track ROI measurement
- 15. 3 WWW.MAXIMIZER.COM Corporate Cleaning Services Challenge: Lack of metrics or records on customer service performance, no visibility into sales conversion rates Results: • Improved client satisfaction • Improved employee performance • Insight into conversion rates
- 16. 4 Today’s Agenda WWW.MAXIMIZER.COM • Today’s selling environment • Closing sales & maximizing upsell/cross-sell • New ways to engage buyers
- 17. 14 New Ways to Engage WWW.MAXIMIZER.COM • Be social • Become a thought-leader • Sell the dream • Focus on the customer’s experience • Build long term relationships
- 18. 14 New Ways to Engage – Be Social WWW.MAXIMIZER.COM of Salespeople who use social media outperform colleagues who don’t 78%
- 19. 14 LinkedIn- Your Best Sales Ally WWW.MAXIMIZER.COM Imagine having access to the biggest B2b contact directory while being able to share your expertise with millions of people worldwide! Sales reps should be using LinkedIn to: • Prospect and find your ideal customer • Follow your prospect’s activity in real- time • Listen to conversations and joining group discussions • Position Yourself as an industry thought leader
- 20. 14 • LinkedIn- Prospect and Find Your Ideal Customer WWW.MAXIMIZER.COM In B2b sales LinkedIn is a crucial tool to gather prospect intelligence and make prospecting easier, faster and much more profitable. Use LinkedIn to: • Find the decision maker within an organization without having to cold call or send multiple emails. • Use the LinkedIn search engine to find people by title, location, company, keyword and seniority levels. • Learn about your prospect before picking up the phone and cold calling.
- 21. 14 • LinkedIn- Advanced Search Option WWW.MAXIMIZER.COM
- 22. 14 • LinkedIn- Joining Groups and Listening To Conversations WWW.MAXIMIZER.COM Joining and contributing to LinkedIn groups will enable you to : • Share your knowledge and become an “industry Thought Leader” • Gain customer insight about needs, interests and other topics • Find and connect with prospects who are actively looking to purchase. • Expand your reach
- 23. 14 New Ways to Engage – Be A Thought Leader WWW.MAXIMIZER.COM • Intrigue, challenge and inspire • Become an authority • Sell ideas, not products • Get in early
- 24. 14 New Ways to Engage – Help Them Realize their Dream WWW.MAXIMIZER.COM Find out what your customer really wants
- 25. 14 New Ways to Engage – Focus on the Experience WWW.MAXIMIZER.COM of customers have a negative view of all salespeople 85%
- 26. 14 New Ways to Engage – Focus on the Customer WWW.MAXIMIZER.COM • Pretend your on a first date • Talk them as if they were a friend • Pay attention to what they don’t say • Don’t try to “sell” them anything
- 28. 14 WWW.MAXIMIZER.COM Thank You North America, Asia info@maximizer.com 1-800-804-6299 Twitter: @MaximizerCRM UK, Europe, Middle East & Africa info@max.co.uk +44 845 555 99 55 Twitter: @Maximizer_CRM Australia & New Zealand info@maximizer.com.au +61 2 9957 2011
Editor's Notes
- Good morning. My name is Alex Fishleder and I’m your MC for today’s presentation on “Closing New Customers and Boosting Upsell/Cross-sell Opportunities.” The webinar itself is about 30 minutes long and we have time for a 10 minute Q&A session at the end. We invite you to submit questions as they come up during the presentation, but we’ll wait until the Q & A to address them. Without further ado, I’d like to introduce our speakers for today.
- Sandra Keen is the Director of Marketing at Maximizer CRM Software, and also with us today is Nicole Steele who leads Maximizer’s demand generation marketing initiatives in North America.
- SK: Thank Alex and welcome everyone. This morning we’ll be talking about how technology can be used to dramatically increase the productivity and effectiveness of your sales and marketing teams, and how content – from whitepapers to webinars, has changed the way sales happens today. We’ll also take a closer look at how to effectively maximizer upsell and cross sell opportunities and , increase customer lifetime value through new ways to engage with buyers.
- NS: In today’s world, sales are fueled by answering questions asked from prospects and customers by providing them with valuable content. The content is typically produced by Marketing in the form of whitepapers, ebooks, webinars, blog posts and more. I’m sure you’ve all seen the stat showing that buyers have compeleted almost 90 percent of their research before they have even wanted to talk to a sales person – and this is exactly where content comes into play. Here’s another interesting statistic from Hubspot – 50 percent of prospects who fill out a form on your website or landing page aren’t yet sales ready. Important to note: Sales will want all the leads coming from the website, but if you are able to provide them with the data to support that these are not sales ready, and they are receiving a better conversion rate on other leads…I am sure they will pay attention…
- So how do we sell in this kind of environment? We nurture the heck out of leads and We arm sales with insight into what prospects have shown interest in so that they can act as highly informed consultants To do this, you need to gather and analyze behavioural data. Using technology like the Hubspot marketing automation system, you can track the prospects digital footprint across your website, email, social interactions and more, to gain an understanding of the potential buyer’s interests and needs. And using a customer relationship management system like Maximizer, you can then share all that information with the sales team to keep them apprised of where the prospect is in the buying cycle, what their needs are and when they’re most open to a sales call. The fusion between your marketing automation and CRM solutions is critical to increasing the productivity and effectiveness of your teams.
- Let’s take a quick look at the benefits of nurturing prospects. To figure out who should be nurtured and with what, start by determining which pieces of content were consumed by whom and at what stage. These data points should be available in your marketing automation system. The next step is to identify the key personas that represent your most profitable prospects-turned-customers, and focus your marketing and sales efforts on them. The third step is to set up an automated nurture campaign that drip feeds information that moves a prospect forward through their buyer’s journey, bringing them closer to a sales conversation. All this nurturing happens within a marketing automation system, although you can also use a CRM system that supports automated workflows to deliver content over time.
- The last step is to make sure Sales has insight into a customer or prospect’s behaviou. Here’s an example of a lead record in Maximizer, where all the information from our Hubspot marketing automation system was passed through when the lead scored high enough to indicate that it was “sales ready” Sales can easily see how the prospect interacted with us, along with when, and where they are in their buyer’s journey. This allows sales to focus only on leads that are “sales ready” and engage with an appropriate point of discussion. Image Note: (add Max screen shot showing the mktg/content info sales can see in CRM)
- NS: You can use this same strategy to identify the interests and needs of customers. By analyzing what content existing customers are consuming, you can uncover untapped streams of revenue.
- SK: Let’s say for example that you’re selling bicycles, and you have a customer who bought two adult bikes from you 3 years ago.
- SK: Last year, they bought a children’s bike, and yesterday they downloaded one of your recently published articles on bike trailers. They also visited your website to see what trailer models you carry. It costs five times more to acquire a new customer than to retain an existing one, and the sales cycle is shorter and easier, so this would be an ideal time for Marketing to send the customer via a value-add article on safety guidelines for carrying children in bike trailers via an automated marketing campaign.
- SK: Even better, the historical and behavioural data indicates that the family may have a new member--these days it could be a child or a dog, but regardless, this would be a great time for Sales to contact the customer to talk about a new bike trailer your company is now stocking. Imagine how receptive the customer would be at this point to talking about their needs, and they might even be in need of a bike lock, or a carrier rack for their car.
- You can see how important it is to have a single customer view that captures all the channels an individual has used to interact with your brand. Then each member of your team, from Marketing to Sales and Customer Service can provide relevant and timely responses, and the customer experience with your organization is seamless and satisfying. Being able to offer customers and prospect what they need, when they need it drives long term loyalty, higher retention and profitability.
- NS: Steele Capital mgmt, a leading provider of investment mgmt and 401k plans, the firm uses a network of independent investment advisors to take its products to market. Steele Capital required a means of providing highly personalized client service while tracking the profitability of both its client relationships and its most profitable broker relationships. By leveraging the Maximizer CRM solution, Steele Management has: Managed a new client acquisition rate of averaging more than 30% annually Retained 99% of its clients with an enhanced customer experience Grown its assets under management by an average of more than 30% per year
- NS: PSI Fluid Power delivers system design, components, repairs and testing of hydraulic components for over 30 years. PSI Fluid was struggling to stay organized and recall all the important details of an account before connecting with the prospect or customer. They needed the latest customer information available at their fingertips. By leveraging the Maximizer CRM solution, PSI Fluid has: Improved sale team agility by increasing their number of sales calls and bumped up the number of outside sales visits by 30% Improved preparation and organization and can hone in on the most important issues to further relationships. By leveraging all the customer challenges within Maximixer CRM, the sales team can now leverage lessons learned from all team members and apply relevant solutions to similar customer interactions
- NS: Corporate Cleaning Services is a top quality, environmentally friendly cleaning service focused on delivering the highest quality to their customers. Corporate Cleaning Services employed the Maximizer software to help gain insights to improve response time in closing customer service cases, demonstrate a higher level of commitment to servicing their client base and to implement tracking of sales efforts and close rates. By leveraging the Maximizer CRM solution, Corporate Cleaning Solutions has: Improved customers satisfaction as a result of faster services response times Provided access to client records has improved employee performance, efficiency and satisfaction Visibility and metrics are now available for sales conversion rates, pipelines and new opportunities
- SK: The radically altered selling environment that we’ve been looking at requires new ways for Sales to engage with prospects and customers.
- For starters, Sales people need to distance themselves from the short term need to close a deal to make their number, and focus instead on becoming a trusted advisor. There are several steps Sales can use to position themselves as valued solutions consultants, including: Being social, becoming a though leader, selling the dream, focusing on the customer experience -- all of which help build mutually beneficial, long term relationships. Let’s take a few minutes to look at each of one of thse steps.
- According to Jim Keenan, CEO of A Sales Guy and author of The Rise of Social Salespeople, published on Forbes, 78% of sales staff surveyed who used social platforms outsell their peers. And, even more telling, social media users were 23% more successful in exceeding their quotas than non-social sales reps. So exactly what can Sales do to “be social”? Top social selling sites include LinkedIn, Twitter, Facebook, blogging, and Google+ but sadly many sales managers receive little or no training on how to use these powerful vehicles. It’s relatively easy for Sales to participate on social – they can start by writing short articles that answer questions they commonly get asked by customers and post them under their profile on LinkedIn. They can also join relevant groups on LinkedIn and respond to questions from members. They can add personal tips or suggestions on how to overcome common issues and so on. The beauty of social media is that it allows Sales to provide high value information and build relationships at the same time.
- Thank you Sandy, In today’s sales world social media plays a large role in assisting sales reps meet and exceed their quotas. Social media has gained so much momentum that in the last few years we even coined a term for this new phenomenon: social selling. According to Hubspot, Social selling is when salespeople use social media to interact directly with their prospects. By using social, Salespeople will provide value by answering prospect questions and offering thoughtful content until the prospect is ready to buy. When it comes to B2B social selling LinkedIn is King. Imagine having access to the biggest b2b contact directory whole at the same time being able to share your knowledge with potential buyers from around the world. For all those skeptics out there, LinkedIn is much more than your online resume. If used strategically it can be your best ally for prospecting, engaging with your prospects, identifying trends and positioning yourself as an industry thought leader. Couple this with a CRM system and you got the two most powerful sales tools out there.
- LinkedIn can be your best friend when it comes to prospecting and finding your ideal customer. With LinkedIn you can find the decision makers within an organization without having to pick up the phone nor send a bunch of emails around. And Even better, if you are connected with someone who is connected to the decision maker, you can ask for an introduction to that person which will allow you to message them directly via LinkedIn. Not only that, but LinkedIn has one of the most powerful social media search engines out there. This tool allows you to search people by title, location, company and even seniority levels! How does that compare to your old school rolodex? With access to over 360 million users worldwide, you can learn about your prospect before you pick up the phone, in other words no more cold calls! And if you want to learn more about your prospects, simply add them on LinkedIn and you have the ability to follow you’re their online activity in real-time ( what they shared, liked, published, etc) With access to this information you can keep tabs on your contacts’ interests and updates so you can remain top of mind and provide them necessary information.
- As a sales rep Prospecting is only part of your job. You also need to stay on top of the latest trends and techniques well instead of visiting countless websites and forums everyday look no further than LinkedIn groups! To access these collective forums of knowledge all you need is a LinkedIn profile and off you go! The main goal of these groups is to connect people with common interests. For example I am a member of over 30 marketing groups and I find it quite valuable to see what other marketers from around the world are talking about and what is trending in the marketing sphere. Sales reps can use LinkedIn groups to answer questions members have about a specific topic and assert themselves as industry thought leaders and advisers who provide creative solutions to issues and answer any questions other members might have. In fact, you can take this a bit further and use groups as a platform to share blog posts or other pieces of content that will help you build your online persona as an expert in your field. Also joining groups has another perk: You can send messages to people you don’t know and are not connected with! In other words joining groups will significantly expand your reach and help build your pipeline. I could go on and on about social media and social selling, but lets leave this for another webinar in the near future. Now back to Sandra and Nicole.
- A second powerful way for Sales to engage today is by becoming thought leaders. According to strategist and author of Listening to the Future, Daniel Rasmus, thought leadership should intrigue, challenge and inspire. Thought leadership is really about becoming an authority on a topic that’s relevant to your target audience, and becoming known as someone who answers the big questions or gets people thinking about issues they hadn’t considered yet. Not only are thought leadership pieces like whitepapers, how-to-guides and advice articles part of the social engagement strategy of a successful salesperson, they can be a point of strategic differentiation – allowing you to shape customer and prospect perceptions about a market segment, and the person or brand behind the content. Thought leadership allows you get in early, maybe even before the buying journey starts, and invite your target market to participate in the conversation. When it comes time to make a purchase, both customers and prospects will remember who wrote the article or foresaw the trend, and seek you out as a trusted authority on the subject.
- SK: A third way to deeply engage with customers is to help them realize their dream. While it’s important to understand a customer’s current interests and needs, it can be very lucrative to also know what their dreams are. For example, I recently listed my rental property in Whistler for sale. The agent who sold me the townhouse 16 years ago has stayed in touch by sending me reports on rental trends, tips on how to increase bookings and the usual Christmas cards and calendars over the years. When I decided to sell the property, I called the person that I trusted to know what was going on in the market – my realtor Liz from many years ago. She asked me a lot of questions about the unit including revenue history, repairs and so on, but she didn’t uncover the real reason behind why I was selling, beyond an initial discussion about it being a tough rental season due to lack of snow and never using the place ourselves. If she had dug a bit further, she would have found out that I want to buy a place in Hawaii – because my husband and would like to spend up to six months there each year after we both retire. The realtor missed the opportunity to introduce me to one of her colleagues in the US from whom she may get a commission, and position herself as a well-connected contact for income properties outside of her local area, because she didn’t uncover my dream. So it’s important to know what your customer or prospect is trying to accomplish long term, as well as their short term issues. This helps you identify future upsell and cross-sell opportunities, increase customer loyalty and lifetime value.
- NS: Another way to engage is to focus on the experience from the point of view of the customer. A Gallup poll on the honesty and ethical conduct of business professionals found that insurance and car salespeople ranked last. But it's not just those two sales groups that have a bad reputation. In fact, Bill Brooks of the Brooks Group estimates that more than 85 percent of customers have a negative view of all salespeople. Do you like being sold to? Will you answer the phone if you see the name of a sales rep appear on your call display? Probably not. But the new selling environment is changing people’s perceptions, particularly when Sales Reps focus on the experience the customer is having.
- Here are some things Sales can do to truly engage with prospects rather than sell to them: Pretend you’re on a first date and ask them about themselves – what do they do, how they spend their free time and so on. You’ll be surprise what people will tell you when you approach them that way. Would you ever try to sell your friends or family on something? Forget the canned presentations and laundry list of features and benefits and tell them about something you recently read or saw that would be of interest to them, the same way you would if you were speaking to a friend or family member. What someone doesn’t say can be more important than what they do, Lastly, don’t try to sell them anything. It’s obvious and will shut the conversation down quickly.
- AF: Thank you for attending our session today. If you have further questions, feel free to contact the office nearest you in North America, Europe or Australia. We look forward to speaking with you again on our next webinar.