How to Uncover Golden Opportunities and Important Risks in your Sales and Marketing Strategy

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This presentation addresses how to reduce sales risk and capitalize on opportunities in an environment of great economic uncertainty

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How to Uncover Golden Opportunities and Important Risks in your Sales and Marketing Strategy

  1. 1. How to Uncover Golden Opportunities and Important Risks in Your Sales and Marketing Strategy Shady Grove Innovation Center/November 19th, 2010 Andrew Rudin, Managing Principal, Outside Technologies, Inc. www.outsidetechnologies.com 703.371.1242 (mobile) [email_address] www.xeesm.com/andyrudin
  2. 2. Thank you for taking time from your day to be here!
  3. 3. Outside Technologies, Inc. <ul><li>Sales strategy and execution since 2001 </li></ul><ul><li>Expert in sales risk management </li></ul><ul><li>Social Selling (Sales2.0) </li></ul><ul><li>Strategies and best practices </li></ul>
  4. 4. If I took time out of my day to attend this meeting, which outcomes or results would be most important to me ? <ul><li>Know how to solve a persistent problem or challenge in a new way </li></ul><ul><li>Strategies and tactics that provide me a competitive advantage </li></ul><ul><li>Skills I can apply to a broad range of selling situations </li></ul>
  5. 5. Key Problem to Solve <ul><li>How to reduce sales risk and capitalize on opportunities in an environment of great economic uncertainty </li></ul>
  6. 6. Define Risk and Opportunity
  7. 7. “ It is not my job to have all the answers, but it is my job to ask lots of penetrating, disturbing and occasionally almost offensive questions as part of the analytic process that leads to insight and refinement.” --Gary Loveman, CEO, Harrah’s
  8. 8. How do We (I) Generate Revenue from Our (my) innovation?
  9. 9. Which opportunities must we capitalize on in order to succeed?
  10. 10. Which assumptions have we made that must be true in order for our strategy to work?
  11. 11. What value do we need sales to contribute to the organization?
  12. 12. Which risks will derail our efforts to capitalize on our opportunities? Which risks will prevent our company from deriving value from our sales organization?
  13. 13. What risk level (aka Risk Appetite ) can our organization accept?
  14. 14. Risk Management 101 Accept Reduce Eliminate Transfer Share
  15. 15. Strategic Discovery: <ul><li>What we know </li></ul><ul><li>What we don’t know </li></ul><ul><li>What we assume </li></ul>
  16. 16. Situational Awareness: What are we facing right now? Forces
  17. 17. “ Gap” Model
  18. 18. Strategic questions Qualification (situation, consequence, and impact) Networking Attitude/sentiment Validation Visioning
  19. 19. 1. Qualification: “4 Green Lights” <ul><li>Can my company as Producer and my target company as Consumer generate mutually beneficial value? </li></ul><ul><li>S olution fit: Does my prospect seek an outcome that can be enabled with my product or service? </li></ul><ul><li>A ccess: Can I get access to the people who can enable me to achieve the outcome I want? </li></ul><ul><li>F inancial resources: Does my prospect have the resources (money/time/people) to purchase and implement my solution? </li></ul><ul><li>E xpected timeframe: Does my prospect plan to purchase my product or service in a timeframe that is within my operating horizon? </li></ul>
  20. 20. Formal Structure 2. Networking Questions Resource: Rob Cross The Hidden Power of Social Networks Informal Structure
  21. 21. 3. Attitude/Sentiment Questions <ul><li>1. Believe (do you believe the situation exists?) </li></ul><ul><li>2. Care (do you care about it?) </li></ul><ul><li>3. Act (will you act to solve it?) </li></ul><ul><li>How would you characterize the accuracy of the figures we have discussed/presented/included in the proposal? </li></ul><ul><li>If you had to make a decision based on what you know right now, what would it be? </li></ul><ul><li>How important is solving this business problem for you personally? </li></ul><ul><li>How consequential is solving this problem (or strategic challenge) for your organization? </li></ul><ul><li>If you accept our proposal, when do you anticipate executing a purchase order? </li></ul><ul><li>Will you recommend acceptance of my company’s proposal? </li></ul><ul><li>Can I have the order? </li></ul>Resource: Made to Stick by Chip Heath and Dan Heath
  22. 22. 4. Validation Questions <ul><li>“ Leave no answer unquestioned!” </li></ul><ul><li>What evidence confirms (or contradicts!) our key information about our prospect’s </li></ul><ul><li>Strategy and business drivers? </li></ul><ul><li>Perception of the impact of the problem on the organization? </li></ul><ul><li>Network of buying decision makers and influencers? </li></ul><ul><li>Governance policies? </li></ul><ul><li>Procurement steps and timeframe? </li></ul><ul><li>Motivation and commitment? </li></ul>
  23. 23. 5. Visioning Questions <ul><li>Can you describe how solving this challenge could deliver value for you or for your company? </li></ul><ul><li>If you could design a solution to enable your strategy, how would it work? </li></ul><ul><li>What are the characteristics of the vendor you seek for this collaborative effort? </li></ul>
  24. 24. Critical Success Factors <ul><li>Insist on transparency—for you and your prospect </li></ul><ul><li>Bring curiosity to every conversation </li></ul><ul><li>Don’t look for questions to “carry the ball”—conversations do. </li></ul><ul><li>Put risks and opportunities at the top of your discovery list </li></ul><ul><li>Endeavor to see the world through your prospect’s eyes </li></ul><ul><li>Don’t assume you know the answers to your most important questions </li></ul><ul><li>Don’t rationalize anomalies </li></ul><ul><li>If you’re unclear about something that matters, keep asking questions </li></ul>
  25. 25. Resource Summary <ul><li>Book: Let’s Get Real or Let’s Not Play , by Mahan Khalsa </li></ul><ul><li>Book: Rob Cross The Hidden Power of Social Networks </li></ul><ul><li>Book: Made to Stick by Chip Heath and Dan Heath </li></ul><ul><li>“ To an Octopus, ’50’ Means Nothing” http://www.customerthink.com/article/octopus_50_means_nothing_empathy_matters </li></ul><ul><li>“ The Innovator’s DNA,” http://hbr.harvardbusiness.org/2009/12/theinnovators-dna/ar/1 </li></ul><ul><li>“ The Right Sales Questions Will Get the Right Answers,” </li></ul><ul><li>http://www.customerthink.com/article/right_sales_question_get_right_answers </li></ul><ul><li>“ Just the Facts: Sales Discovery Requires More than Asking Killer Questions” </li></ul><ul><li>http://www.customerthink.com/blog/just_the_facts_sales_discovery_requires_more_than_asking_killer_questions </li></ul>
  26. 26. Thanks ! Questions?

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