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Improve B2B Close Rates with this Sales Technique

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Companies spend hundreds of millions of dollars a year to generate qualified leads for Sales. Sales reps spend countless hours developing those leads to become paying customers. Yet the vast majority of qualified leads never close.

What's more important than closing the sale?

In this webinar you'll learn

-The key reason why sales don't close
-One essential way to close more sales and do that faster
-Specific steps you can take to improve immediately

Trefis is a Boston-based technology company that helps senior leaders and their teams who make decisions of consequence. Trefis technology transforms complex, static analyses-such as Excel-based data models-into easy-to-use, visual interactive experiences that let you develop "what-if" scenarios, assess the risk and reward of any decision, and engage stakeholders in meaningful discussions on the assumptions that matter most.

Published in: Technology
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Improve B2B Close Rates with this Sales Technique

  1. 1. IMPROVE CLOSE RATES WITH THIS SALES TECHNIQUE Presenters: David Levy, CMO, Trefis Larry Gorkin, Managing Director Corporate Solutions, Trefis
  2. 2. OUR MISSION IS TO TRANSFORM DATA AND ANALYSIS INTO EXPERIENCES THAT INSPIRE VISION AND ACTION
  3. 3. David Levy, CMO He began his career as an editor at Reader’s Digest before jumping into the world of digital marketing and direct response. More than twenty-five years later he brings to Trefis a unique mix of editorial experience, agency acumen and B2B marketing savvy. Before joining Trefis in 2015, David spent five years as a marketing consultant to enterprise software companies. Larry Gorkin, Managing Director, Corporate Solutions Throughout his career, Larry has learned what it means to help companies grow and he helps our corporate customers use Trefis to do just that. His line executive experience includes stints at Procter & Gamble, MCI and GE Capital. As a consultant–at McKinsey & Company and Stonebridge Consulting Group–Larry has guided clients such as IBM, MasterCard Worldwide, and Baxter Health Care.
  4. 4. TODAY’S WEBINAR IS ALL ABOUT HELPING COMPANIES CLOSE MORE SALES AND CLOSE THEM FASTER
  5. 5. 1 2 What you can do to improve your own success 3 How you can take immediate action Why most sales don’t close WE’LL COVER THREE THINGS TODAY
  6. 6. FAILURE IS THE NORM 82% OPPORTUNITIES DO NOT CLOSE
  7. 7. THAT’S AN AVERAGE WE’VE CALCULATED BASED ON A RANGE OF ESTIMATES REPORTED ON THE INTERNET. THE MOST OPTIMISTIC DATA WE SAW WAS A 29% CLOSE RATE REPORTED BY THE RESEARCH FIRM ABERDEEN GROUP. MOST PESSIMISTIC WAS A 6% CLOSE RATE REPORTED BY IMPLISIT, THE CRM SOFTWARE COMPANY.
  8. 8. WHETHER YOU TAKE THE OPTIMISTIC OR PESSIMISTIC VIEW, THEY’RE BOTH ALARMING GIVEN THE MILLIONS OF DOLLARS COMPANIES SPEND TO NURTURE AND DEVELOP LEADS. THAT DOESN’T EVEN BEGIN TO MEASURE THE HUGE WORK AND TIME INVESTED BY INDIVIDUAL REPS AND TEAMS TO MAKE IT HAPPEN.
  9. 9. FAILURE IS THE NORM 50% SALES REP WON’T HIT THEIR #
  10. 10. THIS QUARTER, COULD IT BE YOU?
  11. 11. Company costs • Missed forecasts • Lost profits • Negative impacts on • Inventory • Capital spending • Competitive positon • Stock values Human costs • Hiring slowdowns • Job cuts • Reduced salaries and bonuses • Heads roll • Stress HIGH COSTS TO LOW CLOSE RATES
  12. 12. WHY DON’T SALES CLOSE?
  13. 13. SURPRISINGLY, THE ANSWER IS STRAIGHTFORWARD, AND DECEPTIVELY SIMPLE…
  14. 14. SALES DON’T CLOSE BECAUSE CUSTOMERS LACK THE CONVICTION AND CONFIDENCE THAT THEY’LL GET THE CONCRETE VALUE NEEDED TO MAKE THE ACTUAL BUY DECISION
  15. 15. CUSTOMERS WORRY “IS THERE VALUE?”
  16. 16. “THE REAL ENEMY OF SALESPEOPLE TODAY ISN’T THEIR ARCHRIVALS; IT’S NO DECISION.” HARVARD BUSINESS REVIEW, PROFESSOR STEVE W. MARTIN, PROFESSOR AT THE USC MARSHALL SCHOOL OF BUSINESS
  17. 17. 1 Worried Customers Money Stewardship Peers Choice Information FEAR, UNCERTAINTY, DOUBT Money Are the funds available and investment justified? Stewardship Is the purchase in the company’s best interest? Peers How will colleagues perceive my decision on this purchase? Competitive Is the choice between competitors clear? Information Are the facts being presented truthful and accurate?
  18. 18. OF THESE FIVE CONCERNS ONLY ONE—”CHOICE”—HAS ANYTHING TO DO WITH THE PRODUCT ITSELF. THE OTHERS ARE ALL ESSENTIALLY EMOTIONAL CONCERNS.
  19. 19. REACTIVE SELLING 2 Shallow Approach RFP Process Limited Interaction Q&A Pattern RFPs The long process including extensive product evaluations and detailed worksheets are used to reduce these stressors Limited interaction with the prospect It’s common that vendors are prohibited from dealing directly with the business owner Reactive Q&A pattern Questions are funneled through procurement or similar gatekeeper. They ask. You answer.
  20. 20. DESPITE THE EFFORT TO REDUCE FEAR, UNCERTAINTY & DOUBT SOMEONE ON THE BUYER SIDE WILL RAISE ANOTHER CONCERN…LEADING TO NEW STRESS AND INERTIA.
  21. 21. 3 Failed Business Case Rote Exercise Black Box Model Limited Interaction ROI NOT ESTABLISHED Rote Exercise A low value exercise since customers know you will paint the most positive picture Black Box ROI Model You present your results but not your reasoning, which leads to mistrust Limited interaction Because the ROI case is presented as a complete analysis, there is little opportunity to discuss with the customer
  22. 22. UNEXPECTED CONSEQUENCES YOU BUILD AN ROI MODEL TO ESTABLISH YOUR CREDIBILITY, YET IT HAS THE OPPOSITE EFFECT.
  23. 23. UNEXPECTED CONSEQUENCES CUSTOMERS MISTRUST THE CREDIBILITY AND VALIDITY OF THE BUSINESS CASE, FURTHER ERODING THE CHANCE FOR A SUCCESSFUL CLOSE.
  24. 24. RECAP: WHY MOST DEALS DON’T CLOSE 1 2 3 Failed Business Case Rote exercise Black Box Model Limited Interaction Shallow Approach RFP Process Limited Interaction Q&A Pattern Worried Customers Money Stewardship Peers Choice Information
  25. 25. WHAT CAN YOU DO TO IMPROVE CLOSE RATES?
  26. 26. ENGAGE YOUR CUSTOMERS ON THE BUSINESS CASE
  27. 27. LET CUSTOMERS CHALLENGE YOUR BUSINESS CASE
  28. 28. OPEN YOUR ROI MODELS TO DISCUSSION AND ALLOW CUSTOMERS TO PROPOSE THEIR OWN SET OF ASSUMPTIONS. TOGETHER, EXPLORE MULTIPLE SCENARIOS IN REAL-TIME. LET THEM DEFINE ONE THEY ARE COMFORTABLE WITH
  29. 29. THE DISCUSSION CHANGES FROM: Is there value?
  30. 30. THE DISCUSSION CHANGES FROM: Is there value?How much value?
  31. 31. CUSTOMERS BUILD CONVICTION WHEN THE BUSINESS CASE AND ASSUMPTIONS ARE THEIRS, GIVING THEM GREATER CONFIDENCE TO MAKE A BUY RECOMMENDATION OR DECISION.
  32. 32. CUSTOMERS SELL THEMSELVES
  33. 33. PERCEPTION CHANGES FROM: Hungry vendor
  34. 34. PERCEPTION CHANGES FROM: Hungry vendorTrusted partner
  35. 35. UNEXPECTED BENEFIT REPS WHO USE THIS APPROACH GAIN A MUCH GREATER UNDERSTANDING AND APPRECIATION OF THE FINANCIAL VALUE THEIR PRODUCTS CREATE FOR CUSTOMERS… WHICH HELPS THEIR OVERALL SELLING EFFECTIVENESS.
  36. 36. 1 Define Your Value Detail Each Source Quantify with Finance Translate to Profitability BUILD A STANDARD ROI MODEL Detail Each Source Identify the sources of value for each product or service Quantify with Finance Verify your assumptions with your finance partner, but have them provide you the spreadsheet Translate to Profitability Make sure you can explain and support the path to profits
  37. 37. SHARE YOUR THINKING 2 Open The Model Detail the Components Explain Your Assumptions Present Your ROI Detail the Components Call out the drivers of value so the customer knows where to find them Explain Your Assumptions Walk your customer through your reasoning Present Your ROI Some sales reps shy away from telling a strong ROI story. Be bold
  38. 38. 3 Test Assumptions Invite Alternatives Compare in Real Time Reach Alignment ENGAGE THE CUSTOMER Invite Alternatives Invite the customer to develop “what-if” scenarios Compare in Real Time Do this in partnership with the customer. Meet in person, get on the phone or use a screen sharing service Reach Alignment Provide the spreadsheet and encourage the customer to use it internally…they will need to align with their colleagues
  39. 39. CLOSE MORE DEALS 1 2 3 Define Your Value Detail Each Source Quantify with Finance Translate to Profitability Open The Model Detail the Components Explain Your Assumptions Present Your ROI Test Assumptions Invite Alternatives Compare in Real Time Reach Alignment
  40. 40. TREFIS TRANSFORMS CLICK THE GRAPHIC TO SEE A SAMPLE ROI MODEL
  41. 41. • Most deals are lost to “no decision” because customers lack conviction • Drive conviction through an active business case discussion • Engage customers to create and compare alternative scenarios in real time BUILD CUSTOMER CONVICTION
  42. 42. • Build a standard business case model for your key products • Present it to customers in an open format • Engage customers to assert and test their own assumptions in real time SIMPLE NEXT STEPS
  43. 43. As a special offer, Trefis will transform your spreadsheet model into the Trefis Interactive Experience at no charge. Click our logo to send your model TRANSFORM YOUR MODEL
  44. 44. CONTACT INFORMATION David Levy, CMO david.levy@trefis.com Larry Gorkin, Managing Director Corporate Solutions, larry.gorkin@trefis.com http://www.trefis.com/info/solutions/value-selling/

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