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Adjustments To The Economy

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This presentation was given to Senior Managers and Business Development Managers. The main focus was to provide some insight on ways to sell in a tough economy.

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Adjustments To The Economy

  1. 1. Copyright © Open Text Corporation 2008 - 2009. All rights reserved.<br />Slide 1<br />Selling in a Tough Economy<br />Mike Stankowitsch<br />North American Sales Manager<br />February 2, 2010<br />
  2. 2. If you have sold for 12 years you have not sold in tough economic times – the US has enjoyed good economic times from 1995 to 2007<br />Some sales statistics:<br />In a down economy <br /><ul><li> One out of four sales people will leave sales for another career
  3. 3. Approximately 60% of sales people will have less than stellar results
  4. 4. About 15% will over achieve</li></ul>Copyright © Open Text Corporation 2008 - 2009. All rights reserved.<br />Slide 2<br />Sales Statistics<br />
  5. 5. Copyright © Open Text Corporation 2008 - 2009. All rights reserved.<br />Slide 3<br /> Control what you can control and don’t worry about the things you can’t.<br />We can’t control the fact that……<br /> we will be involved in more aggressive sales cycles<br /> deal with more hostile purchasing agents<br />Your competitors will be coming after your accounts with a vengeance<br />Need for a proper attitude<br />
  6. 6. Copyright © Open Text Corporation 2008 - 2009. All rights reserved.<br />Slide 4<br />Successful sales people will have built the “Trusted Advisor” relationship with their customer. They will trust you and your company.<br />Customers will be more likely to buy if they feel that you won’t let them fail<br /> All solutions will need to save your customer money first; Second is to help them increase revenues.<br />Trusted advisor<br />
  7. 7. Buying cycles – What are we seeing?<br />Customers will take longer to purchase and make a decision to buy<br />Adjust your sales cycles accordingly and adjust your sales strategy<br />Customers will need help in order to help justify their purchase<br />In tough times customers are looking for payback in a shorter time frame<br />Purchases need to be budgeted and reaffirmed several times<br />You may be asked for longer payment terms – customer may ask to go from Net 30 to Net 90<br />Is financing an option? This should be a consideration for larger purchases in order to stretch out the customers purchase<br />Be prepared for them to ask for more from you for less<br />Copyright © Open Text Corporation 2008 - 2009. All rights reserved.<br />Slide 5<br />
  8. 8. How to win<br />Do your homework: Research your customer<br /> What is their market share?<br /> Who are their competitors?<br /> Know their organizational chart<br /> Financial statements if they are public<br /> Press releases<br />Copyright © Open Text Corporation 2008 - 2009. All rights reserved.<br />Slide 6<br />
  9. 9. Copyright © Open Text Corporation 2008 - 2009. All rights reserved.<br />Slide 7<br />How to compete<br /> In tough times your competitors will fail their customers in some way – exploit their vulnerabilities.<br />Determine what competitors are failing and go after their customers aggressively<br /> Increase your sales activities by 25%<br /> More opportunities are needed to offset the longer sales cycles<br /> Sales is no longer 9 – 5 <br /> Develop aggressive and creative proposals; Sometimes there will be a need to create a compelling event.<br /> If you are giving them a pricing concession don’t be afraid to ask for something in return i.e. Case study, customer reference etc. <br />
  10. 10. Copyright © Open Text Corporation 2008 - 2009. All rights reserved.<br />Slide 8<br />How to compete cont’d.<br />Contact your current customers on a regular basis, even if they&apos;re not buying but be respectful of their time. <br />Focus on the top 20% of your customers that give you 80% of your revenues – Never lose a top customer<br />Ask your customer why they decided to buy – feature, functionality etc.<br /> Ask to be introduced to other areas within their company <br /> If you have multiple products can you up sell them to other offerings – Do you know what they already own (Heat Map)<br /> Customers that have let their support and maintenance lapse could be an upgrade opportunity<br /> If you have had a recent acquisition view their customers as a new target opportunity<br />
  11. 11. Copyright © Open Text Corporation 2008 - 2009. All rights reserved.<br />Slide 9<br />Tools to help you<br />Hoovers – generate targeted lists; target your customers competitors<br />Trade publications - Good place to find cold call prospects<br />RSS feeds for press releases<br />Twitter – follow experts in your space<br />TweetDeck – Can be used for prospecting<br /> CRM – your customer database can help you navigate within an organization.<br />
  12. 12. Copyright © Open Text Corporation 2008 - 2009. All rights reserved.<br />Slide 10<br />Questions?<br />

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