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Conversations that Win Executive Insights
- 1. Conversations that Win Twitter: @TRiesterer
- 2. Q: #1 Reason Don’t Hit Quota? A: Inability to Articulate Value! SiriusDecisions Leads Products Process CRM Training
- 3. By Accident or On Purpose?
- 4. 30,000 ft 70-90% UNUSED 3 ft No Brand’s Land
- 5. Customer Conversation Continuum -3 -2 -1 +1 +2 +3 STATUS QUO THREATENED IDENTIFY NEW NEEDS DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION TERMS AND CONDITIONS DIFFERENTIATION MAXIMIZATION Create Value Elevate Value Capture Value
- 6. Customer Conversation Continuum -3 -2 -1 +1 +2 +3 STATUS QUO THREATENED IDENTIFY NEW NEEDS DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION TERMS AND CONDITIONS DIFFERENTIATION Create Value
- 10. Distinct Point of View = NEEDS UNCONSIDERED NEEDS Unexpected Urgency and Unique Value UNKNOWN STRENGTHS Identified Specified Commodity Conversation CAPABILITIES
- 11. 65 % BUYING VISION -3 35 % BAKE-OFF -2 Status Quo Threatened Identify New Needs -1 Define Solution “Why Change?” • Make the status quo unsafe • Define new set of needs • Align w/ your Strengths DIFFERENTIATED CONVERSATION +1 +2 Identify Viable Vendors Review Approaches +3 Make Decision “Why You” • Here’s what you say you need • Here’s what we do different • Here’s the benefit you will get COMMODITY CONVERSATION
- 12. Neuroscience New Brain Designed for Analysis Old Brain Designed for Survival Decision-Making Engine
- 13. Social Psychology Value 3X stronger preference to avoid loss vs. acquire gains = “Loss Aversion” “PROSPECT THEORY” Outcome Loss Gain Prefer risk that might mitigate a loss = “Risk Seeking” Kahneman, D. and Tversky, A. (1984). “Choices, Values, and Frames.” American Psychologist 39 (4): 341–350
- 16. Behavioral Economics Analyze SEE Think FEEL Change CHANGE The Heart of Change. Kotter and Cohen. 130 companies across the globe
- 17. Enhancing the Spoken Word 10% 65% Picture Superiority Effect
- 19. Differentiation Case Study 49 % of budget 123% 0 Sales at quota 72% Flat growth -26% Retained 92% of sales team
- 20. Customer Conversation Continuum -3 -2 -1 +1 +2 +3 STATUS QUO THREATENED IDENTIFY NEW NEEDS DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION TERMS AND CONDITIONS DIFFERENTIATION Create Value
- 21. Customer Conversation Continuum -3 -2 -1 +1 +2 +3 STATUS QUO THREATENED IDENTIFY NEW NEEDS DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION TERMS AND CONDITIONS DIFFERENTIATION MAXIMIZATION Create Value Elevate Value Capture Value
- 22. Customer Conversation Continuum -3 -2 -1 +1 +2 +3 STATUS QUO THREATENED IDENTIFY NEW NEEDS DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION TERMS AND CONDITIONS MAXIMIZATION Capture Value
- 23. A slippery slope… I% increase in discounting Your Price 9% decrease in operating margin
- 24. Typical View of Discounting Your Price Negotiating Tactics Selling to business buyer Deal moves to purchasing Their Price
- 25. What’s Really Happening Your Price Negotiating Tactics Selling to business buyer Deal moves to purchasing Their Price
- 26. What you need to do 1. Identify Unconsidered Needs Your Price Negotiating Tactics Selling to business buyer Deal moves to purchasing Their Price
- 27. NEEDS UNCONSIDERED NEEDS Unexpected Urgency and Unique Value UNKNOWN STRENGTHS Identified Specified Commodity Conversation CAPABILITIES
- 28. What you need to do 1. Identify Unconsidered Needs 2. Exchange Value Your Price Negotiating Tactics Selling to business buyer Deal moves to purchasing Their Price
- 30. Demonstrating Value? CHECKING BOXES Giving Away Value
- 31. Exchange Value PIVOTAL AGREEMENTS Demonstrating Value? CHECKING BOXES Giving Away Value
- 32. What you need to do 1. Identify Unconsidered Needs 2. Exchange Value 3. Embrace Tension Your Price Negotiating Tactics Selling to business buyer Deal moves to purchasing Their Price
- 36. Discount Reduction Programs Flee! Price Increases Comp Threats Customer Advocate Give Away Too Much Drop Too Soon Commodity Pressure
- 37. Discount Reduction Programs Flee! Price Increases Comp Threats Customer Advocate Give Away Too Much Drop Too Soon Commodity Pressure
- 38. Discount Reduction Programs Flee! Price Increases Comp Threats Embrace! Customer Advocate Give Away Too Much Drop Too Soon Acknowledge/Defer High Targets & Trades Concede to Plan Commodity Pressure Counter-intuitive Behaviors
- 39. What you need to do 1. Identify Unconsidered Needs 2. Exchange Value 3. Embrace Tension Your Price Selling to business buyer Maximize Value Deal moves to purchasing Their Price
- 40. Maximization Case Study Trained Regions +1% Discounting Problem Pilot Training Untrained Regions -1.8% 2.8% Net Improvement $1.8M Return in 30 days
- 41. Customer Conversation Continuum -3 -2 -1 +1 +2 +3 STATUS QUO THREATENED IDENTIFY NEW NEEDS DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION TERMS AND CONDITIONS MAXIMIZATION Capture Value
- 42. Customer Conversation Continuum -3 -2 -1 +1 +2 +3 STATUS QUO THREATENED IDENTIFY NEW NEEDS DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION TERMS AND CONDITIONS DIFFERENTIATION MAXIMIZATION Create Value Elevate Value Capture Value
- 43. Customer Conversation Continuum -3 -2 -1 +1 +2 +3 STATUS QUO THREATENED IDENTIFY NEW NEEDS DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION TERMS AND CONDITIONS Elevate Value
- 44. EXECUTIVES VALUE 4X MORE PRODUCT KNOWLEDGE BUSINESS EXPERTISE
- 45. EXECUTIVES VALUE 4X MORE PRODUCT KNOWLEDGE BUSINESS EXPERTISE 24% PROFICIENT 88% PROFICIENT 4X LESS LIKELY
- 46. EXECUTIVES VALUE 4X MORE PRODUCT KNOWLEDGE AVERAGE COMPANIES FOCUS MORE 88% PROFICIENT BUSINESS ACUMEN GAP BEST IN CLASS FOCUS 2X MORE BUSINESS EXPERTISE 4X LESS LIKELY 24% PROFICIENT 3 CHALLENGES -COMPETENCE -CONFIDENCE -COMPELLING
- 48. COMPETENCE 1 ROI 2 Finance 3 4 Insight core competencies Fluency target 5 . . . 50% average current competence
- 49. COMPETENCE Fluency target Industry Benchmarks 10-40% lift 1 ROI 2 Finance 3 4 Insight core competencies 5 . . . 50% average current competence
- 55. COMPELLING +92% CURRENT STATE CREATE URGENCY INSPIRE CHANGE close rate FUTURE STATE 60% no decision
- 56. Customer Conversation Continuum -3 -2 -1 +1 +2 +3 STATUS QUO THREATENED IDENTIFY NEW NEEDS DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION TERMS AND CONDITIONS Elevate Value
- 57. Customer Conversation Continuum -3 -2 -1 +1 +2 +3 STATUS QUO THREATENED IDENTIFY NEW NEEDS DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION TERMS AND CONDITIONS DIFFERENTIATION MAXIMIZATION Create Value Elevate Value Capture Value
- 58. Malcolm Gladwell
- 59. Scientist for Tipping Point Morton M. Grodzins
- 60. What was the difference? Gladwell told a better story!