Selling effective techniques that work!


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Selling effective techniques that work!

  1. 1. Mustafa KhanBusiness Beam Pvt. Limited
  2. 2. Our Topics Today…• Selling Essentials• Sales Cycle• First-Ever Meeting• Presentation• Key Elements Towards Successful Sale Closure• It Just Doesn’t End Here – Beyond Closure! Mustafa Khan - Business Beam Pvt. Limited 2
  3. 3. Selling EssentialsDefining Sales: Sales is asking people what they do, how they do it, when they do it, where they do it, why they do it, and who they do it with—and then helping them do it better!Defining Sales Closure: Closing a sale is a natural outgrowth of your earlier work, not a separate conclusion you somehow impose upon your prospect. Mustafa Khan - Business Beam Pvt. Limited 3
  4. 4. Selling Essentials (2)Win-Win Situation: Selling is not a game where you win if you close the sale and your prospect wins if you don’t. A Win-Win situation is when salesperson closes a sale with a solution to a Prospect’s problem which benefits him to do business better. Mustafa Khan - Business Beam Pvt. Limited 4
  5. 5. Selling Essentials (3)One-Third of Sale A salesperson successfully closes one-third of sale no matter what! It can be that Prospect who is just waiting for someone to pop up with a solution at the right time.The Other One-Third of Sale One-third of sale is lost no matter what. You try your very best, or not; you provide the best solution to the Prospect, but all in vain. Mustafa Khan - Business Beam Pvt. Limited 5
  6. 6. Selling Essentials (4)The Middle-Third The ones that the salesperson try to win. That’s where the salesperson does all the work of understanding and outlining Prospect’s objectives and concerns and give his/her best to devise a solution for Prospect to achieve those objectives. Mustafa Khan - Business Beam Pvt. Limited 6
  7. 7. Your Four Roles• Seller – It Just happened!• Vendor – Contacts and some relationships 68% budget cut example!• Supplier – Some reputation with finite influence• Partner – Part of planning process – Meet with board, use your influence Mustafa Khan - Business Beam Pvt. Limited 7
  8. 8. Sales Cycle (1)Stage One: Prospecting That’s where you make sure that the person is willing to talk about the potential usefulness of you have to offer Suspect  Prospect Suspect is one who may or may not be able to use the product. Prospect is one who has interest to learn more about what you have to offer; potential customer. Mustafa Khan - Business Beam Pvt. Limited 8
  9. 9. Sales Cycle (2)Stage Two: Interviewing This is where you get detailed information about the goals of your prospect in order to determine what you will say later on, during your presentation. Salesperson gets information, demonstrates briefly about product, makes sure to give a rough schedule and pricing, and verify information. Mustafa Khan - Business Beam Pvt. Limited 9
  10. 10. Sales Cycle (3)Stage Three: Presentation This is where you use the verified information and supply more specific data about the benefits of the product and service as those benefits directly relate to the particular prospect. Categorizing in three: Benefits, Features, and Proof (How will you map those features to Benefits for Prospect) Mustafa Khan - Business Beam Pvt. Limited 10
  11. 11. Sales Cycle (4)Stage Four: Closing Closing means confidently asking for the sale without “polarizing” the relationship After all the ground work has been laid; information gathered and verified, and presentation that elaborates mapping of features to Prospect’s benefits; that’s when you confidently close the sale. Mustafa Khan - Business Beam Pvt. Limited 11
  12. 12. Know your Product• You as a salesperson with leadership must have good understanding of your product.• Technical versus Practical Knowledge of Product: Unless you have yourself used the product, you don’t know the (potential) benefits it (can) provides.• Consider your product/service malleable: consider the variants, think out of the box, think how else your product can benefit Prospect.• Examples: Paper Clip(fix eye glasses, cleaning tiny places), Baking soda (food, washing, pamper) etc.• Don’t just sell your product one way! Mustafa Khan - Business Beam Pvt. Limited 12
  13. 13. Initial ContactStandardize you approachRefine and script your cold calling techniques (Another book by Stephen on this topic)Figure out by your history and past suspects/prospects and find the right numbers:Typical number of calls neededTypical number of in-person visitsTrend analysis of your previous work Mustafa Khan - Business Beam Pvt. Limited 13
  14. 14. Pre-Meeting Steps (1)Step one: What do we sell?Should be able to precisely describe products and services you offer.Step two: What makes us different/better from the competition?Know your competitors and know their offerings.Step Three: Even though we are not the least expensive, people buy from us because…Know how you are/can be above and beyond competitor. Mustafa Khan - Business Beam Pvt. Limited 14
  15. 15. Pre-Meeting Steps (2)Step Four: Do your right pre-meeting research Use the internet, use some digging , check prospect’s website, success stories of your company with similar prospects. What else will you look for?Step Five: Create the Flow Opening the discussion, driving it, starting with your company’s commercial. How you can control the flow of the meeting.Step Six: Establish your Next Step strategyA next step and a backup next step.Get some tangible, scheduled commitment for action from the Prospect.Example: A follow-up meeting with same person scheduled. Or meet more influential, decision makers to have a more broader perspective. Focus on “Opening” rather than “Closing”; Don’t rush/jump on the Sale Cycle! Mustafa Khan - Business Beam Pvt. Limited 15
  16. 16. First In-Person Visit (1)• Remember definition of Sales – what, how, when, where, why, and with who they do IT• Goals: 1. Brief identification showing professionalism and accountability (“Its good business to do business with us”) 2. Listen! 3. Focus on your aim. 4. Don’t throw up on the customer loaded with features. 5. In committees, get yourself early in agenda. What if your contact doesn’t know about your interview questions??? Mustafa Khan - Business Beam Pvt. Limited 16
  17. 17. Not the right audience for interview or presentation  HOLD YOUR HORSES!!!! Mustafa Khan - Business Beam Pvt. Limited 17
  18. 18. First In-Person Visit (2)• Efficient Interviewing – Get all the information you can from the Prospect • Learn the business around your product • Learn their processes execution • Learn the prospect (e.g. MBTI! ) • Ask the one-in-a-million salesperson question Listen! …and write them all down! Mustafa Khan - Business Beam Pvt. Limited 18
  19. 19. Concluding your First Visit• Never loose sight of your Next Steps! – Should have some backup next steps.• What if you need more time to think?• What if Prospect doesn’t want to meet again? Mustafa Khan - Business Beam Pvt. Limited 19
  20. 20. Verifying Information• Confirm information gathered from Prospect• Outline – What you can do for the Prospect – Time commitments and prices (just an estimate) • Better to have feedback now! Mustafa Khan - Business Beam Pvt. Limited 20
  21. 21. Your Presentation – core stuff!! -a proposal that should lead to a decision of client to work with you• Who to deliver? …..the decision maker!• Interviewed information – No outline; no presentation!• Decide on your aim; be realistic! – Replacing present supplier/vendor; part of the business towards longer relationship or offer just a pilot program to re-evaluate in 6 months.• Core – cover letter, summary, outlines in detail that help prospect do their job better, time & cost Mustafa Khan - Business Beam Pvt. Limited 21
  22. 22. What’s Next after Presentation…• Closing statements…• I’ll have to think about it…• Dealing with obstacles and questions from Prospect• Responding to a flat-out “NO!” Mustafa Khan - Business Beam Pvt. Limited 22
  23. 23. Closing Statements (1)• Interviewing… on target!• Gathering information….dot on target!• Verifying information….dot on target!• Presentation that answers Prospect’s objectives, goals, concerns, forward plans, objections, and how they can do their job better…dot on target!• …then you find yourself confident with the closing statement to the prospect, like… Mustafa Khan - Business Beam Pvt. Limited 23
  24. 24. Closing Statements (2)• You say…. “Mr. Prospect, I don’t know about you, but this program makes a lot of sense to me. I think your company would benefit a lot from working with us. What do you think?”• Or a variation… “Mr. Prospect, we have spent a lot of time developing this together, and I have to tell you that I have a good feeling about this. How do you feel about it?”• Or… “Mr. Prospect, that’s our proposal. I’ll be very frank with you: It seems to me that we can really benefit from working together. What do you think?” Mustafa Khan - Business Beam Pvt. Limited 24
  25. 25. Closing Statements (3)Prospect’s reply and your response…• Can be “ I’ll have to think about it.” (Widely expected)• Obstacles/concerns/responses; Can be a flat- out “NO” • Can just go ahead and sign the contract (your middle-third win-win situation!) Mustafa Khan - Business Beam Pvt. Limited 25
  26. 26. “I’ll have to think about it” (1)Give prospect an option to disagree with you! Like “taking responsibility” for emphasizing toomuch on a topic that is core objective ofProspect. You can say… Mr. Prospect, you know, as I finished this, I have to admit, I was a little concerned that I might have put too much emphasis on FOO <pick some nonthreatening topic>. What do you think?90% of the time, Prospect will reply as…“No, it is not FOO that I am concerned about, its actually WOO!”There you go! You’ve just uncovered the real obstacle. Mustafa Khan - Business Beam Pvt. Limited 26
  27. 27. “I’ll have to think about it” (2)• Fine-tune what you have to offer• Tell success stories if you have (At ABC Corp. we dealt with similar situation like bla bla...)• If you don’t know enough about your customers to be able to do this comfortable, find out!• Your core concern and aim should be: – Keep things moving smoothly – Don’t run into the risk of polarizing the relationship Mustafa Khan - Business Beam Pvt. Limited 27
  28. 28. Dealing with Obstacles (1)• Objections are responses – assume optimistically• Don’t respond too quickly.• Objections are not roadblocks; they are in fact Prospect’s issues.• Prospect saying “No” – take the response positively! - Shows that’s Prospect is listening and thinking about your product!• Ask the right follow up question! There’s something in the line that went down-hill. Mustafa Khan - Business Beam Pvt. Limited 28
  29. 29. Dealing with Obstacles (2)Steps to effectively handle responses: 1. IDENTIFY/ISOLATE  How does this response/concern fit into Prospect’s goals 2. VALIDATE  YOU:“You are not alone. My experience is that, if people have a problem with WOO, it usually comes up at this point in discussion. Lets see what we can do”  Take an open and honest approach. 3. RESOLVE  All prospects are unique so listen carefully and help Prospect reach a logical conclusion.  Don’t use cookie-cutter approach. Help Prospect develop a creative solution. Mustafa Khan - Business Beam Pvt. Limited 29
  30. 30. Dealing with Obstacles (3)Types of issues raised:Problem /Question: “We used you a few years ago and had tremendous delivery problems!”  Get help from outside authority and solve the issue.Stall: Let me run this by my people one more time!  Settle on a determined decision date.Reassurance: With such young sales force, this could be complicated to implement!  Get reference letters, testimonials, call current customer, see how Prospect reassured previously about other vendors.Doubt &Fear: “How many people use this?” Or “Will this really work?”  Outline how you will get them started and take responsibility for the success of the program – and follow through! Mustafa Khan - Business Beam Pvt. Limited 30
  31. 31. Dealing with Obstacles (4)By the way, make a note of this… A lot of objections means early part of presentation was inefficient!  Mustafa Khan - Business Beam Pvt. Limited 31
  32. 32. Dealing with flat-out “NO” (1) Take Responsibility – After all the work, interview, homework, outline, presentations and discussions, with all your commitment shown to prospect; Yes, you have the right to ask: Mr. Prospect, I am genuinely surprised, please tell me what went wrong.OR Mr. Prospect, I am so convinced that we have the best service, best pricing and customization and best reputation that I can think of only one reason for you to not sign with us. And that’s that I must have done something terribly wrong. So I am going to ask you to give me a hand and tell me where I went off course. I’d really hate to make a mistake on something this important. Mustafa Khan - Business Beam Pvt. Limited 32
  33. 33. Dealing with flat-out “NO” (2)Only to be used with an outright NOEarning TRUST is really the same thing as accepting responsibility.Salesperson should have this mandatory conviction in his/her heart that the best possible solution for the Prospect’s problem has been offered Response from Prospect will most probably be laid back and explanatory! That’s where you gather more information that is needed and follow up Mustafa Khan - Business Beam Pvt. Limited 33
  34. 34. Dealing with flat-out “NO” (3)Realize this: You cannot force Prospect to do anything!Work towards finding common grounds of agreement and find the problemThink of your product’s malleability and highlight potential solutions Mustafa Khan - Business Beam Pvt. Limited 34
  35. 35. Negotiations – A brief touch!Taking quick example from the book: Prospect (committee) when hears about pricing, President agrees but CEO has reservations. If you researched the company well enough to know it’s a growing firm and that growing tends to eat lot of cash, you will offer payments in extended period.To negotiate, you should have some idea about a company’s: Business Cash flows Prospects Processes People Objectives Hurdles, etc The more insight you have, the better you understand the boundaries of your Prospect, the better you negotiate; rather than always taking the option of extended payments or discounts. MORE ON NEGOTIATIONS IN APPENDIX OF BOOK Mustafa Khan - Business Beam Pvt. Limited 35
  36. 36. Garam Masala Tips for Closing Success! (1)• Don’t rush the sales cycle• Ask Prospect “What are you trying to accomplish in FOO?”. This will distinguish yourself from your competition• First in-person visit should start from memorable element from earlier phone conversations• Don’t try to present during interview stage• Don’t confuse presentation with a demonstration Mustafa Khan - Business Beam Pvt. Limited 36
  37. 37. Garam Masala Tips for Closing Success! (2)• Visit the prospect’s facility to get familiar• Take notes! Not just to show…• Introduce (rough) pricing in interviewing stage to relieve pressure from prospect (rough = negotiable)• Its YOU who is presenting, not the company. Establish relationship! Tell prospect that YOU want the business. Mustafa Khan - Business Beam Pvt. Limited 37
  38. 38. Garam Masala Tips for Closing Success! (3)• Trend analysis of similar purchases will show how decisions have been made as mostly all upcoming decisions will be of same way. Learn them!• Aim Right! and Aim High! Try to meet the top person in an organization, even if that person doesn’t make the final decision regarding your product/service.• Be ready for common objections. Don’t be caught off guard.• Last but not least: Keep your promises. People will remember you! Mustafa Khan - Business Beam Pvt. Limited 38
  39. 39. Follow Me! – Lead the Prospect!• Salesperson should exhibit leadership• A good salesperson with leadership skills will  Study all the angles of Prospect’s objectives and concerns;  Inspire Prospect and point the way towards doing business better;  Be accountable;  Takes time to decide; and once decided, will stick to it against all obstacles. Similarly, a good leader knows when to try new things. Mustafa Khan - Business Beam Pvt. Limited 39
  40. 40. Follow Me! – Lead the Prospect! (2) • Leader verses Manipulator Manipulators are not particularly good leaders because people have difficulty coming to trust them. • Leader listens to Prospect’s problems in entirety, and provides a full solution to address those problems. • When salesperson says: “Follow me!”, Prospect follows. Why??? Mustafa Khan - Business Beam Pvt. Limited 40
  41. 41. Follow Me! – Lead the Prospect! (3) • Because you have A Plan! • A Plan that works and has all the answers to Prospect’ concerns! • That’s what makes you a “Salesperson with Leadership”! Mustafa Khan - Business Beam Pvt. Limited 41
  42. 42. Beyond ClosureClosing Techniques (That Really Works!)• Cold Calling Scripts• Sample Sales Dialogues• Questions your should be able to answer before you try to close the deal• Effective negotiations• Etc Mustafa Khan - Business Beam Pvt. Limited 42
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