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Max Altschuler
January 4th, 2018
With all of the advancements in sales and buyer side technology, now is the
time to modernize your sales process or risk becoming irrelevant.
Consumer behavior is changing. Customers lose sleep over their problem, not
your product.
New engagement channels are propping up like crazy. Ignore one and you’ll
relinquish potential market share to competitors.
Disruptive technologies offer smarter ways of selling services and ideas.
Expect outmoded and inefficient sales stacks to drag growth instead of driving it.
As best practices shift, can you really afford to stay on the sidelines?
The top professionals at hyper-growth companies are busy hacking their sales
process. Are you?
In a practical sense, your sales process serves as a model by which any member
of your sales team can replicate success in finding prospects, solving customer
problems, closing deals, performing up-sells, and bolstering client loyalty.
An excellent sales process aligns well with your ideal buyer’s purchasing journey.
As such, the most effective sales process maps out nearly every stage of the
journey from the customer’s point of view.
An effective sales process is:
Customer-centric
Clearly defined
Repeatable
Predictable
Goal-oriented
Measurable
Adaptable
A sales process that lacks any one of these traits will perform at a disadvantage
in the highly competitive digital economy.
1. Preparation
2. Prospecting
3. Needs Assessment
4. Sales Pitch / Presentation
5. Objection Handling
6. Closing
7. Follow Up
Formulating a sales process for your business can be complicated. The first
challenge usually involves the task of identifying the specific steps that comprise
your sales operations. The number of sales process steps differs across sectors,
sometimes varying even among businesses operating in the same space.
To move forward with optimal clarity and flexibility, you can start with the seven-
stage sales process used by many business organizations:
1. Preparation & Research
Being well-versed about your product, your target customers, your industry, and
the unique value your brand provides can never be overstated.
Research your competitors, the core problems your buyer personas usually
experience, and the different product features and benefits that directly or
indirectly address these problems.
Skim through your organization’s knowledge base to understand different
customer engagement scenarios and how real salespeople actually solved pain
points, handled complaints, closed deals, and generated repeat business.
2. Prospecting
Finding customers is one thing. Engaging the right ones is another.
You can find prospects from many sources including your CRM database, social
media, industry events, and online search.
Based on a number of factors, your team should set an ideal customer
profile and screen prospects based on this benchmark. This enables your team
to allocate limited resources on qualified, high-value leads.
To ensure a healthy customer pipeline, prospecting should be an always-on
instinct across your sales organization.
3. Needs Assessment
Calling, corresponding via digital tools, or meeting a prospect in person for the
first time is a great opportunity to probe deeper into their situation and assess
their real needs.
This stage enables sales professionals to formulate tailored solutions to hike
the likelihood of closing a deal.
Active listening, empathy, note-taking, trust-building, and following up are great
skills to deploy in this stage.
4. Pitch/Presentation
This is where you articulate the unique value your customers will experience if
they purchase your product or adopt your solution.
You can do this by connecting real needs and wants to the corresponding
features and benefits your product provides.
Note that while preparation and product knowledge play important roles in this
stage, customer-centricity should remain your default mode. Stay relevant by
bridging the prospect and the product.
5. Objection Handling
Reluctance, objections, complaints and outright rejection are so common in sales
that any salesperson who lacks grit and the ability to roll with the punches will
soon be out of the game.
To manage objections effectively, practice empathy and regularly process the
situation from the customer’s point of view.
Related: PODCAST 20: How to Negotiate More Effectively to Close More
Deals
6. Closing
This is where you actually make a sale, with all your efforts getting reflected in
your company’s top-line revenue.
Depending on your business model or workflow, this step commonly involves
sending a proposal or a quote covering the tailored solution you are offering.
It may also include further negotiations about specific terms in the
sales/subscription/membership agreement as well as a series of signed approvals
from key decision makers in your prospect organization.
Note, however that attempts at closing do not always result to a successful sale.
In that case, you can execute a follow up plan, request for a referral, or schedule
the lead for future re-engagement.
7. Follow-ups, Repeat Business & Referrals
Paying customers are great candidates as prospects for your other services.
By maintaining excellent customer relationships, you can up-sell and generate
repeat business more easily.
Don’t be afraid to ask for referrals either, you’ve earned them at this point!
There has been confusion (especially among non-sales professionals) over the
terms “sales methodology” and “sales process.”
While they sound synonymous, the two terms technically refer to two different
things in the sales universe.
Depending on your market, product verticals, corporate identity, or operational
model, you may adopt a single methodology to govern your entire sales process
or apply multiple methodologies across the specific sales process steps.
The book claimed that challenger-type sellers are the most successful group,
especially in the B2B enterprise market. To be a Challenger, sellers make
customers aware of the potentially game-changing challenges and opportunities
in their respective industries, then offering effective, tailored solutions.
Challengers use the “teach-tailor-take” tactic to close a deal.
2. Command of the Sale
This methodology was conceptualized and offered as a service by GrowthPlay.
The main tactic used is to customize a company’s sales enablement tools and
activities based on solutions already in place, while focusing on the lead
qualification and value messaging components. .
3. Conceptual Selling
Developed by Stephen Heiman and Robert Miller, this method reframes sales as
a process where a seller persuades a buyer to purchase a concept (specially a
desired outcome), not a product. The seller’s goal — achieved through empathy,
active listening, and asking questions — is to discover a specific buyer’s
conception of an acceptable solution or a desired state. The seller can then relate
that idea with the most salient aspects or benefits of the product/solution.
4. Consultative Selling
This method has its roots in solution selling, leveraging a veteran salesperson’s
expertise, industry knowledge and reputation. Under this dynamic, customers
make a purchase because they “trust” the seller and expect the purported
benefits and results to be realized.
5. Customer-Centric Selling
As the term explicitly says, this method focuses on the challenges, goals, and
convenience of the customer.
The objective here is to become warm and trusted advisors to the client.
Sales processes and activities are modified to suit the client’s schedule,
objectives and situation.
Instead of making presentations, reps make relevant conversations about how the
solution can be modified to better match the client’s requirements.
6. Inbound Selling
This is a relatively new methodology, having matured with the development of the
Internet.
In inbound selling, marketing techniques get tightly meshed with the processes
and goals of sales.
Hence, instead of directly pushing sales-y scripts to their prospects, inbound
sellers attract (“pull”) customers by setting up messaging opportunities where
customers can actively or contextually engage the seller’s brand or product.
Because buyers are now more empowered and informed when it comes to
purchase decisions, inbound sellers use data and analytics to hyper-
personalize their messaging to pull customers towards a desired action.
Note: As opposed to inbound selling, outbound selling encapsulates many of
the traditional selling techniques where sellers initiate and guide a sales
engagement with a prospective customer. The engagement can take the form of a
cold or warm call, a chat session over social media, or an email outreach.
7. MEDDIC
MEDDIC stands for:
Metrics
Economic Buyer
Decision Criteria
Decision Process
Identify Pain
Champion
This methodology is characterized by a highly disciplined, tech-driven and tightly
controlled approach to the sales process.
Using metrics and other relevant data, MEDDIC sets quantitative standards for
lead qualification and requires the search and nurturing of a “champion” in the
prospect organization who will advocate for the seller’s brand/solution.
8. N.E.A.T. Selling
N.E.A.T. stands for
Need
Economic Impact
Access to Authority
Timeline
Developed by the Harris Consulting Group and Sales Hacker Inc., the
methodology requires sellers to a) identify “core” needs by probing deep into their
customers’ challenges; b) articulate the value or economic benefit of the solution
in terms of ROI; c) engage contacts who can influence decision makers when
direct engagement is not possible; and, d) set a compelling timeline within which
a buyer must make a decision.
9. SNAP Selling
Launched by Jill Konrath in 2012, SNAP stands for
Simple
iNvaluable
Aligned
Priority
As its acronym implies, this method aims to quicken the sales process with the
assumption that prospective buyers will generally be busy and distracted.
Organizing your sales process and the sales methodology(ies) you need to adopt
requires a well-designed sales process map.
Whether you’re using an old-fashioned pen and notebook or a mobile app, start
by listing down the stages and customer touch points in your workflow (such as
lead generation and qualification) and connect these with the key steps in the
sales process.
Take note of relevant metrics (duration, transaction volume, number of new
leads generated, etc.). Fill up each sales process step with all associated
activities (cold calling, follow-up emails, etc.) until all the stages have been
completed.
Remember, a sales process map evolves over time and you should modify your
process to remain on top of shifting business realities.
Even the best-designed sales process won’t take you very far if you haven’t
upgraded the sales platform your team deployed 20 years ago.
Technological advances on many fronts (cloud, big data, artificial intelligence,
machine learning, the Internet of Things, CRM, mobile communications, rich
media streaming, etc) are rapidly changing the world of sales that even best
practices get modified every once in awhile.
As industry leaders consistently demonstrate, technology enablers will amplify the
impact your sales process and methodologies can deliver.
However, choosing which solutions to integrate in your sales stack can be quite
challenging and time-consuming.
In addition to CRMs, there are tools that optimize staff performance, provide
critical business intelligence, generate insightful data analytics, and facilitate
better communication environments with customers. Here’s a guided overview
on a wide variety of sales tools you may want to include in your stack.
Not all sales processes are equal. That is why you need to conduct a sales
process audit every now and then. You can do this by periodically analyzing
your performance metrics and conducting A/B testing campaigns to compare
different outcomes.
For example, you can test whether a new methodology would work better for a
specific activity in your pipeline than the one you currently adopt. Remember,
metrics are your friends and staying in their good graces future-proofs your
profitability.
With consumer behavior and market realities shifting at lightning speed, the need
to adapt becomes imperative. Sales professionals can no longer depend on
outmoded approaches and have no other choice but to embrace next-generation
thinking and technologies.
Your sales process is not exempt. Without a reliable template to follow, your sales
team will under perform, their output delivered at disproportionate cost but
ultimately fragmented. The only route to success is to re-imagine your sales
process and reinforce your efforts with the right knowledge, tools and
strategies. Raise the bar by building, refining and optimizing your sales
process over time.