The Power of Discovery for Increasing Win Rates
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Webinar Recording: http://bit.ly/SMMWebinar-04182018 _____________________________________________ Webinar Description from SMM Connect: Depending on which sales research you’re reading, Win Rates hover under 50% and No Decision rates vary greatly from 25% to over 50%. The bottom-line? We can do better. And many of us must, to make our number. What’s the single best thing you can do to radically move these numbers for your sales force? The answer is better sales discovery. In this webinar, sales transformation expert Mike Kunkle will share a situation assessment framework that will enable your sales force to understand your customers better than ever before – especially the things that matter most to the decision makers – so your pursuit team can build a compelling case for change and co-create solutions that deliver what your buyers really value. Join Mike for this webinar (where your questions are welcomed and expected) and learn how you can increase your Win Rates and decrease Losses and No Decisions, through the power of effective discovery.
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The Power of Discovery for Increasing Win Rates
- 1. The Power of Discovery For Increasing Win Rates! Mike Kunkle Host of Sales Transformation Straight Talk™ VP, Sales Transformation Services, Fast Lane Digital Founder, Transforming Sales Results, LLC
- 2. What • Sales Transformation Straight Talk webinar series Why • Provide you with the latest thinking and actionable ideas to transform sales results How • Solo webinars, guest speakers, panels, Q&A, always taking requests When & Where • Usually mid-month, usually mid-week, 12 to 2 pm Eastern, every month, here on SMM Connect - Always check www.smmconnect.com for details Sales Transformation Straight Talk Series on 2
- 3. mike.kunkle@fastlaneus.com mike@mikekunkle.com (214) 494-9950 Mike Kunkle is a highly-respected sales transformation architect and internationally-recognized sales training and sales enablement expert. He’s spent 24 years as a corporate leader or consultant, helping companies drive dramatic revenue growth through best-in-class learning strategies and his proven- effective sales transformation methodologies. Today, Mike is the VP of Sales Transformation Services for Fast Lane Digital (a division of Fast Lane Consulting & Education Services) and founder of Transforming Sales Results, LLC. He consults, advises, writes, speaks, leads webinars, designs sales learning systems that get results, and guides clients through all aspects of their sales transformation. Mike Kunkle VP, Sales Transformation Services Founder Your Host 3 Connect with Mike & Follow His Content DTI Blog http://www.DXform.io/blog Personal Blog https://www.mikekunkle.com/blog DTI Learning Sessions http://www.dxform.io/learning-sessions SMM Connect Webinars http://bit.ly/STSTonSMM BrightTALK Webinars http://bit.ly/TheSalesExpertsChannel LinkedIn Publisher http://bit.ly/MikeKunklePublisher LinkedIn Profile http://www.linkedin.com/in/mikekunkle SlideShare http://www.slideshare.net/MikeKunkle Twitter https://twitter.com/mike_kunkle
- 4. Our Plan for Today [POLL: What brought you here today?] AGENDA: • Why Discovery? • Situation Assessment Framework - Current vs. Future State Factor Analysis - Gap & Impact Analysis - The Tie to Outcome Selling - The Tie to Relationship Selling - The Importance of Qualification • Maximizing What You Learn in Discovery • Recommended Next Steps • Your Take-Aways | Q&A. 4
- 6. Why Discovery • A training class of sales pros with 3-30 years of experience, struggle to formulate open questions during a class exercise. 6
- 7. Why Discovery • Seasoned sales pros completely move past the chance to dig deeper into something that was important to a prospective client, to quickly make a shallow recommendation. 7
- 8. Why Discovery • Sales pros (and classroom sales trainers) answering a clear question with the wrong information. 8
- 9. Why Discovery • Sales pros attempting to pitch features and benefits before truly understanding the buyer’s issue and its impacts, and then having to navigate through every possible objection and concern, because they didn’t really understand the problem they were rushing to solve. 9
- 10. Why Discovery • The basic human need to be understood is very powerful. It’s emotional, and people buy based on emotion. Many buyers feel that sales reps do not understand them or their business. 10
- 11. Why Discovery • Understanding often leads to better relationships. Relationships won’t always outweigh other factors such as level of problem-solving ability, delivering insights, ability to communicate value, or cost/payback analysis – but all else being equal, relationship still wins. It’s a magnet. Mike Kunkle 11
- 12. Why Discovery • Through better discovery, the sales rep has a far higher chance of offering a solution that will truly help the buyer 12
- 13. Why Discovery • Buyers often connect-the-dots themselves, about how a seller’s products or services solve their problems. This leaves a lot to chance. You should help your buyers connect the dots. Discovery gives you the information you need to do that. 13
- 15. Situation Assessment Framework Future State Factor Analysis Plans and Initiatives • Foreseeable business landscape changes • Related past initiatives & outcomes • Status of ongoing initiatives • Future planned initiatives & status • Compelling events | Critical business needs Analysis • Desired outcomes • Problems to avoid • Opportunities to maximize • Risks | Threats to initiative success Impacts (Positive) • Revenue | Costs | Cash Flow | Profit • Other financial metrics • KPI/CSF/Operational metrics • Strategic objectives • Mission | Vision • Reputation | Image Needs Validation • Improve | Accomplish | Avoid Current State Factor Analysis Situation Overview • Current business landscape • Strategic objectives • Tactical plans | Current initiatives • Business performance/CSFs • Metrics that matter most Analysis • Current successes • Current problems • Perceived opportunities • Risks | Threats of status quo Impacts (Negative) • Revenue | Costs | Cash Flow | Profit • Other financial metrics • KPI/CSF/Operational metrics • Strategic objectives • Mission | Vision • Reputation | Image Needs Hypothesis • Improve | Accomplish | Avoid Gap Analysis Impact Analysis POINT A – What Is POINT B – What Should Be Mike Kunkle 15
- 16. Situation Assessment Framework Future State Factor Analysis Plans and Initiatives • Foreseeable business landscape changes • Related past initiatives & outcomes • Status of ongoing initiatives • Future planned initiatives & status • Compelling event | Critical business need Analysis • Desired outcomes • Problems to avoid • Opportunities to maximize • Risks | Threats to initiative success Current State Factor Analysis Situation Overview • Current business landscape • Strategic objectives • Tactical plans | Current initiatives • Business performance/CSFs • Metrics that matter most Analysis • Current successes • Current problems • Perceived opportunities • Risks | Threats of status quo Gap Analysis Determine Gaps: • Knowledge • Skills • Mindsets • Capabilities • Plans • Processes • Methodologies • Tools Point A Point B Mike Kunkle 16
- 17. Current State Factor Analysis Impacts (Negative) • Revenue | Costs | Cash Flow | Profit • Other financial metrics • KPIs/CSFs/Ops metrics • Strategic objectives • Mission | Vision • Reputation | Image Situation Assessment Framework Future State Factor Analysis Impacts (Positive) • Revenue | Costs | Cash Flow | Profit • Other financial metrics • KPIs/CSFs/Ops metrics • Strategic objectives • Mission | Vision • Reputation | Image Outcome Selling Retail Shrinkage Telecom Errors per station Manufacturing Overall Equipment Effectiveness (OEE) Healthcare Net income to patient revenue Energy Electrical grid load Labor cost over project timeline Construction Cash flow return on investments (CFROI) Finance/Insurance KPIs | CSFs | Domain Expertise Impact Analysis Point A Point B $ $ $ $ $ $ $ $ $ Mike Kunkle 17
- 18. Current State Factor Analysis Impacts (Negative) • Revenue | Costs | Cash Flow | Profit • Other financial metrics • KPIs/CSFs/Ops metrics • Strategic objectives • Mission | Vision • Reputation | Image Situation Assessment Framework Future State Factor Analysis Impacts (Positive) • Revenue | Costs | Cash Flow | Profit • Other financial metrics • KPIs/CSFs/Ops metrics • Strategic objectives • Mission | Vision • Reputation | Image Point A Point B Impact Analysis Mike Kunkle 18
- 19. Current State Factor Analysis Impacts (Negative) • Revenue | Costs | Cash Flow | Profit • Other financial metrics • KPIs/CSFs/Ops metrics • Strategic objectives • Mission | Vision • Reputation | Image Situation Assessment Framework Future State Factor Analysis Impacts (Positive) • Revenue | Costs | Cash Flow | Profit • Other financial metrics • KPIs/CSFs/Ops metrics • Strategic objectives • Mission | Vision • Reputation | Image Relationship Selling • Reputation • Image (look good) • Career aspirations or pressures • Personal achievement • Purpose | Autonomy | Mastery • Order • Power or political capital • Belonging • Achievement • Recognition • Safety (avoid/reduce risk) Personal | Emotional FactorsPoint A Point B Impact Analysis Mike Kunkle 19
- 20. Even with B2B Buying… Emotions still rule • http://www.cmo.com/opinion/articles/201 7/8/9/b2b-buying-is-full-of-emotions-ptr- tlp.html • https://www.inc.com/larry-kim/surprise!- 4-ways-emotion-plays-a-large-role-in- b2b-purchases.html • https://www.forbes.com/sites/danielnew man/2014/05/07/how-personal- emotions-fuel-b2b-purchases/ • https://www.cebglobal.com/marketing- communications/b2b-emotion.html https://www.cebglobal.com/content/dam/cebglobal/us/EN/best-practices-decision-support/marketing-communications/pdfs/promotion-emotion-whitepaper-full.pdf 20
- 21. Situation Assessment Framework Opportunity Qualification Uncover and validate: • Decision Makers: Types of Buyers and Buyer Roles • Decision Criteria: Buying process with decision/exit criteria • Urgency: Compelling Event (if exists) and/or Critical Business Need* • Outcomes: The outcomes, achievements, and/or Metrics that Matter* to the Decision Makers • Economics: Initiative is funded, or budget/funding available • Options: Who are you competing with (including status quo and DIY) and how are options viewed, comparatively? * Included in Factor Analyses Mike Kunkle 21
- 23. Maximizing Discovery • Spend time developing a series of questions that follow the Situation Assessment Framework and apply to your world (customers, verticals, solutions) • Try to stay single-threaded, use sales judgment, and record or take great notes • Improve efficiency by spending time on deals you can win • Personalize messaging based on business needs and personal needs • Create a business case based on solution costs vs. outcomes • Sell to the Decision Criteria (Buying Process Exit Criteria) to eliminate “selling by superstition” and win more deals • Position more effectively against all the competition (competitors, DIY, and status quo/do nothing) • Use Discover to enable an adaptive selling methodology • Differentiate yourself and your company through a better understanding of your buyers. Mike Kunkle 23
- 24. Take-Aways | Next Steps • What was your biggest take-away from today’s session? • What will you try first or do next? Please reply in the Chat / Q&A section! Mike Kunkle 24
- 25. Appendix APPENDIX The Power of Discovery For Increasing Win Rates! APPENDIX
- 26. Additional Reading on Discovery BOOKS: • Discover Questions Get You Connected by Deb Calvert https://www.amazon.com/DISCOVER-Questions-Get-You-Connected/dp/098973790X/ • SPIN Selling by Neil Rackham https://www.amazon.com/SPIN-Selling-Situation-Implication-Need-Payoff-ebook/dp/B06XB35VCH/ • Secrets of Question-Based Selling by Thomas Freese https://www.amazon.com/Secrets-Question-Based-Selling-Powerful-Business/dp/1402287526/ • Questions That Sell: The Powerful Process for Discovering What Your Customer Really Wants by Paul Cherry https://www.amazon.com/Questions-That-Sell-Powerful-Discovering/dp/0814473393/ BLOG POSTS: • The Untapped Power of Sales Discovery Skills by Mike Kunkle https://www.mikekunkle.com/2015/04/18/sales-discovery-skills/ • 10 Ways to Ask Better Sales Questions by Tony Alessandra https://blog.hubspot.com/sales/10-tips-ask-sales-questions-si • 30 Amazing B2B Sales Discovery Questions by RingDNA/Kanwar Saluja https://www.ringdna.com/blog/30-amazing-b2b-sales-discovery-questions Note: Not all of these resources may be aligned with the Situation Assessment. All are valuable resources and much of what you learn can be applied within the Situation Assessment. Mike Kunkle 26
- 27. Reading on the Four Sales Systems • Part 1, Four Systems Overview: http://bit.ly/4SalesSystems-Overview • Part 2, Sales Selection System: http://bit.ly/4SalesSystems-Selection • Part 3, Sales Support System: http://bit.ly/4SalesSystems-SalesSupport • Part 4, Sales Learning System: http://bit.ly/4SalesSystems-SalesLearning • Part 5, Sales Management System: http://bit.ly/4SalesSystems-SalesManagement • SlideShare Presentation: http://bit.ly/SystemsApproachST-Docebo2017 A Systems Approach to Sales Transformation Sales Selection Sales Support Sales Learning Sales Management Mike Kunkle 27
- 28. Complimentary White Paper Realizing the Growth Potential of the Internet of Things: The Convergence of Market Opportunity, Design Thinking, Technical Enablement and Sales Enablement http://bit.ly/IoTPotential-FLD
- 29. Free Sales Coaching Excellence eBook by Mike Kunkle http://bit.ly/SalesCoachingEbook-FLD
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- 31. THANKS for your time and attention! www.linkedin.com/in/mikekunkle www.mikekunkle.com/connect http://www.smmconnect.com/ http://www.smmconnect.com/recordings For more information: Contact Mike: Upcoming SMM Connect Webinars: Archived SMM Connect Webinars: