Selling in challenging times 2015 AoB

L E A H C I M S E M A J
Selling in a Challenging
Economic Environment
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•Each week we can see a growing
number of ads seeking sales persons
•The lists of prerequisites are
getting longer and more impressive:
The Death of A Salesman
… As We Knew Him
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The Ad
 “At least 2 years experience;
 be creative flexible and outgoing;
 professional and business-like;
 possess strong oral and written skills;
 own a reliable motor car;
 be able to travel island wide;
 have a minimum of 6 CXC subjects;
 previous sales experience an asset;
 be able to work on their own initiative”
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I frequently remind these ambitious employers
 that persons who are able to work on their own
 and are self-motivated
 more often that not
 tend to be self-employed
 But the problem is deeper than that
 Where do they expect these sales persons to materialize from?
 What aspect of our school experience is producing this subtle mix of
technical and interpersonal skills?

Who is the archetypical typical sales person?
 I would think that in Jamaica many would
nominate someone selling
 Financial products
 Insurance
 Consumer goods
 Medical supplier and drugs
 What did these persons want to be when they
“grow big”?
 I can guarantee that it was not sales

The Aspirations
 What percent of people who are now in sales
had these aspirations in primary school?
 Few?
 In high school?
 Less
 In college?
 None

Here is a career path
 that can generate very high income and
autonomy,
 while at the same time being extremely
critical to most business,
 yet has received no support from the formal
educational system
 Were there any sales persons at your
school’s Career Day?

The Attraction
 The most common attraction to the area of
sales has been
the ability to set ones earning capacity and
your own hours
 I dare say that more people have these desires
than have the capacity to meet the expectation

The Male Profile
 I have always thought that the best profile
for an old order sales man would be
one that does not live with parents
have expensive tastes for
material things
and high maintenance women

The Female Profile
would be
an ambitious single mother
who wants the best for her 3 children

 will be driven to produce
 Today sales have evolved well beyond these
parameters
 We had better wake up and begin some
serious preparation work for this profession
Both of these persons

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The Birth of the New Sales Person
The new sales person must be much
more than an order taker.
The internet and Business to
Business activities (B to B)
procedures
can do a more effective job

The digital model
 has the supplier with a cash register online,
 the customer has an inventory control system
 with a preset reorder point at which an email is automatically
generated directing an order to the supplier.
 All this takes place without someone stopping
by to enquire
 “How much yu want dis month baas?”

The new salesperson
Is a strategic business partner
who is no longer interested in
“closing a sale”,
but instead “opening a relationship”.

Digicel
 I was involved in training some persons who worked in a
Digicel store
 shortly after the company came on-stream.
 They had the ‘old order’ mind set
 that a phone was a once-in-a-lifetime purchase.
 I had to prepare them for the reality that
 the lifetime of a cell phone would be about one year.
 Based on the quality of the relationship established with the
customer,
 you could develop a continuous income stream from not only phones,
but also for accessories.

The Data
 "How to Hire and Develop Your Next Top
Performer: The Five Qualities That Make Sales
People Great“
 Herb Greenberg, Harold Weinstein and Patrick Sweeney
 Correlations of hundreds of thousands of
assessments that were performed over several
decades
 with various sales performance measurements.

They help us understand
why it is that some people succeed in
sales,
while others seem to get nowhere.
They arrived at a frightening conclusion
that may well be applicable to the Jamaican
situation.

The Facts
55% of the people earning their
living in sales
should be doing something else
25% have what it takes to sell,
but they should be selling something else

WHY?
 The reasons for these dismal figures
 are largely based on the fact that most sales persons are primarily driven
by the earning potential
 Usually selected for the job by limited and subjective
processes.
 This usually means a resume (self-report)
 and an interview.
 We recommend that if Sales is critical to your business,
an employer must go well beyond this.

Your Best Sales People
Lynette Ryals & Iain Davies
Harvard Business Review
December 2010

The Data
 Observation of 800 Sales Professionals in live sales
meetings
 Discovered 8 sales types
 Only three (3) types accounting for 37%
were consistently effective
 Five (5) types – 63%,
Consistently under performed

The Bad News
9.1%
of sales
meetings
result in a sale
1 of 250
sales people
exceed their
targets

The Good News
 The 8 types represent behavioral tendencies,
not set-in-stone personalities
 Managers can effect changes in their current
salespeople,
and recruit better team members in the future in the
understand the 8 types

Profiling
 Begin by developing a profile of your most
successful sales persons.
 This will allow you to identify the common
element(s) that distinguishes them from the rest.
 Next,
 identify some more people who have these same traits.
 How?
 Use the available research which has identified
traits that are usually present in persons who
excel in sales.

The Sales Aptitude Test
 The Sales Aptitude Test was developed by Science
Research Associates
 to assess behavioural and personality characteristics which
have been shown to be important to success in sales
occupations.
 It is used for personnel selection and placement for
Sales and Sales Management positions.
 The assessment measures an individual’s sales
aptitude.
 The test utilizes items related to seven (7) personal
attributes

Achievement Motivation
 the internalization of high standards for
performance
 and the preference for working on challenging or difficult tasks.
 Individuals who are highly motivated to
achieve
 are ambitious and strive to accomplish something important.
 They are often highly competitive,
 and they place a priority on winning

Ego-Strength
 resilience to criticism, rejection or failure
 Individuals with high ego strength have
a strong sense of self-worth
and like themselves for who they are
 These persons are able to maintain a
positive attitude in the face of failure or
rejection

Energy
behaviours which are
characterised by vigour, intensity
and endurance
People with high energy are
able to sustain effort for long
periods of time

Enterprise
the preference for adventurous
activities
and willingness to take risks that will pay off
in a materialistic sense
Enterprising people enjoy working
in a competitive business
environment.

Persuasiveness
the need to verbally express
oneself
with the intent of influencing the
behaviours or decisions of others

Self-Confidence
 the willingness to take action
based on the belief that effort will produce
desired outcomes
 Individuals with a high level of self-
confidence approach tasks
with the belief that their abilities and drive are
all well matched to the task

Sociability
the preference for interacting with
people during work and recreation
Highly sociable people gain
satisfaction from relationships;
they are friendly, outgoing, articulate
and socially at ease

Based on these traits,
 sales aptitude is characterized by
 a tough-minded social confidence,
 a competitive ambition,
 a need to persuade and influence others
 and a high level of energy and industry
 The test produces a single score
 which has been shown to predict successful sales
performance
 in a variety of industries

To Really Be A Top
Financial Advisor?
DO YOU HAVE WHAT
IT TAKES
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Do You Have the Right
Attitude to Sell?
High-efficiency
selling begins with
attitude
Successful
salespeople listen
well and generally
are open-minded
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1. Willingness to be Different
Success often requires a
different approach
You don’t have
to look, sound, act
or get compensated like
everyone else
Do what works for you
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For Instance
Track your own
sales instead of
waiting for for a
sales manager to
do it for you
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2. Commitment
Cutting corners and
compromising standards
offer short-term gain
but undermine relationships
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Commitment
 Develop a sense of purpose and
resolve in what you do
 You operate in your own best
interests when you serve your
customers
unfailingly and without hesitation
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Take the Initiative
Don’t wait for
someone to
tell you what
to do
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3. Self-motivation
You are responsible for your own
success
Keep in mind the adage
good luck is found at the
intersection of preparation,
hard work and opportunity
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4. Accountability
The most effective way to
handle a problem is to confront
it directly
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Accountability
Take responsibility when it’s
appropriate to do so
Don’t be afraid to admit you
do not have all the answers
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5. Long-term Perspective
Some interactions are short-
term purchases
Others offer the opportunity
for long-term relationships
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Long-term Perspective
Learn to recognise the difference
Remember that selling ultimately
is an interaction between
individuals,
not institutions
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6. Focus
Your objective is to propose
solutions for your customers
Delegate to support staff those
routine tasks that interfere with
your objective
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Focus
Ask someone else to go to that
meeting you had planned to
attend
Concentrate on bringing in new
business to the company
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7. Optimistic
Salespeople, like actors, need to
know how to experience emotions
without getting caught up in them
Anger, frustration, and fear are
part of the sales game
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Optimistic
Recognise that
all situations
offer opportunity
Be positive
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8. Enthusiastic
Genuine enthusiasm is
contagious
one of the best ways to win
people over to your way of
thinking
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Enthusiastic
An upbeat attitude will
go along way toward
overcoming resistance
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9. Cause-oriented
Believe in what you do for a
living
If you don’t believe in your
contribution or your company
get another job
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Do You Enjoy Your Work?
If you win the lottery
You will be happy for a year
But if you enjoy what you do
You will be happy for a lifetime
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There is work that is work
And there is play that is play;
There is play that is work
And work that is play
And in only one of these lie
happiness
Gelett Burgess
Work and Play
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Do You Enjoy Your Job?
Man who enjoys
his job will never
have to work
a day in his life
Confucius
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SELLING FROM
INSIDE YOUR
CUSTOMER’S HEAD
The 8 Roles
you must play
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You Can
Fulfil buyers’
evolving needs by
taking on a different
role for each of the
eight steps in the
buying process
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1. Act As A Student
To study the change
affecting your
customers
Find opportunities
to add value
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2. Act As A Doctor
Diagnose
customers’
discontents
Uncover their big
needs
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3. Act As An Architect
As prospects research
solutions
You design buying
criteria that meets
their needs
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4. Act As A Coach
When customer starts
comparing your
offering to the
competition’s
You make a game plan
to win the account
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5. Act As A Therapist
To draw out
prospects’ fears
and resolve them
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6. Act As A Negotiator
Try to reach a
mutual
commitment to
“open” a
relationship
Not “close” a sale
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7. Teach Your Customers
So they learn to
use your product
and fulfil their
expectations
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8. Act As A Farmer
Cultivate customer
Satisfaction
Grow the account as a
Farmer cultivates his
crops
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THEN
APPROACH
THEM
Study Prospects
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Sales Role 1: Student
Study the change
affecting prospects
Find opportunities
for you to add
value
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You must first study in detail
What are the customer’s needs?
As a “student,”
you must do research
for example
What is the person’s risk tolerance?
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Uncovering Changes
Your research
will help you
pinpoint changes
that affect or
could affect your
prospect
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Look for External Changes
New government
regulations
Foreign competitors
Internal changes
Mergers
Reengineering
programs
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Once You Identify Changes Affecting
Your Customer
You can offer solutions to help them deal with
those changes
The key to being a good student is to forget
about your products
imagine that you work for your customer
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Ask yourself
What results is my
customer trying to
achieve?
How can my product
or service help?
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2. Act As A Doctor
 Diagnose discontent and
uncover big needs
 At this step of the process,
customers recognise a problem
or opportunity
 Question the seriousness of the
problem
 Decide whether to buy a
solution
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A Doctor
 Helps people achieve
wellness through
knowledge and
questioning
 As a “doctor” of selling
 You ask questions
 Help prospects diagnose
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1. Ask History Questions
Get background
facts and current
information
Identify actual
performance and
the ideal level of
performance
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2. Ask Symptom Questions:
 Why is the customer
unhappy?
 Where does the discontent
stem from?
 Customer may or may not
know the cause of the
discontent
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3. Ask Cause Questions
 Determine the source of
the problems
 Customers may also not
realise the seriousness of a
problem
 The seriousness is
important in helping
determine whether or not
they have a pressing need
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4. Ask Complication Questions
Uncovering serious
underlying problems
By digging further,
you can reveal any “big”
needs of which the prospect
may be unaware
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5. Finally, Ask Cure Questions
Helps you identify
expectations of value
Example of a cure question
“What would a new income
stream allow you to do?”
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After Gathering This Information
You can begin
showing how you can
help
a prescription for
their needs
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You are
Offering a preliminary
prescription so that
you can go with your
customer to the next
step of the buying
process
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Sales Role 3: Architect
 Design unique solutions that
influence your customers’
research
 At this point in the process
prospects have a general concept
of what they want
 Based on the needs identified
previously
 But they haven’t made any
decisions on the specifics yet
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Your Role
 To help customers move from a general concept to a specific
plan
 a plan that contains the specific criteria on which they will
make their decisions
 These criteria should
 correspond as much as possible to the strengths of your offering
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You Must First
Understand the customers’
concept
An architect knows what a
client wishes to accomplish
with a new building
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As an “Architect” of
Financial Planning
You must ask the
same question:
What do they want
to accomplish?
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As an Architect
You want to draw out the must-have
requirements prospects haven’t thought of
but that are required for the job to get done to their
satisfaction
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The clients of an architect
 Often see a new building as an opportunity
 They don’t realise all the ways in which a
new building can help them improve
operations
 By questioning clients carefully
 Architects elicit “nice-to have” criteria not
mentioned before
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Question them carefully
 About their operations and their goals
 You can uncover “nice to haves” that
they might never have thought of
 Ask your prospect to rank the relative
importance of each nice-to-have item
 Help prospects emphasise benefits in
which you are strong
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On the other hand
 A customer might demand
 “Show me what you’ve got”
 Try saying,
 “I can show you many options.
But to know which ones are
pertinent for you,
I need to ask you a few
questions first….”
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ALTERNATIVE
 Show the prospect what
you’ve got
 Then immediately back up
and identify the problem or
opportunity the prospect is
trying to solve
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Sales Role 4: Coach
Compare your offering to
the competition’s then
implement a game plan to
win the account
In step 4 of the buying
process, customers are
comparison shopping
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Your Mission
 To convince buyers
 Without getting into a self-
destructive price war
 That you offer the best solution
to their needs
 Think of step 4 as a sport
match between you and the
competition
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To win the game
You must act
as a “coach”
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“Who is the best choice?”
 Customer’s number one question in the comparison
step
 If you can’t answer that question, you’ll be in a price
war
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How do coaches win games?
 First
 they analyse their team’s
strengths and weaknesses
 match them up against
the strengths and
weaknesses of the
opponent
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From that comparison
 They develop a winning game
plan designed to exploit their
team’s strengths and the
weaknesses of the opponent
 Then the team executes the
plan
 Winning an account involves
the same three steps
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The Pre-game Comparison
 First, “scout” your opponents
 Ask customer outright who the
competition is
 Listen carefully to objections
 Scout opponents through
competitive analyses
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One by One
 Take the must-have and
nice-to-have criteria
developed in step 3
 see how you match up
against the competition
 Don’t limit yourself
 Add in intangibles that add
value to your offering
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The Game Plan
 Design a game plan to exploit your
strengths and opponents’ weaknesses
 You already put yourself in a better
position in the architect phase when
influencing the criteria list
 Bolster those strengths on the list by
asking buyers to explain why those
features are important to them
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LET THEM TALK
 The more they themselves
talk about the features, the
more those features will
rise in importance
 Don’t forget to emphasise
intangible strengths in your
game plan
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Some other strategies to keep in mind:
 If you have weaknesses
– and you will –
repackage them to
focus on your strengths
instead
 Carefully look for
weaknesses in your
competitors’ strengths
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First
 show that you fully understand your clients’ needs
and objectives
 Then,
 based on your strengths and opponents’ weaknesses,
 you must describe how your solution meets those needs
 Next –
 justify the costs of your solution by showing how the buyers’ profits will
improve
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Emphasising
 Your strengths and
opponents’ weaknesses
 Justify costs
 Lead prospects to just
one conclusion:
Buy from you
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Sales Role 5: Therapist
Draw out
fears and
resolve them
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Reluctance Is Not Objection
 The last-minute
reluctance to
plunge forward
into the
purchase is
more emotional
than rational
 Some sales
people ignore
this component
and stubbornly
repeat rational
arguments for
the purchase
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Instead of Treating Fear As an
Objection to Be Countered
Encourage open
expressions of concerns
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Instead of Treating Fear As an
Objection to Be Countered
 This is only way that prospects can
move past those concerns and on to
the next step: commitment
 The first step
Be sensitive and observant so that you
can recognise when prospects are
becoming fearful or reluctant
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Signs of Fear
 Negative body
language
 Unreturned phone
calls
 A reluctance to meet
 Unrealistic demands
Such as on price
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If You See the Signs of Fear
 First, explore your
buyers’ concerns
 Ask:
“Can you tell me more
about that?”
“Why do you feel that
way?”
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You Are a Therapist
 You must ask questions
 Keep digging
 The first concerns are often
smokescreens chosen to provide quick
escapes for the prospects
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To Uncover the Hidden Real Concerns
Empathise with prospects’
feelings
Put yourself in their shoes to
understand their
motivations
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To Uncover the Hidden Real Concerns
 Help your prospects resolve
their fears for themselves by
discussing alternatives
 Ask your prospects to think of
possible solutions to their
concerns
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If You Have a Solution
 Present it as an alternative
Not a solution
 Prospects who choose solutions themselves will be
more committed – and less fearful – about those
solutions
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All Change
 Involves risks
 which in turn
raise fears
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Your Goal As a Therapist
 To help prospects
explore alternatives
 To resolve their
fears so that you
move toward in the
buying process
not backward
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Sales Role 6: Negotiator
Try to reach a
mutual
commitment to
“open” a
relationship
Not “close” a sale
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Win-Win Negotiations
 Don’t destroy the
relationships that
you’ve
painstakingly built
up with your
prospects by
haggling over prices
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The Result Will Be a Win-lose Situation
 Someone has to lose so that the other
party can win
 This situation is hardly conducive to the
type of long-term relationship you want
to nurture with a customer
 Try to reach a win-win agreement that
meets the present and future needs of
both you and your prospect
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Negotiation Strengths
 Analyse the negotiating power of
both you and the buyer
 Many salespeople underestimate
their strengths in a negotiation
 Eager to make a sale afraid the
buyer will go someplace else,
they make overly generous
concession
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The Result
 Profits from the sale are limited
 The salesperson
As well as his or her company
Loses in the agreement
 Make sure that you are aware of your negotiating
strengths
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Establish a Range of Flexibility
The minimum positions that
you will accept
Your most-favourable list-
price scenario
What you hope to achieve
through the negotiations
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Your Negotiating Strengths
Armed with justifications and possible
concessions
You are now ready to negotiate
Remember to strive for a win-win agreement
Negotiations shouldn’t be a battle to the bloody
finish
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Once a Buyer’s Offer Is Proposed and Countered
Get all additional buyer demands out in the
open
This will prevent a buyer nibbling
concessions through the negotiations
Never give a concession without getting one
in return
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The Goal of Negotiations
To open a relationship
Not close a sale
You want to get the buyer to
commit to you
But you must also commit
to the buyer
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Sales Role 7: Teacher
Identify
expectations and
teach customers to
use your product so
expectations are
fulfilled
For most
salespeople, the
sales process
comes to and end
when the customer
says “yes”
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For Buyers
 The process is just beginning
 To keep customers for life,
you must see things from the customer’s perspective
 You must see the “close” of a deal as
the beginning of a new sales process
 Not the end of an old one
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During the Sale Process
 Buyers form expectations of the value that would
result from the purchase
 If you and your product don’t fulfil those
expectations, you will have unsatisfied customers
 They won’t be back for repeat sales
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The Problem
Inexperienced customers often have
exaggerated or unrealistic expectations
They are often ignorant of the learning process
required to master the new product or service
Your first post-sales role is that of “teacher”
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Teaching Buyers
 As a teacher
for new
customers,
you want to
do three
things
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First
 Set realistic objectives and
expectations
 Ask customers how they will know that
the new product or service is successful
This sets concrete, realistic objectives and
expectations for the purchase
 Customers can then monitor the
effectiveness of a new product or
service
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Second
 Show your buyers how to make the most of your
offering
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Finally
 Test whether objectives have been reached
 Depending on the size and scope of the purchase
Testing can range from follow-up phone calls or
questionnaires to months of tracking and analysis
 Cultivate customers satisfaction
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Sales Role 8: Farmer
 Cultivate customer satisfaction
and grow the account
 Unhappy customers are often
the result of bankers who have
become complacent
 They don’t hear from
customers and assume
everything’s okay
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Try to Nurture and Grow the Account
 As a farmer nurtures and
grows his crops
 As a “farmer” of selling
 You must first nourish the
relationship with your
customers
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Most Unhappy Customers Don’t Complain
 They’ll just look elsewhere the
next time around
 To avoid becoming complacent
start thinking of “account
development”
instead of “account maintenance”
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Keep in Touch With Customers
 Through regular account review
 Ensure that everything is going well
 For example
If any problems crop up, attack them with
vigour
Show that you care
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Next
 “Sow’ new applications for your
product or service
 Find new ways for your
customer benefit from your
offerings
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A Farmer
 Cultivates his fields
 Irrigating the crop
 Keeping away pest and
weeds
 You should do the same
 Keep generating new ideas
to help your customers grow
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Maintain Your Relationships
Keep away “pests and weeds”
Your competitors
Your extra efforts will yield results
Just as a farmer reaps the fruits of
his labours
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For Example
 You will have placed
yourself in good position
to be awarded future,
perhaps larger loans
 You will have cultivated
receptive outlets for new
products and services
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Next Season
 The farmer will start over
 You must do the same
 In the months and years after a
purchase, your knowledge of
your customer may become
outdated
 You then return to customer-
focused sales role 1 and
become a student once again
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M O B I L E : 8 7 6 . 3 8 3 . 5 6 2 7 S K Y P E : L S E M A J
O F F I C E : 8 7 6 . 9 4 2 . 9 0 5 7 T W I T T E R : L S E M A J
E M A I L : S E M A J @ L T S E M A J . C O M F A C E B O O K : L T S e m a j P h D
B L O G : T H E S E M A J M I N D S P A . W O R D P R E S S . C O M
WWW.SLIDESHARE.NET/LSEMAJ
11/14/2015 154

Another JobBank
Presentation
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155
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Selling in challenging times 2015 AoB

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