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Reprogramming Your Sales Mindset: The Key to Driving Sales Growth

Mindset is everything in becoming a top-performing salesperson. Your beliefs, attitudes, and perceptions shape your actions, determine your Success, and ultimately impact your sales results. Whether you’re a seasoned sales professional or just starting out, understanding the power of mindset and learning to reprogram limiting thoughts is essential for achieving sustained sales growth. Teams often assess sales skills and prescribe training, but by training sales managers to coach and coach the team to correct mindsets, teams will see the revenue and profit growth they desire.

1. The Power of Mindset in Sales:

Your mindset influences every aspect of the sales process, from prospecting to closing deals. A positive and growth-oriented mindset can help you overcome challenges, handle rejection, and stay motivated despite setbacks. Conversely, a negative or limiting mindset can help your performance, leading to missed opportunities and growth in sales.

As we assess sales teams, we discover sales skills gaps, often what we refer to as “head trash.” Head trash is a belief that limits the salesperson’s future Success. Sales skills can usually be corrected with training application exercises and improved systems, processes, and selling tools. When we discover limiting beliefs, it requires a focused coaching program that can often take twelve to eighteen months( from my experience) to improve.

2. Identifying Limiting Beliefs:

Limiting beliefs are deeply ingrained thoughts or assumptions that prevent you from reaching your full potential. They often stem from past experiences, fear of failure, or negative self-talk. Common limiting beliefs in sales include “I’m not good enough,” “No one wants to buy from me,” or “I’ll never hit my targets.” Recognizing and acknowledging these beliefs is the first step towards reprogramming them.

Common limiting beliefs we discover working with sales teams today include….

  • The need to be liked more than the need to be respected.
  • Difficulty discussing money. ( Particularly as the size of the order increases)
  • Call reluctance due to fear of rejection.
  • Sending a quote is a closing technique.
  • Sales is manipulation.
  • Customers do not value what we sell.
  • Our prices are too high.
  • I cannot sell a price increase.
  • Our competitor’s product or service is superior.
  • Cold calling is bothering people.
  • My sales manager does not understand sales today.
  • Building multiple relationships in key accounts will hurt my relationship with the buyer.
  • I don’t believe in our sales plan strategy.
  • If I ask discovery and qualifying questions, it will hurt my relationship.
  • My sales goal is unrealistic

strong>3. Reprogramming Your Mindset:

Reprogramming your mindset involves replacing limiting beliefs with empowering ones that align with your goals and aspirations. This process requires self-awareness, intentionality, and consistent effort. Remember, you may have built your limiting beliefs over your lifetime, and it will take time and commitment to have the right mindset.

Here are some strategies to help you reprogram your mindset for sales success:

Challenge Negative Thoughts: Whenever you catch yourself thinking about a limiting belief, challenge it with evidence to the contrary. For example, if you believe that no one wants to buy from you, remind yourself of past successful sales interactions or positive customer feedback.

Practice Affirmations: Affirmations are positive statements that reinforce desired beliefs or behaviors. Incorporate affirmations into your daily routine to counteract negative self-talk and cultivate a mindset of confidence and abundance. For instance, repeat statements like “I am a top-performing salesperson” or “Every rejection brings me closer to a yes.” If they haven’t bought yet, I must explain value better.”

Visualize Success: Visualization is a powerful tool for reprogramming the subconscious mind. Take time daily to visualize yourself achieving your sales goals, closing deals, and surpassing targets. Engage all your senses and imagine the feeling of Success in vivid detail. When I was the sales training manager for Timken, a multibillion-dollar bearing manufacturer, our trainees designed vision boards of what sales success would mean in their lives.

Seek Growth Opportunities:

  1. Embrace challenges and setbacks as opportunities for growth rather than failures.
  2. View each rejection or obstacle as a chance to learn, adapt, and improve your skills.
  3. Adopt a growth mindset that focuses on continuous improvement and resilience.

Surround Yourself with Positivity: Surround yourself with positive influences, whether supportive colleagues, mentors, or inspirational content. Avoid toxic environments or negative individuals who reinforce limiting beliefs and drain your energy.

>strong>3. Measuring Success:

As you work on reprogramming your mindset, track your progress and celebrate small victories along the way. Measure Success not just in terms of sales numbers but also in terms of personal growth, resilience, and mindset shifts. Keep a journal to record positive experiences, breakthroughs, and insights gained through the process.

Next Steps

Your mindset can be your greatest asset or your biggest obstacle in sales. By reprogramming limiting thoughts and cultivating a positive, growth-oriented mindset, you can unlock your full potential, drive sustained sales growth, and give your customers a better buying experience. Remember, Success in sales is not just about what you do but also about how you think.

First, we must identify the limiting beliefs your sales team has along with any sales skills gaps they have.

Then, we must prescribe training and coaching over several months, and in some cases, a year, to establish the right sales growth mindsets.

Last we must train and coach your sales managers and leaders to coach salespeople through limiting beliefs.

What limiting beliefs could your salespeople have?

How could these beliefs be hurting their goal attainment?

How would it impact your bottom line to identify and correct the head trash” your salespeople are carrying around?

What have your salespeople shared in meetings that demonstrate sales mindset challenges?

Let’s schedule a call if you’d like to talk about the sales mindset.

Riding the Wave: How the Grey Tsunami Will Impact Sales Organizations Conversations and Approach

The global phenomenon of the Grey Tsunami, characterized by an aging population, is set to create ripples across various sectors, including sales organizations. As the demographic landscape shifts towards an older population, sales teams must adapt and strategize to cater to this growing market’s unique needs and preferences. In this post, we will explore how the Grey Tsunami will impact sales organizations very shortly.

One immediate impact on sales organizations is the changing consumer behavior of seniors. With increased life expectancy, older individuals maintain active lifestyles and remain influential consumers. Sales teams need to understand this demographic’s diverse interests and preferences, from tech-savvy seniors seeking the latest gadgets to those prioritizing health and wellness products.

“As the Grey Tsunami leads to a surge in the aging population, there will be an increased demand for healthcare-related products and services.”

The healthcare and medical supply sector stands to experience a significant shift in sales dynamics. As the Grey Tsunami leads to a surge in the aging population, there will be an increased demand for healthcare-related products and services. Sales teams in pharmaceuticals, medical devices, and health and wellness industries must tailor their approaches to reach and serve this demographic effectively.

Moreover, the Grey Tsunami presents an opportunity for sales organizations to innovate and create products that cater to the aging population. From adaptive technologies to assistive devices, there is a growing market for solutions that enhance the quality of life for seniors. Sales teams should invest in understanding older consumers’ unique challenges and tailor their offerings accordingly.

“The Grey Tsunami may pose challenges for industries traditionally targeting younger demographics. Sales organizations in sectors like fashion, entertainment, and technology may need to pivot their strategies to remain relevant to an older audience.”

Conversely, the rise of the Grey Tsunami may pose challenges for industries that traditionally target younger demographics. Sales organizations in sectors like fashion, entertainment, and technology may need to pivot their strategies to remain relevant to an older audience. Creative marketing and product positioning can help bridge the generational gap and appeal to a broader consumer base.

The importance of personalized and empathetic sales approaches cannot be overstated in the era of the Grey Tsunami. Sales representatives should be trained to understand older consumers’ unique needs and concerns, fostering a customer-centric approach that builds trust and loyalty. Building long-term relationships becomes paramount as seniors often value reliability and a sense of familiarity in their purchasing decisions.

As sales organizations adapt to the Grey Tsunami, embracing technology becomes crucial. Online platforms and e-commerce solutions should be designed with the aging population in mind, ensuring accessibility and ease of use. Training sales teams in digital communication methods can enhance their ability to connect with older customers who may prefer virtual interactions.

 “Succession planning will not just be conversations for Human Resource teams, but something strategically discussed in boardrooms.”

Sales organizations with top-producing sales leaders in this age group will experience an exit that could negatively impact revenue, gross margin, and account retention. Succession planning will not just be conversations for Human Resource teams but something strategically discussed in boardrooms.

Sales structure and the skills of sales roles must be updated, and sales training programs must prepare the next generation of sales leaders. As we assess new salespeople today, we find common sales skills gaps in some of the following areas.

Situational Awareness

Emotional Intelligence

Figure-it-out Factor/ Critical Thinking

Consultative Selling Skills

Conversation Skills

Problem Solving

Handling Objections

Discovery Skills

Qualifying Skills

Industry Trends and History

Handling Difficult Conversations

Negotiation Skills

Closing Skills

Coaching Skills

Business Acumen

Key Account Management

Hunting Skills

Farming / Account Management

Associates entering a sales role today are typically trained in products, applications, some market training, systems, and processes but often lack sales skills training. As we assess current and new sales team members, we are finding more than 50% of salespeople have not received formal sales skills training. If sales skills training does not include peer-to-peer learning, key market intelligence, best practices and insights could be lost forever in some organizations.

As someone in this Grey Tsunami demographic, I have been blessed with training like Dale CarnegieFrito Lay Selling Skills, and situational and conversation intelligence training. Books like How to Win Friends and Influence People were ingrained in our sales approach.

In conclusion, the Grey Tsunami presents challenges and opportunities for sales organizations. Adapting to an aging population’s evolving needs and preferences, innovating products and services, and implementing technology solutions will be key strategies for success. Training and coaching your current team to fill the positions once held by your senior top performers will become critical conversations organizations will be having. ( if they do not have them today) By riding the wave of demographic change, sales organizations can position themselves to thrive in the era of the grey tsunami, which requires acting now.

Let’s schedule a call if your team wants to discuss succession planning, sales skills training, and improving situational and conversational intelligence skills

Bridging the Conversation Gap: Baby Boomers vs. Gen Z

Communication styles have evolved significantly over the decades, with each generation bringing its unique approach to conversation. Baby boomers, born between 1946 and 1964, grew up in an era dominated by face-to-face interactions, while Generation Z, born from the mid-1990s to early 2010s, has embraced the digital age with a preference for online communication. This article explores the distinctive conversation skills of these two generations and how they navigate the ever-changing landscape of communication.

Face-to-Face vs. Digital Interaction:
Baby boomers are renowned for their strong emphasis on face-to-face communication. They value in-person interactions and often prefer traditional modes of conversation such as phone calls or in-person meetings.

In contrast, Gen Z has grown up in a digital world, where communication often occurs through text messages, social media platforms, and video calls. Their conversational skills are finely tuned for quick, concise digital exchanges.

Market leading teams will identify how their customers prefer to communicate and train both Boomers and Gen Z to serve their customers the way they chose to buy.

Listening and Empathy:

Baby boomers are known for their attentive listening skills, homed in an era where communication was often slower and more deliberate. They value deep, meaningful conversations that allow for genuine connections.

Gen Z, while adept at navigating digital conversations, may sometimes face challenges in sustaining prolonged face-to-face discussions. However, their ability to quickly process and respond to information contributes to efficient exchanges.

We must ensure our teams have active listening skills where we listen to learn and not just reply.

Formality and Informality

Baby boomers tend to prefer formal language and structured conversations. Politeness and respect for hierarchy are often evident in their communication style.

Gen Z, on the other hand, tends to adopt a more casual and informal tone. Their conversations often include memes, emojis, and abbreviations, reflecting the influence of digital culture on their language.

Again, we will understand our customers a strategically communicate in the way that best serves them.

Adaptability to Technology:

Baby boomers, having witnessed the advent of technology, may exhibit varying degrees of comfort with digital tools. Some are tech-savvy, while others may find it challenging to keep up with the rapid advancements.

Gen Z is inherently tech-native, effortlessly navigating a multitude of digital platforms. Their conversational skills include the ability to express themselves creatively through various online mediums.

We find Gen Z salespeople are particularly strong in business development and inside sales nurturing and growing relationships digitally.

Multitasking and Attention Span:

Baby boomers generally value focused, one-on-one conversations, and may find multitasking during discussions impolite. Their attention span is often geared towards deep, concentrated dialogue.

Gen Z, accustomed to the constant influx of information in the digital age, has developed the ability to multitask effectively. However, this can sometimes lead to shorter attention spans in face-to-face conversations.

Next Steps

While baby boomers and Gen Z may differ in their conversation skills due to the unique contexts in which they grew up, there is a potential for a rich exchange of knowledge and experiences between the two generations. Bridging the conversation gap involves understanding and appreciating each other’s communication styles, creating a harmonious blend of traditional and digital interaction.

To be a top performing salesperson as a Boomer of Gen Z it is critical to know how our customers desire to be served. We have the burden of adapting to how they want and need to be served. This often requires training and coaching.

Have your salespeople received training and coaching on how to have conversations with different generations than their own?

Let’s schedule a call if you would like to discuss this skill in adapting your conversation tone and modality based on the person you are speaking with.

The Grey Tsunami: Navigating the Challenges of an Aging Population

Grey Tsunami” refers to the demographic shift characterized by an increasingly elderly population in many parts of the world. As life expectancy rises and birth rates decline, societies face unprecedented challenges and opportunities associated with an aging populace.

One of the primary drivers of the Grey Tsunami is the aging baby boomer generation, a demographic cohort born between 1946 and 1964. This large population bulge is now entering retirement, leading to a surge in seniors. While longer life expectancy is a testament to advances in healthcare and living standards, it also presents complex social, economic, and healthcare issues

How will this wave of boomers be leaving the workforce impact organizations?

Healthcare System

Economy

Family Structure

Urban Planning

New Product Innovations for this demographic

What questions should business leaders be asking now

One of the immediate concerns is the strain on healthcare systems. An aging population often requires more medical attention, increasing the demand for healthcare services. This burdens public health infrastructure, leading to challenges in providing quality care to an expanding demographic group. Policymakers face the daunting task of reimagining healthcare delivery systems to meet the evolving needs of an older population.

Economically, the Grey Tsunami has far-reaching implications. As retirees leave the workforce, there is a potential decline in the labor force, which can impact economic productivity. Additionally, the strain on pension systems and social security may necessitate reforms to ensure financial sustainability. Governments must grapple with balancing the needs of an aging population while fostering economic growth.

The shift towards an older demographic also has societal repercussions. Family structures evolve as more individuals live longer, leading to changes in caregiving dynamics. The role of caregivers, often family members, becomes increasingly crucial, emphasizing the need for supportive policies and services to aid those providing care to aging relatives.

Furthermore, the Grey Tsunami underscores the importance of adapting urban planning and infrastructure to accommodate an older population. Cities need to be age-friendly, with accessible public spaces, transportation, and housing designed to meet the needs of seniors. This enhances the quality of life for older citizens and fosters social inclusion.

On a positive note, the Grey Tsunami brings opportunities for innovation and growth in industries catering to seniors. From technology solutions that enhance independent living to healthcare advancements addressing age-related conditions, there is potential for economic development by addressing the unique needs of an aging population.

In conclusion, the Grey Tsunami is a multifaceted phenomenon that demands a comprehensive and proactive approach from governments, businesses, and communities. By addressing challenges related to healthcare, economy, societal structures, and infrastructure, societies can navigate the demographic shift and turn the Grey Tsunami into an opportunity for positive change.

In the following posts, we will unpack how this grey tsunami will impact businesses that want to drive explosive growth.

A few Quick Questions for you to consider….

What percentage of your team will retire in the next three years?

What is your succession plan?

Do you have updated job descriptions and KPIs for each key role?

What are you doing now that several of your key account relationships will retire soon?

How are you capturing that tribal knowledge only your experienced senior team members have?

What impact will this have on how you run your business?

What new products and services can your team deliver for this age group?

What impact will this have on how you manage your team?

What skills are you strategically training your team for now, anticipating the exit of the boomer generation?

Let’s schedule a call if your team needs to prepare for the Grey Tsunami.

After completing Voice of Customer (VoC) research, it’s crucial to translate insights into actionable strategies.

In my previous post I shared we must take action on the insights we gather from voice of the customer research.

Here are more essential steps to take post VoC research:

  1. Analysis and Interpretation:
  • Carefully analyze the collected data to identify patterns, trends, and key themes.
  • Interpret findings in the context of your business objectives and overall strategy.
  1. Prioritize Feedback: 
  • Prioritize customer feedback based on its impact on your business goals.
  • Distinguish between critical issues that require immediate attention and those that can be addressed in the long term.
  1. Segmentation:
  • Group customers based on common characteristics or behaviors identified during the research.
  • Tailor strategies for each segment to ensure a more personalized approach.
  1. Create Personas:
  • Develop detailed customer personas to represent different segments.
  • Personas help in understanding customer needs, motivations, and preferences, guiding product and service enhancements.
  1. Feedback Sharing: 
  • Share key findings and insights with relevant teams across the organization.
  • Ensure that departments such as product development, marketing, and customer support are well-informed and aligned.
  1. Actionable Insights:
  • Transform insights into actionable strategies. Define clear, measurable goals based on customer feedback.
  • Create a roadmap for implementing changes and improvements.
  1. Cross-functional Collaboration:
  • Foster collaboration among various departments to implement changes effectively.
  • Align marketing, product development, and customer service teams to ensure a cohesive customer experience.
  1. Continuous Improvement:
  • Establish a system for ongoing VoC research to stay attuned to changing customer preferences.
  • Regularly review and refine strategies based on new feedback and market dynamics.
  1. Communication Plan:
  • Develop a communication plan to inform customers about changes and improvements.
  • Transparent communication builds trust and showcases your commitment to addressing customer needs.
  1. Training and Development:
  • If necessary, provide training to employees to ensure they are equipped to meet evolving customer expectations.
  • Continuous employee development helps maintain a customer-centric culture.
  1. Monitoring and Measurement:
  • Implement mechanisms to monitor the impact of changes.
  • Regularly assess key performance indicators (KPIs) to evaluate the success of initiatives and adjust strategies accordingly.
  1. Feedback Loop Closure:
  • Close the loop with customers by informing them of the changes made based on their feedback.
  • Demonstrating responsiveness enhances customer satisfaction and loyalty.

In essence, the completion of VoC research is just the beginning. Turning insights into actions requires a strategic, cross-functional approach to drive meaningful improvements and cultivate lasting customer relationships.

Would you like to capture the voice of your customers today?

Could an outdated assumption about your customers be costing your team increased revenue and profits?

Let’s schedule a call and discuss how voice of customer interviews help teams quickly increase sales and profits.

Congratulations, your team executed Voice of Customer Interviews…Now What?

Developing a strategy without gathering customer insights is “strategy malpractice.” Yet far too many organizations build strategies from the inside out and do not gather insights from their customers and markets. ( That is why I wrote my book Voice of Customer, a No Smoke and Mirrors Approach to Driving Profitable Growth)

Companies often launch new products and services and strategic plans based on what they believe they know and have always known about their customers and markets.

When this occurs, sales fail to deliver the planned sales and profit growth. Several organizations went into 2024 with what they felt were strong sales forecasts and sales pipelines, only to miss January sales goals.

Companies that consistently meet and exceed sales and profit targets have an intimate knowledge of their customers, markets, and challenges their customers face today.

You must gather customer insights if your company wants to be a market leader and scale revenue.

For the select few who interviewed their customers, inactive customers, and prospects they quoted but did not win….now what?

As we share with clients… there are dollars in your data if you know where to look.

Transaction data, market data, and gathering the voice of your customers are critical to profitably scaling revenue today.

You gathered the insights from your customers and found several insights…

  • What customers are satisfied and who is not?
  • Who are raving fans and promoters, and who are detractors or customers so unhappy they are preparing to defect?
  • Why do Customers buy from you?
  • Why don’t customers buy from you?
  • What is your share of your wallet?
  • How are your customers’ businesses doing?
  • How critical is the salesperson’s skills and market knowledge when they make buying decisions?
  • What do your customers believe their growth this year will be?  
  • What keywords and phrases are your customers and prospects using to search for solutions like yours?
  • What is the value your product or service is delivering, and how do they describe it?
  • What should you Keep, Start, and Stop Doing?
  • What are some new challenges and struggles your customers are facing today?

What should your team do next?

                                           Act!

It is critical to your team’s revenue growth, customer relationships, and the ability to gather future insights from your customers that you act after conducting voice of customer research.

We suggest, at a minimum, the below steps.

  1. Share findings with senior leaders of your organization
  2. Have your leaders share the insights with their teams.
  3. Share key insights with sales, marketing, and customer service teams.
  4. Marketing produces content that shares what the company learned and what your team plans to do.
  5. Share content with everyone who participated in the interviews and thank them for being a part of your commitment to continuously improving the relationship with your customers.
  6. Train sales on how to use the data. NEVER give sales the customer interview data file without training them on how to approach customers who are not satisfied, are detractors, or are preparing to defect.
  7. Engage with the inactive accounts and design account growth plans.
  8. Strategically engage with all the large customers who scored low on Net Promotor Score and or customer Satisfaction (who contribute to 80% of your net income) and, using the sales training, conduct professional discovery calls to learn more and develop a plan to improve.
  9. Contact customers who chose not to participate. Customers who choose not to participate often lack a close relationship with your company and or are detractors who are unhappy and may be planning to defect.
  10. Conduct contact list hygiene. Often, after we have tried to interview customers in companies’ contact customer databases, we discover errors. Some of the contact databases we have received over the years have as high and 40% inaccurate customer contact information. If the team conducting voice-of-customer interviews found inaccurate data, we must update the account records.
  11. Meet with each key account personally, share what your company learned overall, and then develop key account plans to gain a greater share of the wallet.
  12. Segment insights into three to five categories and assign leaders to develop improvement plans for each.( Sales skills, Service, Communication…)

We recommend teams act and engage with their current customers, inactive customers, and customers we quoted but did not win within 30 days.

We serve dynamic and uncertain markets.

Market-leading teams quickly turn the insights from Voice of Customer interviews into actionable plans.

We often help teams shape strategies and tactics and update value-based messaging based on the voice of customer insights.

The key is not to wait sixty or ninety days to act.

Let’s schedule a call if you want to discuss gathering actionable insights from your customers and developing strategic plans to scale your revenue and profits.

Essential Business Acumen Terms Every Salesperson Should Know Today

Buyers have spoken they do not want or need transactional “sales reps” pitch slapping them. Theses pitch slapping sales reps assume the buyer has problems and prematurely pitching their products and services. What 85% of buyers shared in a Florida State survey was they want salespeople who can connect the dots between what they sell and how it can impact the buyers bottom line. Sadly, the same buyers shared less than 14% of salespeople have those skills today. We must train and coach our salespeople in the language of business and improve their business acumen.
Building your financial literacy, beginning with your senior leadership team’s financial vocabulary, is a great way to increase your competitive edge. In this post, I will share the importance of financial literacy in manufacturing sales.

Business acumen is a critical skill for salespeople, enabling them to understand the broader context of their clients’ industries and make strategic decisions that drive sales success. Sales professionals must familiarize themselves with key terms related to business acumen. In this post we’ll explore and define essential terms that empower salespeople to engage in more informed and strategic conversations with clients.

1. Market Segmentation:

Definition: The process of dividing a broad market into smaller, more manageable segments based on common characteristics such as demographics, behavior, or needs.
Significance for Sales: Understanding market segmentation helps salespeople tailor their approach to specific customer groups, ensuring more effective targeting and communication strategies.

2. SWOT Analysis:

Definition: An acronym for Strengths, Weaknesses, Opportunities, and Threats, SWOT analysis is a strategic planning tool used to identify internal and external factors affecting a business or project.
Significance for Sales: SWOT analysis equips salespeople to assess their own offerings and those of competitors, enabling a more nuanced understanding of the competitive landscape.

3. ROI (Return on Investment):

Definition: A financial metric used to evaluate the profitability of an investment by comparing the net gain or loss relative to the initial cost.
Significance for Sales: Salespeople should be able to demonstrate the tangible ROI of their products or services to clients, showcasing the value proposition and justifying the investment. This is particularly critical in B2B manufacturing sales. If you sell a piece of manufacturing equipment that sells for $500,000 or more you must be prepared to build an ROI.

4. Customer Lifetime Value (CLV):

Definition: The predicted net profit a company expects to earn from a customer throughout their entire relationship.
Significance for Sales: Knowing and maximizing CLV guides salespeople to focus on long-term customer relationships, emphasizing customer satisfaction and loyalty.

5. Pricing Strategy:

Definition: The method companies use to set and adjust prices for their products or services, taking into account factors such as cost, competition, and market demand.
Significance for Sales: Salespeople must understand the company’s pricing strategy to effectively communicate the value of the product or service in relation to market dynamics. We encourage our clients to price based on the economic value they deliver to their customers and market prices for similar products and services. We do not encourage a cost-plus price model. In this model manufacturers and some distributors review their cost and determine price based on a multiple of cost.

6. Lead Generation:

Definition: The process of identifying and cultivating potential customers for a business’s products or services.
Significance for Sales: Successful lead generation ensures a consistent flow of potential customers, enabling salespeople to build a robust pipeline and meet revenue targets.

7. Value Proposition:

Definition: A statement that summarizes the unique value a product or service brings to customers, highlighting its competitive advantages.
Significance for Sales: Articulating a compelling value proposition is essential for salespeople to differentiate their offerings and address customer needs effectively.

8. Revenue:

Definition: The total income generated by a business from its primary operations, including sales of goods or services.
Significance for Leaders: Revenue is a fundamental measure of business performance and growth. Leaders must focus on increasing revenue streams through effective sales strategies and diversification.

9. Profit Margin:

Definition: The percentage of revenue that represents a company’s profit after deducting expenses.
Significance for Leaders: Profit margin indicates the efficiency of operations and is crucial for assessing the overall financial health of a business. Leaders should aim to optimize profit margins through cost management and strategic pricing.

10. Cash Flow:

Definition: The movement of cash in and out of a business, reflecting its liquidity and ability to meet short-term obligations.
Significance for Leaders: Positive cash flow is essential for day-to-day operations. Leaders must monitor cash flow to ensure the availability of funds for necessary expenses and investments. Several of my clients have trained their sales teams to speak in terms of improving their customers cash flow with just in time service.

11. Working Capital:

Definition: The difference between a company’s current assets (e.g., cash, accounts receivable) and current liabilities (e.g., accounts payable, short-term debt).
Significance for Leaders: Maintaining positive working capital is essential for meeting short-term obligations and supporting day-to-day operations. Leaders should optimize working capital to ensure business continuity.

12. Debt-to-Equity Ratio:

Definition: A financial ratio that compares a company’s total debt to its total equity, indicating the level of financial leverage.
Significance for Leaders: Monitoring the debt-to-equity ratio helps leaders assess the financial risk of the business. Striking a balance ensures a healthy capital structure and sustainable growth.

13. Budgeting:

Definition: The process of creating a detailed plan that outlines expected income and expenses over a specific period.
Significance for Leaders: Effective budgeting allows leaders to allocate resources strategically, plan for contingencies, and maintain financial discipline, supporting profitable growth. In our training and coaching we help salespeople build business cases to help their clients build a budget based on the economic impact to the clients’ business.

14. Return on Assets (ROA):

Definition: A ratio that measures a company’s ability to generate profit from its assets, calculated by dividing net income by total assets.
Significance for Leaders provides insights into operational efficiency and asset utilization. Leaders should aim for higher ROA to maximize the productivity of resources. Salespeople must understand this concept when selling capital equipment.

15. Earnings Before Interest and Taxes (EBIT):

Earnings before interest and taxes (EBIT) indicate a company’s profitability. EBIT is calculated as revenue minus expenses excluding tax and interest. EBIT is also called operating earnings, operating profit, and profit before interest and taxes

Buyers have spoken they want and need business consultants masquerading as salespeople.

Salespeople must learn to speak the financial language of business.

Their conversations must share how their product or service will….

Increase Revenue

Reduce Costs

Increase Ebit

Reduce Scrap

Reduce Downtime

Increase Net Income

Improve Cash Flow

Reduce the cost of Quality.

Reduce Safety Occurrences

Increase Gross Margins

Increase Market Share

Increase Shareholder Equity

Reduce Operational Costs

Reduce Manufacturing Variance

Increase Operational Efficiency

Increase Throughput

Mastering these business acumen terms provides sales professionals with a solid foundation for navigating the intricacies of today’s business environment. By incorporating these concepts into their approach, salespeople can engage in more strategic conversations, build trust with clients, and drive successful outcomes in an ever-evolving marketplace.

Let’s schedule a call if you would like your salespeople to evolve from reps into trusted advisors and improve their close rates while increasing their sales pipelines.

Analyzing and Adjusting Strategies When Sales Fall Below Forecast in January

January is crucial for businesses as they set the tone for the rest of the year. I enjoyed delivering live keynotes at sales kick-off events as teams are getting back together often for the first time in three years. Leaders share their vision, goals are sent out, and sales teams execute. Several leaders I work with expect this year to be a bumpy ride in terms of monthly revenue. However, when sales fall below forecasted numbers, adopting a proactive approach to understanding the reasons and implementing strategies to turn the situation around is essential.

1. Conduct a Comprehensive Analysis:

Begin by thoroughly analyzing the factors contributing to the lower-than-expected sales. Consider external factors like economic conditions, market trends, and competition, as well as internal factors such as marketing effectiveness, product positioning, and customer feedback. It sounds like an obvious question, but leaders often fail to ask: Do your salespeople have the skills to execute the sales plan this year? We often find sales skills gaps that are preventing salespeople from hitting their KPIs. It is not unusual to assess a sales team and find that 20% of the team members in quota-carrying roles do not want to be in sales and lack the skills and motivation to achieve their goals. We can coach and train these people up or move them to other roles where they can add more value.

2. Evaluate Marketing Strategies:

Review your marketing strategies to identify any gaps or areas for improvement. Assess the performance of your advertising campaigns, social media presence, and promotional activities. If certain channels or campaigns are not delivering the expected results, consider reallocating resources or adjusting your approach. In a recent study, 33% of buyers chose not to engage with salespeople. They are doing their research and engaging directly with companies they feel that can help solve their challenges. We must ensure your website has strong content about the problems you solve for customers today and several case studies and examples of success stories.

3. Reassess Product Positioning:

Evaluate how well your products align with current market demands and consumer preferences. Here, we often conduct voice-of-customer research. We interview your top customers who deliver 80% of your net income, other customers, inactive customers, and new prospects you quoted but did not win. We gather insights about how your customers buy, why they buy, and why they buy from your competitors. If necessary, we refine your product positioning or explore new features that can enhance their appeal. We often equip and train salespeople with persona-based messaging for the top decision-makers in purchasing your product or service. Customer feedback and market research can provide valuable insights into potential adjustments.

4. Engage with Customers:

Reach out to your customers for feedback on their purchasing decisions. We ask for their forecasts based on what their business is experiencing.  Here, we train salespeople in discovery and qualifying skills to help uncover challenges your customers have that your team can solve. Understanding their needs, preferences, and concerns can help you tailor your products and services to meet their expectations better. Consider having a third party gather these insights for you, as I shared in my new book, Voice Of Customer, a no-smoke-and-mirrors approach to driving profitable growth. Your leadership team will have actionable insights to adjust your plan strategically.

5. Review Sales Team Performance:

Assess the performance of your sales team to identify areas of improvement. Provide additional training, resources, or support where needed. Collaborate with the team to gather insights into customer interactions, objections, and challenges they may face in the sales process. We often assess customer-facing roles and determine their sales strengths, skills gaps, motivations, and beliefs. We also look for structural alignment. Do you have the right people in the right roles with the right skills? We close gaps with training, coaching, and often new sales tools if we discover gaps.

6. Adjust Inventory Management:

Ensure that your inventory levels are aligned with actual demand. If you overestimated the demand for certain products, consider adjusting production or implementing promotional strategies to clear excess inventory. On the other hand, if popular items are consistently out of stock, explore options to streamline the supply chain. If our voice of customer interviews discovered your competitors are delivering in four weeks. Your team is delivering in six to eight weeks, and order turnaround was a key buying criterion; we identified the constraints and developed a manufacturing plan to meet customer expectations.

7. Implement Incentives and Promotions:

Introduce short-term incentives or promotions to stimulate sales. Bundled offers or loyalty programs can encourage customers to make purchases during the period when sales are lagging. Ensure that these promotions align with your overall business goals and financial considerations. My clients who sell through channel partners often launch thematic sales incentive programs to encourage the salespeople at their channel partners to sell their products.

8. Plan for Future Months:

We often help clients perform a sales pipeline audit and develop a revised sales forecast based on the insights gained from the analysis. Use this updated forecast to guide your strategies for the upcoming months. Adjust budgets, marketing plans, and operational activities to align with the new projections.

Facing lower-than-expected sales in January is a challenge that often occurs, but by conducting a thorough analysis, reassessing strategies, and engaging with customers and your team, you can position your business for a successful recovery.

You have time to adjust, improve sales results, and fix common sales problems. Flexibility, adaptability, and a proactive mindset are key to navigating challenges and ensuring long-term success.

We strongly encourage you to act. 

Some companies will do nothing, hoping January was just an odd month and February and March will be much stronger. Our challenge to teams that take this approach is: what if there is a fundamental gap in your strategy, skills, or plan? Why wait three months to fix a sales problem and hurt your revenue year? Why allow your sales plan to fall even deeper behind the plan?

Let’s schedule a call if your team missed the January sales plan, and we can help your team get back on track to end this year with strong revenue and profit growth.

Crafting Effective Sales Kill Sheets or Battle Cards for Sales Teams

The month of January will soon be over. How did your sales team perform? Are you hitting your sales plan, above plan or falling short? One way we help sales teams increase their close rates and drive more revenue is equipping them with Competitor Profiles sometimes called Kill Sheets and Battle cards.

Sales kill sheets, also known as battle cards or competitor profiles, are essential tools for arming your sales team with the knowledge and strategies needed to outperform competitors and close deals. Creating a well-organized and informative sales kill sheet is crucial in today’s competitive business landscape. In this post, we’ll explore the key steps to help you craft effective sales kill sheets that empower your salesforce.

As a reminder, we can often gather a great deal of competitor insights in conducting Voice of Customer Research.

1. Identify Competitors:

Begin by identifying your main competitors. Understand their strengths, weaknesses, and unique selling propositions. This knowledge forms the foundation of your sales kill sheet.

2. Gather Information:

Collect detailed information about each competitor. This may include product features, pricing, target market, market share, and customer reviews. The goal is to have a comprehensive understanding of what you’re up against. We share their strengths and weaknesses.

3. Highlight Unique Selling Points (USPs):

Clearly outline your product or service’s unique selling points. What makes it stand out? Emphasize these strengths on the sales kill sheet, giving your team the confidence to showcase your offerings. Often sales teams struggle because they have an outdated value proposition that is not resonating with the needs and problems of your buyers today.

4. Address Weaknesses:

Be transparent about your product’s weaknesses, but also provide counterpoints or strategies to overcome them. Equip your sales team with the knowledge to navigate objections and turn potential drawbacks into selling opportunities. In our course on handling customer objections and not trying to overcome them we emphasize clearly understanding your company’s strengths and weaknesses as well as each key competitor.

5. Competitor Analysis:

Conduct a thorough analysis of each competitor. Identify areas where your product outshines theirs and vice versa. Use this information to tailor your sales conversations based on the specific needs and pain points of potential customers.

6. Update Regularly:

The business landscape is dynamic, and competitors may introduce new products or strategies. Regularly update your sales kill sheets / sales battle cards to ensure that your sales team always has the latest and most relevant information. Here we often conduct value proposition audits to ensure what we believe our customers value still holds true.

7. Customization for Different Audiences:

Recognize that different audiences may have varying priorities. Tailor your sales kill sheets for different customer segments, industries, or regions. This customization enhances the relevance and impact of the information provided. Who are your top five decision maker personas? I work a lot with B2B manufacturers, and they often have decision makers with tiles like…Owner, Buyer, Quality, Manufacturing and Operations Manager, or CFO. We must shape our value-based conversations to each persona and what is important to them.

8. Include Competitive Messaging:

Develop succinct and compelling messaging to counteract competitor claims. Provide your sales team with ready-to-use responses to common objections, making it easier for them to navigate conversations with potential customers. These conversations never condemn competitors but are fact based.

9. Training and Implementation:

Ensure that your sales team is well-trained on how to use the sales kill sheets effectively. Host training sessions, role-playing exercises, and provide ongoing support to reinforce the importance of these tools in their sales approach. Just this week I am working with a B2B manufacturing team and developing battle cards and having them practice using them in various common scenarios. Having the battle cards is step one, but we must have sales know where to find them and how and when to use them. The time to practice is in sales training not on customers.

10. Feedback Loop:

Establish a feedback loop to gather insights from the sales team. Regularly solicit feedback on the effectiveness of the sales kill sheets and use this input to make continuous improvements. Voice of Customer research also helps us understand the needs and challenges of our customers today. These insights help our battle cards and kill sheets drive more revenue growth.

Incorporating well-crafted sales kill sheets into your sales strategy empowers your team to navigate competitive landscapes with confidence and precision. By staying informed, addressing weaknesses, and leveraging unique selling points, your salesforce will be well-equipped to win deals and drive business success. Regular updates and a commitment to continuous improvement will ensure that your sales kill sheets remain powerful tools in your sales arsenal.

Does your sales team have Kill Sheets / Battle Cards for each of your top competitors?

Does sales know where to find them?

Has sales been trained how and when to use them?

Do you frequently provide training and practice using your Battle Cards?

When was the last time your Kill Sheets were updated?

Let’s schedule a call if you would like to have Battle Cards/ Kills Sheets based on the market your salespeople sell in today.

Execution: The Often-Overlooked Skill in Scaling Organizations

In the first quarter of 2024, the execution of a strategic plan is critical for businesses aiming to achieve their goals and stay competitive in a rapidly evolving environment. This period sets the tone for the rest of the year, and successful implementation requires meticulous planning, flexibility, and a commitment to adapt to unforeseen challenges.

As a Certified Scaling Up coach we help CEOs, Business owners and senior leadership teams profitably scale their business.

As we help teams, we look at four key decision areas.

People

Strategy

Cash

Execution

The execution phase begins with thoroughly understanding the strategic one-page plan crafted during the preceding months. Clear communication of objectives to all stakeholders, from top-level management to frontline employees, is essential for alignment and commitment to the overarching goals. Transparency fosters a shared sense of purpose and helps create a unified approach towards execution.

Resource allocation is a key aspect of successful execution. Businesses need to ensure that they have the right people, with the right skills in the right roles, technology, and financial resources in place to carry out the strategic initiatives outlined in the plan. Adequate training and development programs may be necessary to empower employees with the skills required to fulfill their roles effectively. When we assess sales teams, for example, we often find gaps in sales skills like discovery, qualifying, consultative selling, value-based selling, business acumen, closing skills, and key account growth skills. We also help coach sales mindset, accountability, and sales leader training.

Monitoring progress and adapting to changing circumstances are crucial components of successful execution. Regular check-ins with daily huddles, performance metrics, and key performance indicators (KPIs) provide insights into the plan’s effectiveness. We work with organizations to establish leading and lagging indicators. If certain aspects are not proceeding as anticipated, the plan may need to be adjusted to accommodate new information or changing market conditions.

Risk management plays a pivotal role during execution. Businesses must be prepared to address unforeseen challenges and risks that may arise. For example, we often help clients connect with cybersecurity experts to protect their systems and data. We also review industry trends in our strategic planning sessions and identify new trends that may become challenges impacting the bottom line. This involves having contingency plans in place, fostering a culture of adaptability, and being open to revising strategies based on real-time feedback.

Collaboration and cross-functional communication are vital for the success of any strategic plan. Departments and teams must work cohesively towards common objectives, breaking down silos and promoting a holistic understanding of the organization’s goals. We often facilitate team-building exercises to build trust and communication. We often prescribe DISC assessments to help open lines of communication once everyone knows their personality style and how to adapt communication to other styles. We encourage innovation and problem-solving, ensuring that the organization remains agile in its approach.

Customer feedback is another crucial element to consider during execution. When was the last time you conducted Voice of Customer Research? Customers are facing new challenges, and market-leading organizations take the pulse of their customers and markets with frequent voice of customer research, identifying customer satisfaction levels and gathering insights to help their customers grow. Businesses should actively seek and respond to customer insights, adjusting strategies based on market reception. This customer-centric approach enhances the likelihood of success, as it aligns the strategic plan with the evolving needs and preferences of the target audience.

In summary, the execution of a strategic plan in the first quarter of 2024 requires a combination of clear communication, resource allocation, ongoing monitoring, risk management, collaboration, and customer feedback.

Businesses that navigate this period successfully set themselves on a path to achieving their objectives and remaining adaptable in an ever-changing business landscape.

Does your team need help refining your one-page strategic plan?

Does your sales team have the skills to execute your strategic plan?

When did you last conduct voice-of-the-customer research to gain valuable insights to drive explosive growth?

Does your leadership team have a high degree of trust, and do they often have constructive conversations with differing views?

Let’s schedule a call if you want to learn more about our proven process to ensure the execution of your strategic plan.

The time to ensure your team will execute this year’s growth plan is Q1, not Q4.

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