Is QDD Crippling Your Sales Growth?

 

 

 

 

 

Salespeople are disqualifying 70% of leads, why? Of those 70% of possible new customers disqualified, 80% go on to buy from someone in the next 12 months! Those lost sales are sales you could have (and should have) won. In this post we will identify a disease called QDD and how to cure it and fix your sales problems.

Your marketing team developed a lead generation strategy that is dropping a number of potential opportunities into your marketing and sales funnel. The accounts feel like they have a good possibility of becoming orders since they are from your core industries and you know they are buying products and or services just like yours. You have been tracking this  activity and it looks like you will see a strong return on marketing dollars invested based on the number of new opportunities. The entire senior management team and the board are excited and they are waiting in anticipation of hitting the sales and profit numbers. However as the sales leader you are not seeing these opportunities moving along the sales journey from opportunity to prospect to customer, and you are not seeing closed sales dollars increasing? Why?

 

Your salespeople are suffering from QDD.

 

I get excited when a team embraces the concept of marketing and driving what should be warm opportunities to my sales teams. They took the time to do voice of the customer research and determined problems their markets have, understand how buyers buy, and what buyers need today to make buying decisions. They positioned their products as solutions to those current problems in their markets. They understand their company’s value proposition and launched their message. The number of new opportunities is climbing each week and reviewing some of the account names you know they buy a product or service like yours…but you are not seeing new orders? How can this be? Having lived this scenario more than I care to admit, what you are experiencing is QDD; Quick to Disqualify Disorder.

 

When presented with new opportunities sales super stars say;

 

awesome, I know they buy products like I sell and I will one way or the other figure out the problems they currently have and help them”.

 

If your salesperson is suffering from QDD they say;

 

ah, I have heard of this company( even if they haven’t) , I tried to sell this company six years ago( one voice mail) , I doubt they will buy, they are probably happy with their current supplier and just price shopping us, so I will follow up.”

 

Do you hear the difference in mind set? The sales star understands the value he and your products bring and is excited to help authentically serve one more person. The salesperson suffering with QDD will “go through the motions” but already believes he or she will not sell the account. ( and they won’t) The sales star is seeking to serve; the QDD salesperson is focused on disqualifying the opportunity quickly so no one asks the status and next step to win their business. Who do you think will win the sale?

 

How do you know if you have someone on your sales team suffering from QDD?

 

By the Numbers

The first thing I do is look at the numbers…how many opportunities has this person been given in the last 3-6 months and how many went from possible opportunity to lead to close? Compare this to others on your team and if you find a disproportionate amount of opportunities are not turning into qualified leads, your salesperson has QDD.

 

By Mix

Review the product mix sold by your team. Quickly you should see a few patterns emerge. Look for anyone on your team who does not meet a similar product mix. What I am particularly looking for here is new products; sales from products you have been aggressively marketing. Salespeople suffering from QDD will have their product mix heavily weighted with older products or services in your offering.

 

By Margins

Assuming your marketing group has done their job and the products you have and are launching are brilliant solutions to unresolved market problems, you should have priced them at a higher margin based on the value they provide. Salespeople with QDD will have the lowest blended profit margin for their area of responsibility. They do not understand how to sell value so they take a commodity and relationship selling approach.

 

By Listening

Sales super stars will focus on the value, the value the customer will receive once their problem is solved. They are excited to help the customer, serve the customer they are shocked if they don’t move to the next step in the sales process. Salespeople with QDD will tell you their (your) customers are all about price and we are too high.

 

The shame is when I interview buyers on why they do not buy, rarely is price even on the list. What buyers do say is the salesperson did not seem to understand my problem, did not listen, and therefore I did not trust their solution. You very likely could have, should have won their business, but because your salesperson is suffering from QDD the buyer lacked trust.

 

You will also hear another why you are not able to break into this account and it will sound something like; “a competitor’s got a great relationship with his current supplier and won’t even consider us.” Relationships are important don’t get me wrong, however if a buyer trusts you can better solve a problem than a current supplier you should at least move to the next step in your sales process and not be dismissed so early.

 

View the CRM

Take time to review the CRM entries. Sales stars will be logging discussions, and have future appointments scheduled and maybe even new business quoted. Salespeople with QDD will have a series of entries that say; “left voicemail” and “sent email” and the prospects will only have one or two entries. Sales stars know you need to engage with buyers 8-15 times before activity occurs. QDD salespeople go through the motions, as if to say; “yes, I did my job, I made the call, but they obviously were not interested or they would have called me back,” They are focused more on showing activity than driving results.

 

One company I helped had a 42% close rate historically so 58% of the time they did not receive a return on their lead generation and cost of sale investment. Each of their sales team had QDD to some degree. Over the years they tried to fix their sales problem by adding more people, more costs and focused on having more quotes. They even rewarded sales with a variable compensation based on numbers of quotes ( not quotes closed). Sales were declining and profit margins were dropping.

 

We did customer voice work, created a repeatable sales process, trained sales, coached sales launched a strategic business development program and increased the average close rate to 68%,and key whale account close rates to 90% in 18 months.

 

We opened over 250 new customers and sales from new customers represented over 24% of total sales year in year three.

 

The good news is QDD is curable and does not need to be terminal. 

 

So how about your sales team…

 

Are you hitting your sales and profit goals?

 

Do you have one salesperson consistently missing their goals?

 

Do you have a number of new leads that are not turning into revenue?

 

Are you seeing this salesperson not moving opportunities through your sales process to the next level?

 

Are you concerned one or more of your sales team has QDD?

 

QDD cripples sales and profit growth efforts.

 

QDD salespeople believe if new sales were out there they would have already won them. They are not sold on how sales occur today and are waiting for things to get back to normal. Well, this is the new normal and they must adapt.

 

The first step in solving any problem is identifying you have it.

 

If this post made you wonder (or made you a but nervous) about one or a couple of salespeople on your team I recommend you take the five steps above to learn if one of your team members has QDD.

 

Aside from lost sales and profits you team could have won, should have won, I want to warn you QDD is highly contagious and must be identified, quarantined and cured as soon as possible.

 

This condition is curable if the salesperson agrees they want and need to fix it.

 

Some teams will put the QDD salesperson into more of a farmer than hunter role.

 

The trouble is QDD cripples sales results for new products to current customers just as selling new customers.

 

If you find QDD has infected your sales team you must cure it or remove to as soon as possible while there is still time to hit your numbers.

Differentiate And Grow Your Sales With: Authentic Communication.

Differentiate And Grow Your Sales With: Authentic Communication.

 

 

When you think of the word: “sales” or “salesperson” what comes to mind? Chances are it is not a positive image? Why? If your role in your organization is that of a salesperson, sales manager, or sales leader how can we stand out and differentiate ourselves in a market full of salespeople? In this post I will share a methodology I have used for years to grow sales faster and more profitably than my competitors…being authentic.

Would it surprise you to learn what we think about ourselves has a huge impact on how we communicate and relate to others?

Let me ask you…Who do you think you are supposed to be?

When you think of the word “salesman” or “salesperson” you may (like most people) have a negative image of sales. Chances are this belief was established at some time in your past as the result of a negative sales experience.

I heard David Meerman Scott speak at a marketing and sales conference and he asked two simple questions:

How many people here like to buy stuff?….

Every hand in the room was raised!

How many people like to be sold?…

Almost every hand went down. Why?

 

For years when we heard the word “sales” we think of a manipulation. The salesperson wins and I loose somehow.

So I looked on the Internet and asked “why we hate salespeople”, why we don’t trust salespeople?

One article seemed to sum it up.

Six reasons why we hate salespeople 

  1. Has a lack of transparency (they’re in it for the sale!)
  2. Is not trustworthy
  3. May not honor their promises
  4. Might not be selling me the right product/services for my needs
  5. Does not understand my needs
  6. Is too pushy

 

Author Perter Smith shares Why do we hate ( our own) sales people

Have you ever noticed that in a company there often seems to be jealously, almost bordering on hatred, for the company’s own sales team? 

A myth I see in a lot of companies is that the sales reps are overpaid, underworked and often only a bystander to the sale. 

 

I speak in local colleges in the area quite often. I asked a room of soon to be graduating seniors how many plan to go into sales? Not one hand raised in a room of 40. So I ask college seniors why,… why they do not want to be a salesperson and here are some of their common responses and perceptions…

  • Salespeople sell us things we don’t need, I do not feel I can do that
  • I did not go to college and spend what I did to become a salesperson
  • I don’t want to travel and be away from home very night
  • I don’t want the pressure to hit a goal
  • I don’t like dealing with unhappy customers

Their comments go on and on, and each has one thing in common they are all negative!

What I found interesting about these articles and what college seniors believe is they captured how many people feel about sales, and how some salespeople feel they need to be to be successful.

Could it be that what we think about what sales is,  is shaping our behavior, communication, and how we relate to buyers?

I believe it does.

When we ask buyers why they don’t buy…

I did not trust what the salesperson proposed would solve my problem…

I feel salesperson is more focused on hitting their goals than helping me..

 I found another article: Why buyers do not like salespeople?

Most salespeople bring to their buyers only information.  Interestingly, information is something any buyer can gather from other sources. At the end of the day, you as a salesperson must ask yourself, “Am I merely a conduit of information?”  If you are, then you’re wasting your time, your company’s time, and your customer’s time.”

What do buyers want?

“…you need to develop questions to which you don’t have answers.  More than likely, these will be questions to which your buyer doesn’t have answers either.  By asking these questions, you’re helping move the buyer to viewing you differently.  Your role is to be seen as the one salesperson who is genuinely committed to helping them move themselves and their company to a higher level. This may be by growing their sales or helping them reduce their costs.”

What if we looked at this as an opportunity to create a distinctive competence in the market?

What if we listened to these perceptions and developed a strategy to stand out in the market and be unique?

What kind of salesperson would business leaders, customers, and graduating seniors want to be?

An authentic human being who has an interest in helping buyers identify and solve problems. ..Someone I can trust.

How do we change this?

With trust, like-ability, and the feeling that they know you – you’ve got the winning combination for higher sales conversions, more repeat business, greater profits, and a windfall of referrals.”

-Peter Smith

“Differentiate and grow your sales with: Authentic Communication.”

-Mark Allen Roberts

What you think about yourself shapes how you communicate with others and the relationships you build. Over time we experience interactions both positive and negative. How we often adapt to those situations is to create masks. This concept of creating masks based on who we think we are supposed to be, or what others expect is something we all do. Masks are also created as protective defense mechanisms. The trouble with masks is they interrupt authentic human communication. If you are wearing a mask and your buyer is wearing a mask  you never get to the real issues to be solved (as I shared in a post about the iceberg principle) and never build a meaningful relationship.

If you think salespeople are manipulative commission junkies who win orders and customers loose…that is how you will act.

If you treat your salespeople like pushy salespeople who are only out for themselves…that is how they will act.

However, if we start seeing sales, as I do as the ultimate act of service, helping your customers identify and solve problems, how you interact with buyers will change.

Its time for the Authentic Sales and Service!

Its time to stop wearing masks you think your buyers want to see or you think your companies want you to wear and be your authentic self and serve others. Buyers can sense a mask a mile away and will never open up to you.

Sales is about acts of service not trick-or -treat.

Being an authentic sales service partner focused on helping your customers identify and solve problems will become your distinction in a sea of other salespeople playing trick-or-treat.

You will become that salesperson buyers can’t wait to meet with, and value. Because buyers trust you and your motivations and they will want to have a relationship with you and give you more business. Buyers will share their burning issues and problems the other trick-or-treaters never hear.

When this occurs you sell more, gain more referrals, you sell based on the value you create and your gross margins increase and your company will notice your contribution.

Sales is a difficult but very rewarding profession. I have used the above advice for over 15 years and driven profitable sales growth for many sales teams.

Still not a believer?

Below is what the Vice President of one of my past top customers wrote about my acts of service …

Mark is an awesome example of understanding what it takes to build success – focus on your personal relationship with anyone you’re attempting to do business with, and all the rest will follow. People want to conduct business with people they trust and feel are adding value – two traits Mark exhibits every time you have contact with him. He truly wants you to be successful – not just lip service for his own gain – and will help in any way he can to assist that “.

-David Sullivan

Or another customer wrote…

“Mark’s infectious personality is evident from the moment you meet him. Everyone wants to work with a professional who is a strong communicator, team member, who has strong interpersonal skills such as empathy, tact and humor. He is intellectual, innovative and creative. He is always a pleasure to work with. You won’t be disappointed when working for or with Mark

-Jack Brake

It feels like I’m bragging… so I’ll quit.

My goal in sharing the above comments is to better capture how your customer partners can feel when someone is authentically committed to serving them and their business. (If you think the above quotes are a fluke, you can read over 60 more similar comments on my LinkedIn profile at https://www.linkedin.com/in/markaroberts/)

Its time for salespeople to be proud of the contribution they make for their organizations.

Its time for business leaders who may have seen salespeople as a necessary evil in the past due to bad experiences to value their contribution today.

Its time salespeople become committed to understanding and solving buyer problems.

Its time for we, as salespeople to drop the masks we wear and be authentic with our customers and improve or acts of service and relationships.

One final point, whatever your formal title is, I hate to be the one who tells you this… you are a salesperson. When you are convincing your operations team to stay over time you are selling. When you are at home with your spouse trying to take that cruise vacation instead of touring New England towns…you are selling. As the quality manager working with the auditor to win your ISO certification…you are selling. When you are meeting with new employees to join your team you are selling. As a sales leader working with a salesperson that is not hitting goals you are selling. When you are meeting with your board and investors and discussing how you plan to hit your numbers this year you are selling! Now that we are all in sales…what do you think of salespeople?

It is time for us all to change what we think about sales and salespeople!

Should we create a new title perhaps? …Customer Solutions Advocate 

It’s time we all drop our previous beliefs about sales and salespeople and masks we created and start having authentic meaningful conversations that build trust early and often.

When you hear the word “salespeople” how does it make you feel?

Do your customers value your salespeople?

What masks are your salespeople wearing today?…hows that working for you?

If you are a salesperson, are you being your authentic self or wearing masks you think your buyers and your company want you to wear?

As the leader of your company do you see salespeople playing a critical role in helping you achieve your sales and profit goals or a necessary evil?

Would you like to have your customers making comments about your salespeople like those above about me?

Who do you think sells more and at higher margins…someone authentically committed to serving their customers or a salesperson wearing the mask of a commission junkie? 

The market is hungry for authentic service providers who are authentic and solve market problems. It starts with how we think of the profession of sales and how we treat our salespeople and buyers.

 

 

 

 

 

 

 

 

 

17 Benefits Of Voice Of Customer

 

 

 

 

Understanding the voice of your customer is critical to achieving your sales and profit objectives today. Taking the time to clearly understand your buyers, how they buy, what they need to buy and why they don’t buy today is critical in developing a strategic business development growth process.

 

Below are 17 reasons why companies who capture and leverage the voice of their customers consistently win year over year.

  

1.Fix Sales: Knowing Buyer’s Journey is like Creating a GPS for Your Sales Process

 

2.Fix Sales Problems With The Power in the  “Voice of the Customer”

 

3.Leverage Customer Voice into “Explosive Sales Growth”

 

4.Who Owns the Voice of Your Market and Voice of Your Customer? . Hint (not sales!)

 

5.Voice of Market Identifies “Roundabouts” in your Sales Process

 

6.Voice of the Market Identifies Key Buying Triggers

 

7.Increase Sales: Key Buying Seasons Surface in “Voice of Market” Work

 

8.“Voice of the Customer” Increases Profits…Lesson from a Christmas Ham

 

9.Voice of Customer Finds “Sales Secret Weapons”

 

10.Voice of Customer: Understanding the Entire Iceberg of Purchase Decisions Today

 

11.Improve Sales Productivity With Voice of the Customer Research

 

12.What is The Biggest Threat to Customer Voice Research? (It may surprise you!)

 

13.Give Salespeople More Time to Sell With Voice of The Customer Research

 

14.Customer Voice Research Identifies Content Buyers Need Today

 

15.Identify Purchase Influencers with VOC

 

16.The End Of The Greatest Show On Earth and What We Can Learn About Training

 

17 Voice of your customer identifies new markets and channels

 

How does your team capture the voice of your customers today?

 

How often do you conduct this research?

 

Is there any reason you feel you should not understand the voice of your customer today? (please share)

 

Have you experienced other benefits from capturing the voice of your customers?

 

We serve dynamic markets today. How buyers buy today is much different than how they bought 5 to 10 years ago. How buyers buy tomorrow will likely change as well.

 

Market leading organizations understand the importance of capturing your customer voice today and leveraging what they learn to increase sales and profits.

Voice Of Customer Identifies New Markets And New Product Applications

Voice of Customer Identifies New Markets and New Product Applications

 

 

 

 

Capturing and leveraging the voice of your customers is a powerful tool to grow your sales. In addition to helping your sales team realize explosive growth in sales and profits, it also can identify new markets.

My daughter and son in law just bought their first home. Like a lot of starter homes it has a number of fixer upper projects. Each room needed painting, the kitchen cabinets needed updated and the wallpaper in the bathroom had to go. What I learned is, as dad’s we typically get the jobs no one wants like removing layers of wallpaper.

It is a small bathroom but the first day I spent four hours removing wallpaper. I shared my frustrations with a friend and without missing a beat she said…Did you treat the walls with downy fabric softener first? What? I was using a tool to score the wall and a steamer, what will fabric softeners do? I figured it could not hurt so I tried it.

It turns out this is something home remodelers use often to make removing wallpaper much easier and quicker. I searched the Internet and there are article about using fabric softener you typically would buy for your clothing for stripping wallpaper. There is even a You tube video that shares how using fabric softener helps making wallpaper removal easier. A do it yourself website talks about using this process.

It worked so well, if Downy did voice of customer research they might offer small 4-6 ounce bottles at Home Depot and Lowes in the wallpaper isles. I would recommend they charge between $3.50 and $4.95 for these small convenient bottles to be mixed perfectly with one gallon of water when stripping wallpaper.

 

How do your customers use your products and services?

 

What problems do your products solve?

 

Could you have a new market you are serving today that you can expand?

 

Take the time to capture the voice of your customers and learn how they buy, what they need to buy, and how they use your products.

 

You may find new markets and new distribution channels for current products that can grow into profitable new business.

Speed Of Trust And Sales

Speed of Trust and Sales

 

 

In my last post I shared why most sales are lost is: Trust. Although salespeople and even buyers may say price, the real reason you did not win the sale in most cases is the buyer did not trust that your proposal would solve their problem. In this post I will share an excellent book: The Speed of Trust, the one thing that changes everything, by Steven Covey and how to apply its wisdom to increasing your sales.

 

How much time and effort does your team dedicate to establishing trust with your customers and markets?

 

Companies that understand the importance of building trust with their internal and external customers thrive.

 

Could growing sales and leading people really be that simple?

 

From what I have experienced over the last 30+ years I believe it is.

 

I have been read the book: The Speed of Trust, by Steven Covey over the holidays. I highly recommend this book to anyone who leads a team, and anyone who sells products or services.

 

The Harvard Business Review just published an article referencing this book focused on how if your employees don’t trust you its up to you to fix it.

 

If that is a problem you have in your team I recommend you read this article.

 

In this post I want to discuss how to build and leverage trust to help your team win sales quicker and more profitably.

 

Steven Covey shares:

 

“When trust goes down (in a relationship, on a team, in an organization, or with a partner or customer), speed goes down and cost goes up.… The inverse is equally true: When trust goes up, cost goes down, and speed goes up.”

 

I can confirm this is true based on my experiences. When I have served leaders who trusted their teams, and teams who trusted our leaders we accomplished record setting accomplishments in sales, market share gains, increased profitability, quality, buying experience and overall team morale. If things went wrong or not as expected, (and they often did) we had a culture that focused on the problem not the person. One outcome of this culture was employees freely sharing mistakes they made and we all learned from them and made corrective action. In our meetings we discussed things that mattered and were not weighted down by hiding political secrets that were an issue but no one wanted to touch them. The same is true with customers. I have served some large accounts and once trust is built we talk about things that matter. Customers who have trust buy more and openly share new problems that often turn into new products an services. As i shared in one post, a new market problem turned into a $38 million sales increase in 18 months.

 

Covey does an excellent job of discussing how a lack of trust adds friction. Friction can be caused by unethical behavior or ethical behavior that that was not executed properly.

 

In companies with low trust they see friction that slows down or even halts their progress.

 

The author shares;

 

Low trust creates hidden agendas, politics, interpersonal conflict, interdepartmental rivalries, win-lose thinking, defensive and protective communication – all of which reduce the speed of trust.”

 

On the other hand, when trust is high you loose friction and realize speed.

 

the greatest trust-building key is “results”. Results build brand loyalty. Results fire up a winning culture. Consistent results also put suppliers under the main tent as strategic partners, which is so vital in this new world class, knowledge-worker-based, global economy

Steven Covey

 

What can we do to build trust with our customers to drive results?

 

                                                                                                              Work on a trust culture in your business

I have seen companies identify in their value statements the importance of integrity and ethics in everything they do. Where the rubber meets the road is when something goes wrong. How does your company behave internally? How you behave sets the tone, and your salespeople carry that behavior into the market place.

 

Some sobering statistics on trust:

 

  • Only 51% of employees have trust and confidence in senior management
  • Only 36% of employees believe their leaders act with honesty and integrity
  • Over the past 12 months 76% of employees have observed illegal or unethical conduct on the job
  • So chances are you have some degree of trust issues too both inside and outside your organization
  • Less than 20% of sales teams hit their number in 2016 ( buyer trust issues?)

 

                                                                                                                                  Hire the right people

Make trust, ethics and integrity a key part of your hiring process. One bad hire can contaminate an entire department and if left unchecked your whole company over time.

 

                                                                                                                                              Training

Train your teams to act in a manner that builds trust. For example I am amazed how many salespeople feel they must have all the answers. So when asked a question they wing it and it often breaks trust. If you train your teams it is OK (safe) to admit they do not know the answer but they will follow up with the answer. I have seen sales people commit to a delivery date there is no way their team can execute so they don’t lose a sale. Be honest, if you can’t make this orders arrival date tell them what you can do. Even if you lose this order, you will be able to quote future business. Lie, and you have broken trust with that buyer and you may not ever have another sales opportunity. Train your teams to understand how your buyers buy and the criteria they need to buy today.

 

                                                                                                                                              Coaching

When trust is seen as important it is very easy to recognize situations that violate trust. Should one occur it should be handled immediately. Discuss what just happened, why it was wrong, reinforce your companies focus on trust and integrity and share a better way this situation could have been handled. Using a coaching tone also builds internal trust and reinforces that trust and integrity is not just today’s buzz words and will fade away. They are seen as a critical component in our team’s success.

 

                                                                                                                                              Content

One of the quickest ways I have seen teams build trust with new customers is understanding their buying process and criteria and providing content that supports what the buyers need. Most web sites for example spend way too much time talking about …best in class, best quality, we have been in business for 80 years and so on. Buyers want solutions to their problems and companies who have experience solving their problems. That is why I advise the teams to update their web sites and all sales tools designed to share the problems they solve. I recommend this be done with data sheets, third party studies, case studies, customer testimonials and past customer success stories. This content will also be used as sales tools for your salespeople when prospecting new customers.

 

                                                                                                                              Do what you say you will do

Trust is built over time. In a sales environment it’s about doing what we say we will do. If you say you will follow up on next Tuesday, do it. If you promise your order will arrive on the 15th make sure it does. A big part of this is your sales teams clearly understanding your company’s capabilities. If a salesperson does not understand your company’s capabilities today they run the risk of promising something your team cannot execute and this breaks trust. Salespeople run the risk of promising something that was once true and may not be true today. If you ask for a 20-minute meeting to present your company end the meeting at 20 minutes. If the buyer wants it to go longer that’s fine, but you are doing what you said you would do.

 

                                                                                                                                                  Truth

Take a hard look at all your company’s communication and make sure it is true…today. Nothing breaks trust quicker than stating something that is no longer true. I was in a meeting once and the salesperson said, what he was trained to say 15 years ago…”our company is the only company in North America with these capabilities”. That statement was true 15 years ago, but the buyer had completed her research and shared 3 other companies now offering it in North America. Make sure all your communications are true today.

 

The above are ways I have helped teams improve their trust with their customers and markets and increase sales and profits. The author shares 13 behaviors of high trust in his book.

 

Steven Covey does an excellent job of bringing home the financial implications of trust with the concept of a trust tax. Many of the teams I have served were led by someone who grew up through the organization in the accounting and finance side. I think this chapter will really get their attention.

 

in many interactions, we are paying a hidden low-trust tax right off the top-and we don’t even know it!”

 

Covey shares that the trouble is low-trust taxes are not a line item on your financial statements, if they were many more companies would focus on reducing their trust tax.

 

“- in a low trust culture, it’s possible that your being taxed 30,40,50 percent or more for something you didn’t even do

 

…and that impacts both sales and profitability!

 

The author also shares the upside of high trust…

 

“ When trust is high, the dividend you receive is like a performance multiplier, elevating and improving every dimension of your organization and your life

 

I hope you buy The Speed of Trust and apply it to your company and how you serve your customers and markets.

 

As we begin a new year why wouldn’t you make building trust in all you do a key priority?

 

Personal and professional credibility are key in winning in our markets today.

 

Make it a key objective of yours to build trust and watch your team thrive.

 

 

Voice Of Customer: Understanding The Entire Iceberg Of Purchase Decisions Today

Voice of Customer: Understanding the Entire Iceberg of Purchase Decisions Today

 

 

 

 

Understanding the current voice of your customers and markets is critical to winning sales. Companies who take the time to capture the voice of their customers understand how buyers buy, what they need to buy, and the criteria they use to make buying decisions and leverage that information close more sales . In this post I will share how the voice of your customer insures your sales proposals resonate with buyers and close sales quicker.

 

Why do buyers buyer from your team?

 

Why don’t buyers buy from your team?

 

If you can answer the above questions accurately you are well on your way to designing a sales and marketing plan to hit your number this year.

 

When I ask this question I usually get a very quick answer on why buyers don’t buy. As much as senior leaders want their sales teams selling value, I often hear “price” is why buyers don’t buy. I often hear many reasons why buyers do buy, and it usually accompanies stories of how they have won over the years. It is very rare however that I hear what I am looking for :why buyers buy and don’t buy today.

 

Think about all the changes we have seen in the last 15-10-5 years. We serve rapidly changing markets and it should not surprise any of us that market leadership positions change about every 10 years or so. Why?

 

“New market leaders emerge after identifying shifts in the buying process, buyer problems and or criteria and leveraging those changes.”

-Mark Allen Roberts

 

When sales says they lost a sale due to “price” or that buyers buy based on “price” this is what I hear…

 

  • You do not understand the value of your product or service to your buyer
  • You lack a strong current value proposition, or the one sales is using is dated
  • You do not clearly and completely understand the problem the buyer is seeking to solve
  • You do not completely understand how the buyer buyers and what they need to buy
  • Because you have not taken the effort to understand your buyer and their business, you have not earned the right to know all the buyer needs to buy today.

 

Earn the right to know?

Yes!

There was an excellent article recently in Brand Quarterly by Dave Tovey titled: Did Price Really Lose the Sale?

In this article Tovey shares that:

“Price is often blamed when we got something else wrong.”

Sales people are trained to sell; I think we can all agree on this. Salespeople have a very high utilitarian trait. If I do this …I get this reward quickly. That is why salespeople should not own the voice of your customer. ( but many leaders think they do) The voice of your customer, voice of your market work does not produce immediate reward. That is why salespeople should not own this information. It is their nature to sell, and buyers will feel their probing , open ended questions as a manipulation, a trick to win a sale and trust is broken. Marketing and or a senior executive in the organization must own deeply understanding the voice of your customer and markets no salespeople. Having been the VP of Sales and Marketing for a number of organizations I made it my job to own this information while my sales teams executed their sales development plans.

The author does an excellent job of describing what its like to meet with a new buyer. New buyers often act like Ernest Hemingway used to write…with the iceberg principle or often referred to as the theory of omission. Basically, they share just surface information and do not share the whole story until they trust you. What I like about the iceberg analogy is it’s not the 10% of the iceberg that you see that will sink your ship. (Your sale) It is the other 90% you do not see, or do not know. Most sales are lost because the buyer did not trust you completely understood the problem and therefore did not trust your proposal.

The author leaves us with this: 

You earn the right to hear more than a client’s story of omission when:

  • You ask insightful questions
  • You listen for understanding
  • You avoid manipulation
  • You behaviors are congruent with your marketing messages
  • You are authentic; selling ethically and with integrity.
  • You are human – remembering that buying is rationalized emotion.

The voice of the customer, voice of the market follows the above.

Market leading teams take the time to understand the voice of their customers and markets…that other 90% of the purchase iceberg. They know how buyers buy, what they need to buy and the criteria they must have to buy today. They are constantly scanning the horizon and sensing for shifts in how buyers buy and the problems they are trying to solve today.

Why do buyers buy from you?

Why don’t buyers buy from you?

What do your buyers need to buy today?

What does the buying journey look like today for your buyers?

Who else is involved in the buying decision today? What do they need?

What new problems are your buyers searching to solve today?

 

When your team understands the voice of your buyers and voice of your markets you know the answers to the above. Understanding this information you will train your sales teams to serve your buyers with exactly what they must have to solve the problems they may not share with everyone. Your sales proposals stand out in a sea of RFP’s because they speak to real needs your buyers must have.( and that they failed to share with competitors who only scratched the surface) When your competition is just scratching the surface with price your team will be providing a complete solution your buyers must have.

Stop blaming price for why your teams fail to win the sale and understand all buyers need today and you will find price is not even high on the list.

When you understand the voice of your customer today and the entire buying iceberg, you will equip your sales teams with the big picture and they will build trust much faster with buyers because they will demonstrate they understand them. While competitors are scratching the surface and awkwardly trying to build trust, your sales team will be discussing meaningful solutions.

 

 

 

Voice Of Customer Finds “Sales Secret Weapons”

Voice of Customer Finds “Sales Secret Weapons”

 

 

 

In my last series of posts I have been sharing how powerful capturing the voice of your customers (VoC) and voice of your market ( VoM) is in growing your business profitably. In this post I will share how to leverage customer voice into a “sales secret weapon“.

 

In my last post I shared how critical it is to understand the criteria your buyers use today as well as how those criteria rank in order of importance. You may be providing services and features that cost you margins that your customers no longer value. Or, you may be leading with a dated value proposition and not sharing the most important buying criteria your buyers are shopping for today and losing sales you could have won.

 

First we need to meet with our customers and prospects and understand how they shop, the buying journey they take, as well as the key criteria they must have to make a purchase. With out this information your sales team is playing what I refer to as: “feature and benefit BINGO”. They are calling out features and benefits in hoping the buyers jump up and say… yes, I need that one…BINGO! In this sales model you are relying on your buyers to figure out the problems you solve, or could solve for them. In todays market you must intentionally share the problems you solve for your customers.

 

Sales teams who have been trained to understand how buyers buy, what they need to buy, and are equipped with the right sales tool for each twist and turn in the buyer journey win sales.

 

I read an interesting article in Adweek this week concerning how sports teams use various give away items to increase ticket sales as well as encourage fans to arrive earlier to the ballpark. Fans who arrive early spend more money; it’s as simple as that.

 

What does ballpark giveaways have to do with your business?

 

Great Question!

 

Please answer the following questions:

 

What buying criteria must your buyers have today to buy?

 

What is the order of importance for these criteria?

 

How does your overall service offering compare to what buyers want and need today?

 

Some common giveaways I see companies offering include:

 

  • Time of shipment
  • Service level
  • Free freight or FOB freight
  • Payment terms
  • Packaging specifications
  • Quality specifications
  • Added value engineering
  • Marketing tools
  • On line order entry/ EDI
  • Customer sales force training
  • Technical support
  • Material recommendations
  • Discounted material costs based on your total buying power
  • Returnable freight packaging
  • Quality guarantees
  • Out going product inspection
  • Product testing

 

The list can go on and on based on your specific industry.

 

Based on your industry you have heard a number of requirements from buyers. Obviously the job of a buyer is to ask for as much as they can receive for the lowest price. The trouble occurs when your salespeople do not understand how they key buying criteria rank in order of importance for your buyers.

 

Market leading sales teams are trained to ask.

 

What I have observed more often than not is sales teams spill their candy in the lobby. They “show up and throw up” until the buyer agrees to buy. It is not your sales team’s fault. They are trying to use the tools they were given. My challenge is what if you could have sold the buyer with the ability to execute three key buying criteria and not all 12-15 your salesperson listed? If this occurs your team is incurring costs and performing features, benefits and services that are costing your team margins and are not of key value in the buying decision today.

 

For example I mentioned the recent AdWeek article. In this article it shares how major league baseball teams have taken the time to understand the voice of their customers, the fans, and in doing so identified a direct sales increase on the game nights they give away bobble heads. Bobble heads produce more results than any other giveaway.

 

Major league teams have given away all kinds of things (just like your business may be doing now) in the hopes of increasing ticket sales and getting consumers to arrive at the ballpark earlier. Things like tote bags, T-shirts, baseballs, baseball cards, towels and bobble heads.

 

When fans arrive earlier, they spend more money. It’s as simple as that.

 

The article shared the following:

 

  • Bobble head giveaways increase ticket sales 15%-30%
  • The Cubs realized a 71% increase in fans arriving more than an hour before the game

 

What I like about this information is it is simple, quantifiable and easy to execute.

 

What impact could your sales and profits see if you identified your one to three top “bobble heads” secret sales weapons your buyers need to buy today?

 

Do you agree how powerful this information would be to increase sales and profits?

 

With this kind of focus do you feel your team could execute in delivery? (I bet they can)

 

The trouble with most businesses today is they are providing a laundry list of features, benefits and services and are often not sure the top one or two that truly drives sales behavior. So what do most teams do? …. They offer them all. Just like giving away tote bags and baseballs fail to move ticket sales dials, your team may ( more than likely is)  giving things away that buyers do not value today, or do not value as much as they did in prior years.

 

How can your team know what buyers value today?

 

Capture and leverage voice of the customer and voice of the market.

 

How about your company….

 

Do you know the key buying criteria your buyers must have today?

 

What are all the features, benefits, and services your team is offering to win sales today?

 

What impact would just offering what buyers need today have on your operations efficiency?

 

What impact could knowing and ranking buying criteria have on your teams’ sales close rate and gross profit margin?

 

What additional profits could you realize by eliminating things no longer high on your buyer’s key criteria list?

 

What is your team’s one or two bobble heads that really drive sales growth?

 

I have helped companies increase sales and profits for over 30 years. I wish it was some crazy technical secret process but it really is not. If you take the time to understand your customers, capture their voice and leverage what you learn you will see what I refer to as explosive growth.

 

Why?

 

Simply put, most companies you are competing with have salespeople showing up and throwing up. They are verbally vomiting all kinds of promises to win the sale. Some are important, some are industry standard performance requirements, and some are no longer a value, and some are dated based on how we have always done things around here.

 

If you have not captured the voice of your buyers and market in the last 12 months I promise you …

  • Your sales process is broken
  • Your team is giving away things buyers no longer value
  • Your team is losing sales you could have and should have won

 

Once you capture the voice of your customers you can leverage that knowledge into a repeatable sales process  ,sales tools, and sales training that guides your sales team based on what your buyers value most today.

Customer voice helps you create your own repeatable sales process  GPS  for your sales team to close more sales profitably.

 

 

 

Increase Sales: Key Buying Seasons Surface In “Voice Of Market” Work

Increase Sales: Key Buying Seasons Surface in “Voice of Market” Work

Market leading organizations understand the power in understanding the voice of their customers and markets. In my last post I shared how voice of the market work helps identify key buying triggers. Understanding how your buyers buy, the journey they take today to a purchase and the criteria they must have to buy is critical to growing your sales profitably. In this post I will share how Voice of your Market work identifies key buying seasons for specific products.

 

I was hired to grow the sales for Gardner Denver in the rust belt region. Gardner Denver is one of the leading manufacturers of industrial air compressors and accessories in the world. Industrial air compressors support manufacturing plants by supplying compressed air to power machines and tools used in the manufacturing process.

 

The first step in my business development process was to meet with as many end customers as I could on four legged sales calls with my dealer distributor salespeople. While the salespeople asked questions about upcoming changes that may require new or additional air compressors, I asked opened ended question and listened for unresolved market problems and buying trigger events.

 

Working with one of my larger dealers: Atlas Machine and Supply we identified a common problem end users have every year from May through August: Moisture in their air. Industrial air compressors compress ambient air and one of the by products of this process is water. Buyers purchase air dryers to remove moisture before it has a chance to damage machines and tools. What buyers shared was during the summer months in the Midwest they experience humidity and it often taxes their compressed air dryers and it is often a challenge to find new dryers when one of their dryers fail.

 

We developed a proactive business development plan based on this common seasonal problem our buyers were experiencing. Our dealer produced a postcard mailer that was sent to all their current accounts as well as targeted new accounts they have always wanted to serve. It was a simple message asking if they would like a free audit for moisture to insure their plant does not have any manufacturing problems when the high humid months hit. We conducted a sales training meeting and trained the distributor sales team how to execute the sales process.

 

Our distributor sales team followed up with each account within seven days of the mailer and scheduled audits to insure their customers and prospects they always wanted to serve would not experience any service interruptions in the humid summer months.

 

Our compressed air dryer sales more than doubled compared to the same months the prior year and new compressor sales increased. Since our dealer sales were contacting buyers about a common seasonal problem and offering to solve that problem, buyers trusted the sales and service people. They demonstrated they knew the industry and common unresolved seasonal problems. The sales and service team was not focused on “selling” but “serving” the market. While conducting audits proactively, our maintenance mangers and plant mangers openly shared other issues they were concerned about. These “other issues” resulted in new incremental compressor sales, service revenue and aftermarket sales increases.

 

Do your end customers have buying seasons for specific products and services?

 

Who on your team is responsible for helping dealer distributors grow their sales?

 

Does your sales team proactively reach out to buyers to address seasonal buying trigger events?

 

Would your team like to double your product sales in key buying seasons?

 

As we approach a new year, there is nothing more strategic than understanding your buyers, how they buy and the criteria they need to buy TODAY. “Today” is the key word. Think about all the changes we have seen over the years in how buyers buy. If you have not adjusted your repeatable sales process in the last 12 months or created new sales tools …I promise you have a broken sales process and you are losing orders you should have won.

The voice of the customer, voice of the market work becomes the foundation of your sales, marketing and business development strategic plans.

If you don’t have an understanding how how buyers buy and what they need to buy today…How do you plan to hit your sales numbers next year?

 

 

 

Increase Sales: Do A Value Proposition Audit 

Increase Sales: Do a Value Proposition Audit 

 

 

In my last post I shared how critical a value proposition that connects with your buyers is in today’s climate. Every industry seems to be undergoing some kind of a change. Market leaders are agile and they identify those changes quickly and they adapt.

What kinds of changes can impact your value proposition?

  • Your business was bought or you bought a new business ( buyers will fear the unknown, and your competitors will feed that fear)
  • Environmental regulations
  • New Laws and or regulations
  • New competitor enters the market
  • Technology change- think the impact the internet of things is having on your customers and markets
  • New innovative solution enters the market
  • Market consolidation
  • Major market shift like the impact the low oil cost is having on everything from fracking, trucking, truck building, and all the other trickle down businesses that are touched by oil and gas.

I have a list on a post I did about what causes growth to stall and you can review them here.

 

Market leading teams quickly identify changes, shifts in their markets and adapt their value propositions to what is important for their customers.

 

One thing we can count on is change. As you are reading this I would like you to think about the changes you have seen in the last year, last 3 years, and perhaps the last 5 years.

What changes to you expect next year?

If your team is like most, you have products you launched; services you introduced and your salespeople are diligently presenting those products and services as they were taught to do. Trouble arises when your salesperson uses a dated value proposition.

 

This is a problem for two reasons…

 

First it shows your salesperson and your company do not understand the market of today. This is something your buyer will feel and instantly doubt their ability to trust your team.

 

Secondly, and even more costly is when your sales team uses a dated value proposition, it will negatively impact future sales. Again, look at it from a buyer’s point of view. You have some salesperson in pitching a solution to a problem you no longer have. If they would have just read your website and or one of your brochures in the lobby they would have known more about your company. If they would have started the meeting asking questions instead of showing up and throwing up you could have helped them understand your current problems.The buyer will create a perception about the sales representative and your company based on this experience and it will hurt your ability to serve this customer in the future.

How do you know if your salespeople are using a dated value proposition?

The first step is to identify the changes buyers in the markets you serve have experienced since your sales team was trained, your web site was launched and your sales brochures were developed.

Second, I ask your VP of sales and or VP of Marketing to travel with salespeople and visit at least 10 of your current large accounts, call on at least 5 of the accounts you want to add and 2 you have lost. These four-legged sales calls as I refer to them are critical in identifying how your buyers buy today, the criteria they are using, and the problems they are solving today. While your salesperson is selling, you are asking questions like:

 

How is your business doing today?

 

Have you seen any significant changes that have impacted your business, how you are buying, your role?

 

I understand you buy some products from our competitors? That is not surprising, …what do you find they do very well?

 

If you were running our company ___________ what would you do to grow sales with your company and other companies like yours?

 

We are thankful for your business. If someone called you on the phone and asked: Why do you buy from ______________ what would you say?

 

(For customers you have not sold yet, or lost)

 

We would like to earn your business. If someone were to call you today and ask: Why don’t you buy from ___________ what would you say?

 

I am sure there are lists of customer questions you can ask, and you should have some very specific questions that illustrate your current market knowledge.

 

A couple of quick rules when doing this kind of a value proposition audit:

  • Ask and listen, do not try to defend or sell through any issues identified. This is the quickest way to end a conversation.
  • Do not have your salespeople ask these questions and report to you. You need to hear the information first hand. Besides, you need your team selling.
  • Do not do this process in a survey. Why? The most valuable part of this process is capturing the current market problems your buyers are having in their voice. A survey will not do this.

Once you have current market data you need to ask yourself one key question…

Based on what we heard from our customers, customers we lost and prospects we want to be customers, does the value proposition and tools we give our sales team match what our buyers told us?

In most cases what I have personally observed is the value proposition sales teams are using is dated and needs some tweaking to reconnect. Those seemingly little tweaks however will demonstrate you understand your markets and what is important to your buyers today. It will make your sales team stand out in a sea of other sales reps saying….

We are the best at….

We have the most….

We have been in business 70 years and….

We have the best quality in the industry…

We have the most innovative solutions…

You get the idea…

Instead, your salespeople will lead with questions that came out of your “value proposition audit” and they will stand out positively in your buyers minds.

Having served company  Presidents for over 30 years I hear that voice saying…” I hear what you are saying Mark but this seems like it is a lot of work and will take a great deal of time…we have numbers to hit…” If that is a concern you are wrestling with let me assure you, this market work should only take 30-45 days and it will make your team more effective, efficient, and become a way your company will be distinctive in your market.

 

What happens if you don’t do a value proposition audit?

 

You will hope what your salespeople are saying is connecting with current and new customers. If what your salespeople are saying, your sales brochures discuss and worst of all your web site says is dated it created a breach of trust with your buyers.

 

My challenge is why risk it? If you feel traveling to your top accounts is too expensive visit your top 2 and call the rest.

 

If you are looking for some great content on creating your value proposition after your audit I recommend the following sites:

 

Useful Value Proposition Examples (and How to Create a Good One) 

 

4 steps to building a compelling value proposition

 

How to write a value proposition that works

 

Three points to create a value proposition

 

How to wire a great value proposition

 

Words that get meetings

 

 

So how about your company?

 

When was the last time you updated your value proposition?

 

Do you feel comfortable sharing the impact that had on your sales?

 

Are you sure what your salespeople are saying is helping your business or hurting it now and into the future?

 

I promise you this value proposition audit is not difficult and can be completed in 30-45 days.

 

If it sounds expensive I want to challenge you…

 

How expensive is it to not be selling buyers you could be selling?

 

How expensive is your travel costs that do not produce new business?

 

What impact would a 20% increase in your sales close rate have on your bottom line?

 

The biggest challenge, if you are the leader of your company is hearing the voice of the customers in some cases. You must have a culture where your team is free to discuss things that may not be politically correct but can impact your business. The comments you are hearing are based on buyer perceptions today. If the value proposition you personally wrote 5 years ago is no longer resonating it is not about you! When you wrote it , it worked! Something changed. This exercise is not about you as a leader, your vision or capabilities. If you are a leader in your organization you have secured that position by making many good decisions over time. It is about positioning your products and services to win orders and growing your business profitably.

 

One last thought, assume you do a value proposition audit and find what your salespeople are saying does resonate with buyers. Great! If sales are not hitting your sales numbers you can now zero in on other areas where you can coach your team.

 

 

How do I  correct sales problems after a market shift?

 

foccet

Your sales team was aligned and equipped to have a strong sales growth year. Your team created sales playbooks, buyer personas and new sales tools to insure you hit your sales goal (this time). Your team was building a strong momentum and then it feels like someone turned off the sales faucet. What just happened? What probably occurred is your team has experienced a market shift. How do you fix sales after a market shift? In this post I will share the strategy I have used when we experienced a market shift. ( and it’s not likely you are starting in the right place)

 

Before we discuss the strategy to refocus your sales efforts I want to remind you of a quote from my last post that shared various caused of market shifts. I used the below quote for years as a filter when asked to help companies in the middle of a market shift or more often after a market shift.

 

“Are you prepared to stake everything, change anything, and do whatever it takes— even if it means altering long familiar habits, redeveloping precious programs, and redeploying sacred assets?”             

  – Tom Bandy

A market shift will cause your company to change and adapt to the new reality. The degree of the shift and the severity of the shift’s impact on sales performance will determine just how much your team will need to adapt.

 

I can hear some skeptics saying …”We have been doing business this way for 15 years and we do not need to change, we need to wait until the market goes back to normal” The trouble is when your market shifts, you will never go back to normal.

 

Don’t believe me when I say  how much markets change and shift? OK, how many people reading this have a Myspace account? From 2005 to 2008 Myspace was the most visited website in the United States, even more than Google! Today? Myspace is ranked 1272 on most visited website. What happened? A shift! New companies felt the shift and created products buyers wanted to buy.

 

Or listen to a leader who transformed shopping with Zappos.com.

“There’s a trans-formative shift in business, and what worked before is no longer an option. It’s time for evolved entrepreneurs, visionary creators, and change makers to rewrite the rules of business for the 21st century.”

Tony Hsieh,  CEO of Zappos.com

 

Or read one of my past posts about when sales plans fail and how to adapt.

 

Do you agree markets shift ?

 

 

Assuming you are willing to adapt and change: “how we have always done things around here” in this post I will share the process I have used over the years to help sales teams fix sales problems due to a market shift.

 

 

 

 

Meet with your key customers who represented 80% of your sales opportunity before the shift. What you are looking for in these meetings is to clearly understand what shift occurred, when, and more importantly how your buyers plan to react to this shift.  Having faced market shifts many times the first reaction for most sales teams is to target new customers. You may need to do this if your current market is not likely to produce sales to meet your sales goals. You must clearly understand what changed, how your buyers are and have reacted to that change.

 

 

Improve overall buying experience. Take the information you have gathered and update the way you deliver solutions to your market based on the way they want to buy and receive them.

 

Explore for technology shifts. Was the shift due to a technology shift? (72%) of business leaders think technology will transform their company’s competitive landscape in the coming years according to an IBM report .

 

While meeting with your key accounts ask if there are other departments within their organization that would value your team’s distinctive competence. Why? One of the reasons why buyers do not buy is risk. Can this new vendor execute what they are promising? Is their quality as good as they say? Will it be easy to work with them of difficult? The more a buyer feels there is risk the less likely they are to engage with a new vendor. The exception occurs when you are a:”vendor of record”. Your company is  in their system. You are set up to receive purchase orders, get paid and so on. Assuming you have done a great job you can share your on time service statistics, your billing accuracy and have your other buyers refer you.

 

Based on meeting with your accounts you need to gather what you learned and create the following I shared In a post some time ago :

 

Write a market truths document based on gathered current data

 

Highlight strategies and tactics in your current sales plans that are no longer in alignment with the market of today

 

Asses your internal truths, capabilities, discard action items that do not support your objectives

 

If your team lacks a motivation to serve your market, create one

 

Determine your ideal customer profile

 

Write a plan you will execute based on the information you have gathered from the market and your capabilities. (allow some flexibility, design your sales plan to be Agile)

 

 

Once you complete the above you need to determine if making adjustments in your current markets with current customers will provide sufficient sales opportunity to achieve your sales goal. If yes proceed with executing your plan and you will not need the following steps.

 

After you have gathered your current market truths and internal truths and you determine your market does not have the opportunity necessary to achieve your sales goals please continue with this process and complete the following steps:

 

 

 

Find other accounts in the same market you have not sold yet. In most of the companies I have helped their “customers” have represented 20% to 30% of the entire market. In this step you will identify other accounts in the same market that are likely to have similar problems as the account(s) you have been selling. Keep in mind when business slows down buyers have time. They have time to meet with new vendors and they often have new goals like specific cost savings targets. When you discover this to be the case make sure the solutions you propose are shared in a way that speaks to the buyer’s company and personal goals.

 

Explore surrounding markets that include accounts buying products like those you supply. I look for adjacent markets that are interconnected to the markets I have been serving.

 

Expand your search for new markets that have similar problems your current market has. The key is to clearly understand your companies’ distinctive competence. What is your product or services’ value proposition? Is that value transferable into new markets? Ideally you want to find one to three accounts and test your assumption. In this process you will learn new information and a new language for the new market. Assuming your test clearly demonstrates value, you will want to scale that solution in the language of this new market.

 

Design new Innovate solutions if your current products no longer solve your current customer’s problems.

 

Share innovative new products in your current markets.

 

Share product innovations in adjunct markets

 

Share product innovations in new markets

 

As you lead your team through the above process you need to stop when a step will achieve your desired sales goals. For example, let’s say as you explored adjacent markets and you found a number of new accounts who agree with your value proposition, have agreed to buy your products and their sales will help you meet goal. Stop and execute.  Stop following the steps and focus on executing in the adjacent market. Why? Why wouldn’t you have us do all of the above just to play it safe? Three reasons;

 

Focus – you want to lead your sales team with as clear a focus as possible. When you lack focus your team will be “very busy” but fail to achieve desired results.

 

ROI- The farther your team expands from your known core business the less RIO you will realize in the short term.

 

Timing – Often when sales teams experience a problem they have a short window to fix the sales problem. The farther you move from your core the longer it will take to win sales.

 

 

Have your sales taken a downward turn?

 

Did your sales team experience a recent market shift?

 

How does your sales team fix sales problems due to a market shift?

 

We serve dynamic markets and we need to expect them to change. When you experience a  market shift the key to reacting and fixing your sales is clearly understanding the shift and having a systematic approach to finding new sales to insure your sales goals are still achieved. Most inexperienced sales managers will quickly launch into a new market. Why take this strategy that has a history of the slowest contribution, lower ROI per sales transaction and highest risk when a current market or a market close to your core will fix your sales problem? The above is the process I have used for years and I welcome comments on other processes and advice for when market shifts occur.