TIME is MONEY

We are all getting busier, with less resources or personnel support while expectations are sky rocketing, attention fleeting while the need to generate more revenue is critical.

Like many of my Blogposts, there is a common theme evolving -- how organizations and sales professionals should collaborate to achieve BOTH of their objectives  while striving to gain  RESULTS.

A challenge is typically asserted on which accountability metrics are important to operations and sales.  Typically, for operations it is profitability and for sales it is revenue.  In order to drive revenue, sales professionals should have realistic activity mandated.  All top sales organizations have various activity metrics to ensure that even entry level sales reps can achieve some success.  There are a few factors that could be taken into consideration to establish perameters :
  1. Sales Cycle
  2. Geographic territory
  3. Vertical targets
  4. Cost of product or service
  5. Level of decision maker required
  6. Seasonal variables
  7. Competition
  8. Pre-Sales support
  9. Marketing program
  10. Lead time between sale and delivery
  11. Budget, plan, quota or target
I will get into the 11 points above in future blogs.  However, before you ask sales to meet the minimum activity metrics, after examing the parameters, your organization should next ask itself what tools or considerations are being taken into account to boost productivity or demand results.  For example:
  1. Training (Company provided or endorsed)
  2. Skill Level (Experience in sales or industry)
  3. Compensation (Commission versus salary plus bonus)
  4. Marketing Program (sales material, advertising or leads)
  5. Sales Timeline  (from sale, to implementation, to commission or bonus payment)
  6. Tracking Tools (CRM system, manual, activity reporting)
  7. Sales Management (Coaching, mentoring, meetings)
  8. Support (proposal template, clerical, analysts, diagnostics)
  9. Territory (geographical or verticle/by industry)
  10. Sales Budget
  11. Communication (customer service, computer, e-mail, wireless, cell phone or iPhone/Blackberry)
It is easy for organizations to hire and plunk sales reps in territory and cross their fingers that they've found a superstar.  Yet, without analysis of factors that could impact success or inability to provide the necessary tools it shouldn't be surprising there may be a  lack of results.

So, before you kick your rep out the door and ask him/her to sink or swim, examine what you are doing to facilitate their success?  After all, time is money!



Cool calling




 I am an advocate of cold calling.  Cold calling IS necessary in today's uncertain, competitive climate. To rely on warm leads aka referrals is simply unrealistic. My cold calling techniques change based on who/what I am targetting, but I'll try to give you some ideas on how to tackle it and take the COLD out of CALL:

1) INTERVIEW  existing satisfied customers

  • Your best source of informaton is already using your services
  • Take the stance that your are new and interviewing them
  • You'd be amazed how many time you hear from them how nobody else has taken the time to ask
  • They may ask you why you are doing this, and end up offering referrals
  • They will want you to succeed now that you've taken the time to understand their success
  • Don't forget to ask for that "testimonial"
  • Make sure you put some of those quotes on your website
  • Ask for examples of ways your company/service/product has helped them
  • Use those as "case studies" on your website on how you solved business issues
2)  NARROW your targets
  • Visit website, pay special attention to company announcements, "in the news" areas
3) PERSONALLY visit prospect's office/place of business
  • Hand business card right away - Be upfront about who you are and state that you are just doing research or there to ask questions
  • 9/10 times the receptionist knows more than anyone what is going on in the company
  • Be respectful of the gatekeeper, their time, be pleasant, avoid sales pitch, be confident
  • Use their nametag or nameplate or ask for their name, people are always more receptive if they hear their own name
  • Observe if they have to take calls, are hurried, act accordingly
  • Go with the attitude that your objective is not to sell something TODAY
  • Be honest:  you are there to drop off information and confirm your information/contact
  • Ask questions in an interested, non-threatening manner
  • Observe (i.e. Trade Magazines) and/or gather material ( i.e. Annual Reports
  • Share some of the information you've gathered  to create comradery
  • Confirm point of contact -- where so many reps fail -- another gatekeeper is not who you're looking for -- ask very specific who makes the "decision" for your product/service is helpfu
4)  Have a MARKETING kit with you
  • A flyer is not a marketing kit
  • No need to have a letter
  • Information on your company
5) Give kit, saying you want to drop it off in advance to follow up with whomever is in charge of what you're looking for, asking for confirmation whether it is the person you sourced -- specifically ask for a business card, if not, their full name, title, telephone and e-mail
6) E-Mail contact that you're following up the package that you left off because you appreciate how busy they are and respect their time, what you want to share (remember 1?  share those stories or how you helped them)... then say  you will follow up by telephone at a certain time to arrange a meeting.  If you haven't been able to access e-mail, resort to snail mail ... except hand write the envelope (greater chance at it being opened) and mark it CONFIDENTIAL.
7) CALL them at that time (don't fail at this)
 
8) They may be EXPECTing your call or ready to refer you down the ladder.  This depends highly on how you've done so far.  Sometimes there is someone else that does make that decision.  If they have a subordinate, you want them to refer you down the ladder.
9)  If they are REFERRing you down, confirm that they will be passing your package over to that person.  Also ask when would be best to follow up, if you can push your luck ... have them tell that person you will be calling at a specific date or time.  They may offer to have them call you back (best).
 
10) They may AGREE to meet with you at that point or ask you what your value proposition is over the phone.  The higher up you are, the more direct they are because they despise people who waste their time or can't help them.  Remember 1 again?  You can clearly articulate  your value proposition (solve their business need, fix a problem, give them insight,  etc.)
 
11) The  person who has been "topped down" will  meet with you because their boss handed your package to them, told them you would be calling or have them calling you (best).  This all points to a direct request from the boss.
 
12)  If you get their voicemail:  State who you are (you don't have to say company), that you are following up after leaving information with *insert name* to pass on and that as promised you are calling  to schedule a brief 20-30 minute meeting (if you ask for more, you're nixing your chances) to share ideas that will improve (what benefits have you come up with?).  If you have to call two or three times, don't worry.  Keep reinforcing that you are following up, what your benefits are, and also express empathy for how busy they are after the 2nd or 3rd call.  I spend more time on this on my other Blogpost:  "How many times do you call?"
 
13)  Up until this point, you really haven't even attempted to sell anything.  You're objective in cold calling:
  •  Pre-qualify (have a general idea they will benefit from your "pitch")
  •  Confirm who the decision maker is (not another gatekeeper)
  •  Create enough interest that they will agree to meet with you
There are several steps in cold calling.   There are numerous hypothetical situations that haven't been addressed.  The point is, statistically most sales people give up after one drop in or telephone call, maximum three at most.  That is why only 20 percent of all sales people are successful.  The other 80 percent won't bother to even follow up, want a magical formula to guarantee results or may just be too lazy. 

I will share my biggest secret for free:  The attitude is about having FUN!   Imagine you're a bumbling inspector or searching for the key for endless wealth.   Your finesse will come from practicing, failing, trying a new approach, failing, trying something else, failing ..... THEN  noting what has worked and why.

If you want to give up after 3) you may want to reconsider your occupation .... because treasures can only be found after DIGging!

Failure to follow up equals failure

EVERYONE's perspective on how they personalize follow up is valuable because every sales situation is different, yet if you try a consistent, methodical approach to follow up you will increase your success rate.

For example, to put my money where my mouth is, I've started a new business development position in a completely new industry to me, with another one of Canada's largest organizations.  This large organization is retail-based and has not introduced direct business development into their culture until recently hiring a business development team of veterans for each city. 

They tell me that they consciously hired people of a "certain vintage" purposely:  no babysitting required, they outline the metrics required and let experienced pros do their magic.   Four weeks in,  I've came out of the gate quick, so quick the executive VP sent me a personal note just Friday.  By my 2nd week I signed up the most that week with 13 new customers, the next closest was 6 in Ontario (a much larger market by Canadian standards).   Then I followed up week three with 9 and by week three this program had increased sales by 40 percent.

How did I do this?  Personal cold calling is the name of the game.  There is very few pre-existing customers so I had to start with a  methodical, consistent approach:
  1. Cold Call (in person) leaving a package (warm, friendly, nonassuming)
  2. Confirm who the decision maker is and express there will be follow up to meet at a convenient time
  3. Follow up by telephone -- stating  I am following up the package and would like to sit down with them to review how others have incorporated this service and saved themselves time and money.
  4. Follow up by e-mail -- expanding upon how others benefitted i.e. specific time and cost saving examples along with value adds that were discovered after the original intent was time/money
  5. Schedule appointment
  6. At appointment:   Ask questions; listen to answers, define needs; reinforce the reasons others signed on and their positive experiences
  7. Close by getting them to agree or sign up for the service or purchase product
  8. Follow up by electronic means to ensure they have my contact information along with the rest of the team they will be working with -- it's an electronic age and most people will respond in this manner
  9. Have the associate(s) who implement and execute the service telephones to introduce themselves (provide them with a script if you think they're uncomfortable) 
  10. Have the associates follow up with you that they've made contact and notes from comments (sometimes customers or prospects are more comfortable communicating with non-sales types)
  11. Follow up AGAIN to touch base to see how they liked the first order/process
  12. Learn from those that have become customers as to why they like the product or service to use as amunition with others
Hmmmmm that's definitely 10 touches just to get going.  Sometimes  I get to 3 with no return call -- the time when most sales people quit.  That is why I try 4.  After that, I will file  it for a month or so, never assuming that they don't want to talk to me ... just that I haven't struck a cord with their needs, their too busy, already  know who to call when the need arises or I will assume I will give up.  Yet I will continue to touch base periodically (diarize for 6 weeks or so) about new developments until they tell me o stop. If I'm doing that properly those communication follow ups will be relevant and of interest.

 While my immediate success rate has been rapid, there are steadfast tips you can learn from:
  1. One of the most important elements is planning.  I plan my day as the other one ends.  I decide where I am going to call.  It also allows me to do e-mail or telephone follow up by creating a list of things to do.  That can mean, my next day will work around an appointment.  It allows me to get a decent sleep without thoughts of what I must do or forgot to do that night.  It also starts my day in high gear.
  2. Sometimes gender and/or age may translate into being more relaxed.  That is irrelevant if you appear to be confident, conversational, not pushy, or follow their cues to get to the heart of why you're there
  3. Take the time to present a professional polish (you better believe how you look conveys more than what you are selling)
  4. Only use mints, NEVER gum:  one of my pet peeves with sales people - if you don't chew like a cow, you probably communicate arrogance (that is my personal opinion)
  5. Always assume that you are intruding or interrupting,  beg for forgiveness, hand card first, introduce self, explain package then ask for who/best time to follow up
  6. You may be amazed by how many business owners/decisions makers will sit down with at that precise moment or schedule an appointment on the spot
  7. If they agree to talk, take the time to explain what you are offering, how others have benefit, interject questions, listening/watching body language for feedback to continue
  8. If you see they are starting to zone out, ask a "following me" question or offer to come back another time
  9. Don't be afraid to suggest saving  time by committing then/there
  10. If they hedge, or are not expressing objections, asking questions, ask when you can come back to see them after they have had a chance to review
  11. A non-aggressive, tactful approach oftentimes causes them to sign then.
  12. Back to 9 above
  13. Follow up with electronic means to contact
  14. Follow up on how they like the service/product
  15. Don't be surprised when they start calling with questions that turn into additional opportunities or referrals
  16. ASSESS your results.  You can zero in on a market or niche based on where your success is coming from.  Is it seasonal?  Is it because its budgeting time?  Is it because they have budget to spend?  Is there a specific industry/prospect profile that closes more readily?  Is there a better time of day to call that is less intrusive?
  17. Remember:  ALWAYS show up or call when you say you will
  18. Send a personalized thank you note/card/postcard (NOT an e-mail) after an important meeting, when a customer buys your service or product OR after a referral ... this is so important, yet a forgotten art
The standards on activity for many organizations are not always defined, yet it is for us.  To cold call less than 10 a day is unacceptable.  We're launching a new program so it isn't like we have a lot of account management excuses to fall back on.  The high benchmark is 20 calls a day.  All calls tracked MUST be in person.  No telephone calls, e-mails are included.  Initially, I thought that sounded excessive but the organization wouldn't be who it is without doing its homework first.  I have discovered that it keeps me better focussed and I maximize my "in front of customer" time.

Typically results have been determined by activity and results.  Now, my experienced boss who was hired because of his direct industry experience, who also set the activity metrics,  further defines results by saying  that they'd rather have 10 cold calls a day with more sign ups than 20 cold calls a day with no sign ups.

Yet again, if you make the minimum calls and get the sign ups that should be suffice right?  Well, not exactly because if they don't engage the service, sales won't increase.  You will only have met activity and maybe even sign ups.  I've just reinforced what we're always told in sales:  Follow Up!   Hah!  If you exceed activity metrics there is also a good chance that you're skipping follow up which translates into less closing.  To make matters more confusing, if you don't have effective follow up, the engagement may be lacking when you try to sell too fast, which equates to less revenue increase.

If you spend less time following up, your chances of failing to increase sales are greater.