Hunt Big Sales Blog
Insights for Finding, Landing and Harvesting Whale-Size Accounts
Guest Faculty Post by Jennifer Palus
Including a SME (subject matter expert) in your sales process is a very smart move. The SME has additional expertise and can often explain ideas with more depth and clarity than you can. The SME can help interpret your prospect’s business challenges and concern. You can often enable your expert to talk directly to the prospect’s expert in their own language.
Because a SME can relieve prospect fears and confirm client purchase decisions, they add to your credibility and are a valuable resource, if you prepare and use them correctly.
Tip #1. Give your SME context and a goal.
Preparing the SME is the salesperson’s responsibility. Don’t just hop in the car and assume they know what you need. A SME is an expert – but not in sales! – she needs to understand the players on the prospect’s side of the table and the role you want her to play. Explain the personalities and opinions, not just the org chart. For example, if you are hoping use your CFO to convert a resistant VP of Finance, make sure you provide context and the VP’s past objections. Most importantly, explain what “success” looks like for the SME, e.g., “If you can help Linda decide to sign off on the pilot program, that’s a win.”
Tip #2. Set guardrails for interaction with the prospect.
Sometimes a SME gets so excited to be part of a sales process that they talk a little too much or even try to negotiate the sale.
How To Close A Deal Like Warren Buffett
Tom recently had the pleasure of doing a podcast with Will Barron from Salesman.red discussing his book How To Close A Deal Like Warren Buffett. Check out the recent podcast episode and note the rules are pretty simple and they tie in directly with success in sales –
1) Only Deal With Dealmakers
This is sales 101 but it can sometimes be tough to get in front of the decision maker. Don’t back down from getting those meetings as it speeds up the sales process considerably.
2) Go Big
Why close a bunch of small deals that require just as much energy each to close that big one?
3) When You’re Going To Eat An Elephant, Don’t Nibble
You can add massive value by simply respecting a prospects time. Don’t faff around, jump in with your offer when negotiating and take the deal off the table.
4) Victory Favours The Ready
One of the easiest medical device deals I ever closed (£230,000+) happened in the space of 2 hours over 3 phone calls.
The hospital had money they needed to spend before the end of the month and I was the quickest sales person to respond to a group email that went out to suppliers.
Have you got processes in place to enable you to move quickly?
5) The Last Step Is Always Slippery
The deal isn’t done until the money is in the companies account. “If something can go wrong, it will go wrong” so plan ahead.
Guest Faculty Post by Eric Protzman
Athletic events are often won or lost before the teams take the field.
Major customers are often won or lost before you even talk to them.
The reason? Information. Let’s discuss knowing your customer.
In my previous article I talked about customers, dating and marriage. Transformational Accounts (TAs)(10-20 times the size of your current average customer or 5-10% of your divisional revenue) are marriages. You get to decide whom you marry, and you can know in advance the quality of the marriage. Choose wisely (and selfishly) was the message. Your choices are deeply dependent on the accuracy of your information. Your instincts are not up to the task. I promise.
So how well do you know your prospective customer?
You can promise to put more sweat into selling than your competitors, but you’ll make a lot better decisions and make a lot more profit if you out hustle your competitors on the research side. And your research guide is your PROSPECT SCREEN. Everything you consider crucial in a TA needs to be posed as a question in your PROSPECT SCREEN so you can research it.
We tend to quit researching way too easily. The good news is so, do our competitors.
Tom Searcy often said to me when we were developing my business “Do you think it or do you know it”. It toughened my resolve.
Succeeding in research starts with a belief that you CAN know it. I challenge my clients and I am often met with “I just don’t know how we’d ever find that information”.
Guest Faculty Post by Tim Searcy
As a salesperson, I did not always appreciate the value of a weekly sales meeting with my boss. I was always prepared; my boss rarely was. I spent most of my time answering questions whose answers were available in my report or defending my integrity against an onslaught of skepticism. Although my supervisor would imply that these meetings were to assist me, they were a “check the box function,” except when the overall numbers for the firm were down. If the sales team was behind, the questions became more insistent and more accusatory.
It doesn’t have to be that way. A decent weekly sales meeting can be painless, helpful and productive for your sales representatives. It requires a bit of a change in three things that HBS believes have the highest leverage: Mindset, Mechanics and Magic.
- This is not a team sport. I am opposed to team meetings in which every salesperson reports out on the previous week’s activities. Don’t waste time in-group meetings. Sales is golf, not football.
- It is not the manager’s meeting.This is your sales representative’s meeting, and the agenda items, updates, and outcomes are his or her responsibility.
- You BOTH need to be prepared.Manager and representative alike needs to be prepared, having reviewed the same information and with a clear idea of what you each want to get out of your time together.
- Preparation: Insist each representative provides an advanced report including all movements since last meeting. Important issues and information must be presented in the format of an agenda with a clear outcome that defines success.
Guest Faculty post by Dave Hickman
Process has lots of benefits and every executive knows it. With that knowledge, almost every executive is disappointed with the final results of that process.
The problem is not that everyone is missing a hiring process, but that the hiring process is not aligned to the organizational needs.
This misses the target of driving optimal hiring results. To make any process improvements, overcoming legacy thinking is a real challenge. Will you get candidates through headhunters, Post & Pray, employee referrals or other sourcing means? I can’t think of one client who didn’t have a hiring process in place, however all of them were not achieving the outcomes they desired and acknowledged a need to modify their strategy which would improve their process and results.
It seems so logical that if you want to make progress, then adjust your strategy, people, tools, process, or systems. But however logical it may sound, simple fear causes people to delay or forego an improvement.
We’ve found there is a basic foundation to hiring talent that when properly utilized, speed to hire and quality will improve by over 30%. Here are 5 proven steps that need to be in place and will improve your confidence to hire better, faster, and consistently.
1. Strategy and Planning: Develop a 12 month Hiring Demand Matrix and stage gate hiring strategy, process and metrics. You will need tools such as Job Descriptions/Profile, Candidate Screening Summaries, Key Competencies, Interview Guides (with ratings), and qualitative/quantitative comparisons that define what is great and what is good.
Guest Faculty post by Doug Vause
When I was but a wee young lad… one of my first childhood heroes was the Lone Ranger. I loved that show, faithfully delivered every day in vivid black and white. Even as I’m writing, I can still hear the Lone Ranger theme song playing in my mind, when I saddled up my stick horse and rode fearlessly around the living room boldly daring any bad guy to cross my path. Rumor has it that I wore out many a stick horse, I mean “Silver”, riding through the wild, wild, west, totally decked out in my Lone Ranger outfit, cowboy hat, leather vest (okay maybe felt), with my six shooters (cap guns) strapped to my side shouting “Hi Yo Silver away!” I personally took it upon myself to keep all the town folk safe in our neighborhood and ensure that the fair maiden Chelli, the cute little neighbor girl next door, who always dressed up like Annie Oakley, safe from all the villains of the wild, wild, west. Truth be known, our wiener dog Heidi unfortunately took the brunt of my ambitious peacekeeping and was known to be roped and put in her jail cell (dog kennel) far too many times!
Sales used to be a lonely job.
Throughout my career I have had the opportunity to work with, manage, and observe a lot of salespeople whose behaviors reminded me a lot of the Lone Ranger. They preferred to work alone, or thought that they could do it all on their own, and that because they had the personal relationships they would always walk away with the sale.
Guest Faculty post by Jennifer Palus
Case studies are at once the most over-inflated and under-supported tool in the sales toolbox.
A case study is often imagined to be this self-targeting, silver bullet that can easily convince even the most resistant prospect. Sometimes even a prospect falls into this trap. Intrigued by your sales pitch, the prospect knows he has to convince his boss (and then her boss) to approve the purchase. “That’s great! Can you get me a case study?” The prospect asks, eyes gleaming with confidence that the case study will be all the persuasion needed to get approval.
Business people seem to hold the image of an idealized case study in the minds. They imagine case study layout and graphics so beautiful that simply taking it out of one’s briefcase or displaying it on-screen stops all other conversation. They imagine the perfect amount of text – just enough copy to grab the reader’s heart and mind (and checkbook), with not one word more. They imagine a conclusion so compelling that the prospect will sign on the dotted line before he has finished reading the last statistic. Cue the music; we have a deal…thanks to the case study!
A strong case study may not be THAT magically effective – but they are powerful tools. So why then is the metaphorical case study cupboard so bare for most of us? Why, at almost every company I’ve ever worked with, do people hangs their heads and make excuses when asked about the quality and quantity of their case studies?
Guest Faculty post by Eric Protzman
The Prospect Screen should be your most trusted advisor.
Think of it this way. You date and you date and you date, then you find the right person and you get married. Dating can be random, opportunistic, indulgent and impulsive, all characteristics you simply can’t afford in marriage.
In the past, what you call prospecting may well be impulsive or opportunistic dating. You may not be taking the time to investigate what is in your best interests.
What we are talking about in prospecting large accounts, transformational accounts, is not dating, it is marriage. Look at the long term implications of having the right customer, or having the wrong customer. I think you’ll get a feel for the strength of the metaphor.
I started Aim Direct Marketing in 1995. Tom Searcy was guiding my business development and very late one night after imagining this and designing that I said to Tom,“I don’t like mission statements and I think most business plans are just a list of things that don’t happen, but I do think we should talk about our core competency”. Bleary eyed and exhausted Tom tilted his head and said, “Where you are right now Eric, your core competency is anything anyone will give you a check for”.
That was just a phase. Do you recall this phase in your business too?
It is an exciting, thrilling and frightening time. But that time gives way to more stable and intentional times. As we become more sophisticated in our mission, our operations and our innovation we may not bring along the same sophistication in our sales efforts.
Guest Faculty post by Doug Vause
We all know the meaning of the phrase “Walk the Talk” but “Running the Race”?
I’ve had the opportunity to run in a few marathons over the years. For those who have also run marathons you’ll chuckle at my use of the word opportunity! One that stands out in my mind was an extremely long 26.5 miles in freezing rain and sleet one early spring running in the Ogden Marathon.
I was running the race with a friend of mine who had been a good training partner, little did I know at the start of the race how important that individual would be in my completing the race. Cary was a very capable runner. He could have quite easily, got me started on my way, wished me all the best and then quickly pulled ahead in the attempt to beat his personal best time. For my benefit he chose not to do that, and to my building appreciation throughout the race, chose to stay with me and ensure that I finished the race.
Keeping the Balance -Throughout the race Cary provided the perfect combination of pacesetter, challenger, motivator and coach. Setting the pace just enough to keep me on my best time, not allowing me to slack but also tuned in to my behavior and physical condition enough to know when that pace needed to be stepped up or pulled back because he saw me hitting a wall. As a coach along the way he kept me focused on all the positive aspects of what we were running for, not allowing the realities of the moment, the freezing rain, sleet, loss of feeling in legs, arms, fatigue, freezing cold temps, our bodies, well at least mine, struggling to have enough energy to keep moving forward let alone stay warm.
Guest Faculty post by Dave Hickman
Right now in the US talent marketplace, the two toughest roles to find, attract, and hire are IT specialists and great sales people. Sales people are everywhere you look, however the great ones who can hunt for leads, think strategically, build trust and then close business are as difficult to find as unicorns in a blizzard.
Over the last 15 years, we’ve helped companies hire over 4,000 sales reps, management, and leadership professionals in critical revenue generating roles for startups through Fortune 500 companies. Because sales professionals come in all kinds of sizes, shapes, and flavors that relate to products, services, industries, types of decision makers, and size of deals, no one size fits all criteria. However, what matters the most is they exist to drive revenue, and a bad hire will cost you 3X their salary if terminated at 12 months. With an investment of that magnitude, having the right strategy and process in place to minimize risk and increase probability of success is absolutely critical.
Therefore, we’ve compiled the top 6 mistakes we see hiring managers make when attracting, assessing, and hiring sales professionals. Focus on a couple at a time and gain confidence in your decisions to hire great sales people.
1. Misaligned your sales profile to what you’re selling - If your average sale is 3k, 30 day sales cycle, targeted to one low/mid level decision makers at fortune 1000 companies, you don’t need a highly skilled strategic sales person who is used to closing 500K deals over 6-9 months with multiple buyers.