Hunt Big Sales Blog
Insights for Finding, Landing and Harvesting Whale-Size Accounts
A number of my clients are in the process of interviewing candidates for large account selling. To help them find the best candidates, we go through an exercise at the beginning of the process to define and rank the qualities and skills that we want the ideal person to have.
Here is a list of those qualities I look for in Superstar Salespeople through the interview process:
- Get to the Top--The best start at the top rather than work their way up. In large account sales knowing how to get to the top of the executive chain, to those who make the real decisions of size and strategy when selecting vendors and partners, will be necessary.
- Speak Senior Exec–“You get sent to whom you sound like” is a truth that shows up in action for most people in sales. The best salespeople can speak all of the languages of the members of the buying group, but most importantly, they can speak to the senior executive with confidence and relevance.
- Translate–Complexity is the enemy of speed in the sales process. Superstars know this and work well in translating what appears to be complex into simple and relevant explanations.
- Facilitate–Complex sales require a variety of people from your organization and the buyer’s to communicate, document, exchange information, and stay on task. A great salesperson keeps an eye on the details as if he or she was a Project Manager, ensuring progress and that nothing gets missed.
- Create–Big sales are rarely large volume purchases of off-the-shelf products or solutions.
In Daniel Pink’s important book, “Drive,” he convincingly shows that pay-for-performance is inversely related to complexity. Simply put, the longer and more complex a desired outcome is to achieve, the less pay-for-performance matters. A strong example is in the world of large sales. Large account sales require more time. If you want to keep sales people motivated in these longer and larger sales, you need to provide more compensation in salary.
There are also additional people- not just salespeople, but your whole team. To land a big deal, you’ve got to load up your team with people of all skill sets (subject matter experts who can speak the client’s language), because one person (a sales guy) out there on his own is not going to cut it. How do you keep those people engaged as well? If they’re not seeing their efforts translate into money in a meaningful way (commissions, profit-sharing, bonus, etc), they’ll too be distracted by the not-so-shiny-objects of their every day job.
How to Take Action
1. Pay more for big sales — and spread it around
The sales representative is not the only person involved in the hunt. The fact is, after the initial interest is generated, the internal subject matter expert team does a lot of the heavy lifting.
2. Put a trophy-bonus on the wall
Make it specific and personal. At one point in my career, I had a competitor for which I had a personal distaste. I wrote up on the wall that competitor’s top 10 clients and told my team, “I will pay a 20% premium on commissions for every deal we land from this list in the next 6 months.” We got 3 and it tasted sweet.
Is there a misalignment between your company’s sales strategy and your business strategy? Perhaps you are driving toward significant growth, but your sales force is chasing small accounts that will never result in enough revenue for your company to achieve your goals. Or, maybe your sales team is focusing their efforts on landing large accounts when your business strategy is to grow by diversifying your client base with multiple smaller accounts. Either way, a misalignment between your sales strategy and business strategy results in lost growth opportunities for your organization.
See the article I wrote for Chief Executive on how to examine what sales strategy your sales force is currently following and determine the one you should be following.
“Is your Sales Strategy Properly Aligned with Your Business Strategy?”
Strategy 1: Get Super-Efficient at Transactions
Gartner estimates that by 2020, customers will manage 85% of their purchasing transactions without talking to a human. Therefore, if your business strategy relies on your sales force targeting numerous, small accounts, your sales strategy should drive your sales force to become the most efficient and effective transaction processor it can be. This can be accomplished by improving transaction efficiency. This is typically done online, through a portal, a store, or an inside salesperson. Through this process, your company is valued not for the salesperson’s knowledge, but for how quickly, accurately, and cost-effectively you can provide value.
To review the other strategies go to: http://chiefexecutive.net/is-your-sales-strategy-properly-aligned-with-your-business-strategy
Want to learn more about how to grow in this new era of sales?
In the past, sales managers provided oversight, facilitated requests back to corporate to ensure that orders were expedited, and generally stayed out of the way, unless additional support was needed to help underperformers. Today, it is now up to you as a sales manager to view territories, customers and products as if assessing a financial portfolio that you are responsible for investing. The people involved, the marketing dollars spent and the efforts expended are all for you to decide. It is your responsibility to make your investments wisely.
See the article I wrote for Sales and Marketing Management on the seven responsibilities that sales manages must own. You may find that you need to adjust the way you have been executing your sales manager responsibilities.
“7 Responsibilities Sales Managers Must Own”
Shifts in the business-to-business buying process have transformed selling as we know it. In the past, salespeople had a fair amount of control. They were given a territory, a pricing structure, a margin target and a set of products and services they could offer, and then sent off into the wild blue yonder. They were responsible for managing their territory and producing results. Sales management provided oversight, facilitated requests back to corporate to ensure that orders were expedited, and generally stayed out of the way, unless additional support was needed to help underperformers. That’s how things used to be. Now, the role of sellers – and therefore sales managers – is much different.
See more at: http://www.salesandmarketing.com/content/7-responsibilities-sales-managers-must-own
Want to learn more about how to grow in this new era of sales?
Most of us who were trained in sales since the 1970’s were taught the principles of “consultative selling.” However, the consultative selling skills of listening, relationship building, product knowledge, and implementation of incremental recommendations are no longer sufficient for reaching executive-level buyers.
Below is an article I wrote for Middle Market Executive on why middle market companies need to ditch consultative selling. Perhaps you will decide that your company needs to ditch consultative selling as well
“Ditch Consultative Selling If You Want to Reach Executive Decision Makers”
The conspiracy to keep sales people away from executive decision-makers by trapping them in purchasing processes conducted by non-executive gatekeepers is real. You are not imagining it. Organizations continue to seek efficiency through automating and regulating the buying process, which is code for “kicking sales people out of the picture.” This is evident in the trend of companies standardizing the buying process to the point that a spreadsheet or technology often replaces the need for a sales consultant. In fact, Gartner estimates that by 2020, customers will manage 85 percent of their purchasing transactions without talking to a human.
See more at: http://middlemarketexecutive.com/middle-market-companies-need-ditch-consultative-selling/
Want to learn more about how to grow in this new era of sales? Download a FREE chapter of the upcoming book: Life After the Death of Selling: How to Thrive in the New Era of Sales.
As you think about what expectations to set to help your sales force succeed in the new era of selling we find ourselves in, consider if you are valuing “motion” or “movement.”
“Motion” is a term that we use to describe all of the sales activities that occur in getting people together, having conversations, and exchanging information within a given sales stage. Whether it takes one call or five calls, one meeting or five meetings, one document or twenty documents, it doesn’t matter. All of that is motion inside a system, but is the motion helping move the sale forward?
“Movement” is a term we use to denote completion of one stage and progression to the next. In a stage-gate process, this means that all the items in one stage have been completed, so the gate opens to the next stage. Movement along a sales process indicates that you are approaching either a close or the elimination of a prospect.
How to Take Action:
When it comes to measuring performance, spend less time worrying about the number of motions being made, and more time focusing on progressing forward through “movement.” To encourage movement over motion, consider giving a value of “one” to every movement from one stage to the next in the sales process. That’s right. Whether your sales reps close a deal, move a deal off of the dashboard because they lost it, or add a deal to the dashboard, it doesn’t matter. Each one of these progressions has a value of one.
What salespeople need to bring to the table in this modern era of sales is significantly different from what they needed to bring in the past. In the past, success was driven by hard work, forging lots of relationships, and having numerous prospects in the pipeline, but that is no longer sufficient.
Below are three tactics sellers need to master to win in this new era of selling.
1) Secure an Executive Sponsor
Having an executive sponsor means you have secured the right level of oversight and motivation to see a successful execution of the buying process. It doesn’t guarantee that you will win, but it does increase the chances that you will be able to move the prospect further down the buying process. So what is an executive sponsor? An executive sponsor is someone within the prospect company who has the authority to make the purchase decision, has the ability to pull together the necessary people to participate in the sales process, and has a problem you can solve.
2) Get the Right People at the Table
If you’re going to be effective in the world of large account sales, then you have to become comfortable with larger numbers—not just the larger economic scale of a deal, but also the larger number of people involved. If you do not bring all of the necessary people to the table from both sides, somewhere in the selling process, a stakeholder from the prospect company not at the table will pull the handbrake.
Last week I shared how sales management has changed. Today I am sharing the top three skills sales managers need to succeed in this new era of sales.
The “State of Sales Productivity 2015” study by Docurated found that only one-third of a sales rep’s day is actually spent selling, while 31% of their time is spent searching for or creating content, and 20% is spent on reporting, administrative and CRM-related tasks. Nowadays, 44% of B2B organizations do not verify if the business is valid before passing it to sales, and 50% of leads come from outside the standard process, according to a study by IKO System. This all adds up to a lot of wasted time and effort for both sellers and sales managers.
While companies may have been able to get away with wasting time in the past, companies that want to make it in this new fast-paced era of sales will have to have a laser focus on the activities that drive results. There is no room for dawdling. What’s the solution? Better sales management.
Below are three sales management skills necessary for thriving in the new era of sales.
1) Selecting targets.
There’s an adage that salespeople talk to whomever will talk to them. In the new world of selling, your responsibility is to make certain they are talking to the decision makers who can approve large opportunities that will come to fruition in the near future. Working with sales leadership, you must establish a filter that helps to define the most likely candidates for higher-opportunity sales efforts.
I’ve called it–the era of selling we have been operating in is dead, but what does that mean for sales managers? If sales has changed that means that sales management must also change if you want to thrive in this new era of sales.
For instance, geography is rarely a barrier to sales in today’s environment. Sales are processed through computers, facilitated through rapid delivery, and financed through mechanisms that occur with the swipe of a credit card.
The barriers to product information have fallen as well. Global access to information and technology allows buyers to assess differences between products on their own. It is also estimated that by 2020, customers will manage 85 percent of purchase transactions without talking to a human.
So what does this mean for sales managers? The companies excelling in today’s environment understand three critical ways that sales management has changed. The question is, do you?
1) Higher-Level Sales Require More Efficiency
Higher-level sales now require a greater level of efficiency. Why? Because shifts in the businesses-to-business (B2B) buying process require more resources to hunt opportunities than in the past. You may need a larger team because it often takes more time and cycles to meet with all the people on your clients’ teams. You’ll also need more time and resources to gather additional insight and information to shape your offering to your prospect. All this means you must be more efficient and targeted than in the past. If you let your salespeople run amok, calling on whomever they choose, you will get a lower yield because there is little selectivity and no focus on efficiency.
You’ve heard it over and over again as CEO—delegate, delegate, delegate! Learning how to delegate is crucial for every CEO, yet research shows that one of the top areas board directors say CEOs still need to work on is “sharing leadership/delegation skills.”
With all of this focus on delegation, is there such a thing as over-delegation? You are, after all, CEO—NOT Chief Delegation Officer. So while it is important to delegate some things, not everything should be delegated.
Below are 5 areas of your business that are your responsibility to always monitor closely:
1) Quality Standards
As CEO of your company, as soon as you stop paying attention to the quality of your products and services, so will the rest of your employees. While you can delegate quality control to employees, you cannot delegate setting the quality standard. That comes from the top and should be protected by the top. The quality of your product or service will only be as high as the bar you set as CEO. No one has sharper eyes, ears, and intuitive knowledge of what quality means for your company than you.
2) Financial Health
Having your accounting and reporting tasks performed by trained CFOs and accountants is necessary, but what is not necessary is to yield all decisions about your company’s future and supporting tactical initiatives to your financial team. While your financial team is your right hand, you are exclusively responsible for telling that right hand which tasks to focus on accomplishing to maintain the financial health of your business.