Taking Theory and Making It a Reality Through Insight-Led Selling
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This document discusses how sales processes need to change to adapt to new buying behaviors where customers are more independent and form buying committees. It outlines how one company updated their sales strategy and enablement model to focus on identifying competencies, building a process centered around customer needs, understanding customers' businesses, and providing training to sellers. Teams and collaboration tools like SAVO can help by supporting idea generation, solution development, discussion, and leveraging collective knowledge to improve insight and creativity in selling.
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Semelhante a Taking Theory and Making It a Reality Through Insight-Led Selling
Semelhante a Taking Theory and Making It a Reality Through Insight-Led Selling (20)
Taking Theory and Making It a Reality Through Insight-Led Selling
- 1. Insight-Led Selling: Taking Theory and Making It Reality Paul Liberatore Senior Manager, Sales Enablement
- 2. How much can we accomplish on our own?
- 3. What do we gain by forming teams?
- 4. How do we improve productivity?
- 5. Just Run the Process LEADS Qualify Demo & Trial CLOSE
- 6. Following the Process Equaled Success
- 7. Welcome to the machine. Adamson, Brent, Matthew Dixon, and Nicholas Toman. "Dismantling the Sales Machine." Harvard Business Review. Nov 2013: Print. For years, tuning this machine has been the primary means of boosting sales productivity. But recently sales has been caught off guard by a dramatic shift in customers’ buying behavior.
- 8. So, what’s wrong with that?
- 9. So, what’s wrong with that?
- 10. It’s like playing a game where the rules have changed… But no one told you!
- 11. For nearly 100 years, doctors, nurses, and other healthcare providers from across the globe have looked to Welch Allyn for products and solutions that help them help others. The Welch Allyn Vision “Healthcare Providers in frontline settings will look to the people of Welch Allyn first for solutions to their patient care problems.”
- 12. Change is Needed Customers are: • Self-diagnosing their issues • Forming buying committees • Benchmarking against competitors
- 13. So who does win?
- 14. Updating Our Strategy Increased Revenue 30% 5X Number of large deals Pipeline yielding better results
- 15. Sales Enablement Model Identify Competencies Build a selling process based on customer needs Build training and coaching programs
- 16. Keys to Our Success • Building competencies required for insight selling • Developing a process around new buying environment • Understanding our customers’ business and their needs • Providing all of this to our sellers – through SAVO • Forging a strong partnership between marketing and sales to continuously deliver on this
- 17. But we come back to the question of how much we can do on our own….
- 18. “It’s all about appreciating the talents of the people you surround yourself with and knowing you could never have made any of this by yourself.” Steven Spielberg How does this translate into the world of selling?
- 19. How Teams Help Team Culture that Supports Insight Creation “Managing in the Insight Selling Era” June 2013 – Corporate Executive Board Idea Generation and Effective Brainstorming Collaboration on Solution Generation Discussion and Debate
- 20. Tribal Knowledge Forums Rep Connect How SAVO Helps Using Sales Content Pro & Mobile Sales Pro to Close the Gaps
- 21. How SAVO Helps Collaboration breeds creativity
- 22. • Insight is the difference between success and failure • Creativity is essential to insight • Creativity is a human endeavor and is improved through collaboration • SAVO can help drive collaboration
- 23. Thank You
Notas do Editor
- 3 main sections: organizing into teams to run efficiently Welch Allyn Story Creativity is required for success
- Sales feels like a solitary activity much of the time. Even when teams are involved, there is often one person responsible ultimately for each customer or each proposal.
- Sometimes, though, when we put a team on a task – and everyone is playing off of the same page the impact is staggering. So now we have gone from one from person trying to get it done on their own to an organized and coordinated team. Speaking of coordination, look at the conductor. That person’s job is to direct the team’s coordination, set the tempo, control the dynamics based on a vision of how the piece should be performed. In a lot of ways this is similar to your field leaders who manage the reps.
- So now we have more people working to accomplish a goal. And we have organized them into a team and given them a leader. How do we drive out waste? Do more with less? Go harder – better – faster – stronger We divide up the labor, put processes in place, support the people and the process with tools like CRM and Savo. Always striving to be more productive and more efficient.
- And in sales that looked something like this generic selling model. Just like on a production line, the success in sales meant sticking to a process. We want high consistency & low variability. We all wanted to be in first – customers had problems or questions and we needed to be the first to answer them Funnel velocity – turn the crank. Everybody wants to shorten the sales cycle from lead to close Lead = interest Qualify = budget – authority – need – timeline Demo & Trial = educate the customer Close = negotiate price or value
- And running the process was what we taught, coached, measured, and rewarded Why? Because it keeps the cost of sales relatively low. Generates revenue more quickly. And it has driven success in sales for decades. Best practice is to organize your CRM to support that process Training on our products and services focus on feature – benefit and how to demo or describe what we offer Collateral supports that Cost of sales down Revenue more quickly
- Sales Operations built a playbook and blueprinted a CRM tool – often from the inside-out – to make compliance as easy as possible. And we each created our own versions of a selling machine. Quote from: http://hbr.org/2013/11/dismantling-the-sales-machine/ar/1
- What’s wrong with that? B to C and retail often provides early indications of changes that will impact B to B businesses and the tale of these businesses is that they failed to sense and/or react to how buyers’ habbits and consumers’ requirements were evolving. Circuit City, for example, provided consumers the ability to come in and browse and try out products. They offered recommendations, technical information, even a level of consulting. Their business model banked on the fact that consumers would then make the purchase right then and there – in store. But they’re all out of business – why? Canaries in the coal mine, relied on old model, and then went out of business. ----------------------------------------- http://www.businessinsider.com/12-dead-brands-that-are-still-well-known-2012-10?op=1#ixzz2xauYakPe Circuit City — Not a single store standing. Founded: 1949 Filed for Bankruptcy: 2008 Once the No.2 electronics retailer (behind Best Buy), Circuit City achieved the impossible: In an era where more Americans than ever before fell in love with new electronic gadgets, it went bankrupt selling them. The stores' facades remain memorable ... which is why they're turning into restaurants! Borders — If you go to the company website you are automatically rerouted to Barnes & Noble. Founded: 1971 Filed for Bankruptcy: 2011 Unlike Barnes & Noble, the 40-year-old, mega-bookstore Borders, was unable to make a successful transition to the new business of digital and online books. By the end of 2011 Borders closed all of its retail locations and sold off its customer loyalty list, which included millions of names, email and physical addresses, phone numbers, and purchase information, to Barnes & Noble for $13.9 million. Tower Records — Totally gone. Founded: 1960 Filed for Bankruptcy: 2004 Tower Records invented the concept of the music mega-store. The bankruptcy was the result of excessive debt, music piracy and iTunes. But the legacy of the store will live forever as a phantom in the shape of the movie "Empire Records," which was written by a former Tower Records employee. Polaroid — The Instamatic before Instagram. Founded: 1937 Filed for Bankruptcy: 2001 The pioneer of Instamatic cameras is now nothing more than a filter option on your smartphone photo app. Unfortunately, the company was not quick enough to jump on the digital bandwagon, waiting until 2008 to switch product production to digital only. In the last two years, Polaroid has struggled to find ways to stay relevant, first by hiring Lady Gaga as a creative director for a specialty line of cameras, and second by creating an Instagram-like app called Polamatic. Blockbuster — The online-only model is Blockbuster's last-ditch effort to make a comeback. Founded: 1985 Filed for Bankruptcy: 2010 $1 billion in debt The smell of popcorn. The endless aisles. The arguments with your friends over what to rent. Long gone are the days of spending a Friday night at your local Blockbuster. Now we skip right to Netflix's website and stream a movie in minutes without ever having to leave our homes. While you won't see any more Blockbuster retail locations, you can still see the famous logo on their website where they house an online subscription version of the company that functions similarly to Netflix.
- Their customers were more informed and educated than ever before and used the brick and mortar locations as showrooms and to get a little more information. Then went online to get the best possible price they could. If you’re in retail, you have been facing this for a while. If you’re in more of a B to C environment you may be just starting to notice this over the past couple of years – or maybe you haven’t yet – but you will…. Our customers are more sophisticated and more educated than ever. They have buying committees and Sourcing teams. They need to drive extra cost out of everything. They do their homework, define their own problems, find the solutions that are “good enough,” and then ask a few vendors for quotes so they can pick the one that comes in the cheapest.
- Are your sellers are still using leading questions, using a BANT analysis, and doing full feature/benefit demos? Are your marketers support it with feature benefit collateral and promotions based on low pricing? Then it’s a race to the bottom because the rules of the game have changed and no one told you. Even when you run that selling process flawlessly and you out sell your competitors – while you may get in earlier than them, you’re still not in early enough to win anything other than the first right of refusal based on a price war where you’re forced to go to razor thin margins.
- Welch Allyn is a 100 year old medical device manufacturer based out of central New York – upstate, near Syracuse. We manufacture vitals monitors, blood pressure cuffs, thermometers, and – the wallboards seen in doctors’ offices and exam rooms everywhere. We’re privately held, but I can tell you that we have a great track record of growth and profitability. We have solid leadership – marketers in tune with our customers – an ingenious R&D team – and a smart and dedicated sales force .
- But what had been the recipe for success was beginning to fall short of expectations. Our customers were self-diagnosing their issues, forming buying committees, and educating themselves. They called us and a few competitors in for demos and trials to make sure we were “good enough,” then they asked us for our price. And they knew what they needed and they knew that anyone of the finalists could provide it – so it was always a race to the bottom. We won some and we lost some, but overall we weren’t satisfied with where this trend was headed. I’m here to talk to you today – not because our story is unique – but because it is all too common. And if you haven’t picked up on this change in the market and begun taking steps to address it your business is in jeopardy.
- In today’s selling environment the winner is the seller that changes the conversation from price and cost to value. Sellers who disrupt the customer’s thinking, who challenge what the customer thinks and believes, and then facilitates consensus among larger, more diverse – sometimes more dysfunctional – buying committees. Sellers who lead with insight causing those buying committees and sourcing groups to Reeducate – Reframe – Rethink
- Since updating our strategy to meet the new demands Welch Allyn has increased revenue by over 30% - we have 5 times the number of what we consider large deals – we actually have fewer deals in the pipeline but they are yielding better financial results…that means we’re more efficient and have gotten rid of a lot of the noise that existed in our CRM system due to a process that no longer matched the real selling world.
- I have a model for sales enablement built around competencies – process – and tools Over the past 5 years I have identified the competencies required to be an insight seller and worked with Courtney Chiavara to build training and coaching programs to elevate those competencies in our sales force. We worked closely with a group called Force Management to determine the things that matter most to our customers and build a selling process and a library of insights around that information. That library of insights help our skilled-up reps challenge the customer’s thinking to the point where the need for change is painfully obvious and the value of our solution is clear And we partnered with Savo to make sure that information was right at the sellers fingertips – mostly on tablets. We also worked very hard to build an alliance and a partnership with our marketing team that touched on everything from product development to sales training to collateral and Welch Allyn’s digital presence.
- The keys to our success, again Building competencies required for insight selling Developing a process around that new buying environment Understanding our customers’ business and their needs Providing all of this to our sellers – through Savo Forging a strong partnership between marketing and sales to continuously deliver on this
- The latest research from the Corporate Executive Board and their Sales Leadership Council tells us that insight-led selling is most successful when nurtured in a supportive environment. Being insightful, challenging your customers to Reeducate – Reframe – Rethink requires creativity The answers are not in a book that you can read and tell your customers. And how insightful, challenging, creative can we be when we’re on our own to think of these great ideas? When you play music on your own all of the ideas and inspiration must come from you. The same, really with any creative endeavor.
- But when you play music in a group or ensemble – or act or do improv; the powerful inspiration of the others creates a level of energy that is impossible to replicate on one’s own. [Spielberg’s quote] How does that translate in the world of selling?
- Disruptive insights are generated in a team environment that fosters Idea generation and brainstorming – I have a customer that needs to achieve this PBO – how might they do that? Collaboration and solution generation – how can we help them? Discussion and debate – How can we make this idea better? Are there any holes in what we’re thinking? It’s not easy when your team is all over the country. How do you accomplish this?
- I’m not able to do a demo here, but our reps: Share new ideas and novel approaches to customers’ challenges and look for feedback and wisdom Ask Subject Matter Experts and each other questions about what they’re seeing Seek out opinions, views, experience from other reps
- So when customers believe that they have adequately defined their problem and identified the solution and its requirements, this creative approach is required to help them: Reframe Reeducate Rethink Which is required to drive Revenue in today’s buying environment.
- You see, there must be a ghost in the machine – otherwise our sellers become automatons that provide no value to our customers other than slashing margins and processing order and that is something an online service (like Amazon or eBay) can do. Teach your leaders to foster collaboration. Lead your sellers to be innovators. Be creative in how you use your tools – like Savo – to create that collaborative environment.