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More than Just Lines on a Map: Best Practices for U.S Bike Routes
Sandler Advisor Summer 2014 courtesy of Sandler Training in Lone Tree, Colorado
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Table of Contents
summer 2014
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Summertime Selling and the Myth
of the Eleventh Commandment
YouTube Corner
Case Study: Stevens & LeeYou Got the Lead. Now What?
Targeting Your Sales Prospects
With PPC Advertising
When Your Foot Hurts, You’re Probably
Standing on Your Own Toe
The Two-Minute Coach
By Dave Mattson
President & CEO of Sandler Training
continued on page 4
®
Have you noticed? Temperatures
are rising, which means summer is
about to make its big entrance. For
most of us, that’s entirely good news,
because summertime means things
like vacations, cookouts, and maybe
even some time at the beach with a
good book. For salespeople, though,
the advent of summer is likely to
be a bittersweet development, one
that leads to an unnecessary drop
in annual income … because of the
Myth of the Eleventh Commandment.
Most salespeople, whether they admit
it or not, act as though there’s an
Eleventh Commandment that reads
as follows: “Thou Shalt Not Expect
Anything Significant to Happen During
the Summer, Inasmuch as Thy Clients
and Prospects Are Likely On Vacation,
Preparing for Vacation, or Returning
from Vacation.”
There is no Eleventh Commandment
— or if there was, it never made it
down the mountain with Moses,
and that means it doesn’t count as
a Commandment and isn’t binding.
Below, you’ll find some tips you can
put into practice right now, as the
so-called “slow months” begin. They’ll
help you avoid the income drought
that observance of the (mythical)
Eleventh Commandment always
seems to produce.
1.
Don’t make half-hearted
commitments. (Click to Tweet!)
Salespeople often find themselves
falling behind on their yearly goals
during the summer months. Why?
First and foremost, because they fall
into the trap of making half-hearted
activity commitments to themselves
during this period. They don’t take
full responsibility for identifying the
new actions necessary to support
their income goals. So yes, some
people are indeed going to be on
vacation during the summer months.
That means that, on any given day,
you may not be able to get in touch
with as many people as you usually
would … if you were to do exactly
what you usually do. So change your
plan! If it usually takes you sixteen
dials to generate one new scheduled
appointment, set a new daily activity
goal. During the summer months, you
might make a personal commitment
to make twenty dials every working
day, because experience has shown
that that’s what you need in order
to maintain your pipeline at the level
you want. A lot of salespeople let the
daily dial total drop to eight, or four,
nothing at all … on the theory that
3 Little, Mid-Sized, and Big
&
Summertime Selling
THe MythoF
Eleventh Commandment
the
2. Now What?
2
By Evan Polin, Sandler Trainer
Every salesperson dreams of getting good leads.
But what are you supposed to do when you get one?
Let’s assume Marketing has gone to the trouble of generating a hot lead for you. Now
it’s your job to treat that lead with the respect it deserves, by maximizing the possibility
of turning it into a sale. How exactly do you do that? Here are three time-tested steps
you can follow.
Step #1
Do a little homework.
Before you reach out to this person, make sure you understand why he requested
information, gave you his name, clicked on an Internet link, or did whatever else he
did to get himself on this list. If you don’t understand that much, you can’t possibly
expect to craft a message that relates to this prospective buyer’s circumstances. If
it’s possible for you to do so, you should experience first-hand the process by which
people become leads.
Step #2
Understand the likely pain(s).
Now that you know a little about this person’s circumstances, think about why your
product or service is likely to be valuable to the people on your lead list. What problem(s)
are they trying to solve? What goal(s) are they trying to achieve? What outcomes are
they trying to produce — or avoid? Once you have clear answers to those questions,
move on to…
Step #3
Make sure there’s a
message-to-market match.
(Click to Tweet!)
Now it’s time to hone your message until it matches the market’s dominant concerns.
When you finally do connect one-on-one with the lead, you should be prepared to engage
prospects with a question that’s relevant to the reason that they identified themselves as
a prospect in the first place. For instance, if you do a lot of work with homeowners who
reach out to you because they are unhappy with their high monthly mortgage payments
and are looking for a way to lower them, you might ask: “What is your current mortgage
rate?” “Have you refinanced in the past?” And so on.
You Got the Lead.
You should be prepared
to engage prospects
with a question that’s
relevant to the
reason that they
identified themselves
as a prospect in the
first place.
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recognized as the
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knowledge and successful
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Speak to your Trainer today for more
information or to see if you qualify.
Introducing
3. 3
Little, Mid-Sized, and Big
What kind of business do you want to
close, and from whom, over what period
of time? The answer to this question
should not be “Anyone I run into.”
Our clients find it helpful to think of clients
as coming in three different sizes: Little,
Mid-Sized, and Big.
We call small clients (in terms of both
profitability and revenue) Littles. There’s
nothing wrong with Littles, but you don’t
want to try to build your entire income
stream around them. Determine the
number of Littles that you are willing
to service over a given month, year,
or quarter, as well as the minimum
amount of revenue a Little client will
give you to make it worth your time to
take on that new, smaller client.
There are also Mid-Sized clients in terms
of the revenue that they generate for your
firm over time. In addition to revenue, you
probably want to look at the profitability of
your client work when identifying a Mid-
Sized client. These clients should produce
revenue in areas that are more profitable for
you and your firm than your Little clients.
Determine what amount of revenue for
you and/or your firm should be coming
from Mid-Sized clients, as well as the
total number of Mid-Sized clients that
you will need in order to meet your goals
for the year, month, or quarter.
The really large clients, the Bigs, are
part of the picture as well. Bigs are the
clients that generate the largest amount of
revenue to the firm, but because of their
size they typically take the most amount of
work to close. Another potential downside
for Bigs is that they can also take a great
deal of time to service and will often ask
for increased services at lower rates.
What percentage of your total revenue
do you want to come from Bigs in a
given month, quarter, or year?
We’ve seen some firms rely on too much
revenue coming from one or two Bigs. As
a result, they’ve suffered major setbacks
after losing one of them. We’ve also seen
firms come close to going out of business
because they were servicing too many
Littles – clients who were taking up all
of their time, but not generating enough
revenue for the firm to be profitable. The
key is to find the right mix of Little, Mid-
Sized, and Big for your business and your
own career.
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WORD
SCRAMBLE
June 2014
Excerpted from Sandler’s latest book,
Selling Professional Services the Sandler Way,
by Chuck and Evan Polin.
4. 4
July and August somehow don’t count when it comes
to prospecting goals! That’s a classic example of a
half-hearted commitment.
2. Focus on giving rather than getting.
David Sandler was an avid advocate of the proposition
put forth by Ralph Waldo Emerson on “compensation,”
a subject near and dear to the hearts of all salespeople.
Emerson’s essay on this topic dealt with the dualism of the
human condition: there is no effect without cause; no ends
without means, no shadow without light. Emerson goes on
to suggest that the universe is in perfect balance. What you
get out of life is equal, measure for measure, to what you
put into it. Translation: there is no getting without giving.
Unselfishly giving to others—friends, family, colleagues,
customers—whether in words or deeds, creates a deficit
in nature that must be filled. This role holds true in the
summer, just as it does during the other months of the
year. Since you may have a bit more time on your hands
during these months, you now have some time to spend
with existing clients. Add value to their day! Summertime
is the perfect time to conduct a semi-annual review of key
accounts. (Click to Tweet!) Take the pulse of the business
relationship. Look for ways to improve it. Make sure they’re
happy with what you’re providing … and if they’re not,
figure out what you need to do to fix the problem. Each and
every day of the year, there are numerous opportunities to
give—a helping hand, words of encouragement, advice and
counsel. When you contribute to others, others contribute
to you. When you help customers meet their needs, they
help you meet yours.
3. Do your homework.
Summertime is the optimal time of year to peruse your
company’s records and find out who buys what, when. Don’t
assume that all of your clients slow down on purchases and
purchase decisions during the warmer months. Check the
data. You’ll probably find that some people are actually
more active buyers during the summer. Identify these
people, and then make a point of calling on them.
4. Look for possibility.
If you only focus on roadblocks, you’ll only see shadows.
(Click to Tweet!) If, on the other hand, you shift your
focus and look for paths over, around, or through the
roadblocks, quite often you’ll find roads that lead you into
the light of new opportunities. During the summer months,
for instance, you can choose to call on leads you might
have overlooked at other times of the year, opportunities
that, for whatever reason, didn’t fall into the “low-hanging
fruit” category. These leads might take a little longer to
cultivate, or might require a little more research on your
part. Now’s the time to set up a plan of action for creating
a business relationship with potential customers you did not
make a top priority when you were busier. If, by temporarily
suspending your disbelief and taking action, you are able
to realize only a portion of what you set out to accomplish
with such leads, you’ll still be further ahead than you would
have been if you had done nothing!
5. Develop a sense of urgency.
If you are looking for motivation when it comes to carrying
out items one through four, above, consider this. Some
of your marketplace competitors may still be stuck in the
limiting belief of the Eleventh Commandment … but you
can’t assume that all of them are! It’s only a matter of
time before someone you’re competing against figures out
that the “slow months” are actually months of opportunity
in disguise. Make a personal commitment to get to the
decision maker before they do!
Summertime Selling and the Myth of the Eleventh Commandment — continued from page 1
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5. TargetingYour Saless
ProspectsWith PPC Advertising
5
It’s no secret that sales prospects are more
informed than ever. Thanks to the Internet,
search engines, and social networks,
buyers can find out anything about your
products without relying on a salesperson
to explain features and benefits. How can
sales organizations position themselves to
make the sale before getting the chance
to earn a customer’s business?
Savvy sales and marketing professionals
can team up to target prospects with
highly relevant and informative Pay Per
Click (“PPC”) advertising at each stage in
the online research process. Because you
are only paying when someone clicks your
ad to visit your website, PPC campaigns
can generate qualified leads efficiently
and effectively with a predictable Cost Per
Lead. Follow the steps below to reach,
engage, and convert prospects as they
work their way through the sales funnel.
Reach Prospects Early And Often
Pay Per Click advertising is flexible and
can be targeted to buyers based on
their search keywords, demographics,
geography, browsing behaviors, and
shopping patterns. Reach your prospects
at multiple points before and during their
decision-making period.
Don’t be afraid to look beyond Google.
(Click to Tweet!) The table below lists a
few advertising channels to reach sales
prospects at each stage of the buying
process.
Measure Conversions & Engagement
The beauty of PPC advertising is that
everything is measurable. At the very
least, set goals and measure the following
Key Performance Indicators to determine
the effectiveness of each PPC channel, ad
variation, and targeting method:
• Clicks: The number of clicks your
ads receive
• Impressions: The number of times
your ad appears
• Click-Through Rate: The percentage
of people that click your ad (Total
Clicks ÷ Total Impressions)
• Cost Per Click: The amount you pay
for each click (Total Cost ÷ Total Clicks)
• Conversion Rate: The percentage of
people that take a desired action after
clicking your ad, e.g. submit a lead,
download a white paper, or buy online
(Total Conversions ÷ Total Clicks)
• Cost Per Conversion: The amount
spent to generate one conversion
(Total Cost ÷ Total Conversions)
Over time, the total Cost Per Conversion
should generate enough profitable sales
to justify continuing to invest money in
PPC. Take the time to monitor results,
test new strategies, and optimize your
campaigns for better results.
Tying It All Together
PPC advertising can be your competitive
advantage when your strategies are
designed to reach customers before,
during, and after the sale. Measure the
results and optimize your campaigns
to improve your performance. PPC
advertising can yield outstanding results
and can be just what your company
needs to attract the next generation
of customers.
By Andrew Miller, Founder, Your Search Advisor
Andrew Miller founded Your Search
Advisor in 2007 to help clients grow
their businesses with targeted online
ads and measurable ROI. He has
been excited to come into work every
day since.
The beauty of
PPC advertising
is that everything
is measurable.
PPC Channel Best For Targeting Options
Display (Banner) Ads Raising awareness & brand recognition User Interests, Browsing Behaviors, Demographics, Geography
LinkedIn Ads B2B advertising Job Title/Function, Industry, Company Size, Geography
Search Ads (Google, Yahoo, Bing) Converting prospects at the moment of decision Keywords, Geography
Facebook Ads Increasing engagement with social content Likes/Interests, Demographics, Geography, Shopping Behaviors
YouTube Ads Promoting video content & increasing brand recognition Keywords, Video Categories, Demographics, Geography
6. 600 percent increase in clients in a key practice area
6
Business Challenge
Attorney Jo Bennett of the Stevens & Lee law firm had challenges with business
development and needed to expand her client base. While she knew her way around
the job of being a lawyer, she didn’t have the vocabulary to initiate conversations that
ended with prospective clients saying, “Yes, I want you to be my attorney.”
Bennett recalls, “Personally, I was uncomfortable with selling, but I was very comfortable
talking about my field of legal expertise — probably too comfortable. I was giving out
a whole lot of free legal advice, and I wasn’t seeing any positive results in terms of
broadening my client base or generating good referrals.” In order to gain insights into
the art and science of selling herself and increasing her client base, Bennett started
working with Sandler Training.
Sandler Solutions
Bennett came to Sandler looking for help in the following areas:
• Increasing business development performance
• Expanding business network
• Increasing referrals
• Reducing personal stress
Early on, Bennett’s Sandler trainer shared some critical principles that were absolutely
foreign to her way of doing business, including (1) going for the “no” and (2) seeing a
“no” answer as a positive outcome. Bennett quickly came to see that the “no” wasn’t a
reflection on her and that getting quickly to the “no” — if there was no chance of doing
business with a prospect — saved her time and effort.
Bennett remembers a meeting shortly after she began working with Sandler Training
in which it became clear that the prospect simply wanted one-time, free legal advice.
Before working with Sandler, Bennett would have persisted, trying to create a relationship
where there was none. “I normally would have started doling out bits of advice in the
hopes that he would sign on. Then I would have tried to persuade him to hire me, maybe
by discounting my rate. During this meeting, it hit me that all of that would have been
pointless, so I just stopped the exchange and said, ‘Look, it’s pretty clear that we’re not
in a position to help you. But thank you for coming in.’ I had the ‘no,’ and I was free to
move on to something else that would be a better investment of my time.”
Results
After going through Sandler Training, Bennett:
• Doubled her base of business in one year
• Increased the number of referrals arising from networking activities by over
100 percent
• Used internal cross-selling to expand total clients in a key practice area
from two to 12 over a period of 30 months, a 600 percent increase
“One of the biggest lessons I learned from
Sandler is that there’s absolutely nothing
wrong with one professional saying “no”
to another. From that point forward, my
prospecting and networking results went
through the roof.”
– Jo Bennett, attorney
Have a success story to share in the
next issue of the Sandler Advisor?
Submit your organization’s story at
CaseStudy@sandler.com.
Stevens & Lee
Case Study:
Stevens & Lee
About the Company:
Founded in 1928, Stevens & Lee is a
full-service law firm representing clients
on a regional, national and international
scale. The firm has established a
reputation as one of the preeminent
providers of sophisticated legal
services in the Northeastern United
States, and regularly handles some
of the most complex and challenging
transactions and litigation for clients in
a variety of industries.
Company Website:
www.stevenslee.com
One of the biggest lessons
I learned from Sandler is that
there’s absolutely nothing
wrong with one professional
saying “no” to another.
From that point forward, my
prospecting and networking
results went through the roof.
– Jo Bennett, Attorney, Stevens & Lee