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Cross-Selling & Up-Selling with Miller Heiman

These slides were originally presented by Rich Blakeman, sales vice president for Miller Heiman, in a presentation, Cross-Selling & Up-Selling:Uncovering Hidden Opportunities, to the San Francisco Chamber of Commerce, Tuesday, July 14, 2009.

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Cross-Selling & Up-Selling with Miller Heiman

  1. 1. Cross-Selling & Up-Selling:Uncovering Hidden Opportunities<br />Rich Blakeman - Sales Vice President, Miller Heiman<br />SAN FRANCISCO<br />CHAMBER OF COMMERCE<br />Where smart business starts<br />
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  4. 4. How does it look to you?<br />This year I will achieve my sales quota.<br />? %<br />? %<br /> Others<br /> World Class<br />
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  6. 6. How did it look last October?<br />This year I will achieve my sales quota.<br />83%<br />48%<br /> Others<br /> World Class<br />
  7. 7. Current Customer<br />New Customer<br />Profitability<br />
  8. 8. Who we are<br />Miller Heiman – The Sales Performance Company<br />Miller Heiman helps companies and individuals that compete for high-value business-to-business sales develop strategies, processes and skills to consistently win business – especially when the sales process is complex and the marketplace demanding. <br />We have been in business for more than 30 years. Over this time we’ve evolved into the world’s largest sales performance consulting and training firm and the preeminent thought leaders in the space. <br />Our reach:<br /> Over 1,250,000 alumni<br /> Over 10,000 client engagements <br /> Programs translated in 17 languages<br /> Operating in over 35 countries<br />
  9. 9. 2009 Miller Heiman Sales Best Practices Study<br />Annual study reveal trends, issues, opportunities in a complex selling environment<br />Benchmarks year-over-year trends<br />Survey conducted in October 2008<br />Sixth year of study<br />3,900+ sales professionals participated in current study<br />21,000 participants to date<br />
  10. 10. Today’s Reality<br />Targets<br />Leads<br />Meetings<br />Opportunities<br />Close<br />
  11. 11. Cross-Selling Defined<br />Cross-selling (verb) <br />Expanding the number and quality of relationships between key people in the buying organization and the selling organization, and/or<br />Making additional relevant solutions available to the buying organization (e.g., new products).<br />
  12. 12. Up-Selling Defined<br />Up-selling (verb) <br />Converting an initial order into a more profitable order. Typically manifested by the customer&apos;s commitment to: <br />(1) additional units of the seller&apos;s solution – or – <br />(2) a premium version of the seller&apos;s solution. This doesn&apos;t mean selling one&apos;s customers something they don&apos;t need; it does mean selling one&apos;s customers more of something that they do need.<br />
  13. 13. Timing for Effective Cross-Selling & Up-Selling<br />Buying Process<br />Status<br />Quo<br />Need to<br />Change<br />Recognized<br />Define<br />Problem<br />Evaluate<br />Options<br />Select<br />Best<br />Implement<br />Assess<br />Value<br />
  14. 14. Timing for Effective Cross-Selling & Up-Selling<br />Buying Process<br />Status<br />Quo<br />Need to<br />Change<br />Recognized<br />Define<br />Problem<br />Evaluate<br />Options<br />Select<br />Best<br />Implement<br />Assess<br />Value<br />Up-Selling<br />Cross-Selling<br />
  15. 15. Sales Leadership Challenges Today<br />Increase average deal size<br />Effectively introduce new products/services to the market<br />Grow sales without significant increases in resources<br />Differentiation through increased value<br />
  16. 16. Do your customers understand the full breadth of your capabilities?<br />
  17. 17. Only 34 percent of top-performing sales organizations report that their customers understand the full breadth of their capabilities, and only 22 percentof all other organizations make the same claim.<br />2008 Miller Heiman Sales Best Practices Study<br />
  18. 18. Existing Client/<br />Customer<br />New Client/<br />Customer<br />Proven Product/<br />Service<br />1<br />3<br />New Product/<br />Service<br />2<br />4<br />1 - 4 = Most to Least Predictable<br />Predictability Analysis Model<br />
  19. 19. Our sales force is very effective at selling new products / services.<br />74%<br />37%<br /> Others<br /> World Class<br />
  20. 20. The Number One Reason People Don’t Cross-Sell Up-Sell<br />
  21. 21. The Number One Reason People Don’t Cross-Sell Up-Sell<br />FEAR<br />
  22. 22. Fear of Cross Selling & Up-Selling<br />Fear of losing is the number one reason salespeople do not cross-sell and up-sell more often.<br />
  23. 23. 92%<br />91%<br />43%<br />37%<br />Others<br />World Class<br />Others<br />World Class<br />Our organization regularly collaborates across departments to manage strategic accounts.<br />Sales and Marketing are aligned in what our customers want and need.<br />
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  25. 25. 4 Steps to More Effective Cross-Selling & Up-Selling<br />Develop Your Ideal Customer Profile<br />Map the New Buying Process<br />Understand the Concept<br />Define Unique Strengths<br />Step 1<br />Step 2<br />Step 3<br />Step 4<br />
  26. 26. Develop Your Ideal Customer Profile<br />Step 1<br />Consider the characteristics of those clients who would have the greatest need for your added product/service:<br />Create a list of five key characteristics.<br />It’s not who has a need but who has the greatest need<br />It’s not who will buy but who will buy quickly<br />Quick wins help reduce Fear<br />This is the criteria you will use as a sorting device to prioritize.<br />
  27. 27. Example: Ideal Customer Profile<br />Fast sales head-count growth<br />Higher than expected sales force turnover<br />Client has shared their concern as to whether they have the right people<br />New VP of Sales in place<br />Companies in the midst of a merger or acquisition<br />Size of sales force<br />Which current clients match your Ideal Customer Profile?<br />
  28. 28. The Cross-Sell/Up-Sell Matrix<br />
  29. 29. Step 2<br />Map the New Buying Process<br />Who will help you gather information?<br />Do you know this person – do you need to develop this person?<br />Who will make final decision to buy?<br />Do you know this person – do you need additional info?<br />
  30. 30. Develop Your Coach<br />Role: acts as a guide for cross-selling and up-selling<br />Proactively develop at least one<br />A Coach can provide and interpret information about:<br />Validity of this Opportunity <br />Other Buying Influences <br />Focus: your success with this proposal<br />Asks: “How can we make this happen?”<br />
  31. 31. Recognize where the decision will get made.<br />Who holds the budgetary/financial responsibility<br />Who’s ultimately responsible for the success/failure when purchasing your product/service<br />Calling at the right level is critical<br />Top-performing sales organizations include client executives in the sales cycle1:<br />52 percent more likely to gain access to key decision makers<br />57 percent more likely to systematically identify the issues of key individuals<br />56 percent more likely to have relationships and dialog at the highest executive levels with strategic accounts<br />Must be selling at the Economic Buying Influence level!<br />1 - Source: 2009 Miller Heiman Sales Best Practice Study<br />
  32. 32. Step 3<br />Understand the Concept<br />Finding the optimal solution<br />Every customer has a solution image or Concept<br />Customers buy what they think your solution will enable them to accomplish<br />The Customer’s Concept evolves during the buying process<br />The sales professional needs to understand the Customer’s Concept<br />Customers have Concepts; companies do not<br />
  33. 33. Customer’s Concept<br />Accomplish something<br />Fix something<br />Avoid something<br />Create a Valid Business Reason<br />Provide a compelling reason for this person to invest time with you<br />
  34. 34. Is bigger better? Why?<br />What is Unique and better about the larger solution? <br />What are your Strengths?<br />How are your Strengths important to your customer?<br />Define Unique Strengths<br />Step 4<br />
  35. 35. Differentiation<br />Products, services, or solutions must be differentiated before the customer makes a decision to buy, or that decision may be based on price alone<br />Customers do not buy products, services, or solutions per se; they buy what they think or feel the products, services, or solutions will accomplish for them<br />Your Customers must see a link between your product, service, or solution and their Concept<br />So What? Prove It!<br />
  36. 36. Review of the 4 Steps to EffectiveCross-Selling & Up-Selling<br />Develop Your Ideal Customer Profile<br />Map the New Buying Process<br />Understand the Concept<br />Define Unique Strengths<br />Step 1<br />Step 2<br />Step 3<br />Step 4<br />
  37. 37. Q&D<br />Q&D<br />Questions & Discussion<br />