Span the Chasm – Sales Team Training – Driving Sustainable Sales and Growth through Development and Consulting

Tag: strategy

  • A Great Renewal Strategy Can Be the Key to New Sales

    A Great Renewal Strategy Can Be the Key to New Sales

    Renewals are getting tougher these days.  Everything is suspect when businesses cut costs to survive a recession.  Sales managers I talk to bemoan the changes to the renewal process this recession has caused: longer negotiations, shorter renewal agreements, reduced ancillary products. 

    Your current business is at greater risk every day. 

    Imagine if you could adopt a renewal strategy that can lay the groundwork for explosive growth down the road.  Focusing today on a great renewal strategy can have unexpected benefits in creating more future business.  

    How so? Well, let’s walk through it.  

    A Great Renewal Strategy Factors These In…

    First of all, a solid trust bank will be expended when a renewal negotiation begins.  The larger the balance going in, the more likely you will get through a renewal discussion on the positive side.  That’s accomplished with a solid cadence of connection to your client. There’s a real need to be focused on the champion and economic buyer within this cadence to build trust with those that are most likely to help you get a strong renewal. And focus on multiple ways of connecting; email ONLY is insufficient.  

    As sales leaders, establishing a multi-pronged client cadence is immediately transferable to your prospecting. This teaches your team to both hunt and gather creatively. 

    Secondly, do the math on your ROI for each client.  How much are you saving your clients in time, money, and headaches?  How much revenue are you assisting them in generating?  What other sources of value are you creating?  One example would be to connect two clients to work on a joint venture to solve a problem together.  If you’re the source, you’re the reason for the increase in value you bring.  Solve client problems with other clients.  

    Both of these behaviors, a trust-building cadence and ROI calculation, create an environment for consistent and fruitful renewals.  The real genius of making this part of your sales model is this:  Referrals.  

    80% of people will refer you if you ask them.  Having a strong trust bank and clear message of value creation; gives those you ask all the ammunition you need to have a remarkable closing rate on your referrals.   

    As always, we at Span the Chasm can help you develop a program for this from your current sales process.  Reach out to us and preserve your current revenue while laying the groundwork for your future business.  

  • Avoid These 3 Sales Forecasting Mistakes and Make it Rain

    Avoid These 3 Sales Forecasting Mistakes and Make it Rain

    Your sales leader just asked you a very reasonable question.
    Admit it, you don’t know the answer.

    You’re embarrassed and your palms are sweating.

    “Why did you forecast opportunity X to close on Y date?”

    We’ve all been there at some point in our career (probably more than once). Our forecasts don’t stand up to inspection. A deal slips 2 quarters in a row, only to slowly fade into oblivion.

    You were sure but then you weren’t. It was a ‘done deal’ but then it wasn’t.

    Forecasting IS a tricky process. Often more magic than science but, in the end, the elite reps replace voodoo with rigor and do bigger, faster deals.

    For many, their sales forecast has the same accuracy as the 15-day weather forecast, even if it was created using the latest technology by Accuweather.com

    You would never buy a new car based on commissions you MIGHT earn.  So why would your company put faith behind a forecast with less than a 50% chance of actually happening?

    There’s a reason your forecasting is as unpredictable as a July pop-up thunderstorm in Atlanta.

    Actually, there are 3 reasons your forecasts aren’t close to 100%:

     

    1. They’re ALL about YOU.

    YOU need the deal by a certain date.  

    YOUR quota relies on it.

    YOUR measurement is dependent on it.

    YOU, YOU, YOU!

    This all-too-common approach will ALWAYS fail because no one on the other side of the table cares about YOUR issues.  

    Your manager.  

    Your prospect.  

    Anyone. They aren’t motivated by your goals. And everyone that works near you quickly sees your credibility is shot.

    Action: Stop forecasting deals because you need them. Instead, Run to the Truth™ and focus on reason #2.

     

    1. They are based on hope instead of strategy.

    Because you NEED these deals, you haven’t created a defined action on the opportunities other than a feeble statement that you’re going to ‘follow up with them right after this forecast review’.  

    Deals that move through the pipeline with velocity have value aligned action steps with support from your prospect. Without this, there IS NO velocity.

    Action: Get with your leader and review your top opportunities. For each opportunity, plan the next 2 value aligned steps that would make sense to both you and your prospect. Reach out to each prospect and get consensus immediately.

    And make one of those steps include #3.

     

    1. They’re not connected to the Economic Buyer (EB).

    Elite sales reps are connected with the EB.

    (If you don’t know who this is, call me IMMEDIATELY on 404-307-3201. I mean it.  Call me RIGHT NOW!)

    The EB holds the key to the discretionary dollars needed to fund this effort.  

    3 things you must know from your EB:

    Are they going to fund this?

    When are they planning this? And

    What priority is it on their list?

    If you haven’t heard from the EB, you’re flying blind. Ask us about our win-loss data regarding the EB involvement for B2B strategic deals. There’s a shocking correlation related to the failure of deals that don’t involve the EB.

    Action: Use your Champion on the account to get in front of the EB and find the answers to the 3 questions above IMMEDIATELY. Recast your forecast. Now, apologize to your sales leader and promise NEVER to miss this important step again!

     

    Just like forecasting the weather, sales forecasting is hard and rarely 100% accurate, even under the best of circumstances. With these specific steps, you can increase your certainty.  This is not a complete list, but it’s a great place to begin some serious self-examination.

    Remember, in the end, YOU own your success. No one else. It’s up to YOU to be amazing.

    ‘HOPE’ does NOT work. Maybe for a lousy weatherman, but not for a successful sales rep.

    Elite reps know this and they map it out. They execute the plan. They ask for help.

    If you’re ready to enter the world of the elite, start with asking for help. Contact us using the sidebar, and we’ll help you create a rainmaking forecast.