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Entries categorized "Sales Process"

November 17, 2007

Trade Shows Go Virtual

markegingpligrim.com

Companies like IBM, Cisco, and others are taking their trade shows and conferences virtual. Some, like IBM have used the virtual world Second Life for such events, but virtual trade shows take it a step further. Also, the events are more professional and created for a business environment - there are no actual avatars. However, you can upload a picture, chat with booth representatives, and attend sessions.

Businesses of all sizes are trying out the concept. According to Tradeshow Week magazine, mid-to-large-sized companies spend about $550,000 every year on trade shows.

Online marketers are fans of virtual events because it costs less and often results in more targeted leads. The virtual version of trade shows don’t usually completely replace regular trade shows but are a way to cut costs or add value. Perhaps the biggest advantage of a virtual trade show is that you can track what people at your event do. Since attendees are anonymous they are free to linger and engage with the vendor as much or as little as they choose.

Recent research by The FactPoint Group
, in behalf of Unisfair found that virtual events like trade shows attract an average of 1,587 attendees which deliver an average of 348 qualified leads per vendor.

Founded in 2002, Unisfair has developed a virtual world for tradeshows. It’s a 3-D collection of booths, live and recorded presentations and most importantly for marketers, it tracks what attendees are interested in.

I chatted with Don at Unisfair today. The company was founded in 2000 in Israel and was funded by Sequoia Capital. Based in Menlo Park, they combine online collaboration tools with social networking and virtual environments. They’ve hosted everything from job fairs to user groups and sales training.

The numbers look pretty good. Most events are free to attendees and average over 3,000 people registering, and just over half (52%) actually attend. Most people spend 2.5 hours at the event, visit 16 locations and download five resources. Most virtual tradeshows run 1.5 days but are still accessible for three months following the event. You can test out a demo of a virtual trade show at Unisfair’s showcase here.

November 10, 2007

Holiday Returns: Ready or Not, Here They Come

 

The holiday season may bring joy to consumers and retailers alike, but
hand in hand with that joy comes the inevitable pain of post-holiday
returns. Gift returns can be a hassle for consumers, but for retailers
they pose a daunting logistical challenge, requiring speedy adjustments
throughout the pipeline as consumers are reimbursed and products are
returned to inventory.

See the Full Story:
http://www.crmbuyer.com/story/60249.html

October 30, 2007

Why salespeople should NEVER perform telephone follow-up!

ballistix.com

Why salespeople should NEVER perform telephone follow-up!

When I insist that Sales Coordinators -- and never Salespeople -- should make follow-up calls, there's always a howl of protest from Salespeople.

"What about the relationship?" is the instinctive response, followed by, "but Sales Coordinators don't have technical skills -- or sales skills".

Of course we can immediately discount the instinctive response (Executives have PA's don't they?), but it *is* worth considering the implications of a non-technical, non-salesperson performing follow-up calls.

Obviously, if the salesperson's assistant performs all follow-up calls, the content of these calls cannot be of a technical or sales nature.

And that's a very good thing!

To understand why, consider why we're making a follow-up call.

The purpose of a follow-up call is simply to schedule (and sometimes to confirm) the next activity in the opportunity-management process.

The call is not -- and should never be -- a sales call. The thing is, if you have (field-based) salespeople, we must assume that your product can't (or shouldn't) be sold on the phone. (If you can sell on the phone, get rid of your field-based salespeople and do just that.)

Accordingly, we want to quarantine salesmanship (and technical discussions) in face-to-face meetings where they belong. If we fail to do this, there's a very real danger that the opportunity-management process will devolve into an ongoing conversation!

Now, consider what happens to the salesperson when she knows that her sales coordinator will make all follow-up calls. This forces her to ensure that she has closure at the end of each meeting.

In practice, this means that she must get her client to agree to one of the three possible outcomes from each meeting (to proceed to the next activity in the opportunity management process, to repeat the current activity, or to abandon the opportunity).

This means that the purpose of the follow-up call is simply to schedule this next activity.

On occasion it will be necessary for the Sales Coordinator to confirm the next step in the opportunity-management process. (This might be because the prospect has to confer with another person before committing to the next step.) In this case, it is the responsibility of the salesperson to explain the various options open to the prospect and advise him that purpose of the Sales Coordinator's follow-up call will simply be to confirm the appropriate option and then schedule it.

This ensures that the Sales Coordinator maintains control over the opportunity-management process and is, of course, in keeping with our primary sales management objective: to maximise opportunity flow.

October 13, 2007

Online receipt organizer thinks inside the box

  

Shoeboxed offers safe and searchable online storage of email
receipts. Users are assigned an email address to give merchants
when buying online, with receipts going directly to their virtual shoebox.
Online receipt organizer thinks inside the box

October 11, 2007

The Trouble with Expenses

Paul Kedosky InfectousGreed.com

 

If you're anything like me -- and my apologies if you are -- then you struggle daily under the weight of expenses. Too many of them to track, too many places to which to submit them, and no easy way to track 'em as you incur 'em.

I usually return from trips with clothes pockets ballooning with expense receipts, plus a bunch more in random luggage locations where I don't remember putting them in the first place. And then, of course, the real adventure begins: Trying to figure out if I actually kept all the receipts in my hustling from airport, to cab, to hotel, to meeting, to cab, to airport again.

Until now, that is. My friend Tony Darugar has launched the nifty Xpenser, a tool/service that allows you track your expenses as they happen via the magic of SMS, email, IM, or voice (via Jott). Whatever way you want to note that you just paid $86.41 for dinner for one in Manhattan, or that you paid $120 to cab from Heathrow downtown, you can now do track it as it happens.

Downsides? Yes, you'll still have all those darn receipts to keep track of, but at least now you'll know much sooner which ones you're missing.

October 08, 2007

Rules for Rainmakers

Gorillaconsulting.com

A colleague I'll call Jack is a rainmaker by anyone's definition. He uncovers and closes enough work to occupy a large practice, and he performs at that high level every year. Some people believe that his skills are the result of a "sales gene" few of us mere mortals possess.

Even though, at first glance, he doesn't seem that impressive, Jack does have advantages over others. He's immediately trusted by people he meets, grasps core issues facing clients in a flash, and he has service offerings that are second to none. His skills aren't in his DNA, though.

Instead, Jack does three critical things: he ignores conventional sales advice; cultivates his natural curiosity about people and events; and he practices continuously.

If you assume that rainmakers are born, instead of made, Jack's life is much easier. That's because you have erected a self-imposed barrier to reaching levels of success like his.

Miss Congeniality Doesn't Win the Crown

To begin with, rainmakers cast aside hackneyed sales advice for building "instant" rapport with clients. Granted, you probably won't win if your prospective client finds you repulsive.

But rainmakers are confident enough in their own abilities to engage in substantive, issue-based conversations with clients. They establish real connections with others based on undeniable professional competence--without trying to win a personality contest.

Rainmakers pursue a deep, holistic understanding of the client's strategic and operational issues. Their mindset is that of a business advisor, not just a vendor. And they immerse themselves, not just in the current client's concerns, but also in the high-priority issues facing all of the client's executives.

That means going beyond a cursory review of the annual report and the client's web site to prepare for meetings. Rainmakers focus on the issues below the surface by talking to their client's suppliers, customers, and their employees. They dig deeply into third-party analysts' reports and study industry dynamics and trends.

The rainmaker wants a long-term relationship with a high-value client as much as that first sale. So, if you're just scanning web sites and news clippings to get ready for important sales meetings, prepare for the rainmaker on the scene to beat you on a regular basis.

"So, if you're just scanning web sites and news clippings to get ready for important sales meetings, prepare for the rainmaker on the scene to beat you on a regular basis. "

Float to the Top

I've known consultants who worked tirelessly for weeks, or longer, to win a project, only to find that none of the client people involved could make the decision to hire them. It happens.

Rainmakers avoid that fate. They apply their knowledge of the client's business to establish advisory relationships with executives who have responsibility for the performance of the business. Many consultants understand this imperative, but still fail to get to the real decision makers. Instead, they get intercepted by lower-level people who insulate them from those who can offer a broader set of opportunities.

How do you get to the top people in your client's organization? First, take off your business development hat until the time is right. Clients smell a sales pitch a mile away and if they get one before they're ready, you'll be politely excused.

From day one, start to create a relationship matrix--an influence map--that lays out the routes for getting essential introductions. Work to understand where influence resides in the organization, whether it's in the sales organization, manufacturing, or elsewhere.

In smaller companies, finding the influencers and decision makers is usually straightforward. But in large companies, the path may not be so obvious. And, titles and influence aren't always related, so use your contacts, observations, and your creativity to understand who's calling the shots and navigate to them.

Floating to the top clarifies the big picture in your own mind, which helps you serve the client more effectively in the future. And after a successful sale, you will be positioned to ask for, and get, references from your client's top executives.

What's the Plan?

Becoming a client's advisor at this broader level isn't a hit-or-miss proposition. It takes systematic planning and action. To reach that goal, rainmakers work from proactive, customer-specific plans that articulate how they'll attract and hold on to profitable clients.

"Clients smell a sales pitch a mile away and if they get one before they're ready, you'll be politely excused."

One consultant thought it would be a great "win-win" plan to discuss with clients how his work would benefit the client organization and his business. In spite of positive intentions, his approach ignored clients' real interest, which is solving their own problems. That consultant left the industry after an unacceptable number of failed sales attempts.

Good consultants have client account plans specifying how to differentiate offerings to solve client problems. Most plans include the purpose for each client, how you will achieve it, the people you must meet, and what you must learn about the client. You should also outline the tactics you'll use and how much time, money, and effort you will expend.

The rainmaker takes the planning process one step further by developing a plan for gaining the client's personal trust. Research shows that client trust, which is highly correlated with sales, is dependent on three factors: trust in the firm, trust in the salesperson, and trust in the offering.

Clients know that service offerings have lifecycles, so they base their trust on their perceptions of the firm and the individual. The rainmaker knows that building that trust is a key part of the client marketing plan, not just something to hope for.

Then, of course, you have to work the plan. It's easy to get caught up in the client's day-to-day demands and let your marketing activities fall to the bottom of your to-do list. Rainmakers spend time every day on marketing. Set a goal, such as completing a few activities every day.

Great Work Won't Speak for Itself

Some consultants believe that delivering outstanding results in the present is enough as a successful sales strategy. It seems like a logical notion that, if you do great work, your client will hire you when new needs arise and send you valuable referrals. But don't bet your business on it.

Flawless delivery is essential for long-term success. You're hardly likely to survive a string of service failures. But you can't assume in today's business environment that word of your great performance will travel through your client's organization--and beyond that to others--without sustained effort on your part.

To get the word out, you need client-level communication plans for your current clients, and you need to integrate the details of the success you have helped clients achieve into your overall client marketing plan.

Assume No Allegiance

Complacency is the enemy of loyalty, so the rainmaker never assumes a client is loyal. A client's trust and loyalty can be swept away if you get too confident or let performance slip, even on one project or sale.

Clients will always surprise you, but be patient and understand the realities they face. Don't throw in the towel when things aren't going your way or you think clients don't show enough or appropriate appreciation for you.

Rainmakers understand that earning loyal clients is not a predictable, linear process. Instead, it's one that has growth spurts, plateaus, and setbacks. Patience and sustained action are at the core of the rainmaker's mindset. Invest yourself in that mindset, and watch it seed the clouds.

 

October 07, 2007

Selling and Buying: "I Do"

From ClickZ.com Click here for more...

A sales process includes steps to achieve a close. Not every business has a sales process, though admittedly some are more effective than others. Only you care about your sales process. It's internal. It's about you and your goals. It's not about your audience and their goals.

Everyone in your audience has a buying process, steps people go through to satisfy their needs and feel confident they made the right decision. Sometimes this buying process happens in the blink of an eye. Other times it takes months. In some cases, it takes only one person to make the decision. In others, five different departments and a C-level executive have to sign off on the decision.

October 06, 2007

The Laws of Giving

actionplan.com

The most effective marketing for Independent Professionals
revolves around giving, not getting. So how about the "Seven
Laws of Giving" for professional service businesses?

These laws are specifically designed to help you get more
response to all your marketing efforts and to attract prospects
who are qualified to take advantage of your service.

Law #1. Give away valuable information

All of your marketing should revolve around this law. Articles,
reports, surveys, teleclasses and other valuable information gives
prospects a real taste of what your business and services are all
about. And these days you can distribute this information
practically for free via email and the web.

Offer an article when people sign up for your eZine and before too
long, hundreds, perhaps thousands of people will know more
about you and have a positive association with you.

Law #2. Share valuable resources

When you make an initial connection with someone, it's not
unusual that you learn of a resource they are looking for. It could
be a tip on how to add sound to PowerPoint or a book on how to
work with virtual assistants.

If you know of a resource, let them know and follow up after the
meeting with an email with the information or an online link.
Make it a habit to be a resource and people won't forget you.

Law #3. Give free bonuses with your services and products

A bonus can be an enticement to work with you: "When you book
X months of work with me, you'll also receive a copy of this
planning software." Or "If you buy two online products You'll get a
third one for free."

However, it's more than an enticement. It adds real value that
can make a difference to your clients or customers. And if it helps
them get better results, you get more positive word of mouth.
Everyone wins and your cost is minimal.

Law #4. Give leads to clients and associates

People value good leads to potential clients. Sometimes they'll
reciprocate, of course. But a good lead that results in a new client
also buys you some access or time with your associate where you
can expand your collaboration.

For instance, you send a lead to an associate and that lead turns
into a good client. You then follow up with the associate and say:
"I'm glad John became a client. I'm sure he'll be happy with your
services. You know, I'd like to sit down with you and brainstorm
some ways we could help each other grow our businesses."

Law #5. Give something away to the associates of your clients

This law can create powerful leverage. Say you have a number of
clients who have associates and clients who are also good
potential clients for you. If your client has been happy with your
services, they will often be happy to spread the word about you.
You'd be surprised how generous people can be.

Let them know you've put together a valuable report, a recording,
a teleclass or a live presentation. And then work out a way to offer
this to the clients and associates of your client. It needs to be a
triple-win. The associates win because they receive something of
value. You win because you get access to potential clients. And
your client wins because they are seen as a valuable resource.

Law #6. Send written and emailed thank-you notes

Good business is conducted in an atmosphere of gratitude. When
you give, you'll also get in return. You'll also receive valuable
information, resources, bonuses and leads. And you want to
accept these with an open heart and with thanks.

And the best way to make that thanks real is with a written note.
Email will do for little things like the exchange of information and
resources. But when someone goes out of their way to help you,
give you a lead, or assist your business in some way, send a
hand-written card. It goes a long way.

Law #7. Give away complimentary sessions by phone

I've left this one to last because it's so important, and for many,
it can be the key to filling a professional practice. At its heart, a
complimentary session is an opportunity to assist a prospect in
getting clear about where they are going, what's in the way, and
what they need to do next.

Sounds simple, but it's not a conversation many business people
have the opportunity to engage in. To focus 100% on a prospect's
situation, dreams and challenges can be a life-changing
experience. And it often paves the way to introduce your services
which can facilitate the realization of their dreams.

September 11, 2007

The Problem With Free Sessions

Click here for more...
By Robert Middleton

How can you make free session successful?

You need to think of a free session as a special kind of sales
process - one that actually gives more value than giving away
your services.

If you really think about it, doing a free session that gave away
your services doesn't serve the prospect in the long run. The
chances are good they won't even be able to implement the
solution you provided for them in that session.

And even if they could, that solution will usually only be one small
part of bigger issues the prospect is facing.

If you are going to really serve your clients, they need a complete
solution. And complete solutions take more time, cost more
money, and require more of a commitment from clients.

And they will happily pay this price if you give them a complete
picture of what they would accomplish through working with you.
This way they see the true value of your services.

What do you cover in this kind of free session?

You'll spend most of the time finding out about the prospect's
situation, goals, challenges and dreams. You'll also discover what
it's costing them not to move forward. When you help them
understand all of this, you have given them great value.

In this session you can accomplish the following for the prospect:

     1. Clarify their vision (most people are very vague about this)
     2. Identify key strategic milestone objectives
     3. Uncover hidden challenges and blind spots that could be
         sabotaging their success
     4. Create a clear action plan for moving ahead
     5. Leave them inspired and re-energized

And when you accomplish those things in a free session, you
not only cover areas that have never been explored in depth
with them before, you'll get them excited about working
with you to help them move forward with their goals.

Do free sessions work to convert prospects to clients?

You bet they do! But you have to structure them completely
differently. Don't give them solutions, show them entirely
new possibilities.

September 08, 2007

The Three Roles Of The New Breed Of Business Developers

From RainToday.com click here for the entire article

As we are all aware, getting to know prospects and understanding their needs is not a quick and easy process. Prospects possess a hierarchy of needs which have to be uncovered gradually. This is why we need a new type of business developer for a new type of prospect.

So what does this new breed of business developer look like? For a start he or she has progressed from the more traditional, "lone ranger" approach of selling to a more team-based consultative style. Our research at The jfa Group shows that a consultative business developer needs to fulfill three basic roles: that of Business Consultant, Strategic Orchestrator, and Long Term Ally.