Win The Sale 74% of the Time - Craig Elias - Virtual Sales Summit
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This document discusses how to win sales by capitalizing on "trigger events" or key moments that indicate a customer is ready to buy. It argues that traditional sales approaches are no longer effective and that most buying decisions are made before a salesperson is involved. Instead, it promotes an approach called "trigger event selling" which involves analyzing past successful deals to identify what events preceded those sales and reaching out to customers when those types of events occur. The document provides examples of trigger events like leadership changes, new product launches by competitors, or winning a new contract. It stresses the importance of identifying trigger events and following up with prospects before competitors do to take advantage of the buying opportunity.
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Win The Sale 74% of the Time - Craig Elias - Virtual Sales Summit
- 1. Craig Elias CEO & Chief Catalyst. How to WIN THE SALE 74% OF THE TIME
- 3. Slide 3 © COPYRIGHT Craig Elias 2002 – 2013 Trigger Event Selling™ Book Steven M.R. Covey “… simple but profound truths that will help you leverage intent for immediate action and cut down the selling cycle, while creating lasting bonds with customers.” Gerhard Gschwandtner “This process is destined to expand the traditional division of the sales team into hunters and farmers by adding a new category: the trapper.” Keith Ferrazzi “By combining the power of relationships with timing – what Elias and Shanto call “Trigger Events” – the authors present a powerful sales strategy…” Ivan Misner “Elias and Shanto have brought referrals into the 21st Century, showing you how to … capitalize on the key moments that will bring you success in a busy, fast-paced world. This is a must read!”
- 4. Slide 4 © COPYRIGHT Craig Elias 2002 – 2013 Sales is ALL About The Pole Position
- 5. Slide 5 © COPYRIGHT Craig Elias 2002 – 2013 Traditional Selling (BANT) is Dead Authority Need Budget Timeline MoreLikelyToBuy LessLikelytoBuyFromYou
- 6. Slide 6 © COPYRIGHT Craig Elias 2002 – 2013 Status Quo
- 7. Slide 7 © COPYRIGHT Craig Elias 2002 – 2013 Status Quo Authority & Close Ratios 0% Authority
- 9. Slide 9 Timing & Close Ratios 16% Searching for Alternatives Lead Lifecycle Management: Building a Pipeline that Never Leaks, 2009 Budget Authority Need Window of Dissatisfaction™ Status Quo
- 10. Slide 10 Ready to Buy is Too Late! “70% of the buying decision is made before a sales person gets involved” Cofounder of Bluewolf at Sales 2.0 Conference San Francisco March 2011
- 11. Slide 11 © COPYRIGHT Craig Elias 2002 – 2013 Window of Dissatisfaction™
- 12. Slide 12 © COPYRIGHT Craig Elias 2002 – 2013 Timing & Close Ratios Window of Dissatisfaction™ 74% Forrester: 2012 Buyer Insights Study Need Authority Status Quo
- 13. Slide 13 © COPYRIGHT Craig Elias 2002 – 2013 Timing and The Best Customers • Loyal • Profitable • Testimonials, Referrals, & WOM
- 14. Slide 14 © COPYRIGHT Craig Elias 2002 – 2013 Loyalty “A simple 5% increase in customer loyalty can double your profits in less than 5 years.” Fred Reichheld Author of The Loyalty Effect & Loyalty Rules
- 15. Slide 15 © COPYRIGHT Craig Elias 2002 – 2013 Profit “ A 1% increase in price leads to an average increase in operating margins of 11.1%. Michael Marn Author of The Price Advantage
- 16. Slide 16 © COPYRIGHT Craig Elias 2002 – 2013 Word of Mouth “Word of mouth is more than 10 times as effective than traditional advertising.” Jonah Berger Author of Contagious Why Things Catch On
- 17. Slide 17 © COPYRIGHT Craig Elias 2002 – 2013 Silver Bullet in Sales TIMING! Reaching the best prospects at EXACTLY the right time!
- 18. Slide 18 © COPYRIGHT Craig Elias 2002 – 2013 Its Happened Before 3 In the Window of Dissatisfaction™ WindowOfDissatisfaction.com
- 19. Slide 19 Brute Force Does Not Work McKinsey Quarterly: The basics of business-to-business sales success, May 2010 1,200 purchasing decision makers in small, medium, and large companies in USA and Western Europe 35%Too much contact (in person, by phone, or email)
- 20. Slide 20 Trigger Event Buying™ The New Path to B2B Purchases – DemandGen, 2011 Bit.ly/NewPurchasePath 77% of purchases are unplanned
- 21. Slide 21 Get In Before They Start Searching! Steve W. Martin bit.ly/decisionalreadymade “75% Made their decision halfway through the process”
- 22. Slide 22 © COPYRIGHT Craig Elias 2002 – 2013 What Triggers The Best Timing?
- 23. Slide 23 © COPYRIGHT Craig Elias 2002 – 2013 Events NOT Circumstances
- 24. Slide 24 © COPYRIGHT Craig Elias 2002 – 2013 Events NOT Circumstances • Circumstances – Falling stock price or shrinking margins – Unhappy with current solution • Trigger Events – A change decision in maker – Win a large customer contract – A competitor launches a new product – A vendor or a competitor gets acquired – Your competitor’s sales person moves on
- 25. Slide 25 © COPYRIGHT Craig Elias 2002 – 2013 Three Forms of Trigger Events Afford Funnel Movers Justify Funnel Shakers Want Funnel Fillers
- 26. Slide 26 Interest Trigger Decision Trigger bit.ly/CustomerDecisionJourney McKinsey 2009 Afford Trigger* 20,000 Consumers 5 Industries 3 Continents * The Afford Trigger is not part of McKinsey’s original research
- 27. Slide 27 Google 2011 ZeroMomentOfTruth.com First Moment of Truth Second Moment of Truth Stimulus Trigger Event* Trigger Event* * Trigger Events are not part of Google’s original research
- 28. Slide 28 CEO’s & The Zero Moment Of Truth
- 29. Slide 29 ZMOT: Zero Moment Of Truth “It applies in both a consumer and a business-to-business context” Beth Comstock CMO & SVP
- 30. Slide 30 ZMOT Resources Jim Lecinski VP US Sales & Service @JimLecinski
- 31. Slide 31 © COPYRIGHT Craig Elias 2002 – 2013 Reach Decision Makers When … Want
- 32. Slide 32 © COPYRIGHT Craig Elias 2002 – 2013 Opens The Door...
- 33. Slide 33 © COPYRIGHT Craig Elias 2002 – 2013 Adds One More Thing...
- 34. Slide 34 © COPYRIGHT Craig Elias 2002 – 2013 Turns On Selective Perception
- 35. Slide 35 © COPYRIGHT Craig Elias 2002 – 2013 Change in Executives • Change • Change fast • Change in vendors
- 36. Slide 36 © COPYRIGHT Craig Elias 2002 – 2013 The Domino Effect
- 37. Slide 37 Do Sales People Reach Out? 7% … a sales person initiated the sale. The New Path to B2B Purchases – DemandGen, 2011 Bit.ly/NewPurchasePath
- 38. Slide 38 © COPYRIGHT Craig Elias 2002 – 2013 Won Sales Analysis™ What we see depends on what we look for -John Lubbock
- 39. Slide 39 © COPYRIGHT Craig Elias 2002 – 2013 Analyze Your Best Wins
- 40. Slide 40 © COPYRIGHT Craig Elias 2002 – 2013 Time Won Sales Analysis™ #1 #2 #3 1.What event(s) lead up to this purchase? 2.When did these events happen? 3.What made you choose us? 4.What can we do to make it easier to become our customer? 5.??? #4 Emotion WonSalesAnalysis.com
- 41. Slide 41 Don’t Wait! The more challenging aspect is the ability to know about them when they occur and to follow up before your competition or before the opportunity slips away. Dario Priolo Chief Strategy Officer http://bit.ly/ProspectingWithTriggerEvents
- 42. Slide 42 © COPYRIGHT Craig Elias 2002 – 2013 Sales 2.0 Tools That I Use LinkedIn.com/in/CraigElias