Companies spend hundreds of millions of dollars a year to generate qualified leads for Sales. Sales reps spend countless hours developing those leads to become paying customers. Yet the vast majority of qualified leads never close.
What's more important than closing the sale?
In this webinar you'll learn
-The key reason why sales don't close
-One essential way to close more sales and do that faster
-Specific steps you can take to improve immediately
Trefis is a Boston-based technology company that helps senior leaders and their teams who make decisions of consequence. Trefis technology transforms complex, static analyses-such as Excel-based data models-into easy-to-use, visual interactive experiences that let you develop "what-if" scenarios, assess the risk and reward of any decision, and engage stakeholders in meaningful discussions on the assumptions that matter most.
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Improve Close Rates with an Engaging Business Case
1. IMPROVE CLOSE RATES
WITH THIS SALES TECHNIQUE
Presenters:
David Levy, CMO, Trefis
Larry Gorkin, Managing Director
Corporate Solutions, Trefis
2. OUR MISSION IS TO TRANSFORM DATA AND ANALYSIS
INTO EXPERIENCES THAT INSPIRE VISION AND ACTION
3. David Levy, CMO
He began his career as an editor at Reader’s Digest before jumping
into the world of digital marketing and direct response. More than
twenty-five years later he brings to Trefis a unique mix of editorial
experience, agency acumen and B2B marketing savvy. Before
joining Trefis in 2015, David spent five years as a marketing
consultant to enterprise software companies.
Larry Gorkin, Managing Director, Corporate Solutions
Throughout his career, Larry has learned what it means to help
companies grow and he helps our corporate customers use Trefis to
do just that. His line executive experience includes stints at Procter
& Gamble, MCI and GE Capital. As a consultant–at McKinsey &
Company and Stonebridge Consulting Group–Larry has guided
clients such as IBM, MasterCard Worldwide, and Baxter Health
Care.
4. TODAY’S WEBINAR IS ALL ABOUT
HELPING COMPANIES CLOSE
MORE SALES AND CLOSE THEM
FASTER
5. 1 2
What
you can do to
improve your
own success
3
How
you can take
immediate
action
Why
most sales
don’t close
WE’LL COVER THREE THINGS TODAY
7. THAT’S AN AVERAGE WE’VE CALCULATED
BASED ON A RANGE OF ESTIMATES REPORTED
ON THE INTERNET. THE MOST OPTIMISTIC
DATA WE SAW WAS A 29% CLOSE RATE
REPORTED BY THE RESEARCH FIRM
ABERDEEN GROUP. MOST PESSIMISTIC WAS
A 6% CLOSE RATE REPORTED BY
IMPLISIT, THE CRM SOFTWARE COMPANY.
8. WHETHER YOU TAKE THE OPTIMISTIC OR
PESSIMISTIC VIEW, THEY’RE BOTH ALARMING
GIVEN THE MILLIONS OF DOLLARS
COMPANIES SPEND TO NURTURE AND
DEVELOP LEADS.
THAT DOESN’T EVEN BEGIN TO MEASURE THE
HUGE WORK AND TIME INVESTED BY
INDIVIDUAL REPS AND TEAMS TO MAKE IT
HAPPEN.
11. Company costs
• Missed forecasts
• Lost profits
• Negative impacts on
• Inventory
• Capital spending
• Competitive positon
• Stock values
Human costs
• Hiring slowdowns
• Job cuts
• Reduced salaries and
bonuses
• Heads roll
• Stress
HIGH COSTS TO LOW CLOSE RATES
16. “THE REAL ENEMY OF
SALESPEOPLE TODAY ISN’T THEIR
ARCHRIVALS;
IT’S NO DECISION.”
HARVARD BUSINESS REVIEW, PROFESSOR STEVE W. MARTIN, PROFESSOR AT THE USC
MARSHALL SCHOOL OF BUSINESS
18. OF THESE FIVE CONCERNS ONLY
ONE—”CHOICE”—HAS ANYTHING TO
DO WITH THE PRODUCT ITSELF.
THE OTHERS ARE ALL ESSENTIALLY
EMOTIONAL CONCERNS.
19. REACTIVE SELLING
2
Shallow
Approach
RFP Process
Limited Interaction
Q&A Pattern
RFPs
The long process including extensive product
evaluations and detailed worksheets are used to
reduce these stressors
Limited interaction with the prospect
It’s common that vendors are prohibited from dealing
directly with the business owner
Reactive Q&A pattern
Questions are funneled through procurement or
similar gatekeeper. They ask. You answer.
20. DESPITE THE EFFORT TO REDUCE
FEAR, UNCERTAINTY & DOUBT
SOMEONE ON THE BUYER SIDE WILL
RAISE ANOTHER
CONCERN…LEADING TO NEW
STRESS AND INERTIA.
21. 3
Failed
Business Case
Rote Exercise
Black Box Model
Limited Interaction
ROI NOT ESTABLISHED
Rote Exercise
A low value exercise since customers know you will
paint the most positive picture
Black Box ROI Model
You present your results but not your reasoning,
which leads to mistrust
Limited interaction
Because the ROI case is presented as a complete
analysis, there is little opportunity to discuss with the
customer
24. RECAP: WHY MOST DEALS DON’T CLOSE
1 2 3
Failed
Business Case
Rote exercise
Black Box Model
Limited Interaction
Shallow
Approach
RFP Process
Limited Interaction
Q&A Pattern
Worried
Customers
Money
Stewardship
Peers
Choice
Information
28. OPEN YOUR ROI MODELS TO
DISCUSSION AND ALLOW CUSTOMERS TO
PROPOSE THEIR OWN SET OF
ASSUMPTIONS. TOGETHER, EXPLORE
MULTIPLE SCENARIOS IN REAL-TIME.
LET THEM DEFINE ONE THEY ARE
COMFORTABLE WITH
31. CUSTOMERS BUILD CONVICTION WHEN
THE BUSINESS CASE AND
ASSUMPTIONS ARE THEIRS, GIVING
THEM GREATER CONFIDENCE TO MAKE A
BUY RECOMMENDATION OR DECISION.
35. UNEXPECTED BENEFIT
REPS WHO USE THIS APPROACH GAIN A
MUCH GREATER UNDERSTANDING AND
APPRECIATION OF THE FINANCIAL VALUE
THEIR PRODUCTS CREATE FOR
CUSTOMERS… WHICH HELPS THEIR
OVERALL SELLING EFFECTIVENESS.
36. 1
Define
Your Value
Detail Each Source
Quantify with Finance
Translate to Profitability
BUILD A STANDARD ROI MODEL
Detail Each Source
Identify the sources of value for each product or
service
Quantify with Finance
Verify your assumptions with your finance partner, but
have them provide you the spreadsheet
Translate to Profitability
Make sure you can explain and support the path to
profits
37. SHARE YOUR THINKING
2
Open
The Model
Detail the Components
Explain Your Assumptions
Present Your ROI
Detail the Components
Call out the drivers of value so the customer knows
where to find them
Explain Your Assumptions
Walk your customer through your reasoning
Present Your ROI
Some sales reps shy away from telling a strong ROI
story. Be bold
38. 3
Test
Assumptions
Invite Alternatives
Compare in Real Time
Reach Alignment
ENGAGE THE CUSTOMER
Invite Alternatives
Invite the customer to develop “what-if” scenarios
Compare in Real Time
Do this in partnership with the customer. Meet in
person, get on the phone or use a screen sharing
service
Reach Alignment
Provide the spreadsheet and encourage the customer
to use it internally…they will need to align with their
colleagues
39. CLOSE MORE DEALS
1 2 3
Define
Your Value
Detail Each Source
Quantify with Finance
Translate to Profitability
Open
The Model
Detail the Components
Explain Your Assumptions
Present Your ROI
Test
Assumptions
Invite Alternatives
Compare in Real Time
Reach Alignment
41. • Most deals are lost to “no decision” because customers
lack conviction
• Drive conviction through an active business case
discussion
• Engage customers to create and compare alternative
scenarios in real time
BUILD CUSTOMER CONVICTION
42. • Build a standard business case model for your key
products
• Present it to customers in an open format
• Engage customers to assert and test their own
assumptions in real time
SIMPLE NEXT STEPS
43. As a special offer, Trefis will transform your
spreadsheet model into the Trefis Interactive
Experience at no charge.
Click our logo to send your model
TRANSFORM YOUR MODEL
44. CONTACT INFORMATION
David Levy, CMO
david.levy@trefis.com
Larry Gorkin, Managing Director Corporate
Solutions, larry.gorkin@trefis.com
http://www.trefis.com/info/solutions/value-selling/