Quarterly Sales Bulletin                                                                                           Volume 2, Spring 2005

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On the Hunt: 2005 is under way and we hope things are rocking along. You are probably already getting pressure about pipleline and the hot deal that the executive team wants pressed into Q2 instead of Q3. With pressure comes a faster pace, and - let's face it - that's not all bad. After all, time kills deals. It also means things will slip through the cracks. Details are key in being successful. It is where you demonstrate an understanding of your customer's problem and a desire to be responsive. If you feel you are getting pulled in several directions assume that something is falling through the cracks. Go to your sales methodology, be diligent in completing the steps, and do NOT take short-cuts.

What's Working: Or in this issue's case - What's Not? Along the same line as using your sales methodology to ensure you are not missing something important, consider these ideas from some of the top deal people we know. We asked them what mistakes they see most often being made by junior sales people. The key phrase here being "most often". All sales people can make these mistakes, and all sales people should keep them in mind to avoid them.

  • Happy Ears - Junior reps are so happy to be talking to someone, they fail to ask really tough questions. It sounds simple, but more than one veteran has made his life miserable by wasting time on a bad deal that got into his pipeline simply to get a badgering manager off his back. Qualify hard every time!

  • Yes Men - Legitimate prospects don't want to hear "yes," they want to hear the truth. Know why your "yes" means yes and your "no" means no - be able to explain your answers and get back to the customer if you have to. Answering "no" to a painful question builds as much credibility as a half-hearted "yes" destroys it. Take the time to build real trust.

  • Missing the Connection - Sometimes this comes from giving the prospect more credit than they deserve, other times it comes from laziness. Either way, it amounts to failing to listen well enough to the customer's needs or wants because the sales exec is too busy thinking about what they want to say. Then, when it is time to pitch, they are not prepared to tie the features/benefits/value to the needs of the customer. It is like a trucking company who needs paint for the trucks. While the prospect is talking about how many accidents they've had, the sales person is thinking about how they have the highest quality paint in the industry. He completely misses the chance to talk about thier fluorescent yellow color (feature), which is extremely easy to see (benefit), AND could thus reduce the customer's number of accidents, the cost of repairs, insurance premiums, workers' compensation losses, down time for trucks and workers, etc. (value). The rookie is too busy planning his comment about the paint not cracking this winter.

  • The Reference Crutch - Many rookies want to whip out the reference list as soon as possible. It is important for prospects to know that other reputable companies are trusting you with their business. But it is a rookie mistake to expect your customers to do your selling for you. If a prospect won't let the deal advance without references, and you are still in the early to middle stages of your sales cycle, check your relationship - there probably isn't much there.

    • Managing the Pack: Every sales organization needs an occassional change. A sales exec just stops getting it done and shows no sign that they really have their heart in it anymore. Or, a bad hire wiggles in. You wake up one day and realize there is a big problem and you've got to cut him. Two instances when a shake-up is certainly in order. However, we see more and more often, a sales manager cutting 40% or more of his team - "looking for the mix that works." Think long and hard before you do this. There are a couple reasons why. First, prospects want sales exec continuity. They don't want to have to retrain your next sales exec about the direction of thier organization, past successes and failures, decision processes, power centers, personal agendas, and so on. They want to work with a rep who will still be around after losing a deal and will then use his knowledge of the prospect to add value to the relationship on the next deal. Rick Page, author of Hope is not a Strategy and one of the most successful sales process consultants in the country, notes - if you are going to have high sales force turnover, you might as well sell off the web!

    Second, most IT companies have fairly sophisticated hiring processes. When you hired a rep you looked them in the eye, asked questions about past successes, evaluated sales capabilities, checked references and maybe even had them take a personality exam. You talked to them, team members talked to them, your boss probably even talked to them. They drove business for other companies in the past and did it well - or you wouldn't have hired them, right? So, what changed? Why were they successful before, but not now? Are they sitting at home watching Jerry Springer and drinking beer? Of course not. So, if you have a strong hiring process and more than 20% of your sales team just isn't getting it done, it might be time to look at some other factors.

    Who Is In Your Patch? The sales exec with the solution that just touches your space, that's who. He or she will offer a solution that addresses an adjacent need then work on your solution target after they are in. Or they will bring in a partner to do what you do and move you out by offering a more fully integrated solution. In the commercial insurance space it is called "Rounding out your account." To round out an account is to write the other lines of business after you have a foothold with one line. Start with the Property and Casualty, then write the Health coverage. From there the Group Life, Dental, and DI follow easily. After that, you pretty much own the account. If you service it the right way and fight hard for good renewal numbers, it will be very tough for a competitor to unseat you. Do you have the ability to round out your accounts? Today's top sales people recognize the broadest array of needs they can possibly touch and find ways to deliver against those needs. Don't make the mistake of getting so focused on your core solutions that you never think about what solutions you might bring in from a partner. Get input from your alliance/business development exec. Also, ask your customer. You might feel you've sold all you can into an account, but if your customer has unaddressed needs that abut your solution, you can bet short odds that the sales exec that comes in and addresses that need will be looking for a way to move you out.

    Acord Loma Insurance Systems Forum If you want to get a flavor for the above idea, simply pay attention to the number of alliance arrangements that are evident at any big technology conference. With our affinity for Insurance and Financial Services-related technology sales, it is almost time for one of the shows we make it a point to attend every year - the ACORD/LOMA Insurance Systems Forum. ACORD and LOMA joined forces last year to offer one of the industry's largest and most comprehensive business and technology conferences. They expect 2500 attendees and will have presentations on everything from outsourcing to security, industry to technology drivers, and regulatory to technology standards. Topics span the primary insurance sub-verticals (Life, Property and Casualty, Health, Reinsurance, etc.). The conference runs May 21 - 24, in Orlando, at the Swan (nice venue). The keynote speaker is Don Tapscott, author of The Digital Economy , who has tremendous insight into market direction. Check them out on the web: www.acordlomaforum.org.

    Separating Yourself from the Pack: Just as each deal influencer has their own business decision drivers (lower costs for a CFO, increased effectiveness for a COO) and their own personal agendas (what will this deal do to my career), they also have their own buying styles. When you are looking for a reason to get back infront of an important contact, it is obvious that bringing them something that really resonates, adds value and makes you look professional. By the same token, bringing them something that is not on their radar screen can make you look desperate or out of touch. For example, if your prospect is interested in how your solution has worked for other companies and does not give much credence to guarantees, coming in to walk through several success stories and brain-strom solution components will carry a lot more weight than coming in to walk through the details of your iron-clad guarantee. Occasionally review your old training material on buying styles and keep it in mind so you can identify what is dominant for each buyer.

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