Tag Archive for 'sales'

Do you know how to load your Sales Pipelines?

Here’s an ancient marketplace maxim: Selling is a numbers game.

A maxim is a generally accepted truth and this is one because of two realities:

1.  There are hundreds – if not thousands – of things that can cause a fully qualified prospect to not complete a transaction, at least not on your time parameters.

2.  Regardless of how many bumps you encounter on the path to a signed contract, it’s still your job to produce enough gross profit from sales revenue to stay in business.

Enter the sales pipeline: a planning concept that helps managers and salespeople forecast sales for any given period – week, month, quarter or year. Think of your sales pipeline as overhead plumbing with faucets positioned at the time intervals your operation requires. And from these faucets you draw the mother’s milk of any business – sales revenue.

But there’s one pesky thing about sales pipeline faucets: they all come with screens that only allow sales from qualified prospects pass through, while poorly developed prospects are blocked. So if you’re counting on revenue pouring out of a faucet when you turn the handle on the day you need sales, you must load only qualified prospects into your pipeline to begin with.

A qualified prospect has answered enough questions – directly or through research – to allow you to determine that they will likely purchase what you sell from someone in the forecastable future. Before you place a qualified prospect in the pipeline, you must know at a minimum:

· What’s left to do for them – demonstration, trial, proposal, final close, etc.;

· Anything else that has to be done to move them to customer status.

Your appraisal of all of this information will help you forecast which faucet you should expect a particular sale to pour out of this Friday, next week, next month, next quarter. Once in the pipeline, a prospect is either on track to become a sale, a lost sale, or a forecasting mistake to be removed.

Alas, in the absence of professional sales management, poorly trained salespeople will try to forecast low-quality prospects. And any company that counts on such practices is headed for a cash flow crisis and ultimate business failure. Not because the product wasn’t good, or the price was too high, or because of Amazon. But because the sales team didn’t load the sales pipeline with enough qualified prospects.

At this point, let’s refer to The Bard. In Act I, Scene III, of Hamlet, arguably Shakespeare’s most important work, Polonius famously says to his son, Laertes, “This above all, to thine own self be true.” If your sales team is honest with each other and management about a prospect’s qualified progress to faucet-conformity, you’re setting yourself up for success. If not, well, you know.

Sales has been and always will be a numbers game. But in the Age of the Customer, it’s increasingly becoming more of a quality prospecting game. Consequently, how much revenue you draw from your sales pipeline depends on the two elements of the 21st century sales success calculus: quantity x QUALITY = your ultimate sales performance.

Here’s Blasingame’s Law of Sales Pipeline Success: Load the pipeline with enough (quantity) qualified prospects (quality) to flow through the faucets of your sales pipeline whenever you need them (success).

Write this on a rock … Load your sales pipeline with quantity and quality, and to thine own self be true.

Face-to-Face: Old School fundamental and New School cool

For 172 years, communication technologies have sought relevance in an increasingly noisy universe.

Now, well into the 21st century, there is actual management pain from an embarrassment of riches of communication innovations. And this discomfort is especially keen when staying connecting with customers: Should you call? Email? Text? How about IM?

And when should you use social media platforms? I’ve had customers who want me to connect with them on Twitter. Others send me notes on LinkedIn.

But in an era where there’s an app for everything, there is one connection method we must never be guilty of minimizing. From Morse to Millennials, in-person connection has retained its relevance as Old School fundamental and New School cool.

Indeed, face-to-face is the original social media.

Today, social media euphoria is being tempered by ROI reality. And as useful as each new communication resource proves to be, they are, after all, merely tools to leverage our physical efforts, not eliminate the basic human need for human interaction. Consider this story:

A sales manager (whose gray hair was not premature) noticed the sales performance of one of his rookies was below budget for the third consecutive month. Of course, he questioned the numbers previously but had allowed his better judgment to be swayed by plausible explanations. Now the newbie’s sales was trending, but in the wrong direction.

Upon more pointed probing, the manager discovered the reason for loss of production: too much electronic and not enough in-person connections. The rookie was relying too heavily on virtual communication at the expense of opportunities to get in front of the customer.

It turns out lack of training, demographic reality and not enough “rubber-meets-the-road” experience left the young pup uncomfortable and unprepared to ask for and conduct meetings, like a proposal presentation. He wasn’t benefiting from how the success rate of growing customer relationships can increase when critical steps are conducted in person. Consequently, this manager immediately developed a training program that established standards for how and when to integrate all customer connection tools, including face-to-face.

If your sales performance isn’t trending the right way, perhaps your salespeople need help getting in front of customers, particularly at critical steps. Like the manager above, you may need to establish specific, measurable and non-negotiable standards for when face-to-face meetings should take place.

From telegraph to Twitter there is one connection option whose relevance has borne witness to every one of the others: in-person contact. Let’s remember John Naisbitt’s prophesy from his 1982 book, Megatrends: “The more high tech we have, the more high touch we will want.”

Write this on a rock … As the original social media, face-to-face will always be relevant.

Four things salespeople can learn from Sir Laurence Olivier

The great English actor, Sir Laurence Olivier, once admitted after a lifetime on stage and screen that he had always suffered from stage fright.

Think about that. One of the 20th century’s most revered actors, who appeared in over 120 stage roles, 60 movies, more than 15 television productions and countless performances, actually battled the fear of rejection and failure. But when you look at his numbers, it’s obvious that Sir Laurence’s “condition” didn’t cost him success.

So, what about you? What do your “numbers” look like? Your sales numbers, I mean.

Sadly, too often, well-trained and motivated people allow something to prevent them from achieving their numbers. That “something” is to the marketplace what stage fright is to acting: call reluctance, brought on by the fear of rejection and fear of failure.

The good news about call reluctance is that you can overcome it the way Sir Laurence overcame stage fright. Indeed, his success, and the fact that he was willing to talk about his condition, provides us with at least four clues about his professional courage and spirit.

1. He recognized a personal performance challenge.
2. He accepted it as something that must be dealt with.
3. He took steps to minimize negative effects.
4. He refused to let it get in the way of his goals and success.

How can you tell if you or someone in your organization has debilitating call reluctance? You’ll find it in the numbers: insufficient call reports; a missed selling step such as proposal delivery; a poor close ratio; and of course, failure to meet sales budgets.

Those afflicted with call reluctance will often:

  • Call on customers they like instead of new prospects.
  • Spend time on safe activities, like paperwork, instead of face-to-face prospecting.
  • Make excuses when asked about why they aren’t getting in front of customers.
  • If you aren’t making your sales numbers, the problem might be call reluctance. See if you recognize any of the behavior in the list above. If so, consider Sir Laurence’s list again. There’s a good chance that you’ll need help with the first point, recognition, because most of us aren’t good at seeing our own shortcomings. And the third one, taking steps to minimize the challenge, will likely require help from a professional trainer.

    But dealing with two and four, acceptance and refusing to give in, will require calling on inner strengths. You’ll have to ask yourself if you’re allowing fear to control and direct your life. Or are you more like Sir Laurence Olivier – prepared to recognize, deal with and minimize the effects of your challenges? And in the face of these challenges, can you draw on your spirit to accomplish your goals.

    Write this on a rock … Don’t let call reluctance prevent you from having the maximum opportunity to be successful.

    Poll results: Your local economy and sales

    The Question:
    Halfway through the 1st quarter, what’s the condition of the local economy and your sales?

    13% - Our economy is strong and sales are great.
    50% - Our economy and sales are good, but not great.
    34% - Our economy is weakening — sales volume is off.
    3% - Our economy is very weak, and we’re in trouble.

    Jim’s Comments:

    I think our poll response reflects exactly what the economy is doing: fewer are doing great, more are getting a little better and, after seven years of a moribund economy, most of the troubled companies have already closed up. I’m going to have a lot more to say about this in my Featured Column next week, so stay tuned.

    Thanks for your abiding support of our poll each week. Check out our new one below.

    With the success of Bernie Sanders and Donald Trump, is the political midpoint of the American electorate shifting left?

    Blasingame’s Law of Sales Pipelines

    Here’s a sales maxim: Selling is a numbers game. Even though there are a thousand things that could prevent a sale from being completed, it’s still your job as a small business owner to close enough sales to keep your doors open. Enter Blasingame’s Law of Sales Pipelines.

    Click on image to watch with Flash. Don’t have Flash? Click here to watch.

    The oldest profession is not what you think

    Contrary to what you’ve heard, selling is the oldest profession in the world, because “In the beginning,” the serpent sold Eve the apple. You might say she bought wholesale and then sold the apple retail to Adam. And as we now know, that was one expensive transaction.

    One characteristic that clearly separates humans from the other animals identified in Genesis is ego. And while ego can be a beneficial motivator in selling professionally, in order to sell successfully, we must do something that’s in direct conflict with our ego — we have to let someone else talk.

    Imagine you’re on a sales call. What are you doing? Are you telling the prospect about your products, pricing, etc.? If that’s what comes to mind, your selling career could be doomed.

    Of course, it’s important to deliver your company’s message. But if you talk about your stuff before you know what the customer wants, you’ve put the cart dangerously before the horse.

    So, if the gold we seek is in the head of our prospect, why do so many salespeople spend so much time in front of so many prospects running their mouths? It’s that conflict thing again. Sadly, the mouth — not the ear — is the ego’s tool of choice.

    The Blasingame Mint has once again struck a new axiom and a handy acronym to go with it: Shut Up - Listen - Sell! SULS. Tattoo those four letters on the palm of your hand, because that’s your first job.

    Here are four important steps to remember when practicing SULS.

    1. Keep Them Talking.

    Even prospects who aren’t egomaniacs like to talk about themselves, their businesses and their pain. Remember, the gold you seek is in your prospect’s head. You need time to mine that gold, which can only happen when the prospect is talking – not when you’re talking.

    2. Maintain Eye Contact.

    The most valuable thing your prospect can do for you is talk about what’s on his mind. Nothing stops this flow of golden information quicker than when it appears you’re not listening. And here’s a gender tip: Women prospects have a keener inattention antenna than men.

    3. Concentrate.

    Concentrate on your prospect’s every word and expression. Don’t think about what you’re going to say next. (The next tip will make this easier.).

    4. Wait Three Seconds.

    While the prospect is talking, train yourself to wait three seconds after you think the prospect is finished talking before you say anything. Waiting three seconds will help you concentrate on what is being said instead of what you’re going to say, you’ll still have time to think of your next question, and you’ll never commit one of the cardinal sins of selling: interrupting the prospect.

    Successful professional selling happens when the prospect does most of the talking.

    Write this on a rock … Selling is as simple as SULS.

    Jim Blasingame is author of the award-winning book, The Age of the Customer: Prepare for the Moment of Relevance.




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