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Innovative Solutions: Sometimes you win, every time you learn.
Presentation: June 9, 2014
Steve Malley: Candidate for Consideration
WELCOME AND THANK YOU!
AGENDA:
• Who IS your next hire? • Sometimes you win, every time you learn: A case study
on the deal that changed my approach to business. • Not your typical sales rep: A case study on a time where
losing a deal elevated my success to another level. • What fuels me? • Q & A
WHO IS YOUR NEXT HIRE?
THE REAL STEVE MALLEY:
• Interactive • Neighborly• Not a runner… • Optimistic • Veracious • Adaptable • Thankful• Imaginative • Valuable• Ethical
CASE STUDY #1: SOMETIMES YOU WIN, EVERY TIME YOU LEARN.Business isn’t a zero sum game: The account that changed my approach to sales process.
Regus: USAID- Contract Broker Referral.
How did I find them?
• Broker Door Pulls• Broker Bakery
Drops• NETWORK,
NETWORK, NETWORK
• Broker Calls for rep space
• Lunch and Learns
Initial Process:
• Broker Referral during bakery drops• Entered the prospect into CRM • Scheduled “tour dates” in 3 different buildings • Coordinated transportation for executives and brokers• Prepped center operations team and team manager• Prepped floor plan options based on space requirements• Secured construction/build out spec permit • Greeted prospect and broker toured them through 3 buildings• Discussed options in sales office • Proposed pricing options: 1101 Pennsylvania Avenue, NW• Delivered proposal
THEN WHAT HAPPENED…?
• Followed up with the broker
• Asked about other options • Isolated concerns • Received approval for
customization.• GOT THE CALL BACK! • 7:45pm Saturday Night. “
Want to see it one more time…”
• SIGNED THE DEAL 9:15PM!
• 2 Year LEASE • 26k per month • 4 months free• TOTAL REVENUE:• $520,000! • COMMISSION/Bonus:
≈$22,000
Initiate learning…
Sometimes the tiniest details, carry the most significance:
• PERCEPTION:• Promotional broker
commission rate: 10% of contract value
• Broker commission to be paid: $52,000
• REALITY:• Promotional broker
commission rate 10% of 1st year contract value, 1% for each subsequent year.
• Broker commission to be paid: $28,600
Actual Expected0
10,000
20,000
30,000
40,000
50,000
60,000
Series 1
TOTAL DELTA: $-23,400
Decisions….Decisions:
• Lose the deal?• Blow up the
relationship?• Lose credibility? • Impact corporate
relationships? • Undermine
colleagues relationships with broker house?
• What about the new client…?
Do the right thing all the time!
- Forfeited my commission and bonus to keep the deal. - Offered sincere apology for not communicating promotions properly.- Hand delivered second check. - Asked to be considered for future business.
Lessons Learned:
1. Follow the process and set clear expectations.
2. No amount of money, is worth jeopardizing your reputation.
3. Over-Communicate.
4. Humble pie is tough to chew, learn from your mistakes, decide definitively to never let them happen again… MOVE ON!
5. Seek out the positive in every loss.
Case Study # 2: NOT YOUR AVERAGE SALES REP, THE DEAL THAT ELEVATED ME FROM SALES REP TO EXECUTIVE ADVISOR
A good business advisor always keeps the best interest of the prospect in mind.
Insperity: AOC Key Solutions, Inc.
Prospecting Process:
• Geographic LinkedIn search
• Identified target prospect
• Three points of entry
• 5 touch system• Attended CEO
presentation
Initial process
• Secured meeting with CEO • Brought in my colleague for collaboration/partnership
effort• Attended discovery meeting • Uncovered several pain points • Followed up with CEO • Sent industry relevant data to him • Follow up, up, up
You won’t believe what happens next!
• TIMING AND MINDSET ALIGN
• CEO agrees to second meeting
• Colleague and I bring in SENIOR advisor
• Set meeting with ENTIRE executive team.
Analysis Data:
• Collected Client Data “CENSUS” • Reviewed Data• Researched Options • Priced out plans • Built proposal analysis • Built pricing comparison vs. current efficiency • Set Proposal Meeting • Strategy meeting with my Sales team • Discussed Strategy with Sales Manager
Our Findings:
• Prospect was over- compensating several operation people
• Medical pricing was 20% less with Insperity
• Wash $:$ year one• 5 year savings
(medical alone) $287,000
• Estimated 3% return to CFO on time spent “managing” HR.
Objections:
• Incentive to switch, based off of little/no savings year one
• CEO and President doctors were out of network (that means their wives’ doctors were out of network too)
• Medical plan not as strong?
Climbing Mt. Objection:
• Confirmed all objections with executive team• Developed strategy with sales team to isolate and answer
all objections• Prepped with our management team (another perspective) • Scheduled follow up/final presentation review • Addressed new objections- Local competitor • Set webex with CFO• Established “sign-on” deadline for prospect decision
Not so much…
So….. We’re good to go, right?
Going the extra mile:
• Everything in our power to keep the deal on track:• Contacted CEO and Presidents doctors to address becoming
in network• Reduced pricing • Reduced start-up costs • Called Insperity medical group to ask for In Network
exemption• Removed deadline for decision
From Sales Person to Trusted Advisor:
HIT THE BRAKES!!!!
• Stopped and thought about real objection• Determined local competitor was better option based on
stated needs • Contacted local advisor • Explained situation • Made introduction • Validated capabilities • Closed file
4 months later…
• Ran into CFO at networking event: • Competitor still not fully implemented• Lots of reporting issues• Not the same price quoted• Medical plan not stronger • Renewed at higher rates at company fiscal end • CEO called me two weeks later
Are we there yet?
Prospect Update:
• Prospect agreed to review with us at the end of April • New approach• Focus off medical • Focus on HR/Team/Process• Sent in OUR service team to assist • Working to create Q4 transition schedule
Results:
• Slow buck over quick nickel
• Not a prisoner of hope
• Did the RIGHT thing for the prospect
• They came back to us
• Impossible to know what you don’t know
Conclusions:
• Winning is sweeter when the prospect comes to you• Pressure on the competitor we introduced• Valuing vs. Needing the business • Can’t rush a big decision
What fuels me?
Maslow’s Hierarchy:
Self Actualization
• Professional success is a direct correlation • What DRIVES you to a higher sense of purpose? • What makes you happy? • How much more can you grow professionally?
Why Innovative?
• Culture• Reputation• Corporate Vision • Growth Organization • Values Employees/Human Capital • Product fits market
GPS set for success:
SKY IS THE LIMIT!
THANK YOU FOR YOUR TIME AND
CONSIDERATION!
QUESTIONS?
Contact Information:
Stephen P. Malley
4220 Campbell Ave # 514
Arlington, VA 22206
585-317-1367
Slides available on Slideshare
Citations.
• Images found 6/5/14• Humility • https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&docid=F9p2v7AB974n2M&tbnid=hVDsKQqK1mm0mM:&ved=0CAQQjB0&url=http%3A%2F
%2Fwww.warriormindcoach.com%2Fblog%2F2011%2F11%2F07%2Fmental-strength-tip-65-humility-and-personal-success%2F&ei=q_WUU6rfDoSayAS_vICICQ&bvm=bv.68445247,d.aWw&psig=AFQjCNEBihl5hTM6yomlH60D_iz0IDnTsQ&ust=1402357542339107
• Monday Image • https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&docid=r_DoG1pVYBJ8rM&tbnid=jvjaul-0ahdg4M:&ved=0CAMQjhw&url=http%3A%2F
%2Fwww.myniceprofile.com%2Fmonday-116033.html&ei=FPaUU-aeOceTyASH24G4CA&bvm=bv.68445247,d.aWw&psig=AFQjCNFkFZ9HmTge5rtpJqMEfNOhHz5naQ&ust=1402357651607943• Jordan Image• https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&docid=ewfxVvBDgBn7CM&tbnid=_q0bad0aGjgj5M:&ved=0CAUQjRw&url=http%3A%2F
%2Fpersonalexcellence.co%2Fquotes%2F1253&ei=UvaUU9v6DcyUyATPo4CoBA&bvm=bv.68445247,d.aWw&psig=AFQjCNE0K6Fa4nJx0q2XelhIfmmg5PTSwQ&ust=1402357711834459• Saul image • https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&docid=uK5JrNtd8RXaSM&tbnid=roFXA8ikYZhRvM:&ved=0CAUQjRw&url=http%3A%2F
%2Fwww.linkedin.com%2Ftoday%2Fpost%2Farticle%2F20140424095150-5663599-networking-let-s-just-say-i-know-a-guy-who-knows-a-guy-who-knows-another-guy&ei=8vaUU_XLG462yAT_7IJA&bvm=bv.68445247,d.aWw&psig=AFQjCNFsBr4v3levlKqHts7SevBl-S75Qw&ust=1402357872792523
• Chickens hatched image• https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&docid=x1LQtPeC-4wa6M&tbnid=1DDHDZvKxulPHM:&ved=0CAUQjRw&url=https%3A%2F
%2Fwww.flickr.com%2Fphotos%2Fmnosolutions%2F9896771793%2F&ei=NPeUU_q0JMaKyASF54L4Bg&bvm=bv.68445247,d.aWw&psig=AFQjCNG72w12yP7amd5GVGeJkKRl7UeOKA&ust=1402357932355314
• Baby Big eye image• https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&docid=iRGoqA-bOKMXgM&tbnid=aMU95lQjnMWcxM:&ved=0CAUQjRw&url=http%3A%2F
%2Fwww.babyzone.com%2Fpregnancy-week-by-week%2F14-weeks-pregnant_70746&ei=xveUU-z-DZKryASY7YJw&bvm=bv.68445247,d.aWw&psig=AFQjCNE3M0-xIAbCZhcPXFJZVbocZYMqZA&ust=1402357989717339
• Opportunity over problems image• http://www.google.com/imgres?imgurl=http%3A%2F%2Fwww.dumontis.com%2Fsystem%2Ffiles%2FPic_ProblemOpportunity.jpg&imgrefurl=http%3A%2F%2Fwww.dumontis.com%2Fen
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• Stewie image.• http://www.google.com/imgres?imgurl=http%3A%2F%2Fwww.angelhack.com%2Fwp-content%2Fuploads%2F2014%2F05%2Fstewie.jpg&imgrefurl=http%3A%2F%2Fwww.angelhack.com
%2Fcisco-live-hack-the-hackathon%2F&h=457&w=448&tbnid=iinHMtD7pRA58M%3A&zoom=1&docid=yZLO6YJ2-Hl8dM&ei=f_iUU5mlM4mxyASEkoGIDA&tbm=isch&ved=0CCoQMygBMAE&iact=rc&uact=3&dur=392&page=1&start=0&ndsp=31
• Hit the target image• http://www.google.com/imgres?imgurl=http%3A%2F%2Fmt-st.rfclipart.com%2Fimage%2Fbig%2F46-c4-4b%2Fdartboard-with-dart-hit-the-target-Download-Royalty-free-Vector-File-EPS-
32369.jpg&imgrefurl=http%3A%2F%2Frfclipart.com%2Fdartboard-with-dart-hit-the-target-16194-vector-clipart.html&h=1200&w=1200&tbnid=mv49JTn7LvGx0M%3A&zoom=1&docid=2jZp7QE05opVZM&ei=r_iUU4LfGc-eyAT-zYLwAQ&tbm=isch&ved=0CHsQMyg4MDg&iact=rc&uact=3&dur=415&page=3&start=41&ndsp=24
• Stop sign• http://www.google.com/imgres?imgurl=http%3A%2F%2Fwww.clipartbest.com%2Fcliparts%2Fz7T%2FaM5%2Fz7TaM5XiA.png&imgrefurl=http%3A%2F%2Fwww.clipartbest.com%2Fpicture-of-
a-stop-sign&h=309&w=512&tbnid=1NuRGSECm6T-ZM%3A&zoom=1&docid=gPmc57ZkbFvHIM&ei=C_mUU9btA5WkyAS6uYDIAw&tbm=isch&ved=0CJUBEDMoTzBP&iact=rc&uact=3&dur=310&page=4&start=78&ndsp=28
• Nascar Fuel • http://www.google.com/imgres?imgurl=http%3A%2F%2Fstatic.ddmcdn.com%2Fgif%2Fnascar-sponsorship-2.jpg&imgrefurl=http%3A%2F%2Fauto.howstuffworks.com%2Fauto-racing%2Fnascar
%2Fnascar-basics%2Fnascar-sponsorship1.htm&h=267&w=400&tbnid=Okjoj1UrPRy78M%3A&zoom=1&docid=Ebh0TPJ19_theM&ei=RvmUU4ztINanyASG94LQBQ&tbm=isch&ved=0CCoQMygBMAE&iact=rc&uact=3&dur=310&page=1&start=0&ndsp=26