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Forecast accuracy is demanded of sales executives and sales leaders in all businesses. It is often an indication of the knowledge and skills of the sales professional. Yet forecast accuracy – correctly predicting others’ future behavior – is by definition problematic. A solid sales process and proactive pipeline management are critical to building credibility in your forecast and delivering on anticipated revenue month in and month out.
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COMPLIMENTARY WEBINAR
August 14, 2014 | Julie Thomas
This document contains proprietary information of ValueSelling Associates. Its receipt or possession does not convey any rights to reproduce or disclose its contents or to manufacture, use, or sell anything it may describe. Reproduction, disclosure, or use without specific written authorization of ValueSelling Associates is strictly forbidden.
© 2014 ValueSelling Associates, Inc. All rights reserved.
Does this sound familiar?If you’re a manager:
• Salespeople tell you what they think you want to hear
• Salespeople only assess where they are on the 1st of the month
If you’re a sales rep:
• The same deal forecasted last Februarywas STILL forecasted this August?
• You are told to forecast your goal, not your commitment
© 2014 ValueSelling Associates, Inc. All rights reserved.
© 2014 ValueSelling Associates, Inc. All rights reserved.
AgendaLearn techniques to build mutual timelines with your prospects that include specific dates for closing activities
Execute written communication with your prospects to confirm prior agreements and motivate them to take action
Focus the communication on the PROSPECT’s goals NOT your goals
Build credibility with your sales management by delivering on your revenue commitments
© 2014 ValueSelling Associates, Inc. All rights reserved.
Which is it?
© 2014 ValueSelling Associates, Inc. All rights reserved.
The current situation• Pressure on the salesperson to forecast more
accurately
• No time for the “overkill” analysis tools
• Accountability and credibility are often related
• Companies that can accurately forecast results are more successful than companies that cannot
© 2014 ValueSelling Associates, Inc. All rights reserved.
© 2014 ValueSelling Associates, Inc. All rights reserved.
Factors impacting forecasts
Seasonality
Economy
Competition
Politics
Demographics
Weather
Pipeline
New product releases
Pricing action
Lack of real understanding
Terms and conditions
Organizational changes
Pipeline growth and activity
Industry dynamics
Access to authority
© 2014 ValueSelling Associates, Inc. All rights reserved.
When will they buy?
© 2014 ValueSelling Associates, Inc. All rights reserved.
Purchasing as a process
BusinessIssue
Problem Solution
Value Power Plan
DifferentiatedVisionMatch™
Confirm Confirm
Qualified Prospect = Differentiated VisionMatch x Value x Power x Plan®
© 2014 ValueSelling Associates, Inc. All rights reserved.
Outcomes of a sale
© 2014 ValueSelling Associates, Inc. All rights reserved.
When deals aren’t closing
© 2014 ValueSelling Associates, Inc. All rights reserved.
Opportunity Assessment ToolInspection Questions Notes Sanity Check Y N
What is the Business Issue? Is it really a Business Issue or a problem/project?
Is there a Differentiated VisionMatch? Did the buyer acknowledge this?
What is the Value? Are BV and PV quantifiable?
What level of access do we have?
Have we validated the Power source? Does the budget signoff seem likely?
Is there a Plan with steps for both sides to complete?
Is the Plan confirmed in an email or letter? Did the buyer agree to this?
Qualified Prospect = Differentiated VisionMatch x Value x Power x Plan®
VMD
V
P
P
© 2014 ValueSelling Associates, Inc. All rights reserved.
#1 way to know when they’ll buy…Ask the question.
Anticipate hurdles.
Build a mutual timeline with your prospect.
Confirm it in writing.
It is about them…not you.
© 2014 ValueSelling Associates, Inc. All rights reserved.
The Plan Letter
Mr. Client NameSenior Executive VP and CAOAnyBusiness, Inc.
Dear _________,
Thank you for taking the time to talk with me last week and for your consideration of Wind River to partner with ________ (Company Name) to assist you in hitting your goals. The purpose of this letter is to summarize our conversation. As you review this, please feel free to make any changes or additions to ensure accuracy
The primary challenge you face is to ___________________________.
To enable this growth, you need to overcome the following challenges:• (Problem #1)• (Problem #2)• (Problem #3)
You mentioned several solutions that you are considering in overcoming these challenges:• (Solution #1)• (Solution #2)• (Solution #3)
You indicated that overcoming these challenges would enable you to:• (Value #1)• (Value #2)• (Value #3)
We agreed to next steps (you could also say “see attached for a list of action items”) that will further allow you to assess the potential for a partnership:
• (Action Item #1)• (Action Item #2)• (Action Item #3)
The completion of these activities is designed to enable you to determine whether entering into a partnership with Wind River is the best way to help you resolve these business issues and achieve your objectives. I look forward to receiving your feedback.
Sincerely,
Account Executive
The Business Issue
Underlying Problems
Solutions/capabilities
Value, results, metrics, outcomes discussed
© 2014 ValueSelling Associates, Inc. All rights reserved.
The Plan Schedule
Page Two: Action items, activities to advance the opportunity.
INCLUDES: Key activities you need completed
Access to Power
Sequencing, timing of committed resources
Post purchase order activities
What the customer needs to see from you
A sales tool, not a Gantt chart
Client Name: Plan Page 2
Dates to be confirmed
Event
1. Discovery session with _______
2. Discovery summary and investment proposal forwarded
3. Agreement, feedback on discovery summary
4. Trial planning session: TBD
• 3-4 weeks before trial
• Includes collection of internal documents
5. Debrief trial period
• Summarize strengths, gaps
6. Proposal agreement, PO and deposit issued
7. Installation kickoff webcast
• Set expectations
• Two weeks before leader-led workshop
• Installation team finalized
8. Go live
9. Achieve the VALUE or RESULTS
Notes:
Timing and frequency to be determined
Support to include coaching, phone reviews, benchmark meetings
Customized for reinforcement program to be developed
© 2014 ValueSelling Associates, Inc. All rights reserved.
Put the plan in writing!
Take a proactive approach to managing the steps in your sales cycle.
Bargain when changes are requested.
Minimize “plan creep”
© 2014 ValueSelling Associates, Inc. All rights reserved.
Garbage in, garbage out
© 2014 ValueSelling Associates, Inc. All rights reserved.
Enough opportunities?
© 2014 ValueSelling Associates, Inc. All rights reserved.
SummaryIdentify what’s been missed
Determine prospect’s buying process and timeline
Create mutual written plans with prospects
Focus on VALUE not the close
Build the pipeline
Disqualify early
© 2014 ValueSelling Associates, Inc. All rights reserved.
When all else fails…and it shouldn’t…
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Next webinar
Time Management: How to make the most of a crazy day
September 9, 201410:00 AM PST
© 2014 ValueSelling Associates, Inc. All rights reserved.
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