2000-2002 Copyright - YankeeTek Confidential
Selling 1001
By: Tim Kraskey
Managing Director, YankeeTek Ventures
PROMOTING THE GROWTH OF GREAT IDEAS
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Who is Tim Kraskey
Tim Kraskey – Currently is a Managing Partner at YankeeTek Ventures, an early stage venture firm focused on technology in the Boston area.
Over 15 years of experience in sales, marketing and operations of networking companies. An entrepreneur and co-founder of Sahara Networks (Acquired by Cascade/Ascend/Lucent). Worked in senior management/Sales/Marketing positions for Newbridge, Cascade, Ascend, GDC and ADC Telecommunications.
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What is Selling!
•Definition:
“Selling is the transfer of products or services from one person to another through an exchange mechanism called money.”
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Selling is NOT …
• An art. It is a Process.
• A “Low-Life” profession.
• Done solely on relationships.
• Throwing out the latest features.
• A price game.
Remember: “The Customer Pays your Paycheck
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Selling Facts
• “PEOPLE BUY NEEDS SATISFACTION”• Selling is the fastest way to wealth outside of
an inheritance.• “Sales success is a continuous journey
towards the achievement of predetermined goals.” (by: Tom Hopkins).
• 20% of your customers will generate 80% of your sales.
• Sales is a “Numbers Game”.• Sales is a “Planned Process.
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Sales Building Blocks
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Why Sales People Fail?• Lack of planning.• Lack of product knowledge.• Poor work habits and time management.• Lack of desire, ambition or drive.• Lack of vision for opportunity.• Inability to handle objections.• No self-confidence and easily discouraged.• Can’t close effectively.• Poor presentation skills.• Poor listener or communications skills.
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The Ideal SalespersonMind: Top salespeople truly understand the customers
business. They strategically plan all sales calls.
Eyes: Sales superstars look at situations from the
customer’s point of view. They see their customers as
partners.
Ears: The best salespeople are the best listeners. They
involve their clients in creating solutions to needs.
Nose: A top performer can smell an opportunity through knowledge, communications
and persistence.
Heart: The surest way to a customer’s heart is honesty.
Good salespeople only promise what they can
deliver.
Technology: The superstars use telephone, computers, etc. to access information to out flank the
competition.
Legs: Savvy salespeople use their influence within the company to help meet their clients’ needs and get a leg
up on the competition.
Feet: Fancy footwork and product knowledge are no longer enough. The right to
do business must be earned, not assumed.
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The Selling Triangle
Pro
duct
Kno
wle
dge
Selling Tactics & Strategies
Attitude, Enthusiasm & Goals
Source: Tom Hopkins
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What People Buy …
Benefits
Features
Options
ModelBrand
Repair
Installation
Warranty
Service
Credit
Source: Selling & Sales Management
Core Product
Formal Product
Ancillary Product
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The 7 Step Sales Process
1) Plan1) Plan
2) Meet
3) Qualify
4) Propose
5) Confirm
6) Close
7) Assure
Target MarketSegments or Specific
Prospects
InitialContact
Get Needs
Presentation
ProposeSolution
Confirmthe
Order
New SatisfiedClient
Get Referral
Source: Be Your Own Sales Manager
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Sales Planning
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Account Planning
• What are the key events in the sales cycle?• Who are the target customers?• Have I completed the Feature/Benefit
analysis for my products vs. the competition?• What are the sales call objectives?• What are the pluses/minuses that affect the
sale?• What supporting information and resources
do I have?
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Sales Prospecting
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Prospecting• It about gathering information over time.• How do find out “Who” to contact?• Prospects or “Leads” come from many areas.
Example: Real Estate …– Friends– Parents– Coworkers– Churchgoers– Mechanic– Doctors/Dentists– Teachers– Fraternity or Sorority– Local company HR departments
• Employ the 3 foot rule!• Your best prospect is your last satisfied customer.
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Prospecting (cont.)• Words to eliminate in your sales vocabulary …
Source: Tom Hopkins
Instead of … Use …
Sell Get them involved or help them acquire
Contract Paperwork, agreement, or form
Cost or Price Investment or amount
Payment Investment or amount
Pitch Present or demonstrate
Buy Own
Deal Opportunity or transaction
Objection Area of concern
Problem Challenge
Appointment Visit, as in “pop by and visit”
Sign Approve, authorize, endorse, or okay
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Sales Product Knowledge
“Never make a call until you know your products!”
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Know your Product/Service/Company
• People buy “Benefits” not features.– A feature is a descriptive set of characteristics of a product
or service.– A benefit is the “Satisfaction” of a need you get from the
feature of a product or service.
• Feature/Benefit needs analysis.Product or Service Name
Pencil
No. Feature Benefit What the competition will say?1 8" Long Long lasting2 No. 2 Black lead Won't smug easily3 Accommodates special naming Advertising company name4 Eraser Mistake can easily be removed5 Six sided Easy to grip and won't slip
• Know your competitions products/services and how they might beat you.
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Know your Customer …• Develop an account profile on each account.
– Company history and key locations– Mission statement– Financial condition - growth/decline (D&B rating and annual
report)– Founders or key management– Stock information & performance– Product offerings– Marketing and advertising policy– Customer service policy– Quality and ethics policy– Distribution and sales policy– Personnel and employment policy
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The Sales Call …• The sales call is also called prospecting.• Know “Who or Whom” you are prospecting
on.• Types of calls.
– Telemarketing & Telephone– Direct Mail– Person-to-Person– E-mail
• You need to have a “HOOK”.– A hook is the message to getting to the next step
in the sales process.
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The Sales Meeting …• Know before you meet “Who or Whom” you are
presenting too …• Go prepared with backup failure scenarios (e.g.
No projector, burnt out bulb, etc.).• Probe for areas of need.
– Use “open” probing questions for discovery.– Use ‘closed” probing questions to quantify need.
• Being dumb like a fox!
• When you discover a need …– Acknowledge the need.– Introduce the appropriate benefit(s) that will satisfy
the need.
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“Active Listening”• Why did God give us 2 ears and 1 mouth?• Listen for …
– Main supporting points.– Focus on key words to support points.– Categorize key points.
• Pros vs. cons• Advantages vs. disadvantages• Likes vs. dislikes• Similarities vs. differences
– Clear vs. unclear message.• Verify message
“Remember, every time you open your mouth in the presence of someone who has superior knowledge, you display to that person your exact stock of
knowledge, or lack of it! Genuine wisdom is usually conspicuous through modesty and silence.”
By: Napoleon Hill
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Maslow’s Model
Self-Actualization
(Fulfillment of IndividualPotentialities)
Achievement and Esteem(Self respect, esteem of others, need for
achievement, prestige & status)
Affiliation(Love, affection, belongingness, acceptance)
Safety(Order, need for security, no risk, stability)
Physiological(Water, food, shelter, sleep, sex)
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Influence TypesType Definition
User The person using the product.
Influencer The person who help influence the sale, such as a consultant.
Technical Decision Maker
The person who qualify, technically the product or service.
Economic Decision Maker
The person who has the authority to approve the purchase.
Buyer The actual purchaser, usually a purchasing agent.
Enemy The person who does not want your product sold to the company.
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Psychological “Needs” of SellingPsychological Needs Decision Making Process Sales Cycle Timing
Power Bold decisive decisions; Influences control of the sales process on others.
Fast
Achievement Bold decisive decisions; The need to accomplish or see change; Results driven.
Fast
Recognition Moderate decisions; Influences the sales process on others and must be recognized.
Moderate
Affiliation Moderate decisions; Team or group driven; Influences the sales process with others.
Moderate
Control Cautious decisions; Must have order, process or rules; Influences others sometimes.
Slow
Security No real decisions; Avoids risk or change; No real influence on others in the sales process .
Slow
Source: Tom Hopkins & Tim Kraskey
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Multi-Level Selling
• When selling in large organizations, you will have different “Needs” satisfaction in various departments and individuals.
VP EngineeringAchievem ent
Dir. M anufacturingSecurity
VP O perationsSafety
Outside ConsultantEnem y
Dir. M arketingAffiliation
VP M arketingControl
PurchasingM anager
Recognition
CEOPow er
Circle of Influence
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8 Basic Objections
• 80% of all objections come down to these 8 classifications.
2) Price
3) Quality
4) Service
8) Competition
7) Application
6) Delivery
5) Experience
1) Reputation
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Handling Objections …• Define & determine existence of obstacles.
– Hear them out.– State, confirm and question the obstacle.– Answer it after you are sure you understand it.
• Apply “Needs” satisfaction to the obstacles.– Remind customer of any benefits accepted.– Offer alternatives.– Build a win-win solution.
• Offer “Proof” for any skepticism.• If a prospect shows indifference…
– Probe to uncover unrealized needs.
• “It costs too much” = Opportunity.– When a prospect says this line it is an opening to find out
what he can spend.
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Territory Management• You need to analyze the prospects and the
geography.– Goals need to be set.
• Long term – Within 1 year• Short term – Interim results towards long term goals
• Prospects need to be categorized.– A, B, C …
• Focus on prospects with high degree of high expected value.
• Develop a plan for each account.• Time is the real “Death of a Salesman”.• Time is MONEY.
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• Prospects need to be categorized.– A, B, C …
Territory Management (cont.)
C
B
A
Give to the Competition
Strategic FocusTactical Focus
Do when Time Permits
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Strategic vs. Tactical Selling
• Strategic selling is the 20/80 rule.
• Long term vs. short term goals.– Manage objective vs. time.
• What 10 prospects will make my quota?– How do I get them?
• Effective time management is the key.
• All other activities are “Tactical”.
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How Much is Your Time Worth?
• What is your cost per hour?
• What does it cost your company per hour?– S/W = $75/Hr. @ a $1.5M quota– H/W = $125/Hr. @ a $2.5M quota– Avg. 2000 hours in a year
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Activity Quotas
• Number of …– Calls made on new customers– Calls on existing customers– New accounts won– Demonstrations– Training sessions– Service calls
• Again, “It’s a numbers game”.
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Channels
• Are extensions of your sales force.– Training– Reporting
• Must compliment the Sales/Marketing/Company strategy.
• Pricing must meet both your company and channels profit directives.
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Sales Closing
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Most Common Reasons Given Not to Buy
• Financial• Cannot make decision• Fear of making wrong
decision• Using competitor’s
products• Has no use for the
product/service• Doesn’t see the value• Does not understand the
products value
• No immediate need• Price too high• Does not meet quality
standards• Can’t be delivered on time• Needs approval from others• Doesn’t like the salesperson
“These will affect your ability to Close”
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What is Closing?
• Close is the tangible measure to the “goal” you have set for the sales process. It includes …– A meeting– A request for a demonstration– A commitment to an order
• Sales people should close on every sales call.
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When do you Close?• When you see buying signals …
– Summarize benefits from the call.– Formulate an action plan that requires a
commitment.
• Types of buying signals from a prospect …– Makes a positive statement about the product.– Asks about price, installation or delivery.– Wants to test or try the product.– Changes voice/actions to be more positive.– Wants references.– Physically handles the product.– Asks about buying incentives.
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One Key Sign a Close is Near!
• When a customer says, “It Costs too Much”! – “You know you should win this deal”.
• Price is usually the last hurdle to climb to getting the order.
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Closing
• Don’t change your style when preparing for a close.
• You must “Ask” for the order.• Close with confidence.• Closing should make your customer feel
“Good”.• Follow-up: After you get an order make
sure the customer is HAPPY. If they are HAPPY, ask for a referral.
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Transitioning to Sales Management
• “Super Salesperson” = Includes adjectives that describe an individual who works best alone, with very little direction (A lone wolf).
• “Super Sales Manager” = Includes adjectives that describe an individual who works best through others.
A CONRADICTION?
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Sales Management
• Selling is different than Sales Management.– The “Best” sales people usually are the worst
managers.
• Sales personnel do what you as a manager “Inspect”. Inspect what you require the sales team to do.
• Manage by specifics that are quantifiable (e.g. Pipeline, objectives and quotas).
• Have all sales personal do a territory plan and update it quarterly.
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The Sales Effect to the Process
- No. of Salespeople
- Staffing- Training- Procedures- Tools- Information- Motivation- Compensation- Monitoring- Feedback
Sales ManagerControllables
- Marketing Strategy
- Marketing Mix- Product- Price- Promotion- Place
- No. of Calls- Quality of Calls
- Content- Communications- Service
- Allocation of Effort
CorporateInput
SalespersonInput Variables
- ROI- Growth- Net Profit- Market Share
CorporatePerformance
- Sales Volume- Sales Mix- Sales Costs
SalespersonOutput Variables
- Contribution to Profits
- Return on Assets Managed
- Sales Cost Ratio
SalespersonPerformance
Source: Henry Porter
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Sales Management (cont.)
• Review your sales staff every 3 months.– Be prepared to make immediate changes
after review.
• Have signals on joint sales calls with you and your team members.– One to end the call.– One turn to the call over to the sales
manager.
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Sales Management (cont.)
• All training must be measurable or don’t do it.• Paperwork:
– File for each sales person and performance vs. objective.
– File for recruiting and active prospects.
• An itinerary should be updated by each sales person once a week on Monday. Should only include “A” accounts and “Cold Call Prospects”.
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Sales Management (cont.)
• Planning is a “One-on-One” activity and NOT a group effort.
• Spend 80% of your time as a manager on the “High Potential” accounts and the “A” accounts. All “C” accounts with low priority should be left to a competitor.
• Appraisals: Should be done in writing. Leaves “No Shocks” when action is required.
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Sales Management (cont.)
• Sales manager should expect sales team to be prepared before a call with:– Company Profile– Personnel Profile– Historical Data
• Do a “Trunk” inspection when visiting a territory. Should include:– Literature– Samples– Be Clean
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Sales Management (cont.)
• Only give a couple days warning when traveling with a sales member.– Give positive feedback before negative.– Summarize the trip and place it in the file.
• Call reports should be mandatory after every call.
• Recruiting is the hardest part of sales management.
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Sales Management (cont.)
• Firing a Sales Member:– Do it on a Monday. Never Friday.– Have a case in writing. Objective vs. Plan.– Don’t fire someone in your office (e.g. Meeting
room) with a witness.– Hire sales members on at “At-Will” basis.– Pay the sales person commission owed.– Give them the opportunity to resign.– Never give information on a former sales
employee.
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Recruiting Sales People• Good Sales People are?
– Realistic – Thorough – Articulate – Good planners – Assertive – Persistent– Winning attitude– Have great communications skills– Well groomed
Want $$$
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Sales Compensation• Straight salary plan• Straight commission plan• Combination base + bonus plan
– Before quota objective– After quota objective
• Additional bonuses– Product spiffs– Timing spiffs– Marketing spiffs
• Management overrides
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Account Management Systems
• Many software systems exist today.– www.salesforce.com– ACT, Siebel, Outlook, etc.– Keep it simple and accurate.
Garbage in = Garbage out.
• Call reporting is a must.
• Forecasting is a must.
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Sales Forecasting & Pipeline• Forecasting needs to be quantifiable and
predictable.• Do “NOT” allow sales people to make up the
metrics.
Joe Smith Forecast Month May, 200220-Apr-02 Territory Northeast
Customer Name Product or Order *Probability $ Value (000's) CommentsService Month of Success 30 60 90+
ABC Co. 3270 June 90% $150 Told we WONMaster Lock July 75% $300 NegotiatingZebco Safe Aug. 75% $450 Proposal Submitted
Real Co. Sept. 25% $200 Proposal SubmittedTotal $150 $300 $650
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Sales Forecasting MetricsSales Process Status Time Percentage
Closed/Lost 0%
- Company identified- Prospecting key contact/levels and decision making process- Product materials sent- Webinar held/completed
Open 1-2 Months 25%
- Decision makers identified- Early meetings held and needs assessed- NDA signed - Project identified and RFI/RFP process has begun- Project has early funding- Negotiating evaluation & timeline
Open 1-6 Months 50%
- Sponsor identified- Lab evaluation has been approved/installed - Test/Deployment plan has been agreed to- Project has been fully funded- Customer pilot test site confirmed - RFI/RFP has picked us as 1 of 3 players- Business discussions underway/contract negotiation
Open 1-6 Months 75%
- RFI/RFP has been won – Verbal order given- Product is available- PO & contract to close in 30 days
Open 1 Month 90%
- PO received Closed/Won 100%
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Know your Customer …• Develop an account profile on each account.
– Company history and key locations– Mission statement– Financial condition - growth/decline (D&B rating
and annual report)– Founders or key management– Stock information & performance– Product offerings– Marketing and advertising policy– Customer service policy– Quality and ethics policy– Distribution and sales policy– Personnel and employment policy
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Know Your Contacts• What to keep track of on your prospects/customers …
– Names– Company names– Addresses– Various phone numbers– E-mail addresses– Assistants name– Best times of day to reach the client– Dates, locations, and times of appointments– Notes on conversations– Correspondences sent– Products or services ordered– Delivery dates– Challenges that arose and how you overcame them– Future growth plans and forecasts– Birth date, hobbies, how long they have been with the company, etc.
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Sales Ethics
• It is best to be “Honest.”
• If you “Lie” you will eventually be caught = Loss of trust which, in turn
= No sale or lose your job.
• Many clients are unethical. Walk away from the sale or find a way to go around.
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References and Other Reading
• “How to Master the Art of Selling,1982”, by Tom Hopkins• Selling for Dummies, 2001”, by Tom Hopkins• “Think & Grow Rich, 1990”, by Napoleon Hill• “The Official Guide to Success, 1982”, by Tom Hopkins• “Changing the Game: The New Way to Sell, 1987”, by Larry
Wilson• “Be Your Own Sales Manager, 1990” by Tony Alessandra, Jim
Cathcart & John Monoky• “Strategic Selling, 1985”, by Robert Miller & Stephen Heinman• “Strategies for Effective Listening, 1977” by Xerox• “Account Development Strategies, 1980” by Xerox• Managing Time & Territory, 1979”, by Xerox• “Professional Selling Skills, 1983”, by Xerox
2000-2002 Copyright - YankeeTek Confidential
Thank YouTim Kraskey
Managing Director(617) 250-0500
PROMOTING THE GROWTH OF GREAT IDEAS