Losing Can Facilitate Winning

by Mike Brose, June 17, 2008

Recently I lost a deal. Thats a difficult thing to admit as I dont feel I lose deals very often. Even when I do, I dont like to admit that it may have been my fault. Does this sound familiar?

This was a true lost deal, as I was evaluated against a competitor, and not just a deal that slowly fell into oblivion. Being that we are a vendor that provides win loss analysis, it is very easy for me to get a better look into the deal by using our own solutions.

In order to prepare my contact for the process, I asked her if we could do a full debrief on the evaluation. She was more than willing to have our team give her a call so we could improve and make corrections needed to win their business in the future. This was a valuable step in the win loss process in two ways. First, it allowed my contact to prepare herself for the call; and second, it made it easier for our operations team to schedule the interview and talk with her. It also helped her better understand that I really wanted to get the full details of the deal so that we could improvefor their benefit and ours.

One of our clients right now is using a similar methodology to get their win loss targets prepared to take the interviews, and it has generated close to a 100 percent response rate. They have their sales reps prepare their contacts by not only notifying them in advance by phone, but they send a hard-copy letter explaining the win loss analysis process, all before the Research Specialist from Primary Intelligence makes the first call. This process not only prepares the contacts for the call, but also helps them understand the value of their feedback. By doing so, the contacts are not left up to a quick decision on the phone as to whether they are willing to participate in the interview. They expect it, they are prepared for it, and they are more willing to do it.

As far as my personal experience, the interview was very insightful. I was able to get a lot more visibility into what the other competitor did to win their business as well as what I could have done to make a better showing. I was able to better understand my contacts specific needs that were overlooked during the sales process.

By not only using win loss analysis to evaluate my performance, but by properly preparing my contact for the interview, I was able to obtain invaluable insight into my contacts expectations and needs, giving me a better chance in the future to not repeat my mistakes and win more business.

Do You Understand What Your Customers Are Saying?

by Don Miller, June 13, 2008

“Who have you worked with before?”
“We used to work with Internal Solutions.”
“So you did it in-house?”
“No, thats the name of the company.”
“Oh.”

The above conversation helps to emphasize an important point. It always helps to know what your customer is talking about. Every industry has its own jargon and learning it can help you relate to your customers. You dont have to learn every phrase used in every industry, but learning some of the more commonly used terms can help you better understand what your customers are saying (ERP means different things to people in the healthcare and retail industries than it does to when talking about software). It also shows that you are interested in their situation and understand their particular needs.

In addition to understanding what your customers are saying, it also helps to know who they are. If you are working with an existing customer, then you probably have a good idea of who they are and what they want. But what about new customers? Before that first meeting with a new customer, take some time to do a little research. Find out what you can about the customer. Start with the company and find out what they do and what products or services they offer. Just knowing a little about the companys business can help you understand what the customer wants. A manufacturing customer probably has different needs that someone in the services industry.

Next see what you can find out about the department that will be using the product. The more you know about the end user and their needs, the better you will be able to position your product to meet their needs.

Also see what you can find out about the people that will be making the decision. Now we are not suggesting stalking someone or trying to dig up any dirt on them. Rather see if you someone that has worked with the customer in the past and can tell you anything about the customers likes and dislikes. If the customer is a numbers-oriented individual, then you are better off talking about how you can affect their bottom line than about other benefits. If the customer is going to be the end user, then you probably want to focus on how your product will make their life easier.

All in all, when you understand what your customer is saying, you will know what they need, and you will be able to close the deal.

The Sales Checklist

by Ken Champion, June 9, 2008

While boarding the plane for my trip last week, I was able to watch the pilots prepare for their flight. Both pilots appeared to be in their 50s, so I assumed they had many years of experience flying this particular model plane, a Boeing 737. This assumed experience provided me with an additional level of confidence that if something happened, we were in good hands. What I found interesting was the level of preparation the pilots were taking to do something which they’ve probably both done hundreds of time, flying an aircraft. It made me wonder, if they’ve done this so many times before, why do they need to run through a checklist? My flight landed late, but safely, so their preparation obviously played part in the success of the flight.

The airline provided the pilots the tools (fuel, weather information, landing information) they needed for a successful flight and the pilots did their part in preparing. Everyone won. I think more companies and sales professionals could learn from this approach. I talk everyday with companies who simply provide their sales organization with basic sales collateral, training and marketing tools. Often times, one of the most important toolscompetitive intelligence (CI)is overlooked as a key tool. Just think if the airline only provided half the fuel the pilots needed to get to their destination. CI provides sales professionals with key insight into competition’s weakness and strengths, thereby allowing them to present your product more favorable to the prospect. As for sales professionals, we sometimes assume we know it all and neglect to use the tools being provided to us.

Just as my pilots were able to successfully perform their duties in arriving at our destination, sales professionals can use their own checklist of CI to successfully pull in more business. Consider these points on a sales “checklist” when approaching a sales opportunity:

1. Who is generally the key decision maker in companies in evaluating and buying our products or services?
2. What are the key reasons decision makers buy from us?
3. What are the main reasons why people DON’T buy from us?
4. Which companies constitute our main rivals?
5. What do I know about those companies and their products?
6. How does our pricing model compare to company budgets for this type of product, and how does it compare to the competition?

If you can’t answer these questions immediately, you are flying the plane without making sure its prepared for a successful flight. CI can keep your sales engines primed and prepared, giving you the best chance at winning more opportunities.

Hello? Do you still want my business?

by admin , June 6, 2008

Do you own a cell phone? Who doesnt, right? How many times have you changed providers? And why did you change? Price? Customer service? We’ve all been there. When your contract is up you go to your provider and ask, “What are you going to offer me to keep my business?” And what is their response? In my experience, there usually isnt a response, or if there is, its a slap in the face. They have so many other customers that losing your business wont make a difference.

I have been a research specialist at Primary Intelligence for over three years and I love my job. I really enjoy talking with people and learning about their experiences. I learn something new everyday about the business world and the sales process. A recent project I have been working on is for account retention. These projects are some of my favorites because I talk with clients that are very happy with their vendors and those that arent.

When I see a client that I have to interview that is “lost business,” I cant wait to talk with them because I am curious to find out what happened. How could that sales person have the client in their back pocket and toss them out? What I have found is that the sales person becomes over confident. They assume that since they have already won the client in a previous deal, they will automatically win the next deal. Therefore, they dont need to be as dedicated to a client in the bid process as say a potential client. They think that because this company has been a client for 20 years, or even two years, they need not put forth the effort that they would for a potential sale or new client. This is dead wrong.

Twenty-year-old clients need just as much TLC as your new clients. Treating them like a sale that is a sure thing usually doesnt work. The client needs to feel like they are just as important today as the day they signed their first contract with you. I have often been told that, in situations like this, a client will change to a new vendor because they feel like they become a “small fish in a big pond.” Clients say that their current vendor doesnt seem to care or listen to their growing needs during the RFP process.

Maintaining clients is a constant relationship. The more attention the client gets, the more likely theyll stay with you. So, pay closer attention to your current client when they tell you they are submitting an RFP. Make sure that you treat renewals with same attention that you pay to new deals. It may seem like its in the bag but dont be so sure. Nothing is a sure thing, no matter how confident you are.