This post from LinkedIn caught my eye,
Justin explained that while he has not met the Account Executive, the email sent to him was “extremely accurate, relevant, and intriguing.”
This was not a pure, COLD EMAIL.
That’s the very reason I don’t believe in COLD EMAIL. One of the biggest myths in sales is ABC.
I wrote about it here, #13: 5 False beliefs holding back salespeople (and how to unlearn them).
Most people think successful salespeople need to be ABC.
(Always Be Closing).
Ironically, the opposite is true.
The most successful salespeople do
10% closing, and,
90% listening, qualifying, giving value, and understanding client challenges and aspirations.
Three key elements to understand in B2B deals
Opportunity
Resources (Time, Financial and People)
Decision Process
Let’s focus on how to understand and develop opportunities this week.
Step 1: Know your client deeply
Value and trust must be established before a flow of meaningful information can happen.
Before talking about your product and services, understand what problems and results your clients want to achieve.
Do your Research. Read their shareholder report, website, social media, and any other information you can find.
Build an Account Profile. This document contains nine key pieces of information you need to know before reaching out to your prospective client.
Do a “nemawashi".Meet the key team members before approaching CXO’s/decision makers (unless the CXO is already your friend. My friend, awesome coach Prina Sha writes about "nemawashi".
Focus on relationship-building. Invest time in understanding and nurturing relationships, both on a professional and personal level.
Step 2: Don't Pitch but don't ask what keeps you awake at night
Actively listen and ask specific questions based on your research by building a business hypothesis on how you can help them.
For example, you are a wellness company, and you saw on their website that their value is employee wellness.This question will open up a conversation about what your prospect is trying to achieve in employee wellness without putting them on the spot.
Encourage the client to talk all about their issues and concerns
Acknowledge and show empathy
Once you have a list of topics, ask your clients to prioritise.
You can say, “I am sure all these issues are essential and interrelated. Is there one that has the most impact?”
Once the client identify the most important goal, you can go in-depth and dig deep.
Step 3: Dig deep and gather evidence and impact
How do you know it is a problem?
Use the 5 Golden Questions Framework
How do you measure it?
What is it now?
What would you like it to be?
What is the value of the difference?
What is the value over time?
Step 4: Make "monetisation" obvious
How can you monetise the client issues?
Monetising client issues is a great way to increase the value of your product or solution.Strong Value Propositions are linked to your clients’ business goals and objectives.
Examples:
20 % Cost reduction (not by discounting!)
Reduce Risk
Faster time to market
10 % Decreased Opex
10% Reduced Capex
5% NPS - Enhancing customer loyalty
20% Increase market share
5% Decreased churn
Faster response time
Simplify complex processes, improved 20% conversion
Increased MTBF (Mean Time Before Failure)
Increased ARPU (Average Revenue Per Unit)
Step 5: Explore Context and Constraints
When the solution’s impact is significant, we need to understand why our client has not been able to resolve the issue on their own.
It could be that they lack the resources or expertise. Understanding the context and constraints allows us to understand the opportunity on a deeper level and provides us with more ways to add value to our clients.
Example questions:
What is the big picture or vision?
How would you measure success?
What is the impact on the business?
What is the payoff if success is achieved?
What is letting you know that it is a problem?
What has stopped the organisation from solving it in the past?
Asking these questions further clarifies if the problem is “WORTHY” enough for them to solve.
After your meeting, ask your client, “Did I get it right? Did I leave anything out?
Step 6: Collaborate - agree to build a business case together
Validate and confirm if there is an “angle” or business case that you can explore and build together.
A great question a salesperson can ask to confirm collaboration and move forward together is:
"Based on our discussion and the challenges we've identified, I believe we can work together to create a compelling business case. Would you be open to collaborating on this over the next few weeks to see if we can develop a solution that addresses your specific needs and delivers measurable value to your organisation?"
This question accomplishes several things:
It references the discussion you've had, showing you've been attentive
It acknowledges the challenges the client is facing
It proposes a collaborative approach, positioning you as a partner rather than just a vendor
It sets a timeframe, creating a sense of momentum
It focuses on developing a solution tailored to their needs
It emphasizes delivering measurable value, which is crucial for enterprise clients
By agreeing to build a business case together, you're not just selling a product or service, but partnering with the client to create a solution that meet their needs.
This approach demonstrates your commitment to their success and helps to solidify your position as a trusted advisor rather than just another vendor.
How are you implementing the steps above in your opportunity discovery and qualification process? Keen to hear from you!
📢Announcement!
I've just opened my 'Elite Sales Athletes:How to Win High-Value Enterprise Deals " and it's on early bird discount $300 off until October 13,2024. I am so excited!
For you to experience how I run these LIVE cohorts, I will be running 2⚡Lightning Lessons" this October:
⚡Lightning Lesson with Bart Giordano, President of Commscope on "Break into Sales Leadership". This is a high-voltage, tactical breakdown of the key drivers of operational success in a sales leadership role. Packed with real-world examples that you can apply immediately, all in just 30 minutes.
⚡Lightning Lesson on "How to find warm leads that convert into sales opportunities". Learn strategies on finding your ICP and consistently hit quota. We will use a few tools, Sales Navigator, Perplexity AI and more!
I'll send you the invites next week!
Here's me announcing "How to Win High-Value Enterprise Deals" on LinkedIn and a sneak peak of the Maven platform 😊.
Thanks for reading and being here, it's a privilege to write for you.💜
Ren
Comments