Deals That Won’t Move Through the Sales Funnel
Every sales professional we know is always in prospecting mode, which is why we devote a fair amount of time in this week’s episode in sales prospecting, sales development, and moving people through the pipeline.
In this episode’s Rant, Bill Caskey addresses the initial call and how sometimes the failure in the overall sales cycle begins on call number one. He offers tips on how to improve your language on the first call.
Bryan Neale busts the myth of “Enthusiasm is Contagious”. He tells you what really happens when a sales person exhibits too much enthusiasm.
Finally Bill and Bryan address moving deals through the pipeline in a way that is practical and virtually for any sales cycle.
The Four Stages of The Customer’s Buying Cycle
Well, if that doesn’t make you stop what you’re doing and watch this episode, nothing will. All kidding aside…while the concept of as customer’s buying cycle may sound a bit tedious, it’s really quite important that you understand the cycle the prospect goes through when they buy from you. Otherwise, how will you ever be able to communicate the right things at the right time? Brooke Green leads you thru that.
Meanwhile, Bryan and Bill address one of the hidden secrets to “modern prospecting” and that’s the idea of marketing with content. Bill tells a story of how one client uses ‘expertise’ as a marketing tactic.
(Interested in modern prospecting? Download the FREE report 20 Rules For Modern Selling at http://www.caskeyone.com/20-rules-of-modern-selling-free-report/)
Do You Understand Your Sales Funnel?
The proverbial sales funnel seems to be the ‘defacto’ way to measure results. No, it’s not always ‘revenue in’…it’s “what’s in your pipeline?” (Do you wake up in the of a nightmare hearing your sales leader shouting that question to you?)
Not sure how we got to this point, but this short video blows up a little of our preoccupation with “funnel” because it highlights an important part–not all people in your sales funnel are equal. Nor should they be treated that way.
Do You Really Understand Your Sales Funnel?
Bill addresses the sales funnel and some misconceptions people have of it. He also gives some advice on what to do with people who can’t decide.
Sunk Sales Costs Killing You?
Are sunk costs sinking you? Seth Godin blogged today about that very topic. I’ll address it to sales people and sales organizations.
Biggest problem is when you have invested hours/weeks/ years in a laboriously long selling cycle and nothing is happening. But rather than pull out, you persevere—thinking that maybe, just maybe, you’ll get lucky.
Pull Out and Move On
I tell clients all the time–you know by the middle of the cycle whether a prospect will turn into a client. Your gut screams this at you. But why don’t you listen? Well, Seth hit it. We get emotional.
We get so ‘bound up’ in what we’ve put into the sales process, we neglect to consider that every extra hour we put in on a losing deal, is an hour we DON’T put into a new one.
Look At Your Funnel
So, as you spend this Friday night reviewing your sales funnel, ask yourself the question, “How many losers am I working on?” You won’t like the answer—but it WILL make you money.
They’re In Your Sales Funnel. But Are You In Theirs?
Isn’t it interesting how we sales types are always talking about our sales funnel–always predicting when something will ‘close.’ Yet, have you ever wondered why we have no discussion about whether they prospect is having meetings at their office talking about dates their problems will get solved? (Or when they plan on buying).
Why not?
Our sales philosophy is that the optimal sales process is when the prospect is selling you on why he/she needs to spend their money to solve their problem.
So, why is it only our funnel that gets attention?
Here’s an interesting thought: Next time you’ve forecasted a sale closing within 30 days, call the prospect and tell them that’s what you have in mind. See what they say. If they say, “Whoooooaaaa. Hold on. We’re not going to make the decision in that time frame, then take them off your 30-day report.”
Just a thought.
You Might Be Calling on Someone Who Hates Their Job. What Should Your Sales Strategy Be?
This fits in the category of “things-you-should-be-aware-of-that-are-under-the-radar-screen.”
Our friends at Walker Information just released their 2007 Walker Loyalty report. Surprisingly, employee loyalty leveled off in the last year to 34% of employees being TRULY LOYAL.
Every sales company on the planet should read this report in it’s entirety. Why?
According to the Walker Report, there’s a 1 in 2 chance (59%) you’re calling on someone right now who isn’t particularly ecstatic about their job. (Walker calls that TRAPPED or NEGATIVE about their job). So how much of a champion do you think they’re going to be for your cause if their heart isn’t in theirs? Not much.
Most of the study has to do with what employers should do in light of this data.
But, you should read this report with an eye toward your prospect and how you call on them. We’ve been preaching (sometimes it feels that way) for decades on how you should talk to ALL STAKEHOLDERS of the problems you’re trying to solve — not just the decision maker.
By doing so, you eliminate the risk of putting all your eggs in one basket (one person).
According to the data, If you look at your sales pipeline right now (sales funnel) you can safely conclude that half of your contacts are in that area of Not Truly Loyal employees. Sales Managers – talk about that at your next sales meeting. See if there are some sales strategies you can execute to address that issue. Ignore this one at your own peril.
