MXL Partners
SalesNote )
April 2011
In this issue
  • Reps Know Products, but...
  • Top Lead Generation
  • Prioritize Territory
  • 7 P's of Sales Success
  • More Research or More Sales Calls?
    It's an age old question: Do I spend more time researching companies before I call them or do I make more "cold" phone calls? This topic is too much debated. It's a qualified no-brainer. You want to make more calls. Let me explain.

    If you make 10 calls in a 2-hour period because you're studying lead prospects' web sites, social media sites and rooting around your CRM, and I make 30 calls in the same 2-hour period, all things being equal, I'm going to outsell you. Over a period of weeks, months and year, I will cover more ground in the territory, uncover more opportunities and drive more revenue.

    Now I didn't say zero research or no entries in the CRM. It's about intelligent balance. Here's the trick - 3 keys that will separate Producers from Meanderers:

    1. Know Your Targets - if I know my vertical or target audience, then I can do cursor research, i.e., quick specific info checks on web sites or other sales intelligence resources.
    2. Know Your Pitch - if I know what I'm going to say then I have No Fear and will boldly make great quality calls and leave great quality messages all day long.
    3. Know Your Metrics - if I know my cadence metrics and results then I will confidently and systematically work the numbers game.
    4. Batch Your Updates - if I keep my calling notes separately on a spreadsheet as I make my calls I can update the CRM appropriately at the end of day or night without losing my calling rhythm.
    These keys result in Focus, Confidence, Accountability and Speed. You don't need a manager to guide you; you can manage yourself. I will gladly take a team full of smart focused, confident, productive self-managers any day over a team of over-organized, plodding, CRM perfectionists.

    Are you or your team really as productive as can be?


    Reps Know Products, but...
    Sell Sell Sell

    2011 Sales Performance Study
    CSO Insight's recent Sales Optimization Report reveals that salespeople are knowledgeable about their products. However, there are clear weaknesses when it comes to effectively understanding buyers, cross-sell/up-sell, selling value and forecasting accuracy:

    Meet or Exceed Expectations
    - Effectively present Features and Benefits = 67%
    - Differentiate from Competition = 69%
    - Align Solutions with Customer Needs = 68%
    - Generate Accurate Bid/Proposal = 85%

    Needs Improvement
    - Understanding Customer Buy Process = 40%
    - Effectively Cross-sell/Up-sell = 47%
    - Sell Value/Avoid Discounting = 42%
    - Forecasting Accurately = 54%

    This data shows that salespeople, for the most part, know their products, but are lacking in areas not typically emphasized in training across sales teams.

    Top Lead Generation
    Leads Generated

    Top Lead Generation Programs
    In the same 2011 CSO Insights sales study, when people were asked to list their Top 3 Lead Generation Programs, here is a listing of the Top 5 most effective (based on quality/quantity of leads) and the Bottom 4:

    Top 5
    1. Email Marketing = 62%
    2. Live Events/Tradeshows = 45%
    3. Web Site Registrations = 33%
    4. Webinars = 31%
    5. Telemarketing = 29%

    Bottom 4
    10. Social Media = 12%
    11. Blogs, Podcasts, MobileMarketing = 11%
    12. Newspaper/Print Ads = 4%
    13. TV/Radio = 3%

    Prioritize Territory
    42 Sales Rules

    Rule #19 - Prioritize Your Accounts and Opportunities
    (Excerpts from 42 Rules to Increase Sales Effectiveness, by MXL founder, Michael Griego.)

    In my days of selling IBM computer equipment, I sold the first computer to a company called The Nature Company, a retail establishment with several stores in California. As a young sales rep I performed all the right steps in getting the sale closed and set up for implementation with the third-party software provider and the service team. As we often did back then, we celebrated the setup and installation of the system with a bottle of champagne, in this case on a late Friday afternoon.

    The following Tuesday there was an implementation scheduling meeting with the software company; the next week there was a "kickoff" meeting with the hardware service and support team. For the next five weeks there were meetings at the account dealing with the smooth implementation of the company-wide system. I was at every one of those meetings. As a good sales rep I attended these sessions even though they were not my meetings nor did they require my attendance. In the sixth week I went to lunch with The Nature Company's Director of IT who managed the implementation. He told me he was extremely pleased with the whole experience, that all was going well, that he was pleased with our software recommendation and the service and support team was outstanding, and that he appreciated my involvement throughout the process. He then said, "But Mike, I have one question for you: Don't you have anything else to do?" He said "It's not like we're going to spend any more money; it'll take the rest of the year to fully absorb this installation." The question and comment hit me like a ton of bricks. He was absolutely right. I was spending unnecessary time with a comfortable customer when I should have been out finding and selling more new business prospects like The Nature Company. The lesson was not lost on me.

    It was the beginning of a process of prioritization of my accounts that has stuck with me as a territory rep, as a sales manager, as a VP of Sales, and as strategic sales consultant and trainer. The Account Prioritization Matrix concept is deceptively simple...

    7 P's of Sales Success
    7 Ps of Sales Success

    7 P's of Management Success (and Sales)
    "Proper prior planning prevents piss poor performance!" - Dr. Eugene Jennings, Professor of Business Strategy, Michigan State University

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