August 30th, 2016
Posted on

Sales Qualifying Checklist

Use this sales qualifying checklist to help guide you through your sales process.

The qualifying process is often compared to a funnel where new leads coming into the system (i.e., opportunities) are initially placed at the top of the funnel (the widest part) and then worked through the system by qualifying, developing, proposing, and evaluating solutions, negotiating and then at the narrow part of the funnel, a purchase is made and implemented.

Need

Every prospect is going to have a set of needs. It is up to you to determine what those needs are and how your product or service can help satisfy their needs.

  • Are you aware of all their needs?
  • Does the prospect acknowledge that a significant problem exists and she must take action?
  • Is their need a high priority (need to buy is quantified, the prospect is committed)?
  • Can you provide a unique solution for their need?

Decision Making

Are you talking to the right person?  Here are some key questions you need to ask yourself before you pitch your product or service to the wrong person.

  • Are you speaking to the Ultimate Decision Maker?
  • Are you speaking to the problem owner?
  • Have you identified influencers and approvers? Do you know who else is involved?
  • Are you aware of the RFP process? (Are they giving you influence on the RFP? Did the competition write the RFP? Is there a formal buying process in place?)

Solution

If you are not solving a problem, you may be wasting your time. It is not enough to simply boast about the features and benefits of your product. You must be able to solve a problem or provide sufficient evidence that your product/service is worth their money and time.

  • Is there a solution that you can supply and support?
  • Is it within your company’s current product mix?
  • Is your solution ‘original’ or unique and better/different than the competitions?

Funding

Learning about the prospect’s finances can help you determine if your product or service is within their budget. Save yourself some time and ask yourself the following questions about your next prospects’ available funding.

  • Is there a budget allocated?
  • How much is it? Is funding committed and approved?
  • Is it reasonable; can you provide a solution for that amount?

Competition

Know your competition. Read this article to learn more about your competition and what you should be evaluating and acting on. 22 Questions About Your Competitors You Need  To Answer

  • Do you know who you are competing against?

Timing

Make it a habit to keep a detailed schedule about your prospect’s timing. This information can help you organize your prospects & buyers who are committing within a specific timeframe.

  • Are you aware of their timetable to take action?
  • Is their timing reasonable?
  • Does it fall within your own ‘sales cycle’ criteria?

Size

This one is hard to miss, but you should always make sure to keep track of your prospect’s actual size and size potential. This can help you anticipate solutions to problems before they ever happen. Now that is forward-thinking!

  • Is the potential order value worth the effort?
  • Is your company large enough to handle it?

 

By using a sales qualifying checklist in your sales process, you will always be more organized and process orientated, resulting in more qualified leads and more closed sales! Making the smart decision to stay organized with a checklist also provides a way to look back on your accomplishments and progression over time.

Happy Selling!

Do you like what you just read? Check out our Business Acumen Training to see how you can develop a keen eye for sales opportunities.

August 12th, 2016
Posted on

Understanding How Technology Influences The Sales Process

Understanding How Technology Influences The Sales Process and The Way We Do Business Is Critical To A Sales Professionals Success!

Technology & The Sales Process

  • Email has dramatically changed the way we do business and has changed expectations about response times.
  • Social media adds awareness and transparency.
  • Product reviews are available on demand, increasing competition.
  • Expand your brand by interacting digitally.

The Sales Process Overviewsales-process-model

Sales Process

  • Prospecting and territory management
  • Opening the sales call
  • Listening and questioning
  • Presenting solutions
  • Overcoming objections and closing
  • Cultivating the relationship

Related Articles:

5 Quick Tips For Improving Email Marketing Campaigns For Sales Professionals

5 Ways To Better Utilize Your iPad or Tablet For More Effective Sales

Happy Selling!

The Sales Coaching Institute

August 11th, 2016
Posted on

Understanding How Change Impacts The Sales Process & Customer Buying Cycle

Change is inevitable if you are a successful growing business. For sales professionals, understanding how change impacts the sales process & customer buying cycle is critical to their personal success and development.

 

“The world hates change, yet it is the only thing that has brought progress”

– Charles Kettering

Change is challenging but very necessary.

Today’s customers are frazzled and overworked and don’t have enough hours in the day. They are risk-averse and hesitant to make changes that might cause problems or bring on more work.

As their needs grow, customers realize that they must make a change.

Related Article: Embrace Change For A Smooth Transition

customer-change-model

OPTIONAL ASSIGNMENT*

What Motivates Your Customer to Buy?

Application

Identify a need or problem that your customer may have and then describe each specific phase as the need grows.

Instructions: Consider how the problem would grow in order for your customer to make a change and purchase something from you.

Here is an example to help get you started!

Making a Change

Trying to Lose Weight

Pain motivation:

  • Low self-esteem
  • Health issues

Gain motivation:

  • Looking good
  • Fitting into smaller size
  • Being healthier

 

Deciding whether to Buy a New Furnace

  • It’s OK: The furnace is 15 years old and should probably be replaced
  • It’s a problem: The furnace runs noisily and inefficiently; utility bills are increasing
  • The problem is growing: The technician sees bacteria and mold
  • I need to make a change!: The switch doesn’t work and you cannot get any heat whatsoever

 

Today’s competitive business world and its ever-changing factors.

  • Customers
    • Customers have an “if it ain’t broke don’t fix it” mentality
    • Customers are risk averse and avoid challenges
  • Economy
    • The economy is always a factor in sales and is constantly changing
  • Politics
    • Politics affects businesses whether we like to think so or not.
    • When government gets involved more heavily in certain sectors (health care) and make new laws or policies, these changes have direct affects companies
  • Technology
    • Technology is advancing and changing faster than anything. We must keep up with the technology our customers are using and our competitors are using.

Happy Selling!

The Sales Coaching Institute

sales-coaching-institute-logo

August 10th, 2016
Posted on

How To Use a Virtual Sales Staff to Close More Sales

Use a Virtual Sales Staff to Close More Sales And Increase Profits!

Hiring a virtual sales staff member or several can be a huge source of new business. There are many ways that a virtual staff member could help to increase your sales revenues, giving you more profit and fewer expenses. A virtual staff member is someone who works for you, but at a remote location. They typically work on the internet and on the phone from their home. These professionals can make your life a whole lot easier, by dealing with customer service issues or by taking care of the time-consuming tedious tasks that you simply don’t have time to do.

Minimal Training Required

Virtual staff members are extremely cost-effective because little to no training is required. Many of these people work for various companies online for a living, so you can search for virtual staff members that already have the skill sets you require.


Intern/Virtual Assistant

You can also hire an intern from a reputable university that already has the basic skills needed to perform required tasks. When given proper direction, they will be able to pick up the process quickly. When you have an intern or a virtual assistant, they will be able to take customer calls, deal with customer complaints, and deal with a range of tasks that relate to the sale of your products and services. Additionally, they can develop lead lists and help filter them into appropriate categories. This allows you and other members of your full-time in-house staff to work on developing relationships and closing more deals!


Virtual Sales Staff Members Saving Money

A virtual assistant can help save money. Even if you hire a Virtual VP of Sales or another high-level employee, they can ensure that your sales agents are all performing their best. They can also provide encouragement, leadership, and training to improve your bottom line. Companies that have full-time employees typically have tons of fees that include insurance fees, retirement benefits, and other things that must be offered to full-time workers. If you hire a virtual assistant, then they are typically subcontractors. Companies are not responsible for employee benefits since the virtual assistants will only be working for them indirectly.


Saving Time

Time is money. If you have to do everything without assistance, then you will quickly become bogged down. This is not good for business and it makes it more difficult to close additional sales. Your customers deserve personalized attention, and with virtual assistants helping out with your workload, you will be able to provide your customers the attention that they deserve. This is vital if you want to close more sales and build long-term relationships with your customers. Virtual assistants can focus on more tedious tasks, while you concentrate on more important things. Even though there are typically no educational requirements to be a virtual assistant, most employers will seek specific virtual staff members that are professional in every sense of the word.

If you really want to improve your sales force and bottom line, consider working with an Outsourced VP of Sales to save time and money!

Related Article: The Benefits of Outsourcing Sales & Insourcing Sales

outsource-sales-vs-insource-sales

August 7th, 2016
Posted on

Understanding The Customer Buying Cycle Blog & Video

Click Here For The: Understanding The Customer Buying Cycle Video

By understanding the customer buying cycle you are preparing yourself for a successful sales career. Although the importance of understanding the sales process can not be understated, you must learn your customers buying cycle to be a truly great sales professional.

The Customer Buying Cycle

Awareness of Needs

  • Customer becomes aware of his needs.
  • Customer recognizes that her needs and problems are growing.
  • Customer comes to terms with the fact that significant problems exist and that he must take action.

Research of Options

  • Customer does the necessary research to find the best fit for her product.
  • Customer considers several vendors who have expertise in the industry.
  • Customer narrows the search to a few companies who seem to have a fitting solution for his exact needs.

Decision to Purchase

  • Customer makes the decision to purchase the product.
  • Customer identifies a single vendor who is the best fit to solve his problem, address his specific needs, and bring the most value.

Implementation of Product/Service

  • Customer installs and uses the product/service.
  • Customer will form an opinion on whether to use this vendor again, based on this experience and the service she received from the company.
  • As time goes on and other needs arise, the customer may or may not call on this vendor for another product.

 

“Make your product easier to buy than your competition, or you will find your customers buying from them, not you.”

Mark Cuban

 

How Customers Make Decisions

Decision to Purchase

Gathering proposals

  • First, the customer must first invite select reps to meet with him.
  • He discusses the situation so the sales reps can fully understand the situation and problems he faces.
  • After determining which reps seem to best understand his situation, he must then decide which companies to invite to submit a proposal.


Identifying the best solution/vendor

  • After receiving proposals, the customer and his internal team must analyze all factors to ensure that the proposed solution fits their exact needs.
  • They must carefully consider service, delivery, quality, and pricing because problems with any of those will have ramifications on their business.
  • After evaluating the proposals, the customer identifies the best solution and chooses the vendor.

Understanding your customers buying cycle is extremely important. If you review this content and put it into practice, you will become more successful as a sales professional.

Happy Selling!
Your sales trainers and sales coaches at The Sales Coaching Institute