Or, why aren’t you breaking through the clutter?
You may ask yourself this question after a series of unanswered emails or a promising deal cut short. Here’s why. People don’t have time. What our research shows us is that the amount of incoming content to every person is staggering. “According to Time.com, the average person looks at his/her phone 46 times every day (up from 33 looks per day in 2014). Our new-ish -“always on” culture, complete with the enormous pressure of the expectation of instant responses, effects everything from the quality of our sleep to the depth of our relationships”. (Forbes)
In a fast paced world filled with overwhelming amounts of external and internal stimuli, people are of course:
- Busier than ever before
- Shifting priorities constantly
- Answering too many messages
- Bombarded with content
But if you do not realize this, your message or attempt to get through to a customer will undoubtedly fall flat. The most important mission of sales people and sales methods & techniques is to break through the static. Many current sales methodologies are stuck in the past, not reflecting the new behaviors of Buyer 2.0
Lack of understanding and not connecting personally with customers is a trait that unsuccessful sales people possess in abundance. They hog the conversation with chatter, solutions, features and functions instead of listening. They do not listen to or understand the customer. Humans crave emotional connections and a conversation that uncovers insights. According to this article on Openview, the top sales performers listen 54% of the time and talk 46% of the time. It’s not just that a conversation (not an interrogation) is happening, but the interesting topics that weave in and out of the conversation. What kind of sales conversations are you having? Is it just product, solutions, features and functions? Are you having trouble understanding and making a connection with your harried customers? Are you listening with empathy?
We believe that the world of work is changing dramatically and if you do not update your communication skills to have more insightful business conversations, you will struggle mightily.
Evaluate critically your business conversations to determine what needs to change and invest now to innovate and grow.
“It’s not whether you win or lose, it’s how you play the game,” according to the losers and their parents
You win deals, you lose deals, and some deals are left hanging. You can’t win every one right? Or can you? You can get closer. First, get to know the standard at which to gauge your win rates. In our 3 years of significant research we found the 40/30/30 model, a metric used at end of sales pipelines which represents the average win rate for high performing companies. Most companies who claim to have higher win rates do not measure every deal a real sales person touches. If you have 10 deals in the pipeline you’ll win 40% of them, lose 30% and 30% will be left with no decision. Look at your company’s own win rates then analyze:
1. What’s happening in the good deals? What’s happening in the bad deals?
2. Why do you lose?
3. How much time did sales reps spend on lost deals?
4. Did you understand the customer?
Conducting a lost sale analysis was just the tip of the iceberg for one of our customers realizing why and how they lost a significant deal. This customer, a large software company, brought in their sales team to sell to a customer, yet they did not understand what the customer wanted and when they wanted it. Consequently, their boss had 12 members of the team charge ahead for 12 months on a product for future integration only to bring it back to their customer and have it solidly rejected. The timeline for this product was way too long and the CFO, justifiably, chose a company who could provide correct software quicker. Our customer realized lack of understanding was the crux of the problem. They were proposing a perceived solution that they thought would fill their customer’s needs when in reality, for the customer the benefits were too far out on the timeline compared to the competition.
Time wasted. People wasted. Customer good will squandered. How much do you really lose by competing for a piece of business for this long with no apparent customer solution? They didn’t “lose fast” and move on. They didn’t know to walk away because they did not gather the customer’s story well, understanding them and their struggles. The best of the best know where to focus their time, energy and resources to increase probabilities of winning deals. Lose fast and convert the no decisions.
Helping your customer uncover their real struggles is key. Then analyze the implications of those struggles to their business. Who’s affected and why? Is this tipping point enough for them to take action? What needs to shift? Can your company play a key role in solving their problem?
Communication and gathering the whole story and struggles are at the heart of a successful interaction whether you win, lose or somewhere in between. Understanding the customer and their struggles leads to you knowing exactly what they want and what you can offer to solve it. You’ll now know where you can’t win and gain courage to lose fast. Value your time and move on to win the next deal. What would happen to your performance in you changed 40/30/30 into 50/25/ 25?
Nudge: Be curious – Ask open ended questions and LISTEN to gain better insight of your customer’s real struggles. Want to become a better listener and get the whole story? Contact CI Squared to learn more firstname.lastname@example.org.