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    Business

    The Salesman.com Podcast

    The Salesman.com podcast feed gives you the worlds best sales content.

    Salesman Podcast –

    The Salesman Podcast is the worlds most downloaded B2B sales podcast and is an Apple Award winning show. It helps sales professionals learn how to find buyers and win business from them in a modern, effective, and ethical way. The show has featured NASA astronauts, F1 drivers, Olympic athletes, UFC fighters, world leading neuroscientists and the world’s top sales experts as guests.

    Selling Made Simple –

    Sometimes sales professionals just don’t have the time to listen to an hour of content. This is where Selling Made simple comes in with its 10-minute, practical episodes.

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    Copyright: © Salesman.org / The Salesman Podcast / Will Barron

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    Latest Episodes:
    Digital Sales Rooms: The Future Of B2B Sales? | Salesman Podcast Feb 15, 2022
    Show notes

    George Donovan is the Chief Revenue Officer of Allego, where he’s responsible for achieving the company’s customer acquisition and sales goals. In this episode of the Salesman Podcast, George explains what “digital sales rooms” are and how B2B salespeople can use them to influence their buyers' journeys. You'll learn: Sponsored by: Free SalesCode assessment Learn your strengths and weaknesses in an instant. Taken by over 10,000+ of your competitors. Don't get left behind. Take the free assessment Featured on this episode: Host - Will Barron Founder of Salesman.org Guest - George Donovan Chief Revenue Officer of Allego Resources: Allego: Sales Enablement Platform George on LinkedIn Book: Mastering Virtual Selling: Orchestrating Sales Success Transcript Will Barron: Hi, my name is Will, and welcome to the Salesman Podcast. On today's episode, we're answering the question, what is a digital sales room and how can we use them to win more sales? Today's guest is George Donovan. He is a Chief Revenue Officer over Allego.com. He has 20 years of experience in sales, marketing, and operations. And with that, George, welcome to the show. George Donovan: Thank you, Will. Thrilled to be here. What is a Digital Sales Room? · [00:30] Will Barron: I'm excited to have you on mate. So, I'm somewhat familiar with this, but I want to pitch this conversation, especially at the beginning of things, to a place and perhaps position ourselves as the audience who are unfamiliar with this idea of a digital sales room, perhaps it's a knuckle dragging caveman-esque sales person who's only just been pulled away from spamming people on cold calls and is just coming into this idea of content can be really helpful for sales people. So with that, can you give us a brief overview of what a digital sales room is? Then we can dive into the ins and outs of it and perhaps sell the audience on the fact that maybe this is the future of sales. George Donovan: Right, sure. I think of it as a great way, a technology and a process, that helps close the gap between, and we've heard a lot about this, the buyer's journey versus the seller's process. And how do you map these together and have the prospect feel good about the buying experience and not feel like they're being dragged along by that caveman salesperson, as you say. And I think digital sales rooms are a great way to do that. And what they are is they're a virtual space, it's technology, it's a virtual space that allows customers and salespeople to interact. So, customers can access all the content that they need to provide comfort for them through their buying journey. George Donovan: It's one place that they can go to for all the exchanges that have happened between the salesperson and the prospect. It could be history of emails, it could be video recordings if you had a recording with the prospect, it could be proposals, spreadsheets, you name it. Anything could be in this digital sales room that customers need along their buying journey. And the nice thing for the customer is they can share it with other people. They can bring other folks on their buying committee into the room, into the digital sales room, to access this content. And then the benefit for the salesperson is they can see the engagement. So they know who's in the sales room, what they're doing, what content is hot and what content is not. Understanding Digital Sales Rooms From Both the Buyer’s and Seller’s Perspective · [02:30] Will Barron: What does it look like for someone who's unfamiliar? And perhaps we can throw in some screenshots and a link to product demos and stuff in the [inaudible 00:02:43] to this episode over at salesman.org as well. But what does it look like on a screen? Is this a live Zoom kind of chat room? Or is this a series of content that outlines the buyer's journey? What does this look like, I guess, from the seller's perspective and what does it look from the buyer's perspective as well? George Donovan: Yeah, good question. It looks the same, Will. It looks the same from the buyer and the seller's perspective. And it's probably not that much different from a B2C buying journey that you've had, where certain B2C companies start to know your preferences. They know what you like, what you might be interested in. So, it's literally a room, a virtual digital room that you go into and there is nice, structured, organised content, and it can be completely customised by the salesperson based on the customer's needs, wants, past behaviour, predicted future behaviour. So it's very, very customizable by the sales person to give the customer what they want. Can the Digital Sales Rooms Lead to Laziness From the Part of the Salesperson? · [03:46] Will Barron: And I'm playing devils advocate here slightly, because we're both on the same wave length of all this, and it's going to be a boring conversation otherwise, but is this an opportunity for sales people to be super lazy and just go, “Here you go, customer,” or potential customer, “here's a bunch of stuff that you probably need, go through it yourself. I'll spy on you from my side. If you get stuck, I'll cold call you and jump into this.” Or is this something that has real value for the buyer and perhaps even gives them more control over their own buying journey? “Gartner did a study about a year ago and I think it said that 45, 50% of B2B buyers, not B2C buyers, but B2B buyers preferred a rep-less buying experience. Rep-less. That's stunning. Bain & Company just did one as well. Their numbers were even higher. I think they were at 90%. So people know that reps aren't going away, but our time is shrinking. So when we have that time, we have to maximise it and we have to drive value.” – George Donovan · [04:27] George Donovan: Yeah, both. I would say it's a little bit of both. We hope that salespeople don't get lazy, they just have to change their selling process a little bit. You've read recent studies, Gartner, the tech analyst company. They did a study earlier last year, about a year ago now, I think it said that 50%, 45, 50% of B2B buyers, not B2C buyers, but B2B buyers preferred a rep-less buying experience. Rep-less. That's stunning. Bain & Company, a consulting firm, they just did one as well. Their numbers were even higher. Now, I think they were at 90%. So people know that reps aren't going away, but our time is shrinking. Our time is shrinking face-to-face or belly-to-belly or ear-to-ear with customers. So when we have that time, we have to maximise it and we have to drive value. George Donovan: And how we can do that if we're not face-to-face is through these technologies like digital sales rooms, by making sure that we're getting the customer the right content at the right time based on their needs. The Value You Should Expect From Using Digital Sales Rooms · [05:25] Will Barron: So, just so I can clarify this for myself and the audience as well. We're not trying to do this purely on the basis of rather than doing three calls throughout the buyer's journey where I explain this in person, we're not just trying to use content so that I can scale my calls to a thousand people in a thousand rooms. And I drop in occasionally and touch on them. We're still doing the, I hate the cliche, this human-to-human kind of sales process. But we're just, and again, I hate this term also, because we use it all… You use this as well, I'm sure, we're enabling the buyer to do some of the work. Not some of the work, we're enabling them to do what they want to do and have a buying process that they feel is appropriate rather than the stereotype of the used car salesperson of dragging the person in and not letting them go until they made a decision. George Donovan: You've got it. You've got it. And this is more about when they're at the point where they want to engage. That's the real value of digital sales rooms. So, this isn't replacing sales engagement platforms that help automate messaging and cold calling and email outreach to customers. It's not that. This is, you've gone through that, and a prospect says, “Okay, I want to engage. I to have a conversation.” George Donovan: Now, what we've all learned, especially folks who did a lot of face-to-face selling in the past, is that you have to change your process. As this trend of less seller engagement continues to happen and with the fact that many of us are virtual and will stay virtual, salespeople have really had to take a step back and think about how do I change my selling manner? How do I change my motion to include more of this virtual selling methodology, if you will? And also appreciate that customers don't want to engage with me as much because, like us, Will, most of our customers are back-to-back on calls like this and they don't have a lot of time to engage with sales people. Why Buyers Don’t Want to Engage with Salespeople · [07:25] Will Barron: Is that because we just suck as sales people? If we were doing a better job, would buyers want to spend more time? I know this is kind of paradoxical, for example, if I was buying your product, the organisation you work for at Allego, and I got the opportunity to speak with yourself as a CRO, I'd be going, right, I'm going to take that call. I don't want some sales room because George is going to have way more impactful insights and knowledge and he's going to save… Getting on a call with you for half an hour is going to save me 10 hours of researching and the buyer process. Will Barron: Now this is an extreme example, because you are an executive in a high flying tech company, but if sales people were thought leaders and were experts, true experts in their space, would this be turned on its head slightly in that buyers may proactively want to speak with them? Or do you think buyers still don't want to speak to anyone? They're just so focused on solving the problem, they want to get their head down and just get it done. George Donovan: I think a little bit of both, I really do. Again, the intent is not to replace sales people. And as a buyer, I'm a buyer too, I do like to talk to sales people. Especially when I feel like they understand my world. But we all know, again, more studies, lots of these have validated that most B2B buyers are 60, 70, 80% of the way through their buying journey before they ever engage with a salesperson. So, with a lot of other technologies, not Allego, but other technologies, you can track how many times have they hit your website? What are they looking at? Obviously we can look at them on social media. So, we're collecting all these bits and bites of information to help us understand this persona. What does George Donovan want? What is he looking at? What does he care about? What are his pain points? George Donovan: And now, when I have a chance to engage with George, I'm engaging live, and I'm also engaging in this digital sales room to make it really easy for George to continue his journey and pull other people into the buying process. I'll give you a real quick example if I may, Will, just to bring it to life. You're selling to me, you learn a little bit about me through my activity online, and then you come at me with a real customised message. And I say, “Will, let's talk.” Great. Now, you and I are going to have our first meeting coming up. Part of virtual selling, you may send me a video ahead of time that says, “Hey, George. It's, Will, just wanted to propose an agenda for our first call, based on what I know about you. Feel free to tell me if you want to do something differently, but here's what we're doing.” George Donovan: Now, the reason for this is twofold. One is, it's nice to come to a meeting with an agenda and a plan, and two, it's personalising who you are. You're introducing yourself to me, because one of the things that we've found is with the condensed timeframe, a lot of sales calls are half an hour now when you're on a Zoom call, and you don't have that time to do bonding and rapport, you don't have time to learn as much about the salesperson or the customer. People want to get right down to business, especially in the tech world. And so using an introductory video is a nice way to bridge that gap. Now that video can go sit in the digital sales room, that's the first piece of content. George Donovan: So you and I have our initial call, I get your video, we have our initial call, now you're going to tell me, you're going to say, “George, I'm going to start something called a digital sales room for you and this is a place for all of our exchanges to be in one spot.” And you can explain the benefits to me. And now we're off. Everything you share with me, proposal, goes in the digital sales room, a PowerPoint deck goes in the digital sales room, the recording of our first call goes in the digital sales room. So you have memorialised this entire sales process to help the buyer go back to it and access content when they need it. The Future of Sales in this Fast Moving Digital Environment · [11:20] Will Barron: I want to come back to making this practical and real for the audience in the session, but I'd be totally amiss here of all this hype around Facebook's metaverse and NVidia have just come out with their version of the future of virtual reality and augmented reality. Could we get to a position or how far away from a position are we where we jump into a 3D Zoom call? Maybe we don't even do that, I don't even know where I'm going with this question. I'm kind of pulling this together as I go along with, but it seems like sales, virtual selling, being able to meet people in person via virtual means in this metaverse seems like the next step of an actual room with actual virtual paperwork or screens on the walls. Will Barron: Is that the future that sales is heading to? Where there will be, whether it's even an avatar, it's just an AI who's guiding the buyer through the buying process until they need to speak to an actual human. Is that where we're moving to with all of this in the next five to 10, 50 years? George Donovan: Yes, absolutely. I think we are. And we're halfway there. I think we're halfway there already. You do need the intelligence of a salesperson to problem solve and put the right content in the digital sales room and facilitate the whole process, but you still need the person, but eventually AI is going to get smart enough, machine learning is getting smart enough to understand and to start to populate. Even today in digital sales rooms, while it's not alive, we're not face-to-face in a digital sales room, there is chat capabilities where you're reviewing some content, you have a question, I'm going to get a notification that you have a question on that and we can go back and forth. So we're heading in that direction and imagine replacing me to answering that question with some sort of an AI bot, very, very doable today. How Long Before Salespeople Become Obsolete? · [13:17] Will Barron: So we'll come back to 2022 in a second. I love this topic because clearly this is where a lot of the less complex B2B, if you're signing up for an app, a SaaS software service, something like that, I think avatars and AI is going to solve a lot of sales pain and buyer journey problems for buyers in the future. How far away are we? Let's talk about a product. I don't know, we'll talk about a… Maybe not a CRM, because that'd be complicated. So…

    Full show notes at the publisher

    Using Strategy Rather Than Hustle To Win More Sales | Salesman Podcast Feb 12, 2022
    Show notes

    Troy Sandidge is an award-winning marketing strategist, the host of the iDigress podcast, and the author of Strategize Up: The Simplified Blueprint to Scaling Your Business. In this episode of the Salesman Podcast, Troy explains the power of leveraging strategy to win more business and build a bigger life. You'll learn: Sponsored by: Free SalesCode assessment Learn your strengths and weaknesses in an instant. Taken by over 10,000+ of your competitors. Don't get left behind. Take the free assessment Featured on this episode: Host - Will Barron Founder of Salesman.org Guest - Troy Sandidge Award-Winning Marketing Strategist Resources: Troy on LinkedIn The iDigress Podcast Findtroy.com Book: Strategize Up: The Simplified Blueprint to Scaling Your Business Transcript Will Barron: Hi, my name is Will, and welcome to the Salesman Podcast. On today's episode, we're getting into the importance of using strategy in business in today's episode. Today's guest is Troy Sandidge. He's an award-winning marketing strategist, also known as the Strategy Hacker. He's the host of the iDigress podcast and is the author of Strategize Up. You can find out more about Troy over at findtroy.com. And with that, Troy, welcome to the show. Troy Sandidge: Thank you for having me. I've been dying to get on this show. So it's here. It's happening. It's real. Will Barron: Good. I'm glad to have you on, mate. I appreciate the energy, the excitement, and I want to get into strategy. Now, over at sales.org in our training programme, I think me and you are on the same wavelength for a lot of this. We call what you might call strategy, frameworks and systems. Why All Salespeople Need a Well-Structured Sales Strategy · [00:50] Will Barron: So I want to get some definitions of this in a second, but just to lay it up for the audience, to add a bit of context here, in a world where, and this is my experience in sales 10 years ago, in a world where most sales people wake up each morning and they just are a blank slate, they pick up the phone, their laptop, they start to do whatever in that moment, it might possibly at some point, lead to a sale getting closed in the future. Will Barron: Why should they consider implementing a step-by-step strategy to reach sales success, rather than doing what most sales people do each day, which is just winging it? Troy Sandidge: Let me just make it very clear for you. When you're just winging it, executing, you don't put the finger out and just say, “At what direction should I go, I want to get to my destination?” You take your phone, plug in the coordinates of where you want to go and it automatically always reroutes you to get you to your destination. Troy Sandidge: So you can either execute and hope for the best, or you can put your coordinates and your strategy is always evolving, helping you, is literally your GPS to get to your destination. Troy Sandidge: So I don't know what sales person, frankly, what business person wouldn't choose to use a GPS to get them to their customers, to get them to the bag, to get them to their conversion rate, all the different things, the KPIs that they want, instead of just hoping for the best by just jumping and predicating on when and algorithm and faith to get you there. Salespeople Know They Need a Strategy But They Just Don’t Follow One · [02:18] Will Barron: That is obvious, right, Troy? We're not preaching something that is ambiguous or is backwards here. In my experience, so sales people know this, but they don't do it. Is that similar of your experience dealing with, in the world of marketing and business consulting as well? Troy Sandidge: 100%. I think many times people think strategy slows them down. Strategy is part of the execution process. You need a game plan. You need to build the game plan to know how you're going to win the game. Troy Sandidge: And I think we have to understand that instead of just gunghoing it and jumping into sales calls, getting the lead numbers up and our conversion rate is really awful, honestly, our open rate is even worse. Let's analyse and figure out who our target audience is. That's part of the work. “The sales people that are most successful, the businesses that are killing it in the industry or that are killing it in the game are the ones that take strategy as part of the execution process, instead of just executing and hope for the best, and then want to apply strategy after the fact. We need to let strategy be the lead in.” – Troy Sandidge · [03:01] Troy Sandidge: And so the sales people that are most successful, the businesses that are killing it in the industry or that are killing it in the game are the ones that take strategy as part of the execution process, instead of just executing hope for the best, and then want to apply strategy after the fact. We need to let strategy be the lead in. Why Aren’t Salespeople Implementing and Doubling Down on Strategy? · [03:30] Will Barron: Troy, for sales people who listen to this now and go, “Okay, right. I know this, this makes sense.” Whose fault is it that this isn't implemented? Is this sales leadership for just going, “Oh, well, I've been given a quota as a sales manager. I've just split it evenly between our sales reps.” Will Barron: And I've just gone, “Okay, well, you probably need to make 300 calls a month. That's what we're going to pay you against and then a commission when you close a deal on top of that.” Is it their fault or is this something that sales people need to take responsibility for themselves, and perhaps develop a strategy, develop that intellectual property that travels with them from job to job, from a career in sales to a career in leadership and beyond as well? Troy Sandidge: I think it's both. I do think I will lean more 60/40, 60 being the sales lead, the sales manager, the executive staff or team member over the sales, as 60%. But I do think if you've been in sales for a minute, or this is where your livelihood is, this is where your bread and butter is, it's on you too a little bit as well. Troy Sandidge: And I'll look at it like this, if you're the lead and you have a sales department, sales team, it's to your best benefit to prepare them. I get it, we've got to get the numbers every month, every quarter, I get it. The pressure is unbearing, even more so now than it's ever been as this pandemic has progressed. Troy Sandidge: And digital marketing and digital strategy in sales is such a high-octane situation and everyone's desensitised the conversations in outbound. I get it. However, what if just by chance, instead of having them cranked out another 10 more calls, 10 more outbound for the day, you take that one hour and strategize the week, strategize the month. Troy Sandidge: What are we seeing? What are we hearing? And let's just put that against the line, seeing if our open rates go up, if our conversions go up. I don't know what sales person wouldn't want their numbers to be more of a higher quality. Yes, the volume's always going to be there. It's always going to be there. Troy Sandidge: But if we can just do a little bit more that can help us increase it by even 1%, that's hundreds of thousands, if not millions of dollars on the banking of the year and then the grand scheme of things. And that's where I hope sales leaders think about it, but lastly, for sales people to think about that too. Troy Sandidge: It's up to you to have a strategy that works for you to make your numbers better and make your experience better, because we don't talk about that enough with the mental psyche and everything else when it comes to sales professionals. You've got to find that mix that works for you to be at your best at all times. Will Barron: How much of the strategy that you teach, you can sort on, you're writing books on it, comes down to strategy to help people implement a strategy? So whether that's productivity or getting people over things like the fear of rejection, if it's a sales person specifically, helping people have, I don't know, healthy self-esteem, whatever it is so that they can put the strategy into place. The Link Between Sales Success and Implementing an Effective Sales Strategy · [05:55] Will Barron: How much of success comes from those strategies versus a step-by-step strategy to increase outbound cadence uptake and email open rates and things like that? Troy Sandidge: I think it's more so internal. And the reason why I lean more internal, it's very simply, let's say you got 100 more sales calls end of every week, let's say you got way more outbound every month, every quarter, let's just say whatever number you've been chasing and trying to get to, let's say you get it. Troy Sandidge: Now, let's say you get it and you get the same result, the exact same flat-lining percentage opens, conversions, conversation, sales, the whole shebang. You probably feel pretty bad. I've been chasing this number and I got it, and the result was still the same. Troy Sandidge: And the reason a lot of that is the case, is that who's going to turn down more sales? But do they have the mental capacity, the fortitude and the tech savvy is all the things they need to maintain that level of capacity? In most cases they don't. They've been chasing a ghost for so long, they didn't realise, “I don't have the capacity that if I acquire this, I can't maintain it.” Troy Sandidge: And so I focus less on, anybody in the market who's been in the market, they can make the numbers look better. Anybody can. There can be a spike in the data at any point in time, but not too many teach you and educate you on how to build sustainable strategies. “Salespeople of any profession, no matter the industry, need to have sustainable systems so they can maintain that high performance capacity for a long stretch of time. Otherwise, they're going to get burned out.” – Troy Sandidge · [07:59] Troy Sandidge: And sales people of any profession, no matter your industry, you need to have sustainable systems, so you can maintain the capacity for a long stretch of time. Otherwise, you're going to get burned out. Troy Sandidge: You're not going to be ready when you're in the fourth quarter, I'm a big NBA guy, so when you're in the fourth quarter and you've got to take that final shot, and this is for all the [marbles 00:08:08], you flop the ball because you didn't have the capacity to handle it because you were burnt out this whole time. “Tactics are always going to change. The ‘how’ is always going to change, but where I am now and where I want to be, doesn't.” – Troy Sandidge · [08:25] Troy Sandidge: And so it's just conserving your energy. And I think it really fortifies on your mental capacity. And then from there, the tactics and everything else come in, because tactics are always going to change. The how is always going to change, just like your GPS. Traffic, slow, everything is going to change, but where I am now and where I want to be, does it. Troy Sandidge: So as long as you have a strategy that keeps you going, “Oh, this is going down, I'm pivoting, I'm switching, I'm pivoting, I'm switching.” And that's how I wish to work in the grand scheme of things. The 20-Mile March in Sales · [09:00] Will Barron: Are you familiar with this idea of The 20 Mile March from Jim Collins' books? Troy Sandidge: I'm not sure. Please familiarise myself. Will Barron: I talk about this all the time. Some of the regular audience will know this. “Will, why are you banging on about this dumb book again?” But he talks about this idea of The 20 Mile March of the companies who go from good to great. They go to work every day and they march 20 miles. Will Barron: If the weather is shitty, they walk 20 miles. If the weather is great and they could do 60 miles, they do 20 miles. And they plod on for years and years upon decades, upon decades, constantly ploughing forward. Will Barron: Companies who have spits and spats of success, who have peaks and troughs of success will go, “Oh, today's great. The weather's fantastic. The wind's behind us. We'll do 120 miles,” and they crash the next three or four days. Will Barron: And tell me if you agree with this, but I feel like sales is similar of, you need to know your numbers, know what you need to achieve each day to reach your end goal, your target, hit your numbers, and then maybe do a couple more calls if you've got the energy. But maybe not, maybe just get with The 20 Mile March and be ready to do the same thing tomorrow, because tomorrow you might not feel like it, but tomorrow might be the opportunity. Will Barron: Tomorrow there might be the opportunity to close the biggest deal that you've ever done. Unless you show up, it can't happen. Can it? “I think success is boring. Sure, there's moments of sexiness in there, but if you want really clear success, it's boring because you're doing the fundamentals all the time.” – Troy Sandidge · [10:08] Troy Sandidge: I agree with that, 100%. I think success is boring. Sure, there's moments of sexiness in there, but if you want really clear success, it's boring because you're doing the fundamentals all the time. Troy Sandidge: That's it. I'd rather be more consistent and know that I can always hit, like you said, that 20 miles than like, I'm always chasing 60 and I stop at five. And the numbers are just all crazy. I'd rather have consistency over everything and have that more sustainable process and formulas to make it work. Will Barron: So in your book, it seems like there are different categories of strategy and different elements that make up strategies. And you mentioned one there, that needs to be sustainable. You also talk about it being simple and scalable. Now, they both fit with what we teach in our training programme or Selling Made Simple Academy. Will Barron: And our motto or our slogan is, making selling simple, because I've found, and I'm sure this resonates with you yourself, because we seem to have a similar philosophy of a lot of this Troy, that complexity just kills stuff. Troy Explains Why Simple Sales Strategies Always Yield the Best Results · [11:07] Will Barron: Doesn't matter how good your process is, if it's complex and there's 27 steps, most people get to four and then they just go back to winging it every day. Can you tell us maybe some examples of strategies or how this gets implemented of something that was made simpler, something that can be scalable and then the sustainability of the elements of it as well? Troy Sandidge: Oh, we're a million percent in the line. I mean, I would say, most businesses die by the way of the three Cs; complexity, confusions and complications. No one can replicate the success because they don't even know what's going on. Troy Sandidge: The process and steps are too complicated, so people who are onboarded, can't fulfil everything and then your audience doesn't know what's going on, so they are too reluctant to trust you. Therefore, they don't want to convert, therefore, they're not exchanging and giving you money for whatever the product or service or solution that you offer. Troy Sandidge: And then, ooh, things fall down. So I really think that we do got to make things simple. Like I said, the success, simplicity is a straight line and the more efficient you are, sometimes we've got to understand that efficiency doesn't mean you're taking on more than you can chew and you're st…

    Full show notes at the publisher

    From Sales Trainer To Crypto Billionaire… Kinda Feb 10, 2022
    Show notes

    On this week in sales we’ll be looking at –

    • The crypto BILLIONAIRE I inadvertently had on the Salesman Podcast…
    • New LinkedIn Sales Navigator updates
    • The labor shortage
    You'll learn:

    SALES NEWS:

    Alleged crypto launderer Heather Morgan led a second life as the world's worst rapper

    Earlier today, the Department of Justice announced the arrest of Ilya Lichtenstein and Heather Morgan, who allegedly attempted to launder more than 25,000 Bitcoins that were stolen as part of the 2016 hack of Hong Kong-based cryptocurrency exchange Bitfinex. What was unclear to us at the time was that an even greater crime had played out across Morgan's social media pages: her rap career.

    Heather previously ran https://www.salesfolk.com/ where she helped B2B sales professionals write better outreach emails.

    https://www.yahoo.com/lifestyle/razzlekhan-rap-cryptocurrency-012307238.html

    LinkedIn Rolls Out Sales Navigator Search & CRM Card Updates

    LinkedIn Sales Solutions announced a slate of updates to the Sales Navigator platform today, including improvements to the Search experience, CRM integrations, and new homepage optimizations.

    • The first update comes in the form of better visualization in the Search experience.
    • Enhanced CRM cards is another update to the CRM integration. These enhanced CRM cards are added to Account Pages and Contact pages, minimizing the need to toggle between platforms.
    • With the Priority Accounts section, you are able to upload accounts that are most important to your business. For example, with so many people shuffling companies or professions, you’re able to keep tabs on when employee or headcount growth.

    https://www.searchenginejournal.com/linkedin-sales-navigator-update/437183/#close

    What Labor Shortage? Technology-Enabled Sales Teams Don’t Miss a Beat

    A large portion of veteran sales talent is deciding now is a good time to retire. Implementing tech that reduces redundant work and delivers relevant insights is key to achieving growth.

    For the fourth quarter of 2021, 65% of business economists reported an increase in sales, but 57% reported experiencing labor shortages, according to the National Association for Business Economics January 2022 Business Conditions Survey.

    In this market, sales leaders are thinking outside of the box for recruitment. They’re hiring more entry-level salespeople, as well as experienced individuals from other unrelated markets and verticals.

    https://www.mdm.com/blog/tech-operations/technology/what-labor-shortage-tech-enabled-sales-teams-dont-miss-a-beat/

    Where Do Salespeople Fit in the Digital World?

    In-person meetings between customers and salespeople were once at the heart of B2B buying and selling. Now digital communication is embedding itself in every aspect of business. This had led some organizations to look at the future and ask a simple question: Will we still need salespeople?

    https://hbr.org/2022/01/where-do-salespeople-fit-in-the-digital-world

    Is It Time To Reassess the WFH and Hybrid Work Movement?

    A portion of the workforce has unreservedly embraced the WFH movement, while others are looking for office environments to be more functional and enticing.

    For many WFH employees, commuting hours have now been rolled into working hours; that means many WFH employees are putting in another 10 hours a week. The mental and physical exertion—combined with the relative isolation of home offices—is “taking a toll on people.

    One answer is an activity-based working (ABW) approach. This means employees having access to a range of technology-enabled work environments to suit the particular activities in which they engage individually and as a team.

    https://www.cepro.com/business-support/is-it-time-to-reassess-the-wfh-and-hybrid-work-movement/

    The post From Sales Trainer To Crypto Billionaire… Kinda appeared first on Salesman.com.


    Q/A: 50% Quota Increases? Best Way To Prepare For A Sales Interview? Feb 09, 2022
    Show notes You'll learn:

    The post Q/A: 50% Quota Increases? Best Way To Prepare For A Sales Interview? appeared first on Salesman.com.


    Why We'll Always Need Sales People | Salesman Podcast Feb 08, 2022
    Show notes

    Roland T. Rust is a distinguished University Professor, David Bruce Smith Chair in Marketing, and author of The Feelings Economy: How Artificial Intelligence Is Creating the Era of Empathy. In this episode of the Salesman Podcast, Roland explains what the “feelings economy” is and why more artificial intelligence might be a good thing for sales professionals whilst it wrecks other industries. You'll learn: Sponsored by: Free SalesCode assessment Learn your strengths and weaknesses in an instant. Taken by over 10,000+ of your competitors. Don't get left behind. Take the free assessment Featured on this episode: Host - Will Barron Founder of Salesman.org Guest - Roland T. Rust Distinguished University Professor Resources: Roland on LinkedIn Book: The Feeling Economy: How Artificial Intelligence Is Creating the Era of Empathy Transcript Will Barron: Hi, my name is Will, and welcome to the Salesman Podcast. On today's episode, we'll be looking at selling with emotion in the feeling economy. Our guest, Roland Rust, is a distinguished university professor at the School of Business at the University of Maryland. He's the author of The Feeling Economy, which we're going to cover in this episode of the show. And with that, Roland, welcome to the Salesman Podcast. Roland Rust: Oh, thanks very much. Happy to be here. What is the Feeling Economy? · [00:45] Will Barron: You are welcome, sir. I'm glad to have you on. I try not to cover it too much before on our pre-call, pre-recording chat, but I think we're on the same wave length with a lot of what we're going to talk about today. So it'll be interesting if there are any points that we do diverge, but I think we're all on the same wavelength with a lot of this. To get us started, this is seemingly a lazy question for an interviewer to ask, Roland, but I'm going to ask you it because I want you to set the scene here. What the heck is the feeling economy? Roland Rust: Yeah. Okay, very good question. The feeling economy is maybe an unexpected consequence of artificial intelligence, because there have really been a couple of main shifts in technology in the last 150 years. The first was the move toward the thinking economy from the physical economy. So in other words, you had people in the physical economy who were doing things like farming and mining coal and doing physical exertion, and men really dominated at that time. And then around 1900, you really started to see an expansion of the thinking economy, and one of the things that you saw was a very much larger percentage of people became educated, because they had to, to compete in the thinking economy as thinkers. During that time, then women became much more equal. You see many more women in high positions than you did in the 1800s or 1700s. “The shift that's happening now is from the thinking economy to the feeling economy, and the reason for that is that artificial intelligence is getting good at thinking. And the more thinking artificial intelligence can do, the more humans are pushed into doing things that they can do better than AI. For the most part, that's things like feeling, interpersonal relationships, and to some extent, we're also going to have an advantage on things like common sense and intuition, but even that will probably go away in a little bit of time.” – Roland Rust · [02:05] Roland Rust: So now the shift that's happening now is from the thinking economy to the feeling economy, and the reason for that is that artificial intelligence is getting good at thinking, and the more thinking artificial intelligence can do, the more humans are pushed into doing things that they're better than AI at. For the most part, that's things like feeling. Feeling, interpersonal relationships, to some extent, for a while, we're going to have an advantage on things like common sense and intuition, but even that will probably go away in a little bit of time. So what our research suggests is that no later than 15 years from now, most jobs will be more feeling jobs than thinking jobs, and that shift is already well underway. Why Humans Struggle Having Emotional Conversations With AI · [03:10] Will Barron: Immediately, I've lost all the questions I was going to ask, Roland. We'll drag it back for salespeople and business towards the end of the show. But a couple of things here. When you say salespeople are perhaps, people in general, salespeople in the context of this show, are perhaps better at emotional intelligence, feeling, empathy than AI right now, is that because AI literally can't do those things, or is it because when a human engages with an AI, they don't like that happening, they don't like that emotional kind of conversation happening? They prefer to do it with a human, and so it's a limitation of the person that's doing the engaging, or is it very literally that AI can't handle that from a technological standpoint at the moment? Roland Rust: Both of those things are true. Both of those things are true. One is people right now don't fully trust AI. They've seen the Terminator movies or whatever, and they just are a little bit concerned about AI and they don't really trust AI to really have our best interests in mind. So there is that problem, but the other problem is that AI really just isn't very good at it. AI is struggling. To do this right, what AI has to do is it has to understand people's emotional expressions and it has to then respond appropriately emotionally. Roland Rust: There is active research in both of these areas. So for example, one of the things that AI is getting a lot better at is trying to figure out people's emotional reactions from how they look, what their face looks like, what kind of expressions do they have on their face? AI is getting better at that, but it still isn't that good. It's not as good as a person doing this, and fortunately that'll be true for a little while. AI and the Nuance of Emotional Expression · [05:06] Will Barron: Sorry to interrupt, Roland, just I think this point's really important. How tangible is this, how objective is this? Because I know when my girlfriend comes home from work and she's in a mood about something, I know there's something up, but I can't quantify it like perhaps a computer programme would want to, and it's trying to weigh different things up. I'm just getting a gut feeling that I want to be polite to her as she walks through the door. How much of this is down to, if you were trying to score this and I was trying to compete me against an AI, it would be very difficult to say who is better at this, so what's the barrier to this? Is it people's ability to recognise some of this stuff, or is it the objectivity of AI achieving a certain standard, that it becomes human-like? Roland Rust: Well, right now people can pick up the nuance of emotional expression a lot better than machines can. I mean, machines are picking up, if I have a big smile, they can pick up that's a smile or a really bad frown, they can pick up that. But there are nuances. For example, I might be pretending to smile. Will Barron: Sure. “I believe that salespeople are in absolutely the right job. They could not be in a better job. They are working with interpersonal relationships and that's not going to go away easily in B2B. It may be easier to get rid of that in B2C. A lot of B2C is done online now, but a lot of B2B is too big and too important to be done online, and so people in B2B sales are absolutely in the right place.” – Roland Rust · [06:50] Roland Rust: I might be actually very upset. “Say, that was really nice of you to park in front of my driveway so I couldn't get in.” That little nuance would be picked up by my wife very, very easily, but machine is going to have a really lot harder time. Now, one thing I would say, I know that you're really talking to salespeople more than anybody else. I want to tell the salespeople that they're in absolutely the right job. They could not be in a better job. That they are working with interpersonal relationships, and especially that's not going to go away easily in B2B. It may be easier to get rid of that in B2C. A lot of B2C is done online now, but a lot of B2B is too big and too important to be done online, and so people in B2B sales are absolutely in the right place. Roland Rust: If I had to suggest a career path for a salesperson in B2B, I would say there are two possible career paths that would both be very good. One, stay a salesperson in B2B and be really good at it. That's one career path. And then the other career path is become a sales manager, because the sales managers are also going to be in demand, and that's a job that can't easily perform by a machine. Will We Ever Get Rid of Salespeople in The B2B Selling Environment? · [07:50] Will Barron: Will this ever change? And this is more like a thought experiment than something that I can practically see in the real world, but I've talked about this before on the show, Roland, it seems like a lot of B2B deals could be done by, and you're the perfect person to ask this to, an AI like API and it plugs into the seller API and it plugs into the buyers API, and the AI looks at the data of the buyer and says, “Oh, well, perhaps we can help with this. We can bridge this, we can provide this,” and then they go, “Well, okay, here's a fair transaction,” the deal's done instantly and the salespeople are wiped off the face of the planet. Is that something that is plausible to happen, or is there so many moving parts in that, that it'd be too difficult? “If you're wanting to, for example, sell a bunch of jet fighters to the federal government, I guarantee you're not going to do that on an API system. So the bigger and more complicated the deal is, then the more people are going to be involved. I don't see salespeople in those arenas going away anytime soon.” – Roland Rust · [08:45] Roland Rust: Yeah. I mean, we already have that. I mean, there are many, many companies that are connected that way, but typically it's for more routine things. If you're wanting to, for example, sell a bunch of jet fighters to the federal government, I guarantee you're not going to do that on that API system. Will Barron: Sure. Roland Rust: So the bigger and more complicated the deal is, or the more it's not routine, then the more people are going to be involved. I don't see that going away anytime soon. There are a lot of big, important deals being done. How to Future-Proof Yourself Against the AI Takeover · [09:10] Will Barron: What can salespeople do to future-proof themselves other than, just get a better at sales is quite generic, right? What can we learn, do, be, have that would be very difficult to replicate by the AI that inevitably is coming for all of us at some point, right? “AI is coming for all of us, I'm sorry to say. It's really something that is going to get us eventually, but we can hold it off to some degree. So one way to hold it off is to get good at teaming up with AI. Because what's going to be happening is AI is going to be doing the thinking part of the work and the humans are going to be doing the feeling and interpersonal part of the work. Salespeople don't have to be machine learning experts, but the salespeople need to be good enough to be able to team up with AI because that's what the managers are looking for.” – Roland Rust · [09:34] Roland Rust: They are coming for all us, I'm sorry to say. It's really something that is going to get us eventually, but we can hold it off to some degree. So one way to hold it off is to get good at teaming up with AI, because for a long time, what's going to be happening is AI is going to be doing the thinking part of the work and the humans are going to be doing the feeling and interpersonal part of the work. Salespeople, they don't have to be machine learning experts, but the salespeople need to be good enough to be able to team up with AI, because that's what the managers are looking for. Roland Rust: They don't care who does the job. They don't care whether AI does the job or the human does the job. They could care less. What they care about is the job getting done. So what's happening now is that AI is getting better at certain parts of the job, and so humans need to not be threatened by that, need to just accept AI as a teammate. That's the way I like to think about it, as a teammate, and try to be a good teammate for AI, just like AI is trying to be a good teammate for the human. How to Incorporate AI Into Your Daily Sales Activities · [10:50] Will Barron: And let's go back to basics, just for someone who perhaps isn't familiar when we talk about AI and the thinking side of business, and perhaps even life in a wider context, Roland. What is AI good at? What should we proactively be letting AI replace in our workday so that we can become more effective and leverage the tools that we have that will make the biggest difference? Roland Rust: Well, the thought for a long time was that really all AI could do was the very routine sorts of monotonous tasks that were done over and over and over again. And so the thinking was, “Well, as long as you have a good STEM job, you're okay.” But of course, that's not true anymore. Actually, the STEM job people are in much more risk than the salespeople, because the salespeople are in a feeling economy job, and a lot of those STEM jobs are going to be taken over by AI. Will Barron: So the regular audience will know, I forgive you for not knowing this, Roland, but I've got a degree chemistry. My dissertation was in computational chemistry, part published elsewhere in journals and that, but what we were doing was trying to take the lab work out of the lab and give such proactive and effective modelling in the chemical environment, and it was just computing power that was holding us back from going for larger proteins and interactions. We were stuck with hydrogen vibrating, bouncing off over hydrogens and doing analytics and simulations based on that. But at some point, we're going to have the computational power to not have to use a lab. At some point, you're going to be able to put a problem into a computer, my brother's an analytical chemist, and at some point you're going to be able to put these problems into a computer and go, “Hey, we need this outcome, run a billion different calculations and different simulations and work out something that we can then verify in experimental form.” Will Barron: And so I think it's actually really exciting and really empowering for the audience to hear you say, Roland, that all of these nerds, which is me in a prior life, who are on their high horses doing all this lab research, looking down on us knuckle-dragging salespeople, we're the ones with the potential career and the job security there. That's a weird dynamic that I know the audience haven't heard anywhere else. The AI Takeover of STEM-Related Fields · [13:30] Roland Rust: Yeah, that's true. And it's interesting what you were talking about, about modelling things with chemistry. In the broader sense, it's called a digital twin. You create a computer model of what it is you're trying to model, and of course the computer model that models the thing that you're trying to model has to be much bigger than the thing you're trying to model, but that's been done for computer systems for many years. They build these little computers inside these huge mainframes and treat them as a digital twin. But now the digital…

    Full show notes at the publisher

    How To Listen (And Instantly Improve Your Sales Prospecting) | Salesman Podcast Feb 01, 2022
    Show notes

    Michael Reddington is a certified forensic interviewer and the president of InQuasive Inc., where he uses his background in forensics and understanding of human behavior to teach businesses how to use the truth to their advantage. On this episode of the Salesman Podcast, Michael explains the 6-levels of listening and how they’ll improve your prospecting, discovery and sales calls. You'll learn: Sponsored by: Free SalesCode assessment Learn your strengths and weaknesses in an instant. Taken by over 10,000+ of your competitors. Don't get left behind. Take the free assessment Featured on this episode: Host - Will Barron Founder of Salesman.org Guest - Michael Reddington Certified Forensic Interviewer Resources: Michael’s LinkedIn InQuasive.com Michael’s Email – mreddington@inquasive.com. Transcript Will Barron: Welcome to the Salesman podcast. My name is will, and on today's episode, we're looking at the six levels of listening and how they're going to help you improve the performance of your prospecting discovery and sales calls with buyers. Today's guest is Michael Reddington, his certified forensic interview. He's got a book coming out in the not too distant future, The Disciplined Listening Method. You can find out more about Michael at InQuasive.com. And with that, Michael, welcome back again to the show. Michael Reddington: It is great to be here again, Will, thank you so much for having me. Will Barron: You're welcome. I'm glad to have you back on me. Is this the third time you've been on the show? Michael Reddington: It is, yes. I'm afraid to admit it, because you're going to cap me off, I don't want to stop myself from maybe getting invited back after, but yes, it's the third time. Are Salespeople Born with the Ability to Really Listen to Prospects and Buyers? · [00:59] Will Barron: Good man. Well, maybe there's like five or six people have come on three or four times a year. You're in a select group there and it's because of my fan of you and your work, mate. We're going to dive into the six levels of listening. We'll see if we can get through all six. If we don't, that's fine, we'll have you back on in the future to dive into them, but let's start with this, mate. Are we born with the ability, sales people specifically, are born with the ability to really, really listen to our prospects so that we can help them or is this a skill that we need to learn? Michael Reddington: I'm going to walk the fence a little bit. My official answer is it's a skill we need to learn. My unofficial answer is it is something we're born with, it's something that we typically stray away from. So if I was bold enough, which I guess I have to be, to take us all the way back to being infants, we literally have to be astute observers to everything going on around us, especially with Mommy and Daddy, to understand what they're thinking, what they're feeling. I have a four year old son. So he's right on track to developing his theory of mind, which is essentially understanding what people around us are thinking or feeling at any time, and just over the last couple of months, he started asking, “Daddy, are you mad at me?” which is a funny question to answer to my four year old because I might be, but I don't want to make this situation any worse. Michael Reddington: So I would contend that, especially as young children, yeah, we have this real curiosity, this real interdependence, we're very much in tune, but then as we grow up and we get distracted and develop our own thought processes and assumptions and such, then it becomes less of a skill that we really focus on. “Listening is something that we have to intentionally work to develop because so many of our sales conversations involve some level of stress. And as stress mounts, we tend to go to what we know, and generally in the sales profession, what we know best is ourselves, our product, our service. So if I feel like I'm under the gun, the best thing to do is to feel comfortable talking about me and what I'm selling and not listening, which comes back to backfire.” – Michael Reddington · [02:24] Michael Reddington: So that would lead me to my final answer if you will, that yes, especially in the sales profession, it is something in that we have to intentionally work to develop because so many of the conversations we have involve some level of stress. They should and as stress mounts, we tend to go to what we know, and generally in the sales profession, what do we know best? Ourselves, our product, our service. So if I feel like I'm under the gun, the best thing to do is to feel comfortable talking about me and what I'm selling and not listening, which comes back to backfire. The Key Identifiers of a Healthy Sales Call · [02:52] Will Barron: Is the goal then to develop a skillset or a series, which we'll talk in a second, of skills to listen better, or is it to be just so relaxed during a sales call? I don't know what you take, do, have, or be to be relaxed in a sales call, but to reduce all the stress from it? Should a healthy sales call have a healthy level of, maybe not stress, but energy on the call itself? Michael Reddington: Several questions in there. Try to work my way backwards. Yes, I think a sales call should have some energy. Passion can be a double edged sword, so we've got to be a little bit careful communicating our passion to too strong a degree, maybe with an audience that isn't quite there can be a little bit overbearing, overpowering, can push them away, but people often interpret passion for conviction and for knowledge and expertise. So having some passion and energy there certainly is important. “Confidence comes from three places: having experience, being prepared, and surviving mistakes. So the more mistakes we live through, the more relaxed we can be in future situations, because the brain will be like, “I've been through this before. I can get myself out of it again.” – Michael Reddington · [03:54] Michael Reddington: I do think being relaxed on the call helps and I'm a firm believer that often our confidence… Well, really confidence comes from three places. Having experience, which often we only get that the hard way, being prepared and surviving mistakes, which I think is an interesting subset of experience. So the more mistakes we live through, the more relaxed we can be in future situations, because, “I've been through this before. I can get myself out of it again.” But even on that prepared side, yes, it is true that we're under stress, we go to what we know and that can be dangerous, my personal experience and opinion has been the better we know our stuff, the easier it is for us to apply it to somebody else's world. Michael Reddington: So if I'm just learning it and top of mind, and I'm worried about how do I convey it, I might be really tempted just to inadvertently force it on people. However, if I know it so well inside, out, upside down, backwards, the research behind it, the support, whatever it is, now I can engage in a conversation where I turn the keys over to somebody else. I let them lead the conversation because I'm not worried about what I'm going to tell them. I'm now listening for the perfect opportunity to fit what we're looking for into their world so it resonates at a much greater level. So the energy and stress should probably be there, we care about what we're doing, we're passionate. Really being completely confident to an in depth degree with our material allows us to let the conversation come to us instead of forcing it. Michael Reddington: And then I think that first piece was, do I think people should focus on developing a listening skillset? Yes, without a doubt. For me, a mechanism that I try to use, being biassed self or talking about myself, of course, is going into these conversations I try to ask myself, “What can this person teach me?” Because if I go into a conversation feeling like I'm the one with all the information to give, that can put me into a validate mentality as opposed to a learning mentality and really limit my opportunity to create these connections that we're looking for. So I literally at the top of my notes will write down, “What can I learn? or “What can he teach me?” to try to put me into that mindset before the call starts. The Validation Mindset: What It Is and Why You Should Avoid It · [06:00] Will Barron: What do you mean by a validation mindset? Michael Reddington: When your a hammer everything looks like a nail. So we can call it confirmation bias if we want, but if I'm going to check the box mentality, if I can get someone to tell me that they're experiencing this pain or they have this opportunity or this financial need or this staff need or software need, then great, I got them where I want them. Now I'm not really listening, I'm trying to fit them into a box that I already have as fast as possible and I could be missing all kinds of other opportunities. Michael Reddington: We like to talk about listening for intelligence, as opposed to information. Listening to information can put us in that confirmation bias or that validation mentality where I'm looking for those three or four things that I'm predetermined to set somebody up for what I would like to sell them, but if I'm listening for intelligence, now I can pay attention to their tone of voice pauses, specific word choice. They might say some things that sound like throwaway statements about their day, their week, their weekend, their team, a call they just got off of, that could give me insight into another role to take, but if I'm just trying to fit them in that box, I'll never pick it up. How to Listen for Intelligence During the Sales Qualification Process · [07:10] Will Barron: For sure. And to be clear, qualifying our customers is important, right, whether we're all using banned med pick medic, one of like the bazillion different qualification frameworks, but I hear what you're saying, I think I do, tell me if I'm wrong here because I'm trying my best to actively listen as we do this year, right? Just ticking the boxes is something that we need to do, because we're a professional and we just make sure that someone is a fit for what's going on, but that's that's layer one. Layer two is, “Hey, are they responding to these questions? Do they give us information freely? Are they enjoying this? Are they in emotional turmoil? They've given me all these qualification questions, but they're never going to close a deal with me today because they're obviously stressed and we should be perhaps rearranging the call for another time.” Can we describe this as perhaps level one listening and level two listening, which is the word people can really separate themselves as salespeople. Michael Reddington: Yeah, I think that is fair. The one thing I would say about qualification without disputing the necessity of the steps, is be careful not to do it with an exclusionary mindset. I've worked with a lot of sales professionals. I'm sure you have as well that when they talk about qualifying, “Are they a good fit for me? I don't want to waste my time.” So they literally, if they go in with that time focused mentality, “I don't want to waste my time.” If the goal is literally qualify them as quick as I can, one way or the other, and we could end up disqualifying candidates or prospects that might be an okay fit for what we're trying to sell or it might be a good fit for something else we have or maybe even somebody else in our network that allows us again to build a relationship and demonstrate value over time. So yes, qualify for sure. Just I would coach to not have such an exclusionary mindset or approach when we do. Will Barron: Sure. I think I'll challenge you slightly on that, but agree in principle. Where I was going to go with it was, in a wonderful world, we've all got big fat pipelines, unlimited people, we can spend time on the phone, we can get to know them, we can close them six months a year from now when things change, when budget align, when timing aligns. Unfortunately, most sales people live in world of, “I've got to get my number by the end of the month,” which is both bad sales targets for management being handed down, multiple other factors as well. The Rigid Qualification Framework You Should Probably Stop Using · [09:25] Will Barron: So what you're saying is correct when we're doing [inaudible 00:09:28] rates, but I can just feel the audience going, “But, Mike, I've got to hit target and I've only got eight calls and I've only got so much time during the day and I've got to qualify them out.” Is there… how to describe this? Is that a mechanical process that salespeople need to rethink perhaps or is that just a mindset shift of, hey, you could qualify people hard, but don't miss important things that if you were listening more effectively, are there, which might counteract the very rigid qualification framework that we're probably using? “Time is the enemy of empathy and time is the enemy of quality. If I'm thinking to myself, “This conversation has to be done in five minutes, I have to make eight calls. If this isn't going to work, I’ve got to hurry up and get to the next one,” I'm literally prioritising time over empathy, understanding, resonating with my audience and I'm prioritising time over the quality of the call.” – Michael Reddington · [10:15] Michael Reddington: Yeah. I think you just hit another nail right on the head. I probably need a new analogy now, this is the second time we've used that one, but yes. So it's about finding a bit of a balance and it's about making the best of the time that we have. So time is the enemy of empathy and time is the enemy of quality. If I'm thinking to myself, “This conversation has to be done in five minutes, I have to make eight calls. If this isn't going to work, I got to hurry up and get to the next one,” I'm literally prioritising time over empathy, understanding, resonating with my audience and I'm prioritising time over the quality of the call and it can be tough, especially in what we do because in some ways our calls are predicated on failure. There's a reasonable likelihood this isn't going to work, I'm going to try to figure that out as fast as possible. If it's going to, I'm in, if it's not, I'm onto the next. Michael Reddington: So it's finding that balance of how am I going to maximise the time that I have, really give every opportunity to suss out value in this conversation and if it's not there, cut bait and move on, but do that more from a value standpoint, as opposed to a time standpoint. I guess my personal belief is oftentimes time takes care of itself. Not always. We can run on forever, we can run on to people that, “Ooh, someone I can talk to today,” and they'll just talk our ear off, but generally speaking, if we have a good process in place, the time piece takes care of itself. The Six Levels of Listening and Understanding · [11:38] Will Barron: Sure. That makes total sense. Okay. So we pitched the six levels of listening. We should probably get into, at some point of the show, since I've talked about it at the top, before we go down too of the many rabbit holes, Michael, do you want to run through perhaps the first one or two, and then I'll throw some questions at you and we'll see how many we can get through. We don't need to get through them all if we've don't h…

    Full show notes at the publisher

    Master The Upsell With This Proven Product Upselling Framework Jan 21, 2022
    Show notes

    Quick—what part of your job do you enjoy the least? If you’re like most salespeople, you probably said prospecting. All the cold emails, the endless follow-ups, the calling, and the relentless slog of “no” after “no.” While there’s a time and a place for prospecting, if you’ve already got a long list of current clients, you may be wasting your time on finding new ones. Why? Because you can upsell your current clients to a premium product more easily than you can bring on new customers. And when you do so, you can drive more revenue, greater client loyalty, and higher commissions than going the old prospecting route. This guide shows you how to upsell like a pro. Inside, we’ll look at the massive benefits of upselling as well as The Proven Product Upselling Framework that takes all the “huh?” out of this underutilized sales strategy. What Is Upselling? Upsell Definition: To effectively encourage current clients to purchase a more expensive, upgraded, or superior version of the product they have now. Simple, right? When you convince your current clients to purchase a newer version, you’re offering an upsell, meaning a better version than what they’re using today. This, of course, deviates from the normal routes of prospecting (i.e., attracting new customers) because it focuses on your existing customers. Some examples of upsells include: Higher tier membership offering better support Different models with added features Premium packages with more products included Added product warranties Increased personalization Upselling vs. Cross-Selling Upselling is often confused or conflated with cross-selling. But in fact, the two are slightly different. Let’s take a look at the definition of cross-selling to see how. Cross-Selling Definition: To effectively encourage current clients to purchase an entirely new product, usually on the basis of the product they have now. Rather than getting an upgraded version of a product, they’re getting a new one entirely. Let’s look at an example. Say you’re shopping for organic vitamin C supplements on Amazon. You’ve found a brand with some great reviews, so you decide to purchase from them. But as you’re about to add the supplement to your cart, you notice they offer a higher potency version and decide to upgrade to that version instead. That is an upsell. As you make your way through the checkout process, you’re taken to a “Because You Liked…” page that offers products you may like based on your purchase of the supplement. Products like other supplements, natural teas, and organic skincare products. That is cross-selling. See the difference? Why Upsell At All? Now that we’ve got a better handle on what upselling is (and what it isn’t), the question becomes, “Why do this at all?” I mean, why work on a whole new process to bump your existing clients up to another version? Should you even bother? As you might’ve guessed, the answer is a resounding “Hell yes!” But why? What makes focusing on the upsell sales technique so beneficial for you? There are four main reasons why upselling beats out traditional prospecting. It… Is easier than finding new prospects Drives more revenue Instills greater loyalty Enhances personalization A. Easier Than Finding New Prospects First and foremost, focusing on driving new sales from existing clients is substantially easier than closing deals with new customers. Here are some stats to drive the point home. Prospecting and qualifying leads are the top challenges for at least 1 out of 3 salespeople (HubSpot). You have just a 5 to 20% probability of successfully selling to a new prospect in most industries. If you’re selling to an existing customer, that probability jumps to 60 to 70% (Marketing Metrics). It cost 5X as much to attract a new customer compared to retaining an existing one (Invesp). When you put your efforts into the clients you already have, you’re bound to see more success than blind prospecting. “We all know the stats that show how hard it is to get a new customer compared to keeping your existing ones. So if you show genuine curiosity in how things are going with existing clients, it means you've got to spend less time scrapping about creating content, less time making cold outreach because you're maintaining your existing customer base through being genuine through being passionate about their outcomes, which in result, is going to help you hit your quotas or break your quotas and obviously make more commissions.” – Interview Sam Dunning, Marketing Expert B. Drives More Revenue When you work with existing customers, you’re going to drive more revenue (and earn higher commissions) than seeking out new leads. Let’s look at the numbers. Increasing customer retention by just 5% drives a 25 to 95% increase in profits for businesses (Invesp). Repeat customers spend 67% more on purchases than new customers (BIA). Nearly 2 out of 3 businesses with strong customer loyalty make more money from these customers than it costs to retain them (Aspire Power Solutions). It isn’t just easier to work worth existing customers then. It’s also much more profitable. Convinced yet? C. Instills Greater Loyalty The more you can get current clients to invest, the more likely they are to remain loyal—provided you follow through on your promises, of course. That boosted loyalty increases their customer lifetime value (which is great). But equally importantly, it skyrockets the chances of earning a referral from those clients. And referred customers are worth their weight in gold. Here’s why. Referred customers spend 15 to 25% more on their first order, make more repeat purchases, have double the lifetime value of non-referred customers, and are 3X more likely to refer their friends to your brand (Mention Me). Customers acquired through referrals have a 37% higher retention rate than clients brought on through other means (Deloitte). Referred customers have an 18% lower churn rate than other customers (Wharton). Boost loyalty, earn referrals, and rake in the profits. What’s not to love here? D. Enhances Personalization Finally, when you upsell your current clients effectively (using the framework below), you’re demonstrating that you understand their needs. You get them. And when you show that, you’re doing wonders for rapport building. Let’s look at just a few more stats. Nearly all (99%) marketers agree that personalization helps advance customer relationships, with 78% claiming it has a “strong” or “extremely strong” impact (HubSpot). Only 13% of customers believe that a salesperson can truly understand their needs (Brevet). More than 2 out of 3 (69%) buyers report that the best way to make the buying experience positive is by listening to their needs (HubSpot). Upselling isn’t just about bringing in more sales. It’s about showing your current clients that you really do understand their needs. And that can go a long way. The Proven Product Upsell Framework Clearly, there are some very real (and very lucrative) benefits to upselling your current clients. But let’s face it, no one likes change. And unless you can really sell an upgrade, you’re likely to hear a lot of “Thanks, but no thanks.” That’s why you need to take a strategic approach. One that zeroes in on paint points, offers quantifiable benefits, touches on risks, and drives real urgency. Enter The Proven Product Upsell Framework. Successful upselling here we go! This framework has seen real-world success in turning lukewarm clients into enthusiastic buyers of upsold products. And when implemented properly, it takes the question mark out of upselling completely. All you have to do is: Document Current Results Explore the Changing Needs Highlight the Risk of Not Switching Give an Instant Discount 1. Document Current Results “Every single move you're going to make, whether it's a renewal or an upsell of any type, starts with identifying and documenting results, anchoring and justifying their faith in you.” – Interview with Tim Riesterer, Chief Strategy Officer of Corporate Visions The first step of the framework is to document how you’ve already helped your client. This is the sturdy, logical foundation on which your upselling pitch is built. After all, B2B buyers make decisions on hard numbers, not just sales savviness. When it comes to new vs. current accounts, it’s all about how you treat the status quo. For instance, with new accounts, you want to attack the status quo. Productivity could be better. Efficiency could be better. Bottom-line earnings could be better. But with current accounts, you’re actually attacking and defending the status quo. You’re defending it because you don’t want clients to head to your competitor. And you’re attacking it so you can convince them to upgrade to your premium product. There are a couple of ways you can do both at once. But the best I’ve found is by sending them a value-rich quarterly report. Create a Client Quarterly Report The quarterly report isn’t difficult to create. And sending it to clients before having an upsell conversation is incredibly effective at driving change. In it, you should include six separate elements. Your Earned Results – What results have you and your product earned for the account? How have you improved their business, streamlined their processes, and boosted their revenue? Get into the weeds here with hard, quantifiable numbers. Review of Previous Buying Process – This should be a quick reminder that reconfirms the client did their due diligence during the original selection process. This is especially helpful if decision-makers in the account have changed roles. But secondly, it also reinforces the pain of going through all that again with a competitor. Sharing of New Industry Insights – This is where the real value starts to kick in. What industry issues are coming down the pipeline for the client? What should they anticipate next month, next quarter, and next year? And how can you help them weather that change? Detailed Competitor Improvements – Your product may be very similar to your competitor’s (that’s just the way it is sometimes). But when you’re working with existing clients, that can actually work to your advantage. If you can explain to your client that there are similarities between the two ranges of products, they’ll likely agree that there’s little reason to change things up. Your Own Detailed Improvements – In this section, explain how you and your company have been improving your products. What new features have you been developing? How do they compare to your competitors? And how can they help the client? Highlight the Cost of Change – Lastly, wrap up the document by giving a brief summary of the cost of changing considering everything discussed so far. This is also a fantastic place to start introducing the upsell products you hope to convince clients to buy. Upsell Pro Tip: Your report should aim to offer value, not just prime the client for an upsell. As such, you need to frame it as a source of information they’ll actually want. If it’s a blatant and shameless attempt to push them towards purchasing a new version of a product they already have, it can have a serious backfire effect that spoils the rest of the framework. “When we provide value for someone, it's giving them the tools to make a better, faster, more effective, more efficient decision than they would have without our input.” – Interview with David J.P Fisher, Sales & Networking Expert 2. Explore the Changing Needs Your quarterly report has already laid a solid foundation for this step with the industry insights, detailed improvements, and cost of changing aspects. With that information in hand, it’s time to extrapolate. How will your client’s business change in the upcoming years? What are their competitors doing that they aren’t? And do the products your client uses now suitable for offering that same competitive advantage? Equally importantly, where does your client want to be in the future? What goals can you help them achieve that might otherwise be out of reach? It’s time to put your research skills to work here. As the more nuanced and specific you can get, the better. Offer the Solution When you’ve identified your client’s changing needs, it’s time to talk about how your product addresses that need gap. How does your premium product help them achieve their goals? How does your premium product get them to where they want their business to be faster than ever? Using “what if” scenarios here is a great sales tactic. Try getting them to vividly imagine what it would be like if they achieved their future goals using your product. Beyond simply priming them for a “yes” answer, this technique also helps the client clearly see that something is needed to achieve those goals. And if you’ve done your job, they’ll know it’s what you’re offering. Upsell Pro Tip: Research is going to play a major role at this stage of the framework. If you can pinpoint some of the biggest pain points and growth opportunities your client is facing, you can leverage them to better sell your premium product. Plus, it also shows you’re truly invested in the relationship and understand their changing needs. And that builds trust. “I think the age-old relationship-building, rapport-building, really doing our research and understanding that person and the organization and making that connection, finding a way that we can demonstrate our expertise and show trust. I think that's critical and probably more important now. We just need to do it in a different environment, because some of the other things we used to do, like break bread together or physically shake hands, we can't do those anymore.” – Interview with Ray Makela, Author, Speaker, & Business Executive 3. Highlight the Risk of Not Switching Once the buyer understands that their needs have changed and you can offer them more value than before, you need to pull on the other end of the spectrum of pain. So far, we’ve been focused on how things are going to get better when they work with you. Now though, we need to shift to discuss the pain they will face if they don’t. Now we need to double down on the fact that there is a risk to the buyer if they don’t keep up and enable us to support them. This turns the upsell from a “nice to have” to a “necessity” in the mind of the buyer. You can do so by tapping into the six forms of risk. The 6 Forms of Risk The risk of not changing comes in six different forms. If you can explain one or more of these forms of risk of not changing to your buyer, you’ll immediately get them pushing towards an upsell contract. Physical – This includes dangers to your buildings, equipment, and people. This can hurt your business by resulting in lost time, repair costs, legal action, and reputational harm. Has the buyer changed properties since your original deal? Can your product help reduce the new risk they have in their new buildings? Strategic – This risk type involves roadblocks to achieving organizational goals. Has the client changed their business, marketing, operations, product, or sales strategy? Can your product help them manage this change or reduce the downside if their new strategy doesn’t work? Regulatory – Businesses are governed and guided by a wealth of legislation, regulation, and responsibilities, both mandatory and voluntary. The risks of failure to be compliant can be severe, including legal action, fines, penalties, and even closure. Have their compliance risks changed? How can your product reduce this new risk? Operational – Operational risks are problems that can happen during the day-to-day running of your buyer’s business. They can include things like human error, inappropriate staff behavior, or systems failure. Can your product reduce the new risks that now exist in the buyer’s operations that didn’t exist before? Technological – With the benefit of new technology comes increased risks. Cyber-attacks, leaking important info…

    Full show notes at the publisher

    Practicing Your Sales With AI? Upselling? And More! Jan 20, 2022
    Show notes

    On this week in sales we’ll be looking at; AI on video calls, revenue operation platforms, answering your questions and much more!

    You'll learn:

    SALES NEWS:

    ZoomInfo Expands Global Operations in London

    ZoomInfo (NASDAQ: ZI), a global leader in modern go-to-market software, data, and intelligence, today announced it has expanded its global operations in London and named Simon McDougall as its first Chief Compliance Officer.

    “In Q3 2021, the international business at ZoomInfo grew over 80% year over year while our investment in our data assets outside of North America also nearly doubled throughout the year. We’re now in an even better position to build on our momentum there,” said ZoomInfo Founder and CEO Henry Schuck.

    https://www.marketscreener.com/quote/stock/ZOOMINFO-TECHNOLOGIES-INC-107772705/news/ZoomInfo-Expands-Global-Operations-in-London-37586238/

    Zoom's venture fund invests in conversational AI platform

    Second Nature, announced a $12.5 million round of investment to build out their conversational artificial intelligence service.

    Second Nature's platform uses conversational AI to coach a salesperson and improve selling skills as well as product knowledge. A salesperson in training runs through a simulated sales call with Jenny serving as the customer. The video conversation is recorded and each trainee gets a score on his or her performance with advice on how to improve various elements of the pitch.

    The Second Nature training platform combines sales training and product marketing education in one place.

    https://www.techrepublic.com/article/how-was-my-pitch-jenny-zooms-venture-fund-invests-in-conversational-ai-platform/

    Sales Embraces the Experience Economy

    “Physical retail is going to get more experiential,” says Cate Trotter, head of trends at retail consultancy Insider Trends

    Trotter sees e-commerce becoming more experiential. “Across the board, there are all these ways that retailers can entertain customers, educate them, tell their stories better.

    The number of consumers using experiential technology is still relatively small. In the United States, only 1 percent of consumers own VR/AR units,

    For example, Home Depot offers an AR feature on product detail pages for home decor, furniture, and seasonal decorations; consumers can tap it to see the furnishings in their homes with 3-D augmented reality.

    Home Depot has seen conversion rates two to three times higher for customers who use the app compared to those who don’t.

    https://www.destinationcrm.com/Articles/Editorial/Magazine-Features/Sales-Embraces-the-Experience-Economy-150987.aspx

    JPMorgan just raised salaries again

    JPMorgan has upped the ante again for junior bankers. The investment bank is raising its starting salary for analysts to $110,000, after lifting it to $100,000 last year, reports Bloomberg, citing anonymous sources.

    The increases are being applied internationally, as well as to second- and third-year analysts, associates and employees in the bank’s markets unit. The move follows a similar one by Citigroup earlier this month and underscores budding costs for banks as they compete harder for entry-level workers.

    The post Practicing Your Sales With AI? Upselling? And More! appeared first on Salesman.com.


    The Art and Science of Creating Good Luck In Sales | Salesman Podcast Jan 20, 2022
    Show notes

    Is it possible to create luck in life and in business? On this episode of the Salesman Podcast, Dr. Christian Busch explains what luck is and how salespeople can generate more of it in their selling endeavors. Dr. Busch is the author of The Serendipity Mindset and one of the world’s leading experts on innovation, purpose-driven leadership, and cultivating serendipity. You'll learn: Sponsored by: Free SalesCode assessment Learn your strengths and weaknesses in an instant. Taken by over 10,000+ of your competitors. Don't get left behind. Take the free assessment Featured on this episode: Host - Will Barron Founder of Salesman.org Guest - Dr. Christian Busch Author of The Serendipity Mindset Resources: Chris’ LinkedIn Dr. Busch on Twitter Theserendipitymindset.com Book: The Serendipity Mindset: The Art and Science of Creating Good Luck Book: Man's Search for Meaning Transcript Will Barron: Hello, sales nation. My name is Will Barron, and I'm the founder of salesman.org, and welcome to Salesman Podcast, the world's most downloaded B2B sales show. On today's episode, I am chatting with Christian Busch. He is the author of Connect The Dots: The Art and the Science of Creating Luck. And the paperback of the book has just launched today, so grab a copy from Amazon, wherever you get your books, if you enjoy this podcast episode. Will Barron: Dr. Christian Busch is an expert in the areas of innovation, purpose-driven leadership, and serendipity. He's the director of CGA Global Economic Programme over at New York University, and he teaches at the London School of Economics. On today's episode, Christian and I are going to be discussing if it's possible, if it's measurable, if it's possible, to create luck in sales and in business, and how you go about doing it. So Dr. Christian, welcome to the Salesman Podcast. Dr. Christian Busch: Thanks so much for having me. What is Luck? · [01:03] Will Barron: I'm glad to have you on, mate. Okay, so let's just get down to the basics of all this before we dive into… Because this topic, obviously there's going to be tonnes of rabbit holes. There's going to be tonnes that we could jump into, right? Does this luck concept, we all know we've all experienced it, does it have an agreed-upon definition? How do we define what luck actually is? Dr. Christian Busch: Yeah. It's interesting because when looking into that area, what I found fascinating is that usually when we think about luck, we think about that blind luck that just have it's to us, right? Some kind of fortuitous, coincidental, beautiful moment that somehow benefits us. Being born into a good family, things like that. But actually, where it gets really exciting is when we talk about smart luck, when we talk about serendipity that we create based on our own actions. Dr. Christian Busch: And so, take the quintessential moments, if you have erratic hand movements like I do, you spill a lot of coffee. And so imagine you spill coffee in a coffee, shop over someone, and that person looks at you slightly upset, but you sense, there might be something there. You don't know what it is, you just sense there might be something there. And now you have two options, right? Option number one is you just say, “I'm so sorry, here's a napkin.” You walk outside and you think, “Ah, what could have happened had I spoken with that person?” “When we look at serendipity, this kind of smart luck, across different contexts, love, business, you name it, there's always the same pattern. It's always the same that there's this aspect of randomness, some kind of unexpected moment, but then it's about us to do something with it, to connect the dots and turn that into positive outcomes.” – Dr. Christian Busch · [02:19] Dr. Christian Busch: And option number two, you start a conversation, that person becomes your, co-founder, your supplier, the love of your life, you name it. And so it's our reaction to the unexpected. It's making the accident meaningful that turns it into smart luck. And so when we looked at serendipity, this kind of smart luck, across different contexts, love, business, you name it, there's always the same pattern. It's always the same that there's this aspect of randomness, some kind of unexpected moment, but then it's about us to do something with it, to connect the dots and turn that into positive outcomes. Serendipity: The Process of Spotting and Connecting Random Dots · [02:43] Will Barron: So I've just kiboshed all the questions I had in front of me straight away. Is a good feeling measurable, that feeling when you know someone's looking at you or you think that there's an opportunity here? We'll dive into whether you grasp that opportunity or not and how we create around look in a second, perhaps. But what is that gut feeling that we label as a gut feeling, but is there a more clinical definition or has it been researched as to what it actually is? Dr. Christian Busch: That's a really interesting question because a lot of times when we trace serendipity and look at it as a process of spotting and connecting dots, intuition plays a huge role. So that sense of, “Oh, there might be something there.” And that's essentially trying to figure out what is the potentiality in that moment. And so the way we've been studying serendipity, and the way serendipity has been studied more broadly is really in three ways. Dr. Christian Busch: One is to say, what's the counterfactual? So what could have happened if I put two people into exactly the same position, into exactly the same situation that is unexpected and one does something with it and the other one doesn't, then we see the decision point. The same is with when we think about a lot of my work is qualitative methods. So we go into, for example, a business incubator and we look at what entrepreneurs over time do with a conversation we had, how does that unfold and then what happens with that? Does that turn into a particular product? So we're trying to understand it over time. Telltale Signs That You Might Be a Lucky Person · [04:05] Dr. Christian Busch: But I think where it gets really interesting, and to your point, where a lot of times actually it's not necessarily just that gut feeling, which can be important, but a lot of times it's mostly also about what's the way we look at the world? How do we frame the world? And there's an amazing experiment, actually, one of my favourites. And it's been replicated in different types of context where they ask people, “Do you consider yourself to be lucky?” And every listener, if you think about it, do you consider yourself to be lucky? Dr. Christian Busch: And then they pick one of each, one person who says they consider themselves to be very lucky, “So good things tend to happen to me, yada, yada.” And one person who considered themselves to be very unlucky, so, “I'm always in accidents, bad things happen to me.” And I guess we all know people on both sides of that continuum. Dr. Christian Busch: And so they tell those two people, “Walk down the street, go into a coffee shop, sit down, have the coffee, and then we'll have our conversation later on.” What they don't tell them is that is five pound notes, there's money in front of the coffee shop door. And inside the coffee shop, there's only one seat left, next to this extremely successful business man who can make big dreams happen. Dr. Christian Busch: Now the lucky person walks down the street, sees the five pound note, picks it up, goes inside the shop, orders the coffee. Sits down, has a conversation with the businessman, the exchange business cards, potential opportunity coming out of it, we don't know that part. Now the other person, the unlucky person walks down the street, steps over the five pound note so doesn't see it. Goes inside the shop, orders a coffee, sits next to the businessman, ignores the businessman. That's it. Dr. Christian Busch: Now at the end of the day, they ask both people, how was your day today? And so the lucky person says, “It was amazing. I found money in the street, made a new friend and you potentially an opportunity coming out of it.” The unlucky person just says, “Well, nothing really happened.” And that really tells us about the power of perception and the power of alertness. For example, it's fascinating how much money people drop in the street but most of the time we don't see it because we don't expect it to be there. Dr. Christian Busch: And I think that's what it mostly bones down to, that in this world that's so uncertain, we still underestimate how likely the unexpected is all the time. And we still think we can plan things out, but actually it happens everywhere and we miss it all the time. The Difference Between an Optimist and a Lucky Person · [06:15] Will Barron: What's the difference then, that might be a good scenario to build this conversation on top of, what's the difference between a optimist and someone who is lucky? Dr. Christian Busch: It's a really interesting question because if you think about it like a couple of Venn diagrams, similar to intuition, it's always good to have a good intuition and a mature gut feeling rather than a naive gut feeling, right? So something that actually helps me with making decisions. So that's one Venn diagram. Another one is optimism, as when you can imagine different scenarios and the potentiality of a scenario, it makes it more likely that you can actually then also act on it. Dr. Christian Busch: But again, it doesn't have to be the way. I for example, my amazing wife, she is the most amazing person in the world. I know everyone would say that about their wife, but in my case it's actually true. And she's the kind of person, she can be quite not so positive about the world, but still she's always connecting dots and she's always making stuff happen and turning kind of lucky serendipitous moments out of it. “If you start as a realist, you end up as a depressionist because the world will pull you down. So you have to start slightly optimistic to then become the optimistic realist. Be the kind of person who has a slight optimism, but you’re also extremely realistic about what's possible and what’s not.” – Dr. Christian Busch · [07:43] Dr. Christian Busch: And so it's in that way where again, optimism can be something that helps us to make more of it happen, but it's not a necessary condition all the time. And I've been a big fan, a lot of my life has been shaped by Victor Frankl. And I've always been fascinated by he wrote this amazing book, A Man's Search for Meaning, and his key point always was, “Look, if you start as realist, you end up as a depressionist because the world will pull you down. So you have to start slightly optimistic to then become the realist, the optimistic realist.” Dr. Christian Busch: And so I've seen that with a lot of the executives we work with, that they are the kind of people who have a slight optimism, but they're also extremely realistic about what's possible and what is. The Primary Reason You’re Missing Out on Luck · [08:04] Will Barron: Is there anything else that goes in this Venn diagram? Because it seems like, and tell me if I'm completely off on this because I could be, but it seems like almost extraversion or confidence could fit into it as well. Because maybe you see the five pound note, maybe you go, “This is an opportunity and I could take it.” And you have the intuition that it's there for the taking, but if you are… And I'm painting in broad strokes here, but if you are introverted, you might be or less confident, you might be more bothered about if anyone sees you pick it up they might come and complain, they might say that you've stolen. Will Barron: It seems like there's other barriers to you activating on the luck that's been put in front of you, not just the fact that you've recognised it. Is there something along those lines? Is there any other elements to this Venn diagram that we should be adding to it? Dr. Christian Busch: Absolutely. And if we focus on three that I think are extremely important, one, it's interesting, extraversion. There's a lot of hope for closet introverts like myself in terms of that a lot of serendipity actually comes from quiet and calm sources. So watching a movie and then thinking, “Oh my God, people haven't talked about this. That could be a podcast.” Dr. Christian Busch: Or taking this one other street to work in the morning and then keeping our eyes open and realising, “In that bookstore, that book, that title, couldn't that be a podcast? Oh my God, serendipitously I came up with a podcast idea.” And so it's a lot of times serendipity can come from these quiet sources or extroverts need introverts to compliment them a little bit to make sense out of all the serendipity and help them filter it. “When it comes to serendipity and luck, it does help to be an extrovert because you essentially have more conversations with people. So the opportunity space for potential serendipity increases because of the interactions you can have.” – Dr. Christian Busch · [09:38] Dr. Christian Busch: So I think the first piece is really to your point, it does help to be an extrovert because you essentially have more conversations. So the opportunity space for potential serendipity increases because of the interactions you can have and so on. And we can talk more about this, especially the hook strategy I think, where we can do a lot in that direction, even as introvert. Dr. Christian Busch: But also I think you made a really interesting point about what are the self-limiting beliefs we have? What are the constraints we have that hold us back from acting on something? And I think to me, the quintessential example is you are at a conference, this amazing speaker speaks. You have an amazing idea of what you could do together, but then you don't go to the speaker because you feel like, “I'm not worthy. I'm not ready. I'm not…” You name it. Dr. Christian Busch: Same in the coffee shop, right? When you think, “Oh my God, this could be a person I could fall in love with.” But you don't act on it because you have fear of rejection or you name it, right? And I think a lot of us have this inner imposter somewhere in there, lurking around and saying, “Oh, maybe you're not… It's not the right time for that.” And one thing I found really useful in that bracket of overcoming self-limiting beliefs and being able to act on the unexpected is really to think about, what's the worst thing that can happen here? Dr. Christian Busch: And I always thought the worst thing that can happen is rejection, right? The worst thing that could happen is that speaker says, “No, I don't have time for you.” Or that person at the coffee shop says, “No, I really don't want to talk with you.” But then I realised the worst thing is not that, the worst thing is that actually walking outside and thinking, “Ah, what could have happened?” Because that's the nagging feeling that doesn't stop. And that consumes your energy and that goes on and on and on. And by that reframing, I felt like, to me, that made a big difference. Dr. Christian Busch: And then the third aspect really, and I think that's what I'm really excited about. So now we talked about the aspect of personality traits. We talked about the aspect of what's the self-limiting beliefs. And then the third aspect is really what are the daily practises that we can use to really have more of this happen? And we…

    Full show notes at the publisher

    Objection Handling Made Simple: The Proven 3-Step Framework Jan 18, 2022
    Show notes

    Few things are more infuriating than having a product you know is perfect for a buyer, but continually getting shut down, time and time again. “We don’t have the budget.” “We’re happy with what we have now.” “I don’t see the value in what you’re offering.” These are sales objections. And they are usually the biggest hurdle to you closing the sale. But when addressed the right way, they can build rapport, provide valuable buyer insights, and (of course) lead to a serious sales win. In this guide, we’re going to cover the most effective method I’ve found for objection handling. Once you’ve engrained this simple framework into your processes, you’ll be turning doomed deals into sign-on successes in no time. Plus, we’re also going to look at some of the most common sales objections you’re likely to face and how to respond to them using the framework. Sound good? Then let’s go. What Is Objection Handling? We’ve all been hit with the “no” bomb when talking with a prospect. Unfortunately, in our industry, it’s inevitable. There will always be prospect's concerns that need to be overcome. But getting a negative response doesn’t necessarily mean the deal’s dead in the water. Buyers are people. And when people are unsure about making a change (e.g., buying your product), they’ll throw out excuses for not doing it. In the sales world, these are called sales objections. Now, some of the excuses given to sales reps are legitimate, to be sure. Others are just knee-jerk reactions. But no matter what type of excuse you’re dealing with, you can, in fact, handle sales objections in a way that still leads to closing the deal. Objection handling, then, is how you address those sales objections to continue to move the buyer through the sales process. Again, it’s all about understanding their concern (whether legitimate or not), addressing it, and easing their mind. Only then will they be ready to buy. Why Do I Need to Master It? Objection handling is a challenge to be sure. HubSpot found 42% and 35% of salespeople think addressing objections involving urgency and price, respectively, were the top challenges they face. Plus, there are some profound benefits to better sales objection handling. Benefits like: Need It to Close – The most obvious benefit, of course, addressing sales objections gives buyers peace of mind. It helps them better understand why your product is suitable for their organization. And that means you’re one step closer to “yes.” Provides Buyer Insights – Sales objections are a window into the mind of your buyer. What issues are they concerned about? What’s most important to them? These details help clue you into what points to focus on during your pitch to maximize your closing success. Demonstrates Your Knowledge – People want to buy from someone who knows what they’re talking about. If you’re scrambling to come up with an answer to an objection, you’re tanking the deal. But someone who effortlessly and effectively moves through the objection handling process is going to look like an expert. Builds Serious Trust – When you address your buyer’s objections, you’re proving you take them seriously. You aren’t just some smarmy salesperson only looking to close. Instead, you want to truly solve their problems. And that means more loyal, enthusiastic buyers for you. The Objection Handling Process: 3 Steps to “Yes” Now that we have a better idea of what successful objection handling does for us, let’s take a look at how to do it right using the framework. This framework consists of three steps with two different options for the last step (more on that later) for overcoming common objections: (Really) Listen to the Issue Repeat the Issue Back Clearly (Option 1) Solve the Issue Confirm the Issue Is Solved OR (Option 2) Move Past the Issue Now, let’s jump into the details. Note: When it comes to the objection handling process, the best offense is typically defense (i.e., buyers not having negative sales objections or knee-jerk objections like “I don’t have time for this, just email me”). The best way to prevent negative sales objections from happening in the first place is by asking confident, assertive questions that prove you’re someone to be trusted. That’s the best foundation to build on using this framework. I cover how to ask these questions in my Selling Made Simple Academy. But in the end, knowing how to do so means fewer negative sales objections and objections you can solve to actually enhance the outcome of the sale. 1) (Really) Listen to the Issue People like to be heard. That is no different when you're overcoming objections. And knowing you’re really truly being listened to is vital when it comes to addressing sales objections. That’s why the first step of The Objection Handling Framework is to listen closely to the buyer when they’re describing their sales objection. Half listening just won’t cut it here. I don’t care if you think you’ve heard this sales objection 50 times already this week. I don’t care if you’re put-my-life-on-it certain you know what they’re saying after the first few words leave their mouth. And I especially don’t care how much experience you have in the business. Instead, you need to stop yourself and really listen. Listen to the nuance of what the buyer is telling you is holding them back from closing the sale. And most importantly, shut the hell up. Don’t interrupt them with your answer. And give a slight pause after they’ve posed their objection so they know it’s actually sinking in. Only then can you move on to step number two. Active Listening Is Key Active Listening [ak-tiv lis–uhning]; noun: Making a conscious effort to not just hear but really concentrate on listening to what the buyer is saying. I cannot overstate the value of investing all the time and energy it takes into developing your active listening skills. Most salespeople are natural-born talkers. It may be why you got into the business in the first place. But talking too much is detrimental to sales success. To put a number on things, the sales intelligence platform Gong found the average B2B sales rep spends about 53% of calls talking. For reps in the bottom 20% of performers, that number was closer to 68%. However, top closer spent just 42% of the time talking, leaving a whopping 58% of the talking to the buyer. Active listening comes with plenty of benefits. Benefits like: Not missing critical information Avoiding misunderstandings Having a better idea of the core problem (not always stated outright) Showing you care about what the buyer has to say Improving relationships Qualifying leads Next time you run into a sales objection, be sure you consciously engage in active listening. It’s the foundation the rest of this framework is built upon. 2) Repeat the Issue Back Clearly Now that you’ve put effort into really and genuinely listening to what the buyer is saying, it’s time to move on to the next step of these objection handling techniques—repeating the issue back to the buyer. It looks as simple as this: Buyer – “I’m not sure if you can do it in the color I want.” Seller – “So you’re unsure if we can provide you with the correct color?” Buyer – “Yes, can you show me the colors you offer, and we’ll see if you have a green?” It looks pointless, I know. But in reality, there are several reasons why this step is so essential: It avoids any misunderstandings you may have made on your part. It shows the buyer you’re listening. It’s an effective way to deal with knee-jerk sales objections. The first two points are pretty obvious. So let’s take a closer look at the third point. Often the buyer will have dealt with so many salespeople over their careers that they will have a bunch of automatic responses (knee-jerk objections) that they give to salespeople to get them out of their hair. We need to get the buyer’s attention to break these objections. We’ll do this with a pattern interrupt as we repeat back the buyer’s question. The Value of Pattern Interrupts All we’re doing with a pattern interrupt is making the buyer think for a split second and then repeating their objection back to them so they can confirm if it’s a real objection or not. Often, when you use a pattern interrupt as you repeat back the objection, the buyer will think about the objection they brought up and actually dismiss it themselves. Let me give you an example: Objection – “I don’t have the budget.” Pattern Interrupt – “Ah, so you’ve worked with us before, and you know our pricing?” Here the buyer is trying to use budget as an excuse. But unless you’ve just explicitly told them the pricing, how the heck do they know you’re out of budget? Here’s another example: Objection – “I’m not interested.” PatternInterrupt – “Ah, that’s why we should talk. It sounds like your current supplier must be a pain to work with, and you’re trying to avoid more of that pain by cutting this call short.” We’re doing two things here. First, we’re avoiding those usual phrases salespeople typically use (“reaching out,” “checking in,” “I just wanted to,” etc.). If you use the same language as everyone else, you’re going to be ignored like everyone else. Second, I’m also proactively saying the opposite of what other salespeople do, too. For example, if a buyer gives you the objection “email me the details,” instead of ending the conversation and agreeing to their demand, you’ll use a pattern interrupt of “sure, do you know the details that you want me to send over”? Pattern interrupts snap buyers out of those automatic responses and makes them receptive to the rest of what you have to say. Pattern Interrupt + Repeat the Issue After the pattern interrupt, the last part of this step of the objection handling framework is repeating the objection. This happens in the same breath as the pattern interrupts itself. For example: Objection – “I don’t want to be locked into a contract.” PatternInterrupt / Repeat It Back – “Ah, 100-year contracts are insane. Are long contracts the real hold up here?” Or another example: Objection – “I’m happy with [competitor].” Pattern Interrupt / Repeat It Back – “If they did everything they promised I’d be thrilled with [competitor] too. They’re probably awesome! Is your love for [competitor] the only thing stopping us from booking a meeting?” See how we’re getting the buyer to confirm that this objection is worth holding up the entire sales process for? At this point, something remarkable happens. We get one of two responses. Either the buyer confirms that this is a true objection that we need to resolve before we can move forward, or they’ll be happy for us to just move swiftly past it. 3) (Option 1) Solve the Issue Listening and repeating the sales objection back to the buyer has hopefully clarified whether this is an actual problem or a knee-jerk objection. People don’t buy when they have genuine concerns. And they sure as hell don’t buy when those concerns go unaddressed. If it turns out the issue is accurate, then it’s up to you to solve it. Now, “issue” might be a strong word here. Because, when a buyer offers up a legitimate sales objection, it means two great things for you: It allows you to demonstrate expertise and earn buyer trust. It indicates an authentic and strong buying signal (after all, a buyer won’t go through all the steps of an objection if they weren’t seriously considering your product). So with that knowledge in tow, it’s time to buckle in and simply solve the issue they’re worried about. If it’s an issue of price, get to talking numbers. If it’s functionality, hit some of the core features. If it’s implementation, talk about your extensive onboarding program. You should be able to hit each objection the buyer has with a clear, effective response that solves those woes. It also helps to prepare for objections beforehand (time to break out the flashcards?). Confirm the Issue Is Solved A short—but entirely necessary—sub-step here. Once you’ve addressed the issue, it’s up to you to confirm that you’ve satisfied the buyer’s concerns. This involves confirming your prospect: Heard your answer Understood your answer Accepted your answer If you don’t complete this step, the buyer will likely bring the same objection up over and over in different forms. Finally, they have to say “yes, that makes sense” out loud. Otherwise, their brain just won’t register that this objection is solved. This doesn’t have to be aggressive or complex either. Just ask, “Did this answer your concern [name]?” If you’ve solved the objection, move forward in the sales process. If you haven’t, ask, “What else is unresolved that I can explain?” Keep going deeper and deeper until the buyer publicly and verbally admits that their objection has now been solved. 3) (Option 2) Move Past the Issue If, after repeating the issue, the buyer admits the sales objection they raised wasn’t important, it’s time to move past the issue. To be honest, not all issues are worth debating. And if you’re confronted with a knee-jerk problem that’s not really important, you can often move straight past these issues during your objection handling process. I know this might feel sneaky the first few times you do it. But if the buyer has thrown out the sales objection unconsciously, they probably barely know the excuse they gave you. If when you repeat the objection back to them, they look at you blankly or don’t give an immediate response, just say this: “That makes sense. Let’s come back to that in a minute. We also do…” And then carry on through the selling conversation. Unless the buyer actively brings you back to the objection, you can likely never discuss it again. Because remember, it wasn’t of any fundamental importance to the buyer. You’re going to find that, once you learn to recognize them, around 50% of the objections that you get day-to-day can be skipped over just like this. Common Sales Objections & Responses As I mentioned earlier, it pays to study common sales objections for your product and come to calls with your responses ready. Now, you may be wondering, “How am I supposed to know exactly what kinds of sales objections the buyer will have? Aren’t all buyers different?” And that’s true; there are plenty of variations out there. But in general, you can boil down nearly all sales objections into one of four categories: Budget Value Urgency Trust I’ve written extensively about the most common sales objections before. But for now, let’s take a look at some of the best sales objection handling examples and objection handling scripts to help you overcome buyer concerns. “The price is too high.” Objection Type: Budget Ah, the pricing objection… This is most likely going to be the most common objection you’ll face. Business is money. And money is essential. This one really really test your objection handling skills. Responses Compare the cost of not solving the issue to the price of your product. “How much is [the problem you solve] costing you each month?” [Follow-Up] You said this problem costs your business about [$X] per month, but our service is just [$Y] per month, leading to savings of [$X – $Y] per month.” Use price ranges to qualify leads and keep the conversation going. “Our price is within the [$ range] range per month. Where in that range could you see yourself investing in solving [the problem]. “We’re happy with your competitor.” Objection Type: Value This is the old “if it ain’t broke, don’t fix it” mentality at play. Change can be tough. And most people are naturally resistant towards it. However, that doesn’t mean putting effort into that change isn’t worth it. Sometimes all the buyer needs is to take a minute or two to learn about your product. Response Give a light nudge for the buyer to compare options by offering a free trial or demo. “I completely understand where you’re coming from. Many businesses are constantly looking at other potential solutions to their problems; even it is just to compare with what they have now. Who kn…

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