🔍 24% of inside salespeople are actively seeking new jobs due to poor compensation plans, bad managers, and lack of respect and appreciation, according to a Gartner study.
📊 A Gallup study reveals that 2/3 of employees are disengaged, costing the US economy $605 billion annually, with 25% actively job hunting.
👥 Highly skilled managers prioritize compensation, meaningful work, growth opportunities, and collaborative environments to boost employee engagement and retention.
💼 Creating an employee value proposition encompassing compensation, career path, and collaborative environment helps managers "sell" employees on staying and drives engagement.
🌟 Good managers listen, empathize, provide growth opportunities, give purpose, and foster a winning culture through compensation, career path, and collaborative environment.
🎯 The MUTE acronym (Management, User, Technical, Economic buyers) provides a comprehensive framework for identifying and addressing key stakeholders in the sales process.
🔍 Stakeholders are distinguished from buyer personas by their actual decision-making responsibility within the company, making them crucial targets for sales efforts.
💼 Management buyers (executives and above) are essential for ultimate decision-making, while User buyers focus on practical application of the product or service.
🔧 Technical buyers evaluate interoperability, upgradeability, expandability, and compatibility of products with existing systems, as well as long-term maintenance.
💰 Economic buyers (purchasing department) prioritize price, breakeven points, return on investment, and return on assets when considering a purchase.
🏷️ Decoy pricing strategy involves placing the middle option closer to the highest-priced option to increase sales of the more expensive item, exploiting the brain's risk-mitigating tendency.
💰 In a National Geographic experiment, offering $7, $6.50, and $3 popcorn options led most people to choose the middle option, but many upgraded to the highest when comparing the 50-cent difference.
🧠 The brain's risk-averse nature often leads consumers to choose the middle option when presented with three choices, a tendency exploited by companies like Starbucks and McDonald's.
🔄 Adding a third option to a two-option scenario can significantly shift consumer preferences, as demonstrated in the experiment where a $5 option added to $7 and $3 choices led most to select the middle price.
📊 To boost sales of premium products, offer three options with the highest price closer to the middle, e.g., $20,000, $17,000, and $10,000 instead of evenly spaced prices like $20,000, $15,000, and $10,000.
🎯 Focusing on objectives rather than obstacles is key to achieving success, as it creates motivational momentum that helps overcome challenges.
🧠 The attitude towards an objective drives behavior, which in turn drives consequences, highlighting the importance of maintaining a positive mindset.
🚀 When faced with obstacles, concentrate on how to get around them rather than dwelling on why you can't achieve your objective.
💪 People who focus on objectives tend to find ways to overcome roadblocks, while those fixated on obstacles often give up when faced with difficulties.
🌟 An optimistic mindset focuses on what you want to achieve, whereas a pessimistic or cynical mindset dwells on what prevents you from reaching your goals.
🔑 Authentic selling involves being open and honest, connecting with clients as individuals rather than labels, and focusing on building genuine relationships and trust rather than saying the "right" things.
💡 The key to authenticity is trusting oneself enough to be open with clients, requiring self-awareness, self-acceptance, and self-trust, rather than trying to manufacture or learn it from others.
🌟 Effective selling comes from embracing one's unique strengths, communication style, and approach, rather than copying successful salespeople or seeking external approval.
❤️ Authenticity's power lies in its ability to connect with clients on a genuine and emotional level, building long-term relationships that are more valuable than simply closing deals.
🔓 Authentic selling involves being real and vulnerable, embracing imperfections and learning from mistakes, rather than striving for an unrealistic image of perfection.
🧠 Cultivate an "attitude of gratitude and latitude" by appreciating what you have and giving people more breaks, understanding that humans make mistakes and are often going through personal challenges when they act out.
🎭 Practice empathy in sales and personal relationships by considering the fundamental attribution error and trying to understand others' perspectives rather than assuming their actions are about you.
⏳ Avoid wasting mental energy on issues that won't matter in 24 hours or less, including customer interactions, confrontations, and negative news, focusing instead on what you can control.
🎢 Moderate your emotions by avoiding extremes in response to both positive and negative events, maintaining an even keel to prevent emotional rollercoasters and disappointment.
🌱 Grow your "empathy tank" by being more understanding and forgiving of others, which helps maintain composure and prevents being thrown off balance by others' actions.
In this episode of the Sales Influence podcast, Victor talks about upsell conversation starters to use during sales pitches.
🔍 "Will that be enough?" creates artificial scarcity, prompting clients to question their initial purchase and potentially buy more.
💡 Casually mentioning additional products with "By the way" serves as an effective upsell conversation starter for complementary items.
🗣️ "Now that you mentioned that" allows for immediate response to client statements, introducing relevant upsell opportunities they may not have considered.
🤔 Upsell phrases should always be accompanied by a "reason why" to provide value justification and facilitate informed decision-making.
🔄 Upsell techniques can be applied beyond capacity-limited products, extending to various situations and unrelated items to increase average order value.
🎯 Presenting rounded numbers instead of precise figures can trigger skepticism and damage the credibility of the entire presentation.
🔍 A single instance of inaccurate data can lead audiences to question the truthfulness of everything else said, creating a cascade effect of lost trust.
📊 Using "lazy math" or presenting numbers without proper backing from studies risks being caught in falsehoods, jeopardizing the presenter's overall message.
💼 Salespeople must ensure their presented numbers are accurate and backed by data, avoiding the temptation to round for convenience (e.g., presenting 31% instead of 25%).
⚠️ Even if 99% of a presentation is truthful, a single incorrect point can significantly impact the presenter's credibility, potentially killing their credibility entirely.
🔍 To level up sales questions, ask "who else is involved" in the decision-making process and walk through the approval steps, including timeframes and sign-offs, to gain valuable insights and manage expectations effectively.
🏢 In B2B sales scenarios, typically 6-9 people are involved in decision-making, making it crucial to uncover the entire approval chain to avoid miscommunication and set realistic expectations.
💡 The quality of questions asked during sales conversations is critical for gaining valuable information and selling effectively, requiring salespeople to constantly evaluate if they're asking the best questions to close deals.
🔢 To enhance question quality, start with a simple yes/no question, then ask "who else is involved," and finally walk through the approval process to uncover the entire decision-making chain and gain crucial insights.
📊 By understanding the client's approval chain, including steps, timeframes, and sign-offs, sales professionals can use this information to manage expectations and close deals more effectively.
🎯 Reminding yourself of the value you provide to clients and the motivation it brings can help regain energy and enthusiasm for sales activities, even when feeling unmotivated.
💡 Focus on the impact and benefits your offering delivers to clients, companies, and their employees, rather than just the product itself, to maintain motivation and drive.
🤝 When struggling with motivation, consider how your product or service helps individuals, entrepreneurs, small businesses, large companies, and their employees, focusing on positive outcomes and results.
🌟 Understanding the default human tendency to help others and the value you provide in return can help maintain motivation and purpose in sales activities.
💪 Focusing on the value you provide to clients can help maintain motivation and drive in sales activities, even when faced with rejection, disappointment, doubt, and the temptation to dodge responsibilities.
🔍 Conducting a post-mortem analysis after losing a deal is crucial for understanding the root cause of the loss and taking full responsibility, even if it's painful.
📊 Gathering insights from the customer through post-mortem questions helps improve future sales strategies and builds a foundation for continuous improvement.
🔄 Incorporating a switching strategy into sales presentations is essential when facing an incumbent competitor to address the customer's psychological fear of change.
😌 Customers often choose incumbent competitors due to their comfort level with existing relationships, even when new products exceed expectations in multiple areas.
💪 Overconfidence in winning deals can lead to painful explanations to managers, but post-mortem analyses help rebuild confidence and proactively address customer concerns in future presentations.
🎯 50-60% of salespeople not achieving quota is frustrating companies, yet managers fail to properly train their reports, resulting in lost opportunities.
🏆 Top management should have one-on-one conversations with managers, asking how they learned to become great salespeople, inevitably leading to the answer of having a great mentor or coach.
💼 Managers prioritize hitting sales numbers and focus on top performers, making coaching new salespeople low on their priority list.
❓ The power is always in the question, guiding managers to conclude they need to coach new salespeople through a series of questions rather than being told what to do.
📊 Companies are trying various methods to encourage managers to coach their salespeople, including emails, conference calls, and meetings, but these efforts are largely ineffective.
🧠 Acknowledging potential resistance with phrases like "I know you might not want to" can lower buyer resistance and increase agreement rates by up to 50%.
🕰️ Offering flexible options and acknowledging time constraints (e.g., "Maybe now isn't a good time, but can we meet Monday for 30 minutes?") removes prospects from "reactance mode" and gives them a sense of freedom to choose.
💬 Using variations of "I know you might not want to" followed by a request (e.g., "would you be willing to start next week?") can effectively frame sacrifices and increase compliance.
🤝 Recognizing the potential sacrifice for the client while highlighting long-term benefits (e.g., "it will save you headaches and money") can improve the likelihood of closing a sale.
⏱️ Proposing brief, specific time commitments (e.g., "5-10 minutes next week") when acknowledging a prospect's busy schedule can make requests seem more manageable and increase the chances of securing a meeting.
🔍 Provide options and agency instead of direct answers to give customers freedom to choose and a sense of control.
🤝 Frame questions as "A or B" choices rather than giving single answers to help customers feel less trapped.
💡 Use "sales agency" approach by offering alternatives and options when asked for opinions.
🎯 Avoid telling customers what to do, instead present multiple possibilities for consideration.
🧠 Giving options helps customers feel more in control of their decisions and less pressured in the sales process.
💼 With aware but uninterested non-buyers, the key is to make them care about the consequences of not improving their situation.
To avoid arguments and foster enlightening discussions, slow down the conversation by asking for context and definition of terms, which helps understand the other person's perspective and may reveal their lack of clarity.
When disagreeing, pause and listen, then ask yourself three key questions: what is the context, what is the definition of the term being discussed, and what experiences are shaping their viewpoint.
Personal experiences and mindsets significantly impact how people approach discussions, so it's crucial to recognize that different perspectives are rooted in unique experiences and beliefs.
When discussing complex topics like success, agree on a shared definition before proceeding, as people may have different understandings of the term.
🎯 The Presentation Power Model offers a 6-step structured approach for B2B and transactional sales presentations, focusing on product knowledge, strategic questioning, proof provision, objection management, pricing presentation, and success roadmapping.
💡 Crafting a compelling value proposition that prompts prospects to ask "How do you do that?" is crucial for capturing interest and initiating meaningful sales conversations.
🛡️ Effectively anticipating and managing both stated objections and unstated concerns is key to addressing potential roadblocks in the sales process and building customer confidence.
🗺️ Providing a detailed path to success with a step-by-step implementation plan demonstrates thoroughness and instills confidence in the customer about the product or service rollout process.
🔄 While the Presentation Power Model is effective for B2B and transactional sales, it's important to recognize that it may not be suitable for all sales situations, highlighting the need for adaptability in sales strategies.
Summary for: https://youtu.be/h448vRCBImg