Sales Process Complexity B2B sales processes are inherently chaotic and non-linear due to changing decision makers, reference points, and company types, requiring salespeople to be highly adaptable. Key Sales Skills Effective salespeople must possess high levels of empathy quotient, product quotient, and persuasion quotient to navigate complex sales environments successfully. Salespeople need to multitask between empathy, education, and persuasion in a circular pattern, adapting to buyers' needs and preferences throughout the sales process. Sales Approach The ability to jump between three cues (empathy, education, persuasion) in response to buyer needs is crucial for success in chaotic sales environments. Customer Understanding A high empathy quotient enables salespeople to understand buyer needs, while a strong product quotient allows for effective education about offerings, and a developed persuasion quotient helps in framing offers and gaining commitment.
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What Do You Like Best? - Sales Influence Podcast - SIP 595
Positive Framing Positive questions like "What do you like best?" can shift customer focus to favorable aspects of a product or service, increasing the likelihood of positive feedback. Using loaded questions strategically can guide customers to consider the benefits and strengths of a product, potentially leading to more favorable responses. Customer Engagement Open-ended questions encourage customers to provide detailed, qualitative feedback, offering deeper insights into their preferences and experiences. Implementing follow-up questions helps narrow down responses to the most significant positive aspects, providing more targeted and actionable feedback. Feedback Utilization Customer testimonials derived from positive feedback can be repurposed into effective sales pitches, highlighting real-world benefits and user satisfaction to potential clients.
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Channel Switching Problem - Sales Influence Podcast - SIP 594
Cost and Impact of Channel Switching Channel switching can lead to significant financial losses, with an insurance company saving $141,000 per 500,000 calls by getting just 2 out of 10 customers to self-serve on their website. A conservative estimate suggests that a company with an average deal size of $10,000 could lose $120,000 per year in revenue due to a website that's difficult to navigate. Customer Experience and Behavior Customers switching between multiple channels (website, chat, phone, email, Skype) to find information or resolve issues leads to increased frustration and lost business. Funneling customers quickly to the information they need on a website, making it easy to find and quick to access, can reduce channel switching and increase sales. Sales Strategy Reducing customer effort in finding information increases the likelihood of them reaching out to buy, potentially boosting conversion rates and revenue.
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Commission Versus Quota - Sales Influence Podcast - SIP 593
Compensation Strategy 💰 Compensation plans directly influence salesperson behavior, with effective plans tying quotas to pocketbook to motivate salespeople to hit numbers and grow the company. 📊 Quota-based commission plans can be designed to provide a bonus for exceeding quota, motivating salespeople to push beyond their targets. Psychological Factors 🧠 Commission plans should be designed with psychological considerations in mind, as they significantly impact salesperson behavior and motivation. Performance Drivers 📈 Commission tied to quota motivates salespeople to hit their numbers, offering a higher percentage of sales revenue when meeting or exceeding quota. 🎯 When salespeople aren't meeting quotas, the primary issue is often the compensation plan, not sales training, as it fails to provide adequate motivation.
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The Golden Bookshelf - Sales Influence Podcast - SIP 592
Reading Strategies 📚 Only 8% of people read non-fiction business books, while the remaining 92% miss out on introducing new ideas and insights. 🏆 Implement the "100-page rule" to overcome reading hurdles: read the first 100 pages and decide whether to continue or donate the book to Goodwill. Information Extraction 🖊️ Mark up books with tags, underlines, and circles to highlight key information, then rescan to capture an additional 5-10% retention. Book Management 🧹 Maintain a "Golden Bookshelf" by regularly purging books and keeping only the best of the best. Categorization 📊 Organize books into three categories: sales, influence and persuasion, and AI for efficient reference and learning.
Today's buyer is more informed and more skeptical when it comes to buying. In this podcast, we'll discuss "Finding the Why in How Clients Buy" by using the latest studies in consumer behavior and neuromarketing to sell more effectively!
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