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A Corporate Sales Guide Salesmanship is Not A Dirty Word

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1 A Corporate Sales Guide Salesmanship is Not A Dirty Word
Presented by: Jennifer L. Pricci Salesmanship is Not A Dirty Word Customer Focused Selling May 5, 2006

2 Targets Existing Clients
Extensions/References from existing businesses Vertical markets by category Previous clients (w/same or new company) Proprietary business opportunities Opportunistic “low-hanging fruit” Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

3 Relationship Assessment
The lower a client falls on the “Partnership Pyramid,” the greater your costs and smaller your profits, the longer your sales cycle, and the greater your exposure to the client churn and competitive erosion and market share. Business Value Collaboration Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

4 Relationship Stages Matrix
Basis of Relationship Relationship Value Involvement Level Typical Sales Behavior STRATEGIC PARTNER Share Investment risks & rewards via mutual commitments Aligned philosophy, goals and strategy Maximum long-term impact on costs and ROI Joint leadership teams across multiple functions INTERDEPENDENT WITH CLIENT TRUSTED ADVISOR Jointly explore emerging needs and opportunities via breakthrough strategies Strategic impact on current and future opportunities / needs Positive impact on organizational costs and ROI Account teams across multiple functions CONSULTATIVE WITH CLIENT PROBLEM SOLVER Develop solutions I response to client problems based on dialogue Customized total solutions for specific client needs Positive impact on departmental costs and ROI Sales teams coordinating with multiple functions PROACTIVE WITH CLIENT CREDIBLE SOURCE Consistently meet client expectations based on shared information Deliver more customized products / services Some positive impact on total costs Sales teams coordinating within group or department RESPONSIVE TO CLIENT VENDOR Fulfill needs as requested and determined by client via RFP’s and bidding process Lowest price Availability Minimum customization Little value-added differentiation “One-way” sales communication through department or group buying structure REACTIVE TO CLIENT Goal Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

5 Consider This… It's tempting, but foolish to give up too soon on a long-term effort like marketing or getting into shape. One of my all-time favorite books, The Path of Least Resistance by Robert Fritz, offers these observations about why it helps to be taking some action, even one that appears to be yielding few results… "A river bed is structured in such a way that the water flows along a path of least resistance. As more water is added, the flow gains momentum, and the general force of all the water moving through that structure increases. "Every action you take, whether it is directly successful or not, adds additional energy to your path. Because of this, everything you do works toward creating eventual success, including those things which are not immediately successful. Over a period of time, creating the results you want gets easier and easier." … Marketing momentum does not usually gather force in a week or even a month. For someone doing the right things with persistence, results may take longer than seems reasonable. Once momentum gets going, trickles swell to floodwaters! Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

6 10 Things “To-Do” Today to Get Sales
Send a handwritten note / unique premium Clip and send an article of interest Talk to a satisfied client and ask for who else you might contact Send a thank-you card / gift to someone who referred you Give your business card to someone with influence Send a letter to an editor of a magazine your clients / prospects read Add fifteen people to your mailing / calling list Leave a short, compelling voic message Make an appointment Call a client / prospect you haven’t talked to in two years Doing 1 of these 10 things each and everyday will make money! Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

7 Use The Point System Everyday
Here’s an exciting exercise that will help you approach your routine and gauge your progress. There are four steps that are part of every sale: Getting a lead, a referral, or an introduction to a decision maker Getting an appointment with the decision maker Completing an appointment with the decision maker Getting a commitment to a close (a purchase) or to an action that directly leads to a close (proposal / estimate) Assign one point to Step 1, two points to Step 2, three points to Step 3 and four points to Step 4. Work toward twenty points a week in any combination of steps: four referrals, one referral and one face-to-face meeting, one commitment, and so on. You can shoot for more points if doable. At the top of your daily to do list put “Get 4 Points.” The key is to use the point system daily. Don’t wait until Friday and try to get twenty points. If you tally four points per day, you will never run out of prospects, your pipeline will always be full, and you will always succeed at this… you will be a RAINMAKER. Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

8 The Case for Pre-Call Planning Qualify Your Prospect and Demonstrate Your Value
To compete and succeed in sales today, you need — and prospects expect you to have — all the solid pre-call planning information you can muster. Pre-call planning enables you to qualify sales leads, target prospects, and sell to them effectively. 63.4% of sales leaders agree that their teams do not qualify leads as well as they should 55.9% of sales leaders agree that their sales team wastes time pursuing poor sales leads and opportunities Good pre-call planning is essential to qualifying leads and, ultimately, closing more sales! Consider the following business benefits: The higher the quality of research before the call, the higher your close rate good research increases your chances of closing the sale and beating the competition to the close The less time you need to spend getting pre-call information, the shorter your sales cycle and the lower your sales call costs Source: Miller Heiman Effectiveness Study, 2004 Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

9 Three Steps for Pre-Call Planning Success
To make the most of time spent doing pre-call research, follow three simple steps that will keep your efforts efficient and focused. After all, one of the main purposes of good pre-call planning is to save time. If you end up spending just as much time aimlessly looking for information as you would cold-calling companies to set up appointments, you defeat your own purpose to a great extent. Consider the following to spend less time and spend it wisely: 1. Find the best sources. Be aware of all the sources available to you — industry associations, company Web sites, news outlets, online business information resources — and then make an informed decision about which ones can do the most for you in the least amount of time. 2. Find out what you want to find out. Know what you’re looking for before you start looking for it. Use your pre-call planning checklist! 3. Find ways to find information faster. Once you’ve identified what you need to know about your prospect, learn how to mine your sources of information quickly and efficiently. When you use online business information resources, take full advantage of any online tools that are available to you, such as listbuilding and downloading capabilities. Also think about how you can use technology to make your search even more efficient. Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

10 Pre-Call Planning Checklist
A pre-call planning checklist is like a pre-flight checklist for a pilot. The great pilots never miss a single check point before taking off or landing. If a pilot misses something, that pilot might be missing. If a salesperson misses something, that piece of business may be missed. A pre-call planning checklist should include: Written sales call objective “Investigative” questions to ask Something to show… visuals Anticipated customer concerns and objections Points of difference vis-a-vis competitors Meaningful benefits to the customer (translation of attributes to values) Strategy to handle customer concerns and eliminate objections Closing strategy Expected surprises And plan to be flexible in your call or presentation. Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

11 Pre-Call Planning Resources
What you can get from different sources, how quickly you can get it, and how useful it will be to you… Technology for Efficient Pre-Call Planning Online business information resources Comprehensive, flexible output and current information always available online Mobile devices (PDAs, cell phones, notebook PC’s) Anytime-anywhere flexibility to download key information and receive alerts with quotes, press releases, and other information CRM integration Custom data feeds can power your in-house sales platform Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

12 Pre-Call Planning Resources The Needle in a Haystack
Regardless of the information source, the purpose of pre-call sales planning is not to burden a rep with an endless stream of reports, anecdotes, and news stories about a company, but to quickly pinpoint key data that can help make a sale. To that end, it’s important to look for the following: People Structure of employees including number and turnover Names of key decision makers with access to more detailed information Relationships of key decision makers to other companies or industries Company Financials, including sales, demographics and fluctuations in sales/revenue Competitor information with ready comparison to prospect information News about recent product or operational developments, hires, acquisitions Information about subsidiaries, branches and other business relationships Stock information including information about IPOs Industry Company’s rank within the industry Industry growth or decline in recent years Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

13 Pre-Call Planning In Action Scenarios for Success
Problem Action Result Lagging sales Retraining Use online research tools to build customized downloadable lead lists Quicker lead generation and first-time visits More informed client visits Long sales cycle Hit more clients in less time Reduction in sales cycle Lost sales to competition More thorough research with online resource Increases in lead generation and client lists Overall sales increase Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

14 Customer-Focused Selling Selling from Their World
“The real act of discovery consists not in finding new lands but in seeing with new eyes.” - Marcel Proust Sell Solutions, Not Services! Customer-Focused Selling is not just an adaptation of existing selling techniques to focus more on the customer. Instead, it's a whole new approach that can barely even be called "selling“ Take any sales techniques you have used in the past, and instead of adapting them, throw them out! Don't even think of this approach as "selling the customer" - Think of it instead in terms of helping customers to find solutions that will help them achieve their objectives Leave your objectives, your sales goals, and your quotas at the door. Instead, adopt the mindset that you are there as an "inside" consultant to help your prospect with the tools (the products or services) that you have available Focus On The Customer's Needs! Customer-Focused Selling means NOT focusing on your great products or wonderful services! It means, instead, focusing on the customer's needs If you want to sell the best way possible, you are going to have to wait to start presenting your products or services…Instead, you need to shine the spotlight on the customer! First, you need to find out what the customer wants, what the customer cares about, and what objectives the customer is trying to achieve Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

15 Customer-Focused Selling Selling from Their World
Every Customer Is Different Customer-Focused Selling means helping your customer find added value You need to be totally focused and immersed in helping your customer. You need to be focusing on how you can deliver as much benefit as possible toward the customer's objectives Learn how to explore and address buyers who have many different concerns Today more than ever, each customer has very unique concerns, and you can't sell until you find out what those concerns are! Have A Dialogue, Not A Presentation! Keep your sales presentation customized to the one customer you are with Think twice before you make a generic presentation Customers don't want to hear about how great your company is or how wonderful your products are. They want to have their concerns answered Today, customers are overflowing with information, and they are tired of slick, high-tech presentations What you can offer is a presentation that addresses their concerns and issues--and ONLY their concerns and issues Better yet, think of your "presentation" as a two-way dialogue in which both you and the customer explore the customer's needs first, and then determine how your products or services may be able to meet those needs Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

16 Customer-Focused Selling The Process
1. Open: Build Trust & Credibility Set Action Plans Set Verbal Agenda 5. Position: Build Long-Term Relationship 2. Investigate: Question & Listen Adapt to social styles Leverage the 3 V’s: Words – 7% Voice – 38% Body – 55% Plan: clear objectives Do: implement the plan Check: evaluate results Act: make changes based on findings Use Investigative Questions: Describe, share, tell, explain Listen – Build Content Clarify Next Steps Verbal Summary 4. Confirm: Gain Agreement 3. Present: Articulate Value Ask for Decision Objection Handling Process: Listen, Empathize, Ask Questions, Summarize Confirm Describe the Value: State the company attribute as proof Link your solution to the client objective Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

17 Customer-Focused Selling Adapting to Different Styles
Task Oriented Analyzer Thinker Controller Bottom-Liner Slow Paced Fast Paced Cooperator Relationships Expresser Conceptual People Oriented Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

18 Customer-Focused Selling Adapting to Different Styles
Task Oriented Analyzer They want Accuracy Save them Face Be Precise Support their Facts Give them Proof Specialty in Technique Don’t let them Avoid Controller They want Results Save them Time Be Efficient Support their Conclusions Give them Options Specialty in Control They will Boss You Around Slow Paced Fast Paced Cooperator They want Attention Save their Relationships Be Agreeable Support their Dreams Give them Guarantees Specialty in Cooperation They Tend to Give-inc Expresser They want Applause Save them Effort Be Interested Support their Ideas Give them Testimonials Specialty in Socializing Don’t let them Attack People Oriented Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

19 Customer-Focused Selling Investigative Questions
Top Ten Questions for New Business: Tell me your criteria for success Share your go-to-market strategy Tell me about the competitive landscape Explain what you’ve been doing Explore your future brand plans Describe your experience in entertainment marketing Tell me about other agencies you work with Give me an idea of who else is involved Tell me how we can win the business Share your budget requirements Top Ten Questions for Existing Accounts: Explain what’s changed recently Share with me how else we can help Tell me what we could do differently Give me some sense of the long-term view Tell me how we’re doing Describe your newest innovations Share with me others to talk to Tell me how your colleagues reacted Share the marketing climate in your company Give me an idea of who else we could talk to Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

20 Customer-Focused Selling Segue from the Front Half to Back Half of the Sale: Linking
After completing the investigative process, provide a verbal summary of their needs and begin the presentation with “links” (linking what they need to what you provide): Client Driven Links You mentioned earlier… Based on what you described… You asked about… In thinking about the specifics of your situation Personal Offering – Driven Links In our experience… One of the critical things that most of our clients consider is… One of the trends we’ve seen in the industry… Over the past 6 months, we’ve seen… Segue into the presentation What’s unique about us is that… What our clients like about working with us is… How we make that happen for our clients is by… The specifics in your segue should reference the following attributes… Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

21 Customer-Focused Selling Attributes / Value Matrix: Why Entertainment Marketing
Build emotional connection Loyalty, revenue, profitability, growth Additional touch points Efficiency, revenue, cost-reduction, leverage Can’t avoid it Effectiveness, confidence, peace of mind More memorable Profitability, revenue, growth Increased word-of-mouth Profitability, revenue, growth, reputation Reaches target audience Efficiency, confidence, cost-reduction Drives sales Revenue growth Value of association Effectiveness, confidence, leverage, profitability Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

22 Customer-Focused Selling Attributes / Value Matrix: Why Us
“One of the trends we’ve seen over the past six months is how critical it is for clients to (articulate value / result) and we provide (state the attribute)…” Our Attribute Client Value / Result Expertise Security, confidence, peace of mind, Turn-key resource Efficiency, confidence, cost savings ROI Measurement Confidence, security History of success PR Worthy Flexibility, confidence, revenue, cost savings Compelling Ideas Competitiveness Dedicated account team Security, confidence, flexibility Integrated solutions Competitiveness, efficiency, flexibility, cost savings Brand-centric Confidence, competitiveness Alignment with target passions Fun Peace of mind, confidence Experienced AE’s Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

23 Customer-Focused Selling Attributes / Value Summary
Attributes to Discuss… Security, confidence Experience, history, dedicated team, ROI Flexibility Integrated solutions, ideas, PR ready, personnel, experience Competitiveness Brand-centric, ideas, fun, PR, experience, successes Efficiency, profitability Turn-key, history, integrated solutions, ROI, customized, experience Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

24 Customer-Focused Selling Objection Matrix
Stated Objection Client (Hesitation) Client (Request) Answer… Too expensive Will I get what I’m paying for / enough value? Help me understand why it’s worth it Value articulation Existing Relationship Is it worth it for me to change? I don’t know how to sever ties with my existing partnership Tell me why it’s worth the effort to change Help me figure out how to sever my ties with current partner Differentiation Others have better offerings I’m afraid your solution won’t achieve as well or better I don’t see how your proposal meets my want of a “big idea” Explain how your solution gets me the same and better results Explain why a “smaller idea” serves me better Revisit the big picture / Concept I don’t need all that I think I’m paying for stuff I’m not getting Explain how what you’re providing is exactly what I need Connect objectives to solution Not “ownable” I don’t see how I can get behind it Help me feel comfortable with this solution Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

25 Customer-Focused Selling Closing the Sale Effectively
Direct Question: It sounds like we’ve answered your questions, shall we move forward with this? How does this look to you? When do we get started? Direct Statement: Based on everything we’ve discussed, we’d like to do this project with you. We’d enjoy the opportunity to work together on this project Timeline-driven: Based on the date of the event, we need to do X by then, and Y by this date, does that make sense to you? When do you plan on making your decision on this? Process-driven: Tell me about your process on moving forward with this? Now that you have our proposal in hand and we’ve answered your questions, what is your process moving forward? What is your decision making process on this? Next Steps: I think we’ve answered everything, shall we take a look at next steps? What do you see as next steps? Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

26 Selling The Invisible: Sponsorships The Program Lifecycle from The Brand’s Perspective
Proposal Management Consistently update necessary for proprietary proposals Screen and evaluate proposals based on established criteria Collaborate and get feedback from clients Generate critical cost benefit and ROI analysis and reports Archive proposals for future benchmarking and reference Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

27 Selling The Invisible: Sponsorships Why Choose Sponsorship
Sponsorship activities have many unique characteristics when compared to other communications efforts, and if exploited properly can become highly efficient brand-building vehicles. Consider the following examples: Sponsorships can provide highly effective targeting UBS Financial Services Group’s long-standing relationship with the Zurich Opera House and Zurich Ballet; target: upscale, wealthy customers Sponsorships have a unique ability to directly leverage equities and associations of another property Busch Beer leverages Nascar’s rugged, all-American, macho image Sponsorships can be highly interactive, thus presenting the opportunity to have a more experiential relationship with customers As the official telecommunications sponsor of the Professional Golfers Association (PGA), Sprint sets up hospitality tents at tournaments where new products and services are displayed Sponsorships can provide broad reach and exposure Coca-Cola reaches 50 million stakeholders, donors and consumers as a worldwide partner of The Special Olympics Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

28 Selling The Invisible: Sponsorships How Brand’s Choose Properties
Brand’s evaluate sponsorship opportunities from a strategic and tactical perspective. The following outlines some of the integral aspects of the evaluation process: Strategic Objectives – Does the opportunity align with your overall business and brand objectives, and fit with your target audience? if your overall objective is to acquire new customers, a sponsorship that reaches only existing customers will not help you achieve this objective does the opportunity provide competitive differentiation, and if your competitors are participating in this sponsorship, do you have the opportunity to distinguish yourself by participating or exploiting it in a unique way? Sponsorship Characteristics – What are the sponsorship rights and benefits, what is your ability to exploit the sponsorship, and what reach does the opportunity offer? a sponsorship may include the right to use your logo on a product, and additional exploitation benefits may include sweepstakes tied in with the sponsorship, direct marketing efforts, etc. Can you assign a relative “street value” to the opportunity and what is that figure? Also, are you paying for rights and benefits that are not important to you? Sponsorship Organization – How would you characterize the integrity and strength of the sponsorship organization offering the sponsorship? What are the risk factors of associated with the property and what is the potential impact on your brand? Internal constraints – Do you have the internal commitment necessary to make the sponsorship successful? What are your existing internal constraints such i.e. budgets, staff and timing? Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

29 Selling The Invisible: Sponsorships How Brand’s Determine What To Spend
One factor to consider when determining how much to spend on sponsorship is to consider what competitors are spending as a percentage of overall revenue and how they are benefiting. Data from Mintel Sponsorship 2000, IEG and A&P Database 2000 shows that on the consumer products side, Nike, Coke and Pepsi are among the three of the most aggressive businesses putting sponsorships to work to build their brands and fuel growth. They are investing 1.30%, 0.75% and 0.50%, respectively, as a percentage of total revenue. It is also important to assess sponsorship activity relative to the value of other marketing and brand-building initiatives such as advertising, direct marketing, etc., and how it aligns with your overall strategic objectives as outlined in the previous section. Sponsorship expenditures can be broken down into two categories: spending to acquire sponsorship rights spending to exploit those rights When sponsorship spend is expenditures are reported in the media, the data typically relates to the amount companies have paid to secure the rights for sponsorship, which is not inclusive of funding for exploitation activities. When thinking through how much to spend on sponsorships, it is important to consider both. Exploitation fees often equal or even exceed the original sponsorship rights fees themselves. The analysis should factor in the desired level of association with the event, competitor's‘ activities, and the potential benefits accrued through such a sponsorship. Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

30 Gaining the Competitive Edge How Brand’s Comparison Shop for Properties
They ask ‘Why?’ Why is this property the best partner for our sponsorship dollars, our marketing resources, our objectives and our investment? They shop around There’s no such thing as the “perfect” property At best they’ll find other opportunities At worst those discussions with other properties might confirm our offering They seek trust Key to a successful marketing partnership “Can my brand trust the information and the people on the other side of the table?” Be prepared to talk about a previously failed partnership and why it didn’t work They are committed to rational thinking Sponsorships are sold based on emotional attachment to consumers, but brands must focus on objectives and measurement Present tangible benefits of prospective partnership in black and white References Be prepared with references, offer testimonials and case studies Jennifer L. Pricci | 25 Ocean Boulevard Atlantic Highlands NJ | |

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