egyii blog

Marketing Institute of Singapore (MIS) Speech July 29, 2010

A brief overview of the challenging current selling and buying environment and how to deal with it. For presentation download: Trust-based™ Selling and Business Development

Please send an email to: trip.allen@egyii.com if you are interested in the article, Trust: The Core Concepts, which covers the 3 models that will help you develop trustworthiness and the article Can Trust be Taught?

For more information on the Marketing Institute of Singapore, please click here MIS.

Thank you for attending.

Trip Allen, Team Egyii, Singapore

Create the relationship first. Create an immediate strong relationship. Understand common goals and interests. Ensure that you gain concession- must be a neutral gain for both. You must bond and you must be sincerely interested in the person. You must understand the pain that could lead to resistance. Be proactive- lead first. Collaborate. Get person to talk and get him/her to talk first. Show empathy. Listen through active listening. Establish credibility. Encourage safety. Find out as much information as you can about the person and their situation.

What is this? Suggestions on building powerful business relationships from the get-go?

Nope.

These are tips for hostage negotiators. Hostage negotiators have an insane job which is to save the life of a hostage from an irrational hostage taker.

Wow.

Sales people and executives also have tough jobs- winning over both internal and external clients. Similar to the hostage negotiator, but one makes the difference between life and death.

So why can’t executives and sales people consistently exhibit these traits? Shouldn’t they do it naturally- like the hostage negotiator?

The problem is focus. Lack of focus. Business people are too focused on the business, themselves, their numbers, the outcomes, the sale, Etc. This is detrimental. It does not build the relationship needed to be successful.

Think about it. The hostage negotiator HAS to be focused. It is a matter of life and death.

So, sales people and executives have to think like the hostage negotiator. Think of it as a matter of life and death- not for the hostage in this instance, but for themselves.

Trip Allen, Team Egyii, Singapore.

Today, connecting is a difficult proposition. It is even tougher when you prospect.

There is no doubt that people are overly busy with their day to day personal and business tasks- and even worse, they are being “contacted” in more ways than ever: email, SMS, social media, and by phone (by “pesky” telemarketers to say the least).

It is a virtual flood out there.

How to prospect today? Differentiate in your approach

Even with all the technology and distractions today, people appreciate a real person and voice behind the attempts to connect. It just has to be done right. When was the last time you got a call from a bank with an un-targeted, sloppy approach? I got one the other day.

“Sir we can arrange a loan for you.”

“I don’t need a loan. And how can you make a promise like that- I might not even qualify?”

I challenged the caller with those questions- she had no response. Yes, I know it is her job. She is not to blame- it is management. She is following orders.

This is a  great example as to why people are being “bothered” by prospectors today, as this is an untargeted, “spray and pray” technique. There were also a lot of assumptions in this approach.

What really works? In order for the conversation to be successful, it needs to:

Achieve a goal

Satisfy a need

Solve a problem

What tools/skills does one need? The caller needs to:

Use the right opening statements, vocal techniques and rapport building skills to create interest and capture attention

Utilise conversational bridging statements to keep the customer engaged during the call

Ask effective questions in a logical order to discover the customers current situation, their stated needs and their hidden needs

Listen actively and accurately to capture relevant information first time and recognise the input and contributions received from the customer

Pick up on and respond to customer buying signals and clues that indicate the interest level of customer

Explain and link  the benefits of a product or service to meet customer needs, create interest and secure commitment versus relying on product features

Handle common customer objections by using the APART approach to keep the customer involved in the conversation and focused on the value the product will bring

Use a conversational close to ask for permission to proceed

Professionally close the call to leave a positive, lasting impression in both successful call outcome situations and when the customer declines to proceed

Yes prospecting is difficult…but it can be done. It is all about the approach.

For more, see Connect Through High Impact Sales Conversations

Andrew Sidwell, Team Egyii, Singapore

Four ingredients that turn any client interaction into an opportunity for exceeding expected results while simultaneously building trust. For more, click here.

Trip Allen, Team Egyii, Singapore

Ask any sales or non-sales executives (consultants, small business owners, etc.) what part of business they most dislike and they will almost universally answer with two words: business development (in other words, prospecting). No matter the overall business experience or training or overall capabilities, business development or thereof is typically abhorred. Not only is it difficult, but many of the processes hurt the business (and the individual’s efforts) as they are typically:

Short term focused

Utilizing techniques that are uncomfortable to both the prospects and the sales people

Product focused (and not client focused)

Over automated and under personalized

..only to cause dissatisfaction with the client in the short and long term- which subjects you to losing their business.

Disliked

This distaste reflects (or perhaps causes) one of the most troubling and intractable problems in business: despite spending time, effort and money encouraging, supporting and demanding that salespeople maintain a decent pipeline, these efforts produce low returns and poor morale.

We also observe that non-sales executives are typically experts in other areas such as consulting, engineering or marketing and are just not geared up for filling up the pipeline.

After all, who likes making (and receiving!) “cold calls.” That includes the client, who is typically annoyed with an overly automated under personalized script or technique that turns them off from the start.

What is an easier route?

There is no easy route. But there is an easier one. Everyone agrees that it is easier to get business from your current client base than chase new clients, and you should proceed along this path. If you have built a trusted relationship with your client base, you can capitalize on referrals.

But what happens when your business sees a big drought and dries up? Who can afford this scenario when things are uncertain? Nobody can.

Rewarding and Fun… What?

Here is a solution…

Business development does not need to be woeful. In fact, it can be rewarding and fun with the right attitude and approach.

One means to do this is through trust and the models that establish trustworthiness. When you understand and utilize the models of trust, you can see the power of it; it actually eases the stress and elevates the confidence in both you and your client, so that you can become more confident, comfortable and aligned with prospects.

Trust does take some time to establish, but the beauty of it all is you can start establishing trust through the structure of your dialogue (engage and listen) with your prospects right now. And, if you understand the Trust Equation, it only takes a little bit to build trustworthiness by heightening your credibility, reliability, intimacy and by lowering your self-orientation. Put these efforts in effect now and the results will endure.

Trust is ever so important in business commerce today and it is believed that trust-based business relationships are the single best route to corporate and personal success. And this different approach works for business development, too.

What could be better in times when clients or prospects are dissatisfied with the “quick turnaround” and “smile and dial” techniques that are often used today?

Results

When you develop business by initiating with trust (and therefore building trustworthiness), you get an engagement that is more personable and client focused, which allows for:

Less stress in your interactions and therefore more productivity

Faster results

Less “second guessing”

Less competitive bids

More referrals

After all , if the client trusts you, you get immediate credibility.

High impact results with low impact techniques.

For a sampling of the programme, see Trust Edge: Business Development Programme for Banking and Insurance Sales

Take the following  Trust Quiz and think about how the 4 areas of the Trust Equation can help your immediate business development and long term relationship development.

Trip Allen, Team Egyii, Singapore

So many objections, so many solutions

Why are we always confronted with so many objections that stall the sale? And when we are, they become very difficult to resolve. There are many ways to confront objections and everyone often has their own “manipulative” techniques to counter….

“If I can do that price do we have deal?”

“Is that the only thing holding back?”

“What do I need to do to earn your business?”

“If I can offer a solution would you be willing to buy today?”

How well do these objection handlers really work?

Very often objections are based around price. When you reach a price objection, here is a tip:

“Is it a budget issue?” (can you afford it?)

or

“Do you see value in the solution?” (to discover if they are objecting on value not on price)

From there you have an idea where you stand. This advice is valuable in its time and place, but why reach this position in the first place? If you had done your work earlier, chances are this won’t happen.

The value of transparency in dealing with sales objections

As part of your build-up to the sale, prior to any objections (and as a tool during your objections) , if you are completely open you probably won’t encounter these objections in the first place and will be able to resolve them when they arise.

Buying is based on emotion. After the initial assessment of you and your products (which is a very rational approach) people tend to buy on emotion (non-rational) from people that they trust.

One way to build trust is through transparency. Transparency throughout. Before. During. After.

dictionary.com defines transparency as “a state of being transparent” and transparent is defined as:

Having the property of transmitting rays of light through its substance so that bodies situated beyond or behind can be distinctly seen

Easily seen through, recognised or detected

Manifest; obvious: example is “a story with a transparent plot”

Open; frank; candid: example is “the man’s transparent earnestness”

If you are not transparent in your actions, the buyer starts questioning your motives. Once the buyer questions your motives, she starts to fear you and what you are doing. And when fear sets in, what happens? Objections.

How do we conduct transparency?

Easy. Sharing. Sharing information with the buyer lowers suspicion because it encourages collaboration and openness, and this will bring out any objections earlier in the sale. Yes it appears to be risky, and risk causes you fear. Take that risk and get over the fear, because it certainly is easier to control your fear than the buyer’s.

Taking the initial risk is tough, but worth it. It will lead you into a more powerful, trusting relationship and may even help you get that sale…. and more.

(for a great article on handling price objections, see Meeting Price Objections from Trust by Charles H. Green, Trusted Advisor Associates)

Trip Allen, Team Egyii, Singapore

What am I talking about here? Coffee? A hospital?

You may need both to help build stronger business relationships…but that is not what I am referring to.

The “Drip Method” is all about feeding the client bits and pieces of valuable information to “hook” them into a long term relationship.

How is this done?

To start, you need to always be:

Understanding the client’s business

Anticipating his needs

Listening to him to understand his needs/priorities

Keeping a record of those needs/priorities so you can constantly refer to them

What is next?

You use the vast world of the internet, your creative mind and your network. You then gather the pertinent information, put it all together and send “value packages” to your prospects and clients.

With the value packages of client pertinent information, you feed your prospects and clients, on ocassion, through emails or face to face, pertinent articles (preferably ones that you write in your own blogs) and verbal tid-bits of information. Make sure that every message is personalised and timely. Make sure it is unobtrusive.

What does this do? It keeps you in front of the client with their agenda, not yours. It builds a value add relationship. Simple as that.

Keep in mind that this requires a lot of thinking and research… and it takes time, but it will bring results.

By the way, I drink my coffee expresso style…

Cheers.

Trip Allen, Team Egyii, Singapore

 (A true story)

Successful.

Uneducated.

Wealthy.

Four priority bank accounts.

Four banks.

Four different Relationship Managers.

There is a fifth bank that also wants his business.

The fifth bank will get his business- if they do it right.

Why and how?

This particular “prospect” is an acquainance of one of the bank executives. The prospect is open with the executive, shares his personal life, discusses business matters and financial matters, socializes regularly with him, talks sports and even shares aspects of  his social life. He respects the bank executive for his knowledge and there appears to be no threat. He is comfortable with the relationship. They are friends. 

Interestingly enough, the bank executive is not a relationship manager- he is not in sales.

How does the bank executive do what is best for the bank, and “convert” this into a sale? That is the dilemma.

Clearly the “prospect” is an unsettled man. He has new-found wealth and is somewhat leery of the people around him. This is probably why he spreads his wealth between four banks and four relationship managers.

How many times have you come across this or a similar situation to this?  A situation where there is a bond or relationship between a client or prospect and a non-sales related executive? From my experience in my days of technology sales, quite often the relationship was between the client and the sales engineer. Is that because there was no “threat” from the sales engineer? Was he providing more value? Was he not chasing the sales for the close?  Most probably.

So why is this happening and why does it happen? And how do we turn the banking scenario around and turn it into a “sale?” I will let you figure that out on your own.

For related articles (and for a clue to why this may happen) see:

Two Simple Keys to Success in Sales

Want to Add Value in Your Sales “Process?” Try Adding Trust

The Agile Mind of a Salesperson: Motivation

Trip Allen, Team Egyii, Singapore

To support the business in changing and turbulent times, HR leaders are looking for ways to support their stakeholders and offer new ideas/programmes above and beyond the norm.

Why? Due to the pressure of the business. The pressure for profitability and the pressure to contribute more to the business.

How are the HR leaders looking to do this? The HR leaders are looking to supply the right tools, and some of the old tools may not work anymore. They also feel that they need to add more value to the business.

So what might work today?

We all know that HR needs to understand the business and needs to link learning and development to the business goals and strategies. That is a no brainer.

To date, HR leaders have exausted their efforts with the sales and sales management teams by providing sales training programmes that offer a scripted, burdensome process. These programmes have brought in results, but the HR Leaders should take it one step further- even as  the executives continue to look  for quick answers-and quick results.

Wait a minute. Quick answers and quick results? You have tried programmes that offer the quick answers and results already. Some work and some don’t. What to do next?

As an HR leader, shouldn’t you be in the position to advise the business? Shouldn’t that be your key role?

To provide value you should look to be a proactive advisor. And as an advisor, you can position business differentiators.

How to differentiate?

Soft skills.

Soft skills are truly in need today. And I don’t recommend that becuse Egyii’s business evolves around that. I (and others) believe  it.

Soft skills need to complement the current sales process and the product training.

Soft skills are the “glue” to keep it all together.

So why is it difficult to pitch to management? Is it because soft skills are difficult to measure? They don’t show “direct” results? If that is on the mind of your executive team, they need advice. Your advice.

Soft skills, such as relationship skills, are important as they complement the drive for immediate results.

They also build the pipeline.

…and they turn a prospect into a client and keep the client a client.

If you are focusing on programmes that bring immediate results, chances are you are losing the client, because they know when the sales pressure is on. Relationship building soft skills help relieve this pressure and give you the ability to sell immediately and medium/ long term…without losing the client.

Isn’t that what the business REALLY wants?

HR Leaders have the opportunity to be more active as advisors. Contribute more of your ideas to the business. Add more value by advising the business and offering new tools such as more targeted soft skills.

It may difficult to convince the stakeholders- give it a try.

For more, see:

Building and fostering client relationships.

Building and rebuilding trust.

Trip Allen, Team Egyii, Singapore

Tough times require resiliency, especially in a cut-throat business like insurance. Your company’s branding, name and reputation, products won’t do it. It’s all about your people.

With pressure from the economic downturn, a large Singapore based insurance company needed their financial planners to deliver every time.  However, the financial planners were not getting the right support they needed from their direct management. Read how Egyii’s Andrew Sidwell helped turn the situation around. Coaching for sales performance

Andrew Sidwell, Team Egyii, Singapore