egyii blog

Because salespeople are too “seller focused’ and not “client focused.”

When was the last time you spoke to someone in a social situation and all that person did was talk about himself? I,I, I…me,me, me..Etc. How boring- and self-centred was that encounter? Now transpose that situation into a business scenario- a conversation with a typical salesperson or business person. Features, features, features, our company can do this and that….so many “programmed” questions because the sales process requires it…Etc.

Salespeople (and business people) still tend to act very transactional, focusing on the task at hand, the numbers, the advance, Etc.  Business people tend not to listen or really care. This is  all about “me” and not about the client.

Focus on the client and not “me” or “us.” You will see a difference.

Trip Allen, Team Egyii, Singapore

Today Egyii announces the official launch of Trusted Advisor programmes in conjunction with Trusted Advisor Associates for the Singapore and Asia markets.

Egyii Launch of Trusted Advisor Programme

Trust.

Business leaders are talking a lot about it, but action speaks louder than words.

It is believed that building trust-based business relationships is the single best route to corporate and personal success; and that this truth is becoming more relevant in today’s world.

For more information on the programmes, see the trusted advisor edge.

Team Egyii, Singapore

Some of Today’s Sales Challenges

Your company has researched, designed and built competitive, innovative and compelling products.

Money and effort has also been spent on marketing and communicating the product benefits…only to soon discover that it is difficult to sell because your competitor releases a similar product shortly thereafter.

The last thing you want to do is do anything out of complete desperation or that is overly drastic…such as dropping the price or losing the sale.

This is just an example but these and other similar challenges confront your front line sales organization daily.

What to do in these and other scenarios? How to differentiate and stay ahead of the pack?

Differentiation through Your People and  Communications Delivery Methods

Your biggest differentiator is your people and how they interact with their clients.

If your people are not prepared to face these tough scenarios and work through them with your clients, then you will have difficulty growing your business and holding onto your key sales drivers, the salespeople (who will end up quitting).

How to work through this? Some examples:

Front line telephone sales need specific skills that outsell  the competition

Salespeople need to create customer value by cross-selling and up-selling

Sales needs to have high impact sales conversations with the customers

They need to present the value proposition in the right manner

How do you ensure that the skills are applied and properly utilised?

The team needs to be motivated and management needs to be aligned. Reinforcement also needs to be applied.

Motivation and Management Alignment Programmes

Examples. To enhance the sales team climate you need:

Interpersonal and team communication

Management needs to motivate the sales team, lead change and build the right team

Management needs to run effective performance appraisals and provide motivational feedback

Leadership needs to be developed through sales performance coaching, coaching the disengaged sales staff, and leading the sales team to success.

Reinforcement Methodologies

Without reinforcement, you lose the skills you have learned quickly. You need to treat learning and development with a five stage process to ensure business results always follow initiatives. Result: each initiative translates to measurable execution by learners which produces concrete business results. As follows:

Align the learning  to desired business outcomes and target behaviours

Involve all in the design of a holistic learning experience

Deliver using the right tools and practicing 80% of the time using realistic scenarios

Embed through active support  and reinforcement through direct managers

Form learning groups to act on barriers that impede performance

Lead with your people and ensure the skills they learn are embedded and utilised.

Andrew Sidwell, Team Egyii, Singapore

Client Relationships 

Although the term “client relationship” can be nebulous and can carry broad meanings, client relationships can be defined as a connection, association or involvement with a prospect or ongoing client in a business relationship.

A “relationship” can be achieved through numerous means, for example:

Someone who “surfs” the internet to look for a product, some value or knowledge.

A customer service representative assisting a client with his needs.

Advertising, PR and word of mouth marketing that connects a product with a client (or a client with a product).

A customer service survey, requesting for feedback.

But, from Egyii’s perspective, the most powerful and meaningful client relationship (for both internal and external business) is a close, personalised, long term face to face relationship.

Challenges Today in Client Relationships

With today’s busy, interconnected and digital world, it is becoming more and more difficult to build and maintain close client relationships. Companies understand the importance of it and have gone to great efforts to enhance their relationships.

Why is it so difficult?

There are too many distractions and there is too much competition for both the companies and the clients.

People are not so loyal anymore as everything is a “click away.”

Many people are leery of the “gun slinging” salesperson looking for “the deal” to meet his numbers.

Companies are too focused internally and not focused on the client.

Companies are too short term focused and not medium to long term focused.

People have doubts and trust less due to the economic environment.

From Egyii’s research and experience, we see, through service driven economies and the need to introduce complex solutions to be competitive, that the most difficult relationships for businesses to attain are the relationships that drive intangible and complex sales and overall business.

So what is missing?

Solutions

In more complex or less tangible business scenarios, what do most people want? People want to be understood and treated like an individual- not as a number. They want that connection, association and involvement. They want help.

They want some sort of relationship.

To build your relationship you first need the tools to manage yourself – your own situation. We call this self management.

Once you can manage yourself, you can start to manage the relationship. We call this relationship management.

The combination of self management and relationship management tools, along your company’s tools (your sales process, marketing and unique product offerings) make for a powerful client relationship programme.

The Benefits of Well Executed, Long Term Client Relationships

The benefits are clear. With long term, solid client relationships you and the client benefit.  

For example:

You attain a more loyal client base. It is proven that loyal clients typically buy more products at higher margin, and they are easier to cross sell and up sell to.

Your operations costs are cut. As the client becomes more familiar with you and your business, less support is required.

It is easier for the client: peace of mind.

Your product and company look different- people become the differentiator.

You become more competitive through your biggest asset- your people.

The benefits of well executed, long term client relationships benefit all parties. It is a win-win scenario.

Understanding one’s self is the key to true knowledge. Aristotle

Trip Allen, Team Egyii, Singapore

I met up with an Account Executive from one of my former employers the other day and she asked me, as we were parting, “Can you give me some tips on how to be successful in sales in my current position?”

I love these kind of questions where I am asked for advice.

I answered “Relationships and value.”

“The relationships with your internal support mechanism (your colleagues) and the relationships with your clients are the most important. Without either of them, you will not survive.”

Simple enough. But…

“Relationships are very important but you must also add value. Always be adding value.”

“With your colleagues, always understand what drives and motivates them. Know their “business.” Instead of asking for their help, ask how you can help them. You would be amazed how they change their perspective.”

“With your clients, always be adding value- know their business and environment, anticipate their problems and offer solutions. Become a trusted advisor.”

This would be my simple answer to anyone who asked me about success in sales.

Trip Allen, Team Egyii, Singapore

The Egyii team recently attended a financial services briefing in Singapore, hosted by Gartner, one of the global leaders in research and analysis.

The following is some of the advice offered to the Singapore and global banking community.

(Highlighted in Bold Italics are quotes from the analysts. The rest  are comments from Team Egyii)

Technology can help but it’s not the be all to end all. CRM systems, online support, Etc are important, but facing the client (face to face), is more important.

Banks going back to basics- focus on core business away from the peripherals. Too many complicated programmes were rolled out over the years. This caused too many problems and contributed to the  collapse. Keep it simple moving ahead.

Be more inclusive with clients as they have lost your trust. Remove yourself from siloed thinking and involve the customer in more decisions.

Best innovations come in time of bust- don’t stifle innovation. If you wait you will be left behind- you will never catch up. Be  bold- try new things, otherwise someone else will beat you to it.

Life goes on (during the crisis) so understand what your customers are doing.  Don’t put everything to a halt as business continues- keep client focused.

Internet usage and popularity in Singapore facts and stats: Facebook ranks 4^th, users spend avg 23.2 mins. DBS ranks 17^th, users spend avg. 4.1 mins. Times are changing.  How do you engage and listen to the voice of  your clients in these times?

Customers  say- “It’s my money, so listen to me.” Retailers get it & respond. Banks don’t. How do you respond to your clients needs?

Banks need to get more advice from peer groups. The web community is one way…face to face is another.

Know me (the client). Know my life. Retailers know it & get it. Banks don’t.” retailers engage well with clients why don’t financial organizations?

The client is pleading…”Please. I need a helping hand. Help.” They are calling for you- respond please.

How many helpful and meaningful  messages have been sent to customers during the crisis about what is really happening (and what to do about it)? 0- zero.” (from research of 25 major banks) Banks need to communicate better, not just from a broad sense but from a personal sense.

Customer experience is about building trust and understanding the entire customer experience process. Don’t segment it- look at the whole experience and the different ways of delivering it.

Customers want help. The financial organizations are not there- they are too internally focused. How do you focus on the client when he is crying for help?

Your customers have interests outside of banking and insurance. Look beyond the immediate financial services relationship. Look at building personal relationship where you can…

In conclusion, times are tough but you must forge on. Don’t sit back- take advantage of the situation as you will benefit long term. Keep it simple and focused on the client..

Trip Allen, Team Egyii, Singapore

 Scenario

In today’s world, everyone is looking for the right “fix” for their business. Some examples of the fixes are:

The release of new products to fit the ‘mould” for today

Making price adjustments

Re-skilling the workforce to face today’s scenario

Or doing absolutely nothing…

All of these options have short to long term effects. So which option do we choose to make the most impact? Well doing absolutely nothing certainly stands on it own, so a combination of the others does makes the most sense.

But, if you were to prioritize, which one should be emphasized? I believe it should be your people, your front line. As your greatest asset, your client facing people can make the most memorable short, medium and long term impact in businesses.

So, from here on in, we will focus on your people.

This then leads to two big questions. Do we look at “short term” solutions and possibly sacrifice long term results? Or do we look at “medium to long term solutions” and sacrifice short term results?

These questions are not necessary. Why? Let’s build solutions for short, medium and long term results.

The Ultimate Problem

The problem is making the right decision in order to make the highest impact, and too many companies take the wrong perspective and make the wrong decision. What people think is the right decision for the solution is actually the short term, quick fix solution. Why are people choosing this route? Because it is the “easiest” option to implement and it is one that typically can be measured, so it appeases both management and shareholders as it (supposedly) brings in results now.

How are these employee based solutions implemented? Through:

Product and technical training

A new sales process or re-enforcement of an old process

Setting financial goals and measuring the behavioral targets to meet those goals (often done by micro managing)

But is the the best for the client? The one who is suffering the most? The one who actually pays the bills?

No.

Suggested Solutions

Financial organizations are “talking” trust, customer experience, customer centricity, client relationships and loyalty as the key solutions for the client, and therefore the solutions to many of the business problems. But very little is actually being done in these areas. It is all a lot of talk – blah blah blah marketing. Why? Because these require “soft skills” and are not “sexy.” Most businesses reach for “sexy” measurable fixes.

But because they are not “sexy” and mot measured, does this mean that you don’t get results?

No.

Let’s look at the facts. And let’s look at it holistically – in other words a programme that brings results across the  board.

Firstly, I suggest we take a realistic approach and look at how to deliver the right results. As Anthony Tjan, MD of The Cue Ball Group,  states “We too often focus on the desired financial performance target, rather than the inputs that drive those numbers…financial performance is a result, a by-product, a consequence of something else.”  Anthony  has written a very interesting approach to business results in his recent article in Harvard Business Publishing “The Fallacy of Financial Metrics.”

And now, let’s look at a few of the short, medium and long term results from implementing a few people focused programmes..

Loyalty. Loyalty programmes, which are a by product of client realtionships and customer expereince programmes, are very difficult to measure. The means of measurement would be similar to measuring soft skills training, in other words look at the numbers, the results. But numbers can be affected by too many variables (market swings, new product releases,  a change of the weather, Etc).

Frederick Reichold, who has made his entire 30+ year career studying customer loyalty, has measured loyalty and states in his book “The Ultimate Question,” that “A 5 percent increase in retention can equal to a twenty-five to one hundred percent increase in profitability.” Wow. What if the financial organizations had retianed more clients?

As for trust, trust is a hot topic now, from Harvard Business Review to Steven MR Covey. How do you measure trust? Again, very difficult but similar to how you would measure soft skills training and loyalty.

I recently asked Charles H. Green, of Trusted Advisor Associates and co-author of The Trusted Advisor (and a leader in the filed of trust and business) about how to respond to the constant request for short term solutions for immediate results. He responded by saying ” Short term results come from long term management. The best short term performance comes not from managing short term, but managing long term.” Enough said.

So, in summary, let’s re-adjust our attitude and look at employee/client focused programmes that can and do give a holistic solution- short, medium and long term. Although they may not be sexy, and can’t be measured with hard numbers, your greatest asset, your client facing people, can make the most memorable short, medium and long term impact in businesses by delivering upon these programmes. 

Let’s look at why the current economic fiasco happened in the first place. Wasn’t it a result of the push for immediate results? And what are we going to do, repeat what we have just done?

So forget the measurement. Focus on the client. Go with your gut.

For an abbreviated version, please see and download the following: Sizing Up Short to Long Term…

 Trip Allen, Team Egyii, Singapore

Kare Anderson titles her recent blog ‘Coddle and Keep Customers – Even in a Cold Economy’.  She talks about a cafe near her home in Sausalito, California that now offers fresh-baked pastries and coffee to drive-by customers.

Now let’s transfer this image of ‘coddled customers’ to the experience people have with their banks. My Collins Concise English Dictionary defines ‘coddle’ as ‘to treat with indulgence’. Wouldn’t this kind of experience be the kind of thing that would drive you to a bank and keep you there long term?

Yes, we know that banks are designing comfortable, even luxurious environments where their customers can lounge over a fresh-brewed coffee. But while coffee and pastries are a cafe’s product, coffee and sofas are not a bank’s product. To coddle us, banks must treat us with indulgence, not just provide nice furniture.

It’s time that banks put aside their product innovations and selling tactics and get to know what the words ‘treat us with indulgence’ mean in their context. Here are just three suggestions:

Firstly, treat your customers like the intelligent people that they are. This means knowing your area of expertise backwards and only offering the highest quality, well-considered advice.

Secondly, be one hundred percent present in the presence of your customers. Pay attention to them and respond to what they are communicating instead of your own idea of what you want to say.

Thirdly, get your own attitude sorted out. Make sure that you have a strong purpose and are clear about what your personal values are, so that you come across as sincere, authentic and caring.

Treating bank customers with indulgence means taking them under your expert wing and looking after them. That’s all we really want. We can get the coffee round the corner.

James Irvine, Team Egyii, Singapore

What do we mean by ‘downturn’? What do we mean by ‘economic crisis’?  

The meaning we attach to words such as these, and hence to events that happen to us, is a very personal thing.

I may see the ‘downturn’ as something absolutely devastating to me personally, to my finances and to the happiness of my family. My morale will be sure to be rock bottom. On the other hand, you may see the downturn as an opportunity to cut out bad spending habits and save more of your income.

Even if you lose your job, you may see it a great opportunity to re-evaluate your life and start afresh, even if from a lower income base.

The thing to realise is that we have a choice about what meaning we attach to events. We can choose to let the newspapers, our friends or our colleagues influence that meaning, or we can choose to be the masters of our meaning.

If today we allow the newspapers or our colleagues to influence how we see our situation, it is likely we will become depressed. And if we then influence our colleagues with our own depressing viewpoints, our group morale will suffer.

But if we stop and think for ourselves and ignore other people’s opinions, we can choose to interpret the situation in any way we like.

It’s simply not true that because companies are losing sales, we all have to be miserable. Companies losing sales is a fact. But what we do with this fact is just a creation we make in our own minds. We can choose to interpret this fact in a way that makes us feel OK about ourselves, our family, or the world in general.

So, my advice is: don’t get swept up in ‘group think’ which lets your morale sink. Don’t follow everyone else’s interpretation of events. Take control of your own mind and find ways to feel OK – whatever is happening in the world, ‘good’ or ‘bad’ (which, of course, is just someone’s interpretation.)

For leaders, stop a moment and look inward so as to harness your personal resources. Find a new, more positive way to view your company’s situation and help your people attach more useful meanings to the events that confront your organisation.

We are fast realising that self-management is a critical addition to skills enhancement, and if we can learn to tap into our own internal resources, we will be stronger, more confident and more likely to perform at our peak.

James Irvine, Team Egyii, Singapore

Your sense of identity determines how you interpret the downturn, how you interact with clients and colleagues, what you crave after…and so on.

So how do you identify yourself?

By the things you have? A fancy car?

By the things you do? A cool job?

By the people you associate with? One of the in-crowd?

By comparing yourself with others? A winner?

By the thoughts you have? I think, therefore I am?

By now it may just be dawning on you how limited these measurements are in defining your identity, and how much stress you give yourself by searching for yourself through them.

Once we all realise that we are just the person we are in every moment, and that we continually change from moment to moment, then we will stop our craving for more and enjoy being simply present.

So the next time you are in front of a client, forget about your sales target or your great expertise and just be there in your client’s world with them in that moment. Look at them. Hear them. And start building a truly authentic relationship.

James Irvine, Team Egyii, Singapore