egyii blog

Whether you are a working for a large consulting company or an IT/Telecoms vendor, chances are you may be wasting one of your best resources to win business- the resources that are the least “threatening” with the most potential to influence; your professional services, consulting or sales engineering team.

Buyers buy from a non-rational (emotional) approach. Most companies (salespeople, consultants, engineers and services) approach it from a rational approach- that is positioning on a technical and/or a needs base basis. There is nothing wrong with this, however it needs to be recognized, because if it only goes to a technical or needs base basis, then chances are opportunities are missed and wasted.

As you build your relationship and the client relationship progresses, it moves from the  technical or needs base basis and  reaches its peak at the next level, the relationship level. Again, there is nothing wrong with this, but rarely does it reach the trusted advisor status, the highest status of all relationships.

Reaching a trusted advisor status opens up more opportunities by easing the lines of business and the relationship highways that need to be built for current and ongoing business.

It is also a BIG differentiator in today’s competitive services world, that everyone wants a part of.

What keeps most companies from meeting the trusted advisor status?

The sales organization’s “processes.”

The pressure of sales organizations tends to drive salespeople to be very “seller” centric, which then tends to drive the buyer away. This gives the professional services team the opportunity to be more customer or buyer centric (focusing on the buyer’s personal needs), as they don’t have the pressure to sell and close.

Most sales organizations treat their clients as “competitors,” often holding information back and not collaborating. They are often afraid to open up and share too much. Buyers value openness and openness build trust. Professional services team don’t typically feel the “heat” of the corporate led competition attitude – this gives them the opportunity be transparent and to collaborate.

Most sales people are not good listeners (and it’s not always their fault). They are focusing too much on the sales process, the outcome of the meeting, the “advance” and their own “seller focused” agenda. Professional services teams have a better opportunity to listen (once they get over their rational, technical product approach) and the power of listening builds relationships.

Most salespeople are short term focused- whatever it takes to close the deal to meet monthly or quarterly objectives. Buyers sense this and know it- and don’t necessarily like it. Professional services teams can capitalise by looking medium to long term- to build the relationship, to keep the client long term.

(I am not blaming the sales people for their faults- it is typically the system that drives their behaviours. The system, or sales process is typically a “one size fits all” process. A process is OK, it just needs to be flexible)

All of these models build trust. And trust transforms relationships, which transforms business.

The Personal and Risk Aspect

Trust and relationships are personal. Professional services teams appear to be less threatening in the eyes of the client, and therefore have great potential to become more personal, to build trust and relationships, and therefore influence, without changing the professional services teams status quo and making them feel “uncomfortable.” After all most professional services people are not salespeople and many don’t want to be.

The risk in buying professional services is also very high. Why?

The product is partially intangible and partially comprised of people knowledge and skills

The overall stakes are high

The range of outcomes can be wide and unclear

The seller typically has command of technical expertise that the buyer does not (which makes it somewhat threatening to the client)

There is financial and business risk–but there is great emotional and political risk as well. In a trusting relationship, risk is mitigated because the “transactions” become personal.

Is it time to look at your business, transform it and fill your pipeline by releasing your hidden weapon of influence- your professional services team? Give it a think. A big think.

Trip Allen, Team Egyii, Singapore

Gong Xi Fa Cai 正月

Happy Lunar New Year.

May the Year of the Tiger be ever so prosperous to you and your family!

Team Egyii, Singapore

No doubt that the financial crisis has spanked the image of banks and financial institutions in the eyes of the client. Not all institutions have practiced the force feed of complicated products on unsuspecting clients, but all institutions have undoubtedly suffered the consequences from the overall reputation of the financial world.

No matter what marketing efforts or executive initiatives are made, it will be difficult to change the client’s perspective.

So what now?

(for the answer, see the following Egyii White Paper: The Trust Edge for High Net Worth/Private Wealth Relationship Managers)

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

There are  two things that typically motivate a salesperson- money and personal success. (Personal success = achieving goals, positioning a product you admire in an industry you like, building personal and business relationships, Etc)

I will be touching on building successful relationships as the important aspect of personal success in this article.

Money

Most people assume that all salespeople are driven by money, and most salespeople say they are purely in it for the money (just to pound their chests and impress their boss).

Money is a big factor for sales, otherwise why would anyone put up with the daily grind of forecasting,  threats from management when the numbers are not met, getting down on your hands and knees begging for a deal, Etc.

Relationship Success

Many salespeople are in sales because they love the people aspect of it. They like to connect, build a relationship, add value and become a trusted advisor. They like to walk hand-in-hand with the client, bringing them the best advice and solutions available. Overall, they feel a great sense of accomplishment – it is a great feeling. There are great advantages to this as it builds loyalty and therefore better medium to long term business. And it builds friendship.

Money and Relationship Success

In many instances, salespeople are driven by both motivators. Is this the best of both worlds? Maybe.

In Conclusion

So, as much as many would like not to believe,  sales and salespeople are not all about money. And money may not be the best single factor for motivation because  there are alternative methods of obtaining money through commissions and bonuses without having to bury yourself with the company dogma and the personal quota pressure.

These alternative methods of obtaining money (and rewards) can be found through other personal drivers (or personal successes), which ultimately lead to sales and therefore commissions (=money).

But if it is all done right, then money can be one of  the many rewards.

Do you see or know of any other things that motivate salespeople?

Do you think it is best to be motivated by money or personal satisfaction or a combination of the two?

Please comment.

 (You may also be interested in Why Don’t Companies Focus More on Relationships?)

Trip Allen, Team Egyii, Singapore

“Trust-based selling is not tied to any particular process; instead, it depends on attitudes and values based on principles. It is a human process” Charles H. Green, Trusted Advisor Associates.

Prudential Life: A Trust-based Selling success story*

A few years back, Priscilla Myers took over sales and marketing for Prudential’s (US) life insurance agency business. She had no prior experience in sales whatsoever. Prudential’s chairman at the time said “It’s about people. You’ll figure it out.” That she did.

Within 6 months, Priscilla violated four common sales principles. First, she announced in a price competitive business, that Prudential would not compete solely or primarily on price. Then, she de emphasized quotas to her sales force. On several occasions she agreed with customers who said Prudential’s valid proposition to them was inferior to a competitor’s. Finally, she developed non-legally binding sales agreements with her key customers.

All of these sound like suicidal policies in today’s cutthroat business world. Yet, Priscilla’s unit achieved growth of more than 40 percent in the first full yer, well ahead of plan. Second year results were even better. What did she do?

She believed that she needed to build a long term relationship with the client. To do that, she worked with (not against) the client, looked at the big picture and focused on the long term.  She also saw things from the client’s perspective and all agreements were built on a mutually beneficial basis.

Priscilla didn’t use a set of clever sales tactics or a magical sales process. Nor did she focus on a competitive strategy. Her actions emerged from a deep belief  that, if she focused on helping her customers, her needs would be met as well.

Priscilla was customer focused for the sake of the customer, not for the sake of getting the sale. She was willing to be transparent, she adopted a medium-long term and collaborative approach. Priscilla did something “radical.”

That is Trust-based Selling- and it works.

(*based on a true story and an excerpt from Trust-based Selling, by Charles H. Green, Trusted Advisor Associates)

Trip Allen, Team Egyii, Singapore

Independent Research Firm Forrester cites Egyii in latest “Hot Banking Tech Companies to Watch in 2009: Q2 Update” report.

Senior Analyst and author, Ellen Carney, is part of  the technology industry strategy team and focuses on Product Management and Marketing professionals in banking, insurance and securities industry.

Egyii’s role in customer experience programmes played an important part of this recognition.

For more, see Forrester’ “Hot Banking tech Companies….”

Trip Allen, Team Egyii, Singapore

If we want become great communicators, we need to know how to step back and see the communication process as it happens. This means that we are able to notice the kinds of words, body language and voice qualities that a person is using and use this information to understand how that person thinks.

One of the most important understandings of Neuro-linguistic Programming (NLP) is that ‘the map is not the territory’. We take in information from around us through our senses, in particular our sight, hearing and feelings. We then interpret this information in our own individual way, depending on a whole host of things such as our beliefs, experiences, upbringing, culture etc.

In other words, we create our own individual map of reality – and this is always going to be different from what is  actually ‘out there’ i.e. the ‘territory’. Not only that, every person’s map will be different from everyone else’s.

To be great communicators, then, we must be great observers. Only when we have taken the trouble to stand back and notice how another person is communicating can we begin to understand their map. How do they express themselves? What kinds of key words and phrases do they use? What do their gestures and facial expression tell us? What are they saying with their tone of voice?

A final word: just being aware that other people’s maps are different from our own is a simple step towards communication excellence, as this creates tolerance and a desire to investigate and understand. This alone can help us to create great performance.

James Irvine, Team Egyii, Singapore

Egyii is privileged to be hosting the April Carnival of Trust for Trusted Advisor. Charles H. Green is founder and CEO of Trusted Advisor Associates. The author of Trust-based Selling and co-author of The Trusted Advisor, he has spoken to, consulted for or done seminars about trusted relationships in business for a wide and global range of industries and functions.

Centering on the theme of trust in business relationships, Charles works with complex organizations to improve trust in sales, internal trust between organizations, and trusted advisor relationships with external clients and customers.

What is a carnival? A carnival is a gathering of like minds around a theme such as ‘Trust’. The Carnival of Trust, for example, gathers on the first Monday of each month. On that day an appointed ‘host’ posts and comments on ten blogs which they think you will be interested in reading. These blogs are gathered from your own submissions, and from blogs that your host thinks are great reads.

So, for example, the Carnival of Trust presents a group of really interesting blog postings around four areas connected with the theme of ‘Trust’. The areas that we are going to look at in April are:

Leadership and Management – how crucial is ‘trust’ in running companies in today’s new world of business?

Strategy and Economics – how does ‘trust’ fit into these ‘hard’ disciplines in today’s business?

Advising and Influencing – why is ‘trust’ the essential ingredient in advising and influencing?

Sales and Marketing – how do today’s new sales and marketing practices incorporate ‘trust’?

If you would like to submit a blog, please submit it by midnight your time, Thursday 2 April.

You can submit by either going to submit, or by commenting on this post with your link to your blog. 

Come and join us, and remember, no April fools!

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Trip Allen and James Irvine, Team Egyii, Singapore