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Posts Tagged ‘Relationship Management’

The Launch of Trusted Advisor Programmes

Monday, August 31st, 2009

 

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

TrustedAdvisor BookTrustBasedSelling book

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

Conquering Some of Today’s Sales Challenges

Tuesday, August 25th, 2009

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.

sale 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

The Importance of Great Client Relationships

Monday, August 3rd, 2009

 bamboo

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

A Simple Explanation of Customer Experience

Monday, July 27th, 2009

 

Let’s simplify an overused, sometimes “overcomplicated” term: customer experience.

cust-service

There are three important drivers of customer experience:

Technology: Technology is the IT systems in place to track and gather the data that is necessary to understand who the client is, the client satisfaction points, their history, Etc. This would be CRM systems, call centre operations and unified communications as examples. Often companies rely too much on this driver- it cannot stand alone.

Design: Design gives us the “look, smell & feel” of customer experience. We leave this to the web designers, interior and industrial designers who enhance the “click,” the bank lobbies and the Apple iPhones.

Connect: This is the interface to the customer and the most difficult of all three, as it involves direct contact with “fickle” humans and requires a behavioural change in the company delivering the experience, to be effective.

Both Technology and Design play an important role in Connect and without Connect, you lose  the overall customer experience.

Customer service, ease of use on the company’s website and face to face interactions are the heart and soul of Connect and customer experience. It is where most companies fail and where they should be focusing,

 

Overall, if you use Technology, Design and Connect you will deliver great customer experience, which  drives…

word of mouth marketing

loyalty

higher profits

…and more business.

Do or die.

Trip Allen, Team Egyii, Singapore

Two Simple Keys to Success in Sales

Thursday, July 23rd, 2009

 

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?”

sign

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

Tips and Advice for Financial Organizations from a Leading Research Organization

Friday, July 17th, 2009

 

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

gartner-2

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 4th, users spend avg 23.2 mins. DBS ranks 17th, 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

Client Focus: Simple but Hugely Overlooked

Monday, July 13th, 2009

 

What’s lacking in many businesses today is client focus. Client focus is potentially the answer to your business woes.

How can such a simple thing be overlooked?

Because the world is running around like crazy. Unfocused.

Too many people are getting too in depth as to why all the problems were caused and too many people are presenting too many complicated solutions.

stressIt is completely insane.

So stop the insanity. Push everything aside and let’s get focused on what matters.

CEOs. Marketers. HR Managers. COOs. Sales Profesionals.CIOs.

Let’s all rally and get back to the basics.

Visit  your clients. Listen to your clients. Work for your clients.

If you are too focused on the problems and the business, you are not focused on the client.

One on one, with the client, however you do it.

Simple enough.

For more, see:

Sizing Up Short to Long Term Methods to Drive Business Results by Egyii

Why is it that Banks Don’t Get Customer Experience? by Egyii

Are You Client-Focused, Or A Client Vulture? By Charles H. Green

Trip Allen, Team Egyii, Singapore (it’s Monday!)

Interview with Charles H. Green, Trusted Advisor Associates, Part 2

Tuesday, July 7th, 2009

 

Trust.

It remains a hot issue and will for a while.

With that, we at Egyii will be doing a series of interviews and Podcasts with the leaders in Trust, in anticipation of our August announcement on our new programme on Trust.

The second of the series is Charles H. Green, one of the founding fathers of the “trust movement ” and founder/CEO of Trusted Advisor Associates. He is the author of Trust Based Selling and co-author of The Trusted Advisor. His expertise is in trusted relationships in business. For more on Charlie, click here.

charlie1

Here is Part 2 (a continuation of Part 1).

The following is transcribed from a recorded session.

Trip Allen: Moving on to 2006, the theme of your second book called “Trust Based Selling,” encompasses two words: sales and trust.

These terms together have a bad reputation and don’t mix well with the business world, a little like oil and water.  Can you elaborate a little bit on that?

Charlie Green:  Well, you are exactly right and I was completely conscious of that when I wrote it that way. In fact one major firm told me if you write a book with “sales” in the title we are not buying it.  The phenomena you just mentioned is that strong, and I wrote that way any way because I wanted to play off the tension.

I think the word sales or selling is a four letter word.  We all have these negative feelings about it, and the whole sales function in many ways has gotten a bad name, too.

What fascinated me about is that sales is where the person and the business come together. When a company buys from one and sells to another, with the exception of reverse online auctions, there are people doing “the deal,” and that is where institutions come together, where they connect. That is what fascinated me – how do people behave when there is serious money at stake and they are doing business? That is the essence of commercial relationship; commerce, in the old sense of the word.

I am happy with the choice I made, because I think it intrigues people. They say “how can you put those two together?” Well, you examine why they don’t fit, and it turns out to be a very interesting way of looking at it.

In a nutshell, there is nothing that sells better than being trusted – period. That’s the power of trust in the commercial relationship. I just find it fascinating.

trustbasedselling-book

Trip Allen:  Charlie, what’s the biggest thing you see wrong with selling today? You just mentioned that the reputation of a salesperson is bad, but what else do you see out there? What’s happening?

Charlie Green:  Well, it’s a great question because 10 to 15 years ago the biggest problem was salespeople selling and really not understanding the customer very well.  I think we have come to have a different problem and that is, let me call it the “mechanisation” of selling or the overdoing of “process reengineering” and the overuse of sales management systems.

Because of that we have broken the personal relationship and we have taken that “commercial” personal relationship (that I mentioned) and broken into a thousand mechanistic, metrics based, measurable behaviour based process. We have taken something that is, ought to be and can be very personal and have essentially depersonalised it. We have gotten to a level of detail where too often metrics have taken over from what the metrics were supposed to be measuring. People have therefore long ago “lost the forest for the trees” and have gotten deep in sequentially linked behaviours, so there is no relationship left.

I would actually say that is the biggest problem in selling today. We have lost the long term interpersonal relationship component of it. Every business I can think of out there still has an enormous amount of room for an increase in the level of relationships, and again, nothing is still better than that.

Trip Allen:  Great Charlie. One thing I am going to pull specifically from the book and one of the many activities I use – and I believe is very powerful,  is called “selling by doing and not telling.”

Traditionally salespeople told clients about the products, the features, the benefits etc. Salespeople have pretty much controlled the conversation. Can you elaborate a little bit on “selling by doing not telling?”

Charlie Green: Yes, and thank you for raising that. I agree with you, that is one of the powerful ideas in the book. If you think of it this way, with “selling by doing and not telling,” the more complicated the product, the more intangible the service, the longer relationship,  the more difficult  the whole sales process is, the less it is likely to be about snap decision and product qualities and so forth.

It’s complicated.

What you don’t want if you are buying a jet engine or if you are buying an audit or buying a brand advertising campaign, is to “out the expert the expert.”  That is an endless game that you will never win as a client or a customer.

What you really want to do is to be able to sleep at the night knowing you made the right decision about the person you deal with. And that is not going to come through PowerPoint presentations, Etc.; people are human beings and not persuaded of the trustworthiness of another human being by overused tools such as PowerPoint decks.  We’d like to think they are, and they will tell us they are, but they are not.

We are all human beings and profoundly make trust judgments based on much more of a “gut feel,” emotional feelings through connectivity and emotional feelings of safety. And that’s simply the way it is. I think we sort of rationalize it with all the logic and the data because, after all, we are supposed to be able to justify things.

That’s all true. But “selling by doing” basically says, instead of telling somebody about all the other past clients and all the wonderful things you have done, leave that behind and “just do it.” Deal with the person in front of you and deal with their issues, with their concerns and bring to them all the wonderful things and experiences you can deliver for them.

Just to simplify, I like to say it is like going out on a blind date with somebody. If they were to talk about the last seventeen people they went out with, you would be bored and offended.

But if on the other hand, what if your date is interesting, innovative and engaging and instead they ask you questions about you, we love that. We love it when people make the topic and conversation about us.

We need to take our expertise and apply it in real time to the problem at hand as it affects the person sitting in front of us. They don’t want to hear our resume or our history. They want to hear what our resume means for them.  That’s what “selling by doing and not telling” is all about.

Trip Allen: Great. Thank you for that. The next question has to do a bit with “selling by doing a not selling,” but it is all about collaboration. That is another key point you have in your book “Trust Based Selling.” How does collaboration improves trust and thereby improve the relationship?

Charlie Green: Well collaboration is one of the important elements I outlined in the book and it goes well beyond selling actually, although we will focus on the selling aspect only.

The other three key elements on the list are transparency, focus on the well being of the client (for sake of client and not just for us) and the tendency to look at the medium to long term (rather than just the short term).

Collaboration may be just the most important of the four elements. In any case, what collaboration means is a fundamental mindset. It says “I am not in this for me and dealing with you as an object. We are in this together. We are in for the sake of however long this relationship is going to be, working together for the greater outcome for both of us, but mainly for you, the client.”

So any decision we make has to be good one for both of us. We both have to be involved in it. We can’t keep too many secrets from each other. And if you begin thinking that way, you will begin behaving that way. You’ll start sharing more information with your customer, you’ll start feeling more free to ask them questions. After all, you have to know their answers in order to be collaborative, and frankly it even begins in the selling process. 

In those businesses that have process of using proposals, my “radical” suggestion is to write the next proposal, sitting next to the client in their offices. Instead of saying “great discussion” or “I’ll get back to you with the proposal later this week,” say “let’s book the conference room again and let’s work on this together. I know it is a proposal and, we may not get the job, I understand that. But if we may do this, you will have, at the end of the day, the best proposal possible from the combination of the two of us. By the way I suggest doing that with other potential vendors also. You will learn so much more about working with people if you begin working with them.’

That is an example of the power of collaboration.

End of Part 2. To be continued…

Trip Allen, Team Egyii, Singapore

Interview with Charles H. Green, Trusted Advisor Associates, Part 1

Friday, July 3rd, 2009

Trust. It is a hot issue and there is a good reason for that.

With that, we at Egyii will be doing a series of interviews and Podcasts with the leaders in Trust, in anticipation of our August announcement on our new programme on Trust.

The first of the series is Charles H. Green, one of the founding fathers of the “trust movement ” and founder/CEO of Trusted Advisor Associates. He is the author of Trust Based Selling and co-author of The Trusted Advisor. His expertise is in trusted relationships in business. For more on Charlie, click here.

charlie1

Here is Part 1.

The following is transcribed from a recorded session.

Trip Allen:  On this session of the Egyii edge, we have Charles H. Green of Trust Advisor Associates. Today the topic is ‘Trust’.

Tell us about your background and why you became so passionate about trust?

Charlie Green:  The main driver was that I spent 20 years working in the management consulting business, 10 as a management consultant and 10 helping to run the firm.

What I learned about that business was that you are selling “air,” in a way. It’s a very intangible, non unphysical kind of a service. You are selling it through people who are very bright and driven, and also little neurotic, who can’t quite get enough feedback.

You are selling this intangible “stuff” from smart people to people who manage the whole enterprise, are a little suspicious and often equally as bright. From that, I found that trust had an awful lot to do with it.

What I also found was that the clients could not compete with the consultants in terms of expertise, so the situation is a bit like a doctor- clients find it somewhat intimidating. Ultimately, the clients themselves didn’t like to be controlled either. So, the whole thing is very much run on the principles of trust, from selling in the firms to leadership of the firms.

So, as I got older and looked at more clients and businesses, I began to see general patterns of trust emerging in how businesses get run. So it’s from my personal experiences -that’s where it came from.

Trip Allen: About 9 years ago you really hit the streets with a book called “The Trusted Advisor,” which you co-authored in 2000. Today, it is a very well known, well respected book and programme. So tell us about what impact the book had on the business world at that time?

trustedadvisor-book

Charlie Green:  Well, it wasn’t one of the “big splash” books, but at the same time it was an idea where we hit the timing just right. The phrase “trusted advisor” had some resonance with people already in a lot of different professions like accounting, law, consulting, public relations, advertising, etc and it turns out it’s rather an annuity and it sells about  5 or 7 thousand copies a year.

I think the reason is you get to a certain point in your career in public accounting or consulting  or any of these consultative related business, or any business at all,  and you then feel you have a need to go buy “The Trusted Adviser.” So it’s turned out be like a little bit of an annuity. We don’t make a lot of money on it but it is always out there.

Trip Allen: Let me ask another question, since the “Trusted Advisor” book, what changes have you seen in the area of trust?  Over the past 9 years certainly a lot has happened.

 Charlie Green:  Well, yes. The most obvious thing is that in the past couple of years and months, the term “trust” has taken another whole new level of awareness in terms of visibility.

People suddenly raised it to a whole new level of business awareness and it’s obviously because of the recession and the great dramatic events that happened in the financial sector over the past several years.

And lot of that has to do with systemic failures of trust; trust at the individual level, trust at the organisational level and in some ways particularly at the institutional and social level.

It’s become relatively obvious when you get people like Bernie Madoff, that everybody can look at and say “wow, what a failure of trust, look what happened to the people who trusted him, we thought he was trustworthy, he wasn’t.”

I think the past 4 or 5 years in the financial sector have been the single biggest reason for the growth of trust and, depending upon what measure you look at, the decline of trusting and trustworthiness among people and businesses.

End of Part 1. To be continued…

Trip Allen, Team Egyii, Singapore

Why is it that Banks Don’t Get Customer Experience?

Thursday, June 25th, 2009

Banks just don’t get customer experience. Why?

hotel-staff2  Hotels get it.

umpqua1  Umpqua Bank in Oregon, USA gets it. But only partially…

 

Bank clients clearly are not happy. Banks continue to operate in the same manner.

So what are they missing?

The true client relationship. A genuine, authentic interface. Bankers are too busy pushing products, too pre-occupied with short term bank and personal results. They are too focused on the bank and the bank’s operations.

CRM, processes and the bank’s physical environment all help- but they don’t go far enough.

Hoteliers focus on the client - not the company.

That is the difference.

I spoke with the head of Customer Experience at one of the major Singapore banks the other day and she said that the banks’ staff ARE too focused on THE BANK. They are are tied up with too many regulations, compliance, rules, Etc.

Banks need to start focusing more on the personal side of the client, the relationship (the real experience),  to really add value and capture the audience.

Customer focus. Customer value. Customer Experience.

Trip Allen, Team Egyii, Singapore.