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Why do companies decide to make large purchases and change what they are doing? A major motivation is to avoid losing something valuable that they have today. In fact, the preference to avoid losing something valuable is significantly stronger than going after a gain of equivalent value. This principle is known as Loss Aversion, aka…
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How do you get access to key decision makers when you are getting blocked in a deal? A major reason why deals don’t close is because we aren’t engaging directly with decision makers. According to Gong Research, not engaging with decision maker decreases a deals win rate by 80% in SMB, and 233% in Enterprise.…
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Elite Sales Performer Trait #5: they focus and spend nearly all their time on RGA’s. “RGA” stands for Revenue Generating Activities. There are only two types of RGA’s: 1. Advancing pipeline2. Creating pipeline Nearly everything else is noise, and should be delegated or deleted altogether. Here are some examples of RGAs for each category: Creating…
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Best advice I could give to anybody in sales: Focus on the process, not the outcomes. Outcomes: closing deals, making a certain income, achieving Presidents Club, etc. Process: executing next steps in active deals, showing up every day (regardless of how you feel), planning your day, executing your plan, and prioritizing RGA’s (Revenue Generating Activities)…
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Pareto Principle in Sales: 80% of your sales will come from 20% of your customers. I used to think that more = better. More accounts = more opportunitiesLarger territory = more upside This philosophy meant that I spent a little bit of time with a lot of accounts, and was thinly spread. Less time invested…
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“The prize doesn’t go to the fastest guy. It goes to the guy who slows down the least.” -Rich Roll, Ultra Marathon Runner. In sales, it’s very easy to take your foot off the gas, especially when nobody is watching. Many sales professionals have two speeds at which they work: 1. High speed – whenever…
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What’s the #1 key to negotiating which very few people talk about? Knowing your worth and believing it! When you know and believe in the value you bring to your clients, you can defend your pricing with conviction. When you know a client will be better off with you than without you, then you can…
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A fantastic way to understand how and where you help your customers is to become their customer first. This will help you identify friction points, inefficiencies, and opportunities where your products or services could help improve the overall customer experience. This is also the best type of research which can help you develop a tailored…
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How do you know if you’re working with a change agent at a company who has the power and influence to get a deal done? Last week I posted a video on how to gain consensus from multiple stakeholders when selling large, complex deals. This video was widely circulated and received great feedback, so I…
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I once lost a deal on a contract valued at 47 million dollars. Yes, you heard that right. …47 MILLION! The hardest part was that I felt I had done everything right to win it. I was engaged directly with the company CEO and he was championing the deal internally. I had negotiated with their…
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What’s the #1 key to negotiating which very few people talk about? Knowing your worth and believing it!…