A NEW PERSPECTIVE ON REVENUE GROWTH

A NEW PERSPECTIVE ON REVENUE GROWTH

A Harsh Reality - When it comes to growing revenue, every organisation has something by way of a sales process, methodology, tools, and systems.

They may have spent countless thousands on training and coaching their business development teams and investing in technology to support them. Yet, why are so many organisations experiencing difficulties in meeting or beating their targets for revenue growth?

Below are some new perspectives, proven to be successful in selling high value complex engagements

1. Ecosystem - Do you fully understand your sales ecosystem?

The concept of a ‘sales ecosystem’ is a comprehensive framework encompassing all factors that contribute to sales performance. 

2. Value - Do your teams really understand value?

Understanding value in sales is a multi-dimensional concept that goes beyond the superficial benefit of a product or service. It involves understanding what constitutes value in the eye of the client from the perspectives of business outcomes, solution requirements, provider attributes and individual needs.

3. Differentiation - Does your team understand the simple things that they can do to behave differently in client meetings and propose clearly differentiated winning solutions?

Differentiation is the art of standing out in a way that matters to the client or prospect. In client meetings, it’s often the ‘simple things’ that set apart a salesperson. These include demonstrating deep understanding of the client’s business, being genuinely consultative, and offering insights and solutions on a level beyond a generic sales pitch.

4. Conversations - Are your teams having the right conversations with the right people at the right time, focused on their needs?

The timeliness and relevance of conversations in sales cannot be overstated. Engaging with the right stakeholders at the right time with a message that resonates with their specific needs is a delicate dance. 

5. Sales Velocity - Does your team understand the sales velocity formula?

Sales Velocity = (Number of Deals x Average Deal Value x Win Rate)

Sales Cycle Length

6. Focus On Measurable Outcomes - Do you quantify measurable success factors for sales performance improvement initiatives?

For any new initiative to drive revenue growth, especially training or coaching, it is essential to move beyond abstract targets and establish suitable lead and lag measures that clearly demonstrate your team’s uplift in performance.

7. Measure Engagement And Knowledge Retention - Do you have the evidence to know who needs help to raise their game?

In today’s digital age, Artificial Intelligence (AI) provides unprecedented opportunities for analysing sales interactions.

Conclusion: To drive exceptional sales performance, teams must reframe their approach to encompass a robust sales ecosystem, a deep understanding of value, a focus on differentiation, strategic conversations, and a keen appreciation of Sales Velocity with appropriate lead and lag indicators.

SALES EFFECTIVENESS ASSESSMENTS

Naturally my work gives me an opportunity to talk to many FinTech and Financial Institution leaders and sales leaders, and there is a common theme to many of these conversations.

On the surface many leaders will portray that things are fine, sales is working, and things are in place to support the sales efforts within the business.

However, guide the conversation a little deeper and a very different story is revealed.

Me: Do you believe your proposition and its positioning is hitting the mark?

Me: Are you winning the quantity, quality, and value of new business you require?

Me: How successful is your sales team at closing business as forecast, timing and value?

Me: How satisfied are you with sales team's overall performance, ecosystem, collaboration?

Etc. etc.

The answers to the above are usually… No – there’s room for improvement, not really, not exactly, not very – it’s a bit clunky and inefficient…

Explore these challenges further and it becomes clear that the leadership can; recognise problem indicators, see gaps between current position and desired outcomes, track lost and slipped deals, measure deal value against expectations, note where proposition and positioning is missing the target, and ‘sense’ the ecosystem is functioning but not smoothly.

What’s not clear is exactly where the problems exist, what’s the cause, and how to prioritise and resolve them.

To help our clients analyse, understand, and diagnose thir sales challenges and provide structured findings, observations, and recommendations. We often suggest our Assessments:

1.     Sales Effectiveness Assessment
The purpose of the sales effectiveness assessment is to understand the current state of your sales capabilities and identify opportunities for improvement across the entire sales ecosystem.

2.     Value Based Consultative Selling Effectiveness Assessment
The purpose of this assessment is to identify and quantify areas for sales performance enhancement. In evaluating the effectiveness of your sales team’s consultative selling skills, we will review their proficiency in helping identify and realise value. Our assessment is designed to scrutinise and refine your approach, ensuring that every client interaction is impactful and meaningful. assessment is designed to scrutinise and refine your approach, ensuring that every client interaction is impactful and meaningful.

ChatGPT 4.0 concludes: Thorough assessment of sales activities is crucial for driving growth and achieving business objectives. By defining clear objectives, analyzing data, evaluating processes, and continuously improving strategies, you can ensure that your sales team performs at its best and contributes significantly to the success of your business.

STAKEHOLDER DECISION MATRIX - NO GUESSING

ChatGPT 4.0 concludes: By fostering internal alignment, promoting data-driven decision-making, and facilitating long-term relationship building, a stakeholder decision matrix enhances the ability of sales teams to navigate complex decision-making processes and successfully close high-stakes deals.

A stakeholder decision matrix is an essential tool in high-value B2B sales. It provides a structured framework for identifying, analyzing, and prioritising stakeholders, ensuring that sales efforts are targeted and effective. Driving the removal of guesswork.

Understanding Complexity

High-value B2B sales typically involve large transactions that significantly impact the financial health and operational capabilities of both the buyer and seller. They involve prolonged decision-making processes with multiple stakeholders, each bringing different perspectives, priorities, and levels of influence. Navigating this landscape without a structured approach can lead to missed opportunities, misaligned efforts, and ultimately, failed sales.

Identification of Key Stakeholders

By mapping out stakeholders, sales teams can ensure that no key player is overlooked. This comprehensive understanding is essential because in high-value sales, neglecting even a minor influencer can derail the entire deal

Stakeholder Interests and Influence - No Guessing

Once stakeholders are identified, the decision matrix allows for a detailed analysis of their interests, needs, and levels of influence. This understanding is crucial because it enables the sales team to tailor their approach to each stakeholder’s unique perspective. Addressing specific concerns significantly enhances the the surfacing and understanding of needs and value.

Prioritization and Strategic Focus

High-value B2B sales require careful prioritization. A stakeholder decision matrix helps in ranking stakeholders based on their influence and interest. Conversely, low-influence, low-interest stakeholders, while still important, can be engaged with less intensity.

Enhancing Internal Alignment and Coordination

A stakeholder decision matrix fosters better internal alignment within the sales team. It serves as a shared reference point that clarifies who needs to be engaged, at what stage, and with what strategy. This alignment ensures that all team members are on the same page, reducing the risk of miscommunication and redundant efforts.

Data-Driven Decision MakinG - No Guessing

Relying on intuition (gut feel) is risky. A stakeholder decision matrix promotes data-driven decision-making by providing a structured method to gather and analyze information about stakeholders. Reduces the reliance on guesswork and increases the chances of making informed, strategic decisions.

Facilitating Long-Term Relationship Building

A stakeholder decision matrix helps in understanding the broader organizational landscape of the client, enabling the sales team to develop deeper and more meaningful relationships by continuously updating and refining the matrix, sales teams can keep track of changes within the client organisation and adapt their strategies accordingly.

LISTEN WITH AN INTENT TO UNDERSTAND.

ChatGPT 4.0 concludes, "listening with an intent to understand is not just a sales technique but a critical component of effective communication. It helps in accurately identifying client needs, building trust, addressing objections, and enhancing the overall client experience. By mastering this skill, salespeople can significantly improve their ability to close deals and establish lasting relationships with their clients. In a world where clients are bombarded with sales pitches, the ability to listen and understand truly sets a salesperson apart".

Listen, or your tongue will make you deaf... is attributed to a native American proverb, and how true it is.

We all find ourselves falling into the trap of: Autobiographical listening. Filtering what others say through our own story, experiences, prejudices, biases and values is a challenge we all face. When we listen 'autobiographically', we are often listening with the intent to 'reply' rather than to understand.

I coach empathic listening:
Where the focus is on your 'intent' – The intent to 'understand'
Where initially you worry less about your response
Where you show acceptance, though not necessarily agreement
Where you're not afraid of pauses and silence

Think of yourself as a mirror. Repeat the speaker's thoughts and feelings back to them to build empathy.

VALUE, LIKE BEAUTY, IS IN THE EYE OF THE BEHOLDER

ChatGPT 3.5 concludes... "viewing value through the eyes of the client is not just a best practice; it's a fundamental principle that underpins successful business operations. By prioritising the customer's perspective, companies can drive customer-centric innovation, enhance brand reputation, remain agile in a dynamic marketplace, and ultimately, achieve sustainable growth and profitability"... And yet so many firms just don't appear to get it... I say "appear" because after numerous discussions on the subject I conclude that they do 'get it' but struggle with the how to make it real, particularly with the sales teams and leadership.

Having worked with scores of client facing roles, sales professionals and leaders at every level of experience I've witnessed the scales falling from their eyes and that 'got it moment' as I take them through a tried and tested framework and model that gives structure to 'value' and demonstrates - HOW - to progress a client topic from surfacing to validating measurable value.

THE CLIENT NEEDS TO SAY YES.

ChatGPT 4.0 concludes... Client consent is crucial because it reflects their engagement and interest, confirming that the solutions or products presented align with their needs. Forcing a sale or advancing without a clear yes can lead to misunderstandings, unmet expectations, and ultimately, a loss of potential business. It’s essential for sales professionals to recognise and respect the client's decision-making pace, ensuring they feel heard and understood.

Reality Check: We Can Never Advance The Sale Unless The Client Says “Yes”.

There are only ever 3 outcomes to a client meeting in the sales cycle:
1. We advance
2. We go back a step (sometimes in order to go forward)
3. We ‘stay where we are in the process’ (no advance, no regression). The status quo is maintained

Top performers plan every meeting to enable the prospect or client to take the Next Logical Decision (NLD) in their own best interests.