WINNING IN THE NEW SALES ECONOMY Trends Impacting Customer Buying Behavior. Amy Franko President, Impact Instruction Group

Transcription

1 WINNING IN THE NEW SALES ECONOMY Trends Impacting Customer Buying Behavior Amy Franko President, Impact Instruction Group

2 ESCALATING BUYER CONTROL THE APP MINDSET THE ROI SPEEDWAY THE AMAZON EFFECT TRENDS CREATING CHAOS DECISION BY COMMITTEE INVISIBLE COMPETITION COMMODITIZATION TIPPING POINT Welcome to the New Sales Economy

3 THE INTERSECTION OF BUSINESS DYNAMICS, TECHNOLOGY, AND CULTURAL CHANGE INFLUENCING CLIENT BEHAVIOR. IT REQUIRES NEW MINDSETS, SKILLSETS, AND TOOLSETS TO SUCCEED. THE NEW SALES ECONOMY Welcome to the New Sales Economy

4 THE QUESTION How will I WIN BUSINESS and create LIFETIME VALUE in the new sales economy? Welcome to the New Sales Economy

5 MODERN PRODUCER DEFINED

6 THE ANSWER THE MODERN PRODUCER A modern producer is recognized as a differentiator in their customer's business. The value of their product or service isn't fully realized without them. Their customer views them as strategic to their competitive advantage. Modern Producer Defined

7 THE TYPICAL SALES TEAM 57.1% of salespeople achieve their quota. Modern Producer Defined

8 ROCKSTAR MIDDLES PARTICIPATION TROPHY Rockstars outshine, outperform, and out-achieve in any sales economy. Your middle tier, with the widest range of performance and opportunity to influence. Consistently under goal, and the new sales economy is usually their why. ROCKSTARS AND MIDDLES An organization s greatest potential for creating modern producers Modern Producer Defined

9 5 DIMENSIONS OF THE MODERN PRODUCER

10 AMPLIFY YOUR SUCCESS IN DAILY SALES ACTIVITIES 5 Dimensions of the Modern Producer

11 MINDSET GROWTH MINDSET. AGILITY IS SEEING AHEAD OF THE CURVE. WHAT IT LOOKS LIKE AGILE CONTINUOUS FEEDBACK LOOPS. SEPARATING CONSTRUCTIVE INPUT FROM THE NOISE. 5 Dimensions of the Modern Producer

12 MINDSET STARTUP. THE MILLION DOLLAR PRODUCER OPERATES AS FOUNDER & CEO. ENTREPRENEURIAL WHAT IT LOOKS LIKE VISION THAT IS BOTH STRATEGIC AND TACTICAL. 5 Dimensions of the Modern Producer

13 MINDSET STRATEGIC PRODUCTIVITY. RESERVCES OF ENERGY, DISCIPLINE, TIME, AND MOTIVATION ARE FINITE. HOLISTIC WHAT IT LOOKS LIKE HITTING THE RESET BUTTON. ENERGY ROUTINES. 5 Dimensions of the Modern Producer

14 MINDSET INTENTIONAL CONNECTIVITY. SOCIAL CAPITAL = MOST VALUABLE CURRENCY IN THE NEW ECONOMY. SOCIAL WHAT IT LOOKS LIKE BUILDING YOUR NETWORK ECOSYSTEMS, DIGITALLY & OFFLINE. (EXAMPLE COIs) 5 Dimensions of the Modern Producer

15 MINDSET LIFETIME VALUE. LONG VIEW ALWAYS WINS OUT OVER SHORT-TERM THINKING. WHAT IT LOOKS LIKE SOLUTION CO-CREATION THAT BUILDS LOYALTY. AMBASSADOR 5 Dimensions of the Modern Producer

16 TAKE ACTION

17 PUT INTO PRACTICE Which dimensions do I excel in today? Which dimensions do I need to build? Which one dimension will help me to double down on my growth efforts? Take Action

18 THE MODERN PRODUCER Next-Generation Skillsets to Expand Your Book of Business Amy Franko President, Impact Instruction Group

19 w w w. y o u r w e b s i t e h e r e. c o m OVERVIEW 01 Entrepreneurial 02 Agile 03 Ambassador 04 Take Action

20 Growth mindset. Continuously learning and seeing ahead of the curve. Startup mindset. You re the Founder & CEO of your book of business. PRODUCER Lifetime value mindset. You re the bridge between your prospects, clients, organization, and community. Productivity mindset. Your time, energy, discipline, and motivation are your investments in success. Connectivity mindset. Cultivate mutually valuable and strategic relationships.

21 ENTREPRENEURIAL. Startup mindset. You are the Founder & CEO of your book of business.

22 THE ENTREPRENEURIAL PRODUCER I WANT TO DOUBLE MY BOOK. I WANT TO HIT $1 MILLION BY YEAR 3.

23 THE INGREDIENTS: THE WHY, WHAT, & HOW SIGNIFICANT WHY VISION OF THE FUTURE PLAN SIMPLE AND FOCUSED QUANTIFIABLE, SPECIFIC GOALS AND ACTIONS NARROW TARGETS SALES PROCESS SUPPORT SYSTEM WHO S IN YOUR CORNER? PASSION, COMMITMENT, ACCOUNTABILITY SIMULTANEOUSLY STRATEGIC AND TACTICAL

24 WHAT TRIPS US UP? DISTRACTIONS NON-SPECIFIC TARGETS VAGUE ACTIONS TOO MANY ACTIONS NOT SAYING NO COMPLICATED PLANS COLLECTING DIGITAL DUST TOO MANY GOALS CHASING UNACHIEVEABLE GOALS

25 TABLE EXERCISE: DIAMONDS IN THE ROUGH With your primary industry vertical in mind, brainstorm at your flipcharts: Where aren t my competitors today: What creative white spaces or micro niches may exist? What is one inventive way I have earned new business (at any part of your sales cycle)? As a group, decide on your top 2 from each list and be prepared to report out.

26 HOMEWORK EXERCISE: VERTICALS Let s talk verticals for a moment. Even if you have a well-honed vertical, there are sub verticals/micro niches you can explore. In your business plan for each of your named verticals: create a working list of sub verticals/micro niches. Select one you d like to explore further and begin building out a list of potential COIs and target companies in that sub vertical/micro niche.

27 AGILE. Growth mindset. You can only see around the corner when you venture into unchartered territory.

28 THE AGILE PRODUCER I WANT CREATIVE NEW IDEAS TO APPLY TO MY BUSINESS. I WANT TO LEARN FROM OTHERS. ENTREPRENEURIAL

29 AGILE DEFINED Continuous learning from experience Apply lessons to other unconnected situations Nimble decision making, pivot confidently Process and filter (mountains of) data into insights Willing to challenge norms Comfortable with ambiguity Hungry for feedback Recovery and resiliency ENTREPRENEURIAL

30 THE SKILLS EVOLUTION Technical mastery 2. Self-motivation and discipline 3. Confidence 4. Effective communication 5. Resourcefulness Self-motivation and discipline 2. Effective communication 3. Learning agility 4. Self awareness 5. Adaptability and versatility Adaptability & versatility 2. Communicate effectively 3. Learning agility 4. Multi-cultural awareness 5. Self-motivation and discipline ENTREPRENEURIAL 6. Collaboration

31 WHAT HASN T CHANGED Technical mastery 2. Self-motivation and discipline 3. Confidence 4. Effective communication 5. Resourcefulness Self-motivation and discipline 2. Effective communication 3. Learning agility 4. Self awareness 5. Adaptability and versatility Adaptability & versatility 2. Communicate effectively 3. Learning agility 4. Multi-cultural awareness 5. Self-motivation and discipline ENTREPRENEURIAL 6. Collaboration

32 THE NEW SKILLS WE NEED Technical mastery 2. Self-motivation and discipline 3. Confidence 4. Effective communication 5. Resourcefulness Self-motivation and discipline 2. Effective communication 3. Learning agility 4. Self awareness 5. Adaptability and versatility Adaptability & versatility 2. Communicate effectively 3. Learning agility 4. Multi-cultural awareness 5. Self-motivation and discipline ENTREPRENEURIAL 6. Collaboration

33 EXERCISE: AGILE BRAINSTORMING THE Q BURST STEP 1. THE BACKGROUND AND THE GUT CHECK What is one sales problem or opportunity you re grappling with one that makes your heart beat fast? (Ideally related to your business plan) 10 SECONDS: Are your feelings about the above positive, negative, or neutral? Jot down your reflections on it. 2 MINUTES: Layout the problem for your team. How would things change for the better if the problem were solved? Why are you stuck? 2 RULES: ENTREPRENEURIAL Contribute questions only. No solutions, no answering others questions. No preambles or justifications to frame a question. Source: Gregersen, Hal. Better Brainstorming. Harvard Business Review. March-April 2018.

34 EXERCISE: AGILE BRAINSTORMING QUESTION SPRINT STEP 2. QUESTION SPRINT 4 MINUTES: Collectively generate as many questions as possible. FOCUS: Quantity GOAL: 15 questions QUESTION CAPTURE: The person who is posing the problem/opportunity: write/type the questions verbatim (rather than capture on a flipchart). Add your own questions to the mix as you go if you can. ENTREPRENEURIAL 10 SECONDS: Are your feelings about the above positive, negative, or neutral? Jot down your reflections on it. Source: Gregersen, Hal. Better Brainstorming. Harvard Business Review. March-April 2018.

35 EXERCISE: AGILE BRAINSTORMING QUESTION SPRINT STEP 3. NEXT STEPS AND COMMITMENT What few questions intrigued you? Struck you as different? Challenged a preconceived idea or comfort zone? A new pathway? NEXT STEPS: Expand those few into follow-up questions. Challenge yourself on why this is important, and why you re running into obstacles. It will broaden your potential solutions. COMMITMENT: What actions will you take over the next 30 days to find possible solutions created by your questions? ENTREPRENEURIAL MORE ROUNDS: At least 3 rounds of this exercise for a given challenge (can we spare 12 minutes?) Source: Gregersen, Hal. Better Brainstorming. Harvard Business Review. March-April 2018.

36 AMBASSADOR. Lifetime value mindset. Ambassadors masterfully bridge the first win into long-term loyalty.

37 AMBASSADOR THE GOOD NEWS? EVERYONE NEEDS AND BUYS INSURANCE. THE BAD NEWS? EVERYONE NEEDS AND BUYS INSURANCE. THE DIFFERENTIATOR IS YOU. IT S IN THE HOW. NOT ONLY THE WHAT.

38 SATISFACTION IS ONLY TABLE STAKES LOYAL CLIENTS CREATE MORE VALUE. LIKELIHOOD OF SELLING TO AN EXISTING, LOYAL CLIENT IS 60-70%. A NEW CLIENT? 5-20%. EVEN HIGHLY SATISFIED CLIENTS ARE AT RISK. THEY RE STILL ANYWHERE FROM 52% - 72% LIKELY TO SWITCH PROVIDERS. ENTREPRENEURIAL CLIENTS ARE MORE DISENGAGED THAN WE THINK. ONLY 29% OF SATISFIED CLIENTS ARE ENGAGED WITH US.

39 EXERCISE WHAT MAKES YOU LOYAL? Think of a recent experience with a company that has your highest loyalty. Left side of flipchart: What FEELINGS did this experience create for you? Right side of flipchart: What BEHAVIORS did the person/company show to create those feelings? As a group, rank the TOP 2 BEHAVIORS that create the highest loyalty experience. ENTREPRENEURIAL

40 WHAT MAKES AN AMBASSADOR AN AMBASSADOR? EXTREME AND DIFFUSED OWNERSHIP IMPACT-ORIENTED TRUE EXPERT LOYALTY MAGNET LIFETIME VALUE FOCUSED TRANSCENDANT BRAND

41 HOMEWORK: CREATING 29 PERCENTERS Select a current client from your business plan and complete the Loyalty Engagement Inventory. Loyalty Engagement Inventory is available at: ENTREPRENEURIAL

42 TAKE ACTION. You can t course correct if you re standing still.

43 JOIN THE COMMUNITY. Text AMYFRANKO to 66866

44 The Modern Seller #ModernSeller