Selling 101: Best Practices for Print Service Providers

Size: px

Start display at page:

Download "Selling 101: Best Practices for Print Service Providers"

Gilbert Park
5 years ago
Views:

1 Selling 101: Best Practices for Print Service Providers Kate Dunn Director, Keypoint Intelligence/InfoTrends

2 Event Host Welcome! Kurt Konow Director, Creative and Content Marketing Ricoh USA, Inc.

3 Business Development Webinar Series The Art of Finding New Customers Tuesday, November 14, :30 4:00 p.m. EST Marketing Your Business Wednesday, December 13, :30 4:00 p.m. EST Selling 101: Best Practices for PSPs Wednesday, January 17, :30 4:00 p.m. EST

4 Ricoh Business Booster Extras Link to replay Webinar PDF of Slides Special Report: Building Sales Relationships

5 GoToWebinar: Attendee Participation Your Participation Open and hide your control panel Join audio: Choose Mic & Speakers to use VoIP Choose Telephone and dial using the information provided Submit questions and comments via the Questions panel Note: Today s presentation is being recorded and will be provided within 48 hours.

6 Today s Speaker Kate Dunn Director Keypoint Intelligence/InfoTrends

7 Topics Key Study Findings 5 Best Practices of Industry Leaders What You Can Do Right Now! Tools to Get You Started

8 Finding: Priorities Are Not the Focus! What are the top priorities for your sales team in the coming year? What percentage of sales management time is spent on each of these activities? Find new customers Sell more to existing clients Increase sales of value added services Increase retention of existing clients Increase sales of new printrelated products Increase margin on products sold Increasing orders placed online Other 1.1% 14.3% 38.6% 33.5% 33.1% 46.0% 61.0% 72.4% 0% 20% 40% 60% 80% Price discounting 8.4% Sales skills 12.2% Trends and issues in tracking vertical market 6.4% Issues with work in progress 18.1% Forecast delivery 6.0% Account development 26.1% New business prospecting 22.7% N = 272 Total Respondents Source: Best Practices of High-Performance Print Sales Organizations, InfoTrends 2016

9 Finding: There s Not Enough Time to Sell! What are your sales reps responsibilities? New business development Account management Providing customer service Quote requests Writing proposals Delivering proofs or samples to customers Responding to RFPs Resolving billing issues Marketing and/or campaign strategy for customers Entering CRM data Delivering jobs to customers Obtaining pricing from third party suppliers Submitting job tickets Project management Helping in production when needed Researching third party suppliers Other 2.6% 81.9% 75.9% 64.7% 64.7% 55.2% 55.2% 47.4% 47.4% 39.7% 37.1% 35.3% 34.5% 33.6% 31.9% 25.9% 25.0% Multiple Responses Permitted 0% 25% 50% 75% 100% N = 116 Respondents who expect the size of their sales team to decrease or stay the same in the next 2 years Source: Best Practices of High-Performance Print Sales Organizations, InfoTrends 2016

Don't set proper expectations with customers Difficulty understanding client objectives Don't understand company offerings Other 6.6% 26.5% 38.2% 33.1% 45.2% 42.6% 49.6% 0% 20% 40% 60% 58.

10 Finding: A Training Disconnect Top Mistakes Made by Salespeople What are the top mistakes you ve seen your reps make? Lack an understanding of prospect's buying motivations Don't ask the right questions Difficulty moving the sales process closer to a win Fail to articulate the company s areas of differentiation Don't set proper expectations with customers Difficulty understanding client objectives Don't understand company offerings Other 6.6% 26.5% 38.2% 33.1% 45.2% 42.6% 49.6% 0% 20% 40% 60% 58.1% Regularly offer training on improving sales skills 11.4% Regularly offer training on new products or services 34.6% N = 272 Total Respondents Source: Best Practices of High-Performance Print Sales Organizations, InfoTrends 2016 Training Provided Do you regularly conduct training to educate your sales team or to improve selling skills? Don t offer training 19.1% Regularly offer training on both 34.9% 54% Don t Offer Sales Training!

11 Finding: Reps Aren t Trained for Success! Which of the following are typically included in your company s sales onboarding process? Overview of job expectations/company culture Shadowing a more experienced sales rep Review of accounts to be assigned Spend time working in each area of the company Review of order completion/processing with customer service 69.1% 64.0% 62.1% 61.4% 55.5% Self-paced online learning about the company's offerings Participate in a training program Other 2.2% 35.3% 32.7% Multiple Responses Permitted 0% 20% 40% 60% 80% N = 272 Total Respondents Source: Best Practices of High-Performance Print Sales Organizations, InfoTrends 2016

12 Finding: Reps Aren t Held Accountable Accountability Methods: Performance Which of the following tactics are used to hold reps accountable for making their quota? Accountability Methods: Other Which of the following tactics are used to hold reps accountable for other expectations? Increase activity level expectations Increase number of meetings with management Management attends more sales calls with rep Documented performance improvement plans Mandatory field/office hours 15.4% 37.5% 34.2% 31.6% 27.2% We don t hold reps accountable Issue a warning letter Withhold other perks Threaten to terminate employment 20.3% 18.0% 17.2% 32.8% Phone work inspection 14.0% Withhold expense reimbursement 14.1% Other 2.9% Mandatory office hours 9.4% We don t hold reps accountable 31.6% Other 17.2% 0% 10% 20% 30% 40% 0% 10% 20% 30% 40% N = 272 Total Respondents Source: Best Practices of High-Performance Print Sales Organizations, InfoTrends 2016

13 Results of Low Turnover Mediocrity Rusty Hiring Practices Reduced Problem Identification Fewer New Ideas Stagnant Sales

14 Top 6 Best Practices 1. Strong sales management practices 2. Sales resources balanced between new business & current account development 3. Ongoing sales training and development 4. A documented sales process with tracking 5. Strong hiring and onboarding processes 6. A focus on selling programs versus projects

15 What You Can Do Now! Direction Comes First! What do we sell? Who do we sell it to? Why do they buy from us? Why will they buy from us in the future?

16 Put Goals in Writing! Are sales quotas for the year communicated to each rep in writing? No 41.9% Yes 58.1% Performance and professional development goals must be communicated! N = 272 Total Respondents Source: Best Practices of High-Performance Print Sales Organizations, InfoTrends 2016

17 Document Your Sales Process If you can t describe what you re doing as a process, you don t know what you re doing! Edward Demming

18 Use Your Sales Process! Align with your CRM or manually track activities Track movement through the process Define the qualification needed to move from one step to the next Hold reps accountable for using the sales process

Revisit Your Coverage Strategy New business development reps have a different skill set than account managers. Compensation alone will not turn a farmer into a hunter!

19 Revisit Your Coverage Strategy New business development reps have a different skill set than account managers. Compensation alone will not turn a farmer into a hunter! Use a declining scale to reduce the amount paid to new business reps to keep them hungry. Pay account managers more for account growth than existing business. Recognize success!

20 New Models Dedicated New Business Development Reps Account Executives focused on expansion Account Manager/Project Manager handing tasks associated with producing work Teams or PODs who manage and grow key accounts

21 Smaller Companies Expanded CSR Role more proactive, part of account team, compensated on overall success Inside Sales to handle smaller customers with smaller projects Sales Reps focused on best customers and opportunities

22 Change Your Compensation Plan! Align the compensation with your company objectives! Company Objective Add new customers Increase sales of higher margin services Retain existing customers Increase growth rate Action Reduce the commission rate paid for existing business to existing customers and increase the rate paid for new business Pay on margin or reduce the commission rate on low margin, non-growth work, increase commission rate for high value services Add a bonus for account retention Use a tiered plan that increases commission rates once levels are achieved

If You Need To Hire Fine-tune the position description Promote your position thoroughly Look outside the industry Develop a thorough onboarding process Ø Learn, practice, assess, reinforce, coach,

23 If You Need To Hire Fine-tune the position description Promote your position thoroughly Look outside the industry Develop a thorough onboarding process Ø Learn, practice, assess, reinforce, coach, hold accountable Use testing to validate your thinking Calibrate your expectations! How long does it typically take for a new sales hire to be considered productive? 6 to 12 Months 25.0% Over a Year 8.5% 3 Months or Less 22.8% 3 to 6 Months 43.8% Define Productive!

24 Keys to Attracting Sales Talent Define your employer brand Ø Who are the great people who work at your company? Ø Why do great customers do business with you? Ø How can great people succeed by working at your company? Offer a professional sales culture Offer added value Offer market leading compensation Emphasize meaningful work Always be on the lookout for new talent!

25 Regular Interaction with Reps is Key! How often does the person responsible for sales management hold structured meetings with staff? Daily 8.6% Over 40% meet at least weekly. Biweekly Weekly 3.4% 29.3% Monthly 19.0% Quarterly 8.6% Twice a Year 3.4% Annually 6.9% No regular meetings 19.0% Owner sells, so there are no regular meetings 12.1% Other 1.7% N = 58 Respondents reporting double-digit growth Source: Best Practices of High-Performance Print Sales Organizations, InfoTrends % 10% 20% 30%

26 Structure Your Interaction Define goals in writing Meet at least monthly to focus on sales strategy (1 hour) Always use an agenda for rep interaction Ø Monthly Strategy Session Agenda Example: o o o o Review of YTD numbers 5 minutes Account growth/new business development 45 minutes Professional development/resources Needed 5 minutes Pipeline Management 5 minutes Hold reps accountable for commitments Make these sessions mandatory! Capture Rep Commitments!

27 Work Toward the Bigger Picture Ask reps to prepare their plan for achieving sales and professional development goals annually Support their efforts with marketing & lead generation Ø At the very least, don t shoot them in the foot! Pay for networking and learning opportunities, but hold reps accountable for the investment! Support their efforts with the right infrastructure Validate their messaging role playing and travel time

28 Focus On Continuous Improvement Define the skills your reps need to be successful Assess your current team Develop a training plan and coaching plan Conduct monthly sales skills training Hold reps accountable for incorporating the training into their daily activities

29 Summary & Recommendations You aren t going to grow by quoting and hoping! Focus on building and executing a plan to help your company sell more. Owners who manage a sales team must devote time to their role as sales manager and coach. Companies with sales managers need to hold them accountable for sales management plans that include: Ø Improving the skills of the sales team Ø increasing breadth of participation Ø Hiring and successfully onboarding new talent Ø Achieving sales goals Use the checklists included in the deck to assess your current state!

30 Assessment: Sales Team Structure Identify Your Current Strengths Vertical Market Expertise Horizontal Market Expertise (SMBs, Mid-Market, Enterprises) Prospecting Ability Rating (Scale of 1 5 with 5 being the best) Which Markets/Reps? Account Management Account Development Product Expertise

31 Assessment: Sales Rep Capabilities Check off the skills you require in your sales reps and add any additional capabilities your sales roles need that aren t listed here. Skills Required ü Skills Required ü Skills Required ü Specific Vertical Market Knowledge Experience Calling on Senior Company Leaders Inside Sales Experience Outside Sales Experience Prospecting Success AEC Experience Design Background Marketing Knowledge Technology-Savvy Presentation Skills Project Management Abilities Proven Cold Calling Abilities Demonstration Capabilities Prior Experience Working Remotely

32 Assessment: Skill Gaps by Rep List each rep you currently manage. Indicate their training needs based on the list of skills your created. If you executed the plan recommended in the Getting Your Sales House In Order webinar, indicate if the rep is a won t do, can t do, or if you are unsure. Rep Name Training Needs Can t Do, Won t Do, Unsure

33 Assessment: Existing Sales Rep Ad Component Our sales hiring ad demonstrates a great employer brand Rating (1 5 with 5 being the best) What Needs Improvement? Our ad shows that we have a professional sales culture Our ad shows that we offer added value like educational opportunities & career growth Our ad communicates that we offer market-leading compensation Our ad focuses on the key aspects of the job rather than a laundry list of requirements Our ad demonstrates our emphasis on meaningful work Our ad makes our company sound like a fun and exciting place to work Our ad addresses the person we want to hire it s not in the 3rd person!

34 Assessment: Your Current Hiring Process Component Rating (1 5 with 5 being the best) What Needs Improvement? We are always looking for great sales talent We use LinkedIn groups to share that we are hiring We actively engage great reps just to get to know them, even if we have no openings We currently have a pipeline of sales talent we would love to hire given the opportunity We are clear about the length of the process, the necessary steps, and the reasons for the steps when talking to a potential candidate We offer recognition or compensation for employees who recommend candidates who become hires

35 Q&A Any Questions?

36 Upcoming Webinar Dates & Topics February 14, 2018 Research Highlights: Finding the Right Prospects in the SMB Market March 14, 2018 How to Use LinkedIn to Promote Your Business April 18, 2018 Selling 5 th Color May 16, 2018 Wide Format Applications for Growth Sign Up Here!

37 Thank You! Thanks for Joining Us! (630)

Marketing. Business: It Starts with a Plan! Kate Dunn. Director, Keypoint Intelligence/InfoTrends

Marketing. Business: It Starts with a Plan! Kate Dunn. Director, Keypoint Intelligence/InfoTrends Marketing Your Business: It Starts with a Plan! Kate Dunn Director, Keypoint Intelligence/InfoTrends Event Host Welcome! Kurt Konow Director, Creative and Content Marketing Ricoh USA, Inc. Business Development