Sales – Page 6 – thoughtLEADERS, LLC: Leadership Training for the Real World

Selling by Word Alone Doesn’t Cut It in Today’s Market

May 1, 2017/0 Comments/in Books, Communications, Customer Service, Entrepreneur, Guest Blogger, Sales /by Mike Figliuolo

Selling isn’t just about the words you pitch. A much more powerful approach is to show the customer your work and let them interact with it early in the sales process.

Today’s post is by Ken Rutsky, author of Launching to Leading (CLICK HERE to get your copy).

In an 1899 speech in Philadelphia, Missouri Congressman Willard Duncan Vandiver is reported to have said,

“I come from a state that raises corn and cotton, cockleburs and Democrats, and frothy eloquence neither convinces nor satisfies me. I’m from Missouri, and you have got to show me.”

And from that day forward, Missouri has been known far and wide as the “Show Me State.”

Today, marketers and sales teams alike should take heed of this advice and move beyond telling and describing their value to showing and demonstrating it to buyers early and often in the buying cycle. After all, what’s really left to tell since the customer has probably already visited your website?

There is no shortage of materials and advice out there on the topic of content marketing. Content Rules, by Handley and Chapman—a popular book in marketing circles—spends a lot of time focusing on just that; and it is necessary and recommended reading and table stakes for today’s sales and marketing efforts.

However, stopping there would fail to take two critical variables into account: engagement and experience, the “Show Me” factor of modern sales and marketing efforts. One of the hallmarks of breakthrough market leadership is very high levels of engagement and experience delivered in our marketing programs and sales experience.

We can look at both engagement and experience as continuums. Engagement measures the level of interaction that the customer has with our content; we are most engaged when we are interacting, least when we are reading. Engagement, through multiple senses and interaction, creates memorable content-marketing engagements.

From an experience perspective, we can describe or demonstrate our value, or have the customer participate in understanding the value. Communication of value via experience is vastly more effective at winning customers’ preference than description. The combination of engagement and experience is the holy grail of marketing and sales effectiveness. Let’s take a look at an example:

An 8 Step Guide to Successful Startup Leadership

April 24, 2017/0 Comments/in Books, Entrepreneur, Guest Blogger, Innovation, Leadership, Sales, Strategy /by Mike Figliuolo

Launching a successful start-up requires more than a great product. It’s about leadership. How you lead your team and develop yourself is a key determinant of success.

Today’s post is by Tom Hogan and Carol Broadbent, authors of The Ultimate Start-Up Guide (CLICK HERE to get your copy).

After having helped launch over forty startups, we have been exposed to—and coached—a wide range of CEOs. Most are first-timers, others are on their second or third startup. But over time, we’ve culled the following best practices for aspiring CEOs:

Hire the core and outsource the rest.

Companies should distinguish early what is core to their business and hire to that – outsourcing and virtualizing the rest. These days every new position in a company should have to justify why it deserves a full-time employee in it. Once it passes that test, hire the best and pay appropriately, but stay flexible with the rest of the positions, especially those that can be done part-time (legal and early finance) or remotely (software development: see Ukraine and India).

When picking your Board, experience and true partnership trumps valuation.

You are going to be with these people for a long time, so be picky. A team of experienced investors and advisors who will help you with your planning, hiring, and early management challenges are worth their weight in gold. That doesn’t mean you should not worry about the structure and valuation of the deal—just don’t let it trump establishing a long-term relationship with someone with whom you would want to be in a foxhole.

Leadership often comes with a sell-by date.

How a Sales Manager Can Think Like a Leader

April 3, 2017/0 Comments/in Books, Guest Blogger, Leadership, Sales /by Mike Figliuolo

Sales leaders need to get out of the day to day selling activities and focus more on the longer-term development of their team if they want to succeed.

Today’s post is by Kevin F. Davis, author of The Sales Manager’s Guide to Greatness (CLICK HERE to get your copy).

Almost every sales manager was, at one point in their career, a peak-performing sales professional, top dog on the team. When promoted, everything changed—except, perhaps, them.

This presents a problem because managing and leading a sales team requires a completely different mindset from selling. Yet what sales managers have to rely on are the instincts and competencies they developed when they were selling.

That’s why, above and beyond any specific techniques they learn, every sales manager needs to re-frame their thinking around leadership mindsets so their decisions will be driven by what’s good for the team not what’s good from a salesperson’s perspective. For sales managers it’s a constant internal struggle to replace sales rep instincts with more effective leadership mindsets. Here are some examples of what that means.

Struggle #1: Player vs. Observer

Every great salesperson I’ve known wanted to be in on the action, down on the field, making the plays. That strong drive is what made them great and brought them stellar results.

But sales managers are not put in the job to keep selling. They are put into the job so they can help others become the best salespeople they can be. Great sales managers see themselves as observers and coaches, not players.

This switch is perhaps the hardest of all. But it’s only by observing that a sales manager can properly evaluate what the problem is and offer suggestions to a rep that will lead to lasting improvements.

Struggle #2: Results vs. Inputs

Problem Solvers Make Great Leaders

February 27, 2017/0 Comments/in Books, Business Toolkit, Communications, Guest Blogger, Innovation, Leadership, Sales /by Mike Figliuolo

Being a problem solver can help you stand out as a leader. Finding things that aren’t going well and coming up with ways to fix them can be a true differentiator.

Today’s post is by Suzanne Paling, author of The Sales Leader’s Problem Solver (CLICK HERE to get your copy).

Articles on the subject of leadership run the gamut, from the four essential qualities to the 30+ characteristics. Internet searches on the word leader offer up myriad choices including: integrity, passion, patience, delegation, clarity, creativity and fearlessness – valid and important traits all.

To my surprise, one trait seldom gets mentioned – problem solving. Think about it. Acknowledging and effectively dealing with an issue (especially if it’s caused difficulties for a prolonged period of time) showcases leadership abilities.

In my new book The Sales Leader’s Problem Solver; I take the reader through the process of solving 15 of the most common sales force conundrums. At the end of every chapter, I talk about how the act of solving a dilemma enhances the person’s leadership credentials.

While the problems featured in the book are sales specific, the process for solving a problem has applications for leaders in different departments throughout the company. I offer the following suggestions:

Gather Data

Take the time to speak with others in your organization about the issue. Once you have a better understanding of the issue, get away from anecdotal information. Seek out unbiased facts and figures.

Most of us tend to read and rely on a regular group of reports. Step out of your comfort zone. Ask people in different departments about their favorite reports. CFOs are often great sources of new information. Assemble data that backs up, shows the extent of; or reinforce people’s claims about the problem.

Solve It

5 Keys to Marketing Across Cultures

February 6, 2017/0 Comments/in Books, Communications, Entrepreneur, Guest Blogger, Sales /by Mike Figliuolo

Cross-cultural marketing is fraught with dangers if you’re not careful. Follow these five steps to ensure your marketing is received as you intended it.

Today’s post is by Michael Landers, author of Culture Crossing (CLICK HERE to get your copy).

If you are planning to market anything to people from a culture different from your own, doing some homework is essential. If you don’t, you may be setting yourself up for failure. But figuring out the right questions to ask and researching all the potential pitfalls can be tough and time-consuming.

To help expedite the process and take some of the guesswork out of the equation, I’ve created a list of five critical things to consider when marketing across cultures – whether you’re advertising to people in far off countries or in diverse communities on your home turf.

1. Calling Out Competitors

In the United States, hardly anyone bats an eye when one company insults another in an effort to market products or services. These types of “ad wars” have proven effective for those selling soft drinks (Coke vs. Pepsi), computers (Apple vs. Microsoft), or cars (Ford vs. Chevy). But in other cultures, outwardly making fun of another person or company is not socially acceptable. In Japan, China, and other countries in Asia and the Middle East, when one company publicly casts aspersions on another it can actually cause a loss of face (respect) for both companies and can make customers feel uncomfortable.

2. Me or Us?

Some of the most successful marketing slogans in the United States are those that tell people how a product will make them feel special, stand out from the crowd, be better than the rest or the best. In other cultures, however, advertisers tend to focus their campaigns on how products benefit and include everyone, or how they can make you more like everyone else. There may also be a tendency to depersonalize messages in favor of highlighting a more holistic view of the world, reflecting the notion that it’s not just about winning or being the best, but about being part of it all.

For example:

Why Pricing is the Biggest Lever You’re Not Pulling

January 25, 2017/0 Comments/in Business Toolkit, Entrepreneur, Sales, Strategy /by Mike Figliuolo

Pricing is a powerful lever but we don’t pull it often enough. Thinking through your price point as well as your pricing model can dramatically improve profitability.

Pricing is one of the most critical decisions an organization makes. A 1% difference on top-line price is worth a 10% profit increase on a business with a 10% gross margin. That’s huge! All too often we don’t think of pulling the pricing lever because it seems small. “Heck, it’s only 1% or 0.5%. Why bother?”

Why bother? I’ll tell you why to bother!

Pricing and Profits

By way of example, if you’re selling your product for $100, and you make $10 per unit, that’s a 10% margin. If you raise your price by 1%, and go from $100 to $101. That incremental dollar drops straight to the bottom line! Now you go from making $10 to $11. That’s a 10% improvement on the bottom for a 1% improvement on the top! Even with a 0.5% price increase you’re still increasing your profitability by 5%. Better yet – if you’re a publicly traded company, your stock price is based on a multiple of your earnings so that 5-10% profit improvement gets multiplied by your P/E ratio which boosts your stock price. Pricing just got compelling, didn’t it?

Pricing has a huge impact on your overall profitability. You need to understand how your product or service is priced. Is it a one-time fee? Is it a subscription model? Do you have a razor and blade model where you sell something really cheap, but the replacement parts are an ongoing stream of revenue? Do you sell accessories or extras with your core product? Do you offer additional services or warranties? Different prices for different customers and different markets and features are typical for most businesses. The better you understand your pricing model, the easier it is for you to increase prices without undercutting the volume of product you sell.

Cost-Plus versus Value-Based Pricing

Two common pricing approaches are cost-plus or value-based pricing. Depending on your industry, your product/service, and customer behavior, one of these models may be more appropriate than another. That said, just because you currently have one pricing model, that doesn’t mean you can’t change to another.

Let me explain the difference between a cost-plus pricing model and a value-based pricing model. Read more

3 Things You Must Get Right if You Want Happier Customers

January 23, 2017/0 Comments/in Books, Business Toolkit, Customer Service, Entrepreneur, Guest Blogger, Sales /by Mike Figliuolo

Customer loyalty takes just as much energy to build as new customer growth. Unfortunately companies spend too much time focusing on new customers and not taking care of the ones they already have.

Today’s post is by Noah Fleming, author of The Customer Loyalty Loop (CLICK HERE to get your copy).

Most executives I talk to feel like they’re drowning in data and yet anyone and everyone within the organization is telling them they need more and more data! Do you ever feel overwhelmed with all the things you need to worry about, let alone the collection of “big data” with the belief that data might help you generate better customer relations, or a more loyal customer?

I’m going to let you in on a big secret. The companies and clients that I work with who are at the top of their games, or continuously increasing revenue are only really placing a concerted effort on three key areas. I’m going to warn you, there’s nothing ground-breaking here that you don’t already know, but how these companies are focusing on these areas might surprise you.

I’ll tell you until the cows come home that most organizations are too focused on the new customer at the expense of their existing customers, but I’m also a realist. The current customer is the beating heart of any great business, but you need new customers to grow. Anybody who tells you otherwise should be thrown from your office. Today we’re going to about new and existing customers.

The first area that these companies excel in is their uncanny ability to sell to their existing customers more often. I said sell, not just “market to,” and not just putting offers in front of them, but selling. You need the same level of gravitas and effort that is put towards new customer acquisition, applied to selling more to your existing customer base. That requires a customer retention process. Most businesses have a sales process but not a retention process. The best companies do.

I once heard an author and marketer say that all great sales and marketing is just about sharing your message over and over again. He might have been half right, once. A decade ago, maybe a quarter right. Now, it’s more like a tenth.

If you want to sell to your prospects and existing customers either the first time or the sixth time, then you need to get three things right. But you need to get them right, all the time and every time.

Awareness

Best of thoughtLEADERS 2016: A Basket of Kickass

December 21, 2016/0 Comments/in Balanced Lifestyle, Books, Business Toolkit, Career, Communications, Entrepreneur, Innovation, Leadership, Sales, Social Media, Strategy /by Mike Figliuolo

It’s time again for our annual year in review list of the BEST posts we’ve published over the last 12 months. Welcome to the 2016 edition of The Figgies (our EIGHTH YEAR of em! Wow!) which are the awards we give ourselves for writing awesome blog content (here are the 2009, 2010, 2011, 2012, 2013, 2014, and 2015 editions of those awards).

This is an annual event at the thoughtLEADERS Blog. This list is comprised of our most viewed, most forwarded, quirkiest, most provocative work. Enjoy. Share. We’ve loved writing them. We hope you’ve enjoyed reading them. I don’t ask a lot of you folks so I have two small requests as your holiday gift to me (you are getting me something, right?):

1. Invite all your coworkers, friends, and family to come check out the blog and become readers. The only way we all get better is by raising everyone’s game. I’m not asking a lot here. If you found this blog helpful at all this year, here’s your chance to return the favor for all our hard work. Just email folks and tell ’em to come take a look.

2. Pick up a copy of my books. They make great holiday gifts for the professionals in your life. The titles include:

One Piece of Paper: The Simple Approach to Powerful Personal Leadership. In the words of Roland Smith (former CEO of Wendy’s/Arby’s) “This book could change your life.” To get a sense for what the book is about, read this free ChangeThis Leadership Manifesto which is based on the book. If you like the manifesto, you’ll love the book.

Lead Inside the Box: How Smart Leaders Guide Their Teams to Exceptional Results. “Finally, a leadership book that cuts through all of the noise. This book needs to be on every leader’s desk!” – Andrea Procaccino, Chief Learning Officer, NewYork-Presbyterian Hospital.

The Elegant Pitch: Create a Compelling Recommendation, Build Broad Support, and Get it Approved. If you’re looking to get to “yes” for your idea, this book will give you the method for doing so in an efficient and effective way.

Thanks for your incredible support in ’16 and best wishes for ’17! We hope to be a part of your future success! Now on to the best of list!

How full is your “negotiating toolkit”?

December 15, 2016/2 Comments/in Business Toolkit, Career, Communications, Leadership, Poll, Sales /by Mike Figliuolo

Our reader poll today asks: How full is your “negotiating toolkit”?

– Very — I know many great negotiating techniques: 20%
– Kind of — I know a few core negotiating techniques: 42%
– Not very — I know one or two key negotiating techniques: 25%
– Not at all — My toolkit is virtually empty: 13%

Learn the Tools, Win the Deal. It’s surprising that 80% of respondents said they’re “kind of” or less on how full their negotiating toolkit is. The ability to negotiate is a huge determinant of your happiness and success. These skills aren’t only for Procurement people. Negotiating for a day off, a different role, compensation, promotions, and even where to eat lunch as a team can seriously impact how happy and successful you are. I strongly encourage you to fill your negotiating toolkit and learn as many negotiating techniques as you can. Doing so will make you more effective in many areas related to your success and job satisfaction.

Do you agree with these poll results? Let us know in the comments below!

– Mike Figliuolo at thoughtLEADERS, LLC

Did you enjoy this post? If so, I highly encourage you to take about 30 seconds to become a regular subscriber to this blog. It’s free, fun, practical, and only a few emails a week (I promise!). SIGN UP HERE to get the thoughtLEADERS blog conveniently delivered right to your inbox!

How to Quickly Evaluate Coaching Needs by Being BOSS

December 12, 2016/0 Comments/in Books, Entrepreneur, Guest Blogger, Leadership, Sales /by Mike Figliuolo

To properly coach your people, you need to focus on behaviors, outlook, skills, and stature. In doing so, you’ll be able to quickly identify their coaching needs.

Today’s post is by Jonathan Whistman, author of The Sales Boss (CLICK HERE to get your copy).

A part of every leader’s job is to provide the coaching necessary to each of the individuals on the team. The challenge is that sometimes what we end up coaching on is the thing that happened the most recently, or the thing that most stands out and not the thing that would most impact the future results of the person. At other times, we might struggle with how to evaluate what the needs of our people are and what will be most helpful.

In my work with Sales Managers whose ability to coach salespeople is critical to the success I teach the acronym of BOSS as a way of thinking about the coaching needs and to quickly evaluate what might be most impactful for each individual. This method will also work as you evaluate the needs of your non-sales staff.

Let’s look at what each letter represents.

Behavior

What are the behaviors of your team member? This is the WHAT they do not the HOW they do it. What are the critical behavior activities they need to be involved in for success? For a sales person it might include the number of calls, the contacts they make and the emails they send. It would also include things like eating, drinking and exercise. How organized are they? How well do they use resources available? Taking a close look at behaviors might provide an area rich for coaching. After all, it doesn’t matter how great someone is at something if they never actually do it.

Outlook

How Stories Inspire Great Performance from You and Your Team

October 12, 2016/4 Comments/in Books, Communications, Leadership, Sales, Upcoming Events /by Mike Figliuolo

Here are six great ideas to move performance from good to great. From the stories you tell to your own bold moves others will be telling stories about for years to come, you can build perseverance, passion, and engagement.

Today’s post is by Paul Smith, thoughtLEADERS instructor and author of Sell With a Story.

Here’s an easy way to learn some new leadership skills – in easy-to-digest 10-minute podcasts you can listen to at your convenience.

These podcasts are based on interviews with 100 executives and leaders at dozens of companies around the world. Each episode brings you an important leadership lesson through a single compelling story.

These next 6 episodes will help you learn to do remarkable things other people will talk about, lead your team to love what they do or find the perseverance to press on even in the face of defeat or ridicule, move their performance from good to great, and learn 5 steps to giving more effective feedback.

Staff meetings your employees won’t try to crawl out of

One of the perhaps less-than-obvious ways to help the people who work for you to find passion for their work, is to remove the things they’re decidedly dispassionate about – starting with your staff meetings.

Perseverance: The Pringles Story

Perseverance in the face of defeat is a required character trait in sports and politics. You have to lose a few games and races on the road to the Super Bowl or to Washington. Here’s what it looks like when you demonstrate perseverance in business.

The Jittery Compass: Moving your performance from good to great

What We All Need to Learn About Sales – from a Pig

September 6, 2016/0 Comments/in Balanced Lifestyle, Books, Communications, Leadership, Sales, Upcoming Events /by Mike Figliuolo

Stories are a great way to connect with your customer. They can make the ordinary product or service you’re selling extraordinary by adding richness and experience to the sale.

Today’s post is by Paul Smith, thoughtLEADERS instructor and author of Sell With a Story. He’s also a featured speaker at Executive Insight 16.

In May of 2015, my wife Lisa convinced me to attend a juried art fair with her at Coney Island in Cincinnati, Ohio. As an artist herself, she has a sophisticated appreciation for fine art that I don’t. She can spend hours on end lazily drifting from one booth to the next, studying each piece and talking to the artists about their inspiration, medium, and techniques. Me, I just like to look at the pictures.

As the day dragged on, we arrived at the booth of Chris Gug (pronounced “Goog”), a photographer known for his awe-inspiring images of marine life. His gallery is full of breathtaking underwater shots of anemones, corals, sea turtles, and whales. On a mission to find a piece for our boys’ bathroom at home, Lisa eyed a picture that, to me, looked about as out of place as a pig in the ocean.

It was a picture of a pig in the ocean.

She described it as inspired genius—a cute little baby piglet, up to its nostrils in salt water, snout covered with sand, dog-paddling its way straight into the camera lens.

I thought it was a picture of a pig in the ocean.

I asked the artist what on Earth that pig was doing in the ocean. And that’s when the magic started.

Gug explained that the picture was taken in the Caribbean, just off the beach of an uninhabited Bahamian island officially named Big Major Cay. He told us that years ago, a local entrepreneur brought a drove of pigs to the island to raise for bacon. Gug went on: