Mark Wilson

Sales Cycle
P – Prospecting
I – Interviewing (Find needs & wants – a CO-SOLUTION: come up with a solution for them)
P – Presenting (Tying up loose ends, selling to other stake holders who were not involved with the interviewing process)
C (A) – Closing (Action) (Contract signing & delivery of product)
Make 7 Prospects, get 5 Interviews, make 3 Presentations, earn 1 Close

Elevator intro – 13-17 seconds to introduce yourself to help other party decide whether or not to talk with you.

Sales Contract Agreement Tips

1. “Term”
2. Options to renew – different options to renew at different periods of time (ie. 6 mo-5yrs)
3. Conditionally signed contract
   1. Sales Revenue
   2. # of accounts
   3. Automatic in effect
   4. A + B Review + Growth % (Scaled, large growth initially, shrinking % as business grows, feasible growth)
4. Duties – Commission %
1. Industry driven
2. Duties – 6% – 15%
3. When to pay – usually 1 month, but varies
5. % of Returns (average 30+% comes back)
6. Territory – Make sure is GEOGRAPHICALLY mapped, not by population, etc.
7. Termination of relationship
   1. Reputation?
   2. Payments Outstanding (If Phasal Payment schedule not used – Major events on a personal front, if you die, you’re family isn’t given any reimbursement, can purchase ‘loss of key person insurance’)
8. Exclusivity
1. Limit the # of agents in are
9. Expenses – Responsibilities
1. Liabilities
2. Co-insured by the manufacture
10. Law
11. Currency – Try to use your own currency
12. Time reference – Destination (importing) country or Source (exporting) country or GMT
13. Commission to be paid to you no matter who product came through – get exclusivity with customer from your manufacturer

3 Main ethical areas Sales personnel face most frequently

1. Employer’s ethics in dealing with sales people
1. Setting performance goal – affect commissions
2. Decision in territory assignments
2. Sales people’s ethics in dealing with employers
1. Misusing company assets
2. Moonlighting
3. Cheating
4. Affecting other salespeople
5. Technology theft (stealing customer database)
3. Ethics in dealing with customers
1. Bribes
2. Misrepresentation (fraud)
1. Overselling
2. Exaggerating
3. Business Defamation – Slander or Libel

What you should know about the account

1. Who are their partners, networks, competitors, etc.
2. Alliances vs. enemies
3. Things that have happened recently to the client that are crucial to the sales
4. An idea on how you can help the customers

 4R Rule

• Right TIME
• Right VALUE
• Right PEOPLE
• Right RESOURCES

12 Boosters to success

1. References – Increase credibility, providing solid metrics (track records) in the industry
2. Executive Access – The right level, credibility, relationship. Do we have right ppl talking? How do you know you’re in? Did you get a 2^nd meeting or PO.
3. Value – unique solution that sets you apart from your competitors
4. Third party – Do the org you work with have sales skills, customer perception on your partnership, cohesiveness to work with you?
5. Relay – B2B selling, describing the one person that is working within the account that is the door opener for us. On the account side that gives useful info about how to sell to company.
   what is in it for him/her?
6. Matching – Are you aligned with the customer’s deadline or not?
7. Informal Decision process – Hidden criteria to getting the deal, trumps formal decision process ALL the time.
8. Profile – What will be the change in the account? Objectives, Issues, Power structure, businesses, process, financial figures.
9. Financing – Amount of budget, type of financing you can offer them.
10. Integration – How do they see you in their picture? How are you perceived as a supplier? Cultural compatibility (2 corporate cultures merging)?
11. Early Stage – Influence on the decision making process, Budget amount and favourable bias on the part of the key players.
12. Key Players – Complete inventory of key players, alliances and rivalries, and how to access them. – major job, end all be all

Steps for Execution

1. Check the Boosters
2. Actions to follow for the No’s and Yes’s
3. Identify your competitor #1 based on your results
   (closest amount of boosters with green lights compared to you)
4. Step into the competitor’s shoes and address the boosters if you are them
   In order to come up with your defence
   1. Note: If you have trouble with step 3 and 5, you are in trouble!

Approach to the Account

1. A need is the basis for the formulation of solution
2. Ask if the need is a technical one or a business one
3. The need should be from the lips of the customers not from your own deduction
4. Cross-check your understanding and interpretation with the customers
5. Understand not just the need but the specifications of the same.
6. Use the 5-why’s rule – Why this? Then why that? ..and so on 5 times
7. Critical difficulties or expected payoffs – A trigger to materializing the buying step
8. ‘Why we want it’ comes first, then specifications and price can come afterwards.
9. Ask the question ‘What will you do if you do not buy from me or from any other competitor of mine?’
10. Apply the 5W approach and set up action guidelines