We have been talking a lot about using the High Value Trade Table (HVT) to close deals. Sales professionals taking our eLearning have found the deal simulator that provides them insight on how to read the score of their deals eye-opening. That said, each organization is unique and requires an in-depth look at the best structure for the HVT. Keep in mind that the HVT spreadsheet we provide in the resource tab gets you started but each company will have unique trades to identify and call out in order to advance their sales along.
Do you understand how your solution fits your customer’s product lifecycle? Salespeople must recognize that the landscape is truly shifting under our feet. Neil Rackham from Spin Selling discusses the polarizing landscape that will take the low-end transactional business and move it downstream to inexperienced sales reps or through the use of Artificial Intelligence (AI) to process these orders.
Does this mean that sales professionals will no longer be needed? The answer depends on whether you can transform yourself to meet the needs of the current buying process and build strong relationships with your customers. According to Rackham, we must become consultative with our prospects and customers; while most of us seem to understand this, many still struggle with how to actually make it happen.
The traditional sales model from which we have recognized up to 80% of our business is moving to the transactional sale and the higher end business is going to demand a consultative sales approach. This approach is going to shed light on the skills – or lack thereof – of today’s sales professionals. So it’s time to ask yourself: Do you have the skills to connect with executives in order to gain access to their team?
Do we really have a deal? Or do we have a suspect or a lead? When we start out pursuing a deal, we are advised to get the basic information and to understand if there is a real opportunity with this prospect by gathering the BANT Basics.
The title of this post leads you to believe that we are going to talk about time to close a deal or to make a deal. In this case I want you to think about time as a precious commodity that is fleeting and beats us every year: your finite amount of time to make quota. As the year begins with kickoff and planning, Q1 is over before we know it and Q2 is upon us. We quickly need to make up for the Q1 shortfall, which means we must double down on prospecting and get appointments that lead to follow-on investment by the customer.