Follow the Money In an earlier edition, we talked about understanding the opportunity presented by an account. Let’s push this thought further. Way back in the late 70s, there was a movie called All the President’s Men that popularized the catch-phrase, “follow the money.” And while the movie put a negative stench on the phrase, for sales types, it comes with a great connotation; almost like a new car smell. So with this thought, hop in and join me as we… follow the money. The truth is most sales people follow technology, applications, customer needs and pursue friendly contacts. Salespeople rarely follow the funds. I can’t help but wonder if a lot of guys actually feel like their work is cheapened by the exchanging of money. Just think back about how many times you have heard a salesperson lament: “The proposal was perfect. The product was everything the customer wanted. We were the best supplier on the planet. But, the customer didn’t have any funding.” Think about ...

How to Think About Opportunities At the mere mention of the word opportunity, most sales guys’ nostrils flare, blood pressures spike and pupils dilate. Perhaps left over from some prehistoric caveman fight or flight gene, they seem to check their cognitive skills at the door and wildly rush ahead. Make no mistake, I like aggressive sellers. But, it’s important to take just a moment to fully understand the full story at an account before investing time, effort and company resources. The full story comes at the crossroads of three very important variables: 1. Real dollars/gross margin potential 2. Estimated time to achieve business success 3. Level of effort involved with getting the business Dollar/Gross Margin Potentia l Many experienced salespeople miss the dollar/gross margin potential of their accounts for number of good reasons. Often, it’s hard to get accurate estimates of the potential in the early stages. This is one of the reasons why we believe that a certain a...

Sometimes, it’s not just what you know, but who you know ...and how you treat them. I’m sure you’ve heard the saying, “Sometimes, it’s not what you know, but who you know that counts.” Perhaps you’ve been on the wrong end of this old axiom. You did your homework, researched the products, built a killer presentation and followed up with amazing vigor; only to lose an opportunity to someone who already had a relationship with the customer’s top guy. These things happen and sometimes there is really nothing you can do about it. As salespeople, we can either shrug our shoulders and go on about our day, or do something about the situation. Most salespeople focus on the technical users of their products. For automation sellers, it’s the engineering department. Industrial supply salespeople hit on maintenance. Janitorial and paper product distributor sales folks go to the head of facilities. I could elaborate on the list to nauseating length, but the point is, most frontline se...

What value do you bring to the customer? Several months ago, I had the opportunity to “ride along” with what my client described as “one of our promising new sales guys.”  Because I wanted to just get a snapshot of the quality and quantity of this guy’s work, I didn’t do much to brief him on our objectives for the day.  Instead, I emailed him, "I just want to ride along and observe your work."  A few days later he texted coordinates of a greasy spoon where we would slosh down a cup of coffee and brace ourselves for the day. After a handshake and a few social niceties, we dove into the day ahead.  I was pleased.  He had real live appointments at three accounts and plans to drop by another couple if time allowed.  Demos and literature were well thought out and carefully stored in the back seat of his meticulously clean company car.  He had invested in timely topics to explore with the various people scheduled to see us.  I could easily see ...