Winning with CHAMP
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This document provides guidance on using a CHAMP approach to qualifying sales leads. It discusses assessing a prospect's Challenges, Authority, Money involved, and Priorities. It provides example questions to understand each area more fully. These include questions about the prospect's challenges and pain points, decision-making process, budgets, expectations for solutions, and priority levels of addressing issues. The document emphasizes understanding the prospect's situation in order to determine if a company is the right fit to address their needs. It also provides a template for creating a mutual close plan with prospects.
Winning with CHAMP
- 2. http://www.doubledutch.me russ@doubledutch.me USA: 415-622-7772 • VP, Sales, Mid-Market • Joined Dec. 2012 • Built predictable revenue engine • Responsible for Mid-Market sales teams ~ 50 people • Hobbies: Guitar, traveling, car racing
- 3. ADDRESSING A HUGE MARKET
- 4. BOLD VISION: REAL WORLD ANALYTICS Online Offline at Events
- 5. MAKING LIVE EVENTS MORE INTERACTIVE
- 6. INCREDIBLE GROWTH 2014 DoubleDutch Growth: >150%
- 7. “If I had asked people what they wanted they would have said faster horses.” - Henry Ford THEME
- 8. Source: Tom Atkinson and Ron Koprowski 138 customers responsible for making B2B purchases in North America BIGGEST MISTAKES SALESPEOPLE MAKE
- 9. B Budget A Authority N Need T Timing COMMODITY-BASED APPROACH TO QUALIFICATION
- 10. Ch Challenges A Authority M Money P Prioritization VALUE-BASED PROBLEM SOLIVING APPROACH
- 11. Ch Challenges A Authority M Money P Prioritization
- 12. • What are your company’s most significant challenges that you’re dealing with and how have you been solving them so far? • What is driving your interest in our solution? • What are your personal challenges when trying to do your job? • How long have you had this challenge or problem? • What made you decide to solve this problem now? • What objectives are you looking to achieve by solving this problem? • What are the costs or risks associated with staying the course? • What are the likely consequences if the pain is not solved? Answers to these questions will allow us to determine if we are the right fit for any given prospect. QUESTIONS TO ASSESS CHALLENGES
- 13. Ch Challenges A Authority M Money P Prioritization
- 14. • Many salespeople believe that “Authority” means you should dis-qualify leads with low-influencing contacts. This is the old BANT approach. • Power does not correlate perfectly with organizational rank. • With the CHAMP approach, you must ask your prospect questions that help you map out their company’s organizational structure, buying roles, and buying behaviors. AUTHORITY
- 15. • Who, in addition to yourself, is involved in making this solution happen at your company? • How are purchasing decisions made for products like ours and who is involved in looking at this solution? • Who, in addition to yourself, has a lot of clout over this process and decision? And next to that person, who is the next person? How important is it that they be on board with the decision? • What concerns do you think they may have? If they have any potential concerns, how do you think we should handle them? • Would it make sense for us to schedule a call together with them to answer any potential questions they may have? • Are you comfortable, perhaps prior to our next meeting, if I call (Name of Decision- maker / Influencer) to have a brief conversation? My experience has been that while everyone in the organization is pretty aligned on the needs, typically everyone has got a little bit of a different perspective as to what they are looking for in a solution like this. And, by the way, if I get a different perspective from him/her, would you mind if I give you a call? What I hope is that you all have a consensus as to what the solution should look like for our next meeting. Fair enough? QUESTIONS TO ASSESS AUTHORITY
- 16. • Someone who can recommend the evaluation team spend more time with you • Could be someone with little formal power • Such a person could be able to stop a purchase or hinder its completion • Why not just start at the top of the org? • How can you tell if someone is influential? WHAT INFLUENCE LOOKS LIKE
- 17. • “You can’t make omelets if you’re not wiling to break a few eggs.” • People with Influence AND Authority to get a deal done • They forcibly demand action with conviction THE “EGG BREAKERS”
- 18. • No Influence AND No Authority • They are the easiest people to book meetings with – and the MOST dangerous • They make you feel like you’re doing your job (when you’re really wasting your time) • How do you know you’re working with a NINA? • When you ask for help with the next step they won’t help • They are tire kicking while they continue to work with a competitor • Are Event Managers NINAs? NINA
- 19. • Innovation: Some champions are visionary types with deep domain focus. They want to explore, experiment, and break new ground. They are motivated by progress and exploration. • Competitive Advantage: Other champions hope to use the deal to improve their company’s competitive position within an industry. They are motivated by a desire to advance their company’s competitive position and aggressively dominate an emerging trend or market. • Advancement: These champions strive to improve their own career prospects. They are motivated by opportunities to solidify their position within an organization or gain a lead over a rival individual or business unit. They often want to improve sales or productivity. • Respect: Many champions are seasoned professionals who feel underutilized by their organization. They are the heart of every company—valued for their know-how but universally under-celebrated. These champions are motivated by status: they want someone to pay attention to them and value their experience and input. • Organization: Many champions simply want the numbers to work. Deeply rigorous, they are motivated by logic, evidence, and proof of concept. UNDERSTANDING A CHAMPIONS MOTIVATIONS
- 20. Ch Challenges A Authority M Money P Prioritization
- 21. • This is where you capture the variables needed to calculate an ROI that can be generated by using your solution • Important: This is not about budget • We are selling a differentiated solution into a market of 5 million events that has only deployed 10,000 native event apps. • Recognize that money is being spent on things far less impactful. • Your #1 goal here is to follow the money MONEY
- 22. • What money does your marketing team spend on this event (or all the events you host)? • What are your expectations for the investment necessary to purchase the solution? • How do you allocate budget for your events today? (Note: find out what they spend on printed guides, food and beverage, venue, AV, etc. ) • Is your finance team or CFO involved in approving this? (Note: While this can come off as an “Authority” type of qualifying question, it is equally indicative of how the approval process works at the company depending on the prospect’s answer) • At what level of expenditure do you have authorization to approve? • Do you evaluate the ROI of a decision to leverage technology/software for your event(s)? • When do you plan to ask for budget allocation for this investment? • What expectations do you have for being able to generate incremental revenue via the mobile app from sponsors and exhibitors? • NOTE: Never ask: What’s your budget for this project/mobile event app? FOLLOW THE MONEY
- 23. Ch Challenges A Authority M Money P Prioritization
- 24. • When a prospect says they need to solve this problem by their board meeting in 2 weeks, what they’re really saying is “this is a top priority.” So ask your prospect: How important is solving this problem relative to other priorities? What date or event is their priority attached to (end of month, end of quarter, by a certain event)? Is it a top priority for Q2, or is it a goal they want to solve at some point before the end of the fiscal year? • If they don’t need a solution until the end of 2015, that means it is in a queue of other priorities. Find out what their priorities are to get an idea of your prospect’s business plan. • How do you create a sense of urgency when their appears to be none? PRIORITIES
- 25. • Are you currently under contract with another provider in our space? If so, when is it due for renewal? Is there a cancellation fee? • When were you planning on starting the implementation? • When is the latest you would want to make a decision? And ideally, when would prefer to get this done? • So what’s a realistic kind of time-frame that we should be targeting here? When would you like to have the problem solved? • How important is this to you and where does this stack up in terms of priority and urgency? • What are some of the other departmental priorities now? What are some of your own priorities right now? • Do you have the time and bandwidth to begin implementation now? • Prioritization can also be related to how you are ranked relative to your competition. Here are questions that will help you find out: • Are you looking at or evaluating any other similar solutions to help you solve the problem? • Where do we stack up in terms of functionality and pricing when compared to these other solutions you’ve been looking at? • What is your relationship like with your current vendor? (If they have one) ASSESSING PRIORITIES
- 26. • Every follow-up meeting should have a conceptualized close plan as the last slide. • It’s not an implementation plan – it’s a process to get to close. • It’s ok to invite objections and request next steps. Some possible questions: • Are there any aspects of our solution that concern you? • Do you agree that our solution can help you accomplish (Challenge X, Challenge Y)? • What is the best date and time to schedule our next meeting? • Ideally, what would be the focus of our next meeting? • What would be the best way to get to you everything that you may need such as customer references and other information about the solution as a right fit for you and so you feel comfortable making the decision in the timeframe that you mentioned? NEXT STEPS – MUTUAL CLOSE PLAN
- 27. EXAMPLE MUTUAL CLOSE PLAN Task Due Date Owner Confirm value in solution and ROI calculations 4/10/15 DoubleDutch & XYZ initiative lead Confirm total # of events on DD platform 4/13/15 XYZ Legal review of DD ToS and order form 4/15/15 XYZ’s legal team Order form signature 4/16/15 DoubleDutch & XYZ Partnership kick-off meeting 4/18/15 DoubleDutch and XYZ events team App in app stores 5/5/15 DoubleDutch Customer Experience team Date of first event 6/1/15 DD and XYZ