Sales Blunders Web 2.0 PPT.ppsx
- 2. TEAM MEMBERS SHRIRAM A NILESH JAIN P BANAVATH SACHIN NAYAK RAVIKUMAR V VENKATASH V MUHAMMED AJMAL GOKULARAMAN P KARTHIK T AHAMED C A ANJANA ANIL U FIRST YEAR MBA STUDENTS, DEPARTMENT OF MANAGEMNET STUDIES, PONDICHERRY UNIVERSITY
- 3. SALES BLUNDERS Sales is a competitive profession Continuous knowledge building and craft sales approach Sales blunders - Mistakes, errors, potholes, bad decisions, missteps by sales professionals (pros) All are very real for the sales pros In the sales world, one cannot hide “wrong decisions” Affects revenue generation and increase expenses Cost something (Time, Risk and Reputation) Sales pros should learn how to avoid those
- 4. 10 COMMON SALES BLUNDERS Listen less and talk more Depend on single contact Fail to give new insights Waste time with wrong contact(s) Showcase personality Not warming up cold calls Aim only to close deal Waiting to be engaged Argue with a potential customer
- 5. Sales Blunder:1 Listen less and talk more How to avoid Describe benefits and great features of offering Exhibit their knowledge and push Talking vs. Listening (Listening more and asking targeted questions) Talk-to-listen ratio 43:57 (in highest yielding B2B sales) Reduce company overview to less than 2 min Use risk-reversal language (no contracts, cancel any time) Listen for competitor mentions early Listen for 3-4 price mentions at the 40-49 min
- 6. Sales Blunder: 2 Depend on single contact How to avoid Zeroing in on a single decision-maker Depending on one member in committee Multi-threated approach – developing relationship with multiple decision-makers on the purchasing side Triangle of influence (user, implementer and financier) No. of people increased from 5.4 to 6.8 (HBR)
- 7. Sales Blunder:3 Fail to give new insights How to avoid Providing known information Not giving solutions Providing insightful commentary and ideas Should not push the solution on prospects Sales pros should understand the client’s concerns and goals Focus on giving solutions to concerns Use of insight selling - a unique approach to sales Leverage a deep understanding of customers to establish trust and rapport with buyers
- 8. Sales Blunder: 4 Waste time with wrong contacts How to avoid Zeroing in on a single decision-maker Depending on one member in committee Talking to decision maker Research and awareness of the industry Verification of contact details Better customer profiling Segmentation to identify leads with high chances Deploying AI apps to track and convert leads
- 9. Sales Blunder: 5 Showcase personality How to avoid Being over smart Not sharing knowledge and recommendations to help buyers to take decision Doing homework and offering valuable insights Share knowledge and recommendations Facilitate buying process Establish credibility and trustworthiness Establish & nurture relationships
- 10. Sales Blunder: 6 Not warming up cold calls How to avoid Ignoring cold calls and cold emails Not taking any efforts to warmup cold calls Have a warm introduction Find someone in network who is connected to the prospects and ask for introduction Use social networks to learn about prospect’s interests, preferences and habits Open door for conversation
- 11. Sales Blunder: 7 Aim only to close deal How to avoid Aiming only to close the sales deal Not spending time on reading and commenting on prospects’ post Cultivate relationships by positioning as trusted advisor and focus on the prospect’s needs Spend time on reading and commenting on posts Share relevant posts and content with prospects Connect the dots – compelling In-Mail subject line Customer-focussed sales approach
- 12. Sales Blunder: 8 Waiting to be engaged How to avoid Not trying and wait for prospects to reach out Not engaging in online social networks Involve in the buying process by providing guidance Engaging in online social networks Find customers’ top priorities and potential buying triggers Inbound sales strategy - starts with attracting qualified leads through inbound marketing (using videos, social media and blogging)
- 13. Sales Blunder: 9 Sell alone How to avoid Alone doing sales calls Not consulting expert to know the product from different professional perspective Talking to sales manager, product manager or sales engineer before a sales call Gain perspective about product from different professionals in the company Gather new insights on benefits and features of product
- 14. Sales Blunder: 10 Argue with potential customer How to avoid Loosing temper on prospect’s objection Arguing with potential customer Bring competitors early in the sales naturally Build conversation around benefits of products Taking customer side, not playing the blame game, listening carefully, recognising customer Handling objections in sales in a way that converts