The Sales Hacker Podcast
The Sales Hacker Podcast

Episode · 3 years ago

Friday Fundamentals: EP 50: The Key Questions to Ask

ABOUT THIS EPISODE

On this episode of Friday Fundamentals, we want to talk about the 3 key reasons that deals often stall. Every salesperson on every team needs to have these 3 things nailed down.

Hey everybody, it's Sam Jacobs. Welcome back to the Sales Hacker podcast and welcome to Friday fundamentals. As you know, it's that special short episode where we give you one question and one answer that has tactical sal and information that you can take with you through the course of your of your day. Today on the show we've got John Kaplan, who's the president and managing partner at force management. John is a longtime industry veteran and you probably heard our interview with John from the revenue collective executive off site. But we've got John Back on the show today to ask about the three reasons that deals off in stall. Now, before we do that, we want to thank our sponsors. The sponsor for Friday fundamentals is outreach. Outreach triples the productivity of sales teams and empowers them to drive predictable and measurable revenue growth by prioritizing the right activities and scaling customer engagement with intelligent automation. Outreach makes customer facing teams more effective and improves visibility into what really drives results. Now, without further ADO,...

John, welcome back to the show. Thanks brother. I really really appreciate being here. Really do great platform you guys have well, thank you very much. So today we want to talk about stall deals. Now, over the many, many years of work that you and your partners of force management of done, you've identified three key reasons or three key sort of fundamental requirements that go into a deal closing on time and on pace with the sales motion and the absence of those things contributing to deals that are pushed, contributing to missed forecast etc. So when you think about three key reasons why, or three cree inputs into deals that require that are required to help them close on time, what are those three things? Yes, Sam, this is a really, really good topic. We were, we're just working with one of our partners the other day, primary intelligence and and they are a research firm focused on kind of win loss intelligence, and they gave us a statistic the...

...other day that said that no decision deals can represent more than thirty percent of missed revenue for many organizations, probably a lot of organizations that are on this platform here. So when you really think about it, there there's a lot of ways to accelerate sales cycles, but you know, none of them are more effective than a salesperson that can repeatedly link a solution to an issue that's so critical to an organization that a buyers got to take action and and we call this attaching to the biggest business issue. So if the problems big enough, it doesn't matter how much your product cost. You know, when your entire sales team has the ability to uncover pressing problems and articulate how your solutions help correct them, they'll be able to move opportunities through the sales process at a faster rate. So, as you kind of highlighted there, you know, the key is for your sellers. They really need to be able to, you know, do these three things, the following three things on cover...

...high level business needs, articulate value and differentiation based on those needs and position that value throughout the sales process. So every salesperson on every deal needs to have these three things nailed down. And it's a simple concept of you know, we know it's much more difficult to execute, but again, the concept is simple. If you keep these three things in mind in your deals, good things are going to happen. So let's start with a positive business outcomes. You'll hear me refer to these as PBOS. So, Pbosky, we'll listening. Positive business outcomes are the tangible benefits that result from a buyer implementing your solutions, so when they're in place and articulated, a buyer understands the clear business value they'll receive from implementing the solutions. So too often sales reps aren't specific enough on the PBOS or they identify outcomes that are too low level.

So if you're a manager listening today or if you're a salesperson listening today, you really need to ask yourself questions like do the identified positive business outcomes address business level goals or they lower level in nature? And another good one are are the positive business outcomes compelling enough for an economic buyer to reallocate discretionary funds? If they're not, you need to find a bigger business issue and attach yourself to it. That's the first one. And the second concept is called required capabilities, and so let me give a definition. So require capabilities to find the specific requirements that are necessary to achieve the positive business outcomes. If your buyers want to achieve something, they need to make sure that they have these things in place. So require capabilities. I want you to think of those as they're equal to decision criteria. So we have the great fortunate...

...force management to work with some of the most elite sellers on the planet, and what these elite sellers do is they develop required capabilities with the customer and ensure that executing the require capabilities addresses the pain points and achieves the positive business outcomes. So they're related to the positive business outcomes. So the positive business outcomes are kind of the what and the require capabilities are the how. Now there's some critical things that we need to keep in mind here. They need to be confirmed with every decision maker in the process. So this is a highly, highly interactive skill set and elite sellers understand that they need to influence these require capabilities and not just gather them. And the way that you influence the required capabilities by making sure they reference your specific differentiation. So again,...

...if you're a manager or your seller, you got to ask yourself these critical questions. Do the required capability describe the minimum requirements that are necessary to move the customer from some kind of before scenario to an after scenario? Are they compelling enough for the buyer to take the next step? You know, remember, no decision is often one of the strongest competitors that we face. And Have you explained your differentiation in a way that maps back to the required capabilities and has meaning to the customer? And so we've got positive business outcomes, we've got required capabilities, and another thing we really see missing a lot as the concept of metrics. And metrics define how the customer will measure success. They establish key performance indicators that define how success ASS will be measured once the solution is implemented. So every one of the required capability should be tied to...

...a metric. You know that alignment provides a tangible way to demonstrate how any potential solution, yours or any other, will be judged against all others. It ensures that the final solution, you know, the choice that the customer makes, meets the required capability so well that achieving the positive business outcomes is more of a certainty than a lofty goal. So, once you've nailed these three things, positive business outcomes require capabilities and metrics, you can now address with the customer how you do it and the it refers to the required capabilities, how you do it better or differently and where you've done it before. So any deal that I look at that struggling today, it usually comes back to one of these three areas. And you know, with metrics, the part that I really love about the metrics pieces, today's metrics and positive business outcomes, that combination are tomorrow's proof points. Those will be your proof points...

...where you've done it before, your reference points for your future. So enabling your sales team with the ability to manily focus on these three critical components of a sales conversation will help them create urgency turning pipeline of opportunities in the close deals. So, in summary, keep it simple. Before you can begin to sell anything to anybody, you have to make sure that you first understand a customers positive business outcomes, there required capabilities and how they're going to measure success. I love it so and you, I mean you've repeated it a number of times, so you don't need me to repeat it. But ch positive business outcomes, required capabilities and metrics and how you're going to measure and those things are going to turn into the proof points of tomorrow. Do I have that right? You got it right, fantastic. So, John, thanks for being on the show. Thanks for coming to our executive offsite and being a guest. If folks are listening to this right now or they've listened to all week and they want to reach out, maybe they want to hire...

...force management or they just want to connect with you and ask you some questions. Is that okay? And what's your preferred method of communication? Yeah, that would be fantastic. You know the an email to me would be great. It's Ja Kaplan with the K K APLAM AT FORCE FO ARC management. One wordcom fantastic. Jay Kaplin at force Managementcom if you want to reach out to me, it's Sam Jacobs, linkedincom forward, slash the word in and then forest lasts, Sam f Jacobs. And thanks again to our sponsor, outreach, who brought to you, who brought you Friday fundamentals today, and we'll talk to you next time.

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