Ideas based selling

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2011 The Forum Corporation Ideas-Based Selling July 20, 2011
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  • 1. Ideas-Based Selling July 20, 2011 2011 The Forum Corporation
  • 2. What If Your Sales Force Could Consistently Call on senior decision-makers with discretionary budget? and Guide their thinking? 1
  • 3. Your Sales Force Would Mobilize Their Customers to Buy Improve win rates Increase deal size and profitability Differentiate from competition Increase customer 2
  • 4. Use Ideas-Based Selling and Flip the Selling Process Traditional Consultative Selling Gain Find Prospect Propose Your Prospects with a Need Solution Commitment Ideas-Based Selling Initiate Idea Gain Prospects Discussion with Commitment to Propose Your Prospect Implementing Solution 3
  • 5. Ideas-Based Selling A key to this approach is understanding how a customer executive makes decisionsincluding potential purchase decisions Why? How? Who To what extent is this What are the possible can best deliver the idea relevant to my solutions? right solution? business? 4
  • 6. Polling Question Where is your typical entry point into a customer sales conversation? Why? How? To what extent is this Who can best deliver What are the possible idea relevant to my the right solution? solutions? business? 5
  • 7. Ideas-Based Selling A key to this approach is understanding how a customer executive makes decisionsincluding potential purchase decisions Why? How? To what extent is this Who can best deliver What are the possible idea relevant to my the right solution? solutions? business? Entry point for an Entry point for ideas-based approach traditional 6
  • 8. What Do We Mean By Ideas? Ideas are perspectives on and approaches to addressing customer problems that can be solved and that are worth solving Solving them is hardor at least not easy or self-evident for the customer Customer value realized from your idea could include: Achieving profitable revenue growth and market share Eliminating or mitigating a serious threat to business Enhancing the experience/improving the loyalty of the end 7
  • 9. Talk Track for Articulating Your Idea Describe the business opportunity and a compelling vision for the future not your products and capabilities Customer problem or opportunity New vision of the future Potential paths for achieving the vision Focus on the hole, not the drill! 8
  • 10. Example of an IBM Idea Counterfeit shipping containers costs European Customer problem 1 wholesale distributors hundreds of millions of euros or opportunity each year Detection of counterfeit containers and removal from the New vision of supply chain can reduce costs while strengthening 2 the future brand image Solutions based on radio-frequency identification (RFID) Potential paths for 3 technology can provide in immediate in-the-field achieving the vision detection of counterfeit 9
  • 11. Example of a GE Healthcare Idea Customer problem Low bed-utilization rates threaten the ROI of newly built 1 or opportunity hospitals in the high-growth region of Dubai/Abu Dhabi Optimizing key hospital functions will improve the patient New vision of experience, helping hospitals deliver world-class health 2 the future care and improve financial performance Streamlining hospital processesboth clinical care and Potential paths for 3 administrative processescan reduce patient wait-time and achieving the vision increase bed-utilization 10
  • 12. Polling Question Where would you expect these ideas to come from? o Sales o Marketing o Product Management o Research & Development o External 11
  • 13. Preparing Ideas Address specific value Apply best thinking Develop tight 12
  • 14. Forum Investigates Decision-Maker Preferences Respondents by Region North America 15% APAC 37% EMEA Global survey June 2011 234 qualified respondents 48% Access to budget Actions impact profit Revenues: $1 billion Respondents by Level Cross-section of industries 4% C-level 15% Senior manager 33% Mid manager 28% Front line mgr 20% Indiv. 13
  • 15. Polling Question Which criterion do you think is most important to decision-makers in deciding whether to meet with an outside resource? o Knows my industry o Knows me o Has strong reputation o Provides low cost solutions o Calculates 14
  • 16. How Decision Makers Choose Who Gets to Help Them In consulting outside resources to help you address this and other critical business issues, what criteria were most important to you in deciding to work with them? Knows my industry Knows my industry and business is Is easy to work with essential. Knows my business Shows me alternative solutions Is accessible Identifies risks to my business Diagnoses the root cause Expertise Offers new or unique insights Strong reputation Helps me evaluate solutions Presents complete solutions Low-cost solutions Considers my needs ranked in bottom third. Provides low-cost solutions Challenges my thinking Knows my customers Educates my colleagues and me Knows me is least Reinforces my existing thinking Calculates ROI important; Knows business leaders understanding business Knows me trumps personal relationship. 3.3 3.4 3.5 3.6 3.7 3.8 3.9 4 4.1 4.2 1=Not at all important/ 5=Critically 15
  • 17. Decision-Makers Expect Ideas to Be Relevant and Significant What Do Decision Makers Focus on Most? Profit Quality Efficiency Revenue Innovation Customer loyalty Speed Competitiveness Employee retention Regulatory compliance 0 20 40 60 80 100 Percent of Respondents N=234 Forum global survey of decision makers, June 16
  • 18. Ideas-Based Selling Is a Win-Win For Customer For Solution Provider Gained insight into most Enabled selling higher in important problems or new organization opportunities of which was Gained customer insights unaware and built customer intimacy Guided through complex Positioned as business decision process partner and trusted advisor Introduced to thinking Allowed higher margin partner for advice and pricing of products and ideas services Reduced risks of implementation 17
  • 19. Match Your Selling Capabilities to the Way Your Customers Buy High IDEAS-BASED SELLING Opportunity for Full Educating Business Customer About CONSULTATIVE Solution Business Ideas Medium SELLING Single Product/ Bundled Service Offer Services/ Products TRANSACTIONAL SELLING Low Low Medium High Sellers Knowledge of Customers Business and 18
  • 20. How the Sales Cadence Shifts FROM TO Key Are you interested in our Is this problem/opportunity Question product? worth exploring? Talk at the customer Educate and discuss Interaction Focus on our product Focus on the value of the Style Everyone is a potential opportunity customer Evaluate customer fit Lots of product collateral Blank sheet of paper Tools Death by PowerPoint Whitepaper Discount schedules Validation 19
  • 21. Forum Responds to the Research Ideas-Based Selling 2-day instructor-led classroom program Process, skills, tools For experienced salespeople Sales manager companion program Available globally in Fall 20
  • 22. Jeffrey Baker VP & Practice Leader Strategy. Accelerated. Forum mobilizes people to embrace the critical strategies of their organization and accelerate results. When you need to swiftly align your people to tackle an opportunity or Michael Collins tear down a roadblock, Forum is an essential business asset. VP & Executive Consultant 800.FORUM.11 Join Forums LinkedIn Group @TheForumCorp 21