Selling to the CxO

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Selling to the CxO - Introduction

Demystify the CxO World – 5 Points

Give you a process to follow

Provide tips on unique requirements of CxO selling

Today:

1.

2.

3.

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Selling to the CxO - Introduction

Why is it important?

Strategic Decisions

Long Term Relationships

Value vs. Price

Solutions vs. Products

Shorter Sales Cycles

It’s out of our comfort zone!

A:

If that’s the case, why don’t we all do

it every day?

Q:

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Point 1 - CxO’s are People Too

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Point 1 - CxO’s are People Too

Mortgages Family

Travel

“too little time”

“really big”

“the possibilities”

“lots of passion”

“very long days”

“extensive”

“tremendous”

Family

Mortgages

Dreams

Emotions

Long Days

Travel

Pressure

Committed to their business’s

success

Committed to achieving their personal goals

Worked their way up just like

you

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Point 2 – CxO’s have different Communication Styles

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“how much more information could

she possibly want?

Have you heard people say any of these things about different

Executives?…..“get right to the point when your meeting with that

guy”

“she never makes

a decision right

away”

“book some extra time

for that meeting, he’ll

talk your ear off”

“she can’t stay

focused on one

thing”

“he hates

confrontation”

“I just wish I could

get him to get to

the point!”

“we really

connected”

Point 2 – CxO’s have different Communication Styles

High dominance

Low dominance

High sociability

Low sociability

Emotive (expressive)

Sociable, SpontaneousEmotional , UnstructuredPersonable, DynamicPersuasive

Director (driver)

Aggressive, Intense

Requiring, Pushy

Frank, Impatient

Reflective (analytical)

Precise, Deliberate

Questioning, Disciplined

Serious, Stuffy

Supportive (amiable)

Warm , Sensitive

Patient, Softhearted

Relaxed, Reserved

Source: Manning/Reece/MacKenzie)

Point 2 – CxO’s have different Communication

Styles

Style Flexing - Sell Differently to each style:Style Flexing - Sell Differently to each style:

Selling to Supportives

• Try to build a social relationship

• Listen carefully

• Professional, but friendly approach

• Offer personal assurances and support

• Be patient

• Avoid conflict if possible

Supportives Emotives Reflectives Directors


Styles


Selling to Emotives

• Be enthusiastic

• Take time to establish goodwill

• Back off on facts and details

• Support their opinions and ideas

• Ask questions and listen attentively



Styles


Selling to Reflectives

• Be prompt and organized

• No nonsense, businesslike approach

• Show proof and documentation

• Never pressure them to make a quick decision



Styles


Selling to Directors• Be businesslike

• Be efficient, to the point

• Be organized

• Use facts and figures

• Help them meet their objectives

• Ask specific questions related to the key issues



Styles

Point 3 -Point 3 - Know What Drives the Know What Drives the CxO’s AgendaCxO’s Agenda

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Point 3 - Know What Drives the CxO’s Agenda

SOXSOXSecuritySecurity

Mergers / AcquistionsMergers / Acquistions

Downsizin

g / Outs

ourcin

g

Downsizin

g / Outs

ourcin

g

Increasing profitabilityIncreasing profitability

Growing the top line

Growing the top line

Shareholder expectations

Shareholder expectations

New markets

New markets

Customer Satisfaction / Attrition

Customer Satisfaction / Attrition

Increased productivity

Increased productivity

Lower costsLower costs

Reducing RiskReducing Risk

Competitive AdvantageCompetitive Advantage

“The Executive Whiteboard”

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SecuritySecurityTop of CIO agenda - #1 technical priority, #2 business priority – Gartner

# 1 reason for upgrading Enterprise Networks – IDC

Web outages cost companies avg. $125K per hour – Cahners In-stat Group

Security threats from outside and within – 90 % of U.S. Bus and Gov’t experienced hacker attacks in 2003

80% of Network Security Mgrs believe biggest threat is from employees – Gartner

59% of corporate security budgets increased in 2004- Yankee Group

In your experience

is Security a high priority

on the Executive Agenda?

“The Environment”

You can’t afford not to bring this to your Executive’s table!You can’t afford not to bring this to your Executive’s table!

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And If That Wasn’t Enough…….


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Security issues?

Competitive Inroads?

Budget Cuts?

How can we afford College

tuitions?

Point 3- Know What Drives the CxO’s Agenda

Real Question is……What is Your CxO Thinking About?

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Bits and Bites

Speeds and

Feeds

Bigger and

Faster

What Your Customer’s CxO Is NOT Thinking About?


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Think Strategically

Pres.

Your Exec

Directors

Managers / Supervisors

Front Line

Both

Strategic Issues “Solutions”

Execution Tactics

“Products”

Our Comfort Our Comfort ZoneZone


Who is in the Power Base?

• Decision makers

•Influencers

-New vs. traditional

-Security – where?

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Point 4 - Successful Executive Relationships Are

Based on Value

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Point 4 - Successful Executive Relationships Are

Based on Value

Cluster of Values

Success is directly proportionate to the Value YOU Bring

1. Yourself –Sales Professional• Business insight, consulting, orchestration

2. Your Solutions • That advance the Executive’s agenda

3. Your Company

• The support, depth, expertise to support a long term relationship

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Point 5 – Sustainable Relationships Need a Sales

Process

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Point 5 – Sustainable Relationships Need a Process

Preparation Implementat’nApproach Solution Design

PresentationDiscovery

Standardized Sales Tools & Processes Comprehensive Coaching

11 22 33 44 6655

The 6 Step Selling Process

- Applies to multi-call and single call sales cycles- Applies to multi-call and single call sales cycles

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Preparation ImplementationApproachSolution Design

PresentationDiscovery

Sal

es F

ocu

s

Sales FocusDuring the 6 Step Selling Process


PremisePremise – invest more energy at the front end to – invest more energy at the front end to minimize objections and increase close ratiominimize objections and increase close ratio

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Customers

$ Current

Value

$ Potential Value

CD

BA

Sample Legend:Sample Legend:

A – Top 20% Margin/revsA – Top 20% Margin/revs

- breadth of portfolio

- large share of wallet

B – Top 20% Margin/revsB – Top 20% Margin/revs

- portion of portfolio

- little or no Security

C – Bottom 80% Margin/revC – Bottom 80% Margin/rev

- portion of portfolio

- little or no Security

D – Bottom 80% Margin/revD – Bottom 80% Margin/rev

- breadth of portfolio

- large share of wallet

Preparation – Not All Opportunities are equalNot All Opportunities are equal


Preparation ImplementationApproachSolution Design PresentationDiscovery

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1. Relationships2. Strategic importance – can you add value?3. Early Adaptors4. Balance – Size of Opportunity with Path of

Resistance5. Learn everything you can – before you call

Prioritize Targets



Preparation – Not All Opportunities are equalNot All Opportunities are equal

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The Approach – Making ContactMaking Contact

Objective – secure an appointment1. Prepare a compelling message from your Preparation2. Consider engaging your Executive on the first call3. Seek out a “warm” introduction link4. View Executive Assistant as the Executive5. Expect Voice Mail



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“ “ Good morning Ms. Anderson, this is John Hertel VP Sales at Exceleration Technologies. I was speaking Good morning Ms. Anderson, this is John Hertel VP Sales at Exceleration Technologies. I was speaking with your colleague Marvin Ryder earlier today and he suggested that I give you a call. Am I catching with your colleague Marvin Ryder earlier today and he suggested that I give you a call. Am I catching you at a bad time?”you at a bad time?”

““No, I am between meetings right now. .. I have a couple of minutesNo, I am between meetings right now. .. I have a couple of minutes. What’s this about?”. What’s this about?”

““Marvin and I were reviewing some information on our newly introduced Security solutions and he felt Marvin and I were reviewing some information on our newly introduced Security solutions and he felt pretty strongly that selected areas would be of real value to you at your upcoming planning session.”pretty strongly that selected areas would be of real value to you at your upcoming planning session.”

““That’s interesting…..tell me a little more”That’s interesting…..tell me a little more”

““Based on a review of recent Security breaches that companies similar to yours have experienced, we Based on a review of recent Security breaches that companies similar to yours have experienced, we have prepared a unique risk management approach and associated ROI models that might fit your have prepared a unique risk management approach and associated ROI models that might fit your exact situation. What day this week would you be available for 30 minutes to meet with my associate exact situation. What day this week would you be available for 30 minutes to meet with my associate Maria Williams and me to explore this a little further?”Maria Williams and me to explore this a little further?”

““I can see you and Maria on Thursday at 1:15….I will bring Tom Hayes my Director IT as well.”I can see you and Maria on Thursday at 1:15….I will bring Tom Hayes my Director IT as well.”

““Great, we will see you in your office on Thursday at 1:15….I will email a draft agenda this afternoon.Great, we will see you in your office on Thursday at 1:15….I will email a draft agenda this afternoon.

Example:



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“ “ Good morning Ms. Anderson, this is John Hertel VP Sales at Exceleration Technologies. I was speaking Good morning Ms. Anderson, this is John Hertel VP Sales at Exceleration Technologies. I was speaking with your colleague Marvin Ryder earlier today and he suggested that I give you a call. Am I catching with your colleague Marvin Ryder earlier today and he suggested that I give you a call. Am I catching you at a bad time?”you at a bad time?”

““No, I am between meetings right now. .. I have a couple of minutesNo, I am between meetings right now. .. I have a couple of minutes. What’s this about?”. What’s this about?”

““Marvin and I were reviewing some information on our newly introduced Security solutions and he felt Marvin and I were reviewing some information on our newly introduced Security solutions and he felt pretty strongly that selected areas would be of real value to you at your upcoming planning session.”pretty strongly that selected areas would be of real value to you at your upcoming planning session.”

““That’s interesting…..tell me a little more”That’s interesting…..tell me a little more”

““Based on a review of recent Security breaches that companies similar to yours have experienced, we Based on a review of recent Security breaches that companies similar to yours have experienced, we have prepared a unique risk management approach and associated ROI models that might fit your have prepared a unique risk management approach and associated ROI models that might fit your exact situation. What day this week would you be available for 30 minutes to meet with my associate exact situation. What day this week would you be available for 30 minutes to meet with my associate Maria Williams and me to explore this a little further?”Maria Williams and me to explore this a little further?”

““I can see you and Maria on Thursday at 1:15….I will bring Tom Hayes my Director IT as well.”I can see you and Maria on Thursday at 1:15….I will bring Tom Hayes my Director IT as well.”

““Great, we will see you in your office on Thursday at 1:15….I will email a draft agenda this afternoon.Great, we will see you in your office on Thursday at 1:15….I will email a draft agenda this afternoon.

Example:



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Approach - Creating Voice Mail Approach - Creating Voice Mail ImpactImpact

Characteristics:• Brief – arouses curiosity• Creates a sense of urgency• Unique – stands out from the rest


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Possibilities:• Credible personal reference

– “Barry Burke at Cisco suggested I give you a call…”– “I got your name from Debbie your Director of

Purchasing…..”

• Compelling personal experience– “Lisa, I just returned from an incredible product launch

at Cisco, and I was compelled to call you right away”


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Possibilities:• Important data or research reference

– “Mr. Taylor, it’s John Hertel at Tower Technologies…. I am looking at a research report from the Yankee Group….

• Implication that other good companies moving in that direction– “Mary, it’s John Hertel at Tower Technologies….I am following up on

the invitation that we sent you last Thursday. Most of the other invitees, including several of the top 50 companies that you compete with, have already replied and I would hate to see you miss out. Can you call me at…..”


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Objectives:1. Establish a buying motive

- the compelling link between your solutions and the customers business

2. Generate interest, rapport, and curiosity3. Secure follow-up meeting for Presentation

The Discovery



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1. Winning Attitude2. Peer to Peer – the Executive conversation3. Questions, Questions, More Questions

4. Active listening – see handout quizsee handout quiz

The Discovery – TipsTips



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1. Prepare Draft Agenda- Introductions- Brief Company Overview- Key information (you will need to support a

Solution Recommendation)- Key stakeholders (high and wide that you

should plan to contact)- Next Steps

2. Prepare potential questions

The Discovery – Plan the DiscoveryPlan the Discovery



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Sample Discovery Questions What 3 challenges are you focused on over the next 3 to 6 months? What are the biggest demands that your customers are putting on your

business this quarter? How do you deal with the pressures from competitors in your customer

base? How do you deal with their constant pressure to lower prices? How do you differentiate yourselves from the competition?

How is your Network integral to your business success? What different parts of your business would be impacted by a Network

security breach? How are your IT teams and Security teams tied together? Who has responsibility for making decisions that impact both the IT and

Security teams? How do you build a corporate Security budget? What security metrics do you have in place? How do you currently communicate security policy to your employees?

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Security is the #1 or #2 IT – related concern

HoweverHowever

Executives “hate" spending money on it

Security is perceived as a cost center

Purchases that improve profitability or minimize operational costs get the highest priority

Solution Design - ContextContext



Budgets and reporting structures are segmented

Enterprise wide issue

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2. Your Value Proposition:

-Sales Professional -Offerings -The Company

3. The Competition:

- Relative “Cost” of their Value Proposition vs.

Yours

1. Customer

-Objectives

-Challenges

-Opportunities

Who can best help me be successful?

Solution Design – 3 Key 3 Key ElementsElements



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• Become an industry expert– join Associations

• Know what is going on outside your Company– i.e. new applications, bundles, offers

• Understand key differentiators with competitors– have your facts right!

• Avoid criticizing the competition.– Focus on your product or service merits.

• Lay “traps” – i.e. where you Know yours is better


Solution Design – Know Your CompetitionKnow Your Competition


Exercise for you to Exercise for you to try…..try…..

1.1. List strengths of top List strengths of top 2 or 3 competitors 2 or 3 competitors

2.2. List strengths of List strengths of your companyyour company

3.3. Target your Target your strengths against strengths against their weaknessestheir weaknesses

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Governance – Risk Management• Security Metrics - compliance• Business Impact Assessment• Security Policy Development

Technical Services• Security Awareness Training• Certification and Accreditation• Vulnerability Assessment

Crisis Management• Disaster Recovery Planning• Emergency Response Team


Solution Design – How will you differentiate yourself ?How will you differentiate yourself ?

+Best-in-Class Best-in-Class

Security Security ProductsProducts


“Security Thoughts Starters”

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1. The moment of truth2. A logical next step

• Ties together key pieces of info as expressed by the customer with your solution

3. A persuasive and compelling story• Confirms you listened to Customer’s expressed

needs• Demonstrates that you have great value -

translated those needs into a solution….• That will help your customer be successful


The Presentation


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3. Be passionate

2. Keep it simple

1. Be organized

The Presentation – Telephone or in PersonTelephone or in Person



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1. Introduction– People, Objective, Agenda Review, Company overview

2. Review Current Situation– Summary of Discovery, confirmation of problems to be

solved3. Demonstration

– Product or service; supporting information 4. Recommendation

– Solution – linked to Discovery; Investment (Costs) - ROI5. Next Steps

– Implementation, contracts, schedule, finance etc.

The Presentation – Sample Presentation Sample Presentation AgendaAgenda



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10%

90%• doesn’t see Value

• needs financing

• has new boss coming in – reluctant to go ahead

priceTiming Other

proposals

priority

• not final decision maker

• heard bad things about your service isn’t sure yours is best

Price

The Presentation – Uncover the Real Uncover the Real ObjectionsObjections



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No Need Product / Service

Source Price Time

Automatic response to salespeople

Too new – unproven reliability

Has current supplier

Budget Too busy right now – time of year

Lack of Knowledge

Lack of knowledge

Time to manage new supplier

Financing Too much work – new relationship

Has another supplier

Present one satisfactory

Doesn’t know value prop

Total cost of ownership

Other key issues

No compelling event

Rumors negative Rumors negative Terms Thinks can’t deliver

Not decision maker

Internal resistance

Not risk taker Over authorization limit

Internal reorg coming


The Presentation – Typical Buyer Concerns


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• Focus on dominant buying motives• Negotiate the tough points before attempting a close• Sell Benefits (ask the ‘so what’ question)• Use “Proof Points”

– State the Benefit– Prove the Benefit– Apply the Benefit

• Ask for the sale

The Presentation – Always be ClosingAlways be Closing



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Proof Statement ComponentsProof Statement Components

1.1. State the benefitState the benefit““Deploying Comstor’s Layered Security solutions can protect your end users’ Deploying Comstor’s Layered Security solutions can protect your end users’

from financial losses caused by web hackers”from financial losses caused by web hackers”

2.2. Prove the benefitProve the benefit““According to the CSI/FBI Computer Crime and Security Survey, sabotage According to the CSI/FBI Computer Crime and Security Survey, sabotage

of data networks is estimated to cost the average organization of data networks is estimated to cost the average organization $214,521 per incident”$214,521 per incident”

3.3. Apply the benefitApply the benefit““So you can see that there is true ROI value to your business in preventing So you can see that there is true ROI value to your business in preventing

unauthorized access to Corporate systems and data”unauthorized access to Corporate systems and data”


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• Research shows – Sales cycle over when invoice is paid and customer feels you delivered what you promised, on time, on budget

• Be visible - be there for important stages – good or bad• Be accountable• “Service the Sale”

– Follow thru on promises– Follow up for satisfaction– Prospect for new business

The Implementation – Execute, Execute, Execute, Execute, ExecuteExecute



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Recap

Point 1 – CxO’s are People Too

Point 2 – CxO’s Have Different Communication Styles

Point 3 – Know What Drives the CxO’s Agenda

Point 4 – Successful Executive Relationships are Value Based

Point 5 – Sustainable Relationships Need a Sales Process

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Recap

Thank You

Selling to the CxO - Introduction

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Transcript of Selling to the CxO - Introduction