Sales is more than just a numbers game...

Stressed? Build a bridge and get over it.

Having a bad day, Bunky? Well, build a bridge and get over it.  Or, you could take the high road and calmly deal with issues in a more reasonable way. That’s where AmyK Hutchens comes in. As a business strategist and executive coach, she likes to look at stress as inevitable, but something that can be dealt with in a positive way.

AmyK and I had agreed to talk about stress as it applies to the small to medium business owner, and four areas of business stress that I identified as:  Financial, Employees, Market Conditions, and Product Innovation. Looking over the advance material before our phone conversation, I was prepared for AmyK to deliver one of those touchy-feely motivational talks; the kind of discussion that comes across as ‘Follow my five steps to peace and tranquility, and don’t sweat the small stuff’. 

Well, I missed that one by a long shot. What I discovered was that she is one of those no nonsense, tell it like it is, kind of coaches.  This was no time for chit chat; she got right to the point when I asked about the financial pain of running a business. "Cash is king.  With credit card reform on the horizon and minimal access to loans, it's imperative that business owners cut everywhere possible, and cut deep.", she said.

In some ways her advice is no different than reading about Fortune Brands Inc. in last Friday’s (May 21, 2010) The Wall Street Journal . In the story, “The Tap Is Turned Back On at Fortune Brands”, they talk about how the MasterBrand Cabinet division “…cut about 10,000 jobs, or about 40% of its work force, and it closed about 25 factories…” to survive the housing downturn over the last three years.

But, in the same story, they talk about how innovation played a key role in their recovery,  which now has them adding jobs. In a like way, AmyK made it clear in our conversation that "Innovation doesn't happen when you're overwhelmed, stressed and depressed. Innovation happens when you step back, truly reflect on what's happening, and ask yourself the better question. Ask  yourself: What are our customers resisting? What are they judging? What are they attached to?" She wants you to become savvy about your customers, keeping close tabs on what they are doing, and constantly ask questions of the customer to find out what’s going on in their world.

AmyK seems to be a fan of outsourcing, or putting projects out to others, if it’s not a part of your core competencies, or competitive advantage.  Yet she is keen to talk about leadership and the value employees bring to the company. When asked about employee morale in a down economy, AmyK said "Company morale is reflective of leadership. The economy is what it is. Leaders need to share a realistic and hopeful vision for the company, and then clearly define the role and value each employee contributes to that vision. Create a compelling future for them in your company."

In order to control stress for the average business owner, she advocates putting controls in place and having a clear picture of where you and your company should be at any one point in time. She believes that a fuzzy picture leads to uncertainty, and in turn builds fear (of the unknown). It’s the fear factor that often contributes to the stress we feel in our business and personal life.

No surprise, in closing she did offer-up a simple four-step process to “Short Circuit the Stress Cycle” and help us all decompress a bit. Here’s the abridged version (on my part):

1. Prioritize & Simplify

Assign each priority a chunk of time and then live within the parameters of that scheduled list. Follow up that time-framed list with another list of new priorities or re-prioritized activities.
 
2. Place yourself in time-out.

By removing yourself from a stressful environment or giving yourself a moment to biologically shift, you aid your immune system in getting back to healthy. A few deep breaths while you're in time-out is an added bonus.
 
3. Get a giggle.

Laughter reduces your stress hormones and literally changes your body chemistry. Humor releases endorphins and antibody enhancers which aid your immune system. Schedule 30 minutes to watch a funny sitcom or read a humorous book.
 
4. Put it in perspective.

Changing your perspective, your thoughts, is the most effective tool we have for reducing our stress and it's the least used tool by people when they're experiencing stress.  The goal is to change your perspective to less painful thoughts.  

AmyK Hutchens, Founder and Intelligence Activist, AmyK Inc., is a speaker, business strategist and executive coach. She is best known for helping business leaders capitalize on how the brain and human perception filters work to help them be more effective in business and their personal lives.

Better Forecast Probability from a defined Sales Cycle

By NvestNtech’s Biz Dev Team

The most sought-after item across our blog and Web site is some form of related content to Sales Forecasting. Common terms are used to make reference to finding a better way to more accurately project when business will close. Often, “probability” is the root cause of missed forecasts; if you can refine the probability estimate for a sale, you are likely to have a better, more accurate sales forecast. Improving probability can be as simple as knowing your sales cycle.

To take the art out of forecasting and add a degree of science to the forecast effort, take some time to develop ten steps of a typical sales cycle. The steps are milestones that someone can clearly see as an indication of getting closer to a sale. These milestones can take the form of a fully developed list of contacts, identification of competitors, a product presentation or demo, and as you near the close of business, a fully qualified price proposal.

To each one of these steps, assign a 10% probability of close; the ten steps will become 100%, with the last step being order entry. Each step is more than a brief word or two.  You will need to describe the step in some detail, e.g., 10% - Makes use of a similar product or service,  20% - Demonstrates a well-defined use or need for an alternative vendor or product, 30% - Has determined there is value or is willing to consider a purchase/sale outside their own current vendor or products in use, and so on.

Keep refining the steps in the sales cycle so that every sale takes the same path. Each step should build on the previous step in an orderly progression. Although the time between steps may vary based on the salesperson and customer, don’t let salespeople (or their managers) ‘leapfrog’ the milestones. Doing so only defeats the purpose of a more disciplined approach to quality sales forecasting.

Putting this discipline in place, you can begin managing sales efforts by getting from one step to the next. Looking at it another way, to move from 40% probability to 50%, you need to overcome any barrier that is holding you back from getting to the next milestone.  Overcome the barrier and your probability will go up 10%. This is a more tactical approach to selling and one that is more easily managed by the salesperson, and sales management.

This more focused approach is why we say, “It takes a disciplined process to produce an accelerated sales cycle.”

This is a reprint from the March, 2010 issue of the NvestNtech monthly eNewsletter. For a complete copy of this issue, along with additional articles, please click here.

0 to 60 in less than 5: Salesbarriers odometer spins to 333

As the blog odometer rolls 333 Posts today, I will soon celebrate four years of blog writing – the TypePad account dashboard shows I have been a “Member Since: May 2006”. What an adventure this has been. Although what seemed a rough and rocky start as I tried to learn the medium, the method, and the message (you wanted to hear), I soon began to get a feel for blogging. My thanks goes out to some loyal friends and business associates who encouraged me to continue, and offered their suggestions and ideas; without their cheerleading, I may have (prematurely) pulled the plug on this endeavor.

Initially I found myself writing in an impromptu way, i.e., if I felt it was something worth mention, I’d pen a piece. I soon realized that I would rather use a more disciplined approach, much like we advocate in our NvestNtech business and sales consulting practice, e.g., “It takes a disciplined process to produce an accelerated sales cycle.” I soon adopted a Tuesday and Thursday cycle of writing and posting to the blog.

When we introduced the One Goal - Revenue Generation ® podcast series, audio now became a part of the blog effort. This took more planning and prep time than penning a quick Post, but the results were equally rewarding. Beyond regular downloads by listeners, our podcasts are available on iTunes, Odeo, and Podcast Alley.

As we established a dedicated audience of listeners, we added the One Goal - Revenue Generation ® Group on LinkedIn. After joining the Group, you can discuss your own personal selling situations as they might relate to an individual podcast episode, or in a broader sense of the profession of Sales.

Fast-forward to today and you will find that Posts now happen as topics come my way. Whether the result of a phone call, an interview, a discussion, news item, event, or activity, I now publish a short or long Post most any day of the week, as well as odd hours of the day.

I really enjoy hearing from readers and subscribers; comments that add to the discussion are appreciated, too. Let me take this opportunity to thank you for your support and becoming a loyal subscriber. If you are a more casual visitor, I would encourage you to add the RSS feed to your browser, or opt-in to getting Posts by email. You will find handy links to do this in the blog, or look for the ShareThis icon at the bottom of each Post for more distribution options.

As we move forward into 2010, I am looking at adding a new audio series of personal interviews with business leaders. Look for more information on the new series in the coming months. In the meantime, it’s back to the daily grind and encouraging clients to have One Goal - Revenue Generation ®.

Dunkin’ Donuts, the original coworking facility

It’s 1973 and I’ve been promoted to a field sales position. I was pretty excited and looked forward to the new challenge of covering the whole State of Michigan and part of Ohio. Little did I know that would equate to driving nearly 1,000 miles a week. In those days, most business was conducted on a face-to-face basis; outbound calls were to the answering service, or for appointments.

Part of the job entailed sales call reports. You had a pad of pre-printed sheets with a variety of checkboxes and text fields to make notations, add comments, or check an action that was taken as a result of the call. At the end of the week, you would put all your reports in an envelope, along with your expense account, and mail them to your regional manager.

Filling out the reports every night was the common practice; there were those who probably waited until the end of the week (painful – still exists in CRMs today). When staying overnight, it passed the time in the hotel room. It was not a welcome task when you got home. That’s when I decided that I would be more efficient and do a write-up during the day, after a number of sales calls.

Those days in Michigan often found me in a Dunkin’ Donuts shop filling out my sales call reports. For me, it was the original coworking facility. As a traveling salesman, you couldn’t beat a good cup of coffee, a donut, a clean bathroom, and a wall-mounted pay phone. It was our office away from home, and the chance to share some time with fellow salespeople, or local town leaders and businesspeople.

This week I reflected on this era of selling. I stopped at a local Dunkin’ Donuts to purchased a dozen and a half donuts for a group of folks in an office. After selecting the donuts – hey, don’t rush me, I have to think what kind they’ll like – I looked around and saw how much Dunkin’ Donuts had changed over the years.

The old days at Dunkin’ Donuts were a formula of good coffee (no fancy concoctions whipped into a frenzy), a simple service layout (no drive-through back then), tasty treats, friendly service (they had counters back then, and people served you coffee in a ceramic mug), and no digital interruptions either introduced by you and Wi-Fi, or the result of overhearing an unwanted cell phone conversation by others.

In some of the locations that I frequented back then, you would see the same folks about the same time of day. Since today’s ‘always on’ connectivity was nonexistent, we took time to get to know each other and share a good story, or some other news or topic for discussion. In a similar way, coworking facilities are often described as a “shared professional workspace with a community atmosphere”.

Looking back, after this week’s Dunkin’ Donuts visit, I can’t help but reflect on the idea that yesterday’s Dunkin’ Donuts had the same feel as today’s coworking facility. I also realized how much I miss it.

My comment was not intended to be an open door (for you)

It’s happening more of late. I sense that someone is about to pounce on a comment that I just made and they seem to want to seize the opportunity to take a potshot at someone or something. Often it becomes nothing short of piling-on like a scrum – it’s contagious, as others will soon join in.

My solution has been to offer a closing comment (with a genuine smile) of “Not a door!”, to the other person. It’s my way of cutting them off before they can get some traction. I have an aversion to people looking for a chance to launch into some diatribe against others.

Sure, it can seem like a way for me to get in the last word. But, I try and be careful to use it only when I sense the other person is ready to pounce. What I have found is that it can be a pleasant way to help others adopt a more courteous response that would have otherwise eluded them.

But, I need to be equally careful to avoid the same situation myself. It’s easy to grab a sound bite and turn it to your advantage. There’s an unusual satisfaction in getting the last word. Watch most any TV show with opposing views, and you can get a feel for what I am talking about. Pity the poor anchor that has to serve as moderator and referee.

Could it be that the advent of text messaging, tweets, instant messages, and email have led to this trend? I can’t be sure, but I do see that people are talking more and listening less. There seems to be a compelling drive to get something out with your name on it. Is it really that important? Without listening more and speaking less, how will you develop the important quality of personal relationships known as empathetic listening?

The next time you feel compelled to speak after someone else makes a comment, pause for just a second (or two). Was that a door opening (for you)? Or, was the door closed and you are just trying to barge-in unannounced?

Some straightforward advice on how to get a speaking slot

Although it’s commonly felt that speaking in front of large groups can make most anyone nervous, in business many of us look for speaking opportunities, especially at a conference or trade show event. Whether serving as a keynote speaker, or a breakout session or workshop, a speaking engagement can be good for you, and your company.

In my own limited speaking experience, I have been fortunate to have been actively sought out to speak, i.e., I didn’t have to solicit a speaking slot. But, what about those opportunities that you would like to pursue, but didn’t know how to go about getting the chance to speak?

One place to start is with an abstract (of your topic) to be submitted to the conference organizers, or organization leaders where you wish to participate in their event or activity. In her blog Post titled “Why Didn’t I get that Speaking Slot?”, Lacey Caldwell of Connect2 Communications lays out 5  tips that can help you avoid the rejection of not being considered in the first place.

What stood out for me in her Post was Tip #3, “Don’t mention your products!” What? You have to tell people that? Nothing like the obvious! But, as Caldwell points out so well, it’s the obvious that needs the most attention, e.g., in Tip #5 she points out, “If you can’t bring the CEO, don’t submit the CEO.”

If you are looking for some straightforward advice on soliciting speaking slots, these 5 tips from Caldwell might be just what you need to secure a slot at the next event.

Tech in Review: Trackle Pro – Information bird dog for the business Professional

Today, Trackle announced their new premium service of their popular information tracking and alert service. The newly released Trackle Pro, a fee-based subscription, is intended for business professionals, especially those in Sales, Marketing, or Public Relations roles.

The original Trackle service (which is free) allows subscribers to use “tracklets” – think category or type of news and information – to follow their interests in shopping deals, jobs, travel, stocks, sports, and more. Trackle claims, “An average user tracks about ten items which generate about twenty alerts per day.”

Soon Trackle discovered that it wasn’t just everyday consumers and individuals using their service for personal interests. They found that professionals in Sales and Marketing, as well as Public Relations and HR, were using the service to track companies, stocks, brand recognition and ranking, personnel changes, and more.

Many of us attempt the same thing with the use of an information tracking service in one form or another. Most fall into two primary categories, the entry level (often free) that makes a broad sweep across the Web, and the higher-end paid services that are specific and highly targeted in their information gathering and delivery.

I use Google Alerts as a simple and easy way to keep up with a small number of companies and people. I also get daily alerts from Business Wire that keeps me abreast of my interests in specific companies, headline news, market segments, or special interests (e.g., Blogging, Accounting, Social Media, Rail, Consulting, Environment, University, etc.). I subscribe to a number of other sources for alerts and information, too.

When it comes to the idea of Trackle Pro, I was a little skeptical at first; I wondered why people would be willing to pay for this level of information unless it was directly related to their business, or role in the company, e.g., Public Relations firms, Corporate Communications, or Marketing departments with a need for competitive intelligence gathering.

To answer that question, Pavan Nigam, CEO and Founder of Trackle, took me through a guided tour of Trackle Pro last week. The original Trackle was born out of Nigam’s personal experience; as he describes it in his CEO Blog, “One day, it dawned upon me that my web-usage had a fairly simple pattern.  I found myself repeatedly going to the same websites for discovering changes.“

It didn’t take long for me to appreciate the value in Trackle Pro. Instead of the many feeds of information I get today, I could create my own customized dashboard of information retrieval. Trackle has partnered with a number of recognized information sources as well as their own ability to scour the Web to provide timely and relevant information. Subscribers will be able to build their own ‘favorites’ (of sources) along the way and share them with others.

During the demo, Nigam commented, "Right now a lot of people are trying to use Google Alerts to find all kinds of information when they really need a more robust research tool that spans their personal and professional interests. Trackle saves them a lot of time looking for all kinds of information online, but the real savings is in tracking the information they're not aware of - like a new lead in their LinkedIn network."

As a Trackle Pro subscriber, I can select tracking from the following categories: Company; Person; Brand; SEC filings; Website Changes and LinkedIn updates. Within those categories I can establish business rules – driven mainly by check boxes and free-form text fields – to retrieve only that information meaningful to me. There is even a chart feature to measure the “buzz”.

Trackle uses advanced algorithms to ensure a higher quality of information hits. Delivery of the information can be sent in a variety of ways. Much like my current methods, I can specify email, Web, or SMS. Incorporated in the email list of alerts – one email contains all my alert categories – are hyperlinks that work like a bookmark to my subscriber page on  the Trackle site.

They are offering a 14-day free trial to get you started, then three levels of paid subscription, based on use/demand, starting at $9.99/month. Encouraged by the capabilities, I have some reservation in the price structure as it stands today.

Since the competition at the entry level is either free, or burden-only (i.e., the time and effort to find it on your own), unless you are tracking a small and well-defined landscape of information, I see people quickly needing to go to the higher levels of the Trackle Pro price structure. Also, where I see competition for them on the original Trackle in the form of sites like Everyblock.com, I see services like HubSpot, or deeper integration like Hoovers with Salesforce.com, pushing at them from the Trackle Pro side.

When it comes to Trackle Pro’s interaction with LinkedIn and Facebook, unless I am missing something, I think I could be patient for that information and use the existing notifications in each. I find that LinkedIn is enabling more ways to alert me to the activities in my network of contacts, social media, and groups. In some ways, all of this reminds me a little of the URL shortening market; one day it’s TinyURL, then shortly thereafter bit.ly takes the lead.

On the Sales and Marketing front, I can see the value for Marketing; but if this were intended as a tool for Sales to use for sales leads or demand generation, then it might be more difficult to justify (depending on your territory or sales assignment) the expense. Where I could see it in Sales would be for National Account reps (or those assigned to key accounts, or specific market segments), or those responsible for key channels of distribution.

If I were a Public Relations firm, I wouldn’t hesitate to try it out, and likely become a subscriber. The same applies to Corporate Communications and HR; professional recruiters could probably make use of it, too. If you were a Brand Manager, especially in a smaller firm, or a small business owner, Trackle Pro would probably be worth your time and investment. Also, if you are an emerging company or start-up, it could be a very useful tool on a wide range of information needs and market forces.

Podcast: How many sales calls should I make each day?

You are uncertain with how to determine the number of sales calls or customer visits you should make in any given business day. Depending on the sales demands of your product or service, the number of calls may vary. Each business or industry is unique and often selling a service can be more time consuming than selling a product. In this episode of the One Goal - Revenue Generation ® series, Peter Kusterer of NvestNtech offers a simple and straightforward way to set a reasonable number of sales calls, across a specified account classification. Download this episode - “How many sales calls should I make each day?”

Offer your comments, questions, or initiate general discussion with other listeners of the One Goal - Revenue Generation ® Podcast series. Use this LinkedIn Group to discuss your own personal selling situations as they might relate to an individual podcast episode, or in a broader sense of the profession of Sales.

Click on this link for the Podcast directory that includes the One Goal - Revenue Generation ® series, as well as additional Podcast episodes and related topics. Our podcasts are featured on iTunes, Odeo, and Podcast Alley.

Innovation: Pouchee – Clever Christmas gift with inspiring back-story

With countless stories of gifts that hit off-center, it never ceases to amaze me how some people can hit the mark with simplicity and ease. Although this may seem a story for the ladies, if you guys are looking for a smart and practical gift, the Pouchee should top your list. The Pouchee is one of those useful ideas you are left with the thought, “Why didn’t I think of that?”

Although most purses incorporate some level of organization in the form of pockets, zippered pouches, and card slots, the Pouchee takes it to a new level in the form of a transportable purse organizer. Rather than transfer all your many cards and items by hand, you can transfer your organized Pouchee from purse to purse. You simply grab the attractive rings and remove it from one purse, then slide it in place into another.

The Pouchee was clearly conceived out of necessity – you know the drill, “Necessity, who is the mother of invention.” Anita Crook, business owner and entrepreneur, tells a delightful story on the Web site of how, “It was Christmas, 2004. At our usual Christmas Eve family celebration I opened the gift from my oldest son. It was a great, trendy shoulder bag which I loved but knew I would never use. There were no pockets, just one, big, empty bag. I had to have my pockets.”

The Pouchee I saw was from their Outback collection; my daughter had chosen it for my daughter-in-law as an attractive and practical gift - watching the exchange between the two of them was more like sisters who had been out shopping together. They were excited about the possibilities of the Pouchee; within moments, it was put to use.

But, part of what I enjoyed most of this experience was the back-story of the company and it’s creator. The practical gift had pushed my curiosity to learn more about the company and who came up with this idea. After doing so, I think we should all be encouraged by Anita’s closing comment of, “So, here I am 60+ years old, marketing, selling, shipping and still having a ball, organizing women, one purse at a time. What a great life!!!”

Watch some of the videos that are linked on the Home Page under News & Announcements. Anita’s up-front and candid style is refreshing and should offer inspiration to anyone who has an idea, but has never taken the time to pursue it.

Podcast: Quota, Forecast and Budget; an easy explanation

You hear the words Quota and Forecast used interchangeably. Are they the same thing? What about Budget; is this applicable to Sales, too? In the simplest form, Forecast is what is thought to be possible, Quota is what needs to occur, and Budget is what it takes to keep the lights on in the business. In this episode of the One Goal - Revenue Generation ® series, Peter Kusterer of NvestNtech explains, in an uncomplicated way, how each one of these important sales measures should stand on their own. Download this episode - “Quota, Forecast and Budget; an easy explanation.”

Offer your comments, questions, or initiate general discussion with other listeners of the One Goal - Revenue Generation ® Podcast series. Use this LinkedIn Group to discuss your own personal selling situations as they might relate to an individual podcast episode, or in a broader sense of the profession of Sales.

Click on this link for the Podcast directory that includes the One Goal - Revenue Generation ® series, as well as additional Podcast episodes and related topics. Our podcasts are featured on iTunes, Odeo, and Podcast Alley.