30 Minutes to President's Club | No-Nonsense Sales
Get to power every time (10 Minute Club Playbook ft. Jason Bay)
Mon Jul 03 2023Description
The episode covers the importance of stakeholder involvement in sales deals and provides strategies for approaching the buying process as a sales leader.
Insights
Stakeholder involvement is crucial
Involving more stakeholders in a deal increases win rates by 25%. Closed one deals have nearly twice as much stakeholder involvement as closed lost deals.
Identify key stakeholders early
Research potential stakeholders before the first call and ask for them by name. Validate your stakeholder hypothesis by mentioning specific individuals you researched and explain why their perspectives would be valuable.
Approach the buying process as a consultant
Guide and coach frontline sales leaders on achieving a great outcome. Warm up the buying committee by reaching out to key stakeholders prior to the first call, keeping power looped in with updates, and engaging additional stakeholders individually through email or text after group calls.
Sell the outcome, not just the deal
Emphasize how multi-threading de-risks the purchase and leads to better outcomes.
Chapters
Stakeholder Involvement
00:00 - 07:04
- 70% of reps are single threaded on deals according to LinkedIn.
- Involving more stakeholders in a deal increases win rates by 25%.
- Closed one deals have nearly twice as much stakeholder involvement as closed lost deals.
- People are often worried about going over their champion's head and alienating them, but not involving power is a common regret when deals are lost.
- The prospect's influence may not be as great as you think it is.
- The first step to getting to power is identifying who needs to be involved in the buying process.
- It's easier to correct than to educate, so research potential stakeholders before the first call and ask for them by name.
- Validate your stakeholder hypothesis by mentioning specific individuals you researched and explain why their perspectives would be valuable.
Approaching the Buying Process
06:36 - 11:10
- Ideas for getting perspectives as frontline sales leaders
- Include directors of sales, account executives, SVPs, and CROs in the buying process
- Approach the conversation as a consultant to guide and coach them on achieving a great outcome
- Warm up the buying committee with three plays:
- Reach out to key stakeholders prior to the first call without name-dropping or making an ask
- Keep power looped in by sending updates after meetings with team members
- Engage additional stakeholders individually through email or text after group calls
- Sell the outcome, not just the deal, by emphasizing how multi-threading de-risks the purchase and leads to better outcomes