High Probability Selling for Sales Professionals: Turn Cold Calling into Warm Sales Leads
It's no secret that sales professionals can find it difficult to convert cold calls into warm leads. Even when they're successful, the process often takes hours and involves a lot of effort.
So what's the solution? A new technique called "High Probability Selling", which has been developed by sales leaders over the last few years. Using this approach, reps can create a tailored approach to their cold calls, effectively enabling them to close deals with prospects who are most likely to be interested in their company's product or service.
How does it work?
To create a High Probability Selling approach, sales reps should consider several factors: the industry, their product or service, the size of the market, their current performance and the type of deal they're looking for.
For example, when it comes to industries that are likely to be growing in the future (such as mobile healthcare), sales professionals are likely to be able to target prospects who are most likely to be interested in their services. By taking these factors into consideration – as well as observing their own cold-calling results – reps can start using High Probability Selling techniques.
In order to use this approach: 1) Call on companies that sell the same product you do. 2) Find out who is the single decision maker. 3) Get to that person's desk and sit down for a face-to-face meeting. 4) Understand your prospect's needs and frame your sales pitch in a way that will convince them of your product's value. 5) Use "reason why" to remind customers how they'll benefit from your product. 6) Ask for the order, and get the prospect to agree on terms of the deal that is being offered. 7) Close the sale.
This same strategy can be used to close more qualified sales in a shorter period of time with less effort. In fact, studies have shown that using this approach can reduce cold-call time by up to 95%.1
So, the next time you're faced with a prospect who isn't willing to share details about their company or product, don't give up and forget about it altogether. Instead, consider these five tips for creating your own High Probability Selling approach: 1) Focus on industries that are going to grow in the future. 2) Concentrate on one big deal at a time. 3) Make sure you're able to talk your prospects through how they'll benefit from your service or product. 4) Set up meetings to meet only one person at a time. 5) Use "why" to close more qualified sales in a shorter period of time with less effort.
Reference: http://www.sosuccessworkshop.com/sales-roi/high-probability-selling-for-sales-professionals-turn-coldcalling-intowarmselling-leads
Excerpt: I've been on the internet for many years, and while researching various companies, products or services my focus is always on the bottom line. My questions to every company I contact are about their bottom line.
When I sell, my mindset is the same. I want to sell the company and not myself. I want to get paid for something I am selling, not for some other reason.
I believe that this mentality will help me recognize high-probability opportunities and save time with low-probability opportunities when they do present themselves.
Another benefit of this approach is that it will allow me to keep track of all my efforts by keeping a log book or notebook where I list the companies that gave me a chance and how much time it took to qualify them, as well as how much time it took to close each one.
I usually follow this approach for about six months unless I discover a new way to make more money. There are no hard and fast rules, but I suggest keeping notes and taking detailed notes immediately upon contact. After that, take some time to think about the opportunity and all your options before making any calls.
How do you keep track of your prospects? Do you keep a file in your email inbox? A log on a website? A notebook or pad of paper where you write the name of your prospect with what they asked you? What do you use to keep track of who is contacting whom in your company? Have you found an effective system or approach that works well for you?
Here's some ideas.
1. The simplest way is to keep a file of names and information in your email inbox – especially if you have a sophisticated email system.
2. If you use an Outlook folder for the same purpose, create subfolders for each department or group in the company.
3. Use Excel to create sheets that list each contact person, their names and what they do with the company or product you want to sell them.
4. Create a file that lists me, mine and yours contacts with their contact details, including name and phone numbers for everyone on your team, plus everyone else in your database including vendors, distributors and service providers from whom you are trying to secure business (including places like LinkedIn).
5. If you are still using paper, create one spreadsheet that lists each contact and has columns for their name, department, title and phone number.
6. Try a CRM or contact management program like Act!, Salesforce or Goldmine.
7. Use PIE to track your time and effort – prospects contacted and hours spent in each activity.
8. Use TagTime to track your time on projects – the tasks you completed, the time spent on each task, who you spoke with about the project (and when).
Reference: http://www.sosuccessworkshop.com/sales-roi/high-probability-selling-for-sales-professionals-turn-coldcalling-intowarmselling
Excerpt: I believe in two keys to successful closing: First, some sales reps simply aren't great closers or communicators. These people don't possess the skills to make the sale – they only know how to follow up.
Second, many sales reps enjoy talking but don't have any idea of how to translate it into sales leads. They're decent talkers but are missing the skills to close.
Here are 5 steps you can use to become a better closer:
1. "Don't start with the buyer, start with the decision maker." – Joe Polish
2. "Most reps don't act like closers until they've tried everything else. Just follow-up, and build on that natural instinct." – Joe Polish
3. "When you don't have the answer, make something up." – Joe Polish
4. "Write it down beforehand: 'I'll close my prospect in this way.
Conclusion:
For more great cold calling tips, check out these articles: http://www.sosuccessworkshop.com/sales-roi/cold-calling-expert-advice-step-by-step
Excerpt: Here are 5 simple steps to follow when you're cold calling a potential customer: 1) Ask for the order – state clearly what you want them to do for you. Once they say OK, follow up with a second request that is less direct but gets back to how they might benefit from working with you. 2) Close the sale – remind them of how their money will work for them by asking for the order.
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