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The Inflexion-Point Blog: VALUE SELLING STRATEGIES

A Progressive Approach to Sales Opportunity Qualification [that isn't BANT]

Posted by Bob Apollo on Thu 21-Mar-2019

Like a growing number of other commentators, I have come to believe that the traditional BANT (Budget, Authority, Need and Timeframe) approach to sales opportunity qualification is fundamentally flawed and not fit for purpose when it comes to complex B2B sales.

The fact that over 40% of purchasing projects are ad-hoc rather than formally budgeted is, as I argued in a recent blog, yet another nail in the coffin of this outmoded and discredited methodology. But if not BANT, what can you use instead?

Any alternative approach has to take into account the fundamentally non-linear nature of B2B buying decisions, particularly when they relate to solving a new and unfamiliar problem (as opposed to repeat purchases of well-known commodities).

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Over 40% of projects are ad-hoc: another nail in the coffin of BANT

Posted by Bob Apollo on Mon 11-Mar-2019

It surprises and shocks me how many sales organisations still regard BANT as a practical way of qualifying sales opportunities. For those who are unfamiliar with the term, it dates back to the steam-driven days prior to the emergence of the Internet, SaaS and modern buying behaviours and stands for Budget, Authority, Need and Timeframe.

Now, at some point, any significant purchase decision probably requires all four elements, but using BANT as an early stage qualifier is madness - something that is reinforced by recent research by Gartner that revealed that over 40% of software buying efforts were ad-hoc rather than formally budgeted in advance.

That means any sales person insisting that leads are “BANT” qualified before they are prepared to engage with them is missing out on nearly half of their potential opportunities - and by the time that all four BANT boxes can be ticked, other more astute salespeople are likely to have reached out to the prospect and influenced their thinking...

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From Sales Process to Buying Journey

Posted by Bob Apollo on Tue 5-Mar-2019

The idea of a “sales process” has been around since long before I was offered my first sales role. The concept has been heavily promoted by the mainstream sales methodology vendors and adopted with varying degrees of effectiveness by many sales organisations.

But I’m not sure it was ever an appropriate metaphor and with the emergence of an increasingly well-informed customer community the idea that a complex B2B sale can be distilled down to a step-by-step sales process seems increasingly at odds with reality.

This is particularly the case for unfamiliar, strategic purchases where the customer may have no recent past experience of the various considerations involved. As Gartner recently pointed out, the customer decision journey for these sorts of purchases is inherently non-linear and sometimes verging on the chaotic...

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If you really want to shorten your sales cycle, slow down!

Posted by Bob Apollo on Wed 20-Feb-2019

If the conversations I’ve been having with sales leaders recently are anything to go by, our sales pipelines are full of opportunities that start off looking like they are going to end up in a quick sale, but then get stuck somewhere in the middle (or towards the end) of the process.

And if my observations accurately reflect the underlying reason, then it’s worth us reining in our sales people’s natural enthusiasm and helping them to recognise that they will be more effective in shortening their sales cycle by slowing down their initial interaction with the customer.

It’s a subject I’ve referred to before, but it’s worth returning to again. If our customer acknowledges a need that we know we can address, it’s a natural (but wrong) reaction for a sales person to want to explain how they have a “solution” for their customer’s problem.

This tendency to premature elaboration (and the associated temptation to demonstrate and propose our solution as soon as we can) may initially give the impression that the sales cycle is moving forwards, but it all-too-often simply stores up avoidable future delays...

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Successful Selling = Intelligent Choices, not Fixed Formulas

Posted by Bob Apollo on Tue 12-Feb-2019

I’ve just spent a few minutes completing the annual survey from one of the world’s most widely respected sales training organisations. Of course, I haven’t yet seen the results, but I was intrigued by the implications behind a number of the questions.

There appeared to be a strong implied endorsement of the value of adopting a structured sales process – a theme that is promoted by many of the established sales methodologies. But I’ve come to believe that this is now an outdated approach, particularly if taken to extremes.

In fact, the very word process is unhelpful. It implies linearity and a “production-line” approach to selling - which as any observer of complex buying decisions will know is completely at odds with how typical buying decisions are actually made...

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No sales plan survives first contact with the customer

Posted by Bob Apollo on Wed 6-Feb-2019

Military leaders have long recognised the importance of planning. But they have also recognised that it is the act of planning, rather than the plan itself, that is most important. The Prussian military commander Helmuth van Moltke concluded that “No plan of operations reaches with any certainty beyond the first encounter with the enemy's main force” - often simplified to “no plan survives first contact with the enemy”.

Neil Rackham, author of SPIN® Selling, acknowledged the importance of planning when he concluded that “a consistent finding about successful sales people is that they put effort into planning. Good selling depends more on good planning than any other single factor.”

And to revert back to another military leader, Dwight D Eisenhower believed that “plans are useless, but planning is indispensable”. Now, I believe that in some quarters there has been rampant and inappropriate over-application of military metaphors to the sales process. We are NOT in a battle with our customers, nor should think of ourselves as being at war with our competitors.

But we can at least recognise both the power and the limitations of planning...

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The sales methodology that outperforms all others

Posted by Bob Apollo on Mon 4-Feb-2019

Every established sales methodology attracts its own fan base. Some are fans of SPIN®, others Challenger®, Miller-Heiman, Sandler, Solution Selling® and so on – the list goes on for ages. I’m particularly but not exclusively attracted to "value selling" myself.

Some of these methodologies have even seen fit to act as if their approach makes all others redundant. You may remember the Challenger-inspired and mischievously-titled article in the Harvard Business Review that proclaimed the “The End of Solution Sales”. It was a headline that may have sold a few more copies of their book but otherwise hardly justified the hype.

But amidst all these claims and counter-claims, one approach seems to consistently outperform all the others across a wide range of sales environments…

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Is your sales pipeline full of fatbergs?

Posted by Bob Apollo on Fri 11-Jan-2019

The sewer systems of of our towns and cities are struggling to cope with a phenomenon known as the “fatberg”. These fatbergs are formed by an unappetising combination of oil, grease, food waste and other materials that have no place in the system.

Unfortunately, as these fatbergs harden and grow, they cause obstructions that require specialist equipment to remove. The problem is largely avoidable, it’s obviously a pretty unappetising story, and you may wonder why I’m sharing it with you.

Something very similar is going on in many sales pipelines. They are clogged with so-called opportunities that haven’t moved for ages and are unlikely to close any time soon. And the longer you delay clearing them out, the harder it gets to remove them...

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Selling incremental improvement isn’t enough!

Posted by Bob Apollo on Fri 4-Jan-2019

If you’re involved in complex B2B sales, and if what you are selling is anything other than an absolute “must buy” necessity, then you all face the same top competitor, whatever you’re trying to sell, and whoever you’re trying to sell to.

It’s the status quo.

Until and unless your customer believes that their current situation puts their future business prospects at risk, they are most likely to conclude that staying with what they know - the lure of the familiar - represents their safest option.

After all, any course of action that involves change also involves risk. And until and unless the risk of sticking with the status quo significantly outweighs the perceived risk of implementing a new and unfamiliar solution, they are likely to “do nothing”.

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Account Based Everything: a foundation for partnership

Posted by Bob Apollo on Thu 20-Dec-2018

Account-Based Marketing (and its all-embracing cousin “Account Based Everything”) has been touted by its promoters as a miracle cure capable of halting the precipitate decline in conventional marketing effectiveness - and derided by cynical detractors as just another over-hyped trend.

As with most new(ish) trends, the reality is probably somewhere in between.

The essence of the idea - as I have come to understand it - is that rather than pursuing poorly-targeted generic campaigns, we should be progressively tailoring and targeting our marketing messages and sales conversations in a way that appeals to the real priorities of the specific organisations and stakeholders that we wish to do business with.

And in order to achieve that, we need to understand as much as we can about the specific situation, issues, challenges and opportunities of our target audiences. And that, of course, requires that marketing, sales and customer success are in lockstep about who we are seeking to do business with (and why), what really matters to them, how they make buying decisions and how we can help them accomplish their goals...

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