by Baskar Sundaram | Mar 25, 2019 | Business Winning, entrepreneur, Growth, Sales, Sales and Business Development
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Evolution and innovation are an inevitable part of any environment. This is true for any business settings. The components involved in a sales process are changing. These changes are changing dynamics between a customer and seller and even the way a company views its competition, product and service. An ideal sales representative will understand and monitor these changes and develop an appropriate sales strategy.
Given below are the major changes in the sales environment:
1. Unlimited access to information
Before
the advent of internet, only the sales representatives had information
regarding their products. They kept the data sheets, reference
information and price list. Now, the unrivalled power of the Web has quickly turned the table for the consumers. Buyers can easily get the required information online not only from the seller but from other buyers and third parties. The power of negotiation has shifted and consumers are armed with the needed information even before they meet the sales representative.
2. Influence of Social Media
Many
businessmen quickly dismiss social media as a medium of entertainment.
This is a far cry from reality. It is a tool for communication,
information and collaboration. It can also be easily assimilated into the sales process. Online platforms like Facebook, YouTube, Twitter, LinkedIn and various blogs are
used for marketing purposes. It serves as a link between the company
and the consumer. Many consumers often review the products and rate them
which can ultimately affect your customer base.
3. Influence of Technology
Technology has not only improved the socializing platforms but has even affected business. There are various tools and applications available to a sales representative to improve the sales process. Cloud Computing, Internet, CRM applications and other mobile applications has shortened the sales cycle, improved connection with customers and simplified data storage and accessibility. Technology is touching every facet of the sales process and making the process more competent and operative than ever before.
4. Different decision makers
Another
trend noticed in the present era is the way how buyers make their
decisions. It has been long believed that an “economic decision maker”,
that is, a single individual holds the ultimate responsibility for the
decision to buy. But in the current age there are various committees where multiple layers of approval are
needed to finally close the deal. This has significantly increased the
average length of sales cycle in the last decade. An efficient sales
representative will take this process into consideration and build a
strategy is has the support of all the major stakeholders.
5. Current Lifestyle
Technology has made man’s life fast and busy. Therefore,
a simple solution or regular means of communication will not grab the
attention of the customer. Sales representatives must be creative and
hardworking to survive in a fast environment. There is
also a shift from personal relationships to a more objective and formal
relationship between the buyer and seller. Consecutively, sales process
has become more complex.
As
said by William Pollard, “Without change there is no innovation,
creativity, or incentive for improvement.” To remain constant in an
ever-changing world will put an end to the development of your business. Age old methods and tools are no longer efficient is a technologically driven world.
by Baskar Sundaram | Mar 21, 2019 | Business Winning, entrepreneur, Growth, Strategy
Are you a bidding professional looking for up-to-date bidding tactics and strategies? Try Padi+ free for a month and get access to Baachu APMP certification courses, technical resources and tools, monthly webinars plus get exclusive access to our private community, Baachu Engage in Facebook. Join Scribble and become the smartest bidder in your sector.
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Capture management comprises a thorough understanding of the customer, the problem statement, the solution, the competition, and then using these into making a winning plan.
Information is King
While gathering intelligence about the customer and competition, the importance of being thorough cannot be stressed enough. Pursuing an opportunity mandates collecting as much information accurately. A complacent approach has no place while collecting information for a proposal. However, it is easy to focus on the wrong things. As much as a proposal is not won because of what you know, it can easily be lost because of what you don’t.
Understanding, analysing and collecting information about the customer is key. You
need to understand the customer, their issues and priorities. If your
customer knowledge has significant gaps, it will shake the confidence
that your customer will have on your solution and service. It will cast a
shadow on your abilities, skills and past performance.
Building your Capture Plan
When evaluating your progress towards the completion of a capture plan or a proposal, follow this approach:
- Start with what you don’t know. Knowing what you don’t know is the sensible step towards a complete proposal.
- Ask yourself questions that seem impossible to find answers to – Does the customer like the current provider? If they do (or if they don’t), what is the reason? Who are the competitors? What are their strategies and pricing?
- Run through your networks, both internal and external and see if you can find answers. You will be surprised how much information is actually publicly and freely available.
- Make unanswered questions a priority. Seek those answers. Learn from past proposals. Which unanswered questions costed you the bid? Which answers sealed the deal for you?
- Use feedback to ensure effective capture plan processes are in place.
With a zest for continuous improvement, the enigmatic recipe for creating winning proposals will be closer.
by Baskar Sundaram | Mar 20, 2019 | Business Winning, entrepreneur, Growth, self development, self-improvement, Strategy
It is hard to plan for something that you have no idea about. And, that is exactly what the future is, the unknown. Most companies are also unclear about how you can grow your career or what they would even expect of you to advance further. Another additional layer of stress is that at the same time you are also at competition with everyone else in your field who also want the same things as you. So really, you need to know how to develop your skills, but also, how to develop them faster than everyone else.
A viable growth model
The 70-20-10 model was made to help people grow themselves the fastest. Basically, it breaks down to 70% of your professional growth will come from the direct work experience that you have from jobs that you have done, 20% is from the networking and interactions that you with other people and professionals in your field, and lastly 10% is from the educational training you undertook. Also, take every opportunity and presentation as an avenue for growth. Once you’ve completed the action, ask for feedback, and then perform the next time at an even higher level.
Here is a 3 step strategy to plan your success:
1. Build a realistic vision
The first step is to gauge where you are currently and where you would like to be. Once a clear goal has been outlined you know what you are working towards instead of aimlessly striving towards an unclear vision. When you are doing this the most important factor is to be realistic and honest with ourselves. Although objectivity can be hard, it is essential in mapping out your success. For starters, your ego has to be left behind and asking for input from a respected superior who you know will not sugar-coat the truth is a good place to work from.
2. Learn from experience
Two types of experiences will help you grow. The first type are functional experiences. These are things that help you hone in on a particular skill. The second type are management experiences. Management experiences help you develop skills under pressure and lead a team as well.
3. Seek advice
Another tip is to speak to people who are successful in your field. They can offer insight into what steps they took to reach where you would like to be and guide you in the right direction. Leave your ego behind and ask for input from respected superiors who you know will not sugar-coat the truth and guide you in the right direction.
By mapping out your plan, seeking experiences that will help you grow, and speaking to successful professionals in your filed you can easily plan for success.
by Baskar Sundaram | Mar 19, 2019 | Business Winning, Growth, Sales, Sales and Business Development
Are you a bidding professional looking for up-to-date bidding tactics and strategies? Try Padi+ free for a month and get access to Baachu APMP certification courses, technical resources and tools, monthly webinars plus get exclusive access to our private community, Baachu Engage in Facebook. Join Scribble and become the smartest bidder in your sector.
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The Human vs. Digital debate has been an ongoing one for years now. Traditional sales folk vouch by face-to-face conversations, while e-commerce sales units think that everything needs to be made digital. While it would be just outright vacuous to state that digital is not important for sales, it would be equally mindless to dismiss the importance of the human touch in sales.
B2B Sales Scenario
In fact, B2B sales leaders employing effective digital achieve a several fold growth compared to their peers who do not employ the same level of digital in their operations. However, various surveys have highlighted a very interesting fact – Customers love the human touch backed by great digital interactions.
It is however a very tricky balance, because the one thing that annoys customers is too much interaction.
There are no tried and tested recipes to get the human-digital ratio right in the business. Businesses need to create the right human-digital proportion that works for their customers and operations.
Research shows that B2B customers want both human and digital interactions on their buying journey, preferring one over the other at various stages.
Finding the right balance
When researching a new product or service the majority of customers who enjoy digital, still want human interaction. In the evaluation and consideration stages, customers mainly prefer digital tools that provide factual information, like a comparison tool and reviews. Again, post purchase, during renewal, cross-selling and upselling, digital tools remain much preferred.
The
trick is to identify where human interaction is most wanted and ensure
it is provided – either as expertise available via a web chat or simply
having a person pick up the phone when a potential customer rings.
Invest wisely
Companies
also need to invest in digital where it is most valued and where
digital can enable humans to do a better job of interacting with
customers when the human touch is required. Digitally enabled tools can
help enormously to reduce slow turnaround times, for example by connecting customers with experts via a web chat.
By taking stock and analysing the sales performance of the recent past, it will be possible to identify areas of improvement. Sales leaders must then focus on whether they can implement the change digitally or by introducing some human interaction there. Either way, the optimal digital-human balance is a proven factor in boosting sales performance.
by Baskar Sundaram | Mar 14, 2019 | Business Winning, Growth, Sales, Sales and Business Development, Strategy
Are you a bidding professional looking for up-to-date bidding tactics and strategies? Try Padi+ free for a month and get access to Baachu APMP certification courses, technical resources and tools, monthly webinars plus get exclusive access to our private community, Baachu Engage in Facebook. Join Scribble and become the smartest bidder in your sector.
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Adapting to change is necessary for surviving in a business environment. The advent of technology has shifted the very dynamics of a typical sales process. Sales executives are forced to step up their sales strategies due to changing consumer behaviour.
Here are few methods you can adapt to conquer the current sales environment.
Right Sales Representative
Hiring the right sales representative is a game changer. A well informed and able salesperson can dramatically change the buying process. But successful companies hire sales representatives who are not only willing to be process oriented but also open to the notion of continuous improvement. Also make sure that the sales representative acts as a facilitator between the company and the buyers.
Retaining Employees
Companies are forming policies that help in retaining the best talent. Retaining the best sales representatives by
providing aid for their self-development and growth will benefit the
firm in the long run. A survey conducted by Harvard in the year 2006
showed that firms that retained the best sales representatives had
greater than average tenure of sales staff, higher percentage of reps
meeting the quota, higher average deal size and shorter than average
sale cycle.
Following Sales process
Every company has a standardized and defined sales procedure. But very few sales executive follow the prescribed procedure. Successful firms monitor and provide feedback on salesperson’s use of the standard process. These organizations amend the process when they identify even minor changes in market conditions. These companies also have higher performance rating and are a formidable competition.
Understanding Buyers
Though
some companies formalize the selling process, very few try to
understand the buying process. Keep a track on buyer’s process by
understanding the opportunity, the budget allocation and by identifying
key buying influences. A proper sales representative should be able to
forecast the buyer’s actions and adapt this strategy accordingly.
Marketing
Nowadays consumers are well informed about the product even before the meeting with the salesperson. A customer’s first impression of the product is gathered from the internet and other online reviews. Hence, a firm should focus on the marketing aspect of the product. Sales department needs to focus more on how the product reaches the consumer to increase the possibility of a sale.
Technology
The gadgets and gizmos available today are focused on making sales transaction both efficient and effective. Firms use data analysis to monitor the sales process and collect data which benefit in understanding the market change. Having data-mining tools built into the CRM application and categorizing and storing the collected data in an accessible manner will benefit all businesses.
Transparency
Salesmen who are transparent to the buyers from the beginning are often more successful at closing a deal. Such representatives have constantly explained what they wanted and tried to reach the top decision maker. These clear and on-going efforts to get to the decision maker can produce a positive pressure on the outcome of the deals. Being open to the buyers and explaining your reasons to them can have a progressive effect on the sales process.
It’s
important to remember that the process of selling is both an art and
science. It can be highly automated and process oriented but has scope for improvement and development.
by Baskar Sundaram | Mar 12, 2019 | Business Winning, entrepreneur, Growth, Sales and Business Development
Are you a bidding professional looking for up-to-date bidding tactics and strategies? Try Padi+ free for a month and get access to Baachu APMP certification courses, technical resources and tools, monthly webinars plus get exclusive access to our private community, Baachu Engage in Facebook. Join Scribble and become the smartest bidder in your sector.
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A management plan is a blueprint which specifies the way an organization is run, both day-to-day and over the long term. It is an integral part of an organization allowing one to formalize its structure and operations. Alongside, it ensures that everyone working are on the same page which helps to accomplish goals. Meanwhile, the content of management plan varies depending on the organization, program, project and the circumstances.
Some of the common categories that need to be addressed in a proposal are:
Program Organisation
This includes an organization chart which shows reporting relationships and describes functions of the proposed program.
Program Management
This describes the direction of the overall program which is managed by the program management group.
Project Management
This describes the techniques used to plan, schedule, track and direct project activities within the program.
Problem management / escalation
This provides a systematic method for identifying and handling problems in a reliable, repeatable and timely manner.
Personnel management
This contains a description of management of personnel-related affairs such as recruiting, retention, time keeping and benefits.
Financial management
This describes the fundamentals of financial systems, processes, and safeguards.
Quality management
This provides a systematic QA/QC approach which is capable to ensure products and services consistently meet quality goals.
Risk management
This demonstrates a clear understanding of program risks, providing a description of plans and capabilities developed handle risk.
Schedule management
This provides an overview of the systems and processes that assures consistent maintenance of schedule.
Executive management
This describes methods for leadership to execute control which successfully meets challenges and delivers quality performance.
Interface between customer and contractor at all levels
The bidder utilizes this form to describe his interface at various levels including the executive, program, project, financial, contractual, and other levels.
Contract management
This describes the processes, procedures, and systems that ensures the delivery of services / products consistently in accordance with both the letter and spirit of the contract.
Subcontract management
This describes the processes, procedures, systems, and contractual terms which ensures the subcontractors are managed to support requirements and goals.
Emphasising on the steps taken to achieve success in previous projects will enhance relatability and trust of the client.
Tip: The management plan must ensure it is relatable, reliable and client-situation is well studied!
