Selling at the Executive Level (SellXL) presentation

What Is SellXL?

SellXL is a practical, one-day workshop
that helps professional salespeople
create, maintain and leverage
relationships at the executive level.

© 2010 - 2011, Learning Solutions International. All rights reserved.

Workshop Outcomes

At the end of this workshop, you will be able to…
 Select the relevant executive to call on for the sales
opportunity
 Develop the best approach for the initial call on that executive
 Determine how to become perceived as a trusted advisor to
the executive, thereby securing return access
 Describe and communicate your value to the executive on an
on-going basis, using the client’s metrics


Workshop Outcomes

Those outcomes may sound like
common sense…
however, in many cases, they are not
common practice!


Workshop Modules

 Why Call on Executives?
 Target the Right Executive
 How to Gain Access
 Establish Your Credibility
 Create Your Value


Research on Selling at the Executive Level
Hewlett-Packard | Kenan-Flagler Business School, UNC
Georgia State University | Target Marketing Systems

 When and why did executives get involved in the
decision process for major purchases?
 What has to happen in meetings with salespeople for
the executive to feel it was effective?
 How do salespeople establish trust and credibility at
the executive level, thereby securing return access?
 What are executives looking for in “strategic
relationships” with suppliers?

Selling to the C-Suite: Nicholas A.C. Read and Stephen J. Bistritz, Ed.D. McGraw-Hill, 2010.


Executive Involvement in the Buying Cycle

Q When and why do senior executives get involved in the decision
process for major purchases?

A

Executive
Involvement Early Middle Late
Early

Plan
Understand Establish Explore Set Vendor Examine Measure
Set Strategy Implemen-
Current Issues Objectives Options Criteria Alternatives Results
tation

Steps in the Buying Cycle

Adapted from: Selling to the C-Suite: Nicholas A.C. Read and Stephen J. Bistritz, Ed.D. McGraw-Hill, 2010.


Executive Involvement in the Buying Cycle

Q When and why do senior executives get involved in the decision
process for major purchases?

A

Executive
Involvement

Plan
Understand Establish Explore Set Vendor Examine Measure
Set Strategy Implemen-
Current Issues Objectives Options Criteria Alternatives Results
tation

Steps in the Buying Cycle



Selling to the C-Suite

“I meet with professional salespeople because
often they can offer me solutions that even
people within my own organization can’t
develop.

They’ve seen these problems in other
organizations and I want the benefit of their
experience”

— CXO-Level Executive


The Value of Credibility at the Executive Level

Three Compelling Questions
 Should we pursue this opportunity?
 Can we effectively compete for this
opportunity?
 Can we reasonably expect to win
this opportunity?



Target the Right Executive


Calling on the Relevant Executive

“The tasks our clients were
asking us to take on were
spreading beyond the domain of
the CIO – places where IBM
[salespeople] had not, in
general, ventured and where we
lacked strong client
relationships.”
– Lou Gerstner
Former CEO, IBM


Defining the Relevant Executive

Which executive should we align with to help us
win the deal?

The executive who stands to gain
the most or lose the most by the
outcome of the project or application
associated with the sales opportunity

This is the relevant executive for the sales opportunity


JKEA International Case Study

From your perspective, as the TRK Systems salesperson…

 Is there an opportunity to pursue at JKEA
International?
 Do we have a solution that enables us to
compete for this opportunity?
 Can we win the opportunity calling on key
players with whom we have already
established a relationship?
 Who is the relevant executive to target for
executive access?
 How will we get to that executive?


JKEA International Executive Team

CEO

Stephen
Markup

COO CIO CFO

Joseph Anne Marie Benjamin
Harris Lawson Wu

Dir. Sales & Dir. Dir. Corporate Dir. Customer
IT Director Controller
Marketing Manufacturing Strategy Service

Sarah José Susan Dave John Nancy
Lit Compo Langston Powers Lee Wallet

Formal  Who would appear to have the formal power for the I/T decision at JKEA International?
and  Who would appear to have the informal power regarding that same decision?
Informal  Which is more important and why?
Power  Which executive will be most impacted by the outcome of the I/T decision?



CEO

Stephen
Markup

COO CIO CFO

Joseph Anne Marie Formal Benjamin
Harris Lawson Power Wu






CEO

Informal
Stephen
Markup
Power

COO CIO CFO

Joseph Anne Marie Benjamin
Harris Lawson Wu





How to Gain Access


Four Approaches to Gaining Access

Overt Sponsor Referral Gatekeeper

Implement an Use a credible Use a referral Treat the
overt approach via sponsor within (someone outside gatekeeper
the telephone or the client’s the client’s (AA, secretary or
using a phone organization to organization), such the like) as a
call, preceded by help secure access as a resource and use
an email or letter consultant, business them to help secure
associate or friend access


Research on Selling to Executives

Q Assuming your company was considering a major purchase, how likely
would you be to schedule a meeting with a salesperson if the request
came from…

A
Always Usually Occasionally Never

A recommendation from someone 16% 68% 16% 0%
inside your company

A referral from outside the company 8 36 44 12

A letter from a salesperson followed 4 20 40 36
by a direct call

A direct telephone call from a 0 20 36 44
salesperson


Preparing Your Approach

Outline for the Initial Telephone Call on the Executive

Brief introduction to why you’re contacting the executive
Introduction Explain your connection to the person who referred you to the
executive, if appropriate

Purpose Be clear and specific as you explain the purpose of the call

Explain the homework you’ve done on their organization and communicate
Credibility
how you’ve helped other companies address similar challenges

Commitment
Propose a clear and specific action for the executive
and Action


Activity: Prepare Your Telephone Approach

Develop your telephone approach to the relevant executive at
Purpose JKEA International

Identify the relevant executive
1 Determine how you will approach the executive
Complete the worksheet on the next page

Address the key points associated with each phase of the process
• Introduction
2 • Purpose
• Credibility
• Commitment and Action

3 Be prepared to read your approach to the entire group


Using Email or Voice Mail to Access Executives

Email
Put the referral’s name in the subject line of an email
to an executive.

Voice Mail
 If you’re using voice mail as an initial contact with a C-level
executive, practice your message by hearing it on your
voice mailbox
 Listen to your own message
 Then ask yourself this question: Would you respond to a
message like the one you left for yourself?


Establish Your Credibility


Components of Credibility

Integrity

Capability

Adapted from: Clients for Life. Jagdish Sheth and Andrew Sobel. Simon and Schuster, 2000.


Components of Credibility

 Trusted Advisor
 Reliable  Collaborative Relationship
 Trustworthy
 Consistent Client Value Zone
Integrity

 Extra Pair of Hands
 Expert for Hire

Capability

Adapted from: Clients for Life. Jagdish Sheth and Andrew Sobel. Simon and Schuster, 2000.


Different Perspectives

Executive

Management

Operations


Different Perspectives

Other Uses
of Funds Company Wide View
Executive

Solution
Department/Function
Management Fit
View

Price/ Project
Operations Discounts View


Making the Initial Face-to-Face Call on the Executive

Introduction
 Refer to your initial telephone call with the executive
 Cite your past experience

Issues and Implications
 Ask questions that confirm your level of preparation
 Discuss the issues and implications using the client’s metrics
 Confirm the importance of the breakthrough initiative

Solution Options
 Explore potential solutions
 Develop a vision of the optimal solution
 Confirm the value of the solution

Moving Forward
 Re-connect with the executive to secure return access
 Have an action plan that involves the executive


Four Major Objectives of an Initial Face-to-Face Call

 Establish rapport quickly
 Confirm your understanding of the
executive’s key business issues
 Demonstrate some level of capability
 Create next steps that involve the
executive



Q What has to happen in meetings with salespeople for the
executive to feel it was effective?

A
1. Demonstrated responsibility

2. Understood my business goals

3. Listened before proposing a solution

4. Displayed knowledge of my industry

Selling to the C-Suite. By Nicholas A.C. Read and Stephen J. Bistritz, Ed.D. McGraw Hill, 2010.



How does a salesperson establish credibility and trust
Q with a high-level executive?

A 1. Ability to marshal resources

2. Understands my business goals/objectives

3. Responsive to my requests

4. Willing to be held accountable

5. Knows *your+ company’s products

Selling to the C-Suite. By Nicholas A.C. Read and Stephen J. Bistritz, Ed.D. McGraw Hill, 2010.


Selling to Different C-Level Executives

What are their key issues?

CEO CFO CIO

 Attracting/retaining loyal  Optimizing financial  Effectively deploying
customers metrics technology
 Increasing market share  Reducing costs through  Maximizing scalability
 Developing/retaining increased efficiency and compatibility
skilled employees  Leveraging the perception  Optimizing internal
 Improving productivity of financial analysts customer satisfaction

 Building a  Maximizing the return  Leveraging knowledge
responsive, reflexive from the firm’s assets management
organization  Improving the return on  Protecting the firm’s
 Developing a long-range human capital intellectual assets
or strategic plan


Create Your Value


Creating a Value Proposition

Your
You, Your Client’s
Company and Specific Breakthrough
Business
Your Solution Initiative
Value


Creating a Value Proposition

Key Elements of a Value Proposition
Addresses the client’s issue(s) and focuses on payback or
return on investment as it relates to the client’s breakthrough initiative

What’s important to them?

Describes how we can help, in both a qualitative and quantitative form
How does our solution create value for them?

Might include an example of how we addressed a similar problem at
another company
How can we demonstrate our capability?


Format of a Value Proposition

You should be capable of ______________ by ________
describe the impact monetary units
or %
through the ability to ___________________________ .
describe the new situation

This will require an investment of _________________
state the cost of the solution

, which will be returned within _____________________.
estimate the time frame for return


Format of a Value Proposition

Adding a Reference
You can add a credible reference to your Value Proposition with one
additional sentence.

We recently implemented a similar solution at

_________________ , who achieved _______________ .
name of client specific savings achieved


Value Proposition Example

Specific Client Example
You should be capable of reducing annual travel
expenses, resulting in annual savings of $5.9M, by
implementing our Telepresence System. This will require an
investment of $5.3M, which will be returned in 11 months.

We implemented a similar solution at Acme Transfer
Company, who began achieving an annual savings of $7.5M
during the first year of installation.


Sample JKEA Value Proposition

You will be able to more than meet the increased order demand
generated by your new product launches with our new TRK IT
installation and far exceed the customer satisfaction levels you
have achieved with the existing system over the past four years.

The migration to our new order entry and billing system will
appear seamless and require an investment of $700,000. We
estimate you will achieve a payback of that investment in less
than 15 months, while assuring the accomplishment of one of
your critical success factors in your new go-to-market strategy.


Summary

When calling at the executive level, make certain that you…
 Have done your homework and understand the industry as well as
the client
 Can conduct the conversation using the client’s metrics
 Are specific, but concise
 Are prepared to discuss the specific business value you can deliver
to their company, and to them personally
 Don’t ask the executive a question whose answer could have been
obtained from another source
 Leave with the perception of owning the relationship (from your
company’s perspective)


Selling at the Executive Level (SellXL) presentation

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