How to Translate Concepts into Dollars to Close Deals

Selling a product or service ultimately depends on convincing a customer that it will increase revenue or save costs; in other words, that the customer will have more money in the future. You might call this “theoretical money.”

The trick is helping the customer see this “theoretical money” as something substantial and believable that can be used to sell your solution to the other stakeholders inside their company.

How Small Businesses Can Embrace Value Based Selling to Grow Sales

I’ve previously written about when and why you need a cost-justified business case to close deals. As a quick primer, the more your solution disrupts your customer’s business and as the size of the investment grows, the more likely you’ll need a business case.

Large corporations have the advantage of large budgets and the ability to staff sales and marketing roles in-house. They have employees to fulfill positions like: 

  • Front Line Sales Representative
  • Product or Solution Expert
  • Value Engineer or Value Consultant 

3 Strategies for Improving SaaS Customer Retention Rates

As customer acquisition costs continue to rise, many forward-looking SaaS providers are focusing on customer retention to reduce their churn rates. In a SaaS environment, the initial purchase is just the beginning of your relationship with a new customer. You must keep earning customer loyalty to ensure high renewal rates and avoid the financial and reputational damage of churn.

SaaS agreements are a continuous sales process. Despite some differences in selling strategies, the bottom line motivators for both sales and renewals are value and cost. Keeping these aligned with customer expectations requires diligence and ongoing attention that results in higher customer retention rates and overall satisfaction. 

Read This Before Talking about ROI

How frequently do you use the term “ROI” in front of customers and potential buyers?

I frequently hear sales and marketing professionals talk about “ROI” inaccurately. In a casual conversation, people might still give you the benefit of the doubt and have faith that you know your stuff. However, if you’re making a formal presentation or having a serious conversation with a prospect who’s well versed in financial terminology, any misuse of the term could obviously leave a disastrous impression about you and your company.

How to Help Buyers Make Better Purchase Decisions

During my 20-year career in sales, I’ve watched customers get smarter and smarter. As we all know, this is due in large part to the buyers’ ability to research products and solutions online. They visit vendor websites, follow vendors on social media, download content assets, tune into webinars, and attend conferences. In the process, they pick up a vast amount of knowledge about vendors and products.

Most salespeople today understand this. What they fail to understand, however, is that knowledgeable buyers are not necessarily more effective buyers. In other words, better access to more information does not always lead to better purchase decisions.

When is the Right Time to Lengthen the Sales Cycle?

Most sales teams aggressively adopt any tool, methodology, or tactic that promises to shorten the sales cycle. The reason is obvious: the shorter your sales cycles, the more deals you can close and the more time you open up for prospecting.

Believe it or not, however, there are a few situations where lengthening the sales cycle can work in your favor. Here are at least two scenarios in which it might be advantageous for you.

How to Leverage an ROI Tool in the Sales Process

An ROI tool is the best and most efficient way to build a winning business case. Before you can effectively use an ROI tool, however, there are several critical steps you need to take, starting with your lead-generation efforts. 

Because your typical customer does so much research online before talking with you, the process starts with marketing and the tools they make available on your website. Ideally, you want to make a value calculator available so that customers can find it during their research phase. Their inputs into that value calculator will provide critical insight into the current state of their business, which is key to building a business case to support purchasing your solution.

It is nearly impossible to provide accurate ROI calculations use in your business case without first assessing the current state of the customer's business and establishing the value of your solution. What’s the best way to assess your customer’s current state? Manual audits are one common option. But I don’t recommend them for a number of reasons.

Do Customers See Your Salespeople as Sales Demo Robots?

It’s been a little more than a year since I first wrote about how it’s almost always a bad idea to lead with a sales demo. Yet a lot of salespeople are still out there kicking off conversations with, “I’d love to get fifteen minutes of your time to show you our demo.” Then they’re surprised when the prospect shows no interest or wants to jump immediately to a conversation about price.

I suspect that salespeople simply walk away thinking, “The problem isn’t me. It’s the prospect. These people just can’t recognize a great solution when they see it.” In some cases, that may be true. However, in most cases, prospects just see you as a demo robot, spewing information about how great your product is and how it works.

When and How to Respond to a B2B RFP

A B2B RFP lands in your inbox. It’s from a company you would love to do business with. Your pipeline for the next two quarters isn’t as strong as it could be, and several of your biggest opportunities seem to be stuck in the dreaded “no decision” limbo. (We’ll assume for this discussion that you’re in the B2B space and the RFP has been issued by a private-sector company, as vendor relationships with government entities play by a different set of rules.)

You’re now faced with three choices about what to do next.

5 Indispensable Steps to Win More Often with B2B Buyers

What’s the best way to get a buyer’s attention, move deals quickly through the buying cycle, and increase close rates? Follow these five fundamental steps. (For a handy summary of these steps, download our tip sheet, "5 Steps to Close More Deals.") 

Step #1: Identify your buyer’s business problem.

B2B buyers don’t make purchases based on impulse or emotion. They only buy products that help them solve business problems. As a B2B seller, your understanding of that business problem will provide you with the opening you need to develop and expand a relationship with the buyer.