Fri, 4 August 2017
Joining us for today’s show is Loren Brockhouse, a Senior Vice President of Global Sales who knows how to Make the Number. Today’s topic is about winning more deals, winning bigger deals, and winning them faster. It’s difficult to grow revenue faster than your industry’s growth rate and faster than your competitors. Loren and I leverage the How to Make Your Number in 2018 Workbook to access emerging best practices as a guide for our questions. Access the latest Workbook to review the Sales Process phase starting on page 361 of the Sales Strategy section.
Loren Brockhouse is the Senior Vice President of Global Sales for iiPay, an international payroll provider for enterprise companies. Integrated International Payroll (iiPay) is a cloud-based global payroll solution that reduces dependence on in-country payroll processors; and provides a comprehensive view into an organization’s global payroll landscape. This show is a must watch for executives with sales teams working to disrupt the status quo. Loren will demonstrate how to win more deals, win bigger deals, and win them faster.
To increase deal sizes, improve your win rates, and shorten your sales cycles, you need to adopt a custom, proprietary sales process/methodology. Loren is uniquely qualified to speak on this topic of deploying a custom sales process, as he uses it with his sales team to disrupt the payroll industry. His reps must get the attention of enterprise buyers and convince them to do things in a different way. He’s been successful upsetting the status quo with his sales methodology, so I have brought Loren on the show to share his use-case.
If you would prefer to watch a HD video of my interview with Loren, click here.
Why this topic? Standard, one size fits all sales methodologies no longer work. Your competitors can license the same sales methodologies from the same vendors you can, so there is no competitive advantage to be had by adopting the latest sales methodology from the sales trainee industry.
Ultimately, the reason to install a sales methodology or sales process is to improve your win rate, grow your average deal size, and shorten your sales cycle. Loren and I begin the show by discussing the iiPay proprietary sales process. Loren describes how strategic selling questions are baked in at each stage, which enables his team to differentiate his solution from the competition throughout the buying process. It allows his team to speed up the overall sales process by establishing the point of differentiation early.
The custom sales process is empowered by clear buyer-driven definitions between the stages. The entire sales organization has the same, broadly adopted criteria for moving opportunities from one stage to another. Ultimately, the stages drive resourcing and forecast which is extremely important to any business, but particularly an emerging one.
Loren makes the case for why sales leaders should develop a proprietary sales process. “If you (prospects) look at the website of iiPay and our competitors', the websites look the same. The value propositions are the same. So really, the main differentiation is when you engage with the client, and that absolutely must be felt and seen as something different.” Licensing the latest sales process from a sales training company is the same process your competitors can use, and is therefore a commodity offering and experience. The result of a licensed sales process is likely sameness and an over-reliance on the persuasiveness of your sales reps.
The question the audience should ask themselves, is whether the sales team offers a different experience versus the top three or four other players in your space. In most markets the competitors are using the same words. So how do you differentiate, right? The answer for your sales force is to use a custom sales process built for your buyers and your specific company.
Have expectations gone up and left you wondering if you have the right product strategy to support your revenue growth goals? Here is an interactive tool that will help you understand if you have a chance at success. Take the Revenue Growth Diagnostic test and rate your Product Strategy against SBI’s emerging best practices to find out if: