A Guide to Better B2B Sales
After identifying a customer, it is time to execute your sales funnel. This article will guide you through a sales funnel
Description of Sales Funnel
In most businesses, a six-month sales cycle consists of a reducing funnel of prospects to MQLs, SQLs, and possible sales. Out of 250 targeted prospects, it is expected that 50 of those prospects will interact with marketing materials and become Marketing Qualified Leads (MQLs), and 25 will meet the BANT requirements to become Sales Qualified Leads (SQLs) (Futrell & Valvasori, 2015). One of the goals of this sales playbook is to bring your product sales process more in line with this industry ratio so that milestones can be easily tracked, and the system scalable.
Prospects will be generated through inbound content, and outbound hunting. Prospects will be selected based on the target market identified in previous sections, namely businesses in their growth phases with existing wellness programs or the desire to implement one but in need of expertise.
MQLs will identify themselves through interaction with marketing materials. In the case of inbound marketing, those who reach out through the company website or are referred by existing clients will immediately be qualified at the MQL level. Outbound marketing initiatives such as digital advertisements, conversations at tradeshows, or interactions with email marketing with significant engagement will additionally qualify the outbound targets as MQLs.
SQLs will be identified through having, or being able to quickly acquire, BANT. High-quality MQLs that would be likely wins if they had BANT, will be recorded in a CRM for follow up later to check qualifications. MQLs without a high prospect future for BANT would be moved to a lower priority follow up a category in the CRM to maintain good relationships, but optimize time usage.
With this process, it can be expected that 1–3 sales can be closed from a gross 250 prospects in at the start of the funnel (Futrell & Valvasori, 2015). With these measurements at $5 per month for 50 employees, a single BDR can expect to generate up to $9,000 in revenue per cycle.
Key BANT Requirements
The BANT system is used to filter MQLs down to SQLs in an expedient manner.
Budget
Leads need to be able to potentially spend $x per month per employee, or an additional $x for one year for a business of 50 employees. It is important to be clear with the customer about the expectations around budget to make sure that they have the ability to pay before you move them towards a qualified lead.
Authority
Leads should have enough authority to drive through a purchase order themselves (important decision makers like a VP, C-Suite, or Co-founders) or be an influential champion for moving along the procurement process. In larger companies, this decision maker could additionally be a Manager or Procurement Manager.
Need
Companies that are in the progress of implementing a new program and require a consultative approach. Look for companies who rely on the product early on. This way the buying cycle can be moved along faster and with more efficiency.
Time
Prioritize leads that have the ability to move through the sales funnel within the next 6 months.
Overview of Sales Process
MQLs are developed by sending high quality targeted prospects a cold email to gauge engagement. On positive response, MQLs are developed into SQLs through an outreach phone call to establish BANT, and either moves the lead into a follow-up queue if BANT is not present or move towards a demo if there is BANT.
A demo is conducted with a focus on identifying needs which are later broken down in a needs analysis, and to use trial closes to gauge the client’s propensity to buy. The needs are compiled into a proposal with the goal of persuasively arguing for a sale. After the close, there is a brief handoff of the sales representative to an implementation representative to begin onboarding.
This is the fifth chapter of our sales playbook guide 📕 If you are interested in reading the full guide (all 8 chapters of great sales content), request early access on our website at www.correly.com
Outreach Phone Call Meeting
Following the cold email, cold phone call, and successful booking of an intentional phone meeting, the focus of this phone call is to affirm the value proposition and marketing messages identified in previous correspondence and to apply BANT to determine whether the MQL qualifies as an SQL.
The general approach to the call is to create a consultative tone in which leads feel comfortable in discussing business problems that provide insight into their specific needs for a potential needs analysis. This will help set the tone for a formula based, or highly interactive, sales presentation and demo later on. It is recommended to alternate between asking open questions (e.g. starting with who, what, or why), and then direct questions answered in yes or no. The advantage of this approach is that it allows an opportunity to preface with a question that provides context and builds a rapport, and then brings a window to transition to a question that informs BANT. For example:
Salesperson: “What challenges are you facing with your existing program?” (Indirect Question)
Client: “We’re having a hard time getting our new hires onboard in a timely manner.”
Salesperson: “Can you imagine an application like ours improving that
process?” (Direct Question)
Client: “Yes.”
Through this approach, the sales representative has opened the conversation up to finding an informative element of BANT (i.e. Need) and has created a simple question to qualify or disqualify the prospect. It is important to plan, practice, and prepare these questions beforehand to adhere to the utmost professional standards and show adequate respect for the client’s time.
Ultimately, through this process, the sales representative should have two main focuses — moving a BANT qualified lead towards a demonstration or full sales meeting and projecting a desire to help the prospect through a professional attitude.
Potential Trial Closes
Trial closes are a powerful tool that allows the sales representative to affirm that they and the client are on the same page as far as sales objectives are concerned. Consider using the following trial closes towards the end of the initial approach?
· From everything we’ve discussed so far, do you think our features could benefit your team? Your employees?
· Would our product be able to alleviate your problems in reporting the ROI of your projects?
· Do you think your employees would want to engage with this product?
· Would you say that [product feature or function] is the most significant feature to making you consider investing in this product?
First Meeting & Demonstrations
If BANT has been established in the first call with the prospect, a meeting/demo should be scheduled to move them along in the sales process.
Remember that first impression are everything. This meeting is the first real taste your prospect will get of what the product is all about. Since this is so important in terms of your ability to close the sale, preparation is key. Before meeting with the client, a successful salesperson will have already:
· Researched the client
· Prepared the presentation
· Considered an approach
Goals of the Demo
The goal of the first meeting and demonstration is to showcase the product’s value to the client and to persuade them to initiate a trial of the product. The demonstration of the product should:
a. Provide enough knowledge that allows the client to develop a personal belief in/towards product
b. Should result in a real purchasing interest being generated
c. End in asking for the prospect’s business
Demo Approach & Strategy
In order to achieve the tasks outlined in the goas of the demo, persuasive communication will be required in the demo. Persuasive communication is essentially the act of persuading the prospect to buy from you and includes actions like asking questions, being empathetic (resonating with them), actively listening, being believable, having a positive attitude etc. There are four main ways to help achieve persuasion within the presentation:
1. Trial Close — small questions/statements that can help test if a prospect is on track to buy from you
i. A very powerful tool to be used throughout the entire presentation
ii. Example — “Would this feature be useful to your team?”
2. Logical Reasoning — using logic to persuade the prospect
i. Ex. The client wants to improve a certain part of their business. Your product helps to improve that part of the business, therefore the client should purchase the product/program for their employees
3. Persuasion Through Suggestion — Using suggestions and propositions to influence the decision to buy
i. Since demonstrations are done live on, auto-suggestions will likely work best
ii. Correly optimizes for great product demo’s that are interactive and allow the customer to feel in control of the demo.
An auto-suggestion is getting the prospect to imagine using the product
Ex. “Can you imagine a use case of your employees using the product?”
4. Controlling the Presentation — Being able to guide the prospect through your demonstration
A good practice is to open and close with a call to action
Ex. “With this presentation, I want to give you the confidence to administer a trial of the software with a few employees”
Practicing your presentation repeatedly will help you control the overall flow
After conducting a lot of demo’s, our team learned that customers don’t convert into a paying customer was because the software can seem like it would take too much time to learn the product. We realized very quickly that this was actually not a problem in our product, rather the perception of the product. At the time, what we had built was completely automated. It did not require more than 10 minutes a week of work and the software would send automated reports to the human resources department so that the tool did not take away any time from more important tasks.
But even this was not enough to convince the customers that our product was effortless. We gave this problem a lot of thought and came to an important insight. This insight came to us after watching a Toyota car commercial and asking the question “Why don’t you ever see the driver in car commercials?”. Our team realized that by not showing the driver, car companies allow the customer to visualize themselves in the driver seat. This is the same reason that mannequins in stores have no faces.
But this was not the case in software demos. In our demo’s, customers would watch our salespeople go through the important features of the product, but could not visualize themselves using the product. Our hypothesis was that if we were able to make the customer feel like they were in control of our demo, they would be much more likely to close after seeing our product. The analogy of a driver teacher sitting beside the student while they learn to drive was the idea. It would be nearly impossible for a new driver to learn how to drive or to feel comfortable getting behind the wheel by just watching a professional driver get behind the wheel. But today, that is how software demos are designed.
Our team thought that if we were able to build something that was interactive for a demo, we would see much higher conversion. After a lot of technical planning, our team built a tool that allowed both parties to participate in a software demo. We are calling this tool Correly. Correly is a software company developing interactive, video conferencing software, putting the customer in the driver’s seat. With Correly, the presenter and viewer can click and interact with the shared website, app, slides, or documents that are presented. Our team has been using Correly and the success of these demos has been so positive we have decided to make this the core tool of our business.
When creating your demonstration, you should follow this checklist:
· Is the demo needed and appropriate?
· Have I developed a specific demonstration objective?
· Do I help the customer solve a problem
· Have I properly planned and organized the demo?
· Does the demo flow smoothly?
· What do I do if demo fails?
· Creating a pre-recorded demo will be helpful if the live demo crashes
Once the demo is finished, summarize the main points and trial closes you discussed and ask the prospect if they are willing to proceed with a trial of the software.
Potential Trial Closes
As mentioned above, the trial closes should be used throughout the demonstration. Some examples of trial close that can be used throughout the demo are:
· Can you see your employees using this feature?
· Are you comfortable with this part of the software?
· Do you want to try this feature out yourself?
· Are these rewards interesting to you and your employees?
· Do you think the analytics in the dashboard will be valuable to upper management?
Developing the Needs Analysis
It is important to perform a needs analysis from the first interactions with a new lead and throughout the sales process. This is done by asking questions that establish what the specific needs of the company are and to determine how the product can best fulfill them.
One important aspect to establish is where the client currently. Ask if they have an established program or band-aid solution to the product. If yes, the tool can then be used to consolidate those efforts, and help the business track progress in relation to other factors. If the company does not have any current measures, more focus can be put on the benefit of having a tool and how your product can provide this benefit.
Some more detailed information about what they are looking to implement should also be asked during the Needs Analysis. Information required includes a number of users, devices, demographics, and any other information about the employees who will ultimately be using the platform. These technical aspects should be noted as they influence price, delivery and onboarding strategies.
Finally, make sure to establish what sort of information they are hoping to get from the platform. See if they just want something that their employees can use as a first step, or if they are interested in analytics and connecting to performance metrics.
This is the fifth chapter of our sales playbook guide 📕 If you are interested in reading the full guide (all 8 chapters of great sales content), request early access on our website at www.correly.com
Writing Sales Contract
The sales contract is a critical part in ensuring the sale is properly closed. It provides a formal agreement between seller and buyer of payment, terms, and conditions, delivery of service, duration of the subscription, and other key factors.
In some cases, it may be necessary for a contract to be sent to a larger company’s legal team to review, so that when the sale is closed, the process can move quickly, because the contract has already been reviewed. This can be presented earlier in a meeting by saying something like
“By the way, here is our contract for review at your leisure outlining some specifics you may be curious about.”
In larger companies, especially in government offices, a Request for Proposal (RFP), is required to be filled out by vendors in order to provide services. These documents can be long and rigorous to fill out, so if it is required, it must be a top priority for any progress to be made in the deal.
A company may also need a quote from various vendors before coming to a final decision. In this case, have a quote template prepared for quick distribution.
Making the Close
There are various parts to the final piece of the sales process of finally closing the deal. The sales process has been followed fully with no issue and all objections have been met, closing the sale should be the easiest step of the sales process.
When to Close
When in a meeting, it is important to know when to ask the final question about closing the deal. Being attentive to the other party and looking for buying signals will give you an indication of their interest in trying and buying your product. Some buying signals may include the prospect:
· Asks detailed questions (this shows they are imagining using the product)
· Turns to their coworker to ask their opinion
· Starts discussing implementation and expected results
· Pulls out a purchase order!
If the prospect is doing these things, it is important to keep the conversation going. If they ask the price, ask them about the quantity they desire. If they ask when they can start, ask about their timeline. Continue the needs analysis to ensure you are providing them with the best experience possible and working together on a win-win deal.
Closing Strategies
Deciding which closing strategy is appropriate depends on how engaged the buyer is, and how the conversation is progressing. After properly reviewing buying signals, it is key to have a question or sentence that specifically asks for the sale. Once it is said, remain quiet while they think and focus on providing a positive experience that affirms their final decision.
Example Closes
Alternative Choice Close
When the buyer is highly engaged, and discussing details, an “alternative choice close” may be considered. This close involves proposing two different options that are both sales. An example phrase would be
“Excellent, would you like to introduce our product to all of your employees or pilot it with one team?”
The Negotiation or Concession Close
This type of close may be necessary if the buyer seems indecisive or is looking for a concession as part of their own buying process. The concession close involves a phrase formulated as
“If I do ______, will you be willing to _______?”
negotiation close works on forming an agreement. It may start as a concession, and then move to a back and forth between you and the prospect until you establish a winning situation.
Summary of Benefits Close
This is a very natural, effective close strategy. Once your formal presentation has concluded, summarize the key benefits and agreements you have established through your needs analysis and trial closes to reaffirm their interest, the resources required, and that this solution will work for them. For example,
“So you think your employees would benefit from this, it's within your team budget, and you’d like to have some analytics on how your employees’ engagement affects your firm’s performance. Would you like to proceed with the deal?”
Verbal, Legal, & Administrative Requirements
The verbal agreement, that is, the response to your closing statement, is the first of the 3-step closing process. This is the “yes,” the handshake, or the agreement you come to after using your closing strategies. After this, it is important to move to the next two steps; Legal and Administrative Requirements.
Legal requirements involve the signing of the sales contract and other necessary documents to ensure that your deal will be followed through. There may be documents that their company requires you to fill out as a vendor, so make sure these are completed in a timely manner.
Administrative requirements involve the invoice, payment or purchase order that is required on their end to solidify you as a service provider. Closely review these documents, ensure all required information is included and return to them as soon as possible.
Handling Objections
Objections are statements from the other party at any point in the sales process that show resistance to information or requests. They could be results of misunderstandings or used to clarify the information you are presenting. Objections are not always negative because they show that the buyer is engaged and wants to challenge and dig deep into the benefits and processes you are outlining.
It is important to consistently document objections that came up after meetings so that they can be anticipated, and the responses can be rehearsed before another meeting.
Common Objections & Responses
When the prospect gives you an objection, pause and acknowledges the value of their question. Consider restating it to make sure that you heard their concern correctly and to avoid further misunderstanding. Then, address their objection with a persuasive answer that can put their concern to rest. Once this is done, use a trial close to ensure you are on the same page and resume with the presentation.
The following table outlines some common objection categories and how to address them.
Objection: Stalling
“We may need more time to think about this…”
“I need to ask my manager…”
Respond with
“When would be a good time?”
“May I talk to your manager?”
“What information do you need to provide them with?”
Objection: No need
“I think we can sufficiently track these metrics ourselves.”
Respond with
“Our product is able to provide analytics about employees engagement and connect them to the performance of your business.”
Objection: Money
“We don’t have the budget right now for this solution.”
Respond with
“By incorporating a this product into your workplace, you may find you save money on labour and lost wages.”
Objection: Product
“I’m not sure all our employees will want to engage with this.”
respond with past statistics on engagements
Objection: Source
“We are currently in a contract with an existing provider that we cannot leave anytime soon.”
Respond with
“When does that contract end? Would you be willing to introduce this alongside those current services?”
Negotiating Incentives
If the employer wants to pilot the product with a small group of employees, one option for negotiation would be to offer them the discount pricing for a larger group to this small group (example: 5 dollars per person, 4.50 for every person after 50. Give them 4.50 for the first 50 as well). This shows that you are confident they will want to sign up more users in the future and helps them feel they are getting a good deal in the meantime.
Another way to negotiate without moving on price is to offer added benefits that add to the value and convince them that the price is fair. Bundling together additional services or support or offering to provide a detailed report after the first few months are all things that can be added to the sale, without changing the monthly cost per person.
What if the Sale is Not Closed?
Even after following the sales process through in its entirety, the end of the presentation may not result in a successful sale. It is important to remain professional and to continue to foster the relationship between you and this prospect. Ensure to ask them what their largest objection is, to confirm their reasoning, and thank them for their time. Stay in touch and consider booking a follow-up meeting in a few months to check in. Circumstances may have changed, and they may be more willing to use your product.
Transitioning to Onboarding
Once a sale has been closed, the work is not finished! The next step is to make a smooth transition to the client onboarding plan. This may involve handing off the client to the appropriate customer success rep and managing this transition in CRM. If the team member who has closed the sale is also the team member who is responsible for onboarding, it is still important to review the next section to ensure the transition from sales period to service period functions smoothly.
Handing off the Sale
When handing off the sale to customer success, ensure that the client is fully aware of what is happening with their account. Focus on a few key points during this transition:
1. Make sure the client knows what will happen during the onboarding process.
i. Explain to them how the product onboarding process works, making sure to note the goal of the onboarding process; ensuring their complete satisfaction.
2. Make it clear who will be taking over their account from this point forward.
i. Introduce the client to their main point of contact and our customer success rep. This is preferably done over a phone call to address any potential questions or concerns from the client immediately.
ii. Make it clear that the sales representative will always remain a point of contact if the client ever needs anything in the future. This transition does not necessarily mean the end of all communication between the sales representative and the client.
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Thanks for reading. 👏 Clap it if you like it. You can learn more about Correly on our website
This is the fifth chapter of our sales playbook guide 📕 If you are interested in reading the full guide (all 8 chapters of great sales content), request early access on our website at www.correly.com
