Empower your business to close big deals for inventory

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good morning it's Ian coniac and today I'm going to introduce you to a New Concept that I call the three PS of closing these three PS are the key ingredients that you need in order to close any kind of strategic or complex deal so let's dive in the 3ps are power pain and process now I'm going to go through each of these in detail and give examples of when you have them and when you don't and what they look like and stay tuned to the end cuz I'm going to give you a free training resource that you can use to assess your deals and whether they're likely to close and identify key gaps so let's dive in the first p is called power and that is by far the most important and that's really simple it's exactly what imp implies are you working with power now how do you know what you're working with power it's very simple they have the ability to sign off on the contract you're working with the signer or the economic buyer it's used in some terms okay if you're not working with them you have access to power so you're working directly with power or you have access to power not access through your Champion but access directly meaning that your Champion is putting you in front of the people that can sign if they're not putting you in front of the people who can sign and they're saying yeah I got this I got control but they can't sign you're not working with power so you got to vet that out early and say who else if everything looks good if we find that this is mutually beneficial we do a business case who needs to sign off who needs to be involved and they say it's just me and it's a manager level I can tell you 100% of the time that that's not true they need to get other people so you got to really vet that and make sure cuz generally manager levels can't sign off on large complex deals especially if they have to enroll other people in using or adopting the solution so that's the first one is power if you're working with power the deals compress in speed and size and I think it's pretty self-explanatory but that will determine I would say nine out of 10 times if your deal doesn't close it's because you're not working directly with the decision maker that above and beyond all other determinants is the single biggest indicator of whether a deal can close or not is are you working with people who actually have the power to drive change the second p is pain and this one is really simple are they in pain if someone says I'll give you a simple example Ian we want to um deploy untap your sales potential to our sales team say why well they don't really have good strategic sales we want to teach them strategic selling we want to teach them value selling we want to teach them how how to multi-thread that also sounds good why well because we're losing large Enterprise Pursuits and we need to uplevel our team okay well how often are you losing these Pursuits have you looked at your win rate on these Pursuits uh yeah we're only winning 25% of that the large deals okay what's the average deal size well the average deal size for our large Pursuits is 250k so how many of these do you have every single month over 250k while we have about four Pursuits a month that we're chasing now we're talking some pain we have a $750,000 problem even if we can take that win rate from 25% to 50% that still represents 250k per month in additional revenue or 3 million per year just by doubling their win rate from 25 to 50% if we teach those skills $3 million per year if they have 50% profit but that's a $1.5 million impact to their bottom line profitability so now there's pain you follow what I just did you're digging and you're digging and when someone tells you a problem instead of raising your hand and saying here's the solution you say well why is it a problem what's the impact of the problem you got to get to pain if you're not convinced the problem is serious enough for them to actually put in the effort to change cuz any kind of solution you have even training is a big change then it's going to stall later on it's not going to go anywhere because change occurs when the pain of staying the same is greater than the pain of changing deploying software is a pain got to train your users you got to migrate over from one solution to the next you have to redefine your processes you have to invest a bunch of money and time right you have to put other things on hold maybe that are priorities that's a big deal so the Pain's got to Warrant that level of effort so that's why pain is number two and the third one is process specifically enrolling them into your Discovery process I always say sell the discovery process don't sell the solution so what does selling the discovery process look like well it looks like if you know that you're with power and they have pain you give them your process and you enroll them into actually following your process so let me share what that looks like okay if I'll use Salesforce for an example if I find a client that has a major issue with um you know major pain let's just use uh service Cloud I'm making this up as we go service Cloud they have poor customer attention they have low customer satisfaction low CET low MPS and we're trying to deploy a new call center desktop for their agents to give better support and for their customers to be able to get self-service okay that's what service cloud is and in nutshell it's like zenes but anyway the the process would be well here's what our process looks like we're going to Shadow your agents across the various channels that you support we'll Shadow the call center we'll Shadow the social team we'll Shadow the chat team to see what they're doing see what tools they're using see how long it takes diagnose the problem okay we're going to talk to a couple customers and go through that experience and become a customer potentially you know see what it's like how easy it is to get support how easy it is to get your questions answered then we're going to create a custom demo where we're going to do an assessment of your technology stack to see what you need to replace what you need to integrate and how this is going to fit into your architecture we want to make sure this works that's called a technical win and then we're going to get together and do a business case and a business case is going to show you the impact of making this change how much time are you going to save in terms of your agent productivity if it takes him five minutes to respond to a customer inquiry if we can get down down to four if we can reduce it by 25% right if we can shave a minute or 20% if we could shave a minute off that time then we spread that around a call center of a thousand in a thousand different agents a minute per call times how many calls we're talking about realistically saving tens of millions of dollars if you save the productivity by 20% okay next thing we'll look at is how many calls can we deflect or prevent from happening in the first place call deflection if we can give customers a way to get the answer without having to call into the call center that will be a huge load where you don't even need as many agents and you can actually cut your cost of Outsourcing so we're going to do an assessment we're going to look at what we can do and we'll show you a custom business case so a technical win a business case win that process we're going to need to interview people shadow people collect some data around your financials all that is going to take time and energy and effort on your behalf here's what that looks like and you spell out what that Discovery process looks like it might be two months of Discovery realistically if you're selling to a big Enterprise might be a month it might be a couple days Workshop it doesn't matter it depends on what you're selling right it depends on your process it depends on what you're selling it depends on a lot of factors but the the simple explanation is you need to sell that process and get them to enroll in that process and if you do that and they're willing and if you're at Power and they have pain you get the top level person to sponsor it and to tell their team and to put ideally put a project manager or an analyst or someone to help you facilitate the meetings every big deal I've done has had this process Mike fasone he's my head sales coach he was doing a training last week on strategic selling and every big deal he's had has had this process Jamal rmer it's all the same go high go down complete your Discovery go back up I call it a yo-yo a yo-yo sell but selling the discovery process to power and getting their commitment to come back and meet with them and review the findings is the way you'll weed out how serious they are because if not willing to commit to a discovery if they're not willing to actually show you their world you think they're going to buy your solution you think they're going to have the time and effort and energy to actually adopt it and change what they're doing heck no okay so that's the key once you've enrolled them in your Discovery process you're going to get enough insights you're going to get enough data you're going to get enough um information where you almost every time are going to be able to prove out and be able to justify your solution you're going to show how it's going to fit in their environment and you're going to show the metrics and the the actual the data to support the outcomes that they want whether it's improving seat or deal win rate in the examples that I gave you or customer retention or profitability you got to understand what those metrics are that they care about and then put that in the business case that is the Discovery process it's get the information to show the technical win which is a custom demo and the business win which is a business case and that is the P the final P process so there you have it you got power you got pain and you got process if your deals don't have those things then you got to fill in the gaps now if you really want to assess whether your deals likely to win I put together a scorecard where you can score your deals along with a lot of questions that you can get inside of the scorecard okay questions that you can ask um that will help you uncover any gaps that you have in the sales cycle it's called predict P stands for problem with pain R is for reason e is for engaged D is for decision maker I is for impact C is for cost of an action and T is for timeline so it's a lot more in- depth than the the P's but it's a full scorecard where it has questions around those key key areas so you can see if you can predict whether or not your deal is going to close so if you want to get the scor card I'll put a link here you can download it or you can watch the video above here for a full training on how to use pred prct for your deals to predict whether or not they're going to close I'm and kak thank you so much for listening hope you guys have a wonderful day