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Strategic Planning for Key Accounts

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Strategic Planning for Key Accounts

Strategic Planning for Key Accounts

Virtual Selling Tips related to Vital Selling Regimens by Don Buttrey, President of Sales Professional Training, Inc. In this week’s guest blog, Don shares with us some strategic planning for taking care of key accounts.

Dealing with market potential becomes a challenge in the virtual world as well. Using data and information is critical. Your business systems can help you here. Take advantage of these condition and circumstances to become much smarter on how you manage you time and business.

Strategic Planning for Key Accounts 

  1. Focus primarily on accounts that are less impacted by the pandemic to assure quicker results in these accounts that already have a long selling cycle.
  1. However, it may be wise to pick at least one or two strategic accounts where business may be stalled short-term –but that have significant long-term potential. Now is an ideal time to do the legwork and create a path for future business. Now is a chance to build trust and solidify relationships. (whereas before, they had little or no time to spend with you.) Giving them time and offering creative ways to prepare for future growth now, proves that you are not just a partner in the good times. Show them that you are focused on their business in good and bad times – instead of just taking orders selfishly and forgetting about them! In difficult economies, focus on expanding influence and growing your market share. When it picks up again – you are well positioned!
For more information on our classes and assessments, please visit us at Learning Without Scars.

Emotional Intelligence – Accelerating Team Performance

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Emotional Intelligence – Accelerating Team Performance

Emotional Intelligence - Accelerating Team Performance

This week’s guest blog from Sonya Law covers the link between emotional intelligence, and a leader’s skill at accelerating team performance.

Recently I attended an event featuring Daniel Goleman leading authority in Emotional Intelligence, who covered Team Performance.

What is a LEADERS ROLE in setting goals in 2021?

  1. Give people clear goals.
  2. Free to get there in their own way (Empowerment).
  3. Immediate feedback – so they can self-correct mid-course.
  4. Set stretch goals for those that are motivated by Challenge.

There are Six Types of Leadership Styles: Visionary, Coaching, Affiliative, Democratic, Pacesetting, Commanding.

People and teams want to be inspired and this comes from Leadership.  The Visionary leaders have a strong sense of their own purpose and can articulate shared goals and inspire team spirit.  This will be particularly important in attracting Millennials – whom will want to be inspired and work for companies and buy products that ‘make a difference’ and contribute to the greater good of society and the environment will be important in branding and marketing in the future.

An Affiliative leader knows the importance of building social capital and will take time to listen to their people and will implement any change seamlessly; a Coaching style leader will engage regularly in banter with their team and through it builds loyalty and staff retention in organisations. And a Democratic leadership style encourages collaboration which builds commitment which has productivity and innovation benefits.

It is the responsibility of the CEO, Human Resources and Senior Executive Team to use your Culture Survey results and feedback from your people to tailor your recruitment and selection strategy to ensure the leaders you hire close the gap on where the deficit is in your forecasting in 2021.

The last two are defunct from Daniel Goleman’s perspective and are ineffective in inspiring and accelerating Team Performance.  Pacesetting leadership style is where the leader is an excellent individual contributor and has a high work output but fails to inspire others.  The command and control while effective in the military may not be enough to inspire the next generation of millennials.  As baby boomers exit the workforce this will also pave the way for organisations to place emphasis on inclusivity and diversity in workplace culture.

Key in business leaders in 2021 will be Emotional Intelligence, self-awareness – is the foundation the basis for Emotional Intelligence (EQ).  It’s a cognitive control that moderates our behavior and interactions with people and enables us to connect, engage and influence people and business outcomes which are essential to people leadership. It also improves executive decision making but it is not everything there is also gut feeling which is the wisdom of your experience.  When reaching any executive decision, you probably have relied on one if not all of these things, your gut instinct, data (logical brain) and engaged your emotional intelligence.

So how do you build a Culture of Emotional Intelligence?

  1. Hire people who have emotional intelligence and Korn Ferry has some good assessment tools and 360-degree feedback.
  2. Review your people’s emotional intelligence at performance reviews.
  3. Build it into your culture through learning and development.
  4. Coach leaders in Emotional Intelligence.

It poses the question:

  1. Should we hire for technical skills (IQ) or soft skills (EQ) which is more important particularly when we are hiring for technical roles and future leaders?

The answer is both, you all have come across an engineer who is brilliant but unfortunately you can’t put them in front of a customer or client because they lack the people or communication skills (EQ).

So, what’s it worth to you?

Your reputation with your customer and future leadership talent pipeline.

For more information on our classes and assessments, please visit us at Learning Without Scars.

 

 

Coverage and Account Priority

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Coverage and Account Priority

Coverage and Account Priority

Virtual Selling Tips related to Vital Selling Regimens  by Don Buttrey, President of Sales Professional Training, Inc. In this week’s guest blog from Don Buttrey, we explore the importance of coverage and account priority.

Call reporting can keep us on track but staying on top of the action is much harder from the home office. It is all too easy to get interrupted at home, or to lose the prioritizing system when we work in our traditional professional spaces.

Coverage and Account Priority

  1. In this slower market, set an aggressive deadline to call through all the current accounts under your responsibility. Stay in ‘front of mind’ even if their business is slow or on hold.
  2. Periodically you should re-prioritize your accounts to adjust to market changes and other dynamics. During this pandemic, re-prioritize your accounts to focus on accounts that are less impacted and offer immediate sales potential. Some customers or segments are actually doing better in this current downturn. Focus on the right accounts and markets NOW. (This also applies to your selection of Strategic Accounts – see next)
For more information on our classes and assessments, please visit us at Learning Without Scars.

Metrics For Your Website

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Metrics For Your Website

Metrics For Your Website

Today’s guest blog is from Mets Kramer, sharing knowledge about the metrics you need for your website, and understanding your digital traffic to better engage your audience.

You use metrics for every other part of your business, so it’s time to learn more about them for your digital marketing, specifically your website.  This is a continuation of my previous blog on Engagement Digital Marketing.

Growing up and working in the equipment business, we are all familiar with metrics.  My first experience with them was the measurement of invoice days, or rather days between last labour and invoice date.  As service supervisor, I learned it was a good indication of one aspect of our operational efficiency.  Later, I would learn invoice days was one of several metrics which would provide a complete picture of the efficiency of the operation.  For example, I found receivables days was a complement to invoice days, and if we invoiced too fast, with poor quality, receivables lingered.

Your digital marketing work is no different from your other business operations.  Metrics, or measurements, help you understand what is happening with you digital marketing efforts.  What each of us need to do, is understand what the metrics mean, how they relate, and how you can affect them.  It is also important to pick a set of metrics that drive to something valuable for your business, not just target numbers that seem good.

In this blog I would like to look at a few common metrics for your dealership website.  They are Visitors, Bounce Rate, Average time per page/session and Conversions.

Visitors are great!  Of course, we want traffic to our websites, if no one visits, does it really exist? But what does it mean?  Think of Visitor traffic as the top of your funnel (or crusher if you prefer).  It tells us how many people have visited the website and had a look at the pages they landed on.  Visitors can enter the site through the main page, or directly to specific pages using links on other sites.  Either way, it is the starting measurement.  Having high traffic levels sounds great, and is certainly better than very low, but the other metrics will tell us more about what happened when those visitors viewed the site.

Bounce rate: this is a very common metric used by internet people, partially because it sounds fun.  Bounce rate measures the number of people who landed on your site and then left without looking at any other pages.  This means bounce rate, on its own, is not a great measure of success, or of a good website.  A very high bounce rate is generally an indication that people have low engagement with your site, and so warrants investigation.  However, if you are bringing people directly to your site, targeting specific pages, a high bounce rate needs to be viewed alongside a metric such as Average time on page to understand what it means.   For now, consider bounce rate a measure of “are people clicking to other pages on my site before they leave”

So that’s the first two, we have people coming to the site, and we know if they are clicking around or not.

The next measure is average time per page or per session. How long are people spending on each page, and how long is each session.  For Bounce rate, a high rate is often considered bad, but if you are driving traffic directly to a page, like this blog, and the visitors are spending enough time on the page to read it, average time on page can be a measure of success, even if they bounce after reading.   Remember our Digital Marketing strategy is a strategy of engagement, so more time spent on your site means higher engagement, even if they only visit one page. For other visitors, look at how long they spend on the site or pages, it should match the content on the page to determine what a good metric target is.

Finally, Conversion Rate.  In the end, for equipment dealers, your websites should be more than just information sites.  Our sites should be designed for action.  This is often called a “call to action” when reading about website performance.  Just like we talk about a complete set of metrics for other business areas, Conversion Rate is important final goal for measuring website engagement.  Conversion Rate can be determined using a contact form, a button to call your dealership or generating a lead in your CRM.  Typically, an average conversion rate is 2%, but as with all these metrics, it depends on numerous other factors of your site.  It is important to see your engagement digital marketing efforts in relation to conversion rate, a tangible result.

Collecting these measurements can be done with numerous tools.   The most obvious is Google Analytics, but there are WordPress plugins that do the same, and other content systems have their own dashboards as well.  The important thing is to get them set up and use them.

Obviously, this topic is extensive, and I can not provide a comprehensive explanation in one blog.  I hope each of you understands a little more about what website metrics mean, how they relate and how they can guide your digital marketing efforts.  If your dealership has a website, and you are investing money in your digital marketing, it is important to understand the value you are getting for your investment.

All these metrics apply to all forms of traffic, including referrals, organic and paid.  In my next blog I will look at these topics from the perspective of paid traffic.

If you would like to learn more, or want to get some help with these topics, please contact me and I would be happy to explain or put your in touch with some trusted people that can help you execute.

For more information on our classes and assessments, please visit us at Learning Without Scars.

Prospecting and Account Penetration

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Prospecting and Account Penetration

Prospecting and Account Penetration

Prospecting and Account Penetration: Virtual Selling Tips related to Vital Selling Regimens. By Don Buttrey, President of Sales Professional Training, Inc. For today’s guest blog, Don shares with us the unique challenges of prospecting and account penetration in the virtual world. In the world of “before,” it was a given that we could meet with our customers. This new normal challenges us to innovate our processes.

Not being able to drive around and see what is going on in the field is a problem today. We have to be creative with how we do our prospecting. Using the phone is much more effective in numbers it is the quality not the quantity that gives us some trouble.

Prospecting and Account Penetration

  •  Now is the opportune time to find and develop new accounts and new relationships within existing accounts!
  • Slower markets put pressure on ‘price’. But you can overcome that with good fundamental selling. One of your best negotiation strategies is to increase your prospecting. Having more deals in process (better participation/market awareness) gives you more power. The more deals you have in the pipeline – the better!
  • Have thick skin. Do not take rejection personally. Be carefully persistent. If they are a potential customer, they will appreciate your proactive effort!
For more information on our classes and assessments, please visit us at Learning Without Scars.

Complacency

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Complacency

Complacency

Tonight’s guest blog on Complacency is from Ross Atkinson. Ross spent his entire 33+ year career in the Heavy Equipment software marketplace with PFW/ADP/CDK. He was the architect and software designer for most of the applications in the rewrite of the core Dealer Management System called IntelliDealer. Having been in many roles with the Company from installation to ownership, he has first-hand knowledge of the system requirements of dealerships and the people who use it. His specialty is the ability to design and create solutions to ensure the best user software experience possible.

Complacency

Even for the most computer savvy person, the rate of software change can be overwhelming. In many cases, your staff is too busy and is not given the time to understand what the changes are before yet another iteration has been introduced. I guess that could be the subconscious excuse for never venturing beyond the basic functionality and just using what they know to get through the day. Simply said, complacency!

From my many years in the heavy equipment software industry, I learned that there are few exceptions to this statement, however, the dealers that do overcome this self-inflicted shortcoming are very successful, not only in the utilization of their business system but also financially.

How do you make time?  Well, it starts from the top down: a commitment from management to the ongoing education of those who use the software every day. You educate your technicians so why not the rest of your staff who use their “tool”, your business system software?

I can also guarantee you that there is functionality that your business system has today that you are not using or are even aware of. You need to understand what’s available at your fingertips. This is followed by the opportunity to test the features and functionality first hand. It’s one thing to sit in a classroom or virtually listening to trainers, it’s another to try it yourself and see it in action; using your data.

Through this learning process, your staff can determine how these capabilities can benefit your day-to-day processes. The goal is to improve efficiency but also the opportunity to gain a better understanding of your customers and the services you offer.

Once you have mastered the commitment to education, challenge yourself and your employees to understand how you can “tweak” or change your business processes to take advantage of functionally and systems you previously deemed unusable.

I recall doing some classroom education many years ago when the dealership principal stood up, interrupted my session, and made the following statement to his staff, “Not changing is not an option!” Imagine if that was your dealership motto?

For more information on our classes and assessments, please visit us at Learning Without Scars.

The Overlooked Telephone Salesperson

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The Overlooked Telephone Salesperson

Please enjoy our second vlog of the year.

Planning to Succeed or NOT?

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Planning to Succeed or NOT?

Planning to Succeed or NOT?

In his latest guest blog, Brad Stimmel shares with us the readiness of leaders for the next stage in “Planning to Succeed or NOT?”

Every good business leader that I have ever encountered make plans for the coming year.  And every plan has the first goal of creating success for that same period of time.  But are you sure you are making all the arrangements for your plan to succeed or are you just setting yourself up for unintentional failure?

The styles of annual planning process differ greatly depending on many factors of the company and its leadership.  In each company, the different styles of plans are usually financially driven.  And, of course, then it is broken down into its components by department and then by revenue, expenses, and profit.  This is pretty much the basic process done in many different manners by every company.  In some companies it is done from top management down and some companies it is created middle management up.  All of it will sum up to a potentially successful plan that is aimed at reaching the company goals for the coming year.

But there could be missing components that are equally as important. Ones that, if left undone, could increase the probability of failure to reach the company financial goals.

The concept is reduced to a twist on an old cliché quoted from an anonymous source:

“Ready, Fire, Aim”

It can be further qualified this way:

  • “Ready” means your standard financial plans that are well done and created with good planning and collaboration.
  • “Fire” means the approval, communication and launching this great plan for the coming year.

But… is everyone on your team “Aiming” in the right direction or even the same direction as others?  Usually not.

If each of your team members have not personally created a set of Measurable Objectives that will move their department and their personal efforts in the direction of the financial plans, then the probability of failure is much higher.

As Peter Drucker states:

“Objectives are not fate – they are direction.  They are not commands – they are commitments.  They do not determine the future – they are means to mobilize the resources and energies of the business to make the future.”

All managers and Sales representative should create a set of measurable objectives that create success for them and their departments.  The objectives should be specific milestones that are productively moving toward the overall company financial plan.  They should have specific dates to target and well-developed action plans to accomplish over time. They should name any collaboration required with other members, vendors, or departments. And finally, they should be agreed to by their supervisor but never dictated by him or her.

As Drucker says, “There is a great difference between doing things right and doing the right things!”

This objective plan should be cascaded to all managers and sales representative at all levels. The higher the agreement and the clearer the communication of these objectives up and down the organization, then success is almost inevitable.

The last important step after the objective planning is to complete a quarterly review on progress toward the objectives with each participant.  NO penalty and NO reward should be offered.  Just check for progress.  If the objectives are just filed away in a cabinet until the end of the year, then most likely not much will change until the end of the year. And then it is too late.

So here is the summary of the ESSENTIALS OF OBJECTIVES PLANNING.

  1. Individuals determine their objectives and share with their supervisors. They both agree upon and state very precisely the specific results that are to be accomplished by a specific future date either by the individuals or by the units they manage.
  2. These same individuals work enthusiastically to achieve the expected results because, in the process of developing their objectives, they have become sincerely committed to achieving them.
  3. Regularly, the results achieved by these individuals and the units they manage are measured and reviewed at least quarterly. (I suggest a dashboard be set up for each individual member if your enterprise management system software provides this option.)

This whole concept is carried along on a wave of increased communication.

“The clearer the idea you have of what it is you are trying to accomplish, the greater the chance of accomplishing it.”

For more information on our classes and assessments, please visit us at Learning Without Scars.

Falling Upward

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Falling Upward

Falling Upward

Tonight’s guest blog is from Sonya Law, sharing the experience of Falling Upward.

How to create a culture of Ethical Leadership and Courageous Conversations

Falling upward is how it can feel like for leaders when faced with an ethical dilemma and there is no rule book…

Firstly, every organization I have worked for has an ethics policy which sets out ethical behavior for all employees and consequences of an unethical act.

What it does not set out is clear guidance in complex environments where we need to make ethical decisions.  We have all sat through hours of mind-numbing ethics training with textbook like scenarios that fail to apply to real life situations.

Secondly, a true ethical dilemma, is a moment in time in your career, that occurs only a handful of times that tests you’re grit, resolve and ability to think under pressure.  Characterized by 3 main things: you are often alone there is limited time to think, you are acting on gut instincts, fear will kick in followed by a momentary dread of you whole career flashing before you. You know that in this moment it’s not the right thing for you personally, you may need to challenge the status quo, you may take a hiding in the process from those more senior than you, there are no accolades for doing the right thing, it is a quiet and largely unwitnessed act of good faith.

Your resilience, fortitude and courage will be tested and it will feel like falling upward no matter what your position is in the company, Emerging Leader or Senior Leadership Team.

Lastly, ethical leadership at the basic foundation is about following a rule book, however the interpretation and application of ethics is often not clear cut, against a complex external environment.  Imagine sky diving for the first time you understand the safety rules and laws of gravity, what goes up must come down and you alone are left with the ultimate decision to jump.  Before we can free fall, we must go upward in the plane, reach dizzying heights, adrenalin pumping, fear kicks in and your whole life flashes before you as you get ready to jump.

Ethical leadership – takes courage when we make a stand for what is right, we are faced with a difficult dilemma, no clear path of what to do just a guttural feeling of discomfort and a racing heartbeat.

In the military, there are a clear set of rules that must be followed and order of command that must be obeyed, yet the military still face the same ethical dilemmas that we do in Business.  Because fundamentally we are all human beings who make decisions just like the moment right before we jump out of the plane.  Early in my career as a recruiter I was frustrated when a candidate wouldn’t accept the job offer; what I learnt very quickly is that people have a fundamental floor they often do what is right for them.

How do we create a ‘lived culture’?

  1. Human Resources set Culture
  2. Senior Leadership Team role model behaviors
  3. Employees observe these behaviors.

How do we create a culture of Ethical Leadership and Courageous Conversations?

  1. Accountability and Responsibility
  2. Trust – Create a Circle of Safety
  3. Educate the Senior Leadership Team how to have Courageous Conversations.

Accountability and Responsibility:

Encourage your employees to come to you with ethical dilemmas with what they see are the ethical challenges and what needs fixing in the organization.  Resist the temptation as a manager to fix it for them, by giving them the responsibility it activates thinking and accountability.  Ask them what do you think? How would you solve it? Empower them.

Trust – Create a Circle of Safety:

Managers tell people what to do but true leaders help people to feel safe, promote thinking and drive a culture of empowerment. Where employees are empowered to do the right things as opposed to the right thing for them which typically stems from a fear-based culture the opposite of a circle of safety.  Simon Sinek describes what he calls the Circle of Safety and establishing trust in his book titled ‘Leaders Eat last’.

Educate Senior Leadership Team (SLT) in why they need to have courageous conversations:

As a Human Resources Manager, I held a session exclusively with the SLT on the importance of courageous conversation and in 2019 took them to see Brene Brown live in Melbourne, Australia with the message that by having courageous conversations ourselves is the first step and encourages employees to do the same.

So, what’s it worth to you?

Your reputation and financial sustainability.

 

 

Resolutions and Reading

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Resolutions and Reading

For a change of pace, we decided to share a vlog post today in honor of this being a new year.

 

For more information on how we can help you make this a great year, please visit us at Learning Without Scars.