Potentially revolutionary, article in The Wall Street Journal today has a direct parallel to sales success.
Apparently, The Business Roundtable, leaders of some of America’s largest companies, changed its statement of decision making purpose from being based solely on achieving the highest profits for shareholders (investors) to now taking into account “all stakeholders” – employees, customers, and society at large.
If actually adopted and put into practice, that new definition of “Stakeholder” will cause a seismic shift in how companies operate and could be a boon both to the economy and to society.
Just as redefining “Stakeholder” can change performance in the corporate world, redefining “Stakeholder” in your selling strategy can dramatically shift your bottom-line performance as well.
Who Are the Stakeholders in Your Sale?
Too many salespeople focus their time, energy, and strategy exclusively on one Stakeholder, the person who can sign the contract. Important though that person is,initial and repeat sales are more likely when other Stakeholders in the purchasing process are included as well.
Why?
Any large purchase causes change in a company. It disrupts (even for the better) existing systems,
practices, habits, policies, and politics and affects many more people than just the person who signs the contract. For example,
- A new benefits program may require time to learn a new system, new forms to fill out, new procedures to follow, etc.
- New printing equipment may require time to learn new machinery, a rearrangement of jobs, a change in how work gets done, etc.
- A new training program may require a change in work practices, time off from the job, new evaluation processes, etc.
You get the picture. You may dazzle the decision-maker, but if your product or service is not embraced by other Stakeholders, you risk both a short-term sale and a long-term business relationship.
Therefore, to ensure success, see these Stakeholders as well…
Users. Learn how they feel about the current situation and what they need to feel comfortable with whatever you are selling. If they are not aboard, chances are there will be no sale and certainly no future sales.
Management. These are department managers who will oversee your new product or service. This is also the Finance person whose job it is to monitor return on investment. Do they fully understand the impact on the Bottom-line (in either revenue or productivity) of what you are selling? You want that person(s) advocating to the Decision-maker to sign the contract.
Technical Pros. If technology is involved, what role will they play in what you are selling? If the tech pros fight implementation, there goes your sale and, if the sale is still forced on them, you can likely kiss future sales good-bye as well.
Your sale needs to be made to every Stakeholder who is impacted by your product/service.
Who’s Who in the (Sales) Zoo?
I heard that expression many years ago from a mentor and it is still true today. Multiple people influence a sale. You need to touch all of them. Best practices are to
- Identify the key Stakeholders on each of your accounts
- Understand their needs and concerns
- Show how your product/service can satisfy both for them
That is the key not only to winning initial business, but also to keeping the business long term.
Anne Miller
Words Matter – Make What You Say Pay!
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