SALESU

Leveraging the Power of the Internet to Ignite Sales - But Not Burn Time

by Mark Shonka and Dan Kosch

No smart sales manager questions the capability of the Internet to heat up sales. A few clicks of a mouse can identify prospects, track industry trends, monitor leads and relay information more efficiently than ever before.

If your sales team isn't using the Internet wisely, however, chances are, it's going to get burned.

That's because the Web ignites opportunity for everybody - including procurement officers. Years ago, if they needed details about what was available in the marketplace, they had little choice but to talk to sales professionals. Now, they can surf the net undetected. And if that's not enough, they can conduct online auctions and requests for proposals, where the lowest bidder wins the deal, or execute blind Internet auctions that elevate commoditization to the next level by making a potential customer completely anonymous.

In light of this, whether you sell paper clips, computers or consulting, the Internet could easily subtract your team from the purchasing equation altogether and convert them to mere vendors.

What's more, your most precious commodity - time - could easily go up in flames if your sales force answered every RFP and auction that flashed across their screens.

That's why it's critical to be choosy about which Internet deals to pursue. Set criteria by outlining:

• The profile of your best customers - How well does the potential Internet opportunity fit that profile?

• The importance of relationships - Do you have any with the potential customer beyond the Internet or are you an unknown? • Which deals you consistently win and which ones you consistently lose - Also see how each online auction or request for proposal compares

• The potential long- and short-term profitability of the deal - Could there be future opportunities beyond the initial sale?

• The logistics of the deal, urgency and budget

• The organization's reputation - Is it known for being penny-wise and pound-foolish? Do they always buy based on price even if it's clear they will lose money in the long run? If so, is the potential payback worth doing business with them?

With this information, salespeople can determine which Internet opportunities are worth their energy - and just as important, which are not. Too many sales professionals waste time chasing smoke - remember busyness does not equal productivity.

Converting Research Into Results

Just as important as choosing prospects carefully is rapidly launching your team beyond virtual reality to real-life success, beyond gatekeepers to those who base their investment decisions on what benefits their business most, not what costs the least. You can make it happen by executing the IMPAX Process.

Begin this sales process by leveraging what you've learned from online research. The best use of Web sites is to gain a fast, basic understanding of the prospect's business. Next, identify key personnel, and contact them to set up a research meeting. Not even the most informative Web site outshines a face-to-face, or voice-to-voice meeting.

The purpose of this meeting isn't to pitch a product or service; it's to find out more about the prospect's business and business direction beyond what's publicly available. In this meeting, reps should try to follow the 95-5 Rule, where they listen 95 percent of the time and talk 5 percent.

A key tactic in preparing for this meeting is to leverage the Internet. Advise your sales team to keep in mind who they're calling on, and then devote a little time one or two days before the meeting to do Internet research. They should review the prospect's Web site, industry information, brokerage reports, annual reports, news releases and the like. They can then use what they've learned to create a list of insightful questions. They can also print off relevant items and ask clarifying questions during the meeting. Chances are the prospect will be impressed by how thoroughly your sales professionals have done their homework.

With any luck, this contact will be a "coach," or can introduce the sales professional to one (the key is asking to be referred to others in the know). A coach is someone, usually within the prospect's organization, who has inside information and is eager to share it because if you win, he wins. Finding these coaches requires networking savvy and investigative know-how. They can provide a significant sales edge by supplying knowledge unavailable anywhere else, including the Internet.

.The ultimate goal is to use this inside information to access decision makers. Your sales professional can then deliver an intelligent, powerful presentation (based on what she's learned from her coaches) that will conclusively demonstrate how a business relationship with your company can help them achieve their business objectives, address key issues or implement priority strategies.

Knowledge is what's genuinely powerful; the Internet is simply an initial source of it. It can shed light on opportunity, but to ignite sales, you must respect its limitations and move beyond them.

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View all online articles from the
July/August 2006 SalesForceXP magazine.

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