Selling To The C-Suite

Selling to the C-Suite
The Groundbreaking New Book
for Professional Salespeople
Stephen J. Bistritz, Ed.D.
steveb@sellxl.com
www.sellxl.com
Linked to

© 2013 - 2014, Learning Solutions International. All rights reserved.

“The new salespeople are highly skilled
value creators, who live by ingeniously
solving customer problems.
The measure of these new salespeople
is the value they create, and to create
maximum value, they must understand
the issues and concerns of their C-Suite
customers.
This book is timely and essential
reading for them!”
Neil Rackham
Author of Spin Selling

Presentation Outcomes
At the end of this presentation, you will be able to…
 Describe when executives get involved in the decision
process for major purchases
 Discover the best approaches to use for that initial call
on the relevant executive for the sales opportunity

 Determine how to become perceived as a trusted
advisor to the executive, thereby securing return access
 Select the appropriate time to communicate value to
executives


Presentation Outcomes

Those outcomes may sound
like common sense…

however, in many cases, they
are not common practice!


Challenges Salespeople Have in
Calling on Executives
Identify some of the challenges salespeople encounter
when calling on senior executives…

http://www.wcremembered.co.uk/63_p12.html

“If not you, perhaps a friend of yours.”

Challenges
• Identifying the right executive to call on
• Getting past the gatekeeper
• Understanding the executive’s key
business issues
• Intimidated by the questions that
could arise
• Lack of understanding of the politics of
the client organization
• Jeopardizing lower level relationships


Research on Selling at the Executive Level
Hewlett-Packard | Kenan Flagler Business School, UNC
Georgia State University | Target Marketing Systems

 When and why did executives get involved in
the decision process for major purchases?
 What has to happen in meetings with
salespeople for the executive to feel it was
effective?
 How do salespeople establish trust and
credibility at the executive level, thereby
securing return access?
 What are executives looking for in “strategic
relationships” with suppliers?

Selling to the C-Suite. By Nicholas A.C. Read and Stephen J. Bistritz, Ed.D. McGraw Hill.


Executive Involvement in the Buying Cycle

Q

When and why do senior executives get involved in the
decision process for major purchases?

A
Early

Middle

Late

Executive
Involvement

Understand
Current
Issues

Establish
Objectives

Set Strategy

Explore
Options

Set Vendor
Criteria

Examine
Alternatives

Plan
Implementation

Measure
Results

Steps in the Buying Cycle


Executive Involvement in the Buying Cycle

Q

When and why do senior executives get involved in the
decision process for major purchases?

Executive
Involvement

Understand
Current
Issues

Establish
Objectives

Set Strategy

Explore
Options

Set Vendor
Criteria

Examine
Alternatives

Plan
Implementation

Measure
Results

Steps in the Buying Cycle



“I meet with professional salespeople
because often they can offer me
solutions that even people within my
own organization can’t develop.
They’ve seen these problems in other
organizations and I want the benefit
of their experience.”

— CXO-Level Executive


Defining the Relevant Executive
The executive who initiated the project or application
associated with the sales opportunity

The executive who stands to gain
the most or lose the most by the
outcome of the project or application
associated with the sales opportunity

This is the relevant executive for the sales opportunity


Calling on the Relevant Executive

“The tasks our clients were
asking us to take on were
spreading beyond the domain of
the CIO – places where IBM
[salespeople] had not, in general,
ventured and where we lacked
strong client relationships.”
- Lou Gerstner


RTC Technologies Executive Team

Cultivating Client Relationships
 Who has the formal power for an
IT-based customer service
solution?
 Who has the informal power for
that same decision?
 Who is the relevant executive
for this opportunity?



IT-based customer service
solution?
Formal
Power



IT-based customer service solution?
that same decision?

Informal
Power



IT-based customer service solution?
that same decision?
 Who is the relevant
executive for this
opportunity?

Relevant
Executive

Informal
Power


Four Approaches to Gaining Access
Overt

Sponsor

Referral

Implement an

Use a credible

Use a referral

Treat the

overt approach

sponsor within

(someone outside

gatekeeper

via the

the client’s

the client’s

(AA, secretary or

telephone or

organization to

organization),

the like) as a

using a phone

help secure

such as a

resource and use

call, preceded by

access

consultant,

them to help

business

secure access

a letter

Gatekeeper

associate or

friend


Research on Selling to Executives

Q

Assuming your company was considering a major purchase,
how likely would you be to schedule a meeting with a
salesperson if the request came from…

A
Always

Usually

Occasionally

Never

16%

68%

16%

0%

A referral from outside the company

8

36

44

12

A letter from a salesperson followed
by a direct call

4

20

40

36

A direct telephone call from a
salesperson

0

20

36

44

A recommendation from someone
inside your company


Gaining Access

84% of the time executives
said they would grant the
salesperson a meeting…

provided the recommendation
came from someone inside the
company!


Preparing Your Approach
Outline for the Initial Telephone Call on the Executive
Brief introduction to why you’re contacting the executive

Introduction

Purpose

Explain your connection to the person who referred you to the
executive, if appropriate

Be clear and specific as you explain the purpose of the call

Explain the homework you’ve done on their organization and

Credibility

communicate how you’ve helped other companies address similar
challenges

Commitment
and Action

Propose a clear and specific action for the executive


Components of Credibility

Integrity

Capability
Adapted from: Clients for Life. Jagdish Sheth and Andrew Sobel. Simon and Schuster.


Components of Credibility

 Reliable
 Trustworthy
 Consistent

 Trusted Advisor
 Collaborative Relationship

Client Value Zone

Integrity
 Extra Pair of Hands
 Expert for Hire

Capability
Adapted from: Clients for Life. Jagdish Sheth and Andrew Sobel. Simon and Schuster.


Interactions with Executives

Each interaction with an
executive either dilutes or
enhances your credibility!


Different Perspectives

Executive

Management

Operations


Different Perspectives

Other Uses
of Funds

Company Wide View

Executive

Management

Operations

Solution
Fit

Department/Function
View

Price/
Discounts

Project
View



Q

What has to happen in meetings with salespeople for the
executive to feel it was effective?

A
1. Demonstrated responsibility
2. Understood my business goals
3. Listened before proposing a solution
4. Displayed knowledge of my industry




Q
A

How does a salesperson establish credibility and trust with a
high-level executive?

1. Ability to marshal resources
2. Understands my business goals/objectives
3. Responsive to my requests
4. Willing to be held accountable
5. Knows company’s products


Making the Initial Face-to-Face Call on the
Executive
Introduction
 Refer to your initial telephone call with the executive
 Cite your past experience

Issues and Implications
 Ask questions that confirm your level of preparation
 Discuss the issues and implications using the client’s metrics
 Confirm the importance of their key business initiative(s)

Solution Options
 Explore potential solutions
 Develop a vision of the optimal solution
 Confirm the value of the solution

Moving Forward
 Re-connect with the executive to secure return access
 Have an action plan that involves the executive


Four Major Objectives of an Initial
Face-to-Face Call



Establish rapport quickly

 Confirm your understanding of the
executive’s key business issues
 Demonstrate some level of capability
 Create next steps that involve the
executive

Adapted from All for One: 10 Strategies for Building Trusted Client Partnerships by Andrew Sobel


Creating a Value Proposition

You, Your
Company
and Your
Solution

Your
Specific
Business
Value

Client’s
Key Business
Initiative


Creating a Value Proposition

Key Elements of a Value Proposition
Addresses the client’s issue(s) and focuses on payback or
consequences as it relates to the client’s business initiative

What’s important to them?
Describes how we can help, in both a qualitative and quantitative form

How does our solution create value for them?
Might include an example of how we addressed a similar problem at
another company

How can we demonstrate our capability?


Format of a Value Proposition

You should be capable of ______________ by _________
describe the impact

monetary units
or %

through the ability to ___________________________ .
describe the new situation

This will require an investment of _________________ ,
state the cost of the solution

which will be returned within _____________________.
estimate the time frame for return


Value Proposition Example

Specific Client Example
You should be capable of reducing annual travel expenses,
resulting in annual savings of $5.9M, by implementing our
Telepresence System. This will require an investment of $5.3M,
which will be returned in 11 months.
We implemented a similar solution at Acme Transfer Company,
who began achieving an annual savings of $7.5M during the
first year of installation.


Summarizing Our Findings
 Executives get involved early in the decision process for major
purchases to set the project’s strategy – but also get involved
late to monitor the implementation and measure the results

 Identifying the relevant executive and aligning with that
executive should be key elements of your sales process
 The best approach to use for the initial call on the executive is
to work with a credible sponsor inside the client organization
to help you gain access
 Demonstrating both capability and integrity over the long
term helps you become perceived as a trusted advisor
 Consistently communicating your value to executives should
be an integral part of your relationship strategy


Summary and Close
When calling at the executive level, make certain that you…
 Have done your homework and understand the industry
as well as the client
 Can conduct the conversation using the client’s metrics
 Are specific, but concise
 Are prepared to discuss the specific business value you
can deliver to their company, and to them personally
 Don’t ask the executive a question whose answer could
have been obtained from another source
 Leave with the perception of owning the relationship
(from your company’s perspective)



“There is a refreshing realism about
the author’s advice. No gimmicks,
no tricks, no smoke and mirrors.
Selling to the C-Suite is hard,
thoughtful and strategic – the book
offers none of the usual unrealistic
silver bullets.
The ideas are based on research, not
on anecdotes. “

Neil Rackham
Author of Spin Selling

The Groundbreaking New Book
for Professional Salespeople
Stephen J. Bistritz, Ed.D.
steveb@sellxl.com
www.sellxl.com


Selling To The C-Suite

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