New Sales. Simplified. | Mike Weinberg

Summary of: New Sales. Simplified.: The Essential Handbook for Prospecting and New Business Development
By: Mike Weinberg

Introduction

Get ready to revitalize your sales strategy with our summary of ‘New Sales. Simplified.: The Essential Handbook for Prospecting and New Business Development’ by Mike Weinberg. This book will guide you through the essentials of prospecting, target selection, crafting your perfect sales story, and enhancing your communication skills while engaging with potential clients. The author introduces an effective new business development framework, which provides insights and benchmarks for creating a successful sales plan that meets your targets. If you’re struggling with new business development or looking to master the art of selling, dive into our summary and learn how to incorporate these actionable tips into your sales strategy.

Overcoming Common New Business Salesperson Mistakes

Excelling at selling does not guarantee success in new business sales. This book highlights common mistakes made by salespeople in new business sales and offers a questionnaire to help them identify areas for improvement.

Are you great at selling but struggle with new business sales? You are not alone. This book explains the behaviors, attitudes, and attributes that make new business sales different from regular sales. To start, do not wait for new marketing materials or website launches. Be proactive in reaching out to target accounts and keep working on your list.
Another key to success in new business sales is being able to tell your sales story effectively to potential clients. Additionally, it is important to select target accounts wisely and not join the party too late.
Salespeople must also assess their personality traits that may be hindering their success. Are you overly negative or pessimistic? Do you adapt to your prospect’s style? Are your sales calls effective?
Finally, to overcome the risks, rejections, and conflicts that come with new business sales, salespeople must be willing to take on these challenges. Answering these questions honestly can be a great starting point for salespeople to identify areas for improvement and ultimately achieve success in new business sales.

The Three-Point Sales Plan

After experiencing failure in a previous job, Mike Weinberg developed a new business sales framework based on three metaphors from warfare – selecting targets, creating and deploying weapons, and planning and executing an attack. This framework helps simplify the process of developing new sales by identifying potential issues in target selection, weapon proficiency, and execution planning. By utilizing this three-point sales plan, businesses can streamline their sales processes and increase their chances of success.

Targeting the Right Prospects

When planning a sales campaign, selecting the right targets is crucial for success. Choose prospects strategically, involve senior management, and segment accounts into four categories. Focus your activities on prospects similar to your best customers and leave room for potential “dream clients.”

As you prepare for a new business-development sales campaign, one of the most crucial factors that determine your success is selecting the right targets. To identify the best prospects for your business, you need to ask yourself two vital questions: Where will you get your business, and who should you be reaching out to?

It’s necessary to choose your targets strategically to invest your time effectively. When deciding on potential customers, you need to ask big-picture questions to identify your best customers. This will enable you to find other customers similar to them.

It’s crucial to involve senior management when selecting your prospects so that everyone is on the same page. Even if you’re a top-notch salesperson, failing to have the right list of prospects can hinder your business growth.

When you’re planning your account, work and rework a finite list of accounts. Focus on vertical markets, and become an expert in that area to improve your activity. Create a concise one-page list, and make sure it’s workable for your business. Focus your activities by segmenting accounts into four categories: the largest in dollar value, the most growable in opportunity, the most at-risk in terms of losing their business and the others that don’t fit any of the previous three categories.

It’s essential to pursue prospects similar to your best customers as they have instant credibility with you and potential clients. Ensure your list of prospects is manageable, including more dream clients but limiting the selection to around four or five.

In conclusion, selecting the right targets for your sales campaign is vital. You need to segment your accounts into categories and pursue prospects that are similar to your best customers while leaving room for potential dream clients.

Crafting Your Sales Story

To exceed sales goals, networking and a well-crafted sales story are crucial. The story must be client-centric, focusing on their needs and presenting solutions to their problems. It should also highlight what sets your product or service apart from competitors. A power statement that concisely outlines customer issues solved, pains removed, results achieved, and differentiators can give you the confidence to talk to anyone about your company.

Successful Sales Calls

Making a successful sales call requires a casual tone, an outline instead of a script, a power statement, and persistence. Once you schedule a meeting, keep it simple, sit at a 90 degree angle to your prospect, have a plan, and listen more than you talk.

Making a successful sales call involves a lot of factors. First and foremost, it requires getting rid of the traditional ‘sales voice’ and having a casual conversation. It is better to have an outline than a script and use key phrases to guide the conversation.

A power statement can make a huge difference and should be delivered in a conversational tone. The key to making a sale is persistence. Don’t be afraid to ask for a meeting three times even if you hear a “no.” Your prospect’s resistance is likely to crumble with the third ask.

Once you’ve successfully scheduled the meeting, it’s important to plan for it. Keep it simple, bring a pad and paper instead of a projector and avoid sitting opposite your prospect. Sitting next to them or at a 90-degree angle will help avoid the feeling of being adversaries. Finally, make sure to have a plan and listen more than you talk. After all, you’ve got two ears and one mouth, so use them accordingly to maximize the effectiveness of the meeting.

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